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2025-03-31-accounts

Docusign Envelope ID: 3F9C98E1-05DB-4853-989F-9BBCB291C54E

Draft Financial Statements at 06 February 2026 at 16:26:35

Charity registration number 1141509 (England and Wales)

ZHEN QUAI TANG TRUE BUDDHA SCHOOL ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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Draft Financial Statements at 06 February 2026 at 16:26:35 ZHEN QUAI TANG TRUE BUDDHA SCHOOL

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees M Y Wong H K Chow M W Chow K M Fong K M Li Y T C Yim Charity number (England and Wales) 1141509 Independent examiner Cowgills Limited 1st Floor Waterside House Waterside Drive Wigan Lancashire WN3 5AZ

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Draft Financial Statements at 06 February 2026 at 16:26:35 ZHEN QUAI TANG TRUE BUDDHA SCHOOL

CONTENTS

Page
Trustees' report 1
Independent examiner's report 2
Statement of financial activities 3
Balance sheet 4
Notes to the financial statements 5 - 9

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Draft Financial Statements at 06 February 2026 at 16:26:35 ZHEN QUAI TANG TRUE BUDDHA SCHOOL

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The trustees present their annual report and financial statements for the year ended 31 March 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".

Objectives and activities

Objectives & aims

The objectives of the charity are to advance the education of the public in the principles and philosophies of Buddhism and to advance the Buddhist faith through teaching, study, practice and observance of the traditions of all schools of Buddhism.

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.

Achievements and performance

Charitable activities

The charity performed to expectation in the year. It provided a venue to observe Buddhism and to bring this to the attention of new converts.

Structure, governance and management

Governing document

The Charity is governed by its constitution which was adopted on 13 March 2011.

The trustees who served during the year and up to the date of signature of the financial statements were: M Y Wong

H K Chow

M W Chow K M Fong K M Li Y T C Yim

Recruitment and appointment of trustees

Trustees are appointed or re-appointed annually at the Annual General Meeting.

We hold cash at bank of £102,068.69, all of which are unrestricted funds. Our current premises are rented and our aim is to purchase our own building.

The trustees' report was approved by the Board of Trustees.

M W Chow

Trustee

6 February 2026

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Draft Financial Statements at 06 February 2026 at 16:26:35 ZHEN QUAI TANG TRUE BUDDHA SCHOOL

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF ZHEN QUAI TANG TRUE BUDDHA SCHOOL

I report to the trustees on my examination of the financial statements of Zhen Quai Tang True Buddha School (the Charity) for the year ended 31 March 2025.

Responsibilities and basis of report

As the trustees of the Charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.

I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Cowgills Limited

1st Floor Waterside House Waterside Drive Wigan WN3 5AZ Lancashire 6 February 2026

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Draft Financial Statements at 06 February 2026 at 16:26:35 ZHEN QUAI TANG TRUE BUDDHA SCHOOL

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2025

Unrestricted Unrestricted
funds funds
2025 2024
Notes £ £
Income from:
Donations and legacies 3 21,121 17,702
Other trading activities 4 7,637 6,320
Total income 28,758 24,022
Expenditure on:
Raising funds 5 2,162 1,438
Charitable activities 6 23,762 15,719
Total expenditure 25,924 17,157
Net income and movement in funds 2,834 6,865
Reconciliation of funds:
Fund balances at 1 April 2024 103,320 96,455
Fund balances at 31 March 2025 106,154 103,320

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Draft Financial Statements at 06 February 2026 at 16:26:35 ZHEN QUAI TANG TRUE BUDDHA SCHOOL

BALANCE SHEET

AS AT 31 MARCH 2025

Notes
Current assets
Debtors
9
Cash at bank and in hand
Net current assets
The funds of the Charity
Unrestricted funds
10		 2025
£
1,600
104,554
106,154		 £
106,154
106,154
106,154		 2024
£
-
103,320
103,320		 £
103,320
103,320
103,320

The financial statements were approved by the trustees on 6 February 2026

M W Chow Trustee

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

1 Accounting policies

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The Charity is a Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.

1.4 Income

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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Draft Financial Statements at 06 February 2026 at 16:26:35 ZHEN QUAI TANG TRUE BUDDHA SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.7 Financial instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

2 Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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Draft Financial Statements at 06 February 2026 at 16:26:35 ZHEN QUAI TANG TRUE BUDDHA SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

3 Income from donations and legacies

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Monthly donations 9,725 7,662
Funeral service donations 5,996 5,340
Chinese new year donations 5,400 4,700
21,121 17,702

4 Income from other trading activities

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Ceremony income 6,698 5,922
Sales & miscellaneous income 939 398
Other trading activities 7,637 6,320

5 Expenditure on raising funds

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Expenditure
Purchases 2,162 1,438

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Draft Financial Statements at 06 February 2026 at 16:26:35 ZHEN QUAI TANG TRUE BUDDHA SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

6 Expenditure on charitable activities

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Direct costs
Wages 1,250 1,750
Rent and rates 12,865 9,751
Running costs 927 1,851
Costs of service 2,031 462
Repairs and renewals 3,053 325
Administration 3,636 1,580
23,762 15,719
Analysis by fund
Unrestricted funds 23,762 15,719

7 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.

8 Employees

The average monthly number of employees during the year was:

9

2025 2024
Number Number
1 1
There were no employees whose annual remuneration was more than £60,000.
Debtors
2025 2024
Amounts falling due within one year: £ £
Prepayments and accrued income 1,600 -

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Draft Financial Statements at 06 February 2026 at 16:26:35 ZHEN QUAI TANG TRUE BUDDHA SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

10 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April Incoming Resources At 31 March
2024 resources expended 2025
£ £ £ £
General funds 103,320 28,758 (25,924) 106,154
Previous year: At 1 April Incoming Resources At 31 March
2023 resources expended 2024
£ £ £ £
General funds 96,455 24,022 (17,157) 103,320