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2025-03-31-accounts

Docusign Envelope ID: 8FBAC35B-8A4A-4E3A-9991-213993A849CD

REGISTERED NUMBER 01990430 CHARITY NUMBER 1098979

THE WINDHORSE TRUST

REPORT OF THE DIRECTORS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Docusign Envelope ID: 8FBAC35B-8A4A-4E3A-9991-213993A849CD

THE WINDHORSE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Company information 1
Directors' report 2 - 5
Auditors' report 6 - 8
Statement of financial activities 9
Balance sheet 10
Notes to the financial statements 11 - 19

Docusign Envelope ID: 8FBAC35B-8A4A-4E3A-9991-213993A849CD

THE WINDHORSE TRUST COMPANY INFORMATION FOR THE YEAR ENDED 31 MARCH 2025

DIRECTORS

M J Silver R Jones B Murphy J Linney R McMahon (Appointed 16 May 2024) Su Yen Tan (resigned 12th February 2025)

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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Docusign Envelope ID: 8FBAC35B-8A4A-4E3A-9991-213993A849CD

REPORT OF THE DIRECTORS THE WINDHORSE TRUST FOR THE YEAR ENDED 31 MARCH 2025

________________

The directors present their annual report with the financial statements of the charity for the year ended 31 March 2025.

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:

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

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Docusign Envelope ID: 8FBAC35B-8A4A-4E3A-9991-213993A849CD

REPORT OF THE DIRECTORS THE WINDHORSE TRUST FOR THE YEAR ENDED 31 MARCH 2025

________________

generosity and mindfulness as fundamental to Buddhist practise. The charity is organised mainly as a fundraising 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:

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

There was 100% take up rate of all grants made by the beneficiaries.

Financial Review

The charity deficit for the year was £495,554 (2024: Surplus £1,418,101).

Total charitable grants of £635,087 (2024: £112,304) were made during the year, as detailed under achievements and performance.

Any surplus funds are invested in Triodos Bank £548,662 was invested with them at 31 March 2025.

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Docusign Envelope ID: 8FBAC35B-8A4A-4E3A-9991-213993A849CD

REPORT OF THE DIRECTORS THE WINDHORSE TRUST FOR THE YEAR ENDED 31 MARCH 2025

________________

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 the foreseeable future. At the year-end free reserves stood at £1,484,350 the equivalent of at least 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. Over the last year there has been a consolidation of processes and procedures regarding ongoing property maintenance, this will continue and gives a strong platform on which to develop this aspect of the charity’s activities.

DIRECTORS AND THEIR INTERESTS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report:

M Silver R Jones B Murphy J Linney R McMahon S Yen Tan (resigned 12[th] February 2025)

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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Docusign Envelope ID: 8FBAC35B-8A4A-4E3A-9991-213993A849CD

REPORT OF THE DIRECTORS THE WINDHORSE TRUST FOR THE YEAR ENDED 31 MARCH 2025

________________

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 was approved by the board and signed on its behalf.

On behalf of the board: J Linney Director Date 19 December 2025

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Docusign Envelope ID: 8FBAC35B-8A4A-4E3A-9991-213993A849CD

INDEPENDENT AUDITORS REPORT TO THE DIRECTORS OF THE WINDORSE TRUST FOR THE YEAR ENDED 31 MARCH 2025

Opinion

We have audited the financial statements of The Windhorse Trust for the year ended 31 March 2025 on pages 9 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).

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16

In our opinion the financial statements:

• give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 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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Docusign Envelope ID: 8FBAC35B-8A4A-4E3A-9991-213993A849CD

INDEPENDENT AUDITORS REPORT TO THE MEMBERS AND BOARD OF TRUSTEES OF THE WINDORSE TRUST FOR THE YEAR ENDED 31 MARCH 2025

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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Docusign Envelope ID: 8FBAC35B-8A4A-4E3A-9991-213993A849CD

INDEPENDENT AUDITORS REPORT TO THE MEMBERS AND BOARD OF TRUSTEES OF THE WINDORSE TRUST FOR THE YEAR ENDED 31 MARCH 2025

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 non-compliance 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

21 December 2025 Date:

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Docusign Envelope ID: 8FBAC35B-8A4A-4E3A-9991-213993A849CD

THE WINDHORSE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025

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
3
Net gains/(Losses) on investments
Transfer between funds
13
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
2025
£
£
£
25,425
-
25,425
88,244
-
88,244
405,420
-
405,420
519,089
-
519,089
339,677
-
339,677
600,728
-
600,728
-
-
-
34,359
-
34,359
974,764
-
974,764
(455,675)
-
(455,675)
(39,879)
-
(39,879)
(495,554)
-
(495,554)
12,415
(12,415)
-
(483,139)
(12,415)
(495,554)
6,565,742
3,644,875 10,210,617
6,082,603
3,632,460
9,715,063
Unrestricted Funds		 Total
2024
£
3,664
82,971
413,198
499,833
321,284
94,016
-
18,288
433,588
66,245
1,351,856
1,418,101
-
1,418,101
8,792,517
10,210,618

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Docusign Envelope ID: 8FBAC35B-8A4A-4E3A-9991-213993A849CD

REGISTERED NUMBER 01990430

THE WINDHORSE TRUST STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025

2025 2024
Note £
£		 £
FIXED ASSETS
Tangible assets 8 7,742,640 7,800,292
7,742,640 7,800,292
CURRENT ASSETS
Debtors due in less than one year 9 215,101 129,176
Debtors due in more than one year 9 1,185,047 1,062,009
Cash at bank and in hand 629,241 1,278,165
2,029,389 2,469,351
LIABILITIES
Creditors: Amounts falling due within one year 10 56,966 59,026
NET CURRENT ASSETS 1,972,423 2,410,325
TOTAL ASSETS LESS CURRENT LIABILITIES 9,715,063 10,210,617
TOTAL NET ASSETS 9,715,063 10,210,617
THE FUNDS OF THE CHARITY:
Unrestricted funds:
General funds 1,495,838 1,939,098
Designated funds 12 3,632,460 3,644,875
5,128,298 5,583,973
Revaluation reserve 12 4,586,765 4,626,644
9,715,063 10,210,617
TOTAL FUNDS 9,715,063 10,210,617

19 December 2025 The financial statements were approved by the board of directors on and signed on its behalf by:

J Linney Director

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Docusign Envelope ID: 8FBAC35B-8A4A-4E3A-9991-213993A849CD

THE WINDHORSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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 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 company 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.

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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Docusign Envelope ID: 8FBAC35B-8A4A-4E3A-9991-213993A849CD

THE WINDHORSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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 company 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.

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Docusign Envelope ID: 8FBAC35B-8A4A-4E3A-9991-213993A849CD

THE WINDHORSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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
2025
2025
£
£
(Note 4)
(Note 17)
339,677
-
-
600,728
-
34,359
339,677
635,087
2024
2024
£
£
321,284
-
-
94,016
-
-
-
18,288
321,284
112,304		 Total
2025
£
339,677
600,728
34,359
974,764
2024
£
321,284
94,016
-
18,288
433,588		 Unrestricted
Designated
Funds
Funds
2025
2025
£
£
(Note 15)
339,677
-
600,728
-
34,359
-
974,764
-
2024
2024
£
£
321,284
-
94,016
-
-
-
18,288
-
433,588
-
Unrestricted
Unrestricted
Funds
Funds
2025
2024
£
£
86,509
77,671
-
-
101,452
97,732
14,022
18,563
109,035
95,496
17,774
20,756
361
266
1,860
748
8,664
10,052
339,677
321,284
Unrestricted
Unrestricted
Funds
Funds
2025
2024
£
£
2,000
3,656
6,414
6,300
250
96
8,664
10,052

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Docusign Envelope ID: 8FBAC35B-8A4A-4E3A-9991-213993A849CD

THE WINDHORSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

6. NET INCOME

Incoming resources is stated after charging:
Depreciation of fixed assets
Auditors remuneration
7. INFORMATION ON DIRECTORS AND EMPLOYEES
Wages and salaries
Social security costs
Other pension costs		 2025
2024
£
£
17,774
20,756
6,414
6,300
2025
2024
£
£
82,347
74,281
2,620
1,850
1,542
1,540
86,509
77,671

One director received remuneration total £35,693 during the year (2024: £35,200). Three trustees received reimbursed travel expenses in the year total £250. (2024: £96). The trustees do receive payments for retreats as beneficiaries of the charity.

The average number of employees during the year was:
Management
Office staff		 2025
2024
No.
No.
1
2
2
2
3
4

No employee earned £60,000 or more during the year.

Key management personnel

There are no key management personnel employee benefits in the company.

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Docusign Envelope ID: 8FBAC35B-8A4A-4E3A-9991-213993A849CD

THE WINDHORSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

8. TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
Cost
At 1 April 2024
Revaluation
Disposals
At 31 March 2025
Depreciation
At 1 April 2024
Charged for year
Eliminated on disposal
Write back accumulated depreciation
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Investment
Freehold
Furniture
Motor
properties
land and
and
vehicles
buildings
equipment
£
£
£
£
5,678,184
2,302,522
248,877
11,760
(77,794)
-
-
-
-
-
-
-
5,600,390
2,302,522
248,877
11,760
-
213,869
216,233
10,948
-
9,398
8,173
203
-
-
-
-
-
(37,915)
-
-
-
185,352
224,406
11,151
5,600,390
2,117,170
24,471
609
5,678,184
2,088,653
32,644
812		 Total
£
8,241,343
(77,794)
-
8,163,549
441,050
17,774
-
(37,915)
420,909
7,742,640
7,800,293

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 2025 by the Windhorse Trust directors.

15

Docusign Envelope ID: 8FBAC35B-8A4A-4E3A-9991-213993A849CD

THE WINDHORSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

9. 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		 2025
2024
£
£
372
5,614
174,669
84,841
40,060
38,721
215,101
129,176
797,972
621,176
387,075
440,833
1,185,047
1,062,009

● 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 and more than £100,000 includes a 5 year loan to Triratna Sarana for the purpose of purchasing a retreat centre. For the duration of the loan, no interest will be due. At the end of the loan period all outstanding capital is to be paid in full to the Windhorse Trust.

● Loans due in more than one year less than £100,000 includes 5 loans repayable over 5 years with interest payable at 2% above the UK Bank of England base rate.

16

Docusign Envelope ID: 8FBAC35B-8A4A-4E3A-9991-213993A849CD

THE WINDHORSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

10. CREDITORS: amounts falling due within one year

Trade creditors
Other creditors
Accruals and deferred income
11. REVALUATION RESERVE
Balance at 1 April 2024
Revaluation in year
Transfer to general funds
Balance at 31 March 2025		 2025
£
34,960
10,915
11,091
56,966		 2024
£
34,288
11,267
13,471
59,026
2025
£
4,626,644
(39,879)
4,586,765

12. ANALYSIS OF NET ASSET BETWEEN FUNDS

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
£
£
£
£
£
1,991,392
1,164,214
(1,659,768)
1,495,838
3,632,460
-
-
3,632,460
4,586,765
-
-
4,586,765
10,210,617
1,164,214
(1,659,768)
-
9,715,063

The net assets of the charity are all related to unrestricted funds.

13. DESIGNATED FUNDS

Building Fund
Rapid Response Fund
Total		 Balance at
Costs
Income
Transfer (to)/
Balance at
1 April 2024
incurred
received
from the
31 March 2025
general fund
3,641,858
-
-
(9,398)
3,632,460
3,017
-
-
(3,017)
-
3,644,875
-
-
(12,415)
3,632,460

The Building Fund represents the amount of reserves already expended on freehold land and buildings.

17

Docusign Envelope ID: 8FBAC35B-8A4A-4E3A-9991-213993A849CD

THE WINDHORSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

14. GRANTS PAYABLE IN FURTHERANCE OF THE CHARITY'S OBJECTS

2025
2025
Individuals Institutions
£
£
Buddhist projects - United Kingdom
-
600,728
Support of individual Buddhist practice - overseas
5,272
-
Support of individual Buddhist practice - United Kingdom
29,087
-
34,359
600,728
Breakdown of grants to Institutions:
General
Designated
Fund
Fund
£
£
Triratna Cambridge
330
-
Triratna West London
2,000
-
The Triratna Trust
-
-
Triratna Chairs Assembly
14,000
-
Abhayaloka, Helsinki, Finland
4,390
-
Auckland Buddhist Centre
5000
-
Luton Triratna
-
-
Windhorse Publications
-
-
Triratna Sarana
500,000
-
Hinterland Sober Bar and Cafe CIC
5,000
-
Triratna Preceptors College Trust
6,000
-
Future Dharma Fund
60,000
-
Indian Support Account
4,008
-
600,728
-
Grants paid to individuals
34,359
-
Total grants paid
635,087
-		 2025
2024
Total
Total
£
£
600,728
94,016
5,272
3,994
29,087
14,294
635,087
112,304
2025
2024
Total
Total
£
£
330
5,005
2,000
-
-
6,282
14,000
9,000
4,390
-
5,000
-
-
65
-
10,000
500,000
-
5,000
-
6,000
6,000
60,000
54,769
4,008
2,895
600,728
94,016
34,359
18,288
635,087
112,304

15. 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.

18

Docusign Envelope ID: 8FBAC35B-8A4A-4E3A-9991-213993A849CD

THE WINDHORSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

16.STATEMENT OF FINANCIAL ACTIVITIES AND INCOME AND EXPENDITURE ACCOUNT DETAIL FOR THE YEAR ENDED 31 MARCH 2024

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
£
£
3,664
-
82,971
-
413,198
-
499,832
-
321,284
-
94,016
-
-
-
18,288
-
433,588
-
66,244
-
1,351,856
-
1,418,100
-
9,398
(9,398)
1,427,498
(9,398)
Unrestricted Funds		 Total
2024
£
3,664
82,971
413,198
499,832
321,284
94,016
-
18,288
433,588
66,244
1,351,856
1,418,100
-
1,418,100

19