2024-12-31-accounts - The Guhyaloka Trust

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THE GUHYALOKA TRUST

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Charity Registration Number: 803469

Company Number: 02448092

CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31 December 2024

			Page
Legal and Administrative Information	1
Report of the Trustees 2-4
Report of the Independent Examiner	(attached) 5
Statement of Financial Activities	6
Balance Sheet 7
Notes to the Financial Statements 8 - 9

THE GUHYALOKA TRUST

LEGAL AND ADMINISTRATIVE INFORMATION for the year ended 31 December 2024

The charity is a company limited by guarantee, registered in England and Wales, and is also a registered charity. We will subsequently refer to it as ‘the charity’.

Company Number: 02448092

Registered charity number: 803469

Address: Adhisthana Coddington Court Coddington Ledbury Herefordshire HR8 1JL Trustees: Rev Dharmachari Amogharatna Sean Boland (acting chairman) Bankers: Triodos Bank Deanery Road Bristol BS1 5AS

Independent examiner: Nicholas Grey

Adhisthana Coddington Court Coddington Ledbury Herefordshire HR8 1JL

THE GUHYALOKA TRUST

TRUSTEES’ REPORT for the year ended 31 December 2024

The Trustees present their report and the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) and “The Companies Act 2006”, in preparing the annual report and financial statements of the charity.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts 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 published in October 2019.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Guhyaloka Trust is registered with the Charity Commission (Registration Number 803469) under the Charities Act 1960 as a charity whose purpose is the advancement of the Buddhist religion. The charity is governed by its Constitution and is organisationally and financially independent from other groups with the same object.

Membership is open to all those prepared to support those aims and election to membership is in the hands of the Council of Trustees. The present Council of Trustees is as listed on page one.

Recruitment and appointment of Trustees

The Council of Trustees is appointed at the Annual General Meeting of the charity. Trustees serve for one year when they become eligible for re-election.

Trustee induction and training

On appointment to the Council, Trustees are provided with copies of:

The charity’s constitution
The latest accounts of the charity

• Charity Commission guidance notes CC3 – ‘Responsibilities of charity Trustees’ In addition, Trustees are encouraged to read Charity Commission and other newsletters and to attend courses designed to keep them abreast of their duties.

Organisational structure

Trustees meetings are held at least once a year. The day to day running of the trust is delegated to Sean Boland.

OBJECTIVES AND ACTIVITIES

The overall objective of the Guhyaloka Trust is the advancement of the Buddhist Religion. In particular its aims are:

To encourage members and others to live in accordance with the teachings of the Buddha. 2. To establish and maintain a retreat centre. 3. To maintain close communications with the work under the guidance of the Triratna Buddhist Order and in co-operation with other groups with the same objectives.

To achieve these objectives the charity owns land in the Alicante province of Spain where a Spanish based Triratna organisation manages and runs a retreat centre.

THE GUHYALOKA TRUST

TRUSTEES’ REPORT for the year ended 31 December 2024

ACHIEVEMENTS AND PERFORMANCE

During 2024 the charity managed to achieve the overall objectives set out in the constitution.

The regular Buddhist activities offered by the Retreat Centre in Spain have continued. The Guhyaloka Trust has raised funds that have been and will be used to help improve the facilities at the retreat centre, thus continuing the aims and objectives of the Trust. In 2025 and 2026 the Trust plans to fund extensive renovations to the retreat centre, so the income and expenditure will rise because of this.

FINANCIAL REVIEW

The accounts for the year to 31 December 2024 show that the financial position of the charity is strong. Net incoming resources within the General Fund for 2024 amounted to £77,095 (2023 £6,714).

Principal funding source

The principal funding source for the charity is from donations.

Investment policy

The Trustees consider that there are no funds available for long term investment and, having considered the options available, have decided to place available funds in a bank deposit account.

Reserves policy

The amount to hold as a liquid reserve is currently set at £5,000, but is open to review from time to time depending on changing circumstances.

The available reserves at 31 December 2024 amounted to £98,524 (2023 - £28,143). Tangible fixed assets 2024 amounted to £21,429

Reserves are reviewed by the Trustees on a regular basis at their meetings, together with a general review of the financial position of the charity.

PLANS FOR FUTURE PERIODS

The Council aims to continue in its activities to meet the objectives of the charity.

PUBLIC BENEFIT

The trustees have regard to the charity commission’s public benefit guidance.

THE GUHYALOKA TRUST

TRUSTEES’ REPORT for the year ended 31 December 2024

Statement of Trustees’ responsibilities

The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP 2019 (FRS 102); •
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

29/09/2025

Approved by the Council of Trustees on …………………………………………..

And signed on its behalf by:

an ………………………… ol _avi S Boland

THE GUHYALOKA TRUST

INDEPENDENT EXAMINER’S REPORT for the year ended 31 December 2024

Independent Examiner's Report to the Trustees of The Guhyaloka Trust is attached.

THE GUHYALOKA TRUST

Statement of Financial activities for the year ended 31 December2024

2024 £ 2023 £	2024 £ 2023 £	2024 £ 2023 £
Income from:
Donations and legacies 107,811		3,560
Interest and investment income 265 73
Total income 108,076		3,633
Expenditure on:
Charitable activities:
Building work 18,558 0
Support costs:
Consultancy 17,800 2,860
Administration 1,337 347
Total Expenditure 37,695 3,207
Net movement in funds 70,381 426
Reconciliation of funds:
Total funds brought forward 6,174 6,288
Net movement of funds 70,381 426
Total funds carried forward 77,095 6,714

THE GUHYALOKA TRUST

BALANCE SHEET
31 December 2024
2024 £ 2023 £
Fixed Assets Tangible Assets 21,429 21,429
Current assets
Cash at bank in hand 77,095 6,714
Total net assets 98,524 28,143
Charity Funds
Unrestricted funds 98,524 28,143
Total funds 98,524 28,143

The financial statements on pages 6 to 7 were approved by the trustees and signed on their behalf by:

………………………… S Boland

29/09/2025 Date: ………………….

THE GUHYALOKA TRUST

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024

1. Summary of significant accounting policies

a) General information and basis of preparation

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Practice.

The Guhyaloka Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. The financial statements are presented in pounds sterling and are rounded to the nearest pound.

b) Funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

c) Incoming resources

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations and gifts to be recognised the charity will have been notified of the amounts. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

Interest income and rent income is recognised as the charity’s right to receive payment is

established. No amount is included in the financial statements for volunteer time in line with the SORP

(FRS 102).

THE GUHYALOKA TRUST

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024

d) Resources expended

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. • Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries.

Governance costs included those costs associated with meeting the constitutional and statutory requirements of the charity and include independent review fees and costs linked to the strategic management of the charity.
All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource.

e) Fixed assets

1. The charity’s only fixed assets are parcels of land in Spain donated in 1990 and 1995. The combined value was set at 5.5 million pesetas (the donor’s purchase prices).
1. On entry into the Eurozone (31 December 2001), this was converted into sterling using the official EU accounting rate, giving the current carrying value in these accounts.
1. No depreciation is charged, as the charity’s only tangible assets are freehold land. The trustees consider the valuation appropriate, but will obtain a professional revaluation if required in the future.

f) Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

g) Tax

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

h) Building work

The building work carried out was to improve the facilities at the retreat centre. As stated earlier, in 2025 and 2026, the Trust aims to raise funds for extensive renovations to the retreat centre, so the income and expenditure will be higher than 2024.

i) Consultancy fees

The consultancy fees were paid in part to the self-employed director of the retreat centre, who managed the improvements to the retreat centre, and in part to two self-employed fundraisers who helped to raise the funds via donations.

Independent examiner’s report to the trustees of Guhyaloka Trust

I report to the trustees on my examination of the accounts of Guhyaloka Trust for the year ended 31 December 2024.

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:

accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
the accounts do not accord with those records; or
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 to enable a proper understanding of the accounts to be reached.

Signed:

Nicholas Gray, FMAAT

Adhisthana Coddington Court Ledbury Herefordshire HR8 1JL

28[th] September 2025