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REGISTERED COMPANY NUMBER: 02758093 (England and Wales)
REGISTERED CHARITY NUMBER: 1015054














REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

NEW KADAMPA TRADITION -
INTERNATIONAL KADAMPA
BUDDHIST UNION

NEW KADAMPA TRADITION -
INTERNATIONAL KADAMPA
BUDDHIST UNION






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2024




Page

Report of the Trustees 1 to 10

Report of the Independent Auditors 11 to 14

Statement of Financial Activities 15

Statement of Financial Position 16

Statement of Cash Flows 17

Notes to the Statement of Cash Flows 18

Notes to the Financial Statements 19 to 34

NEW KADAMPA TRADITION -
INTERNATIONAL KADAMPA
BUDDHIST UNION (REGISTERED NUMBER: 02758093)

REPORT OF THE TRUSTEES
for the Year Ended 31 December 2024


The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of 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
Objectives and aims
In the wording of the charity's Memorandum of Association, the objects for which the charity is established are to increase the Buddhist Faith throughout the world, under the spiritual guidance of the elected General Spiritual Director ('GSD') of the NKT-IKBU, by promoting the activities of the union of Kadampa Buddhist Centres called the NKT-IKBU, the international association of study and meditation centres that follow the pure tradition of Mahayana Buddhism derived from the Buddhist meditators and scholars Atisha and Je Tsongkhapa, introduced into the West by the Buddhist teacher Venerable Geshe Kelsang Gyatso; and that follow the three New Kadampa Tradition Study Programmes; and that are guided by the code of moral discipline called the Internal Rules of the NKT-IKBU.

Significant activities
In order to promote its objects, the charity maintains an International Temples Project ('ITP'), whose aim is in general to introduce the Buddhist Faith of the New Kadampa Tradition publicly and in particular to exemplify Buddhist practice through service to the public.

To further the objects of the ITP, the charity continually emphasises the development throughout the world of:
(a)local Kadampa Buddhist Centres ('KBCs');
(b)Kadampa Meditation Centres ('KMCs');
(c)international Kadampa Buddhist Temples, dedicated to world peace;
(d)International Retreat Centres ('IRCs');
(e)publishing activities (under the name 'Tharpa Publications');
(f)Kadampa Companies.

In furtherance of its aims, the charity also operates the residential Buddhist Centre 'Manjushri Kadampa Meditation Centre' ('Manjushri KMC'); produces Buddhist art prints and publishes printed, audio and e-books of Buddhist teachings under the name 'Tharpa Publications'; holds annual Spring and Summer Festivals with Buddhist teachings and meditation retreats; and maintains a 'Kadampa Art Studio' and a 'Kadampa Internet' office, all at its Conishead Priory premises in Ulverston, Cumbria, UK.

In support of the activities of the International Temples Project ('ITP'), the charity makes grants and interest-free loans to NKT-IKBU Centres around the world. Requests for grants and loans are considered by the trustees on an individual basis, and the financial forecasts for each project are closely examined to ensure viability. The charity takes a long-term view when supporting the development of ITP activities, and makes financial provisions as necessary. When a grant or loan is made, the recipient Centre provides regular progress reports to the Secretary of the GSD of the charity, who then reports to the Weekly Meeting of the Education Council, and the charity's Finance Committee.


NEW KADAMPA TRADITION -
INTERNATIONAL KADAMPA
BUDDHIST UNION (REGISTERED NUMBER: 02758093)

REPORT OF THE TRUSTEES
for the Year Ended 31 December 2024


OBJECTIVES AND ACTIVITIES
Public benefit
Identifiable benefits
In exercising their powers and duties, the trustees have due regard to the guidance on public benefit published by the Charity Commission. They believe that the work of the charity in promoting the Buddhist Faith has clearly identifiable public benefits.

The charity believes that there are three important public benefits to promoting the Buddhist Faith throughout the world:
-to help people to develop their wisdom;
-to cultivate a good heart; and
-to maintain a peaceful mind.

If as individuals we do not strive to develop our wisdom, we will always remain ignorant of the true nature of reality. Everyone wishes for happiness, but our ignorance of reality leads us to engage in non-virtuous actions, which in turn are the main cause of all our suffering. Further, if we do not cultivate a good heart towards others, then our selfish motivation destroys the harmony of our relationships with others. We then have no peace, and no chance to gain pure happiness. Without inner, mental peace, outer peace is impossible, both personally and throughout society.

Benefit to the public
The Charity supports a world-wide membership of Buddhist Centres, all of which offer classes of instruction in Buddhist philosophy and meditation, bringing personal and social benefit.

These same programmes of study and meditation are directly offered by the Charity at Manjushri KMC, which functions at the Charity's main premises at Conishead Priory. All classes are accessible to the public. Both 'drop-in' classes and more advanced courses of Buddhist instruction are offered. Some are offered free of charge, whilst modest fees are charged for others. A year-round programme of services of prayer and meditation is also offered, once again open to the public. The Charity has recently reviewed its streaming guidelines and resumed online streaming for its monthly subscription members.

The Charity's main premises at Conishead Priory, including the Kadampa World Peace Temple and 70 acres of woodlands and gardens, are freely open to the public daily throughout the year, providing a peaceful environment for anyone who wishes to enjoy it. Free 15-minute meditation sessions are offered twice daily in the Temple, and together with the World Peace Café and Gift Shop, continue to be popular with local people, course attendees, and visitors to the area alike. Manjushri KMC also regularly hosts visits from school and other community groups. All of these activities are staffed by volunteers from Conishead Priory's residential and local community, showing the example of Kadampa Buddhist practice through service to the public.

In addition, the Charity funds and supports the establishment of traditional and non-traditional World Peace Temples, meditation and retreat Centres, World Peace Cafés, and Tharpa Publications throughout the world, all dedicated to the promotion of the Buddhist faith through service to the public.

Grantmaking
In general, grants and loans are made only to NKT-IKBU Centres that are incorporated and registered as charities within their own countries. Exceptions may be made in the case where Kadampa Buddhism is being newly established in countries where there has been no prior activity.


NEW KADAMPA TRADITION -
INTERNATIONAL KADAMPA
BUDDHIST UNION (REGISTERED NUMBER: 02758093)

REPORT OF THE TRUSTEES
for the Year Ended 31 December 2024


OBJECTIVES AND ACTIVITIES
Volunteers
All aspects of the day to day functioning of Manjushri KMC, are run by members of the residential community together with volunteers from the extended community both local and international. The support of the community, as an expression of their service to the public, means that the charity can operate with relatively low staff numbers.


NEW KADAMPA TRADITION -
INTERNATIONAL KADAMPA
BUDDHIST UNION (REGISTERED NUMBER: 02758093)

REPORT OF THE TRUSTEES
for the Year Ended 31 December 2024

ACHIEVEMENTS AND PERFORMANCE
Charitable activities
Manjushri Kadampa Meditation Centre, Conishead Priory
Manjushri KMC continues to offer its full and varied spiritual programme of meditation retreats and courses, study programmes and prayer services. Whereas previously we only offered programmes available in person, we are now able to offer a robust online education programme to local students who cannot attend in person, as well as special events to the greater UK population. However in-person attendance still far exceeds the demand for the on-line events, highlighting the importance of Conishead Priory as a place of refuge and spiritual support.

The year began with a New Year's Eve celebration taught by the General Spiritual Director of the NKT-IKBU, who also serves as the Centre's Resident Teacher. Over 150 people participated in-person. This event was immediately followed by a special January retreat, which was also led by the Centre's Resident Teacher, with a similar number of people joining all or part of the month's retreat programme. Other courses taught by the Centre's Resident Teacher throughout the year attracted similar or higher numbers of participants, including a Public Talk in February, which was attended by over 200 people from the local area.

Throughout the year, the 70 acres of Conishead Priory grounds, Kadampa World Peace Temple, gift shop and café, were open to the visiting public daily.

Our programme of school and group visits which continued in early 2023 remain very popular. In 2024 we welcomed around 1,600 children and young people, who came on group educational visits throughout the year, and a further 250 people who came on various other organised group visits.

International Festivals
2024 showed a consistent interest for in-person attendance at our annual International Festivals, whilst continuing to stream these events for those unable to physically attend.

The International Spring Festival was held at the Kadampa World Peace Temple at Conishead Priory, UK, over five days at the end of May. 3,170 people from 49 countries participated, 1,440 attending in person and 1,730 online.

The International Summer Festival was held at the Kadampa World Peace Temple at Conishead Priory, UK, over two weeks at the end of July and beginning of August. 4,350 people from 55 countries participated, 2,120 attending in person and 2,230 online.

The International Fall Festival was held at Kadampa Meditation Centre Brazil in Cabreuva, Brazil and it was the first International Kadampa Festival held there since the inauguration in 2010. This eight-day event was attended by 3,160 people representing 53 countries, 1,870 attending in person and 1,290 online. This event was co-hosted by the Charity and Kadampa Meditation Centre Brazil. At the conclusion of this event, a special tour of a property, newly-acquired by the Brazilian charity in Rio de Janeiro, was attended by 150 people.

Tharpa Publications UK
Tharpa Publications continued to reprint its existing catalogue of books with redesigned and updated covers. Several new, or updated products were also launched. Tharpa Publications UK was the principal organiser of the Tharpa Shop at the International Spring, Summer, and Fall Festivals, coordinating with the other International Tharpa Publications to provide an extensive collection of Venerable Geshe Kelsang Gyatso's books in many languages.

Kadampa Art Studio

NEW KADAMPA TRADITION -
INTERNATIONAL KADAMPA
BUDDHIST UNION (REGISTERED NUMBER: 02758093)

REPORT OF THE TRUSTEES
for the Year Ended 31 December 2024

The Kadampa Art Studio at Conishead Priory continues to produce Buddha statues and ornaments for traditional and urban NKT-IKBU Temple developments, and for Kadampa Meditation Centres (KMCs) and International Kadampa Retreat Centres (IKRCs) throughout the world. The Studio was busy throughout the year, mainly producing the statues and ornaments required for urban Temples for World Peace in the following cities: Sevilla, Barcelona and Girona in Spain, Indianapolis, Charlotte and Phoenix in the USA, Vienna Austria, Berlin and Stuttgart in Germany, São Paulo Brazil, Hong Kong, Santiago Chile, Stockholm Sweden, Toulouse and Montpellier in France, and in the UK for Aberdeen and Madhyamaka KMC. Statues and ornaments were also produced for the following traditional Temples at Manjushri KMC and KMC Brazil.

FINANCIAL REVIEW
Financial review
Since 1 January 2011, the Charity has followed financial guidelines set out in an internal guidance manual, called 'A Money Handbook'. These guidelines recognise that all Charity income is designated as International Temples Project funds, and as such provides the funding for all of the Charity's activities.

The aims of the ITP are in general to introduce the Buddhist Faith of the New Kadampa Tradition publicly, and in particular to exemplify Buddhist practice through service to the public.

As previously reported, a principal ITP project for 2023-24 was essential renovations and improvements to the Charity's headquarters at Conishead Priory, Cumbria, UK, the 'mother Centre' for the International Kadampa Buddhist Union. This work progressed steadily throughout 2023 and 2024, with significant progress having been made in structural and infrastructure improvements as well as cosmetic improvements to the property.

Also in 2024, restoration work to the shrine and ornaments in the Temple at Manjushri Kadampa Meditation Centre was completed. Opened in 1997 and visited by thousands each year, this is the first time the shrine and artwork has been revitalised to ensure its beauty and significance to last for future generations.

International Temples Project funds in the form of an interest-free loan were made available to Vajrasattva KMC (Dumfries, UK), KMC Leeds (UK) and KMC Wales (UK), to assist with the renovations of new city-centre properties.

As detailed above, the ITP continued to fund the production of statues and other artwork in the Kadampa Art Studio for a number of city-centre Kadampa Meditation Centres. Total grants raised for the Kadampa Art Studio in 2024 amounted to £113,125.

A total of £44,799 was also given in gifts to Centres and £309,212 in interest-free loans in support of other ITP activities throughout the world.

Donations and legacies made to the Charity's International Temples Project Fund totalled £1,808,375 in 2024.

The trustees consider that providing interest-free loans rather than grants benefits the recipient NKT-IKBU Centres in a number of ways. It provides safe funding for projects, and allows time for Centre activities to become established without undue financial pressure; but at the same time it also helps create an attitude of financial independence and responsibility in the recipients, and encourages an appreciation of the ITP through the recognition that repayment of the loan will ensure that funds are available for future ITP projects.


NEW KADAMPA TRADITION -
INTERNATIONAL KADAMPA
BUDDHIST UNION (REGISTERED NUMBER: 02758093)

REPORT OF THE TRUSTEES
for the Year Ended 31 December 2024


FINANCIAL REVIEW
Principal funding sources
The principal funding sources for the Charity in 2024 included the surplus from the NKT-IKBU International Spring and Summer Festivals, and the surpluses from Tharpa Publications and Manjushri KMC

Reserves policy
The ITP accounts are reviewed fortnightly to ensure that sufficient funds are available to cover current running costs, and that there is a minimum of £75,000 available to replenish the funds in the Charity's daily running account (as set out in A Money Handbook).

The trustees are of the opinion that £750,000 is a comfortable level of free reserves in order to maintain the basic operations of the Charity, including required capital expenditure or servicing of any borrowing, and to provide some surety against adverse financial events such as unbudgeted expenditure or failure to achieve income targets. This level of reserve funds is reviewed annually by the trustees.

To ensure the Charity's ability to further its objects both in the UK and internationally, the trustees have designated funds for the development and support of International Temples Project activities worldwide. The trustees further consider that a reserve equal to the sum of one year's running costs plus three years of building, repair and maintenance costs is a suitable level to protect the Charity in case of adverse financial events. This figure is also reviewed annually by the trustees.

FUTURE PLANS
The Charity continues to offer material support for the development of NKT-IKBU Centres through its International Temples Project, including renovation projects on Charity-owned properties both in the UK and overseas.

The International Temples Project has plans to assist with the following renovation projects at the Charity's own property in Granada (Spain), at KMC Leeds (UK), at KMC Rio de Janeiro (Brazil) and at KMC Argentina (Buenos Aires).

Long-term plans also include the construction of traditional Kadampa Temples for World Peace in other parts of the world. We are actively looking for future locations,


NEW KADAMPA TRADITION -
INTERNATIONAL KADAMPA
BUDDHIST UNION (REGISTERED NUMBER: 02758093)

REPORT OF THE TRUSTEES
for the Year Ended 31 December 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The organisation is a company limited by guarantee, incorporated in 1992 and now operating under Memorandum and Articles of Association adopted in April 2007, when the organisation also adopted its present name (which is abbreviated to "NKT-IKBU" in this report).

In the event of the company being dissolved, each Member is required to contribute an amount not exceeding £10 towards the settlement of any outstanding debts, liabilities and costs.

The company is registered as a charity, and is established, organised and operated exclusively for religious purposes. There are four trustees, who are the Directors of the company. Two of the trustees are directly elected as such by the Members of the charity, and two are ex-officio posts. The ex-officio posts are occupied by the General and Deputy Spiritual Directors of the charity, who again are elected as such by the Members. An elected trustee's term of office is two years, with re-election possible.

The Members of the charity are:
(a) all incorporated NKT-IKBU Buddhist Centres throughout the world; and
(b) all the Resident Teachers of unincorporated NKT-IKBU Buddhist Centres
throughout the world.

Until his passing in December 2022 the membership of the Charity also included the Founder (and sole Subscriber to the original 1992 Memorandum and Articles) of the Charity, namely Venerable Geshe Kelsang Gyatso.

Organisational structure
The charity has a two-tier structure with policy-setting and strategic decision-making being the responsibility of the trustees, and the implementation of procedures and day-to-day operational management being the responsibility of a team of executive officers. In June 2024, Kelsang Lhachog (Kathryn Charles) was asked to move to Australia to search for property for a Temple and therefore resigned from her position as Deputy Secretary. Following her resignation, Kelsang Rabchog (Neil Branthwaite) was appointed as her successor.

Decision making
The trustees make all the major decisions of the charity, and under their direction the central daily administrative tasks are carried out by a team of executive officers.

Induction and training of new trustees
All trustees are already familiar with the practical work of the charity before their appointment, having undertaken similar duties within the charity or within a related organisation. Other present and former trustees are also available to help a new trustee with his or her responsibilities and duties.

Key management remuneration
Each remunerated officer or member of staff of the charity receives the same standard staff remuneration from the charity. This standard staff remuneration applies across all departments within the charity and to all offices of the charity including the office of General Spiritual Director.

The level of the standard staff remuneration of the charity accords with the principle of Buddhist practice through public service. It is reviewed from time to time by the Finance Committee of the charity and any changes must be approved by special resolution of the charity in general meeting.


NEW KADAMPA TRADITION -
INTERNATIONAL KADAMPA
BUDDHIST UNION (REGISTERED NUMBER: 02758093)

REPORT OF THE TRUSTEES
for the Year Ended 31 December 2024


STRUCTURE, GOVERNANCE AND MANAGEMENT
Wider network
All Member Centres of the NKT-IKBU are independent legal entities, bound together firstly by the common spiritual lineage called the "New Kadampa Tradition" of Buddhism, and secondly by membership of the charity. The General Spiritual Director ('GSD') of the NKT-IKBU is also the Spiritual Director of each Member Centre.

NKT- IKBU and all Member Centres are bound by and follow, guidelines known as A Moral Discipline Guide: The Internal Rules of the New Kadampa Tradition - International Kadampa Buddhist Union (the 'Internal Rules'), the purpose of which is
-to help maintain and improve the spiritual development of all Dharma
Centres of the NKT-IKBU, generation after generation.
-to help maintain a close and supportive relationship between all Dharma
Centres of the NKT-IKBU
-to help resolve any dispute that might arise within any Dharma Centre of
the NKT-IKBU; and
-to help facilitate the day-to-day running and spiritual management of the
NKT-IKBU

In accordance with the Internal Rules, three of the executive officers of the charity; the General Secretary and Deputy Secretary, and the Secretary of the General Spiritual Director support Member Centres in their spiritual and material development.

Related parties
In furtherance of the charity's objects of promoting the Buddhist faith through the development of Kadampa Buddhism worldwide, interest-free loans are made to Member Centres as outlined in the Financial Review section above. Charity owned properties are also made available to be used by Member Centres often on a rent-free basis, for similar reasons of assisting the Member Centre's development without undue external financial pressures.

Donations to the charity's International Temples Project Fund are also received from Member Centres. As these are completely discretionary, donations received from Member Centres are not disclosed separately in the accounts.

Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

The trustees of the charity meet regularly to review the major risks to which the charity is exposed, and they have established procedures to mitigate such risks.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
02758093 (England and Wales)

Registered Charity number
1015054

Registered office
Conishead Priory
Priory Road
Ulverston
Cumbria
LA12 9QQ

NEW KADAMPA TRADITION -
INTERNATIONAL KADAMPA
BUDDHIST UNION (REGISTERED NUMBER: 02758093)

REPORT OF THE TRUSTEES
for the Year Ended 31 December 2024

Trustees
Heather C. Wright (aka Kelsang Dekyong), appointed on 01 August 2009
Henry F. Shefveland (aka Kelsang Jampa), appointed on 10 January 2016
Lisa Marie Devine (aka Kelsang Phachog), appointed on 5 August 2021
Mary Estelle Cansdale, appointed 29 November 2023

Executive Officers
The daily central administrative tasks of the charity are carried out by the four main executive officers, as follows:
General Secretary - Stephen Paul Cowing
Deputy Secretary - Kathryn Charles (aka Kelsang Lhachog), resigned September 2024, Neil Branthwaite (aka Kelsang Rabchog) appointed September 2024
Secretary of the General Spiritual Director - Lisa McGovern (aka Kelsang Ringyal)
Treasurer - Linda Cay (aka Kelsang Maitri) (resigned) 21 January 2024, Lisa Klusendorf (aka Kelsang Zangmo), appointed 22 January 2024

Company Secretary
S P Cowing

Auditors
RFM Audit Services LLP, Statutory Auditor
Unit 1, Guest House Farm
Runshaw Lane
Euxton
Chorley
Lancashire
PR7 6HD

Bankers
Barclays Bank PLC, 86-90 Dalton Road, Barrow-in-Furness, Cumbria, LA14 1JF
CCLA Investment Management Ltd, COIF Charity Funds, 80 Cheapside, London, EC2V 6DZ

STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of New Kadampa Tradition - International Kadampa Buddhist Union for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

-select suitable accounting policies and then apply them consistently;
-observe the methods and principles in the Charity SORP;
-make judgements and estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


NEW KADAMPA TRADITION -
INTERNATIONAL KADAMPA
BUDDHIST UNION (REGISTERED NUMBER: 02758093)

REPORT OF THE TRUSTEES
for the Year Ended 31 December 2024


STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
In so far as the trustees are aware:

-there is no relevant audit information of which the charitable company's
auditors are unaware; and
-the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

AUDITORS
The auditors, RFM Audit Services LLP, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 23 July 2025 and signed on its behalf by:





Ms H C Wright - Trustee

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NEW KADAMPA TRADITION -
INTERNATIONAL KADAMPA
BUDDHIST UNION (REGISTERED NUMBER: 02758093)

Opinion
We have audited the financial statements of New Kadampa Tradition - International Kadampa Buddhist Union (the 'charitable company') for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NEW KADAMPA TRADITION -
INTERNATIONAL KADAMPA
BUDDHIST UNION (REGISTERED NUMBER: 02758093)


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Trustees has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.

Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NEW KADAMPA TRADITION -
INTERNATIONAL KADAMPA
BUDDHIST UNION (REGISTERED NUMBER: 02758093)


Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, is detailed below.

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with the trustees and other management, and from our commercial knowledge and experience of the religious activities sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, Charities Act 2011, taxation legislation and data protection, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:


-
making enquiries of management as to where they considered there was
susceptibility to fraud, their knowledge of actual, suspected and alleged
fraud; and

-
considering the internal controls in place to mitigate risks of fraud and
non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias and investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance; and
- enquiring of management as to actual and potential litigation and claims.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NEW KADAMPA TRADITION -
INTERNATIONAL KADAMPA
BUDDHIST UNION (REGISTERED NUMBER: 02758093)

- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the charity’s legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Sarah Flynn FCA (Senior Statutory Auditor)
for and on behalf of RFM Audit Services LLP, Statutory Auditor
Unit 1, Guest House Farm
Runshaw Lane
Euxton
Chorley
Lancashire
PR7 6HD

23 July 2025

NEW KADAMPA TRADITION -
INTERNATIONAL KADAMPA
BUDDHIST UNION

STATEMENT OF FINANCIAL ACTIVITIES
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)
for the Year Ended 31 December 2024

2024 2023
Unrestricted Restricted Total Total
funds funds funds funds
Notes £    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 2 1,762,652 45,723 1,808,375 368,939

Charitable activities 4
International Festivals 2,258,448 - 2,258,448 3,044,728
Tharpa Publications 343,547 - 343,547 303,877
Manjushri Kadampa Meditation Centre
870,735

-

870,735

746,285
Shop and World Peace Cafe 455,479 - 455,479 422,351
Kadampa Art Studio and Internet 146,632 - 146,632 72,832
Properties Income 77,203 - 77,203 96,946

Investment income 3 5,639 - 5,639 3,986
Total 5,920,335 45,723 5,966,058 5,059,944

EXPENDITURE ON
Charitable activities 5
Grants Payable 157,724 200 157,924 64,808
International Festivals 569,316 3,614 572,930 967,982
Tharpa Publications 263,219 785 264,004 216,970
Manjushri Kadampa Meditation Centre
1,195,945

31,587

1,227,532

1,423,972
Kadampa Art Studio and Internet 225,770 19,462 245,232 279,782
Properties Expenditure 92,167 - 92,167 156,215
International Kadampa Development 728,175 5,646 733,821 652,743
Total 3,232,316 61,294 3,293,610 3,762,472

NET INCOME/(EXPENDITURE) 2,688,019 (15,571 ) 2,672,448 1,297,472


RECONCILIATION OF FUNDS
Total funds brought forward 41,599,863 34,742 41,634,605 40,337,133

TOTAL FUNDS CARRIED FORWARD 44,287,882 19,171 44,307,053 41,634,605

NEW KADAMPA TRADITION -
INTERNATIONAL KADAMPA
BUDDHIST UNION (REGISTERED NUMBER: 02758093)

STATEMENT OF FINANCIAL POSITION
31 December 2024

2024 2023
Unrestricted Restricted Total Total
funds funds funds funds
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 13 31,932,808 - 31,932,808 31,801,461
Investments 14 2,109 - 2,109 2,109
31,934,917 - 31,934,917 31,803,570

CURRENT ASSETS
Stocks 15 690,197 - 690,197 454,677
Debtors 16 12,336,928 - 12,336,928 13,548,462
Investments 17 138,146 - 138,146 144,787
Cash at bank 5,432,816 19,171 5,451,987 1,601,793
18,598,087 19,171 18,617,258 15,749,719

CREDITORS
Amounts falling due within one
year

18

(4,355,734

)

-

(4,355,734

)

(5,455,625

)

NET CURRENT ASSETS 14,242,353 19,171 14,261,524 10,294,094

TOTAL ASSETS LESS CURRENT
LIABILITIES

46,177,270

19,171

46,196,441

42,097,664

CREDITORS
Amounts falling due after more
than one year

19

(1,889,388

)

-

(1,889,388

)

(463,059

)

NET ASSETS 44,287,882 19,171 44,307,053 41,634,605
FUNDS 22
Unrestricted funds 44,287,882 41,599,863
Restricted funds 19,171 34,742
TOTAL FUNDS 44,307,053 41,634,605

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.


The financial statements were approved by the Board of Trustees and authorised for issue on 23 July 2025 and were signed on its behalf by:





H C Wright - Trustee

NEW KADAMPA TRADITION -
INTERNATIONAL KADAMPA
BUDDHIST UNION

STATEMENT OF CASH FLOWS
for the Year Ended 31 December 2024

2024 2023
Notes £    £   

Cash flows from operating activities
Cash generated from operations 1 3,947,611 2,267,391
Interest paid (168,702 ) (150,432 )
Net cash provided by operating
activities

3,778,909

2,116,959

Cash flows from investing activities
Purchase of tangible fixed assets (384,060 ) (3,062,597 )
Sale of tangible fixed assets - 155,981
Interest received 5,639 3,986
Transfer of funds held on deposit 6,641 3,209
Net cash used in investing activities (371,780 ) (2,899,421 )

Cash flows from financing activities
New bank loans in year 2,475,000 -
Bank loan repayments in year (1,845,301 ) (996,400 )
New concessionary loans in year - 1,330,423
Concessionary loan repayments in year (186,634 ) -
Net cash provided by financing
activities

443,065

334,023

Change in cash and cash
equivalents in the reporting
period


3,850,194


(448,439


)
Cash and cash equivalents at
the beginning of the reporting
period


1,601,793


2,050,232
Cash and cash equivalents at
the end of the reporting
period


5,451,987


1,601,793

NEW KADAMPA TRADITION -
INTERNATIONAL KADAMPA
BUDDHIST UNION

NOTES TO THE STATEMENT OF CASH FLOWS
for the Year Ended 31 December 2024

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
2024 2023
£    £   
Net income for the reporting period (as per the
Statement of Financial Activities)

2,672,448

1,297,472
Adjustments for:
Depreciation charges 252,713 174,240
Loss on disposal of fixed assets - 20,548
Interest received (5,639 ) (3,986 )
Interest paid 168,702 150,432
Increase in stocks (235,520 ) (45,435 )
Decrease in debtors 1,211,534 382,484
(Decrease)/increase in creditors (116,627 ) 291,636
Net cash provided by operations 3,947,611 2,267,391


2. ANALYSIS OF CHANGES IN NET DEBT

At 1/1/24 Cash flow At 31/12/24
£    £    £   
Net cash
Cash at bank 1,601,793 3,850,194 5,451,987
1,601,793 3,850,194 5,451,987

Liquid resources
Deposits included in cash - - -
Current asset investments 144,787 (6,641 ) 138,146
144,787 (6,641 ) 138,146

Debt
Debts falling due within 1 year (4,975,945 ) 983,264 (3,992,681 )
Debts falling due after 1 year (463,059 ) (1,426,329 ) (1,889,388 )
(5,439,004 ) (443,065 ) (5,882,069 )
Total (3,692,424 ) 3,400,488 (291,936 )

NEW KADAMPA TRADITION -
INTERNATIONAL KADAMPA
BUDDHIST UNION

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2024

1. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

There are no material uncertainties about the charity’s ability to continue.

PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS
In accordance with Regulation 19 of The Charities (Accounts and Reports) Regulations 2008, individually and in aggregate, each of the subsidiary undertakings are not material for the purposes of giving a true and fair view.

On this basis, the financial statements contain information about New Kadampa Tradition - International Kadampa Buddhist Union as an individual charity and do not contain consolidated financial information as the parent of a group.

CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
Critical accounting judgements and key sources of estimation uncertainty made by trustees and management in preparing these financial statements which also have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include:

- Depreciation and impairment of fixed assets
- Impairment provisions for concessionary loans made to centres

INCOME
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance of a festival, course, retreat or for provision of other specified service it is deferred until the criteria for income recognition are met.

Donated goods, services and facilities
Donated goods, professional services and facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised.


NEW KADAMPA TRADITION -
INTERNATIONAL KADAMPA
BUDDHIST UNION

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024

1. ACCOUNTING POLICIES - continued

INCOME
On receipt, donated goods, professional services and facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.



Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

EXPENDITURE
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Irrecoverable VAT
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Grants payable
Grants offered subject to conditions which have not been met at the statement of financial position date are noted as a commitment but not accrued as expenditure.

ALLOCATION AND APPORTIONMENT OF COSTS
Support costs that cannot be directly attributed to a specific activity are apportioned across all relevant activities on the basis of time spent on each activity by NKT administrative employees.

TANGIBLE FIXED ASSETS
Tangible fixed assets are capitalised at cost. The costs of property repairs, replacement and maintenance are written off as they are incurred. The charity onlycapitalises items costing more than £10,000.

Depreciation isprovided soas to write off the cost of fixed assets to their estimated residual values over their expected useful lives, as follows:

Freehold property-Land is not depreciated
Listed buildings - Straight line over 350 years

Non-listed buildings - Straight line over 80
years

Other land and buildings - Straight line over
25-50 years

Long leasehold

-
Straight line over 80 years, or lease period if
shorter
Fixtures and
fittings

-

15% on reducing balance
Motor vehicles-Straight line over 4 years

NEW KADAMPA TRADITION -
INTERNATIONAL KADAMPA
BUDDHIST UNION

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024

1. ACCOUNTING POLICIES - continued

TANGIBLE FIXED ASSETS

Depreciation is charged on a monthly basis from the calendar month following acquisition or on the bringing into use of the asset, whichever is the later. A full month is charged in the month of disposal.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less impairment.

Fixed assets and investments are subject to review for impairment when there is an indication of a reduction in their carrying value.

Anyimpairment is recognised in the year in which it occurs in the corresponding SOFA category.

Current asset investments
Current asset investments are measured at cost and comprise of cash balances set aside in separate bank accounts for specific restricted purposes.

STOCKS
Stock is included at the lower of cost or net realisable value after making due allowance for obsolete and slow moving items. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

TAXATION
The charity is exempt from corporation tax on its charitable activities.

FUND ACCOUNTING
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

FOREIGN CURRENCIES
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

FINANCIAL INSTRUMENTS
Concessionary loans
The charity meets the definition of a Public Benefit Entity ("PBE") and applies the measurement provisions of FRS 102 paragraphs PBE34.89-PBE34.97 to all its concessionary loans.

NEW KADAMPA TRADITION -
INTERNATIONAL KADAMPA
BUDDHIST UNION

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024

1. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS

Other financial instruments
The charity has adopted Sections 11 and 12 of FRS 102 in respect of financial instruments that are not concessionary loans.

Financial assets
Basic financial assets, including trade and other receivables, cash and bank balances are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in income or expenditure.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in income or expenditure.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest.

NEW KADAMPA TRADITION -
INTERNATIONAL KADAMPA
BUDDHIST UNION

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024

1. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS

Impairment
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in income or expenditure.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in income or expenditure.

2. DONATIONS AND LEGACIES
2024 2023
£    £   
Donations 497,677 366,189
Legacies 1,310,698 2,750
1,808,375 368,939

3. INVESTMENT INCOME
2024 2023
£    £   
Deposit account interest 5,639 3,986

4. INCOME FROM CHARITABLE ACTIVITIES
2024 2023
Activity £    £   
Festivals International Festivals 2,258,448 3,044,728
Tharpa Publications Tharpa Publications 343,547 303,877
Manjushri Centre
Activities

Manjushri Kadampa Meditation
Centre

870,735

746,285
Shop and World Peace
Cafe


Shop and World Peace Cafe

455,479

422,351
Kadampa Art Studio
Activities

Kadampa Art Studio and
Internet

146,632

72,832
Properties Income Properties Income 77,203 96,946
4,152,044 4,687,019


NEW KADAMPA TRADITION -
INTERNATIONAL KADAMPA
BUDDHIST UNION

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024

5. CHARITABLE ACTIVITIES COSTS
Grant
funding of
activities Support
Direct (see note costs (see
Costs 6) note 7) Totals
£    £    £    £   
Grants Payable - 157,924 - 157,924
International Festivals 560,982 - 11,948 572,930
Tharpa Publications 261,901 - 2,103 264,004
Manjushri Kadampa
Meditation Centre

1,196,079

-

31,453

1,227,532
Kadampa Art Studio and
Internet

239,822

-

5,410

245,232
Properties Expenditure 53,674 - 38,493 92,167
International Kadampa
Development

332,312

-

401,509

733,821
2,644,770 157,924 490,916 3,293,610

Included within International Kadampa Development support costs are exchange losses of £355,449 and a reduction in the provision for unrecoverable debts of £(198,710).

6. GRANTS PAYABLE
2024 2023
£    £   
Grants Payable 157,924 64,808
The total grants paid to institutions during the year was as follows:
2024 2023
£    £   
Gifts to Centres 157,924 64,808

Gifts to Centres include the following donations:

2024 2023
£ £
Grants for Kadampa Art Studio - 2024: 27 (2023: 11) 113,125 52,337
Gifts to Centres - 2024: 13 (2023: 5) 44,799 12,471
157,924 64,808


NEW KADAMPA TRADITION -
INTERNATIONAL KADAMPA
BUDDHIST UNION

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024

7. SUPPORT COSTS
Governance
Management Finance costs Totals
£    £    £    £   
International Festivals 9,479 - 2,469 11,948
Tharpa Publications 1,688 - 415 2,103
Manjushri Kadampa Meditation
Centre

17,303

9,643

4,507

31,453

Kadampa Art Studio and
Internet

4,292

-

1,118

5,410

Properties Expenditure 2,926 - 35,567 38,493
International Kadampa
Development

36,542

-

364,967

401,509

72,230 9,643 409,043 490,916

Activity Basis of allocation
Management NKT administrative employees
Finance NKT administrative employees
Governance costs NKT administrative employees

Within International Kadampa Development costs is a reduction in the provision for unrecoverable debts of £(198,710) included within management costs and exchange losses of £355,449, included within governance costs.

8. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 252,713 174,240
Deficit on disposal of fixed assets - 20,548
Exchange (gains)/losses 355,449 192,890
Provision for unrecoverable loans (198,710 ) 4,192

9. AUDITORS' REMUNERATION
2024 2023
£    £   
Fees payable to the charity's auditors for the audit
of the charity's financial statements

12,500

12,075

Audit-related assurance services 5,527 3,796

Total fees payable 18,027 15,871


NEW KADAMPA TRADITION -
INTERNATIONAL KADAMPA
BUDDHIST UNION

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024

10. TRUSTEES' REMUNERATION AND BENEFITS
2024 2023
£    £   
Trustees' salaries 8,064 8,136

As permitted by section 5.4 of the Memorandum of Association, during the year Heather C. Wright (aka Kelsang Dekyong) received the standard remuneration applicable to all officers and staff members of the charity amounting to £8,064 (2023: £8,136) for her role as a General Spiritual Director.

No other trustees' received any remuneration or benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.

TRUSTEES' EXPENSES

There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.


11. STAFF COSTS
2024 2023
£    £   
Wages and salaries 323,610 306,113
Other pension costs 32,875 32,614
356,485 338,727

The average monthly number of employees during the year was as follows:

2024 2023
Manjushri Centre 10 10
Tharpa Publications 4 5
Kadampa Art Studio and Internet 15 15
Kadampa Development 4 4
Support and Administration 6 5
39 39

No employees received emoluments in excess of £60,000.

All charity employees receive the same standard staff remuneration which applies across all departments and to all offices of the charity. The level of the standard staff remuneration of the charity accords with the principle of Buddhist practice through public service.

Volunteers
All aspects of the day to day functioning of Manjushri KMC, Conishead Priory, are run by members of the residential community together with volunteers from the extended community in the local area. The support of the community, as an expression of their service to the public, means that the charity can operate with relatively low staff numbers.


NEW KADAMPA TRADITION -
INTERNATIONAL KADAMPA
BUDDHIST UNION

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024

12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
funds funds funds
£    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 315,974 52,965 368,939

Charitable activities
International Festivals 3,044,728 - 3,044,728
Tharpa Publications 303,877 - 303,877
Manjushri Kadampa Meditation Centre
746,285

-

746,285
Shop and World Peace Cafe 422,351 - 422,351
Kadampa Art Studio and Internet 72,832 - 72,832
Properties Income 96,946 - 96,946

Investment income 3,986 - 3,986
Total 5,006,979 52,965 5,059,944

EXPENDITURE ON
Charitable activities
Grants Payable 64,808 - 64,808
International Festivals 965,254 2,728 967,982
Tharpa Publications 216,934 36 216,970
Manjushri Kadampa Meditation Centre
1,413,991

9,981

1,423,972
Kadampa Art Studio and Internet 277,723 2,059 279,782
Properties Expenditure 156,215 - 156,215
International Kadampa
Development

648,895

3,848

652,743
Total 3,743,820 18,652 3,762,472

NET INCOME 1,263,159 34,313 1,297,472
Transfers between funds 19,261 (19,261 ) -
Net movement in funds 1,282,420 15,052 1,297,472

RECONCILIATION OF FUNDS
Total funds brought forward 40,317,444 19,689 40,337,133

TOTAL FUNDS CARRIED FORWARD 41,599,864 34,741 41,634,605


NEW KADAMPA TRADITION -
INTERNATIONAL KADAMPA
BUDDHIST UNION

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024

13. TANGIBLE FIXED ASSETS
Fixtures
Freehold Long and Motor
property leasehold fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2024 29,489,468 2,865,942 476,975 36,984 32,869,369
Additions 288,879 - 95,181 - 384,060
At 31 December 2024 29,778,347 2,865,942 572,156 36,984 33,253,429
DEPRECIATION
At 1 January 2024 635,598 136,824 269,036 26,450 1,067,908
Charge for year 191,384 25,204 31,191 4,934 252,713
At 31 December 2024 826,982 162,028 300,227 31,384 1,320,621
NET BOOK VALUE
At 31 December 2024 28,951,365 2,703,914 271,929 5,600 31,932,808
At 31 December 2023 28,853,870 2,729,118 207,939 10,534 31,801,461

14. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
MARKET VALUE
At 1 January 2024 and
31 December 2024

2,109

NET BOOK VALUE
At 31 December 2024 2,109
At 31 December 2023 2,109

The net book value of investments comprises:
2024 2023
£ £
Investments in the UK - -
Investments outside the UK 2,109 2,109

The company's investments at the balance sheet date in the share capital of companies include the following:

New Kadampa Tradition KMC Spain S.L.
Registered office: Registered in Spain
Nature of business: Rental services
%
Class of share: holding
Ordinary 100
31/12/24 31/12/24
£    £   
Aggregate capital and reserves (125,985 ) (170,785 )
Profit for the year 16,622 675

NEW KADAMPA TRADITION -
INTERNATIONAL KADAMPA
BUDDHIST UNION

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024

14. FIXED ASSET INVESTMENTS - continued


The summary results for the year were as follows:
20242023
££
Gross income-675
Expenditure(16,622)-
Surplus/(Deficit)16,622675

15. STOCKS
2024 2023
£    £   
Goods for resale 690,197 454,677

16. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 119,909 25,402
Concessionary loans to Centres 11,843,431 12,416,401
VAT 9,937 28,266
Prepayments and accrued income 5,331 3,425
11,978,608 12,473,494
Amounts falling due after more than one year:
Concessionary loans to Centres 358,320 1,074,968

Aggregate amounts 12,336,928 13,548,462

Concessionary loans to centres are interest-free and stated after taking into consideration provisions against potentially unrecoverable debts of £602,986 (2023: £801,696). Loans repayable on demand are classed as current assets. Fixed term loans are repayable in full at a future date as stated within the loan agreements and are classed as current asset or long term assets as appropriate to the repayment date in each agreement.

Included within concessionary loans are loans for which the following securities have been pledged:
-£191,426 (2023: £193,410 loan to KMC Cape Town, South Africa, secured
against property owned by Tushita KBC
-£1,295,957 (2023: £1,295,957) loan to KMC Mexico, Mexico, secured
against property owned by KMC Mexico
-£1,549,816 (2023: £1,669,957) loan to KMC Stockholm, Sweden, secured
against property owned by Kadampa Meditationscenter Stockholm (KMC
Stockholm)
-£1,370,301 (2023: £1,370,301) loan to Nordic KMC, Norway, secured
against property owned by Nordisk Kadampa Meditasjonssenter (Nordic
KMC)

In line with the objectives and aims of the charity, the concessionary loans have been provided to other Centres in order to support those Centres to increase the Buddhist Faith throughout the world.


NEW KADAMPA TRADITION -
INTERNATIONAL KADAMPA
BUDDHIST UNION

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024

16. DEBTORS - continued

The concessionary loans to Centres, before provision for potentially unrecoverable debts is comprised of:

20242023
££
Loans due within one year - 2024: 29 (2023: 28)12,446,41813,218,097
Loans due after more than one year - 2024: 3 (2023:
5)

358,320

1,074,968
12,804,73814,293,065

17. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Cash held on deposit 138,146 144,787

Cash held on deposit relates to funds required by the Spanish Government to be set aside until the completion of the Spanish Temple Project. These funds are required to be held on deposit until approval has been granted by the Spanish Government that these funds can be released.

18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 20) 215,600 1,012,230
Other loans (see note 20) 3,777,081 3,963,715
Trade creditors 251,223 352,017
Other creditors 32,647 19,239
Accruals and deferred income 79,183 108,424
4,355,734 5,455,625

19. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 20) 1,889,388 463,059

20. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year on demand:
Bank loans 215,600 1,012,230
Concessionary loans 3,777,081 3,963,715
3,992,681 4,975,945
Amounts falling between one and two years:
Bank loans 1-2 years 240,784 170,542

NEW KADAMPA TRADITION -
INTERNATIONAL KADAMPA
BUDDHIST UNION

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024

20. LOANS - continued
2024 2023
£    £   
Amounts falling due between two and five years:
Bank loans 2-5 years 1,648,604 292,517

Concessionary loans are interest-free. Loans repayable on demand are classed as current liabilities. Fixed term loans are repayable in full at a future date as stated within the loan agreements and are classed as current liabilities or long term liabilities as appropriate to the repayment date in each agreement.


Concessionary loans is comprised of:
2024 2023
£ £
Other loans from Centres - 2024: 4 (2023: 5) 3,716,081 3,902,715
Loans from individuals - 2024: 3 (2023: 3) 61,000 61,000
3,777,081 3,963,715

21. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 2,104,988 1,475,289

Secured bank loans is comprised of two term loans:
£ Loan date Term Interest rate
476,748 29 August 2012 15 years 3.18% over base
1,628,24
0

19 July 2024

5 years

2.20% over base

Properties with a combined net book value of £11,657,460 have been pledged as security against secured debts.

22. MOVEMENT IN FUNDS
Net
movement At
At 1/1/24 in funds 31/12/24
£    £    £   
Unrestricted funds
General funds 36,914,863 2,688,019 39,602,882
Designated Funds 4,685,000 - 4,685,000
41,599,863 2,688,019 44,287,882
Restricted funds
Other Funds 34,742 (15,571 ) 19,171

TOTAL FUNDS 41,634,605 2,672,448 44,307,053

NEW KADAMPA TRADITION -
INTERNATIONAL KADAMPA
BUDDHIST UNION

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024

22. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General funds 5,920,335 (3,232,316 ) 2,688,019

Restricted funds
Other Funds 45,723 (61,294 ) (15,571 )

TOTAL FUNDS 5,966,058 (3,293,610 ) 2,672,448


Comparatives for movement in funds

Net Transfers
movement between At
At 1/1/23 in funds funds 31/12/23
£    £    £    £   
Unrestricted funds
General funds 33,405,366 1,263,158 2,246,339 36,914,863
Designated Funds 6,912,078 - (2,227,078 ) 4,685,000
40,317,444 1,263,158 19,261 41,599,863
Restricted funds
Other Funds 19,689 34,314 (19,261 ) 34,742

TOTAL FUNDS 40,337,133 1,297,472 - 41,634,605

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General funds 5,006,979 (3,743,821 ) 1,263,158

Restricted funds
Other Funds 52,965 (18,651 ) 34,314

TOTAL FUNDS 5,059,944 (3,762,472 ) 1,297,472

NEW KADAMPA TRADITION -
INTERNATIONAL KADAMPA
BUDDHIST UNION

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024

22. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Net Transfers
movement between At
At 1/1/23 in funds funds 31/12/24
£    £    £    £   
Unrestricted funds
General funds 33,405,366 3,951,177 2,246,339 39,602,882
Designated Funds 6,912,078 - (2,227,078 ) 4,685,000
40,317,444 3,951,177 19,261 44,287,882
Restricted funds
Other Funds 19,689 18,743 (19,261 ) 19,171

TOTAL FUNDS 40,337,133 3,969,920 - 44,307,053

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General funds 10,927,314 (6,976,137 ) 3,951,177

Restricted funds
Other Funds 98,688 (79,945 ) 18,743

TOTAL FUNDS 11,026,002 (7,056,082 ) 3,969,920

Restricted Income Funds
Other Funds
Other Funds are to account for monies received in respect of small projects.

Unrestricted Income Funds
Designated Fund
To ensure the charity's ability to further its objects both in the UK and internationally, the trustees have designated funds for the development and support of International Temples Project activities worldwide. The trustees further consider reserves equal to one year's running costs and three years of building repair and maintenance costs a suitable level to protect the charity in case of adverse financial events. This is reviewed annually by the trustees.

General Fund
The general unrestricted fund represents free funds of the charity which can be applied at the discretion of the trustees.


NEW KADAMPA TRADITION -
INTERNATIONAL KADAMPA
BUDDHIST UNION

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024

23. RELATED PARTY DISCLOSURES

New Kadampa Tradition KMC Spain S.L.
Subsidiary

At 31 December 2024 £nil (2023: £1,274,745) was owed by New Kadampa Tradition KMC Spain S.L. before taking into consideration a provision against potentially unrecoverable debts of £nil (2023: £170,785).

Key management personnel compensation
The total key management personnel compensation for the year was 31,184 (2023: £31,631).

Income from trustees and key management personnel
Income from trustees and key management personnel for retained sponsorship costs for the year was £22,750 (2023: £25,235).

Other income from trustees and key management personnel was £852 (2023: £730).

24. ULTIMATE CONTROLLING PARTY

The charity is controlled by its members.

25. FINANCIAL INSTRUMENTS

The charity has the following financial instruments:

2024 2023
£ £
Financial assets that are debt instruments measured
at amortised cost

Trade debtors 119,909 25,402
Concessionary loans to Centres (after provision for
potential unrecoverable debts)

12,804,738

13,548,462
Cash held on deposit 138,146 144,787
13,062,793 13,718,651

Financial liabilities measured at amortised cost
Bank loans (2,104,988 ) (1,475,289 )
Other loans - Concessionary loans (3,777,081 ) (3,963,715 )
Trade creditors (251,223 ) (352,017 )
(6,133,302 ) (5,791,021 )