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2022-03-31-accounts

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REGISTERED NUMBER 01990430 CHARITY NUMBER 1098979

THE WINDHORSE TRUST

REPORT OF THE DIRECTORS AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

DocuSign Envelope ID: EF1B33DC-0AF6-46D6-B398-7C33419EF733

THE WINDHORSE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

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 2023

DIRECTORS

B Murphy R Jones J Linney Su Yen Tan (Appointed 15/11/2021) M J Silver (Appointed 05/07/2022)

SECRETARY

R Jones

REGISTERED OFFICE

38 Newmarket Road Cambridge CB5 8DT

REGISTERED NUMBERS

Company: 01990430 Charity: 1098979

AUDITORS

Chater Allan LLP 7 Quy Court Colliers Lane Stow-cum-Quy Cambridge CB25 9AU

SOLICITORS

Ledingham Chalmers Solicitors Kintail House Beechwood Business Park Inverness IV2 3BW

Woodfines Solicitors (Commercial) 16 St Cuthbert’s Street Bedford MK40 3JG

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 2023

The directors present their annual report with the consolidated financial statements of the group for the year ended 31 March 2023.

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.

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 2023

(iii) Purchasing real estate:

(a) Where people can live together in accordance with the teachings of the Buddha.

(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 2023, £2,100 (2022: £2,100) was given to the Indian Support Fund to promote Dhamma teaching and training carried out by Buddhists in India. £142,960 (2022: 73,354) 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 2023 were £28,222 (2022: £24,028).

(iii) Purchasing real estate:

£31,315 ) was spent on renovating parts of community properties.

(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 £12,183, including gift aid donations from its subsidiary companies of £Nil (2022:£7,597 including gift aid donations from its subsidiary companies of £Nil).

The group losses for the year was £53,765 (2022: profit £102,376 ).

Total charitable grants of £171,182 (2022: £97,382) 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 £1,084,141, the equivalent of just over 3.5 times annual expenditure.

Plans for the Future

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REPORT OF THE DIRECTORS THE WINDHORSE TRUST FOR THE YEAR ENDED 31 MARCH 2023

Following the decision by the Windhorse Trust directors to close the trading subsidiary, New View Residential, in December 2022 due to staffing and profitability issues, the Windhorse Trust will take the opportunities to continue to consolidate its resources and optimising the project of fulfilling its main aims and objectives.

This will be 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.

The Windhorse Trust is committed to actively maintain and improve its investment properties and community properties to ensure all properties are fit for purpose and, where appropriate, deliver an optimal financial return. To this end, new team members are being recruited to ensure sustainability in its operations.

DIRECTORS AND THEIR INTERESTS

The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report:

R Jones

B Murphy D Thakker (Resigned 30/11/2022) J Linney Su Yen Tan M J Silver (Appointed 05/07/2022)

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

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.

This report, which has been prepared in accordance with the Statement of Recommended Practice - Accounting and Reporting by Charities and in accordance with special provisions of Part15 of the Companies Act 2006 applicable to small entities.

On behalf of the board:

J Linney Director

11 December 2023 Date: John Linney

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INDEPENDENT AUDITORS REPORT TO THE DIRECTORS OF THE WINDORSE TRUST FOR THE YEAR ENDED 31 MARCH 2023

Opinion

We have audited the financial statements of The Windhorse Trust (the parent company) and its subsidiaries for the year ended 31 March 2023 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 2023 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

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INDEPENDENT AUDITORS REPORT TO THE MEMBERS AND BOARD OF TRUSTEES OF THE WINDORSE TRUST FOR THE YEAR ENDED 31 MARCH 2023

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 have no realistic alternative but to do so.

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 2023

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.

Naomi Hedger (Senior Statutory Auditor) For and on behalf of Chater Allan LLP Chartered Accountants & Registered Auditors 7 Quy Court Colliers Lane Stow-cum-Quy Cambridge CB25 9AU

19 December 2023 Date:

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THE WINDHORSE TRUST

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Incorporating Income and Expenditure Account) FOR THE YEAR ENDED 31 MARCH 2023

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		 29,153
364,552
28		 General
Designated
Total
Fund
Fund
2023
£
£
£
12,183
12,183
79,481
-
79,481
393,733
-
393,733
485,397
-
485,397
81,490
-
81,490
287,293
-
287,293
142,960
-
142,960
-
-
-
26,178
-
26,178
537,921
-
537,921
(52,524)
-
(52,524)
(203,250)
-
(203,250)
(255,774)
-
(255,774)
9,398
(9,398)
-
(246,376)
(9,398)
(255,774)
5,382,558
3,663,671
9,046,229
17,107
-
17,107
5,399,665
3,663,671
9,063,336
5,153,289
3,654,273
8,807,562
5,138,244
3,654,273
8,792,517
15,045
-
15,045
5,153,289
3,654,273
8,807,562
Unrestricted Funds		 Total
2022
£
7,597
115,774
333,568
456,939
139,618
319,261
73,354
-
24,028
556,261
(99,322)
201,698
102,376
-
102,376
8,932,584
28,376
8,960,960
9,063,336
9,046,229
17,107
9,063,336

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REGISTERED NUMBER 01990430

THE WINDHORSE TRUST PARENT STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2023

2023 2022
Note £
£		 £
FIXED ASSETS
Tangible assets 9 6,469,002 6,669,599
Investments 10 1 1
6,469,003 6,669,600
CURRENT ASSETS
Debtors due in less than one year 11 163,485 176,949
Debtors due in more than one year 11 1,113,071 729,223
Cash at bank and in hand 1,103,774 1,613,757
2,380,330 2,519,929
LIABILITIES
Creditors: Amounts falling due within one year 12 56,816 143,300
NET CURRENT ASSETS 2,323,514 2,376,629
TOTAL ASSETS LESS CURRENT LIABILITIES 8,792,517 9,046,229
TOTAL NET ASSETS 8,792,517 9,046,229
THE FUNDS OF THE CHARITY:
Unrestricted funds:
General funds 1,825,541 1,866,605
Designated funds 15 3,654,273 3,663,671
5,479,814 5,530,276
Revaluation reserve 13 3,312,703 3,515,953
8,792,517 9,046,229
TOTAL FUNDS 8,792,517 9,046,229

11 December 2023

The financial statements were approved by the board of directors on and signed on its behalf by:

J Linney Director

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REGISTERED NUMBER 01990430

THE WINDHORSE TRUST GROUP STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2023

2023 2022
Note £
£		 £
£
FIXED ASSETS
Tangible assets 9 6,469,004 6,670,190
CURRENT ASSETS
Debtors< 1 Year 11 169,184 183,717
Debtors> 1 Year 11 1,113,071 729,223
Cash at bank and in hand 1,115,638 1,701,530
2,397,893 2,614,470
LIABILITIES
Creditors: Amounts falling due within one year 12 59,335 221,324
NET CURRENT ASSETS 2,338,558 2,393,146
TOTAL ASSETS LESS CURRENT LIABILITIES 8,807,562 9,063,336
TOTAL NET ASSETS 8,807,562 9,063,336
THE FUNDS OF THE CHARITY:
Unrestricted funds:
General funds 1,825,541 1,866,605
Designated fund 15 3,654,273 3,663,671
Funds retained within non-charitable subsidiaries 15,045 17,107
5,494,859 5,547,383
Revaluation reserve 14 3,312,703 3,515,953
8,807,562 9,063,336
TOTAL FUNDS 8,807,562 9,063,336

11 December 2023

The financial statements were approved by the board of directors on and signed on its behalf by:

J Linney Director

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THE WINDHORSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

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":

Companies Act 2006

These financial statements have been prepared in accordance with the Companies Act 2006 with amendments to enhance the "True and Fair" view. The inclusion of an Income and Expenditure account is not deemed necessary as the information is disclosed in the Statement of Financial Activities.

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 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 subsidiary New View Residential Limited on a line-by-line basis. The accounting year end for the subsidiary company is 31 March 2022.

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 2023

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 (2022: £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 2023

3. CHARITABLE ACTIVITIES
Direct
Grant funding
Costs
of activities
2023
2023
£
£
(Note 4)
(Note 17)
Activity:
Communities
287,293
-
Projects - Buddhist
-
142,960
-
26,178
287,293
169,138
2022
2022
£
£
Activity:
Communities
319,261
-
Projects - Buddhist
-
73,354
Projects - Non Buddhist
-
-
-
24,028
319,261
97,382
4. DIRECT COSTS
Staff costs
Community rents
Premises expenses
Insurance
Repairs and maintenance
Depreciation
Bank charges
Legal and professional fees
Exceptional item - closure costs
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
2023
£
287,293
142,960
26,178
456,431
2022
£
319,261
73,354
-
24,028
416,643		 Unrestricted
Designated
Funds
Funds
2023
2023
£
£
(Note 15)
287,293
-
142,960
-
26,178
-
456,431
-
2022
2022
£
£
319,261
-
73,354
-
-
-
24,028
-
416,643
-
Unrestricted
Unrestricted
Funds
Funds
2023
2022
£
£
92,229
104,052
-
1,591
140,762
160,387
13,356
11,285
13,791
8,198
16,291
14,245
414
528
4,055
12,777
80
-
6,315
6,198
287,293
319,261
Unrestricted
Unrestricted
Funds
Funds
2022
2021
£
£
457
444
3,813
591
5,820
5,700
-
3,050
38
54
10,128
9,839

13

DocuSign Envelope ID: EF1B33DC-0AF6-46D6-B398-7C33419EF733

THE WINDHORSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

6. EXPENDITURE
Staff
Depreciation
Other
Costs
costs
£
£
£
Raising funds
Subsidiary companies:
Cost of sales
-
-
1,839
Administration costs
44,236
-
35,415
Corporation tax
-
-
-
Charity
-
-
-
44,236
-
37,254
Charitable activities
92,229
16,291
347,911
136,465
16,291
385,165
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
2023
2022
£
£
1,839
5,770
79,651
129,916
-
(2,653)
-
6,585
81,490
139,618
456,431
416,643
537,921
556,261
2023
2022
£
£
16,291
14,441
5,820
8,750
2023
2022
£
£
123,138
174,535
12,914
12,914
413
413
136,465
187,862

One director received remuneration total £32,000 during the year (2022: £32,000). One trustee received reimbursed travel expenses in the year total £38. (2022: £54). 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		 2023
2022
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 £Nil (2022: £30,408).

14

DocuSign Envelope ID: EF1B33DC-0AF6-46D6-B398-7C33419EF733

THE WINDHORSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

9. TANGIBLE FIXED ASSETS

a) Group
Cost
At 1 April 2022
Additions
Revaluation
Disposals
At 31 March 2023
Depreciation
At 1 April 2022
Charged for year
Charge elimination
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Investment
Freehold
Leasehold
Furniture
Motor
properties
land and
premiums
and
vehicles
buildings
and impro-
equipment
vements
£
£
£
£
£
4,065,000
2,767,100
30,771
235,135
17,737
-
-
-
18,435
509
(203,250)
-
-
-
-
-
-
-
(450)
(6,487)
3,861,750
2,767,100
30,771
253,120
11,759
-
195,073
30,771
203,245
16,464
-
9,398
-
6,702
191
(370)
(5,978)
-
204,471
30,771
209,577
10,677
3,861,750
2,562,629
-
43,543
1,082
4,065,000
2,572,027
-
31,890
1,273		 Total
£
7,115,743
18,944
(203,250)
(6,937)
6,924,500
445,553
16,291
(6,348)
455,496
6,469,004
6,670,190

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 2023 by the Windhorse Trust directors.

b) Parent undertaking
Cost
At 1 April 2022
Additions
Revaluation
Disposals
At 31 March 2023
Depreciation
At 1 April 2022
Charged for year
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Investment
Freehold
Furniture
Motor
properties
land and
and
vehicles
buildings
equipment
£
£
£
£
4,065,000
2,767,100
230,442
11,251
-
-
18,435
509
(203,250)
-
-
-
-
-
-
-
3,861,750
2,767,100
248,877
11,760
-
195,073
198,634
10,487
-
9,398
6,702
191
-
204,471
205,336
10,678
3,861,750
2,562,629
43,541
1,082
4,065,000
2,572,027
31,808
764		 Total
£
7,073,793
18,944
(203,250)
-
6,889,487
404,194
16,291
420,485
6,469,002
6,669,599

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 2023 by the Windhorse Trust directors.

15

DocuSign Envelope ID: EF1B33DC-0AF6-46D6-B398-7C33419EF733

THE WINDHORSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

10. FIXED ASSET INVESTMENT

Parent undertaking

The parent undertaking has investments of £1 representing the whole of the issued share capital of New View Residential Limited, it's wholly owned subsidiary as detailed below:

2023
£
New View Residential Limited at 1.4.22 & 31.3.23
1
1
New View Residential Limited
Country of incorporation: United Kingdom (Co. Reg 07393234) Class of shares:
Nature of business: Manage real estate, fee or contract
Ordinary		 2022
£
1
1
%
holding
100

At the year ended 31 March 2023, total assets £18,951, total liabilities £3,905 and total shareholders' funds £15,046.

For the year ended 31 March 2023, total income £79,508, total expenditure £81,570 and total Loss for the year £13,922 before tax refund of £2,062, total loss for the year after taxation £2,062.

16

DocuSign Envelope ID: EF1B33DC-0AF6-46D6-B398-7C33419EF733

THE WINDHORSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

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
2023
2023
2022
2022
£
£
£
£
2,099
1,428
650
602
128,364
123,336
134,559
129,531
-
-
-
-
-
-
38,721
38,721
48,508
46,816
-
-
-
-
169,184
163,485
183,717
176,949
786,495
786,495
400,595
400,595
326,576
326,576
328,628
328,628
1,113,071
1,113,071
729,223
729,223

● 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 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 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 10 year loan to Dublin Buddhist Centre (Triratna) 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 to Triratna Buddhist Community (Leeds) with interest payable at 2% above the UK Bank of England base rate with the interest rate capped at 3% for year 1 and 2 of the loan period. This loan is conditional on a first charge over a property.

● Loans due in more than one year and more than £100,000 includes a 5 year loan to the Mid Essex Buddhist Centre with interest payable at 2% above the UK Bank of England base rate.

● Loans due in more than one year less than £100,000 includes 6 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%.

17

DocuSign Envelope ID: EF1B33DC-0AF6-46D6-B398-7C33419EF733

THE WINDHORSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

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 2022
Revaluation in year
Balance at 31 March 2023		 Group
Parent
2023
2023
£
£
36,683
36,683
-
-
9,880
9,880
-
1,387
12,772
8,866
59,335
56,816		 Group
Parent
2022
2022
£
£
36,133
34,956
4,569
-
162,715
93,560
-
878
17,907
13,906
221,324
143,300
Group
Parent
2023
2023
£
£
3,515,953
3,515,953
(203,250)
(203,250)
3,312,703
3,312,703

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
£
£
£
£
£
(494,957)
1
1,236,356
1,084,141
1,825,541
3,651,256
-
-
3,017
3,654,273
3,312,703
-
-
-
3,312,703
6,469,002
1
1,236,356
1,087,158
8,792,517

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 2022
incurred
received
from the
31 March 2023
general fund
3,660,654
-
-
(9,398)
3,651,256
3,017
-
-
-
3,017
3,663,671
-
-
(9,398)
3,654,273

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.

18

DocuSign Envelope ID: EF1B33DC-0AF6-46D6-B398-7C33419EF733

THE WINDHORSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

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:
The Mid Essex Buddhist Centre
The Triratna Trust
Triratna Chairs Assembly
Buddhistiska gemenskapen Triratna
Communidad Budista Triratna de Valencia
Triratna Sarana
Oslo Buddhistsenter
Triratna Preceptors College Trust
Future Dharma Fund
Indian Support Account
Grants paid to individuals
Total grants paid		 2023
2023
Individuals Institutions
£
£
-
142,960
6,938
-
19,240
-
26,178
142,960
General
Designated
Fund
Fund
£
£
-
1,560
4,000
20,000
30,000
4,800
80,500
2,100
142,960
-
26,178
-
169,138
-		 2023
2022
Total
Total
£
£
142,960
73,354
6,938
7,978
19,240
16,050
169,138
97,382
2023
2022
Total
Total
£
£
-
3,000
1,560
2,100
4,000
5,000
-
3,354
-
3,000
20,000
-
30,000
-
4,800
4,800
80,500
50,000
2,100
2,100
142,960
73,354
26,178
24,028
169,138
97,382

18. RELATED PARTY TRANSACTIONS

During the year the group had the following inter-group transactions:

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DocuSign Envelope ID: EF1B33DC-0AF6-46D6-B398-7C33419EF733

THE WINDHORSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

19. CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES AND INCOME AND EXPENDITURE ACCOUNT DETAIL FOR THE YEAR ENDED 31 MARCH 2022

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
£
£
7,597
-
115,774
-
(10,148)
-
343,702
-
14
-
456,939
-
139,618
-
319,261
-
73,354
-
-
-
24,028
-
556,261
-
(99,322)
-
201,698
-
102,376
-
9,398
(9,398)
111,774
(9,398)
Unrestricted Funds		 Total
2022
£
7,597
115,774
(10,148)
343,702
14
456,939
139,618
319,261
73,354
-
24,028
556,261
(99,322)
201,698
102,376
-
102,376

20