REGISTERED CHARITY NUMBEK. 801632 CHARITY COMMISSION REPORT OF TFtE TRU AND UNA ITED NCIAL sTATEfrtE￿s FORYHE YEAR ENDED 31 D MBE 2024 THE NALANDA TRUST FI CRT Limitul FI￿ 24 Well]Dgtonia Court Laine Close Brigbtoll Sussex BNI 6TD usr COLYTENTS OF THE FANANCIAL FOR T DED 31 ATEM MBER 2024 Page Re￿rt of the Trust¢¢8 I to 7 llldepMdeDt Ex%miner'5 R¢port SiaÉetn¢nl olFill&ncl81 Acttvitie8 Balane¢ Sheet io ot¢J Éo the FiJwiel81 Ststements li to 20 NALANDA REPORT OF THE TRUSTEES FOR THE YLIR BNDED 31 DECEMB 2014 The trustees present tbeir report the financi￿ stst¢nwts of the thwity for the year ended 31 December 2024. The trustees have adopt¢d the PTOViSiODS of Aecounting and Reporting by Ch#ritie&: Statsroejrt of ReCOn￿endEd Practice applicable to cbaTities prep8￿g their accowts irt *ccordan¢e with th£ Financi31 R¢porting Standard 8pplicabl¢ in the UK and Re￿blIc of Ireland (FRS 102) (effective l January 2019). OWECTtVES Af4D AcfiviTtES Objectiyo aiD The charity objectives are the adwicEt[J￿tt0fthc Buddhist T¢ligion inparti¢uiarby: I.EMeourdgiDg m¢rnbers and others to Ilw¢ m accordance with the teacbing5 ofthe B￿(1dh& 2.Sw)porting ordained manb¢r5 of the Triratta Buddhist Ctllt]munty and (rtlkr duly ordailld Buddthist4 8t the discfvion ofthe Cinuk¢il of the Associatio 3. Maintaining closc Comm￿]Call(￿ with and working under tlle gllidance of the Triratna Buddhist Order alld in cooperaii¢)ll wtth other group$ with the same objectives. 4.Using applications of the B￿ldha'S ts&hingto pr£￿te the h¢althandw¢lI-￿Illg of all. Page I '" NALAND TRusr EPORT OF THE TRUSTEES FOR TFtE TrEAR Ef*TrED 31 DECEMBER 21124 SJgnifKant a£livitiEs Th¢ North London Buddhist CeDtr¢ offus COU￿¢5 classes in Mcdilatio￿ Buddhi￿ yoga and 0th8r activtiies to PTomote health, happi￿e$S and we]14)ein& Its aim is to d6velop a BuddhTSt practice comtnunity inthe city relevant to our lives in the 2lst Centiry. It ig pth of an Internati￿ ll¢twrt of the Triratna Bfmldhist Community which ha5 over 80 ccntr¢S world-wrydc. Buddhlst Cla&8e$, Courses Retreats & Events Attendance CO￿1￿ to grow overnil throughout 2024. we￿ and motthly Clas￿ ran consi5tenily, inctudimg 1￿ch¢1]D¢S, Friday puja& tbe WDmen's clas& nmntrn cballti￿ and llLore. The yo￿8 B￿Idhi$ts, clw conri]wes to floulish and ￿w. The Tuesday nigbt class de£idcd to stop offering ad short dlLarma ￿urse5 it) a third room and instead Concentrate on offETing Buddhist Medi￿10￿ for newcorners and regula￿. The Saturday cl&85 kr>￿0t¢ ta]k5 i)ntitJuEd to bc & monthly highlight at the centre with all @Kcitillg list of speakn: Rathaprabh4 KSaTrtik￿ Katunagi Ollr Thursday Going tkepEr courses wer¢ eSp￿18]lY popular. with 28+ attendec5 e4¢b tDDe. Courscs offered includeLL. Lif¢ Full Attention (8 weeks). A Tas* of Freedom (6 weeks) and Indiv]th￿71ty & Sangha 16 weeLs). We also rnn six four-week intro courses from Jalwary to Juty IKfoYe relaunehillg theuj as a new six-week fOrn￿t in the autw)w. leade￿ were.. Rathaprabh4 GL]hy8sakb4 Sanm Ksantiw Vairamitr4 Prasadlsara and K5hantisaF& Retreafs t(K)k place in April, Juty, and December at Vair&saDa and Butwell House, l¢ad¢TS were: R&in8prabh4. Kshalltisata, Aksb8yapra(fy Prwdasarn and Ksantkn. Visuddlim8ti c￿ded her weekty Tuew night online class after several yem of off¢ring tt post lockdowns. Part way tbrougb the year we also stopped streamiD8 festival nukiDg th¢ live 5tre•m of th¢ Sattwday class our ojjly r¢gular onLiTre as we entff inti) 2025. Wt add¢d monthty day retreats (MI￿1 no festiva] day fell that tnotth) to th¢ progrthn￿. offering th¢ Sallgba a regular chance for deep￿ practice. Festival Days were well led. well attell￿ and contit)ue to ￿ a real hishlisht the saDgha alendar. W¢ a]so intrOd￿re4 Mitrn Order gatheTings on festival JDornillgs, which havc bE¢ome & valued pwt of our calendar. Other events in¢lud￿. - Another $￿ceSsful OEKll Day a5 pth of the Loodon-wide Opell Houk fcstival. with over 60 new visitOL3. - A panel discussion ftilkiwed by a pflgriow to Monfflouth 5tr¢et to mark Triratna thy. - A nlllljber of visirtDg OTder m¢mbu5 lead a day ev¢nt MaDtra Day WTth Vandanaiyoti, a Commwnication Day with -ay8raja. and Mantra & Silence Day led by Mok5bwgitL - September saw our m05t attend¢d People of Colour day retreat ever(with Cl4x￿ to 40 people) l&J by fjuhyasth Nandaraj& . The New Year's Eve eV￿t svas kd by K￿tika@ Maitrishwa and Pr&sad&sarn tt was atta￿ed by ￿p￿ witb a great atmospbere. . F￿¢ra]S for EvoDDe Camemn (a mllch love(L and mi55¢d member of mitra Sangba) and for Karnalashila (a well knomm OTdei menlber with oyer 50 Yea￿ of a¢tive iDYolYemenf illthe life of the Trirtha Buddhist Community). Mitra Con*enin The women+ sangh8 r¢mains vibrani with aTOLmd 80 OJMI 34 (srdination r£quety Tivo WO￿¢￿ becwne m1￿y in 2024. Two ordllJatioDs (Atana TeTry became Fra￿ and Reb￿ Gl>fft.JoD¢S become Swksilli) attd oThe dinatioll invitstion Trqiia chamb￿8} took p]ac¢ itt 2024. Fout mitra 5bty groups SLWDrted 33 Jniw alld six ￿￿Te aT¢ awaiting tILe llexi FoUTLdalI￿ Smdy Year. The Mo￿hty woll]eTh+ class ¢ontinu¢d Mith a strong te￿. Capacity to sLw￿rt new ll]i(PdS is ]imited by available leaders and tim& To help withthis l>arsavini.' - Oiganised a fOu[Ld￿l0ll study course (with 12 atteDde¢s) - Colltinued to support the IA)ndOll-￿de GRF proj￿¢ . Hosled an evcot F4i*b Mailrt)I, Incl￿ding &history sessioll - Launched alllentoring projert to traill more study Icader4 The rnen's sangba remaind ￿eady, with 10 mitr&s and one T*W mikn in 2024. A neFty fornied Men'g Kula meety forthigbtly to SUPWbTt men's a¢iiYtties ￿lhe centr¢. 2024 higblights Incl￿ded. Page 2 THEN DA TRUST REPORT OF THE TRisfEES FOR THE YEAR ENDED 31 DECE BER 2024 OWECIIVES AND ACTIVITIES . A weU.attended fout-week stydy Se￿i￿arin Ortober - thi11￿ plans for aNLBC M￿'S community . Mits study grow)g: ye￿ 3 (6 men), Year l {5 ￿￿). Att¢odgJK6 at the mollthty online mem'$ morning m¢dila¢i￿ signkficanlly d£clitied by the end of 2024. Gi)als for 2025 iDC1￿]e stronga follow-up for Jlew men attendiDs the Buddbi5t Centr¢ ￿￿0V￿1 Order MEM￿ c4)ordin&ioJ4 and greater encouragemcDt to hEad to PaduwlokaTetrrats. YogA stsdi￿ Secular Mindfthess & Ribom Hi Hundreds of wle continlled to Engage with our yowd aDd bodywork progr8me in 2024. Despite a £4,000 drop ' gr055 income from the yoga projrt lower teacher COSLS meant the yoga studio's net iticorne increased. cla￿ att¢ndance held steady or grew. Th¢xe w&s a major drop itLNVC EKJokillgs (froln 82 to 44) and Aubr¢y Maasdorp's departwe fro is populaT weekly yoga class&8 after a lon8 history at the NLBC iiiipacled inc4)me. though two new teachers have stepped into his shoes with faw Suc￿55. In 2025, th￿¢ ftre plans for new classes: a second Qi Golls an carly morning yo84 and a 3.week Tralltn& Rel¢￿EXerCIse course. Our secular mindfikn courses, nDproviDg rn¢ntsl health aDd well.EtiDg, grew in popularity this y¢ar. Pippa O'CoDDor led four courses over 2024 widL 112 couty knokirtgg overaiL" two h¥0 milldfvl cosllitive bchaviowral thcrnpy course5. a mitidfol ￿mp￿10n Telationship training course alld a mindful sODMtic b(Mjy.￿IDd tsatning Course. In 2025, thtrapy rnom hir¢ iD¢ome is likety ￿ grow as we c%￿lence a growiDg DU￿bEr of eDquirie5 aDd plan to r¢llovate the Lotus Roo]n to make il more appwpriate for talking therapy. Premises and MaiDtenallce 2024 bEuught sigothcant iTThE51ment in tbe building: - After a diifi¢u]t 9 months pn)cess that resulted itLhavin8 to Cl￿ge c4)Dtrnrtm the lift sucoe88fully repairt . Fire Risk Ass¢ssment followi￿ 5ubstsuti31 upgradGS hard WO￿ from Akshayawadipa, tbe Centr was raied low risk . We ttllbark￿ on a SQTies of shritie iucludins new rwhions. painti￿ ]ight1￿ ￿]d re￿Iding rnain . We CQTfftd thc ￿Sed meD'8yogach￿g]llgr0OM into a tslkingthe¥apy r(MMn forbir¢. . An vll¢x￿ted leak in the ￿lInd tloor Offic￿ reftted by Karnna r&sulted in r¢placiDg the fTOllt of our rnof. Pl8ns for2025 include: ew¢ncy lightiog TgP8illtiDgthe yoga studio. converting the ground flwr Twm into a library. r¥novating o￿talkiNg dLerapy room&and exploring etw effioellGy fiuLdiD Pa86 3 P4AL TRusr REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 ACHIEVEMENf AND PERFORMANCE Charltsbk aelfvltks This section is aimed ttt ¢b￿￿ty the￿b￿S interested ￿ople in th¢ Saugba. Inf0rD￿tion ft*llowing the Chartty Commissio]Lreouirernentg can be found elsewhere in this docuD)¢nL (The ttustees, TerM)rt is a pth)lic docwnenl available on the Cbarity Conmiissiort website.) Peopl¢ The Centre ¢ontsnues to nm rtople's gellerosity. In2024. 94 regular voluDts%rs supported our work thro￿ coyering the reception desK cleaning, supporting ¢la&w &8sisting with buiithg Maint￿ and fEaching. a t¢stament to the Sansha's d¢ptb of ¢onurritment We thank Nandardja, who ste￿￿ down ￿ trLth in May after many years of suvice. and RatnapTabb4 who agr¢¢d to remain on the Coullcil a)tr s¢¢MJing dow) &8 Chair- Continui￿ to offet ljis Ste￿iDESS and Mqsdom. Earty in the year, 1(gTunagita k¢8me TreasU￿r andKsh￿lSar8 t(Kbkonthe n)le of Coun¢il S¢rr¢wy. Akshayapradipa 5tEpped down Os CeDtre Manager ffl De￿rnber after moTe tl]an two years of thlle[ne str¢a)Ds over the year. Dh￿n& rourse4 rental income. and general donations all increa8ed by about £50(X) cornp￿d to 2D23. The hvo ar￿ of nothble dec]itie in income w¢re re￿a¢￿tIal retrcats and noDviol¢nt wmn]uni¢ation workslLOPS> wilh much f¢w¢r bookings th2n in previolls ye- ars for kndL M(kst ￿P¢￿di1￿ areas rellwin¢d steady. However. we not imftmjtte to the wider c05t of liiryng Grisi& Fhyoh led to irtGreased price8 forewntials such &s refre5hmeDts. utilities and shop swlie5. Significantty thoug& w¢ eKperieD¢e41 su65tanLi81 itKreasag ill OUT premiseg ynd and stsffing costs. The unexpected PTEmises costs were £1375 for an unttisured theft of str¢et-side main5 filses a￿1 £19,150 for an emergen¢y r￿f replacement following a leak ittthe secolld.t](*)r offic¢ rented by the Karuna TTUSL (both costs were fill￿¢d from our finallcial res¢rYes). Payroll costs also rnse sl£nificantly agaiDst 2023 fw due to a lljixof forese¢n and wkforeseen circuntstances: l. The llew Chair iole was offered full.lime (5 dayslweek). whereas Ratnap* thou8tL s6rviag full.time. required a stipend equivalent lo only 2 d&Y￿l*k. 2. The Real London Living Wage, whith v4e arc collllll1tt￿ to payin& it￿¥¢•$ed by I1￿. 3. Da￿aVin7'S Mitra Convening hour5 were iDcre&s¢dby ha]f a day w¢ek 4. A fairly sizable l¥cy payroll arrears debt wds identifi￿and iti full. The unexpected r(x)f replac￿￿¢￿ the payoll aTrvars debL in particular. led to a yeardend deficri of apprDximatety £27,(XJO. White ¢ttdiDg a yeaT With a defjcit 15 llever ideaL un4Ypected em￿genCieS Such a5 th¢se are, in parL precisely what our financial r¢ser¥¢ policy is ithdea to cover. We still maDknin sufficient funds for baa]thy cash w¢ Iter 2¢y25, are committed io rebuildTng out r¢serY&s over th¢ next 18 to 24 months a]Ml see no re450ts not to T¢ly oll another year of income Cont[￿￿8 Éo in 2025. Fundrdiying Followingthe momentum of 2023% succ￿ful Ca￿￿81gnto Buy the our 2024 fi]ndrnisiDs c8Jnpaign.'Care for Our Home,. vas shared at festival da￿ ¢lasses, and via ll¢wslettws supwrttd by a building illustiation from Aryajiti Ksantikara abo visit￿1 mitra 8kndy groups to promote the appeal. The ¢ampaign led to 21 tscw mollthty pl¢dge4 tothlling £540 per plus a similar n￿nb￿ of voluDteer offers. Thaffik you kn ail Ttho c4)nlnbured. tA)oking ahea¢ we platE to invest in USI￿ Beacon {a CRM b￿t espeeially for dwitiC5 and being used by nthDy Other Triratna chariknes). Migratillg to Beacon will allow us to inry>rove our dtr¢ct d¢bit system and launch bEtter dO[￿r comjmmicatiou (¢.g. a quarterly new51etterl It will also hclp us upda* 0￿r Gift Aid records rrtoie efficientty aDd tijn mor¢ effective fundrnising c8nwaiw. Reseryes policy Th¢ total funds of the ¢hwity were £877294 of whicb £853212 ate r4￿Se￿￿1 by fiXeda￿￿ leavins £24.or2. E￿endituT¢ Trt 2024 £306.923 and so the level of unrestricted reseryes was I mojth. In OTder to ensur¢ the dmrity ha5 SL]*5cient fimds to into a¢eoutrt uThfo￿￿ eveTrts thc ¢nJ5t¢es deem that 3 months exp¢nditwe is required ￿ & general reserve. ALANDA TR REPORT OF THE TRI'STEES FOR THE YEAR ENDED 31 DE ER 20Z4 FUTURE PLANS As we look abead to 2025, fo￿$ is vJ( deepening comrnwiity, strengtheDing finaacial resilienee, and impro￿)￿g our facilities. ¢ngJTing the"Centre w eimtinw to serve as LwTrJrakrt space for IxzctiC4 conntttioty and wwth. Wo platt to a phone fi￿araISIng appeal to ￿￿ollI￿8t. mollthty givin& helping to stabilise our illcome and rebuild rcserves dq)letcd by the uneApeGted c41sts of 2024. We will also be reviewing core staffing costs and may n¢ed to ¢xpk>Te SOKoe restsucturillg e￿ty itl 2025. We bope to find wa)5 to make more of ow Tetreat PTogrrne- not only &q a source of income, but xg a NwerFul way of deepenino Sangba and Dhma practiGe. (kn Thursday Going De¢p¢r coutse5 Mfjll continue to be a k¢y featwe of our programm4 blllldi￿g on ther populartty and impa¢L We'll a150 aim to make our pathFays clearer for n0wcometB aLd regu]at5 alik¢, so it'5 ￿ler forpeopk tOUDd¢r&andhowto dec￿ wactice aDd involvemenL ThTough these inrtmtiveg and we look fonvard to anotheT year of Conti][u￿ gro￿ fri¢nd8bip, and collective unfoldit]g of the Dharn)a life ill2025. STRUCTURE, GOVERTr4ANCE AfiD MANAGEMENT Goiernillg doeument The charity is controlled by its ￿Verning documenL adeed of alld ¢onstitiJt¢5 an unincoryoTat¢d charity. The ch￿StY￿a5 regstered on6 Jw]e 1989. Th¢ charity is governed by its Rules ad￿ted 29 May 1989 L8 antrnded 17 sept￿nber 2(K)1, 14 Seplelnber 2011 and 10 September 20I4. Charity Tru5ttts Th¢ tru*ees are member5 of the cl￿Tity but this ¢nLitl¢s them only to voting rights. The th]stees have no beneficial interest in the Cl￿ty. Trastees arE elthd aunual]y fro￿ the membership by the MellLb￿S at the AONL As and wh¢ needed, new trustrts atr Sought frora within the m¢mI￿rship md fron) the PODI of experienceAI committ￿1 Buddbists are able to altend nLeetillgs in London. All Ill￿teeS ate reqllir￿ to havc r¢leYant exp¢rience and skills irt order to serve on the th]stee body. Tn]stees meEIiDgs are llLonthty. All tnw give d￿1r ttto¢ volu]tsily aJ)d receive no be￿ri*S from she ¢barity for their trust££ work. Auy *¥p¢￿ ￿laImed from the chw are set out in our a)￿U*l acci)unts CoDllict of lllter¢st We require 8 ttustee to absent theEDselves fro￿ ￿ d[s￿l0￿s. tske no part in the voting upon the mattcr, in which it is wJssTh71e thal a confiict will arise b¢tween their duty Éo act solety in the interes15 of the ass(KiatiotL and any persoJLal int¢r¢5t (including but not ]itt)ited to any peThonal financiaj 5nt¢rE5t). REFERENCK AM> ADMINISTIi4TIVE DETAllS Registered ChorÈty nymber 801632 PrInci￿1 addre 72 Hollowuy Road London N7 4GB TTUStees RatnapTd)ha (Job￿ Robin Cooper) Kwwita (Sara Burns). SeLYetary Kusala (Guy Re(bDolld) VaiTamirra (Michael Ward) Maitrisambbava (Sharon Reed) Nandaraja (Obafemi Ad¢svumi) (resign￿1 8.524) Dafsayilli (Evt Lear) Anandavajrn (Jonathan TUTrtb￿) K9hanlis8Ta Iuschi GraDW]n) Ksantikara GTeell. Chair (appoi)tteO 1.0124) Pag¢ 6 E NALAI REPORT OF THE TRLsfEES FOR THE ¥E_4R ENDED 31 DECEMBER 2 REFERENCE AND ADMINISTRATIVE DETAIiS Tndepelldc￿ E￿Miner Christopher ROb￿t TylerFCA IThAFCJE FI CLiT Limited Flat 24 Wellington￿ Court Laine Clos Brighto E8St Su&sex BNI 6TD Operaling N4*lle NoTth London Buddhi5tCenbt Princip81 Banker Salltsnd¢rB Bootle M¢rs¢yside L30 4GB Image Fr(wt Cover The In￿ge on the front cover is pmvided by Aryaiit {st￿le￿ Heppcl) Fro￿rty The PTOF¢rty owlled by the tn￿ is h¢id inthe follow1￿man￿. Dawid z￿k&s, PeterGill DavldGre￿L srATEMETrrr OF TRtrsTEVS' RFSPONSIBILITIES The In]*¢s TtSP(sThMlJle for preparing the Report of the Trustee5 aud the financial stat¢rnellts in aecordanco wtth applic8b]e law and UnitedKiDgdom Accountins sta￿ (United Kil￿1}￿ Grnetally Accepied Accounting Practice). The ]aw applicable to clwiiies in England and Wales, the C￿ltieS Act 2011, Charity (Acwunts and ReporES) Regulations 2008 aMd the ￿0viSIonS of the trust dced wllire5 the In￿¢S w prepaT¢ fin8Thcial statementg for ¢ath fiDanctal year wbidl give a tnje al￿ fair Yiew of the slat¢ of affairs of the charity attd of Ihe incomiD8 resowccs snd 4)p]icatiDn of resourc￿, including the Incon￿ and expe[￿l￿￿e, of the clwity for peri(K]. Jn P￿r￿rIng those fiTwciat statem¢Tll4 the trU￿e¢S are required to select suitable accowitsn8 policies aDd th¢D app]y them con%istenty. obscrve the metho(is alld prin¢iple5 in the Ckniry SORP" . n]ake judgetsi¢nts estimates that are rea80￿ble and pTlld￿L . prepatE the financia]tht¢[ne￿ts on the going ¢ODwn b&sis ￿le&S it is inappnwriate to P￿sume that th# ¢￿ity will ¢ontinue in busitLess. The trustres are rv4)0￿1bl￿f0r kwitig prrw accountiog rrwTds which.di8close wittl reasonable accuracy at auy ¢im¢ the financial position of the cbarity and to enable thern to I2￿1[e that the financial ststements c4)mply with the Charitres Act 2011, the Chariry IA(wuttts and Re[M)￿) Regulations ?(M)8 and the provisioDS of the ffi]St d￿1. They are also respon5ibl¢ for Safegu￿di￿8 the assets of the thity and b¢n¢¢ for tsking Teawnable steps for the preyention det¢dion of fraud alld othu irregularities. Approved byorts of the board of ttu*es oD..-.... .. . atKI ooits behalf by: Page 7 INDEPENDENT EXAm￿ER's REPORT TO THE TRUSTEES OF THE NALANDA TRUST Ind¢pendellt ￿&mIne￿,$ rep¢brt to thetrusterJ ofTb¢ Nalanda Trllst to the charty trustees OL my exami￿0￿ of the accounts of Tht Nalanda Tn￿ (the Tn]st) for the year eDded 31 December 2024. Re$poDythilities and ba$is ofrepDrt AS the clwty tsi]stees of the Trust you are responsible for the preparatiou of the accou￿ LD ￿0rdance with the requirements of the CEMtities Ad 2011 Cthe Acrfj. I LEpon in r¢sExcl of my examination ofthe Tru5es ace4ymts ￿Led wider Seoiott 14S of the Act and I￿garrying out Jny exall]iMation I have followed all applicable D&te¢tyons given by the Charity Com[￿￿￿0￿ withr Section 145(5)Ib) of the Act. IndepeDdent ￿&miner'S statement Since your Gharity's gross i]scome exceeded £250.(X)O your ¢xatniner MU￿ be a member of a listed b(Ay. I caD ¢onfimi that l am qualified to tmder(ake t￿ examination because l am a member of the Instiiute of Chartered Accoulltants in Ettuand and Wales. Frfhich is One of tbe ]ist¢d b￿lIeS. I hav¢ Compl¢t￿ w ¢xaminatiOD. l confinn that no rnaterial m*ers h&ve conL¢ to my attention tn connection wilh the ounttD8 zecords wue not ktpt IU Tespect of the TTUSt L% r4uiredby Sethion 130 ofthe A￿ or tb¢ ￿tO￿tIts do not acciwd with those ff¢ords: or the aecouDts (io not cojnply with the applicable reqlli￿ cor￿<￿1ng th¢ form and co]1￿t of aCCou￿ts Set out in the ChaTitÈes (Ac￿l￿nts attd Rel￿rts} R¢gulations 2008 otkn thwL ally requirem&tt that the accounts giwe a true and fair viBwwbi¢h isnot amatter conside￿d as part of all indet*ndentexaminknon. I1)8ve no Concen￿ 2nd have come acm&s no other mauers in conu¢ction with the ￿TaMi￿￿Oll to which attention should be draThTn itE thi5 rep)rt in order to etthle aprowuDdet5t8nding of the accowts to be Teached. Christophor Robert Tyler FCA IKhA FCIE FI CRT Limited Flat 24 WellingroniaC(M LaitLe Close BII￿)t0fft E4St Su55ex BNI 6TD THE NALANDA T ST MENT O "ANCIAL ACTivrrIES R THE YEAR ENDED 31 DECE￿IBER 2024 2024 Total fijnds 2023 Total funds Unrestricted Restrict&J Not& JNCOME ANDENiK)WMENIS FROM Donations and legacies 24J46 24.346 21,861 Chwritabk a¢tiviti¢s Charitable activRti¢$ 176,999 176,999 168,052 Other Irading a¢tivities InYestm¢ntincome 6,354 53,630 6.354 53.630 8 1.409 45,980 Total 261.329 261.329 317.302 EXPEI¥DLTURE ON Raising fi￿dS 17,120 17.120 11,651 Charitsble aethTit Officets L￿r]ISes P¢opl Finance Charges C¢ntre Aetivitie5 3,599 IfAJIo 3.83 t 67.482 38,370 11211 3599 164JlO 3,831 67,482 38.370 12211 2.930 122,899 7,648 47,116 36,960 12,378 Totsl 306.￿23 306.923 241.582 IYET INCOMEI(EXPENDrruRE} (45,y￿) (45,594) 75,720 RECONOLIATION OFFUNDS Total fimds brought forward 922.888 922,888 847.168 TOTAL Fuf4DS CARRIED FORWARD 877294 877294 922,888 Page 9 THE NALANDA TRUST E SHEET I DEI CEMBER 2024 2024 Totsl fwkls 2023 Total furtds fimds fund FTXED ASSETS Tawl)l¢ assets 14 853212 853.212 863.390 CURRE￿ ASSETS st￿ks Debtors Cash at bank and in]￿lld 15 16 6205 3.666 26,802 6.205 3.666 26.8IY2 6,828 4,845 57.107 36.673 36,673 68,780 CREDtTORS Amoutts falling within one year 17 (12591) (12,591} (9282) r4ET CURRENT A&SEIS 24,082 24W82 59,498 TOT AL ASSETS CURREFir LIABILITtES 877294 877294 922,888 NET ASSETS 877y4 877,294 921888 18 877,294 2,888 TOTAL FUNDS 877294 922,888 stateD)ents wer¢ approyed by the Board of TTUStees and authorised for i&8 d wer¢ sigo¢d ou its behalf by. Green. T￿le¢ The notss fortllpart of these fi[￿￿¢181 statements Page 10 THE F4ALAF4DA TRU NOTES TO THK FtNANCIAL ￿￿rEME FOR THE YEAR ED31D ACCOUNfiNG POIICIES B4si$ of PTepanrtg tht fingnci*l 918tements The fin8nciai st*ements hav¢ bEen in XCOTKlw with Acco￿ting and RwrtiDg by Cbariii¢s.' Statement of Rc£ornttLetttsl Practice applicable to clwiti&s prep8r1[￿ their accounts ID accoydance SFTth the Fitiancial Rewrting Stand￿d appticable in the UK and Repllblic of IrelaDd (FRS 102) (efftctiv¢ l JanLWy 2019) - (Chariti&s SORP (FRS 102)). the Financial Kq￿]ng Standard applithlc in the UK and Repub]l¢ of Ireland (FRS IQ2) alld the Charities Act 2011. The Nalanda T￿￿ meeLS the defitsitton of a pllblic entity ullder FRS102. A$sets and liakn]ities are initiajly re¢ognis¢d at historical Cost or tratJs&ctionvaluc Lmle5s oÉtwwise statedin the rekvanc aCCffl￿titi8 ￿l7¢Y note. Tb¢ TTLWees consider there are material UD¢#iainties abollt the charÈWs ability to as i going Income Income 4s recognised when the charity ha5 entitlvnetrt to the fimd5. any ￿rfOrn[a￿¢d condttions attached to the item(s) of income haye n)eL it is probabl¢ ttM the incorne will be received 8J)d the aM0￿)t can be m¢a5UT¢d r¢liabty. Incomefrom donations is accounted for a5 r￿CIT￿l by the thprity. The inco￿ from fundraisttwyentswes is shown with the aSs￿iatEd costs iDclwd¢d in fimdraising costs. Income from governmellt énd other grants. tht]Ler 'capitsl' gixnts or ￿¢v¢no¢. grnnrs, is recognised when the charity Iw entitlement to the fi￿ds, ally perfonDance conditions atta¢hed u) the grants have btXD Jnoi it is probable that the incOll￿ wtll b¢received and amoullt can be m¢&sured reliably is not deferred. For legacies. entitlement is taken &$ the earliEr of the dare on Trhtch either: the cl)2rity is a￿￿re that Probate been orant&l, the £state bas ken fjnalised and notification bLg be£n njade by the exec￿oI{s) to th¢ charity a di51r11>￿IOn wd] be made. or syhen a dis￿￿￿tiOn is receiwed from the e5tat¢. Receipr of a legacy, in whole or in par4 is only ¢onsideTed prob￿le when the ajnowit be m¢a5ured ￿I1abty and the chaity ]i&s ixcn notified Df the ex¢¢utoVs inienLioD tg a distribthioll.. Where lewies have kn notified to the cbartty, or tILe charity is awdre of the 8raTrting of prob￿￿. and the ¢riteria for recognitlOD hav¢ Dot b¢¢D mei theD the lega¢y is treated as a colltingeot as8etand dTrsclos￿l if tnatekiaL Income recei￿ iti. advaTKe of 8 pro￿10￿ of a specified ￿viCe is d¢feFTryJ witil the crit¢ria for incimne reco8llitiob are Itiet. Jntere$t on fithds held d4XlSit is iticlud¢d when rereivable and the arnounl can Meas￿ ￿lIablY by IhB ¢barity" this i5 ￿on￿allY￿pOD notification of the itLteresÉ Poid or payable by the Bank Expelldtthre Liabi]ities are recogoiscd as expeThbth &$ soon as theTe is a ]2gat or c0llstTUCtI￿ ob]igation comnlltting the charity to that ewnd[l￿. it is PTobable that a tmnsfer of benefits wi]1 be required in SettleD￿llt 2nd the atDOLmt of the obligation caTr ￿ meagurEd reliably. Bxpenditstre is accounted ftjr on an accruals basis aud has been c]￿lfied under headin85 that aggre￿e all c(¥st Telated to the c*gt)ry. Where ¢osts ¢am)ot be directly attributed to particular l￿dIng8 they bave been allocated to adtvits¢s on a b&5is ¢onsisW F4ith the use of Expenditure is clasgified underthe fol￿Wing xtivity headings:_ . Costs ofraising futjts includes ¢xpenditi#E on TUDD&ng courses 8ndevel￿. . Expenditure on cljaritable activiti¢s in¢luts the cosL8 of nmDiDg the North￿ndOn Buthlhi5t CentsE utllkrtakEn to fther th¢ Purpos￿ of the ¢harity. . OtbeT exF£ttditQTe r¢presellts those items not falling into any oth¢r IwdiTiE. Pag¢ i continue(L.. THE NALAf4DA RUST NOTES TO THK FllYANCIAL STATEME FOR THE YEAR END I DECE ER 2024 ACCOUNTING POLICTES. ￿ntinUed ' Expellditur¢ ]rMoverable VAT is chaTpI as a co# winstthe activty for v4hi¢h the CXw￿]I￿e in¢ufftd. TaDgibk fixed a55Ets Jndividual fixed assets COStiDg £5(X) or mOTe #Te wItalis￿ at c(K%t and are d¢p￿1￿ over theiT wimated usoful economic lives on a strigbl line basis as ft•lloi¥s. Freehold la￿] 8nd buildings- no de￿￿1￿￿On IS PTovided on the land elanent andthe bulldings are depreciated over 100 years straigbt li Lift ￿￿¢n￿ll1¢ r¢fillbisbment.. over 10 y¢w5 stiaight lin Offi¢e equipm¢n¢ fittiDgs and fllrniti￿¢ . over3 to 10 years straight line. cO￿l)UterhaTdW&re and software. over 3 to S years sfraigbt lffne. Stock is illcluded at tbe lower of cost or net realisable value. ID geoerdl, rA)S¢ 15 dthmiined on & first in, first out basis. Net reaiigable ￿Ille is the PTiCE at which stocks caD be sold in the nornia] course of business after allowillg tbe cosls of realisatiOTL PmvisiLm is made where necessary for obsolete, slow Inovi￿g pnd d¢fective stocks. Donated item5 of st￿k are recOgn￿ed at fair value which is the atDDimt thc charity would have been willing to w for the items on the Op￿ JnatkeL Tax4tlon Th¢ charity is exempt from tax its cEwi¢able activities. Fund a¢counting Unrestrictcd funds can be used in a¢£ord￿¢ with the clwitabie objectives at the di5cr¢tion of the lThsteeg. Restri¢ted funds can onlybe uwl for particul& Ye5tricted p]rpose$ within the obje¢ts of the cbarity. R¢5trictioDS arise i¥h¢n specified by tbe doDoroT Wh￿ areraised for particular restricted purpos￿. Further ¢xplwion of the naujre andpwM)se of each fund 15 inc￿￿ed in the n(tes to the fmancial 5tatem¢Dts. Penslon costs E￿p￿0yeeS of the charityT are thtitled to join a dcfilled Coll￿71￿10￿ knffley pwch&se' scheme. The charity's c(sntributiOtt is regtricted to the CODtrJl)uti￿)S disclosed in the oot¢8 to the ae£ounts. There no outstrandillg ¢ontribution5 at th¢ y&r end. Debtors Tiade and other d¢btors are rEcogni5ed at the *ttletll¢Dt amoty due after ally tradr discount offer¢(L Prepa￿3 are valued at th¢ ar(Lountprepaid netof any trnde discoutts th¢. Cash at b4Dk and In hADd Ca&h at baDk aDd cash in hamd includes cash an(L short term higbty liquid illvesttn¢nts wtth & short maturty of three nM)nths OT le55 from the date of acouisitkon or opening of th¢ d¢p)sii or SiEnilar accow)L Debtors Trade and other debtors are recognised at the settlemettt amount du¢ 4fter any trade discount offwed. Prepayments aTe valued at the amoullt prepaid net4)f any trad¢ discoTJnts due Credito)? #ttd provision5 Creditots and PTOWSIOt￿ 3re Twised where the clwity has a rrfesent obligation resulting from & past evgrtt that will probably result in th¢ tratjsfer of fi￿d$ lo a third party the anmwnf due to settlc the obligatioll can be m¢asured or estirnattd reliably. Cr¢ditors Emvisions nommlly recogtlised at their settlement amount after allowin8 foT anytrade di￿O￿ts d . Pw12 contithu&L.. THE NAL DATR TES TO THE FIN.4LYCIAL sfATEMENTS- FOR THE YEAR ENDED JI DE ER 24 IX)NATIONS AND LEGACIES 2024 2023 tXTrnations- ITrJJJa 24,346 21,861 OTHER TIL4DING ACllVITIES 2024 2023 Fthai5ffing CY￿¢5 6.354 81,409 INVFSTMELYf JNCOME 2024 2023 Reot and service ch R(x>m hT D¢pos&É o¢count inter&st 31271 21,922 437 25,611 19.899 470 53,630 45,980 JNCOME FROM CHARTTABLE AcfiviTtFs 2024 2023 Activity ch￿￿table activ(ties Charitable activities Ch￿￿table a￿1Viti￿5 CLas8es B(tyoEk 38.524 58,015 340 20.243 27.800 13,915 18.162 39,579 51,780 7,543 13,035 20,420 13,127 22,568 .Dharma cowses MBcr dc courses Shop sak5 Rctr¢ats Cb8ritable activitses CILaritable activitie5 Charitable activiti¢S 176999 168.052 Rai5iog donations leg#cAes 2024 2023 17.120 9.402 2.249 MBCT ¢tc course5 Charged events 17.120 11.651 Pa8e 13 NAL41YDA TRiIST NO STOT bN.4N srATEMEL%TS- eontinued FOR T YEAR EJYDED 31 DECE￿IBER 21ll4 Support c(ists15et note 9) . Costs (see nots 8) Totsls 3.599 164JlO 3.599 164,310 3.831 67.482 38,370 12211 People Finance CbaTg¢s Centre A¢tivities 3.831 67,482 38J70 11,311 9CN) 285,OT2 4,731 289,803 DiRECt COSIS OF cHARTfAB￿ A￿1vrrIEs 2024 2023 164,310 2,298 1,301 lJ91 1,706 43,839 3.781 1286 5.839 1,879 7,761 26.886 9.986 1,498 875 122.899 1.969 961 1,567 l362 27.023 3.462 948 4595 Chaifs exrAJses Mitra conyuung txpensc5 Collllnunicatio￿S Offic¢ Premises Publicity R¢freshments Shop PUTCI Sbrin¢ Utilities Bodiryork c4)5ts Retreai ex￿1 Central Dana MiscellatKous Sun¢lrie$ Restricted ex¥*nditill 7.035 27,677 8,491 792 585 207 30 10.686 10,427 285,072 221,383 SUPPORT COSTS 3,831 900 4.731 Page 14 Continued... TH£ ST NOTES TO THE FINANCIAL STA HEYE DECEMBER 2024 linued SUPPORT COSTS- cotttiDued Srwrtf05ts. inchidedTli-the above, 2re &$ fonow5: 2024 TDts] activiEies 2023 Fiwdoce ChaT8es activities Bank and credit card charg¢s Mortgage int¢r¢st 3.831 3,831 6.758 890 9(rf) 900 3.831 900 4.731 8.548 io. TRusfEESf REm[￿ERATIoN AND BEI¥EFrrs Pmgrapb 6 of the Constiiution of North London Buddhi￿ Centre giv&s wific t￿￿1*S10)l for thE tharity to employ TTr￿. T￿ste¢STe(clv￿￿ Support employees are.. 2024 2Q3 Rathaprabha {Jobn Cooper) 9,321 DAFsavini (Eve Lear) Women's Mitra CoDv¢IKY 14,711 10.875 Anand&vaird(Johnathan Turnbull) Men's Mitryd ConvenoT 27,991 12.655 Ksaatikarn (K5antkn Green) Ch8irmaD overseeTttg th¢ work of thr charity 26,061 Th¢r¢ weTe no ttustees. expeIise5 paid for th8 Ye￿ eThled 31 DtceJD￿r 2024 Dor for the year ettded 31 December 2023. Trllstees. donatsns 2024 2023 S Burns G REthond R C4xiper u Gramann M Ward S Reed 960 240 240 l(J.960 240 6,240 150 I.0￿) 2900 ¢0lltin￿￿.. THE NALAI¥DA TRiJSf NOTES T FO THE TE￿ENTS. contln ENDED 31 DECEMBERIO!4 ii. srAFF COSTS Staff ¢osts during the year were follows. 2024 21123 Wages alld salaries Eu]ployers national iDsurnllce En]ployers pension 141846 10.739 103.708 6,089 112863 No employee b&$ employtsientbenefits ID Fxc¢8s of £60.000 (2023: £NiD. The averagc Dumb¢[ of employed duting th¢ ptti(xl VRS 8 (2023: 7). The key nwiagement persL)mKI of chartty comprise the Trustees. The total empioytt b¢n¢fit& irboluding employer5 ￿￿tional iIisurnce and employers ￿￿%10￿ contrhuti4)n4 of the kry mallagement personnel of the charity w¢r¢ £68,763 (2023.. £32.851). The North London Bu(klbirt C¢]rtr¢ 0peTat￿ a defined conknl>lltion scheme oper&tsd by The People's Pensio The contributiOVS ps ￿ De¢JThber2024 were employer 3YD atsd ernploy￿ SY 12. COMPARATIVES FOR THE STATEKtNT OF FINAIYCIAL AcfIvJTIES Unr¢stri¢trd Restricted fiu)d fimds Donations aud l¢gacies 21.861 21,861 chirltable 8cliwities Charitable xtiviti¢s 168.052 168.052 (hher trading activities vestsnent 1￿Come 5,666 45,980 75.743 81,409 45,980 Total 241.559 75.743 317002 EXPEliDITURE ON Raising fun(Es 11.651 11,651 Cbarttabk activit 2.930 122,899 7,648 47.116 2.930 122,8 7.648 47.l 16 36.960 12.378 People Cet)tre Actiwties Other 12.378 TDtai 241,582 241.582 NET INcOfvfEI{EXPEND￿uRE} TransfeT5 behveen tllnds (23) 75,743 . 75,743 {75.743) 75.720 N¢t movement ill funds 75.720 75,720 Pag¢ 16 THE NALALWA TRUST NOTESTO THE FINA.NCIAL STATEMENTS-. cowtinwed FOR THE YEARENDED 31 D l.L COMPARATIVES FOR THE STATEm￿¥T OF Fll¥ANCtAL Acrlvrr￿- ¢ontlnued uT￿estriCted Restricted fimd Total fimds RECONCJLTATION OF FUNDS T(rta] fiLTxls brought forward 847.168 847.168 T(YfAL FVNDS CARRIED FORWARD 921888 922,888 13. INTANCIHtE FIXED ASSETS Website COST At l JaDuary2024 and 31 IkcEmt*r2024 1.000 AMORTJSATIOV4 Ai l Jattuary 2024 and 31 DecHDb¢r2024 NET BOOK VALI]E Al 31 December 2024 At 31 Decetllber 2023 14. TANCIBLE FIXED ASSEIS Fixtures, f￿]nES Freebold Plant snd Dwkinery equipmettt Tota15 COST OR VALUATION At l Jalluary 2024 Additions 9(M).OTh) 29.053 11.028 251 940,081 251 At 31 Decettther 2024 0,000 29.053 11279 940,312 DEPIiECLiTION At l January 2024 Cbar8c foryear 17,430 1905 5263 772 76,693 10,427 6,750 At 31 December 2024 60.750 20J35 6,035 .120 NET BOOK VALUE . At 31 December 2024 839250 8,718 5,244 853212 At 31 Ikcc¥nbcr 2023 846.0(Ml. 11.623 5,765 863,388 Tncluded in cost or valuation of lwd aNI bui]dity is freebold ]aud of £225,000 (2023 . £225,0(X)) which is not depreciated. Page 17 contmued... THE IYALAEIDA TRU OI'ES TO THE FLYANCtAL sfATEMEYTS- contioued FOR THE YEAR INDED 31 DEC£hlBER 2024 14. TAf4GIBLE FtXKD A&SE15 . eoDtiDlle ' Cost (>r V&h￿tIo[l at 31 tkt¢mber21f24 is repre8¢nted by". Ftxtures. fitting5 Freehold propeTty Plant aDd a¢hinery equipment Totals Valuation itL 2024 C¢)st 900,(X)O 900.0￿) 40,332 29.053 11279 9(MJ.O 29,053 11,279 940J32 The charity's premi5ts acq￿lled ot a eost of £8￿.0￿ have E*en revallled on a ￿gular basi4 the last tTme being on 28th May 2012 FAJ¢n irs value w0s recorded in the financial 5tat¢ments at £900,IM)O. Ther¢ ￿￿$ beell no signifi￿t change in yalue of the preJDi5es siftc¢ that TevalurtioL The ttwstees have electcd to trcat the revajuedamouttt &s d¢eTDd cosl a5 [￿V￿ed on first.time thption of FRSIO2. 15. STOCKS 2024 2023 Stocks 0,205 6,828 DEBTORS: AMOUNTS FALLING DIJE wfiFtIN ONE YEAR 2024 2023 Prepayments and accTu£d sticchne Tax clai 3206 3,157 1,688 4,845 17. 2024 2023 Taxation and swial security 5,807 6,784 2.967 6.315 12,591 9.282 I& MOYKMENT IN FUIYDS . Net ov¢ment in fullds At 31.12J4 At 1.124 Ullre8trleted funds General fi]lld lievaluatii)n Reserve 822.888 100,otK> (45.394) 777,294 100.0 922.888 (45.594) 877294 TOTAL FUNDS 922,888 (45,594) 877,294 P4e 18 coJthnu¢(L.. THE NALAf4DA T r40 S TO THE FINANCIAL sfATEMEfflS- continu FOR THE YEAR ENDED 31 DECEMBE ?024 1& MOVEMENT ￿ FUNDS- eontl•ued rriovemÈDt in fiwd5, included I￿￿e above are ￿ follows: I￿Orning Resour expended MovemeDt ID fvnds Ullrestrj￿ futsds General fimd 261.329 (306,923) (45.594) TOT AL FUNDS 261,329 (306,923) (45594) . Comp&radvL4 for movement 115 funds N¢t movement between At 31.1223 Atl.1.23 UDr¢rtricted fund5 General fi￿d Re￿luatIOn RescTV 747.163 l(K).O(M) (23) 75.743 822,888 loo,000 847.168 (23) 75,743 921888 Re5tr1¢ted fund5 BuildiThg Fund 75,743 (75.743) T(YfAL FUNDS 847,168 75.720 922,888 Coroparative net tnov¢rn¢Jrt in fuDd4 included in th¢ thove are as folloTh8: Incorning Re50WC¢5 Movemenl in r￿ttds Unrestrict¢d funds 241.559 (24l,582) (23) Restrirttd funds Building Fund 75.743 75.743 TOTAL FUNDS 317J02 (241,5f2) 75.720 The Purp￿ of each r¢strirted fund w&s as fDIIows: Building Fund- The buildiDg fund repr￿nts Jnonies rnised io pay off th¢ mortgage on the propeTty. As this Mfas achi¢ved dLtriDg they¢ar the￿Ie3 have been ttaDsf¢rred toCycu¢ral F￿ds. P88e 19 conttnusl.. TH LAI¥DA IRUST 'OTES TO T RTHE FI]YAPqCIA TATE.NILYfs- Wbntinutd AR ENDED 31 DECEMBER 2024 19. R￿￿TED PARTY DISCtX)SURES There weTe no ttlated rArty iransactions forthe year clld¢d 31 D¢c¢tnbu 2024. Pag¢20