FRIENDS OF THE WESTERN BUDDHIST ORDER {SURLINGHAMI REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Charity Registration Numbgr: 273850 FRIENDS OFTHE WESTERN BUDDHIST ORDER {SURUNGHAMI CONTENTS OF THE FINANCIAL STATEMENTS for the year ¢nd¥d 31 D¢¢em￿r 2024 Page Legal and Administrative Information Report of the Trustees Report of the Independent Examiner Statement of Financial Acb'vth'es Balance Sheet Notes to the Financial Stslemenls B-14 FRIENDS OFTHE WESTERN BUDDHIST ORDER {SURUNGHAMI LEGAL AND ADMINISTRATIVE INFORMATION for th• yaar 8nd8d 31 D8cemb8r 2024 Roglstsr•d Charlty numb•r: 273850 Address.. Lesingham House The Covey Surlingham Norw¢h NR14 7AL Tru8t••s: W Proctor (elected Chaiman 18 July 20241 J Heddle (resigned 18 July 20241 D Peek&Vout R Lusch A Leigh J Depouillon (resigned 11 March 20241 J Slynn (appointed 18 July 20241 Bankorn: Lloyds Bank Gentleman's Walk NoThMch NR2 1LZ Independenl gxamlnor: l A Barfow FCCA For and on behalf of Sexty & Co Chartered Certified Accountants 124 Thorpe Road Norwch Norfolk NR1 1RS FRIENDS OFTHE WESTERN BUDDHIST ORDER {SURUNGHAMI TRUSTEES, REPORT for th? year ¢nd¥d 31 De¢*mb¢r 2024 The Trustees p￿sent their report and the financial ststements of the charty for the year ended 31 December 2024. The trustees have adopted the pcovisions of the Ststement of Recommended Practice ISORPI Accounting and Reporting by Charities" (FRS 1021 in preparing the annual report and financial statements of the charity. The financial statements have been p￿pared in accordance ￿￿th the accounting policies set out in notes to the accounts and comply with the charity's govecning document. the Charities Act 2011 and 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 published in October 2019. STRUCTURE, GOVERNANCE ANO MANAGEMENT Governlng document The Friends ol the Western Buddhist Or(Jer Isudinghaml was ￿giste￿d with the Charity Commission (Registration Number 2738501 on 7 Juty 1977 undec the Charities Acl 1960 as a ¢harity whose purpose is the advancement of the Buddhist religion. The charity is govemed by its Constitutson and is organisalionally and financially independent from other groups with the same object. Membership is open to all those prepared to support those aims and election to membership is in the hands of the Council of Trustees. The present Council of Truslees is as listed on page one. R•crultment Ind appointment ol Truste•8 The Coun¢il of Trustees is appointed al the Annual General Meeting of the charity. Trustees seNe for one year when they become eligible lor re-eleth'on. Trust￿ Inductlon and tra5nSng On appointment to the Council. Trustees are provided wth copies of.. The charity's constitution The late51 accounts of the charty Charity Commission guidan¢e notes CC3-'Responsibililies of ¢harity Trustees. In addition. Trustees are encouraged lo read Chartty Commission and other newsletters and lo attend courses designed lo keep them abreast of their dutE$. Organisational $tru¢tur• Trustees meetings are held al least six limes a year. The day to day running of the retreat centre is delegated to W Proctor. who has been assisted In this tssk by various other residents of the Padmaloka community. OBJECTIVES AND ACTIVITIES The overall objective of the Friend3 of the Western Buddhist Order Isurlinghaml is the advancement of the Buddhist Religion. In particular ils aims a￿". 1. To encourage members and others to live in accordance with the teachings of the Buddha. 2. To support ordained members of the Triratna Buddhist Order and other duly ordained Buddhists at the discretion of the Council of the Friends of the Weslem Buddhist Order Isurfinghaml. 3. To maintain close communi¢*ions wrth the work under the guidance of the Triralna Buddhist Order and in co-operation with other groijps wth the same objective$. To achieve these objectives the charity operates a Retreat Centre at Lesingham House, Surfingham, as well as other undertakings to provide the necessary facilities. FRIENDS OFTHE WESTERN BUDDHIST ORDER {SURUNGHAMI TRUSTEES, REPORT for th? year ¢nd¥d 31 De¢*mb¢r 2024 ACHIEVEMENTS AND PERFORPIANCE During 2024 the charty managed to achieve to a high level the overall objectives set out in the constitution. The regular Buddhist activities offered by the Retreat Centre has continued. The total number of man days on retreat throughout the year was 7,766 {2023 7.643). The Total number of men ordained into the Triratna Buddhist Order was 41 12023 261. FINANCIAL REVIEW The account5 for the year lo 31 December 2024 show that the financial position of the charity is improving. Nel incoming resources within the General Fund for 2024 amounted to £147,83612023 £59.1561. Net incoming resources within all fvnds show a surplus of £146,41812023 £57,224>. PrlncSpal funding sourco The principal funding source for the Charty is from the provision of retreats. Invostmont poll¢y The Trustees consider that there are no fijnds avarfable for long lerni investment and, having considered the options available, have decided lo place available funds in a bank deposrt account. Reservo8 poIIcy The amount lo hold as a liqui¢J reserve was set at £65.800 bul is open lo review from time lo time depending on changing ¢ir¢umstsn¢e$. The available reserves within the General Fund al 31 December 2024 amounted to £1,457,200 12023 £1,309.3641. Tangible fixed assets and slock amounted lo £1.240.231 12023 £1.145.8121. Reserves are reviewed by the Trustees on a regular basis at their meetings, together with a general review of the financial position of the charity. Designated Funds are held for spe¢ffic purposes. They are summarised in note 11 and lolal al 31 December 2024 £3,090 surplu$12023 £1,290 Surplus). Al the year-end there is one Reslricled Fund- this is the Bursary Fund with a deficrt balancè of £2,91112023 £307- surplus). PLANS FOR FUTURE PERIODS The Council aims to continue in 115 activities lo meet the objectives ol the charty. PUBLIC BENEFIT The trustees have regard to the charity commission's public benefit guidan￿. FRIENDS OF THE WESTERN BUDDHIST ORDER {SURLINGHAM} TRUSTEES, REPORT for the year ended 31 December 2024 ststèrnent of Trustèès. responsibilities The trustees are responsible for preparing the Trustees. Annual Reptsrl and the financial statements in accordance with applicable law and United Kingdorn Accounting Standards (Uniled Kingdom Generally Accepted Accounting Practice). Thè law applicablè to charilies in England & Wales requires the trustees lo prepare financial slatem8nls lor each financial ycar which give a truè and fair view ol the stale of affairs ol the charity and of tho Incoming resources an(J applicalion of resourc9$ of the Chanty for that period. In preparing these financial slalemenls, the trustees are required lo.. s&lecl suitable acc(xJnting policies and then apply them consistently.. obserye the methods and principles in the Charrties SORP 2019 IFRS 102}-, make judgements and estimates Ihal are reasonable and prudenl.. slaie whether applicable accounting Standards have beèn followed. subject lo any malerial (Jeparturo5 disclosed and explainèd in the financial slalemènts.. prepare the financial statements on the going toncem bas￿ ￿n￿$S it Is Inappropriate lo presume Ihat the charily will continue in operation. The trustees are r8sponsibl& lor keeping proper accouniing iecords that disclosé with reasonable accura¢y al any tirne Ihe Iinan¢ial position of Ihe chaiity and enable Ihem to onsure that th8 ljnanciAI statements comply with ihe Charities Act 2011 and the provisions ol the trust deed. Thoy are also responsiblè for safèguarding the assets ol thè charity and hence lor taking reasonablè Steps lor the prevention and d&le¢lion ol fraud and other irregularilies. Approved by the Council ol Trustees on And signed on ils behalf by.. Ii/s/Ls W Procior (Chairman) FRIENDS OF THE WESTERN BUDDHIST ORDER ISURUNGHAMI INDEPENDENT EXAMINER'S REPORT for the year ended 31 December 2024 Independent Examiner's Report to the Trustees of Friend5 olthe Westèrn Buddhist Order Isurfinghaml report to the eharily trustees on my examinaiitsn ol the acGounls of the charity for the year ended 31 December 2Q24 which are sel OLI on pages 6 10 14. Responsibllltiès and basis ol report As the charity's Iru51ees you are responsible for the preparation of thg ac¢oun15 In accordan¢e with the requiremen15 01 thÈ Charrties Act 2011 I'lhe Act'i I report In respect of rny exarrinaiion of *he charty's accounts carned our under secli)n 145 of the Act and In carryiiig out niy examination I have lollowed all the applicable Directions given by the Charity Commission unoer section 14515llbi of Ihe Acl. Ind8p•ndont examinor's statem•n¢ SirKe the chty's grc6s inwje exre&J&J £2￿.1Th) yowe¥wThrer rryJ* be a cl a b)* l%ted In 145 of tha Acr I cornlrm that l am bnckrtake Iheexarnin*K￿ L￿aUse l Of￿A$$crIalOn of Charte C*rtffigJ AwountaJttS. whth ￿ Ixe dthe161￿ b￿11&5. I have compleled my examinai,on. l ¢¢nfrrm t￿al nts matèrial matters have come lo my allenlion in connection wilh the examinatio.Tr giving Tne cause lo believe Iha: In any material respec; accounting records were not kept In respe¢1 ol the charity as required by section 130 of Ihe Act.. or the accounts do not 8ccorJ with those records or lfre accounts do not compli wilh Ine app1￿Ca)le requirements Concerning the form and content of aGrounls Sel out In the Charilies (Accoupls and Reponsl Regula:ions 2008 other Ihan any requiremefjt that the accounts give a 'true and lair view. v4hich Is a matter cOns￿er8d a$ part of an Indepèndent examination I have no concerns and have come across no othei rnalters in conneclion with the examination 19 which allenlion should be drawn in Ihis report in order to enallla a proper Lndersianding of rhe accoun15 to be reached. l A 8arlow FCCA For and on beham of Sexly & Co Chartered Certilie(J Accovnlanls 124 fhorpe Road Norwich Norfclk NR1 1RS FRIENDS OFTHE WESTERN BUDDHIST ORDER {SURUNGHAMI STATEMENT OF FINANCIAL ACTIVITIES for the year ¢nd¥d 31 Decom￿r 2024 Total funds 2024 Total fund$ 2023 Gen¥rnl D•slgnat•d RestrF¢ted funds funds funds Notss Income and •ndowmonts from: Charitable activities Donations, legacies and similar Resources Other trading activitses Investments 349.583 82,182 349,583 82,182 3,959 25,723 3,224 276,793 71,927 5,340 19.724 3.448 3,959 23,923 3.224 1,800 Total In¢omo and tndowTnènts 458,912 1,800 3.959 464,671 377,232 Expénditure on: Fund raising and publicty Cost of book sales Charitable activities Govemance costs 6,603 14.018 284.632 5.823 6,603 14,018 291,809 5,823 8,078 12.520 295.679 3,731 7.177 Totsl charltablo èxp•ndltur• 311,076 7.177 318,253 320,008 Not movement In fund• 147.836 1.800 (3,218 146,418 57.224 R8conclllat5on of funds Fund balances brought forward 12 1.309.364 1,290 307 1,310,961 1,253,737 Fund balances carried forwar¢1 12 1457 200 1457379 1 310961 The notes sel out on pages 8 to 14 fom an integral part of these financial slatemenls. FRIENDS OF THE WESTERN BUODHIST ORDER ISURLINGHAMI BALANCE SHEET 31 December 2024 2024 2023 Notes Fixèd assets Tangible assets 1.232.412 1,138,120 Current a8¥ets Stock Trade debtors Cash at bank and in hand 7.819 1.466 235.572 244.857 7,692 218.729 226.421 Creditor5 du• within ontr year 10 19.890 53.580 Nèl Currenl Assets 224,967 172,841 Net asset$ 1,457.379 1.310,961 Repres•nl•d by: R8Stricted fund5 307 Unrttslricled funds General funds Designalcd funds 1,457,379 1,309.364 1.290 Tot81 Funds 1.457.379 1,310,961 The financial statements on pages 6 10 14 were approved by Ihe trustees and signed on their behalf by.. W Proctor (Ch man Dale.. FRIENDS OF THE WESTERN BUDDHIST ORDER {SURUNGHAMI NOTES TO THE FINANCIAL STATEMENTS for tho year ¢nd¢d 31 De¢0m￿r 2024 1. Summary of significant accounting policies a) G8n8ral inforniation and basis of preparation The charity constitutes a public benefft entrty as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charilie5.' Statement of Recommended Practice appI￿able lo charrties preparing their a¢￿unt$ in a¢¢ordan¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued in October 2019, the Financial Repo￿.n9 Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Chanties Act 2011, and UK Generally Accepted Pracbce. Friends of the Weslem Buddhist Order meets the definition of a public benefit enlily under FRS 102. Assets and liabilities are inf(ialty recognised at hislori¢al Cost or transaction value unless otherwise stated in the relevant accounting policy notes. The financial statements are presented in pounds sterling and are rounded lo the nearest pound. bl Funds Unreslricled fvnds are available for use al the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated lor other purpose5. Designated funds comprise unreslricled fvnds that have been set aside by the trustees for particular purposes. The aim and use of each designaled fvnd is set out in the notes lo the financial statements. Restricted lunds are funds which are to be used in accordance wth 5pe¢rfi¢ restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds a￿ charged against the specific fund. The aim and use of each restricted fund is sel out in the notes to Ihe financial slatemenls. c) Incomlng r8sources All incoming resources are indude(l in the Statement of Financial Activities ISOFAI when the charity 1$ legally enlilled lo the income after any perfomance ￿n￿￿On$ have been met, the amount can be measured reliably and it is probable thal the income wll be received. For donations and gifts lo be re¢ognrsed the charity wll have been noffied of the arnounls. If there are condrtions attached to the donation and this requires a level of perfomiance before enlillemenl can be obtained then income is deferred untsl those conditions are fully met or the lulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled. Income from trading a¢tivth"es includes income eamed from fundraising events and trading a¢livilies lo raise funds for the charity. Income is receiveil in exchange lor supplying goods and services in order to raise funds and is rewnised when entitlement has occurred. Interest income and rent income is recognised as the charity's right to receive payment is established. No amount is included in the financial slalements for volunteer time in line wlh the SORP IFRS 1021. dl Rosources expended All expenditure is accounted for on an accruals ba515 and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties. rt is probable that the settlement wll be required and the amount of the obligation can be measured reliabty. Irrecoverable VAT is Charged as an expense against the activtty for which eXpend((u￿ arose. FRIENDS OFTHE WESTERN BUDDHIST ORDER {SURUNGHAMI NOTES TO THE FINANCIAL STATEMENTS for tho year ¢nd¢d 31 De¢0m￿r 2024 Charrtable expenditure comprises those costs incurred by the charity in the delivery ol its activities and Services for ils beneficiaries. Governance costs included those costs associated wrth meeting the ¢onsb"tuli(>nal and slatulory requirements of the charity and include independent review fees and costs linked to the strategic management of the charity. All costs are allocated be￿een the expendrture categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. 8} Fixod assets Fixed assets are slated at cost less accumulated deprecjation. The costs of minor additions or those costing below £300 are not capilalise