**Charity registration number 274500**
## **TARALOKA**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **TARALOKA**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Council**|A Denys|
|---|---|
||R Lovering|
||H Baker|
||V Carter|
||T Roe|
||F Hooker|
||J Burbidge|
||Ann Cronin|
||J Bond - President (not a Trustee)|
|**Charity number**|274500|
|**Principal address**|Cornhill Farm|
||Bettisfield|
||Whitchurch|
||Shropshire|
||United Kingdom|
||SY13 2LD|
## **TARALOKA**
## **CONTENTS**
||**Page**|
|---|---|
|Council's report|1 - 3|
|Independent examiner's report|4|
|Statement of financial activities|5|
|Balance sheet|6|
|Notes to the financial statements|7 - 18|
## **TARALOKA**
## **COUNCIL'S REPORT**
## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
For the purpose of the financial statements, reference to the 'Council' incorporates their role as Trustees, except for J Bond. The council present their annual report and financial statements for the year ended 31 December 2023.
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 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 (FRS 102) (effective 1 January 2019)".
## **Objectives and activities**
The charity's objects are the advancement of the Buddhist religion, in particular to encourage members to live in accordance with the teachings of the Buddha through the experience they gain from short periods on retreat at Taraloka. One of the charity's objectives is to support ordained members of the Triratna Buddhist Order (previously known as the Western Buddhist Order) and other duly ordained Buddhists, at the discretion of the council.
There have been no changes in policy during the year.
The council have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake with particular reference to the public benefit guidance. The council considers that the performance of the charity has been satisfactory regarding its achievements and public benefit.
Throughout the year, the core community comprised of 10 women all of whom received general financial support and accommodation. During the year the charity also supported other short-term volunteers who benefitted from the experience of living in a Buddhist community.
## **Achievements and performance**
The charity has maintained its policy of asking for donations (after the booking fee) for retreats rather than charging rates. This is very much in line with the traditional Buddhist approach of not charging for teaching Buddhism and is a very satisfactory policy for this charity; enabling greater access to a wider range of people regarding our aims and objectives.
The Council considers that the performance of the charity has been satisfactory regarding its achievements and public benefit. The charity ran a full programme of 46 events (a total of 241 nights) whereby 16 (56 nights) of those events were accessible to the general public. 30 events (185 nights) were for women already practicing within the Triratna Buddhist Community.
We have maintained our policy of asking for donations (after the booking fee) for our retreats rather than charging rates. This is very much in line with the traditional Buddhist approach of not charging for teaching Buddhism and is a very satisfactory policy for this Charity: enabling greater access to a wider range of people regarding our aims and objectives. There have also been a large number of improvements to the facilities and grounds.
In 2023 we donated a total of £35,790 to institutions (Central Dana £12,000 Karuna and FBA £2,160, Buddhafield £5,000, Tiratanaloka Unlimited £16,637) and we gave £2,956 to external retreat leaders (9 people) and an additional £1000 was paid out from the Bursary Fund.
## **Financial review**
The Statement of Financial Activities shows the incoming and outgoing resources for the year.
The statement of financial activities shows incoming resources for the year of £377,930 with a surplus of £1,564 compared to £363,835 in 2022, with a a surplus of £49,122. The charity continues to claim Gift Aid on the donations received at the end of retreats and 2023 incoming resources includes Gift Aid income of £25,651 (2022 - £26,939). In addition within activities for generating funds there is the sum of £14,754 (2022 - £11,654) received under the Renewable Heat Incentive (RHI) scheme; it is likely that the charity will continue to receive funds from this scheme for a total of twenty years. The unrestricted funds on 31 December 2023 were £1,053,003 compared to £1,054,041 on 31 December 2022.
- 1 -
## **TARALOKA**
## **COUNCIL'S REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at the level of £100,000 unrestricted expenditure. The council considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. At the end of the year we had cash reserves of £507,964.
A bulk of cash reserves are invested in the COIF Charities Deposit Fund.
The council has assessed the major risks to which the charity is exposed, in particular those related to the operations and finance of the charity, and are satisfied that systems are in place to mitigate exposure to the major risks.
## **Plans for future periods**
We are planning to build a new office in 2025 to replace the current portacabin that is past it’s useful life. Some designs have already been prepared. We are currently seeking more detailed plans, pre-planning advice and costings. We will also be replacing a substantial part of the retreat centre roof in 2025-2026. Both these projects will require that the retreat centre be closed for an extended period. The costs will be met from charity reserves.
We have committed to running the Great Gathering (a long weekend for women who have asked for ordination into the Triratna Order) in 2024 as a fund-raising event with all income going to Tiratanaloka Unlimited (fund-raising for a new retreat centre for ordination training for women).
## **Structure, governance and management**
The Charity is governed by its constitution.
The council who served during the year and up to the date of signature of the financial statements were: A Denys
R Lovering
H Baker V Carter T Roe F Hooker J Burbidge Ann Cronin J Bond - President (not a Trustee)
Appointment of the council is governed by the constitution of the charity. The council must consist of not fewer than four and not more than fifteen members who are elected at the annual general meeting. The council is authorised to co-opt new members including officers to fill vacancies arising in the year.
Jane Bond holds the advisory role of 'President' to Taraloka; she is not a trustee.
The charity maintains close communication with, and works under, the guidance of the Triratna Buddhist Community and in co-operation with other groups with the same objectives, although there are no connected charities or organisations that have influence over the activities held at Taraloka Retreat Centre.
Of the present members of the council, Rachel Lovering is also a trustee of Clear Vision Trust, and Anne Denys is a trustee of Tiratanaloka and Akashavana.
- 2 -
## **TARALOKA**
## **COUNCIL'S REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
The council's report was approved by the Board of Council.
.............................. .............................. V Carter T Roe **Council Member and Trustee Council Member and Trustee**
Date: .............................................
- 3 -
## **TARALOKA**
## **INDEPENDENT EXAMINER'S REPORT TO THE COUNCIL OF TARALOKA**
I report to the council on my examination of the financial statements of Taraloka (the charity) for the year ended 31 December 2023.
## **Responsibilities and basis of report**
As the council of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of FCCA, which is one of the listed bodies.
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts 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 financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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:
- 1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
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.
Nicholas Gray FMAAT
Dated: .........................
- 4 -
## **TARALOKA**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2023**
**Notes**
**£**
**£**
**Income and endowments from:**
Donations and
legacies
**3**
191,541
2,602
Charitable activities
**4**
142,905
-
Other trading
activities
**5**
16,839
-
Investments
**6**
19,065
-
Other income
**7**
4,978
-
**Total income**
375,328
2,602
**Expenditure on:**
Raising funds
**8**
11,720
-
Charitable activities
**9**
364,646
-
**Total expenditure**
376,366
-
**Net (expenditure)/income**
**for the year/**
**Net movement in funds**
(1,038)
2,602
Fund balances at 1 January
2023
1,054,041
-
**Fund balances at 31**
**December 2023**
1,053,003
2,602|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2022**
**2022**
**£**
**£**
**£**
194,143
196,052
2,890
142,905
144,336
-
16,839
17,270
-
19,065
3,287
-
4,978
-
-
377,930
360,945
2,890
11,720
12,393
-
364,646
292,194
10,126
376,366
304,587
10,126
1,564
56,358
(7,236)
1,054,041
997,683
7,236
1,055,605
1,054,041
-|**Total**
**2022**
**£**
198,942
144,336
17,270
3,287
-|
|---|---|---|
|Donations and
legacies
**3**
Charitable activities
**4**
Other trading
activities
**5**
Investments
**6**
Other income
**7**
**Total income**
**Expenditure on:**
Raising funds
**8**
Charitable activities
**9**
**Total expenditure**
**Net (expenditure)/income**
**for the year/**
**Net movement in funds**
Fund balances at 1 January
2023
**Fund balances at 31**
**December 2023**|||
|||363,835|
|||12,393|
|||302,320|
|||314,713|
|||49,122
1,004,919|
|||1,054,041|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
- 5 -
## **TARALOKA**
## **BALANCE SHEET**
## _**AS AT 31 DECEMBER 2023**_
|**Notes**
**Fixed assets**
Tangible assets
**14**
**Current assets**
Stocks
**15**
Debtors
**16**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**17**
Net current assets
**Total assets less current liabilities**
**Income funds**
Restricted funds
**18**
Unrestricted funds|**2023**
**£**
**£**
542,788
12,669
33,526
508,816
555,011
(42,194)
512,817
1,055,605
2,602
1,053,003
1,055,605|**2022**
**£**
**£**
568,506
12,907
35,790
469,952
518,649
(33,114)
485,535
1,054,041
-
1,054,041
1,054,041|**2022**
**£**
**£**
568,506
12,907
35,790
469,952
518,649
(33,114)
485,535
1,054,041
-
1,054,041
1,054,041|
|---|---|---|---|
||||1,054,041|
||||-
1,054,041|
||||1,054,041|
The financial statements were approved by the Council on .........................
.............................. .............................. **V Carter T Roe** Trustee Trustee
- 6 -
**NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **TARALOKA**
## **1 Accounting policies**
## **Charity information**
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Taraloka Buddhist Retreat for Women, Bettisfield, Nr. Whitchurch, Shropshire, SY13 2LD
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's governing 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 (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
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.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the council have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the council 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 council in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
## **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.
- 7 -
## **TARALOKA**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **1 Accounting policies**
## **(Continued)**
## **1.5 Expenditure**
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.
Governance costs include the cost of the preparation and independent examination of the statutory accounts, the cost of trustees meetings and the cost of any legal advice to the trustees on governance and constitutional matters.
Support costs and governance costs are allocated to relevant charitable activities.
## **1.6 Tangible fixed assets**
Fixed assets are capitalised if they can be used for more than one year and the cost is at least £100.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings Not depreciated Freehold improvements 25% reducing balance Furnishings 20% reducing balance Equipment 20% reducing balance Motor vehicles 25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
## **1.7 Impairment of fixed assets**
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
## **1.8 Stocks**
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
## **1.9 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.
- 8 -
## **TARALOKA**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **1 Accounting policies**
## **(Continued)**
## **1.10 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.
## **1.11 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## **1.12 Retirement benefits**
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
- 9 -
## **TARALOKA**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **2 Critical accounting estimates and judgements**
In the application of the charity’s accounting policies, the council 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.
There are no crticial accounting estimates or judgements.
- 10 -
## **TARALOKA**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **3 Donations and legacies**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2023**
**£**
**£**
Donations and gifts
191,541
2,602
Legacies receivable
-
-
191,541
2,602|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2022**
**2022**
**£**
**£**
**£**
194,143
195,052
2,890
-
1,000
-
194,143
196,052
2,890|**Total**
**2022**
**£**
197,942
1,000|
|---|---|---|
|||198,942|
- 11 -
## **TARALOKA**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **4 Charitable activities**
||**Charitable**|**Charitable**|
|---|---|---|
||**Income**|**Income**|
||**2023**|**2022**|
||**£**|**£**|
|Sales within charitable activities|88,963|93,922|
|Charitable rental income|39,188|38,760|
|Other income|14,754|11,654|
||142,905|144,336|
## **5 Other trading activities**
||**Unrestricted **|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2023**|**2022**|
||**£**|**£**|
|Fundraising events|1,565|2,235|
|Shop income|15,274|15,035|
|Other trading activities|16,839|17,270|
## **6 Investments**
|||**Unrestricted **|**Unrestricted**|
|---|---|---|---|
|||**funds**|**funds**|
|||**2023**|**2022**|
|||**£**|**£**|
||Interest receivable|19,065|3,287|
|**7**|**Other income**|||
|||**Unrestricted**|**Total**|
|||**funds**||
|||**2023**|**2022**|
|||**£**|**£**|
||User definable other income heading 1|4,978|-|
- 12 -
## **TARALOKA**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **8 Raising funds**
||**Unrestricted **|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2023**|**2022**|
||**£**|**£**|
|Fundraising and publicity|||
|Advertising|2,337|1,649|
|Trading costs|||
|Bookshop purchases|9,383|10,744|
||11,720|12,393|
## **9 Charitable activities**
||**Charitable**|
**Charitable**|
|---|---|---|
||**Expenditure**|**Expenditure**|
||**2023**|**2022**|
||**£**|**£**|
|Staff costs|84,244|79,379|
|Depreciation and impairment|32,713|42,908|
|Community support|2,319|4,503|
|Retreats and holiday allowance|8,822|13,149|
|Housekeeping and household food|14,303|14,590|
|Retreat food and service costs|71,118|57,265|
|Order weekends and conventions|1,928|2,807|
|National and Chairman's events|2,750|3,131|
|Training costs and course fees|172|703|
|Charitable donations|38,570|17,593|
|Landscaping improvements|-|2,741|
||256,939|238,769|
|Share of support costs (see note 10)|105,745|61,745|
|Share of governance costs (see note 10)|1,962|1,806|
||364,646|302,320|
|**Analysis by fund**|||
|Unrestricted funds|364,646|292,194|
|Restricted funds|-|10,126|
- 13 -
## **TARALOKA**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
|**10**
**Support costs**
Services - light, heat and
insurances
Bank charges
Office running costs
Books and library
acquisitions
Motor and travelling
expenses
Repairs and
maintenance
Sundry expenses
Independent examiners'
fees
Analysed between
Charitable activities|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
12,777
-
5,314
-
3,649
-
91
-
12,236
-
68,386
-
3,292
-
-
1,962
105,745
1,962
105,745
1,962|**2023**
**£**
12,777
5,314
3,649
91
12,236
68,386
3,292
1,962
107,707
107,707|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
12,243
-
4,371
-
3,660
-
78
-
9,744
-
28,441
-
3,208
-
-
1,806
61,745
1,806
61,745
1,806|**2022**
**£**
12,243
4,371
3,660
78
9,744
28,441
3,208
1,806|
|---|---|---|---|---|
|||||63,551|
|||||63,551|
## **11 Council**
The trustees received £12,890 in renumeration from the charity in the year.
## **12 Employees**
The average monthly number of employees during the year was:
|**Employment costs**
Wages and salaries
Other pension costs|**2023**
**Number**
10
**2023**
**£**
81,908
2,336
84,244|**2022**
**Number**
10|
|---|---|---|
|||**2022**
**£**
77,254
2,125|
|||79,379|
There were no employees whose annual remuneration was more than £60,000.
- 14 -
## **TARALOKA**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **13 Taxation**
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
- 15 -
## **TARALOKA**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **14 Tangible fixed assets**
|**Freehold land**
**and buildings**
**Freehold**
**improvements**
**Furnishings**
**£**
**£**
**£**
**Cost**
At 1 January 2023
436,893
567,825
83,562
Additions
-
-
-
Disposals
-
-
-
At 31 December 2023
436,893
567,825
83,562
**Depreciation and impairment**
At 1 January 2023
-
453,212
82,650
Depreciation charged in the year
-
28,654
182
Eliminated in respect of disposals
-
-
-
At 31 December 2023
-
481,866
82,832
**Carrying amount**
At 31 December 2023
436,893
85,959
730
At 31 December 2022
436,893
114,613
912|**Equipment Motor vehicles**
**£**
**£**
99,980
16,276
-
6,995
-
(6,200)
99,980
17,071
89,338
10,830
2,128
1,749
-
(6,200)
91,466
6,379
8,514
10,692
10,642
5,446|**Total**
**£**
1,204,536
6,995
(6,200)
1,205,331
636,030
32,713
(6,200)
662,543
542,788
568,506|
|---|---|---|
- 16 -
## **TARALOKA**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
|**15**
**Stocks**
Finished goods and goods for resale
**16**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
Other debtors
Prepayments and accrued income
**17**
**Creditors: amounts falling due within one year**
Accruals and deferred income|**2023**
**£**
12,669
**2023**
**£**
3,365
25,319
4,842
33,526
**2023**
**£**
42,194|**2022**
**£**
12,907|
|---|---|---|
|||**2022**
**£**
60
28,114
7,616|
|||35,790|
|||**2022**
**£**
33,114|
## **18 Restricted funds**
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
||**Movement**||**Movement**||
|---|---|---|---|---|
||**in funds**||**in funds**||
||**Incoming**|
**Balance at**|**Incoming**|**Balance at**|
||**resources**|**1 January 2023**|**resources**|**31 December**|
|||||**2023**|
||**£**|**£**|**£**|**£**|
|Landscaping donations|-|-|2,602|2,602|
The restricted fund relates to donations received for landscaping improvements.
- 17 -
## **TARALOKA**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
|**19**
**Analysis of net assets between funds**
**Unrestricted**
**funds**
**Restricted**
**funds**
**2023**
**2023**
**£**
**£**
Fund balances at 31
December 2023 are
represented by:
Tangible assets
542,788
-
Current assets/(liabilities)
512,817
-
1,055,605
-|**Total Unrestricted**
**funds**
**Restricted**
**funds**
**2023**
**2022**
**2022**
**£**
**£**
**£**
542,788
568,506
-
512,817
485,535
-
1,055,605
1,054,041
-|**Total**
**2022**
**£**
568,506
485,535|
|---|---|---|
|||1,054,041|
## **20 Related party transactions**
There were no disclosable related party transactions during the year (2022 - none).
- 18 -
**Charity registration number 274500**
## **TARALOKA**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **TARALOKA**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Council**|A Denys|
|---|---|
||R Lovering|
||H Baker|
||V Carter|
||T Roe|
||F Hooker|
||J Burbidge|
||Ann Cronin|
||J Bond - President (not a Trustee)|
|**Charity number**|274500|
|**Principal address**|Cornhill Farm|
||Bettisfield|
||Whitchurch|
||Shropshire|
||United Kingdom|
||SY13 2LD|
## **TARALOKA**
## **CONTENTS**
||**Page**|
|---|---|
|Council's report|1 - 3|
|Independent examiner's report|4|
|Statement of financial activities|5|
|Balance sheet|6|
|Notes to the financial statements|7 - 18|
## **TARALOKA**
## **COUNCIL'S REPORT**
## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
For the purpose of the financial statements, reference to the 'Council' incorporates their role as Trustees, except for J Bond. The council present their annual report and financial statements for the year ended 31 December 2023.
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 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 (FRS 102) (effective 1 January 2019)".
## **Objectives and activities**
The charity's objects are the advancement of the Buddhist religion, in particular to encourage members to live in accordance with the teachings of the Buddha through the experience they gain from short periods on retreat at Taraloka. One of the charity's objectives is to support ordained members of the Triratna Buddhist Order (previously known as the Western Buddhist Order) and other duly ordained Buddhists, at the discretion of the council.
There have been no changes in policy during the year.
The council have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake with particular reference to the public benefit guidance. The council considers that the performance of the charity has been satisfactory regarding its achievements and public benefit.
Throughout the year, the core community comprised of 10 women all of whom received general financial support and accommodation. During the year the charity also supported other short-term volunteers who benefitted from the experience of living in a Buddhist community.
## **Achievements and performance**
The charity has maintained its policy of asking for donations (after the booking fee) for retreats rather than charging rates. This is very much in line with the traditional Buddhist approach of not charging for teaching Buddhism and is a very satisfactory policy for this charity; enabling greater access to a wider range of people regarding our aims and objectives.
The Council considers that the performance of the charity has been satisfactory regarding its achievements and public benefit. The charity ran a full programme of 46 events (a total of 241 nights) whereby 16 (56 nights) of those events were accessible to the general public. 30 events (185 nights) were for women already practicing within the Triratna Buddhist Community.
We have maintained our policy of asking for donations (after the booking fee) for our retreats rather than charging rates. This is very much in line with the traditional Buddhist approach of not charging for teaching Buddhism and is a very satisfactory policy for this Charity: enabling greater access to a wider range of people regarding our aims and objectives. There have also been a large number of improvements to the facilities and grounds.
In 2023 we donated a total of £35,790 to institutions (Central Dana £12,000 Karuna and FBA £2,160, Buddhafield £5,000, Tiratanaloka Unlimited £16,637) and we gave £2,956 to external retreat leaders (9 people) and an additional £1000 was paid out from the Bursary Fund.
## **Financial review**
The Statement of Financial Activities shows the incoming and outgoing resources for the year.
The statement of financial activities shows incoming resources for the year of £377,930 with a surplus of £1,564 compared to £363,835 in 2022, with a a surplus of £49,122. The charity continues to claim Gift Aid on the donations received at the end of retreats and 2023 incoming resources includes Gift Aid income of £25,651 (2022 - £26,939). In addition within activities for generating funds there is the sum of £14,754 (2022 - £11,654) received under the Renewable Heat Incentive (RHI) scheme; it is likely that the charity will continue to receive funds from this scheme for a total of twenty years. The unrestricted funds on 31 December 2023 were £1,053,003 compared to £1,054,041 on 31 December 2022.
- 1 -
## **TARALOKA**
## **COUNCIL'S REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at the level of £100,000 unrestricted expenditure. The council considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. At the end of the year we had cash reserves of £507,964.
A bulk of cash reserves are invested in the COIF Charities Deposit Fund.
The council has assessed the major risks to which the charity is exposed, in particular those related to the operations and finance of the charity, and are satisfied that systems are in place to mitigate exposure to the major risks.
## **Plans for future periods**
We are planning to build a new office in 2025 to replace the current portacabin that is past it’s useful life. Some designs have already been prepared. We are currently seeking more detailed plans, pre-planning advice and costings. We will also be replacing a substantial part of the retreat centre roof in 2025-2026. Both these projects will require that the retreat centre be closed for an extended period. The costs will be met from charity reserves.
We have committed to running the Great Gathering (a long weekend for women who have asked for ordination into the Triratna Order) in 2024 as a fund-raising event with all income going to Tiratanaloka Unlimited (fund-raising for a new retreat centre for ordination training for women).
## **Structure, governance and management**
The Charity is governed by its constitution.
The council who served during the year and up to the date of signature of the financial statements were: A Denys
R Lovering
H Baker V Carter T Roe F Hooker J Burbidge Ann Cronin J Bond - President (not a Trustee)
Appointment of the council is governed by the constitution of the charity. The council must consist of not fewer than four and not more than fifteen members who are elected at the annual general meeting. The council is authorised to co-opt new members including officers to fill vacancies arising in the year.
Jane Bond holds the advisory role of 'President' to Taraloka; she is not a trustee.
The charity maintains close communication with, and works under, the guidance of the Triratna Buddhist Community and in co-operation with other groups with the same objectives, although there are no connected charities or organisations that have influence over the activities held at Taraloka Retreat Centre.
Of the present members of the council, Rachel Lovering is also a trustee of Clear Vision Trust, and Anne Denys is a trustee of Tiratanaloka and Akashavana.
- 2 -
## **TARALOKA**
## **COUNCIL'S REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
The council's report was approved by the Board of Council.
.............................. .............................. V Carter T Roe **Council Member and Trustee Council Member and Trustee**
Date: .............................................
- 3 -
## **TARALOKA**
## **INDEPENDENT EXAMINER'S REPORT TO THE COUNCIL OF TARALOKA**
I report to the council on my examination of the financial statements of Taraloka (the charity) for the year ended 31 December 2023.
## **Responsibilities and basis of report**
As the council of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of FCCA, which is one of the listed bodies.
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts 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 financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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:
- 1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
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.
Nicholas Gray FMAAT
Dated: .........................
- 4 -
## **TARALOKA**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2023**
**Notes**
**£**
**£**
**Income and endowments from:**
Donations and
legacies
**3**
191,541
2,602
Charitable activities
**4**
142,905
-
Other trading
activities
**5**
16,839
-
Investments
**6**
19,065
-
Other income
**7**
4,978
-
**Total income**
375,328
2,602
**Expenditure on:**
Raising funds
**8**
11,720
-
Charitable activities
**9**
364,646
-
**Total expenditure**
376,366
-
**Net (expenditure)/income**
**for the year/**
**Net movement in funds**
(1,038)
2,602
Fund balances at 1 January
2023
1,054,041
-
**Fund balances at 31**
**December 2023**
1,053,003
2,602|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2022**
**2022**
**£**
**£**
**£**
194,143
196,052
2,890
142,905
144,336
-
16,839
17,270
-
19,065
3,287
-
4,978
-
-
377,930
360,945
2,890
11,720
12,393
-
364,646
292,194
10,126
376,366
304,587
10,126
1,564
56,358
(7,236)
1,054,041
997,683
7,236
1,055,605
1,054,041
-|**Total**
**2022**
**£**
198,942
144,336
17,270
3,287
-|
|---|---|---|
|Donations and
legacies
**3**
Charitable activities
**4**
Other trading
activities
**5**
Investments
**6**
Other income
**7**
**Total income**
**Expenditure on:**
Raising funds
**8**
Charitable activities
**9**
**Total expenditure**
**Net (expenditure)/income**
**for the year/**
**Net movement in funds**
Fund balances at 1 January
2023
**Fund balances at 31**
**December 2023**|||
|||363,835|
|||12,393|
|||302,320|
|||314,713|
|||49,122
1,004,919|
|||1,054,041|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
- 5 -
## **TARALOKA**
## **BALANCE SHEET**
## _**AS AT 31 DECEMBER 2023**_
|**Notes**
**Fixed assets**
Tangible assets
**14**
**Current assets**
Stocks
**15**
Debtors
**16**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**17**
Net current assets
**Total assets less current liabilities**
**Income funds**
Restricted funds
**18**
Unrestricted funds|**2023**
**£**
**£**
542,788
12,669
33,526
508,816
555,011
(42,194)
512,817
1,055,605
2,602
1,053,003
1,055,605|**2022**
**£**
**£**
568,506
12,907
35,790
469,952
518,649
(33,114)
485,535
1,054,041
-
1,054,041
1,054,041|**2022**
**£**
**£**
568,506
12,907
35,790
469,952
518,649
(33,114)
485,535
1,054,041
-
1,054,041
1,054,041|
|---|---|---|---|
||||1,054,041|
||||-
1,054,041|
||||1,054,041|
The financial statements were approved by the Council on .........................
.............................. .............................. **V Carter T Roe** Trustee Trustee
- 6 -
**NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **TARALOKA**
## **1 Accounting policies**
## **Charity information**
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Taraloka Buddhist Retreat for Women, Bettisfield, Nr. Whitchurch, Shropshire, SY13 2LD
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's governing 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 (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
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.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the council have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the council 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 council in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
## **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.
- 7 -
## **TARALOKA**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **1 Accounting policies**
## **(Continued)**
## **1.5 Expenditure**
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.
Governance costs include the cost of the preparation and independent examination of the statutory accounts, the cost of trustees meetings and the cost of any legal advice to the trustees on governance and constitutional matters.
Support costs and governance costs are allocated to relevant charitable activities.
## **1.6 Tangible fixed assets**
Fixed assets are capitalised if they can be used for more than one year and the cost is at least £100.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings Not depreciated Freehold improvements 25% reducing balance Furnishings 20% reducing balance Equipment 20% reducing balance Motor vehicles 25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
## **1.7 Impairment of fixed assets**
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
## **1.8 Stocks**
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
## **1.9 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.
- 8 -
## **TARALOKA**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **1 Accounting policies**
## **(Continued)**
## **1.10 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.
## **1.11 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## **1.12 Retirement benefits**
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
- 9 -
## **TARALOKA**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **2 Critical accounting estimates and judgements**
In the application of the charity’s accounting policies, the council 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.
There are no crticial accounting estimates or judgements.
- 10 -
## **TARALOKA**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **3 Donations and legacies**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2023**
**£**
**£**
Donations and gifts
191,541
2,602
Legacies receivable
-
-
191,541
2,602|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2022**
**2022**
**£**
**£**
**£**
194,143
195,052
2,890
-
1,000
-
194,143
196,052
2,890|**Total**
**2022**
**£**
197,942
1,000|
|---|---|---|
|||198,942|
- 11 -
## **TARALOKA**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **4 Charitable activities**
||**Charitable**|**Charitable**|
|---|---|---|
||**Income**|**Income**|
||**2023**|**2022**|
||**£**|**£**|
|Sales within charitable activities|88,963|93,922|
|Charitable rental income|39,188|38,760|
|Other income|14,754|11,654|
||142,905|144,336|
## **5 Other trading activities**
||**Unrestricted **|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2023**|**2022**|
||**£**|**£**|
|Fundraising events|1,565|2,235|
|Shop income|15,274|15,035|
|Other trading activities|16,839|17,270|
## **6 Investments**
|||**Unrestricted **|**Unrestricted**|
|---|---|---|---|
|||**funds**|**funds**|
|||**2023**|**2022**|
|||**£**|**£**|
||Interest receivable|19,065|3,287|
|**7**|**Other income**|||
|||**Unrestricted**|**Total**|
|||**funds**||
|||**2023**|**2022**|
|||**£**|**£**|
||User definable other income heading 1|4,978|-|
- 12 -
## **TARALOKA**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **8 Raising funds**
||**Unrestricted **|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2023**|**2022**|
||**£**|**£**|
|Fundraising and publicity|||
|Advertising|2,337|1,649|
|Trading costs|||
|Bookshop purchases|9,383|10,744|
||11,720|12,393|
## **9 Charitable activities**
||**Charitable**|
**Charitable**|
|---|---|---|
||**Expenditure**|**Expenditure**|
||**2023**|**2022**|
||**£**|**£**|
|Staff costs|84,244|79,379|
|Depreciation and impairment|32,713|42,908|
|Community support|2,319|4,503|
|Retreats and holiday allowance|8,822|13,149|
|Housekeeping and household food|14,303|14,590|
|Retreat food and service costs|71,118|57,265|
|Order weekends and conventions|1,928|2,807|
|National and Chairman's events|2,750|3,131|
|Training costs and course fees|172|703|
|Charitable donations|38,570|17,593|
|Landscaping improvements|-|2,741|
||256,939|238,769|
|Share of support costs (see note 10)|105,745|61,745|
|Share of governance costs (see note 10)|1,962|1,806|
||364,646|302,320|
|**Analysis by fund**|||
|Unrestricted funds|364,646|292,194|
|Restricted funds|-|10,126|
- 13 -
## **TARALOKA**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
|**10**
**Support costs**
Services - light, heat and
insurances
Bank charges
Office running costs
Books and library
acquisitions
Motor and travelling
expenses
Repairs and
maintenance
Sundry expenses
Independent examiners'
fees
Analysed between
Charitable activities|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
12,777
-
5,314
-
3,649
-
91
-
12,236
-
68,386
-
3,292
-
-
1,962
105,745
1,962
105,745
1,962|**2023**
**£**
12,777
5,314
3,649
91
12,236
68,386
3,292
1,962
107,707
107,707|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
12,243
-
4,371
-
3,660
-
78
-
9,744
-
28,441
-
3,208
-
-
1,806
61,745
1,806
61,745
1,806|**2022**
**£**
12,243
4,371
3,660
78
9,744
28,441
3,208
1,806|
|---|---|---|---|---|
|||||63,551|
|||||63,551|
## **11 Council**
The trustees received £12,890 in renumeration from the charity in the year.
## **12 Employees**
The average monthly number of employees during the year was:
|**Employment costs**
Wages and salaries
Other pension costs|**2023**
**Number**
10
**2023**
**£**
81,908
2,336
84,244|**2022**
**Number**
10|
|---|---|---|
|||**2022**
**£**
77,254
2,125|
|||79,379|
There were no employees whose annual remuneration was more than £60,000.
- 14 -
## **TARALOKA**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **13 Taxation**
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
- 15 -
## **TARALOKA**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **14 Tangible fixed assets**
|**Freehold land**
**and buildings**
**Freehold**
**improvements**
**Furnishings**
**£**
**£**
**£**
**Cost**
At 1 January 2023
436,893
567,825
83,562
Additions
-
-
-
Disposals
-
-
-
At 31 December 2023
436,893
567,825
83,562
**Depreciation and impairment**
At 1 January 2023
-
453,212
82,650
Depreciation charged in the year
-
28,654
182
Eliminated in respect of disposals
-
-
-
At 31 December 2023
-
481,866
82,832
**Carrying amount**
At 31 December 2023
436,893
85,959
730
At 31 December 2022
436,893
114,613
912|**Equipment Motor vehicles**
**£**
**£**
99,980
16,276
-
6,995
-
(6,200)
99,980
17,071
89,338
10,830
2,128
1,749
-
(6,200)
91,466
6,379
8,514
10,692
10,642
5,446|**Total**
**£**
1,204,536
6,995
(6,200)
1,205,331
636,030
32,713
(6,200)
662,543
542,788
568,506|
|---|---|---|
- 16 -
## **TARALOKA**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
|**15**
**Stocks**
Finished goods and goods for resale
**16**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
Other debtors
Prepayments and accrued income
**17**
**Creditors: amounts falling due within one year**
Accruals and deferred income|**2023**
**£**
12,669
**2023**
**£**
3,365
25,319
4,842
33,526
**2023**
**£**
42,194|**2022**
**£**
12,907|
|---|---|---|
|||**2022**
**£**
60
28,114
7,616|
|||35,790|
|||**2022**
**£**
33,114|
## **18 Restricted funds**
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
||**Movement**||**Movement**||
|---|---|---|---|---|
||**in funds**||**in funds**||
||**Incoming**|
**Balance at**|**Incoming**|**Balance at**|
||**resources**|**1 January 2023**|**resources**|**31 December**|
|||||**2023**|
||**£**|**£**|**£**|**£**|
|Landscaping donations|-|-|2,602|2,602|
The restricted fund relates to donations received for landscaping improvements.
- 17 -
## **TARALOKA**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
|**19**
**Analysis of net assets between funds**
**Unrestricted**
**funds**
**Restricted**
**funds**
**2023**
**2023**
**£**
**£**
Fund balances at 31
December 2023 are
represented by:
Tangible assets
542,788
-
Current assets/(liabilities)
512,817
-
1,055,605
-|**Total Unrestricted**
**funds**
**Restricted**
**funds**
**2023**
**2022**
**2022**
**£**
**£**
**£**
542,788
568,506
-
512,817
485,535
-
1,055,605
1,054,041
-|**Total**
**2022**
**£**
568,506
485,535|
|---|---|---|
|||1,054,041|
## **20 Related party transactions**
There were no disclosable related party transactions during the year (2022 - none).
- 18 -
## **Independent examiner’s report to the trustees of Taraloka**
I report to the trustees on my examination of the accounts of Taraloka for the year ended 31 December 2023.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner’s statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
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 accounts to be reached.
Signed:
Nicholas Gray, FMAAT
Adhisthana Coddington Court Ledbury Herefordshire HR8 1JL
25[th] November 2024