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2024-12-31-accounts

REGISTERED COMPANY NUMBER: 02758093 (England and Wales) REGISTERED CHARITY NUMBER: 1015054

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

NEW KADAMPA TRADITION - INTERNATIONAL KADAMPA BUDDHIST UNION

RFM Audit Services LLP, Statutory Auditor Unit 1, Guest House Farm 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 2024

Page
Report of the Trustees 1 to 8
Report of the Independent Auditors 9 to 12
Statement of Financial Activities 13
Statement of Financial Position 14
Statement of Cash Flows 15
Notes to the Statement of Cash Flows 16
Notes to the Financial Statements 17 to 32
Detailed Statement of Financial Activities 33 to 34

NEW KADAMPA TRADITION - INTERNATIONAL KADAMPA BUDDHIST UNION (REGISTERED NUMBER: 02758093)

REPORT OF THE TRUSTEES for the Year Ended 31 December 2024

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 2024. 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 aims

In the wording of 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') 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 the Buddhist meditators and scholars Atisha and Je Tsongkhapa, introduced into the West by the Buddhist teacher Venerable Geshe Kelsang Gyatso; and that follow the three New Kadampa Tradition Study Programmes; and that are guided by the code of moral discipline called the Internal Rules of the NKT-IKBU.

Significant activities

In order to promote its objects, the charity maintains an International Temples Project ('ITP'), whose aim is 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.

To further the objects of the ITP, the charity continually emphasises the development throughout the world of:

(d) International Retreat Centres ('IRCs');

(e) publishing activities (under the name 'Tharpa Publications');

In furtherance of its aims, the charity also operates the residential Buddhist Centre 'Manjushri Kadampa Meditation Centre' ('Manjushri KMC'); produces Buddhist art prints and publishes printed, audio and e-books of Buddhist teachings under the name 'Tharpa Publications'; holds annual Spring and Summer Festivals with Buddhist teachings and meditation retreats; and maintains a 'Kadampa Art Studio' and a 'Kadampa Internet' office, all at its Conishead Priory premises in Ulverston, Cumbria, UK.

In support of the activities of the International Temples Project ('ITP'), the charity makes grants and interest-free loans to NKT-IKBU Centres around the world. Requests for grants and loans are considered by the trustees on an individual basis, and the financial forecasts for each project are closely examined to 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 Secretary of the GSD of the charity, who then reports to the Weekly Meeting of the Education Council, and the charity's Finance Committee.

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NEW KADAMPA TRADITION - INTERNATIONAL KADAMPA BUDDHIST UNION (REGISTERED NUMBER: 02758093)

REPORT OF THE TRUSTEES for the Year Ended 31 December 2024

OBJECTIVES AND ACTIVITIES Public benefit

Identifiable 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.

The charity believes that there are three important public benefits to promoting the Buddhist Faith throughout the world:

If as individuals we do not strive to develop our wisdom, we will always remain ignorant of the true nature of reality. Everyone wishes for happiness, but our ignorance of reality leads us to engage in non-virtuous actions, which in turn are the main cause of all our suffering. Further, if we do not cultivate a good heart towards others, then our selfish 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 impossible, both personally and throughout society.

Benefit to the public

The Charity supports a world-wide membership of Buddhist Centres, all of which offer classes of instruction in Buddhist philosophy and meditation, bringing personal and social benefit.

These same programmes of study and meditation are directly offered by the 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, whilst 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 its 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 to 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 to the area alike. Manjushri KMC also regularly hosts visits from school and other community 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-traditional World Peace Temples, meditation and retreat Centres, World Peace Cafés, and Tharpa Publications throughout the world, all dedicated to the promotion of the Buddhist faith through service to the public.

Grantmaking

In general, grants and loans are made only to NKT-IKBU Centres 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 residential community together with volunteers from the extended community both local and international. The support of the community, as an expression of their service to the public, means that the charity can operate with relatively low staff numbers.

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NEW KADAMPA TRADITION - INTERNATIONAL KADAMPA BUDDHIST UNION (REGISTERED NUMBER: 02758093)

REPORT OF THE TRUSTEES for the Year Ended 31 December 2024

ACHIEVEMENT AND PERFORMANCE Charitable activities

Manjushri Kadampa Meditation Centre, Conishead Priory

Manjushri KMC continues to offer its full and varied spiritual programme of meditation retreats and courses, study programmes and prayer services. Whereas previously we only offered programmes available in person, we are now able to offer a robust online education programme to local students who cannot attend in person, as well as special events to the greater UK population. However in-person attendance still far exceeds the demand for the on-line events, highlighting the importance of Conishead Priory as a place of refuge and spiritual 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 150 people participated in-person. This event was immediately followed by a special January retreat, which was also led by the Centre's Resident Teacher, with a similar number of people joining all or part of the month's retreat programme. Other courses taught by the Centre's Resident Teacher throughout the year attracted similar or higher numbers of participants, including a Public Talk in February, which was attended by over 200 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 visiting public daily.

Our programme of school and group visits which continued in early 2023 remain very popular. In 2024 we welcomed around 1,600 children and young people, who came on group educational visits throughout the year, and a further 250 people who came on various other organised group visits.

International Festivals

2024 showed a consistent interest for in-person attendance at our annual International Festivals, whilst continuing to stream these events for those unable to physically attend.

The International Spring Festival was held at the Kadampa World Peace Temple at Conishead Priory, UK, over five days at the end of May. 3,170 people from 49 countries participated, 1,440 attending in person and 1,730 online.

The International Summer Festival was held at the Kadampa World Peace Temple at Conishead Priory, UK, over two weeks at the end of July and beginning of August. 4,350 people from 55 countries participated, 2,120 attending in person and 2,230 online.

The International Fall Festival was held at Kadampa Meditation Centre Brazil in Cabreuva, Brazil and it was the first International Kadampa Festival held there since the inauguration in 2010. This eight-day event was attended by 3,160 people representing 53 countries, 1,870 attending in person and 1,290 online. This event was co-hosted by the Charity and Kadampa Meditation Centre Brazil. At the conclusion of this event, a special tour of a property, newly-acquired by the Brazilian charity in Rio de Janeiro, was attended by 150 people.

Tharpa Publications UK

Tharpa Publications continued to reprint its existing 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, coordinating with the other International Tharpa Publications to provide an extensive collection of Venerable Geshe Kelsang Gyatso's books in many languages.

Kadampa Art Studio

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NEW KADAMPA TRADITION - INTERNATIONAL KADAMPA BUDDHIST UNION (REGISTERED NUMBER: 02758093)

REPORT OF THE TRUSTEES for the Year Ended 31 December 2024

The Kadampa Art Studio at Conishead Priory continues to produce Buddha statues and ornaments for traditional and urban NKT-IKBU Temple developments, and for Kadampa Meditation Centres (KMCs) and International Kadampa Retreat Centres (IKRCs) throughout the world. The Studio was busy throughout the year, mainly producing the statues and ornaments required for urban Temples for World Peace in the following cities: Sevilla, Barcelona and Girona in Spain, Indianapolis, Charlotte and Phoenix in the USA, Vienna Austria, Berlin and Stuttgart in Germany, São Paulo Brazil, Hong Kong, Santiago Chile, Stockholm Sweden, Toulouse and Montpellier in France, and in the UK for Aberdeen and Madhyamaka KMC. Statues and ornaments were also produced for the following traditional Temples at Manjushri KMC and KMC Brazil.

FINANCIAL REVIEW

Financial review

Since 1 January 2011, the Charity has followed financial guidelines set out in an internal guidance manual, called 'A Money Handbook'. These guidelines recognise that all Charity income is designated as International Temples 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 essential renovations and improvements 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 2024, with significant progress having been made in structural and infrastructure improvements as well as cosmetic improvements to the property.

Also in 2024, restoration work to the shrine and ornaments in the Temple at Manjushri Kadampa Meditation Centre was completed. Opened in 1997 and visited by thousands each year, this is the first time the shrine and artwork has been revitalised to ensure its beauty and significance to last for future generations.

International Temples Project funds in the form of an interest-free loan were made available to Vajrasattva KMC (Dumfries, UK), KMC Leeds (UK) and KMC Wales (UK), to assist with the renovations of new city-centre properties.

As detailed above, the ITP continued to fund the 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 2024 amounted to £113,125.

A total of £44,799 was also given in gifts to Centres and £309,212 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 totalled £1,808,375 in 2024.

The trustees consider that providing interest-free loans rather than grants benefits the recipient NKT-IKBU Centres in a number of ways. It provides safe funding for projects, and allows time for Centre activities to become established without undue financial pressure; but at the same time it also helps create an attitude 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.

Principal funding sources

The principal funding sources for the Charity in 2024 included the surplus from the NKT-IKBU International Spring and Summer Festivals, and the surpluses from Tharpa Publications and Manjushri KMC

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NEW KADAMPA TRADITION - INTERNATIONAL KADAMPA BUDDHIST UNION (REGISTERED NUMBER: 02758093)

REPORT OF THE TRUSTEES for the Year Ended 31 December 2024

FINANCIAL REVIEW

Reserves policy

The ITP accounts are reviewed fortnightly to ensure that 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 to maintain the basic operations of the Charity, including required capital expenditure or servicing of any borrowing, and to provide some surety against adverse financial events such as unbudgeted expenditure or failure to 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 internationally, the trustees have designated funds for the development and support of International Temples Project activities worldwide. The trustees further consider that a reserve equal to the sum of one year's running costs plus three years of building, repair and maintenance costs is a suitable level to protect the Charity in case of adverse financial events. This figure is also reviewed annually by the trustees.

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-owned 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), at KMC Leeds (UK), at KMC Rio de Janeiro (Brazil) and at KMC Argentina (Buenos Aires).

Long-term plans also include the construction of traditional Kadampa Temples for World Peace in other parts of the world. We are actively looking for future locations,

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The organisation is a company limited by guarantee, incorporated in 1992 and now operating under Memorandum and Articles of Association adopted in April 2007, when the organisation also adopted its present name (which is abbreviated 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 towards the settlement of any outstanding debts, liabilities and costs.

The company is registered as a charity, and is established, organised and operated exclusively for religious purposes. There are four trustees, 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 two years, with re-election possible.

The Members of the charity are:

(a) all incorporated NKT-IKBU Buddhist Centres throughout the world; and

(b) all the Resident Teachers of unincorporated NKT-IKBU Buddhist Centres throughout the world.

Until his passing in December 2022 the membership of the Charity also included the Founder (and sole Subscriber to the original 1992 Memorandum and Articles) of the Charity, namely Venerable Geshe Kelsang Gyatso.

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NEW KADAMPA TRADITION - INTERNATIONAL KADAMPA BUDDHIST UNION (REGISTERED NUMBER: 02758093)

REPORT OF THE TRUSTEES for the Year Ended 31 December 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

Organisational structure

The charity has a two-tier structure with policy-setting and strategic decision-making being the responsibility of the trustees, and the implementation of procedures and day-to-day operational management being the responsibility of a team of executive officers. In June 2024, Kelsang Lhachog (Kathryn Charles) was asked to move to Australia to search for property for a Temple and therefore resigned from her position as Deputy Secretary. Following her resignation, Kelsang Rabchog (Neil Branthwaite) was appointed as her successor.

Decision making

The trustees 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 practical work of the charity before their appointment, having undertaken similar duties within the charity or within a related organisation. Other present and former trustees are also available to help a new trustee with his or her responsibilities and duties.

Key management remuneration

Each remunerated officer or member of staff of the charity receives the same standard staff remuneration from the charity. This standard staff remuneration applies across all departments within the charity and to all offices of the charity including the office of General Spiritual Director.

The level of the standard staff remuneration of the charity accords with the principle of Buddhist practice through public service. It 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 are independent legal entities, bound together firstly by the common spiritual lineage called the "New Kadampa Tradition" of Buddhism, and secondly by membership of the charity. The General Spiritual Director ('GSD') of the NKT-IKBU is also the Spiritual Director of each Member Centre.

NKT- IKBU and all Member Centres are bound by and follow, guidelines known as A Moral Discipline Guide: The Internal Rules of the New Kadampa Tradition - International Kadampa Buddhist Union (the 'Internal Rules'), the purpose of which is

In accordance with the Internal Rules, three of the executive officers of the charity; the General Secretary and Deputy Secretary, and the Secretary of the General Spiritual Director support Member Centres in their spiritual and material development.

Related parties

In furtherance of the charity's objects of promoting the Buddhist faith through the development of Kadampa Buddhism 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 Centres often on a rent-free basis, for similar reasons of assisting the Member Centre's development without undue external financial pressures.

Donations to the charity's International Temples Project Fund are also received from Member Centres. As these are completely discretionary, donations received from Member Centres are not disclosed separately in the accounts.

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NEW KADAMPA TRADITION - INTERNATIONAL KADAMPA BUDDHIST UNION (REGISTERED NUMBER: 02758093)

REPORT OF THE TRUSTEES for the Year Ended 31 December 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

The trustees of the charity meet regularly to 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 Ulverston Cumbria LA12 9QQ

Trustees

Heather C. Wright (aka Kelsang Dekyong), appointed on 01 August 2009 Henry F. Shefveland (aka Kelsang Jampa), appointed on 10 January 2016 Lisa Marie Devine (aka Kelsang Phachog), 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 - Kathryn Charles (aka Kelsang Lhachog), resigned September 2024, Neil Branthwaite (aka Kelsang Rabchog) appointed September 2024

Secretary of the General Spiritual Director - Lisa McGovern (aka Kelsang Ringyal) Treasurer - Linda Cay (aka Kelsang Maitri) (resigned) 21 January 2024, Lisa Klusendorf (aka Kelsang Zangmo), appointed 22 January 2024

Company Secretary

S P Cowing

Auditors

RFM Audit Services LLP, Statutory Auditor Unit 1, Guest House Farm Runshaw Lane Euxton Chorley Lancashire PR7 6HD

Bankers

Barclays Bank PLC, 86-90 Dalton Road, Barrow-in-Furness, Cumbria, LA14 1JF CCLA Investment Management Ltd, COIF Charity Funds, 80 Cheapside, London, EC2V 6DZ

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NEW KADAMPA TRADITION - INTERNATIONAL KADAMPA BUDDHIST UNION (REGISTERED NUMBER: 02758093)

REPORT OF THE TRUSTEES for the Year Ended 31 December 2024

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of New Kadampa Tradition - International Kadampa Buddhist Union for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper 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 prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

AUDITORS

The auditors, RFM Audit Services LLP, Statutory Auditor, will be proposed for re-appointment 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 23 July 2025 and signed on its behalf by:

Ms H C Wright - Trustee

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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 2024 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and notes to the financial statements, 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).

Basis for opinion

We conducted our audit in accordance with International 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 statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, 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 we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the 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:

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF NEW KADAMPA TRADITION - INTERNATIONAL KADAMPA BUDDHIST UNION (REGISTERED NUMBER: 02758093)

Matters on which we are required to report by exception

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 material misstatements in the Report of the Trustees.

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:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements 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 statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF NEW KADAMPA TRADITION - INTERNATIONAL KADAMPA BUDDHIST UNION (REGISTERED NUMBER: 02758093)

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee 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 on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures 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.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described 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.

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF NEW KADAMPA TRADITION - INTERNATIONAL KADAMPA BUDDHIST UNION (REGISTERED NUMBER: 02758093)

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with 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 to 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 the 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

23 July 2025

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NEW KADAMPA TRADITION - INTERNATIONAL KADAMPA BUDDHIST UNION

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) for the Year Ended 31 December 2024

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
4
International Festivals
Tharpa Publications
Manjushri Kadampa Meditation Centre
Shop and World Peace Cafe
Kadampa Art Studio and Internet
Properties Income
Investment income
3
Total
EXPENDITURE ON
Charitable activities
5
Grants Payable
International Festivals
Tharpa Publications
Manjushri Kadampa Meditation Centre
Kadampa Art Studio and Internet
Properties Expenditure
International Kadampa Development
Total
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
Restricted
funds
funds
£
£
1,762,652
45,723
2,258,448
-
343,547
-
870,735
-
455,479
-
146,632
-
77,203
-
5,639
-
5,920,335
45,723
157,724
200
569,316
3,614
263,219
785
1,195,945
31,587
225,770
19,462
92,167
-
728,175
5,646
3,232,316
61,294
2,688,019
(15,571)
41,599,863
34,742
44,287,882
19,171		 2024
Total
funds
£
1,808,375
2,258,448
343,547
870,735
455,479
146,632
77,203
5,639
5,966,058
157,924
572,930
264,004
1,227,532
245,232
92,167
733,821
3,293,610
2,672,448
41,634,605
44,307,053		 2023
Total
funds
£
368,939
3,044,728
303,877
746,285
422,351
72,832
96,946
3,986
5,059,944
64,808
967,982
216,970
1,423,972
279,782
156,215
652,743
3,762,472
1,297,472
40,337,133
41,634,605

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 2024

Notes
FIXED ASSETS
Tangible assets
13
Investments
14
CURRENT ASSETS
Stocks
15
Debtors
16
Investments
17
Cash at bank
CREDITORS
Amounts falling due within one year
18
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS
Amounts falling due after more than one year
19
NET ASSETS
FUNDS
22
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Unrestricted
Restricted
funds
funds
£
£
31,932,808
-
2,109
-
31,934,917
-
690,197
-
12,336,928
-
138,146
-
5,432,816
19,171
18,598,087
19,171
(4,355,734)
-
14,242,353
19,171
46,177,270
19,171
(1,889,388)
-
44,287,882
19,171		 2024
Total
funds
£
31,932,808
2,109
31,934,917
690,197
12,336,928
138,146
5,451,987
18,617,258
(4,355,734)
14,261,524
46,196,441
(1,889,388)
44,307,053
44,287,882
19,171
44,307,053		 2023
Total
funds
£
31,801,461
2,109
31,803,570
454,677
13,548,462
144,787
1,601,793
15,749,719
(5,455,625)
10,294,094
42,097,664
(463,059)
41,634,605
41,599,863
34,742
41,634,605

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 23 July 2025 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

STATEMENT OF CASH FLOWS for the Year Ended 31 December 2024

Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Sale of tangible fixed assets
Interest received
Transfer of funds held on deposit
Net cash used in investing activities
Cash flows from financing activities
New bank loans in year
Bank loan repayments in year
New concessionary loans in year
Concessionary loan repayments in year
Net cash provided by financing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2024
£
3,947,611
(168,702)
3,778,909
(384,060)
-
5,639
6,641
(371,780)
2,475,000
(1,845,301)
-
(186,634)
443,065
3,850,194
1,601,793
5,451,987		 2023
£
2,267,391
(150,432)
2,116,959
(3,062,597)
155,981
3,986
3,209
(2,899,421)
-
(996,400)
1,330,423
-
334,023
(448,439)
2,050,232
1,601,793

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 2024

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the reporting period (as per the Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Loss on disposal of fixed assets
Interest received
Interest paid
Increase in stocks
Decrease in debtors
(Decrease)/increase in creditors
Net cash provided by operations		 2024
£
2,672,448
252,713
-
(5,639)
168,702
(235,520)
1,211,534
(116,627)
3,947,611		 2023
£
1,297,472
174,240
20,548
(3,986)
150,432
(45,435)
382,484
291,636
2,267,391

2. ANALYSIS OF CHANGES IN NET DEBT

Net cash
Cash at bank
Liquid resources
Deposits included in cash
Current asset investments
Debt
Debts falling due within 1 year
Debts falling due after 1 year
Total		 At 1/1/24
£
1,601,793
1,601,793
-
144,787
144,787
(4,975,945)
(463,059)
(5,439,004)
(3,692,424)		 Cash flow
£
3,850,194
3,850,194
-
(6,641)
(6,641)
983,264
(1,426,329)
(443,065)
3,400,488		 At 31/12/24
£
5,451,987
5,451,987
-
138,146
138,146
(3,992,681)
(1,889,388)
(5,882,069)
(291,936)

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 2024

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, with the exception of investments which are included at market value.

There are no material uncertainties about the charity’s ability to continue.

PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS

In accordance with Regulation 19 of The Charities (Accounts and Reports) Regulations 2008, individually and in aggregate, each of the subsidiary undertakings 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 charity and do not contain consolidated 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 also have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include:

INCOME

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ 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 that the income will 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, services and facilities

Donated goods, professional services and facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, 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 Charities SORP (FRS 102), general volunteer time is not recognised.

On receipt, donated goods, professional services and facilities 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 corresponding amount is then recognised in expenditure in the period of receipt.

continued...

Page 17

NEW KADAMPA TRADITION - INTERNATIONAL KADAMPA BUDDHIST UNION

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2024

1. ACCOUNTING POLICIES - continued

INCOME

Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally 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 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.

Irrecoverable VAT

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Grants payable

Grants offered subject to conditions which have not been met at the statement of financial position date are noted as a commitment but not accrued as expenditure.

ALLOCATION AND APPORTIONMENT OF COSTS

Support costs that cannot be directly attributed to a specific activity are apportioned across all relevant activities on the basis of time spent on each activity by NKT administrative employees.

TANGIBLE FIXED ASSETS

Tangible fixed assets are capitalised at cost. The costs of property repairs, replacement and maintenance are written off as they are incurred. The charity only capitalises items costing more than £10,000.

Depreciation is provided so as to write off the cost of fixed assets to their estimated residual values over their expected useful lives, as follows:

Freehold property - Land is not depreciated
Listed buildings - Straight line over 350 years
Non-listed buildings - Straight line over 80 years
Other land and buildings - Straight line over 25-50 years
Long leasehold - Straight line over 80 years, or lease period if shorter
Fixtures and fittings - 15% on reducing balance
Motor vehicles - Straight line over 4 years

Depreciation is charged on a monthly basis from 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 assets and investments are subject to review for impairment when there is an indication of a reduction in their carrying value.

Any impairment is recognised in the year in which it occurs in the corresponding SOFA category.

Current asset investments

continued...

Page 18

NEW KADAMPA TRADITION - INTERNATIONAL KADAMPA BUDDHIST UNION

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2024

1. ACCOUNTING POLICIES - continued

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 at 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 exempt from corporation tax on its charitable activities.

FUND ACCOUNTING

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted 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 nature and purpose of each fund is included in the notes to the financial statements.

FOREIGN CURRENCIES

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange 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 charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

FINANCIAL INSTRUMENTS

Concessionary loans

The charity meets the definition of a Public Benefit Entity ("PBE") and applies the measurement provisions of FRS 102 paragraphs PBE34.89-PBE34.97 to all its concessionary loans.

Other financial instruments

The charity has adopted Sections 11 and 12 of FRS 102 in respect of financial instruments that are not concessionary loans.

Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in income or expenditure.

continued...

Page 19

NEW KADAMPA TRADITION - INTERNATIONAL KADAMPA BUDDHIST UNION

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2024

1. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in income or expenditure.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) 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 liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement 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 facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the 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-payment for liquidity services and amortised over the period of the facility to which it relates.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest.

Impairment

At each reporting 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 asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to 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 impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in income or expenditure.

continued...

Page 20

NEW KADAMPA TRADITION - INTERNATIONAL KADAMPA BUDDHIST UNION

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2024

2. DONATIONS AND LEGACIES

Donations
Legacies
3.
INVESTMENT INCOME
Deposit account interest
4.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Festivals
International Festivals
Tharpa Publications
Tharpa Publications
Manjushri Centre Activities
Manjushri Kadampa Meditation Centre
Shop and World Peace Cafe
Shop and World Peace Cafe
Kadampa Art Studio
Activities
Kadampa Art Studio and Internet
Properties Income
Properties Income
5.
CHARITABLE ACTIVITIES COSTS		 2024
£
497,677
1,310,698
1,808,375
2024
£
5,639
2024
£
2,258,448
343,547
870,735
455,479
146,632
77,203
4,152,044		 2023
£
366,189
2,750
368,939
2023
£
3,986
2023
£
3,044,728
303,877
746,285
422,351
72,832
96,946
4,687,019
Grants Payable
International Festivals
Tharpa Publications
Manjushri Kadampa Meditation Centre
Kadampa Art Studio and Internet
Properties Expenditure
International Kadampa Development		 Direct
Costs
£
-
560,982
261,901
1,196,079
239,822
53,674
332,312
2,644,770		 Grant
funding of
activities
(see note
6)
£
157,924
-
-
-
-
-
-
157,924		 Support
costs (see
note 7)
£
-
11,948
2,103
31,453
5,410
38,493
401,509
490,916		 Totals
£
157,924
572,930
264,004
1,227,532
245,232
92,167
733,821
3,293,610

Included within International Kadampa Development support costs are exchange losses of £355,449 and a reduction in the provision for unrecoverable debts of £(198,710).

continued...

Page 21

NEW KADAMPA TRADITION - INTERNATIONAL KADAMPA BUDDHIST UNION

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2024

6. GRANTS PAYABLE

GRANTS PAYABLE
Grants Payable
The total grants paid to institutions during the year was as follows:
Gifts to Centres
Gifts to Centres include the following donations:		 2024
£
157,924
2024
£
157,924		 2023
£
64,808
2023
£
64,808
Grants for Kadampa Art Studio-2024: 27 (2023: 11)
Gifts to Centres - 2024: 13 (2023: 5)		 2024
£
113,125
44,799
157,924		 2023
£
52,337
12,471
64,808

7. SUPPORT COSTS

Management
£
International Festivals
9,479
Tharpa Publications
1,688
Manjushri Kadampa Meditation Centre
17,303
Kadampa Art Studio and Internet
4,292
Properties Expenditure
2,926
International Kadampa Development
36,542
72,230		 Governance
Finance
costs
£
£
-
2,469
-
415
9,643
4,507
-
1,118
-
35,567
-
364,967
9,643
409,043		 Totals
£
11,948
2,103
31,453
5,410
38,493
401,509
490,916
Activity Basis of allocation
Management NKT administrative employees
Finance NKT administrative employees
Governance costs NKT administrative employees

Within International Kadampa Development costs is a reduction in the provision for unrecoverable debts of £(198,710) included within management costs and exchange losses of £355,449, included within governance costs.

continued...

Page 22

NEW KADAMPA TRADITION - INTERNATIONAL KADAMPA BUDDHIST UNION

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2024

8. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

Depreciation - owned assets
Deficit on disposal of fixed assets
Exchange (gains)/losses
Provision for unrecoverable loans
9.
AUDITORS' REMUNERATION
Fees payable to the charity's auditors for the audit of the charity's financial
statements
Audit-related assurance services
Total fees payable
10.
TRUSTEES' REMUNERATION AND BENEFITS
Trustees' salaries		 2024
£
252,713
-
355,449
(198,710)
2024
£
12,500
5,527
18,027
2024
£
8,064		 2023
£
174,240
20,548
192,890
4,192
2023
£
12,075
3,796
15,871
2023
£
8,136

As permitted by section 5.4 of the Memorandum of Association, during the year Heather C. Wright (aka Kelsang Dekyong) received the standard remuneration applicable to all officers and staff members of the charity amounting to £8,064 (2023: £8,136) for her role as a General Spiritual Director.

No other trustees' received any remuneration or benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.

TRUSTEES' EXPENSES

There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.

continued...

Page 23

NEW KADAMPA TRADITION - INTERNATIONAL KADAMPA BUDDHIST UNION

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2024

11. STAFF COSTS

Wages and salaries
Other pension costs
The average monthly number of employees during the year was as follows:
Manjushri Centre
Tharpa Publications
Kadampa Art Studio and Internet
Kadampa Development
Support and Administration		 2024
£
323,610
32,875
356,485
2024
10
4
15
4
6
39		 2023
£
306,113
32,614
338,727
2023
10
5
15
4
5
39

No employees received emoluments in excess of £60,000.

All charity 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 remuneration of the charity accords with the principle of Buddhist practice through public service.

Volunteers

All aspects of the day to day functioning of Manjushri KMC, Conishead Priory, are run by members of the residential community together with volunteers from the extended community in the local area. The support of the community, as an expression of their service to the public, means that the charity can operate with relatively low staff numbers.

12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
International Festivals
Tharpa Publications
Manjushri Kadampa Meditation Centre
Shop and World Peace Cafe
Kadampa Art Studio and Internet
Properties Income
Investment income
Total		 Unrestricted
Restricted
funds
funds
£
£
315,974
52,965
3,044,728
-
303,877
-
746,285
-
422,351
-
72,832
-
96,946
-
3,986
-
5,006,979
52,965		 Total
funds
£
368,939
3,044,728
303,877
746,285
422,351
72,832
96,946
3,986
5,059,944

EXPENDITURE ON

continued...

Page 24

NEW KADAMPA TRADITION - INTERNATIONAL KADAMPA BUDDHIST UNION

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2024

12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued

Charitable activities
Grants Payable
International Festivals
Tharpa Publications
Manjushri Kadampa Meditation Centre
Kadampa Art Studio and Internet
Properties Expenditure
International Kadampa Development
Total
NET INCOME
Transfers between funds
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
TANGIBLE FIXED ASSETS
Freehold
property
£
COST
At 1 January 2024
29,489,468
Additions
288,879
At 31 December 2024
29,778,347
DEPRECIATION
At 1 January 2024
635,598
Charge for year
191,384
At 31 December 2024
826,982
NET BOOK VALUE
At 31 December 2024
28,951,365
At 31 December 2023
28,853,870		 Long
leasehold
£
2,865,942
-
2,865,942
136,824
25,204
162,028
2,703,914
2,729,118		 Unrestricted
Restricted
funds
funds
£
£
64,808
-
965,254
2,728
216,934
36
1,413,991
9,981
277,723
2,059
156,215
-
648,895
3,848
3,743,820
18,652
1,263,159
34,313
19,261
(19,261)
1,282,420
15,052
40,317,444
19,689
41,599,864
34,741
Fixtures
and
Motor
fittings
vehicles
£
£
476,975
36,984
95,181
-
572,156
36,984
269,036
26,450
31,191
4,934
300,227
31,384
271,929
5,600
207,939
10,534		 Total
funds
£
64,808
967,982
216,970
1,423,972
279,782
156,215
652,743
3,762,472
1,297,472
-
1,297,472
40,337,133
41,634,605
Totals
£
32,869,369
384,060
33,253,429
1,067,908
252,713
1,320,621
31,932,808
31,801,461

13. TANGIBLE FIXED ASSETS

continued...

Page 25

NEW KADAMPA TRADITION - INTERNATIONAL KADAMPA BUDDHIST UNION

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2024

14. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 January 2024 and 31 December 2024
NET BOOK VALUE
At 31 December 2024
At 31 December 2023		 Shares in
group
undertakings
£
2,109
2,109
2,109
The net book value of investments comprises:
2024 2023
£ £
Investments in the UK - -
Investments outside the UK 2,109 2,109

The company's investments at the balance sheet date in the share capital of companies include the following:

New Kadampa Tradition KMC Spain S.L.

Registered office: Registered in Spain Nature of business: Rental services

%
Class of share:
holding
Ordinary
100
Aggregate capital and reserves
Profit for the year		 2024
£
(125,985)
16,622		 2023
£
(170,785)
675
The summary results for the year were as follows:
Gross income
Expenditure
Surplus/(Deficit)		 2024
£
-
(16,622)
16,622		 2023
£
675
-
675

continued...

Page 26

NEW KADAMPA TRADITION - INTERNATIONAL KADAMPA BUDDHIST UNION

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2024

15. STOCKS

Goods for resale
16.
DEBTORS
Amounts falling due within one year:
Trade debtors
Concessionary loans to Centres
VAT
Prepayments and accrued income
Amounts falling due after more than one year:
Concessionary loans to Centres
Aggregate amounts		 2024
£
690,197
2024
£
119,909
11,843,431
9,937
5,331
11,978,608
358,320
12,336,928		 2023
£
454,677
2023
£
25,402
12,416,401
28,266
3,425
12,473,494
1,074,968
13,548,462

Concessionary loans to centres are interest-free and stated after taking into consideration provisions against potentially unrecoverable debts of £602,986 (2023: £801,696). 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 asset or long term assets as appropriate to the repayment date in each agreement.

Included within concessionary loans are loans for which the following securities have been pledged:

In line with the objectives and aims of the charity, the concessionary loans have been provided to other Centres in order to support those Centres to increase the Buddhist Faith throughout the world.

The concessionary loans to Centres, before provision for potentially unrecoverable debts is comprised of:

2024 2023
Loans due within one year - 2024: 29 (2023: 28)
Loans due after more than one year - 2024: 3 (2023: 5)		 £
12,446,418
358,320
12,804,738		 £
13,218,097
1,074,968
14,293,065

continued...

Page 27

NEW KADAMPA TRADITION - INTERNATIONAL KADAMPA BUDDHIST UNION

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2024

17. CURRENT ASSET INVESTMENTS

CURRENT ASSET INVESTMENTS
2024 2023
£ £
Cash held on deposit 138,146 144,787

Cash held on deposit relates to funds required by the Spanish Government to be set aside until the completion of the Spanish Temple Project. These funds are required to be held on deposit until approval has been granted by the Spanish Government that these funds can be released.

18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans and overdrafts (see note 20)
Other loans (see note 20)
Trade creditors
Other creditors
Accruals and deferred income		 2024
£
215,600
3,777,081
251,223
32,647
79,183
4,355,734		 2023
£
1,012,230
3,963,715
352,017
19,239
108,424
5,455,625

19. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Bank loans (see note 20)
LOANS
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank loans
Concessionary loans
Amounts falling between one and two years:
Bank loans 1-2 years
Amounts falling due between two and five years:
Bank loans 2-5 years		 2024
£
1,889,388
2024
£
215,600
3,777,081
3,992,681
240,784
1,648,604		 2023
£
463,059
2023
£
1,012,230
3,963,715
4,975,945
170,542
292,517

20. LOANS

Concessionary loans are interest-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 date in each agreement.

Concessionary loans is comprised of:

2024

2023

continued...

Page 28

NEW KADAMPA TRADITION - INTERNATIONAL KADAMPA BUDDHIST UNION

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2024

20. LOANS - continued

----- Start of picture text -----
£ £
Other loans from Centres - 2024: 4 (2023: 5) 3,716,081 3,902,715
Loans from individuals - 2024: 3 (2023: 3) 61,000 61,000
3,777,081 3,963,715
----- End of picture text -----

21. SECURED DEBTS

The following secured debts are included within creditors:

Bank loans
Secured bank loans is comprised of two term loans:
£
Loan date
Term
Interest rate
476,748
29 August 2012
15 years
3.18% over base
1,628,240
19 July 2024
5 years
2.20% over base		 2024
£
2,104,988		 2023
£
1,475,289

Properties with a combined net book value of £11,657,460 have been pledged as security against secured debts.

22. MOVEMENT IN FUNDS

Unrestricted funds
General funds
Designated Funds
Restricted funds
Other Funds
TOTAL FUNDS		 At 1/1/24
£
36,914,863
4,685,000
41,599,863
34,742
41,634,605		 Net
movement
in funds
£
2,688,019
-
2,688,019
(15,571)
2,672,448		 At
31/12/24
£
39,602,882
4,685,000
44,287,882
19,171
44,307,053

continued...

Page 29

NEW KADAMPA TRADITION - INTERNATIONAL KADAMPA BUDDHIST UNION

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2024

22. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General funds
Restricted funds
Other Funds
TOTAL FUNDS		 Incoming
resources
£
5,920,335
45,723
5,966,058		 Resources
expended
£
(3,232,316)
(61,294)
(3,293,610)		 Movement
in funds
£
2,688,019
(15,571)
2,672,448

Comparatives for movement in funds

Unrestricted funds
General funds
Designated Funds
Restricted funds
Other Funds
TOTAL FUNDS		 At 1/1/23
£
33,405,366
6,912,078
40,317,444
19,689
40,337,133		 Net
movement
in funds
£
1,263,158
-
1,263,158
34,314
1,297,472		 Transfers
between
funds
£
2,246,339
(2,227,078)
19,261
(19,261)
-		 At
31/12/23
£
36,914,863
4,685,000
41,599,863
34,742
41,634,605

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General funds
Restricted funds
Other Funds
TOTAL FUNDS		 Incoming
resources
£
5,006,979
52,965
5,059,944		 Resources
expended
£
(3,743,821)
(18,651)
(3,762,472)		 Movement
in funds
£
1,263,158
34,314
1,297,472

continued...

Page 30

NEW KADAMPA TRADITION - INTERNATIONAL KADAMPA BUDDHIST UNION

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2024

22. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General funds
Designated Funds
Restricted funds
Other Funds
TOTAL FUNDS		 At 1/1/23
£
33,405,366
6,912,078
40,317,444
19,689
40,337,133		 Net
movement
in funds
£
3,951,177
-
3,951,177
18,743
3,969,920		 Transfers
between
funds
£
2,246,339
(2,227,078)
19,261
(19,261)
-		 At
31/12/24
£
39,602,882
4,685,000
44,287,882
19,171
44,307,053

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 funds
Restricted funds
Other Funds
TOTAL FUNDS		 Incoming
resources
£
10,927,314
98,688
11,026,002		 Resources
expended
£
(6,976,137)
(79,945)
(7,056,082)		 Movement
in funds
£
3,951,177
18,743
3,969,920

Restricted Income Funds

Other Funds

Other Funds are to account for monies received in respect of small projects.

Unrestricted Income Funds

Designated Fund

To ensure the charity's ability to further its objects both in the UK and internationally, the trustees have designated funds for the development and support of International Temples Project activities 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.

General Fund

The general unrestricted fund represents free funds of the charity which can be applied at the discretion of the trustees.

continued...

Page 31

NEW KADAMPA TRADITION - INTERNATIONAL KADAMPA BUDDHIST UNION

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2024

23. RELATED PARTY DISCLOSURES

New Kadampa Tradition KMC Spain S.L.

Subsidiary

At 31 December 2024 £nil (2023: £1,274,745) was owed by New Kadampa Tradition KMC Spain S.L. before taking into consideration a provision against potentially unrecoverable debts of £nil (2023: £170,785).

Key management personnel compensation

The total key management personnel compensation for the year was 31,184 (2023: £31,631).

Income from trustees and key management personnel

Income from trustees and key management personnel for retained sponsorship costs for the year was £22,750 (2023: £25,235).

Other income from trustees and key management personnel was £852 (2023: £730).

24. ULTIMATE CONTROLLING PARTY

The charity is controlled by its members.

25. FINANCIAL INSTRUMENTS

The charity has the following financial instruments:

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
Financial liabilities measured at amortised cost
Bank loans
Other loans - Concessionary loans
Trade creditors		 2024
£
119,909
12,804,738
138,146
13,062,793
(2,104,988)
(3,777,081)
(251,223)
(6,133,302)		 2023
£
25,402
13,548,462
144,787
13,718,651
(1,475,289)
(3,963,715)
(352,017)
(5,791,021)

Page 32