Charty reglstration number 274500 TARALOKA ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 AZETS
TARALOKA LEGAL AND ADMINISTRATIVE INFORMATION Counc51 A Denys R Lovering H Baker V Carter TRoe J BurbKlge Candraprabha - PT&sidenl (not a Trustee) A Cronin Charity number 274500 prtncipal addres$ Comhill Fam Bettisfield Wh(£church Shropshire United Kingdom SY13 2LD
TARALOKA CONTENTS Page Coun¢il s port Indepondenl examinerfs report Statement of financial activities Balance sheet Notes lo Ihe financial staternents 7-18
TARALOKA COUNCIL'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 For the purpose of the fin8n¢i81 st8temenls. raferen to the'council, incorporatès their role as Trustees, except for J Bond. The council pr8s8nt their annual report and fin8nci81 slalements for the year ended 31 December 2024. The financial 5taternenls have been prepad in accL)rdance with the accounting policies set out rn note 1 to the financial statements and comply with tha charity's governing do¢umenl, the Charities Act 2D118nd "Accounb'ng and Reporting by Ch8ri1ies.' Statement of Recommended Practice applicable to ¢harities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (effective 1 January 2019)". VLjTh¥u¥¥ OIIU The charity's objects are the advanMent of the Buddhist religion, in particular lo encourage membgrs to live in accordance with the teachings of the Buddha through the expenence they gain from short periods on retreat al Taraloka. One of the charity's objectives is lo support ordained members of the Triratna Buddhist Order Ipreviouslv known as thé Western Buddhist Ord8fl and Other duly ordained Buddhists. at the discretion of the council. There have been no changes in policy during the yeai. The Council have paid due regard to guidance i$$ued by the Charity Commission in deciding what activities the charity should undertake with particular reference lo the public benefit guidance. The council considers that the perform8n¢e of the charity has been satisfactory regarding Ils achievernenls and public benefrt. Throughout the year. the c4)re community wrnprised of 10 women all of whom received general financial support and accommodation. During the year the charity also supported other short-tem volunteers who benefitted from the experience of liwng in 8 Buddhist communty. Achievements and rtornIane• The Charty has maintained its policy of asking for donations (after the booking feel for retrgats rather than charging rates. This is very much in line with the traditional Buddhist approach of not charging for tea¢hin9 Buddhism and is 8 very satisfactory sxjlicy for this charity,. enabling greater access to a wider range of people regarding our aims and obie¢tyves. The Council considers th81 the performance of the charity has been satisfactory iegardlng its achievements and public benefit. The Charity ran 8 full programme of 46 events la total of 241 nights) whereby 16156 nights) of those events were accessible lo the general public. 30 events1185 nights) were for women already prath'cing within the Triialna Buddhist Community. We have maintained our policy of askSng for donations (afte¥ the booking fee) for our retreats rather than charging Tates. This is vèry rnuch in Ilne with the tradrtional Buddhist approach of not charging for leaching Buddhism and is a very $81isfactory policy for this Charity.. enabling greater access lo a wider range of people regarding our aims 8nd objectives. There have also been a large number of improvements to the facilities and grounds. In 2024 we donated a total 01 £40,013 10 institirtions (Central Dana £13,000 Karuna and FBA £2,160, firatanaloka Unlimited £24.8531 and we gave £2,180 to extemal retreat leaders {8 people). £1,000 was paid out from the Bursary Fund to 4 indiwduals. £300 was gNen lo support GftBP Dharma animation videos and £5C4) in ietreals lo volunteers.
TARALOKA COUNCIL'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Financial review Th8 Stslement of Financial Activiiie$ shows the incoming and outgoing resources for the year. The charity continues to claim Gift Aid on the don8lions received at Ihe end of our retreats. In addition, the charity r8ceives income from thè Renewable Heat Incentive scherne,. il is likely that the charity will continue to receive funds trom this schem9 for a lotsl of 20 years. A bulk of cash resetves are invested in the COIF Charities Deoosit Fund. The eounal has assessed the major risks to which the Charity is exposed, in particular those related lo th8 opèr8h.ons and financè of ihè charity, and a satisfièd that systems are in place lo mrtigate exposure to the major risks. Plans for futum p•riod$ We are planning to build a new Offe in 2025 to repla the current portable Cabin that is past it's usgful life. We will also be replacing a substantial part of the retreat Intre roof in 2026. Both these projects wtll reqvire that the retreat centre be dosèd for an extended period. The costs will be met from charity reserves. Stru¢tstre* gov•mance and manay•ment The Charity is govemed by its conslrtution. The council who served during the year and up to the dale of signature of the finanrAal slatsments wgrs.. A Denys R Lovering H Baker V Carter TRoè F Hooker J Surbidge CandrapTabh8- President {nol a Trusleel A Cronin (Resigned 31 Decembgr2024) Appoinlrnent of the council is govemed by th& constitulion of the charity. The council must consist of not fewer than four and not more than frfteen members who are elected al thg annual geneial meeting. The council is authorised to ¢O-opI new members induding pIre{S to fill vacanoes arising in the year. Candraprabha continues in the advisory role of'Prèsidenr to Taraloka,. she is not a truste8. The Charty maintains dose o)mmunicalion with, ond wo$ under. th8 guld8nce of the Triratna Buddhist Communty and ir7 CoperatiOn with other groups with the same objectives. ajthough there are no connected charities w organisation8 that have inftuence Over the activities held at TaralDka Retreat Cenlre. Of the present rnembers Of the council. Rachel Lovering Is 81s0 a trustee of Clear Vision Trust, and Anne Denys is a trustee of Tiralanaloka and Akashavana.
TARALOKA COUNCIL'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The council's report was approved by the Board of Councrl. V Carter Council Member and Trustse TRoe Council M•mb•r and Trustso Date.. ...
Independent examiner's port to the trustees of Taraloka I report to the trustees on my examination of the accounts of Taraloka for the year ended 31 December 2024. Responslbilities and basis of port As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordan 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 seclion 145 oflhe 2011 Act and in carrying out my examination I have followed all the applicable Diredions given by the Charity Commission under section 145(5J{b) of the Act. Independènt examiner's statement I have completed my examination. I confim 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 fom 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 COnrnS and have come across no other matters in connection wth the examination to which attention should be drawn in this report to enable a proper understsnding of the accounts to be reached. Signed: KJ,Ll. G,. Nicholas Gray, FMAAT Adhtsthana Coddington Court Ledbury Herefordshire HR8 1JL 3rd September 2025
TARALOKA STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrnstrlcted Re•trlcted funds funds 2024 2024 Total UnrgBtrl¢t•d Rostricted fund8 fund8 2023 2023 Total 2024 2023 Not•s from: ome nd •ndo Donabons and legaaes Charitabl8 activiiies Other trading actiwties Investment5 Other income 204,402 161.876 956 205,356 161,876 191,541 142,905 2,602 194,143 142,905 25,809 23.287 25,809 23.287 16,839 19,(K5 4,978 16,839 19,065 4,978 Totsl income 415.374 958 416,330 375.328 2,602 377,930 nditure Raisiro funds 16.920 1e,920 11,720 11.720 Charitablè activthes 356,683 359,043 364,846 364,646 Total exnd[LUre 373,fj03 2,360 375,963 376,3fj6 376,366 Net Incom1&xpendityTe} forth0 yearl Net movarnerrt in funds 41,771 11,4041 40,367 11,0381 Fund balancès at t January 2024 1.053,CK)3 2,602 1,055,605 1,054,041 1.054,041 Fund balances at 31 December 2024 1.094,774 1.198 1,09S.972 1,053,CX)3 2.602 1,055,eos The statement of finandal a(*Mti&s includes all gains and losses regnised In the year. All income and expenditure derive from conttnuin9 activltlO8.
TARALOKA BALANCE SHEET AS AT31 DECEMBER 2024 2024 2023 Notes Flxed assets Tangible assèts 14 563.958 542.788 Current assets Stocks Doblors Cash at bank and in harKI 15 16 9.963 35,953 513,854 12.669 33,526 508,816 559,770 555,011 CYedltor&= amounts f¥lling due withln one year 17 (27,756) 142.194) Net currant 855ets 532,014 512.817 Total a$ts 18¥8 current Ilabilities 1,095,972 1,055,605 Incomg funds Restricted funds" Unr&$lricled funds 18 1,198 1.094.774 2.602 1.053,003 1,D9S,972 1,055.805 The financial statements were approved by the Coun¢il on ... 04a Vcarter Truste8 TRoo Trustee
TARALOKA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcie8 Charity Infomiation The chaiity is a public benefit entity and a regISted charity in England and Wales and is unincorpor8led. The address of the principal office is Taraloka Buddhist Retreat for Wornen. Bettisfield, Nr. Whilchurch, Shropshire. SY13 2LD 1.1 A¢counting convtrntlon The finanaal statements have been ppared in accordance with the chariws goveming document. the Charities Act 2011 and "Accountsng and Reporting by Chaiilies.. Slalement of Recommended Practice applicable lo Charities preparing their accounts in acctsrdance with the Fin8n¢i81 Reporting Stand8rd applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191" The charity is a Publ Benefit Entity as defined by FRS 102. The charity has tsken advantage of the provisions in the SORP for charities 8pptying FRS 102 Update Bulletin 1 not to prepare a Statement ot Cash Flows. The finanaal Statements have departed from the Charities {A¢¢ounts and Reports} Regulations 21108 only to Ihe extent required lo provide a true and fair view. This departure has involved following th9 Statement of Recommended Practice for chanties applying FRS 102 rather than the version of the Slalemenl of Recommended Practice whh is referred to in the Regulations bul which has since been withdrawn. The financAal staternents are prepared in sterling, which is the functional curn of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prèparad undér the histori1 cost corwenlign. modrfJ8<1 to indu¢Je th• revaluation of freehold propètties and lo include investment propérties and certain financial Instruments at fair value. The principal accounting policies adopted are set out bèlow. 1.2 Going concern At Ihe time of approving th8 financial stslem8nts, the counc¢l haw a reasonable expectalion that tha ¢harity has adequate resources to continue in opèrational existence for the foreseeable futum. Thus the council contsnue to adopf the going concern basis of accounting irh preparing thg finanaal statèmonl8. 1.3 Charltsbl• funds Unrestricted funds are availab18 lor use at the discretion of the Council in furth8rancÈ of thèir charitab objecbves. Rè51ricted funds are subject lo spècific conditions by donors 83 to how they may be used. Th& purposès and uses of the restri¢ted funds are sèt out in the notes lo the financi81 slatem&nts. 1A Income Income is recognisèd when thé charity is legally entiued lo r( after any perfomiance conditions ha been rnet. the amounts can be measured reliably. and it is probable that income will be leiVed. Cash donations arè recognised on r8eèlPt. Oth81 donations are recognised oncè the charity has been notiffed of the donation. unless perfomiance conditions qUIre deferral of the amount. In¢ome tax recoverable in lation to donations received under Gift 'd or d•8ds of covenant i¥ recognised at the time of the donatK)n. Legacies are recognised on rlpt or otherwise rf the charsty has been notified of an impending distribution, the arnount is known, and receipt is expected. If the amount is not kIn, the legacy is treated as a cLJntingent asset.
TARALOKA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 Aecountjng policies IContinu•dl 1.5 Expenditu Liabilities afe recognised a$ Soon as thgre is a legal or construdive obligation committing the charrty to pay out resources. Govèrnan costs includè the eosl of thè prepafalion and independent examination of the stalulory accounts, the cost ol trustees meets'ngs and the ¢ost of any legal 8dvi¢e lo the trustees on govemance and constitutional matters. SuptX)rt costs and governan¢e 81S are allocated to relevant charitable actniilies. 1.6 Tanglbl• flxèd aets Fixed ass6ts are capitalisèd il they can bè used for more than one year and the cost 13 at least £1(M). Tangible fixed assèts are initially rreasured ai cost and subsequenuy measurad at $t or valuation. net of depf8ciation and any itnpaimient losses. Deprèciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basès.. Freefvold land and buildings Freehold improvements Furnishings Equipm¢nt Motr)r vehicles Not d8PW8ted 25% reducing bapance 20% reduang balance 20% reducing balancè 25% r8duThng baTree The gain OT loss arising on the disposal of an asset is deterrnined as the difference befv4een the sale proceeds and the carrying value of the asset, and is Tecognised in the slalement of financial activities. 1.7 Impalm)•nt of fixed assèts At each reporting end date, the charity rèviews the carrying amounts of its tangible assets to detemine whether there is any indi¢alion that those assets have suffered an impairment loss. If any su(* indication exists, thè re(x)verable amount of the asset is eslimaied in ordeT to dètermine the extent of the irnpaimienl loss lif any). 1.8 Stocks Stocks are stated at th8 l¢Mef of $t and esllmated selling p17¢e less costs to complet8 and sell. C051 compri8es direct materials and. where applicable, direct labour costs and Ih08e overheads that have been incurred in bringing the stocks to their present location and conditlon. Items hekl for dlstribution at no or ftominal consideration ar& measured the lower of replacement cost and eost. Net r•alisable value 1$ the astimated selling price 19s8 all eslimatad costs of o)mpletion and lo ba Inixjrred in marketing, selling and distribution. 1.9 Cash and ea¥h •qul¥alents Cash and cash equiva18 indude cash in hand. daposrts held at call with banks, other short-terni liquid investments wth original maturit$ of throe months or less. and bank overdrafts. Bank overdrafts are shtr within borr(yMngs In current liabilities.
TARALOKA NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting pollcies (Continu•d 1.10 Flnancial instrumènts Thè charity has electad to apply the provi$ions of Section 11 '88sic Financi81 Instrumènts. and S8ction 12 'Other Financial Instruments Issues. of FRS 102 to all of its linan¢ial instruments. Financial instruments are recognised in the charills balance sheet when thg Charity be¢omes party lo the contractual provisions of the Instrument. Finan¢ial assets and liabilities are offset, with the nel amounts presented in the financial slalements, when there is a legally enforale right lo sel off the recognised amounts and there is an intention to sewe on a net basis or to realise the assel and settle the liability simultaneously. 8aslc flnanelal assets B8sie financial assets, whi¢h include debtors and ¢ash and b8nk balances, are initially measured al transaction price including transaction costs and ale subsequently carried al 8mortised cost using the effective interest mèthod unless the arrangement conslrtules a financing transadion, wherè the Ir8nsacton is measured at thè present valuè of the futu receipts dtrscounled al 8 market ratè ol inter8st. Fin8nciaJ assets lassified as reeèivable within one year are not amortisèd. Basie financial liabl11t$ Basic financial liabilitlès. induding creditors and bank loans are initially recognised at transaction pric6 unless the arrangernenl constitutes a financing transaction, where the debt instrumènt is measured at the pra$ent value of the future payments discounted st a market rate of interest. Financial liabilities das8rfRd as payable within one year are not arnortised. Dèbt instruments arè subséquently carried at amorti5ed cosl, using the effective intère31 rate method. Trade credrtors arè obligations to pay for goods or Servi$ that have been a(4uired in th¥ ordinary course of operations frorn suppliers. Amounts payable are classifi8d 8s current liabilities if payment is due within one year or less. If not. they are piesented as non-ojrrent liabilities. Trade ueditors artr recognis8d initially at transaction price and subsequently mèasurèd at amortised )st using Ihe effective Inte$1 method. Der•eognilion of financial liabilities Financial liabilities are dèr8cognised wh8n the tharit$ contractual obligions expire or a dischar9É11 or ¢èncell8d. 1.11 Employ8• benefits The $t of any unused hdiday entitlement is r•¢ognised in the period in which th8 employee's services are reNed. TemiinatioTr benefits 8re recognised immediatety as an 8xpense when the charity is demonstrably committed to termin*e thè employtnent of an employee or to provide termination btrnefits. 1.12 Rètlrtrnent benèfits Payments to dèffined contribution retirement ben&fil schemes alg charged as an expanse as they fall due.
TARALOKA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Crltlcal accountyng mateS and ludgem•nts In the application of the charity's accounting policies, th8 council are required lo rnake judgements, estimatès atFd assumptions about the c81rying amount of assets and liabiliti85 that are not readity apparent frorn other sources. The è5tirnates and associated assurnplions are based on historical experience and other factors that arè considered to be rèlevant. Actual results may differ from these estimatO$. The estimates and underfying assumptions ar& eWed on an ongoing basis. Revisions lo accnting estimates arè recognised in the period in whth the estirnate is revised where the revision affect8 only that period, or in tha period of thè vision and futuro periods Whe the revision affects both current and futur& periods. Ther&.8re no crtioal accoun9 estimates or judgements. 10-
TARALOKA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Charitable activStl•s Charltable Charftable Incom• In¢ome 2024 2023 Sales within charitable activitiès Charitable lental income Otrer income 103,886 37.325 20,865 88,963 39.188 14,754 161,876 142,905 Other trading a¢tivitt8s Unr•striet•d Unrestri¢ted funds funds 2024 2023 FLtndraising events Shop income 9,799 16,010 1.565 15,274 Other trading activities 25,809 16,839 Investmènts Unrnstrlcted Unmtricted funds nds 2024 2023 l*tteml receivable 23.287 19.065 Other Ineome Total Unrèstrletsd lunds 2024 2023 Income from insurance daim 4,978 12-
TARALOK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Ralslng funds UnroStrf¢t¢d Unr•strict fund$ funds 2024 2023 and ublici Advertislng 3,494 2,337 Bookshop purchases 13,426 9,383 16,920 11,720 Charitable acllvtiles Charltsble Chrttsbl8 ExndItUrn ExpenditiJT• 2024 2023 Staff eosls Depre¢i81ion and impairment Community support Retreats and holiday allowance Housekeeping and household food Retrefood and service costs Order weekends and conventions National and Chairrnan's events Training Costs and WUf8e fees Charitable donations 77,651 34.724 12,613 7,118 15.C439 68,937 1,706 2,514 827 42,145 84,244 32.713 2,319 8,B22 14,303 71.118 1.928 2.750 172 38,570 263,244 256,939 Share of support costs Iseg note 101 Share of govemance costs {see nots 101 93,717 2,082 105.745 1,962 3S9,043 364.646 Analysls by fund Unrestricted fund$ Restricted funds 356,683 2,360 364,646 359.043 364.64e 13-
TARALOKA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 10 Support costs Support Govgmanco costs costs 2024 Support Gov•rnancè costs costs 2023 Services- light, heat and insufances Bank charge Office runnitTg costs Books and library acquisitions Motor and travelling expènses . Repairs and mainten8n¢o Sundry expenses Piofe8sion81 fees 14,322 6,230 4,349 14,322 6,230 4,349 12,777 5,314 3,649 12,777 5.314 3,649 30 91 91 9.063 9.083 12,236 12,236 47,372 11,431 920 47,372 11.431 920 68,386 3,292 AontaneY fges 2,082 2,082 1.962 1,962 93,717 2,082 95,799 105,745 107,707 Analysed betw8èn Chaiitable activities 93,717 2,082 95,799 105.745 1,962 107.707 11 Councll The trustees received £12,014 in renumer8tion from the d)arity in the y&ar. 12 Employ809 The average monthly number of employees duiing the year was: 2024 Numb•r 2023 Kumber 10 10 Employment ¢ts 2024 2023 Wages and salaries Other pension costs 75,312 2,339 81.908 2,336 77.851 84,244 The were no employees whose ¥nnual remuneratlrm was mora than £60,0TrJ. 14-
TARALOKA NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 13 Taxatlon The charity is exempt from tax on and gains falling within sg¢tion 505 of the TaxesAd 1988 or section 252 of the Taxationof chargeab Gains Act 1992 to the exient that these a applied to its charrtable objects. 15-
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TARALOKA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 15 Stocks 2024 2023 Finished goods and goods for res818 9,963 12,689 16 Dèbtors 2024 2023 Amounts falllng du¥ withln one year: Trade debtors Othér debtors Prepayments and accrued income 4,678 25,685 5,590 25,319 4.842 35,953 33,526 17 Credltors: •mounts falllng due wlthln one year 2024 21123 Othei ¢r9ditors Accruals and deferred income 492 27,264 42,194 27,756 42,194 18 Rèstricted funds The income fvnds of the Charty include restricted funds comprising the following unexpended balanS of donations and grants held on trust for specAfic pu08¥$.. Movem•nt in funds Incomlthg Bal•ral resourc051 Janry 2024 Movèmont In funds Incamlng R88ourctt Bala11 r•sour¢M •xwnd¢d 31 Decembgr 2024 Landscaping donations 2,61r2 2.602 958 12.3601 1,198 The re$ed fund relates to donolions re(%iv8d for landscaping improvgments. 17-
TARALOKA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 19 Analysls of n•t assets b•tween funds Unrnstricted R¢¥tricted fund8 funds 2024 2024 Total Unrnstri¢tsd Restricted lunds fund$ 2023 2023 Totsl 2024 2023 Fund balanS at 31 December 2024 are represented by.. Tangible assets Current assetslOiabililies} 563.958 532,014 563,958 532,014 542.788 512,817 $42,788 512,817 1.095,972 1,095.972 1,055,605 1.055,605 20 R&latsd party trnn$action8 There were no disclos8ble related paty transaclions during the year bosides those mentioned in note 11 (2023- none). 18-