Docusign Envelope ID: 353E7DC6-3653-45D7-8788-1C58CF9FF8D1 **REGISTERED NUMBER 01990430 CHARITY NUMBER 1098979** ## **THE WINDHORSE TRUST** **REPORT OF THE DIRECTORS AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** Docusign Envelope ID: 353E7DC6-3653-45D7-8788-1C58CF9FF8D1 ## **THE WINDHORSE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** |Company information|1| |---|---| |Directors' report|2 - 4| |Auditors' report|6 - 8| |Statement of financial activities|9| |Balance sheet|10| |Notes to the financial statements|11 - 22| Docusign Envelope ID: 353E7DC6-3653-45D7-8788-1C58CF9FF8D1 **THE WINDHORSE TRUST COMPANY INFORMATION FOR THE YEAR ENDED 31 MARCH 2024** ## **DIRECTORS** M J Silver R Jones B Murphy J Linney R McMahon (Appointed 16 May 2024) Su Yen Tan ## **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 1 Docusign Envelope ID: 353E7DC6-3653-45D7-8788-1C58CF9FF8D1 ## **REPORT OF THE DIRECTORS THE WINDHORSE TRUST FOR THE YEAR ENDED 31 MARCH 2024** **__________________________________________________________________________________________** The directors present their annual report with the financial statements of the charity for the year ended 31 March 2024. ## **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 (formerly 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 cooperation with other charities or charitable organisations with the same objects. - To relieve poverty - To advance the education of the public. - 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. 2 Docusign Envelope ID: 353E7DC6-3653-45D7-8788-1C58CF9FF8D1 **REPORT OF THE DIRECTORS THE WINDHORSE TRUST FOR THE YEAR ENDED 31 MARCH 2024** **__________________________________________________________________________________________** ## (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) 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 2024, £2,895 (2023: £2,100) was given to the Indian Support Fund to promote Dhamma teaching and training carried out by Buddhists in India. £94,016 (2023: £142,960) 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 2024 were £18,288 (2023: £26,178). ## (iii) Purchasing real estate: (a) Where people can live together in accordance with the teachings of the Buddha £32,069 (2023: £32,138 ) was spent on renovating parts of community properties. (b) To provide facilities where the Buddha's teachings can be taught and activities which promote the Buddhist lifestyle can be carried out. (iv) 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 2024. The charity profit for the year was £1,418,100 (2023: Loss £253,712). Total charitable grants of £112,304 (2023: £169,138) were made during the year, as detailed under achievements and performance. Any surplus funds are invested in Triodos Bank £1,182,913 was invested with them at 31 March 2024. ## **Reserves Policy** It is the policy of the Board to ensure that free reserves are at a level sufficient to enable, in the event of a significant shortfall in funding below the required level, the Windhorse Trust to continue to fund the activities for 3 Docusign Envelope ID: 353E7DC6-3653-45D7-8788-1C58CF9FF8D1 **REPORT OF THE DIRECTORS THE WINDHORSE TRUST FOR THE YEAR ENDED 31 MARCH 2024** **__________________________________________________________________________________________** the foreseeable future. At the year-end free reserves stood at £1,939,098, the equivalent of three months annual expenditure. ## **Plans for the Future** The Windhorse Trust does not need to make any significant changes to its policies or practises in the coming year. 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 will continue to support the living of and the practice of a Buddhist lifestyle in the context of the Triratna Buddhist community through loans to charitable institutions with compatible aims and objectives and through grants to such institutions and individuals ordained into the Triratna Buddhist Order. The Windhorse Trust is committed to actively maintain and improve its investment properties and community properties to ensure all properties are fit for purpose, offer a decent standard of accommodation and, where appropriate, deliver an optimal financial return. This year will see changes in the management team with experienced team members retiring, in response a competent and experienced new team member is being recruited to ensure sustainability in operations. ## **DIRECTORS AND THEIR INTERESTS** The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report: M Silver R Jones B Murphy J Linney R McMahon Su Yen Tan ## **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: - select suitable accounting policies and then apply them consistently; - make judgements and estimates that are reasonable and prudent; - 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. 4 Docusign Envelope ID: 353E7DC6-3653-45D7-8788-1C58CF9FF8D1 **REPORT OF THE DIRECTORS THE WINDHORSE TRUST FOR THE YEAR ENDED 31 MARCH 2024** **__________________________________________________________________________________________** ## **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 18 December 2024 Date: 5 Docusign Envelope ID: 353E7DC6-3653-45D7-8788-1C58CF9FF8D1 **INDEPENDENT AUDITORS REPORT TO THE DIRECTORS OF THE WINDORSE TRUST FOR THE YEAR ENDED 31 MARCH 2024** ## **Opinion** We have audited the financial statements of The Windhorse Trust (the parent company) and its subsidiaries for the year ended 31 March 2024 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 - the Trustees’ report has been prepared in accordance with applicable legal requirements. 6 Docusign Envelope ID: 353E7DC6-3653-45D7-8788-1C58CF9FF8D1 **INDEPENDENT AUDITORS REPORT TO THE MEMBERS AND BOARD OF TRUSTEES OF THE WINDORSE TRUST FOR THE YEAR ENDED 31 MARCH 2024** ## **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. 7 Docusign Envelope ID: 353E7DC6-3653-45D7-8788-1C58CF9FF8D1 ## **INDEPENDENT AUDITORS REPORT TO THE MEMBERS AND BOARD OF TRUSTEES OF THE WINDORSE TRUST FOR THE YEAR ENDED 31 MARCH 2024** 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 7 Quy Court Colliers Lane Stow-cum-Quy Cambridge CB25 9AU 20 December 2024 Date: 8 Docusign Envelope ID: 353E7DC6-3653-45D7-8788-1C58CF9FF8D1 ## **THE WINDHORSE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024** |**Note**
**INCOME FROM:**
Donations and legacies - Charity
Investments
- Charity - interest
- Charity - rents
**TOTAL INCOME**
**EXPENDITURE ON:**
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
Total funds carried forward
**Net Income/(Expenditure)**
**Net Income/(Expenditure) before**
**net gains on investments**|**General**
**Designated**
**Total**
**Fund**
**Fund**
**2024**
**£**
**£**
**£**
3,664
3,664
82,971
82,971
413,198
413,198
499,832
-
499,832
321,284
-
321,284
94,016
-
94,016
-
-
-
18,288
-
18,288
433,588
-
433,588
66,244
-
66,244
1,351,856
-
1,351,856
1,418,100
-
1,418,100
9,398
(9,398)
-
1,427,498
(9,398)
1,418,100
5,138,244
3,654,273
8,792,517
6,565,742
3,644,875 10,210,617
**Unrestricted Funds**|**Total**
**2023**
**£**
12,183
29,153
364,552| |---|---|---| |||405,888| |||287,212
142,960
-
26,178| |||456,350| |||(50,462)
(203,250)| |||(253,712)
-| |||(253,712)
9,046,229| |||8,792,517| 9 Docusign Envelope ID: 353E7DC6-3653-45D7-8788-1C58CF9FF8D1 **REGISTERED NUMBER 01990430** ## **THE WINDHORSE TRUST STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2024** |||**2024**|**2023**| |---|---|---|---| ||**Note**|**£**
**£**|**£**| |**FIXED ASSETS**|||| |Tangible assets|9|7,800,292|6,469,002| |Investments|10|-|1| |||7,800,292|6,469,003| |**CURRENT ASSETS**|||| |Debtors due in less than one year|11|133,111|163,485| |Debtors due in more than one year|11|1,058,074|1,113,071| |Cash at bank and in hand||1,278,165|1,103,774| |||2,469,351|2,380,330| |**LIABILITIES**|||| |Creditors: Amounts falling due within one year|12|59,026|56,816| |**NET CURRENT ASSETS**||2,410,325|2,323,514| |**TOTAL ASSETS LESS CURRENT LIABILITIES**||10,210,617|8,792,517| |**TOTAL NET ASSETS**||10,210,617|8,792,517| |**THE FUNDS OF THE CHARITY:**|||| |Unrestricted funds:|||| |General funds||1,939,098|1,825,541| |Designated funds|15|3,644,875|3,654,273| |||5,583,973|5,479,814| |Revaluation reserve|13|4,626,644|3,312,703| |||10,210,617|8,792,517| |**TOTAL FUNDS**||10,210,617|8,792,517| 18 December 2024 The financial statements were approved by the board of directors on and signed on its behalf by: J Linney Director 10 Docusign Envelope ID: 353E7DC6-3653-45D7-8788-1C58CF9FF8D1 **THE WINDHORSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **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": - ●the requirements of Section 7 Statement of Cash Flows; - ●the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ## **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. ## **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. 11 Docusign Envelope ID: 353E7DC6-3653-45D7-8788-1C58CF9FF8D1 **THE WINDHORSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **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 (2023: £Nil) were due to the pension scheme. 12 Docusign Envelope ID: 353E7DC6-3653-45D7-8788-1C58CF9FF8D1 ## **THE WINDHORSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** |**3. CHARITABLE ACTIVITIES**
Activity:
Communities
Projects - Buddhist
Activity:
Communities
Projects - Buddhist
Projects - Non Buddhist
**4. DIRECT COSTS**
Staff costs
Community rents
Premises expenses
Insurance
Repairs and maintenance
Depreciation
Bank charges
Legal and professional fees
Governance (note 5)
**5. GOVERNANCE COSTS**
Accountancy
Audit fees
Trustee expenses
Support of Individual Buddhist
Practice
Support of Individual Buddhist
Practice|**Direct**
**Grant funding**
**Costs**
**of activities**
**2024**
**2024**
**£**
**£**
**(Note 4)**
**(Note 17)**
321,284
-
-
94,016
-
18,288
321,284
112,304
**2023**
**2023**
**£**
**£**
287,212
-
-
142,960
-
-
-
26,178
287,212
169,138|**Total**
**2024**
**£**
321,284
94,016
18,288
433,588
**2023**
**£**
287,212
142,960
-
26,178
456,350|**Unrestricted**
**Designated**
**Funds**
**Funds**
**2024**
**2024**
**£**
**£**
**(Note 15)**
321,284
-
94,016
-
18,288
-| |---|---|---|---| ||||433,588
-| ||||**2023**
**2023**
**£**
**£**
287,212
-
142,960
-
-
-
26,178
-| ||||456,350
-| ||||**Unrestricted**
**Unrestricted**
**Funds**
**Funds**
**2024**
**2023**
**£**
**£**
77,671
92,229
-
-
97,732
140,762
18,563
13,356
95,496
13,791
20,756
16,291
266
414
748
4,054
10,052
6,315
321,284
287,212
**Unrestricted**
**Unrestricted**
**Funds**
**Funds**
**2024**
**2023**
**£**
**£**
3,656
457
6,300
5,820
96
38
10,052
6,315| 13 Docusign Envelope ID: 353E7DC6-3653-45D7-8788-1C58CF9FF8D1 ## **THE WINDHORSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **7. NET INCOME** |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|**2024**
**2023**
**£**
**£**
20,756
16,291
6,300
5,820
**2024**
**2023**
**£**
**£**
60,153
123,138
13,374
12,914
4,144
413
77,671
136,465| |---|---| One director received remuneration total £35,200 during the year (2023: £32,000). Two trustees received reimbursed travel expenses in the year total £96. (2023: £38). 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|**2024**
**2023**
**No.**
**No.**
2
2
3
3
2
1
5
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. 14 Docusign Envelope ID: 353E7DC6-3653-45D7-8788-1C58CF9FF8D1 ## **THE WINDHORSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **9. TANGIBLE FIXED ASSETS** |**ANGIBLE FIXED ASSETS**||| |---|---|---| |**Cost**
At 1 April 2023
Change of Use
Revaluation
Disposals
At 31 March 2024
**Depreciation**
At 1 April 2023
Change of Use
Charged for year
Eliminated on disposal
Write back accumulated depreciation
At 31 March 2024
**Net book value**
At 31 March 2024
At 31 March 2023|**Investment**
**Freehold**
**Furniture**
**Motor**
**properties**
**land and**
**and**
**vehicles**
**buildings**
**equipment**
**£**
**£**
**£**
**£**
3,861,750
2,767,100
248,877
11,760
464,578
(464,578)
1,351,856
-
-
-
-
-
-
-
5,678,184
2,302,522
248,877
11,760
204,471
205,336
10,678
37,915
(37,915)
-
9,398
10,897
270
-
-
-
-
(37,915)
37,915
-
-
-
213,869
216,233
10,948
5,678,184
2,088,653
32,644
811
3,861,750
2,562,629
43,541
1,082|**Total**
**£**
6,889,487
-
1,351,856
-| |||8,241,343| |||420,485
-
20,565
-
-| |||441,050| |||| |||7,800,292| |||| |||6,469,002| 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 2024 by the Windhorse Trust directors. 15 Docusign Envelope ID: 353E7DC6-3653-45D7-8788-1C58CF9FF8D1 **THE WINDHORSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **10. FIXED ASSET INVESTMENT** Before the end of December 2023, the charity 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: |**2024**
**£**
New View Residential Limited at 1.4.23 & 31.3.24
-
-
**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
New View Residential Limited ceased trading at the end of December 2023.|**2023**
**£**
1| |---|---| ||1| ||%
holding
100| 16 Docusign Envelope ID: 353E7DC6-3653-45D7-8788-1C58CF9FF8D1 ## **THE WINDHORSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** |**11. DEBTORS**
DEBTORS DUE IN LESS THAN ONE YEAR
Trade debtors
Other debtors
Prepayments and accrued income
DEBTORS DUE IN MORE THAN ONE YEAR
Loans more than £100,000
Loans less than £100,000|**Parent**
**Parent**
**2024**
**2023**
**£**
**£**
5,614
1,428
88,776
123,336
38,721
38,721
133,111
163,485
617,241
786,495
440,833
326,576
1,058,074
1,113,071| |---|---| ● 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 Dubline 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: 353E7DC6-3653-45D7-8788-1C58CF9FF8D1 ## **THE WINDHORSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **12. CREDITORS: amounts falling due within one year** |Trade creditors
Other creditors
Amounts owed to subsidiary undertakings
Accruals and deferred income
**13. REVALUATION RESERVE**
Balance at 1 April 2023
Revaluation in year
Transfer to general funds
Balance at 31 March 2024|**2024**
**£**
34,288
11,267
-
13,471
59,026|**2023**
**£**
36,683
9,880
1,387
8,866| |---|---|---| |||56,816| |||**Parent**
**2023**
**£**
3,312,703
1,351,856
(37,915)| |||4,626,644| ## **14. ANALYSIS OF NET ASSET BETWEEN FUNDS - parent undertaking** |Unrestricted funds:
General funds
Designated funds
Revaluation reserve
Total funds|**Tangible**
**Charitable**
**Other net**
**Transfer (to)/**
**Total**
**assets**
**loans**
**current**
**from the**
**assets**
**general fund**
**£**
**£**
**£**
**£**
**£**
486,100
1,164,214
250,869
37,915
1,939,098
3,641,858
-
3,017
3,644,875
4,664,559
-
-
(37,915)
4,626,644| |---|---| ||8,792,517
1,164,214
253,886
-
10,210,617| The net assets of the charity are all related to unrestricted funds. ## **15. DESIGNATED FUNDS** |Building Fund
Rapid Response Fund
Total|**Balance at**
**Costs**
**Income**
**Transfer (to)/**
**Balance at**
**1 April 2023**
**incurred**
**received**
**from the**
**31 March 2024**
**general fund**
3,651,256
-
-
(9,398)
3,641,858
3,017
-
-
-
3,017| |---|---| ||3,654,273
-
-
(9,398)
3,644,875| 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: 353E7DC6-3653-45D7-8788-1C58CF9FF8D1 ## **THE WINDHORSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **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:**
Triratna Cambridge
The Triratna Trust
Triratna Chairs Assembly
Luton Triratna
Windhorse Publications
Triratna Sarana
Oslo Buddhistsenter
Triratna Preceptors College Trust
Future Dharma Fund
Indian Support Account
Grants paid to individuals
Total grants paid|**2024**
**2024**
**Individuals Institutions**
**£**
**£**
-
94,016
3,994
-
14,294
-
18,288
94,016
**General**
**Designated**
**Fund**
**Fund**
**£**
**£**
5,005
6,282
9,000
65
10,000
6,000
54,769
2,895
94,016
-
18,288
-
112,304
-|**2024**
**2023**
**Total**
**Total**
**£**
**£**
94,016
142,960
3,994
6,938
14,294
19,240| |---|---|---| |||112,304
169,138| |||**2024**
**2023**
**Total**
**Total**
**£**
**£**
5,005
-
6,282
1,560
9,000
4,000
65
-
10,000
-
-
20,000
-
30,000
6,000
4,800
54,769
80,500
2,895
2,100| |||94,016
142,960
18,288
26,178| |||112,304
169,138| ## **18. RELATED PARTY TRANSACTIONS** During the year, one of the trustees paid £50 per month service charge to the charity for the maintance of her privately owned property. 19 Docusign Envelope ID: 353E7DC6-3653-45D7-8788-1C58CF9FF8D1 **THE WINDHORSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **19.STATEMENT OF FINANCIAL ACTIVITIES AND INCOME AND EXPENDITURE ACCOUNT DETAIL FOR THE YEAR ENDED 31 MARCH 2023** |**INCOME FROM:**
Donations and legacies - Charity
Investments
- Charity - interest
- Charity - rents
**TOTAL INCOME**
**EXPENDITURE ON:**
Charitable activities:
Communities
Projects - Buddhist
Projects - Non Buddhist
Support of Individual Buddhist Practice
**TOTAL EXPENDITURE**
**Net Income/(Expenditure) before**
net gains/(Losses) on investments
Net gains/(Losses) on investments
**Net Income/(Expenditure)**
Transfer between funds
**Net movement in funds**|**General**
**Designated**
**Fund**
**Fund**
**£**
**£**
12,183
-
29,153
-
364,552
-
405,888
-
287,212
-
142,960
-
-
-
26,178
-
456,350
-
(50,462)
-
(203,250)
-
(253,712)
-
9,398
(9,398)
(244,314)
(9,398)
**Unrestricted Funds**|**Total**
**2023**
**£**
12,183
29,153
364,552| |---|---|---| |||405,888| |||287,212
142,960
-
26,178| |||456,350| |||(50,462)
(203,250)| |||(253,712)
-| |||(253,712)| 20