DocuSign Envelope ID: 462F5ECF-D521-4B3F-8C59-4DCF44A80BB8
REGISTERED NUMBER 01990430
THE WINDHORSE TRUST
REPORT OF THE DIRECTORS AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
DocuSign Envelope ID: 462F5ECF-D521-4B3F-8C59-4DCF44A80BB8
THE WINDHORSE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
| Company information | 1 |
|---|---|
| Directors' report | 2 - 4 |
| Auditors' report | 5 - 7 |
| Statement of financial activities | 8 |
| Parent balance sheet | 9 |
| Group balance sheet | 10 |
| Notes to the financial statements | 11 - 20 |
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THE WINDHORSE TRUST COMPANY INFORMATION FOR THE YEAR ENDED 31 MARCH 2021
DIRECTORS
B Murphy R Jones D Thakkar J Linney Su Yen Tan (Appointed 15/11/2021)
SECRETARY
R Jones
REGISTERED OFFICE
38 Newmarket Road Cambridge CB5 8DT
REGISTERED NUMBERS
Company: 01990430 Charity: 1098979
AUDITORS
Chater Allan LLP Beech House 4a Newmarket Road Cambridge CB5 8DT
SOLICITORS
Bates, Wells & Braithwaite (Charity) Cheapside House 138 Cheapside London EC2U 6BB
Woodfines Solicitors (Commercial) Lockton House Clarendon Road Cambridge CB2 8FH
PRINCIPAL BANKERS
HSBC Plc Parkers House 46 Regent Street Cambridge CB2 1DL
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REPORT OF THE DIRECTORS THE WINDHORSE TRUST FOR THE YEAR ENDED 31 MARCH 2021
The directors present their annual report with the consolidated financial statements of the group for the year ended 31 March 2021.
Structure, governance and management
The charity is incorporated and limited by guarantee. It is governed by a memorandum and articles of association. Charity no. 1098978, Company no. 1990430. The Directors are appointed by the Members of the Trust.
The Directors meet formally every year. In between time information & consultation is by email & regular personal contact.
The day to day administration of the Trust is delegated to the Secretary and Management committee. The induction process for newly-appointed Directors comprises a briefing & introduction to the Trust by the Secretary held before their first trustees meeting.
Public Benefit
The trustees have had regard to the Charity Commission's guidance on public benefit and the charity constitutes a public benefit entity under FRS102.
Risks analysis
The major risks to the company have been identified and discussed by the Directors. Where possible, systems have been put in place to deal with and manage those risks.
Objects & Activities
The Objects for which the charity is established are:
The advancement of the Buddhist religion, in particular:
(I) To encourage members and others to live in accordance with the teachings of the Buddha. (ii) To support ordained members of the Triratna Buddhist Order (formely Western Buddhist Order) and other duly ordained Buddhists, at the discretion of the Council of the Company.
(iii) To maintain close communication with and work under the guidance of the Triratna Buddhist Order and in co-operation with other charities or charitable organisations with the same objects.
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To relieve poverty
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To advance the education of the public.
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To advance environmental protection and improvement.
The last 3 of the above are additional objects incorporated into the memorandum and articles of association by a special resolution dated 25[th] November 2005.
The trustees are aware of their statutory duties with regard to the charity having and demonstrating a public benefit. All the Buddhist projects funded, by their very nature, promote non-violence, ethics and generosity and mindfulness as fundamental to Buddhist practise.
The charity is organised mainly as a fund raising body, which distributes and invests funds for the furtherance of its objects. It has minimal administrative overheads. The Council consists of the Board of Directors together with co-opted members as necessary.
The policies that have been adopted to further the above objects are as follows:
(I) Providing financial support to other charitable organisations with the same objects.
(ii) Providing grants to ordained members and postulant members of the Triratna Buddhist Order in order to facilitate their training and education in the Buddhist faith.
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REPORT OF THE DIRECTORS THE WINDHORSE TRUST FOR THE YEAR ENDED 31 MARCH 2021
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(iii) Purchasing real estate:
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(a) Where people can live together in accordance with the teachings of the Buddha.
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(b) To provide facilities where the Buddha's teachings can be taught and activities which promote the Buddhist lifestyle can be carried out.
(iv) Through the activities of the subsidiary company, New View Residential, providing opportunities for Buddhists to work together in accordance with the teachings of Buddha.
Grant-making Policy
In relation to policies (I) & (ii), The directors allocate money when available to several different funds that they have established, on the recommendation of the Management committee.
Achievements and Performance
(I) Providing financial support to other charitable organisations with the same objects. In the year to 31 March 2021, £2,100 (2020: £2,100) was given to the Indian Support Fund to promote Dhamma teaching and training carried out by Buddhists in India. £103,899 (2019: £68,500) was given to various charities run by members of the Triratna Buddhist Order for the promotion of the Buddhist religion.
(ii) Providing grants to ordained members and postulant members of the Triratna Buddhist Order in order to facilitate their training and education in the Buddhist faith. Total contributions for the year ending 31 March 2021 were £26,137 (2020: £32,005).
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(iii) Purchasing real estate:
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(a) Where people can live together in accordance with the teachings of the Buddha. £18,858 (2020: £43,730) was spent on renovating parts of community properties.
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(b) To provide facilities where the Buddha's teachings can be taught and activities which promote the Buddhist lifestyle can be carried out.
(iv) Through the activities of the subsidiary company, New View Residential, providing opportunities for Buddhists to work together in accordance with the teachings of Buddha.
There was 100% take up rate of all grants made by the beneficiaries.
Financial Review
The parent undertaking received charitable donations during the year of £3,334, including gift aid donations from its subsidiary companies of £Nil (2020: £4,114 including gift aid donations from its subsidiary companies of £Nil).
The group profit for the year was £885,792 (2020: Losses £110,991).
Total charitable grants of £130,036 (2020: £100,505) were made during the year, as detailed under achievements and performance.
Reserves Policy
It is the policy of the Board to ensure that free reserves are maintained at a level equivalent to 3 months typical operating expenditure, to enable, in the event of a significant shortfall in funding below the required level, the Trust to continue to fund the activities for the foreseeable future. At the year-end free reserves stood at £639,626, the equivalent of just over 27 months annual expenditure.
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REPORT OF THE DIRECTORS THE WINDHORSE TRUST FOR THE YEAR ENDED 31 MARCH 2021
Plans for the Future
In the coming year, the Windhorse Trust intends to continue to explore the expansion of financial and other support for suitable Buddhist projects and individuals through loans and donations.
The Windhorse Trust will continue to repair the negative impact to income experienced during 2020 and 2021 as a result of the COVID-19 pandemic, through a combination of investment of capital funds in property and optimisation of income from existing investment properties and, where appropriate, community properties while continuing to support Buddhist community living.
DIRECTORS AND THEIR INTERESTS
The directors shown below have held office during the whole of the period from 1 April 2020 to the date of this report:
R Jones B Murphy D Thakker J Linney Su Yen Tan (Appointed 15/11/2021)
DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.
AUDITORS
The auditors, Chater Allan LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.
On behalf of the board: (4 J Linney 8305ECE8D1304F9...DocuSigned by: Director 21 December 2021 Date:
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INDEPENDENT AUDITORS REPORT TO THE DIRECTORS OF THE WINDORSE TRUST FOR THE YEAR ENDED 31 MARCH 2021
Opinion
We have audited the financial statements of The Windhorse Trust (the parent company) and its subsidiaries for the year ended 31 March 2021 on pages 8 to 20. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• give a true and fair view of the state of the parent charitable company's and group's affairs as at 31 March 2021 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.
• have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.
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 Auditor’s 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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
• the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
• the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charitable company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the trustees' annual report , other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinion on other matter 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 Trustees’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Trustees’ report has been prepared in accordance with applicable legal requirements.
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INDEPENDENT AUDITORS REPORT TO THE MEMBERS AND BOARD OF TRUSTEES OF THE WINDORSE TRUST FOR THE YEAR ENDED 31 MARCH 2021
Matters on which we are to required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.
We have nothing to report in respect of the following matters in relation to which 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 visited by us; or
• the company financial statements are not in agreement with the accounting records and returns; or
• certain disclosures of directors' remuneration specified by law are not made; or
• we have not received all the information and explanation we require for our audit; or
• the trustees were not entitled to take advantage of the small companies' exemptions from the requirement to prepare a Strategic Report.
Reponsibilities of directors
As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purpose 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
Auditor’s 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 an auditor’s report 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.
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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We identified areas of laws and regulations that could reasonably be expected to have material effect on the annual financial statements from our general commercial and company specific experience, through discussion with the Trustees (as required by auditing standards), and from inspection of the Charity's regulatory correspondence, and we discussed with the Trustees the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indication to noncompliance throughout the audit; the audit team are deemed both competent and capable of identifying noncompliance with rules and regulations.
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INDEPENDENT AUDITORS REPORT TO THE MEMBERS AND BOARD OF TRUSTEES OF THE WINDORSE TRUST FOR THE YEAR ENDED 31 MARCH 2021
The potential effect of these laws and regulations on the annual financial statements varies considerably. Firstly, the company is subject to laws and regulations that directly affect the annual financial statements including financial reporting legislation and taxation legislation, and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related annual account items. Secondly, the company is subject to other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance non-compliance with industry regulations. We assessed the risk of fraud in the financial statements through discussion with management and from our experience of the company. We communicated identified fraud risk areas throughout our team and remained alert to any indication of fraud throughout the audit. In particular, we assessed the potential impact of the global pandemic known as Covid-19 on the risk of fraud. We did not identify any instances of fraud during the course of our audit.
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and inspection of regulatory and legal correspondence, if any. Through these procedures, we did not become aware of any actual or suspected non-compliance with laws and regulations. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/Auditorsresponsibilities. This description forms part of our auditor’s report.
Use of 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 auditor’s 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's members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of Chater Allan LLP Chartered Accountants & Registered Auditors Beech House 4a Newmarket Road, Cambridge CB5 8DT
22 December 2021 Date:
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THE WINDHORSE TRUST
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES AND INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2021
| Note INCOME FROM: Donations and legacies - Charity Other trading activities Subsidiary companies turnover Investments - Charity - interest - Charity - rents - Subsidiary companies TOTAL INCOME EXPENDITURE ON: Raising funds 6 Charitable activites: Communities Projects - Buddhist Projects - Non Buddhist Support of Individual Buddhist Practice TOTAL EXPENDITURE 6 Net gains/(Losses) on investments 7 Transfer between funds 15 Net movement in funds Reconciliation of funds: Total funds brought forward - Charity - Subsidiary companies Total funds carried forward Made up of : Charity funds in Group Balance Sheet Funds retained in the subsidiary companies Net Income/(Expenditure) Net Income/(Expenditure) before net gains on investments |
20,237 377,567 49 |
General Designated Total Fund Fund 2021 £ £ £ 3,334 3,334 123,597 - 123,597 397,853 - 397,853 524,784 - 524,784 127,384 - 127,384 259,634 - 259,634 103,899 - 103,899 - - - 26,137 - 26,137 517,054 - 517,054 7,730 - 7,730 878,062 - 878,062 885,792 - 885,792 9,398 (9,398) - 895,190 (9,398) 885,792 4,373,178 3,682,467 8,055,645 19,522 - 19,522 4,392,700 3,682,467 8,075,167 5,287,890 3,673,069 8,960,959 5,259,515 3,673,069 8,932,584 28,376 - 28,376 5,287,890 3,673,069 8,960,959 Unrestricted Funds |
Total 2020 £ 4,114 114,572 433,172 |
|---|---|---|---|
| 551,858 | |||
| 126,213 271,131 68,500 - 32,005 |
|||
| 497,849 | |||
| 54,009 (165,000) |
|||
| (110,991) - |
|||
| (110,991) 8,165,152 21,006 |
|||
| 8,186,158 | |||
| 8,075,167 | |||
| 8,055,645 19,522 |
|||
| 8,075,167 |
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DocuSign Envelope ID: 462F5ECF-D521-4B3F-8C59-4DCF44A80BB8
REGISTERED NUMBER 01990430
THE WINDHORSE TRUST PARENT STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2021
| 2021 | 2020 | ||
|---|---|---|---|
| Note | £ £ |
£ | |
| FIXED ASSETS | |||
| Tangible assets | 9 | 7,127,327 | 6,265,126 |
| Investments | 10 | 1 | 1 |
| 7,127,328 | 6,265,127 | ||
| CURRENT ASSETS | |||
| Debtors due in less than one year | 11 | 303,599 | 463,751 |
| Debtors due in more than one year | 11 | 906,829 | 1,030,573 |
| Cash at bank and in hand | 744,243 | 443,077 | |
| 1,954,671 | 1,937,401 | ||
| LIABILITIES | |||
| Creditors: Amounts falling due within one year | 12 | 149,415 | 146,883 |
| NET CURRENT ASSETS | 1,805,256 | 1,790,518 | |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 8,932,584 | 8,055,645 | |
| TOTAL NET ASSETS | 8,932,584 | 8,055,645 | |
| THE FUNDS OF THE CHARITY: | |||
| Unrestricted funds: | |||
| General funds | 1,985,080 | 1,976,805 | |
| Designated funds | 15 | 3,673,069 | 3,682,467 |
| 5,658,149 | 5,659,272 | ||
| Revaluation reserve | 13 | 3,274,435 | 2,396,373 |
| 8,932,584 | 8,055,645 | ||
| TOTAL FUNDS | 8,932,584 | 8,055,645 |
21 December 2021
The financial statements were approved by the board of directors on and signed on its behalf by:
(4 J Linney 8305ECE8D1304F9...DocuSigned by: Director
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REGISTERED NUMBER 01990430
THE WINDHORSE TRUST GROUP STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2021
| 2021 | 2020 | ||
|---|---|---|---|
| Note | £ £ |
£ £ |
|
| FIXED ASSETS | |||
| Tangible assets | 9 | 7,128,113 | 6,266,174 |
| CURRENT ASSETS | |||
| Debtors< 1 Year | 11 | 308,835 | 475,401 |
| Debtors> 1 Year | 11 | 906,829 | 1,030,573 |
| Cash at bank and in hand | 839,971 | 528,040 | |
| 2,055,635 | 2,034,014 | ||
| LIABILITIES | |||
| Creditors: Amounts falling due within one year | 12 | 222,789 | 225,021 |
| NET CURRENT ASSETS | 1,832,846 | 1,808,993 | |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 8,960,959 | 8,075,167 | |
| TOTAL NET ASSETS | 8,960,959 | 8,075,167 | |
| THE FUNDS OF THE CHARITY: | |||
| Unrestricted funds: | |||
| General funds | 1,985,080 | 1,976,805 | |
| Designated fund | 15 | 3,673,069 | 3,682,467 |
| Funds retained within non-charitable subsidiaries | 28,376 | 19,522 | |
| 5,686,524 | 5,678,794 | ||
| Revaluation reserve | 14 | 3,274,435 | 2,396,373 |
| 8,960,959 | 8,075,167 | ||
| TOTAL FUNDS | 8,960,959 | 8,075,167 |
21 December 2021
The financial statements were approved by the board of directors on and signed on its behalf by:
(4 J Linney 8305ECE8D1304F9...DocuSigned by: Director
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THE WINDHORSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1. STATUTORY INFORMATION
The Windhorse Trust is a private company, limited by guarantee, registered in England and Wales. The company's registered office and place of business is 38 Newmarket Road, Cambridge, CB5 8DT.
2. STATEMENT OF ACCOUNTING POLICIES
Accounting basis
The consolidated financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain fixed assets, and in accordance with 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 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The company constitutes a public benefit entity as defined by FRS 102.
The following is a summary of the significant accounting policies adopted by the group in the preparation of the financial statements.
Financial reporting standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS102 "The Financial Reporting Standard appicable in the UK and Republic of Ireland":
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●the requirements of Section 7 Statement of Cash Flows;
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●the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
Companies Act 2006
The inclusion of an Income and Expenditure account in addition to the Statement of Financial Activities is not considered necessary.
Going concern
The directors have considered the financial position of the company and believe it is well placed to manage its business risk successfully. The directors have considered the impact of COVID-19 and even though there are uncertainties believe there will not be a material adverse impact on the company’s ability to continue to operate. The directors have a reasonable expectation that the company will have adequate resources to meet its financial obligations for the next 12 to 18 months and, on that basis, they continue to adopt the going concern basis in preparing the annual reports and the financial statements.
Group financial statements
The financial statements consolidate the results of the company and its wholly owned subsidiaries Windhorse Trading Limited and New View Residential Limited on a line-by-line basis. The accounting year ends of both subsidiaries is 31 March 2021.
Fund accounting
Unrestricted funds are available to spend on activities that further any purpose of the company. Designated funds are unrestricted funds of the company which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular purpose.
Income
Income received from donations, legacies and other voluntary income where there is no stipulated use is recognised in the Statement of Financial Activities when received or when receipt is reasonably certain. Individual reserve funds are maintained for income received where the donor stipulates a specific use.
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THE WINDHORSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
2. STATEMENT OF ACCOUNTING POLICIES (continued)
Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Allocations of costs are as disclosed in the Statement of Financial Activities and notes 3 to 6 to the financial statements. There have been no cost apportionments between costs categories.
Depreciation of tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its useful economic life:
Freehold land and buildings 2% on cost Leasehold improvements Over the term of the lease Motor vehicles 25% reducing balance Furniture and equipment 25% reducing balance
Investment property
Investment property is stated at market value and is not depreciated.
Debtors
Debtors are recognised at the settlement after any discounts offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Creditors and provisions
Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.
Financial instruments
The group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments or qualify as public benefit entity concessionary loans. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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 the profit and loss account for the year.
Leasing and hire purchase commitments
Assets held under hire purchase contracts are capitalised in the balance sheet and are depreciated over the useful life of the asset concerned. The interest element of the rental obligations is charged to the profit and loss account over the period of the lease.
Pension costs and other post-retirement benefits
A subsidiary company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate. At the year end contributions of £Nil (2020: £Nil) were due to the pension scheme.
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THE WINDHORSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
| 3. CHARITABLE ACTIVITIES Direct Grant funding Costs of activities 2021 2021 £ £ (Note 4) (Note 17) Activity: Communities 259,634 - Projects - Buddhist - 103,899 - 26,137 259,634 130,036 2020 2020 £ £ Activity: Communities 271,131 - Projects - Buddhist - 68,500 Projects - Non Buddhist - - - 32,005 271,131 100,505 4. DIRECT COSTS Staff costs Community rents Premises expenses Insurance Repairs and maintenance Depreciation Bank charges Legal and professional fees Donation Governance - parent (note 5) 5. GOVERNANCE COSTS Accountancy - parent Accountancy - subsidiary undertakings Audit fees - parent Audit fees - subsidiary undertakings Trustee expenses Support of Individual Buddhist Practice Support of Individual Buddhist Practice |
Total 2021 £ 259,634 103,899 26,137 389,670 2020 £ 271,131 68,500 - 32,005 371,636 |
Unrestricted Designated Funds Funds 2021 2021 £ £ (Note 15) 259,634 - 103,899 - 26,137 - |
|---|---|---|
| 389,670 - |
||
| 2020 2020 £ £ 271,131 - 68,500 - - - 32,005 - |
||
| 371,636 - |
||
| Unrestricted Unrestricted Funds Funds 2021 2020 £ £ 71,440 73,363 15,120 14,880 127,245 131,911 11,723 11,491 6,561 7,820 15,861 19,420 690 827 4,730 2,950 - 2,400 6,264 6,069 259,634 271,131 Unrestricted Unrestricted Funds Funds 2021 2020 £ £ 864 669 1,411 1,215 5,400 5,400 3,050 3,050 - - 10,725 10,334 |
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THE WINDHORSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
| 6. EXPENDITURE Staff Depreciation Other Costs costs £ £ £ Raising funds Subsidiary companies: Cost of sales - - 2,671 Administration costs 89,572 262 26,195 Corporation tax - - 2,070 Charity - - 6,614 89,572 262 37,550 Charitable activities 71,440 15,861 302,369 161,012 16,123 339,919 7. NET INCOME Group incoming resources is stated after charging: Depreciation of fixed assets Auditors remuneration 8. INFORMATION ON DIRECTORS AND EMPLOYEES Wages and salaries Social security costs Other pension costs |
Total Total 2021 2020 £ £ 2,671 2,828 116,029 117,096 2,070 (349) 6,614 6,638 127,384 126,213 389,670 371,636 517,054 497,849 2021 2020 £ £ 16,123 19,768 8,450 8,450 2021 2020 £ £ 147,685 134,719 12,914 12,914 413 413 161,012 148,046 |
|---|---|
One director received remuneration total £32,000 during the year (2020: £nil). Two trustees received reimbursed travel expenses in the year total £nil. (2020: £71). The trustees do receive payments for retreats as beneficiaries of the charity.
| The average number of employees during the year was: Management Office staff Subsidiary undertakings: Management Office staff |
2021 2020 No. No. 2 2 3 3 2 2 1 1 8 8 |
|---|---|
No employee earned £60,000 or more during the year.
Key management personnel
There are no key management personnel employee benefits in the parent company. The key management personnel employee benefits for the subsidiary companies totals £27,477 (2020: £27,662).
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THE WINDHORSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
9. TANGIBLE FIXED ASSETS
| a) Group Cost At 1 April 2020 Additions Revaluation At 31 March 2021 Depreciation At 1 April 2020 Charged for year At 31 March 2021 Net book value At 31 March 2021 At 31 March 2020 |
Investment Freehold Leasehold Furniture Motor properties land and premiums and vehicles buildings and impro- equipment vements £ £ £ £ £ 3,630,420 2,767,100 30,771 235,135 17,737 - - - - - 878,062 - - - - 4,508,482 2,767,100 30,771 235,135 17,737 - 176,277 30,771 192,467 15,474 - 9,398 - 6,159 566 - 185,675 30,771 198,626 16,040 4,508,482 2,581,425 - 36,509 1,697 3,630,420 2,590,823 - 42,668 2,263 |
Total £ 6,681,163 - 878,062 |
|---|---|---|
| 7,559,225 | ||
| 414,989 16,123 |
||
| 431,112 | ||
| 7,128,113 | ||
| 6,266,174 |
Included above is freehold land and buildings valued in 2000, based on their open market value. In accordance with the transitional arrangements of Financial Reporting Standard 102 the book amounts, including previous revaluations, are being retained at cost.
Investment properties were valued at market value at 31 March 2021 by the directors.
| b) Parent undertaking Cost At 1 April 2020 Additions Revaluation At 31 March 2021 Depreciation At 1 April 2020 Charged for year At 31 March 2021 Net book value At 31 March 2021 At 31 March 2020 |
Investment Freehold Furniture Motor properties land and and vehicles buildings equipment £ £ £ £ 3,630,420 2,767,100 230,442 11,251 - - - - 878,062 - - - 4,508,482 2,767,100 230,442 11,251 - 176,277 187,917 9,893 - 9,398 6,124 339 - 185,675 194,041 10,232 4,508,482 2,581,425 36,401 1,019 3,630,420 2,590,823 42,525 1,358 |
Total £ 6,639,213 - 878,062 |
|---|---|---|
| 7,517,275 | ||
| 374,087 15,861 |
||
| 389,948 | ||
| 7,127,327 | ||
| 6,265,126 |
All assets except investment properties are used for charitable purposes. Included above is freehold land and buildings valued in 2000, based on their open market value. In accordance with the transitional arrangements of Financial Reporting Standard 102 the book amounts, including previous revaluations, are being retained at cost.
Investment properties were valued at market value at 31 March 2021 by the directors.
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THE WINDHORSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
10. FIXED ASSET INVESTMENT
Parent undertaking
The parent undertaking has investments of £3,068,805 and £1 representing the whole of the issued share capital of Windhorse Trading Limited and New View Residential Limited respectively, it's wholly owned subsidiaries as detailed below:
| 2021 Windhorse Trading Limited £ Cost net of impairment provision at 1 April 2020 - Provision in year - Cost net of impairment provision at 31 March 2021 - New View Residential Limited at 1.4.20 & 31.3.21 1 1 Windhorse Trading Limited Country of incorporation: United Kingdom (Co. Reg 01579758) Class of shares: Nature of business: Other wholesale/retail Ordinary |
2020 £ 918,951 (918,951) |
|---|---|
| - | |
| 1 | |
| 1 | |
| % holding 100 |
At the year ended 31 March 2020, total impairment provision is £918,951 as a result of the Windhorse Trading Limited went into liquidation.
New View Residential Limited
| New View Residential Limited | ||
|---|---|---|
| % | ||
| Country of incorporation: United Kingdom (Co. Reg 07393234) | Class of shares: | holding |
| Nature of business: Manage real estate, fee or contract | Ordinary | 100 |
At the year ended 31 March 2021, total assets £102,628, total liabilities £74,251 and total shareholders' funds £28,377.
For the year ended 31 March 2021, total income £129,623, total expenditure £118,699 and total profit for the year £10,924 before taxation £2,070, total profit for the year after taxation £8,854.
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THE WINDHORSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
| 11. DEBTORS DEBTORS DUE IN LESS THAN ONE YEAR Trade debtors Other debtors Corporation tax VAT Prepayments and accrued income Amounts owed by subsidiary undertakings DEBTORS DUE IN MORE THAN ONE YEAR Loans more than £100,000 Loans less than £100,000 |
Group Parent Group Parent 2021 2021 2020 2020 £ £ £ £ 2,089 2,046 703 437 260,491 257,167 422,610 418,685 - - - - - - 46,255 44,386 52,088 44,629 - - - - 308,835 303,599 475,401 463,751 636,786 636,786 631,350 631,350 270,043 270,043 399,223 399,223 906,829 906,829 1,030,573 1,030,573 |
|---|---|
● Other debtors due in more than one year and more than £100,000 includes a loan of £220,000 to Sheffield Triratna Buddhist Community. This loan is secured and interest is payable at a rate of 2.5%.
● Loans due in more than one year and more than £100,000 includes a public benefit concessionary loan of £135,000 to Guhyaloka with the capital to be repaid at a rate of 50% of dana received by Guhyaloka each year that the loan remains outstanding. The loan is valued at cost in accordance with PBE34.90 of FRS 102. There is no interest payable on this loan.
● Loans due in more than one year and less than £100,000 includes a 5 year loan to Triratna Southampton with interest payable at 2% above the UK Bank of England base rate.
● Loans due in more than one year and more than £100,000 includes a 5 year loan to Centre Bouddhiste Triratna de Paris of Euro150,000 with interest payable at 2% above the UK Bank of England base rate.
● Loans due in more than one year and more than £100,000 includes a 10 year loan of £115,000 to Centro Budista de Cuernavaca with interest payable at 2% above the UK Bank of England base rate.
● Loans due in more than one year and more than £100,000 includes a 10 year loan 115,000euros for the purpose of purchasing land and buildings for the use of the Comunidad Budista Triratna de Valencia. For the duration of the loan, interest will be charged on any remaining capital at an interest rate of 2% above the UK Bank of England base rate.
● Loans due in more than one year and more than £100,000 includes a 5 year loan to Inverness with interest payable at 2% above the UK Bank of England base rate and this loan is secured by a charge over the property.
● Loans due in more than one year and less than £100,000 includes a 5 year loan to Centre Bouddhiste Triratna se Paris of 100,000euros with interest payable at 2% above the UK Bank of England base rate and this loan is back by the same amount from Jan Deckers to the Windhorse Trust and at the end of the loan period the loan capital will be paid in full to Jan Deckers.
● Loans due in more than one year less than £100,000 includes 4 loans repayable over 5 years with interest payable between 1% and 2% above the UK Bank of England base rate and one loan with a fixed rate of 3.5%.
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THE WINDHORSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
12. CREDITORS: amounts falling due within one year
| Trade creditors Other taxes and social security costs Other creditors Amounts owed to subsidiary undertakings Accruals and deferred income 13. REVALUATION RESERVE Balance at 1 April 2020 Revaluation in year Balance at 31 March 2021 |
Group Parent 2021 2021 £ £ 43,401 40,335 3,474 - 155,850 94,295 - 878 17,994 13,907 222,789 149,415 |
Group Parent 2020 2020 £ £ 36,464 35,844 4,668 - 163,657 93,911 - 878 20,232 16,250 |
|---|---|---|
| 225,021 146,883 |
||
| Group Parent 2021 2021 £ £ 2,396,373 2,396,373 878,062 878,062 |
||
| 3,274,435 3,274,435 |
14. ANALYSIS OF NET ASSET BETWEEN FUNDS - parent undertaking
| Unrestricted funds: General funds Designated funds Revaluation reserve Total funds |
Tangible Investments Charitable Other net Total assets loans current assets £ £ £ £ £ 182,840 1 1,162,406 639,833 1,985,080 3,670,052 - - 3,017 3,673,069 3,274,435 - - - 3,274,435 |
|---|---|
| 7,127,327 1 1,162,406 642,850 8,932,584 |
The net assets of the group are all related to unrestricted funds.
15. DESIGNATED FUNDS
| DESIGNATED FUNDS | |
|---|---|
| Building Fund Rapid Response Fund Total |
Balance at Costs Income Transfer (to)/ Balance at 1 April 2020 incurred received from the 31 March 2021 general fund 3,679,450 - - (9,398) 3,670,052 3,017 - - - 3,017 |
| 3,682,467 - - (9,398) 3,673,069 |
The Building Fund represents the amount of reserves already expended on freehold land and buildings.
The Rapid Response Fund has been created to help those who have urgent funding requirements.
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THE WINDHORSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
17. GRANTS PAYABLE IN FURTHERANCE OF THE CHARITY'S OBJECTS
| Buddhist projects - United Kingdom Support of individual Buddhist practice - overseas Support of individual Buddhist practice - United Kingdom Breakdown of grants to Institutions: Cambridge Buddhist Centre Brighton Buddhist Centre Blue Cross Karuna Trust NHS Charities Together Ormiston Trust The Trussell Trust Wildlife Trust Triratna Preceptors College Trust Future Dharma Fund Arthur Rank Hospice Indian Support Account Grants paid to individuals Total grants paid |
2021 2021 Individuals Institutions £ £ - 103,899 6,196 - 19,942 - 26,137 103,899 General Designated Fund Fund £ £ - - - - - 30 - 565 - 1,927 - 165 - 730 - 251 - - - 97,800 - 331 - 2,100 - 103,899 26,137 - 26,137 103,899 |
2021 2020 Total Total £ £ 103,899 68,500 6,196 4,328 19,942 27,677 |
|---|---|---|
| 130,036 100,505 |
||
| 2021 2020 Total Total £ £ - 1,000 - 600 30 - 565 - 1,927 - 165 - 730 - 251 - - 4,800 97,800 60,000 331 - 2,100 2,100 |
||
| 103,899 68,500 26,137 32,005 |
||
| 130,036 100,505 |
18. RELATED PARTY TRANSACTIONS
During the year the group had the following inter-group transactions:
- New View Residential Limited paid £Nil gift aid to The Windhorse Trust. £878 was owing to New View Residential Limited at the year end.
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THE WINDHORSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
19. CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES AND INCOME AND EXPENDITURE ACCOUNT DETAIL FOR THE YEAR ENDED 31 MARCH 2020
| INCOME FROM: Donations and legacies - Charity Other trading activities Subsidiary companies turnover Investments - Charity - interest - Charity - rents - Subsidiary companies TOTAL INCOME EXPENDITURE ON: Raising funds Charitable activities: Communities Projects - Buddhist Projects - Non Buddhist Support of Individual Buddhist Practice TOTAL EXPENDITURE Net Income/(Expenditure) before Net gains on investments Net Income/(Expenditure) Transfer between funds Net movement in funds |
General Designated Fund Fund £ £ 4,114 - 114,572 - 24,377 - 408,630 - 165 - 551,858 - 126,213 - 271,131 - 68,500 - - - 32,005 - 497,849 - 54,009 - (165,000) - (110,991) - 9,398 (9,398) (101,593) (9,398) Unrestricted Funds |
Total 2020 £ 4,114 114,572 24,377 408,630 165 |
|---|---|---|
| 551,858 | ||
| 126,213 271,131 68,500 - 32,005 |
||
| 497,849 | ||
| 54,009 (165,000) |
||
| (110,991) - |
||
| (110,991) |
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