Registration number 1014180
Triratna Sarana
Unaudited Trustees' report and financial statements
for the year ended 31 December 2023
Triratna Sarana
| Contents | |
|---|---|
| Page | |
| Legal and administrative information | 1 - 2 |
| Trustees' report | 3 - 7 |
| Independent Examiner's report | 8 |
| Statement of financial activities | |
| (incorporating income and expenditure account) | 9 |
| Balance sheet | 10 |
| Notes to the financial statements | 11 - 17 |
Triratna Sarana
Legal and administrative information
Trustees
The trustees who served during the year were as follows:
Cindy Bloom - Jvalamalini Alison Semple Wray - Punyamala Anne Denys - Samantabhadri Dee Margerison - Acalavajri Caroline Owen - Moksanandi Cornelia Remjin - Khemasiri Charity number 1014180 Charity address Tiratanaloka Aberclydach House Talybont-on-Usk BRECON LD3 7YS Independent Examiner M A Haigh FMAAT, ATT (Fellow) HardingRedmans Bridge House Court Road SWANAGE BH19 1DX Bankers Co-operative Bank PO Box 101 Balloon Street MANCHESTER M60 4EP Triodos Bank Deanery Road BRISTOL BS1 5AS Lloyds Bank Plc 32 Alcester Road Kings Heath BIRMINGHAM B13 8BA Nationwide Building Society Kings Park Road Moulton Park NORTHAMPTON NN3 6NW
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Triratna Sarana
Legal and administrative information (continued)
Bankers
CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Mailing KENT ME19 4JQ
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Triratna Sarana
Trustees' report for the year ended 31 December 2023
The trustees present their report and the financial statements for the year ended 31 December 2023.
Trustees
During 2023,the six Trustees of the charity remained unchanged and were as follows: Punyamala (Alison Semple Wray), Jvalamalini (Cindy Bloom), Acalavajri (Dee Margerison), Samantabhadri (Anne Rosemary Denys), Moksanandi (Caroline Owen) and Khemasiri (Cornelia Anna Marie Remjin).
Investment powers
The Trust Deed authorises the trustees to make and hold investments using the general funds of the charity, but no such investments are currently held.
Constitution, objectives and policies
The Charitable Trust is governed by its Trust Deed and its objects are the advancement of the Buddhist religion for the benefit of the public, by affording facilities to women to take advantage of retreat, training and ordination in the Buddhist religion, and also:
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to encourage members and others to live in accordance with the teachings of the Buddha;
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to support ordained members of the Triratna Buddhist Order and other duly ordained Buddhists, at the discretion of the Council of Triratna Sarana; and
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to maintain close links with, and work under the guidance of the Triratna Buddhist Order and in co-operation with other groups with the same objects. However there are no connected charities or organisations that have an influence over the activities held at Tiratanaloka Retreat Centre and at Akashavana (Retreat in Spain).
The policy of the Trust is to raise funds and invite contributions from others by any suitable method, but not to undertake any permanent trading activity. Its policy is also to provide financial assistance, to make grants and donations and to provide equipment and other material assets for the furtherance of the objects.
There have been no changes to the policy during the year.
Development, activities and achievements
Tiratanaloka retreats
The number of women days on Going for Refuge retreats run by Tiratanaloka in 2023 was 3,973 (residential) and 624 (online). For non - Going for Refuge retreats the number of woman days (residential only) was 768.
There were 224 retreat days (residential and online) offered by the team at Tiratanaloka in 2023, including the large 8 Guidelines Retreat at Adhisthana (191 in 2022).
A total of 670 places were taken on ordination training retreats (counting both residential and online retreats) at Tiratanaloka in 2023 (569 in 2022). The average number of women attending each longer Going for Refuge Retreat was 27.6, up from 25 in 2021 and 2022.
Akashavana retreats
The 3 month ordination retreat at Akashavana took place again in 2023.
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Triratna Sarana
Trustees' report
for the year ended 31 December 2023
.................... continued
Number of women days at Akashavana during 2023 was 2,832 at the Retreat Centre of which 907 were on non-ordination retreats.
In the community there were 841 women days.
At Akashavana 136 retreat days were run in 2023 and 157 retreat days are planned for 2024.
The number of women ordained at Akashavana in 2023 was 23.
Changes to teams:
at Tiratanaloka, Viryadhi, from Berlin, who was on a minister of religion visa needed to leave for family and personal reasons in December.
An van Eyck joined the team to work in an administrative support role. Carmen Burrel came to volunteer for 30 working days on a tourist visa. Pasadipa and others continue to help with cooking and cleaning.
at Akashavana, there were no changes to the team in 2023.
In 2023 there were a total of 41 (2022 - 49) women ordained into the Triratna Buddhist Order (outside of India). Public ordinations took place in the following countries: 15 were in the UK (including 5 Spanish women), 23 were in Spain, 3 were in Mexico.
In 2023 a total of 125 women from around the world (outside of India) asked for ordination (2022 - 130) and 26 (2022 - 35) women decided to withdraw their requests. This brings the number of women who have asked for ordination to 1,364 at the end of 2023 (2022 - 1,239). There are another c1,000 women who have asked for ordination in India.
New Retreat Centre for Tiratanaloka
This is a big project to move Tiratanaloka retreat centre to a larger property as the present property cannot provide enough training places for women wishing to join the Triratna Buddhist Order. We are fundraising for a bigger retreat centre so that we can run retreats for at least 60 people and house a community of 12. The name of the project is Tiratanaloka Unlimited.
Subhadramati remains the lead fundraiser for this project. We are aiming to raise £1.5 million.
Tiratanaloka is on the market with Savills - the price of the property was reduced from £1.5m to £1.35m. We have had two viewings with Savills in 2023.
We have seen 11 properties in the last year and over this period we have improved comparative analysis.
The trustees are very aware of the amount of work done on our behalf by both teams running Triratna Sarana and the teams running Tiratanaloka and Akashavana, and we would like to express our appreciation to all of them.
Ensuring our activities deliver our aims
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Triratna Sarana
Trustees' report
for the year ended 31 December 2023
.................... continued
We review our aims, objectives and activities each year. The review looks at what we have achieved and the outcomes of our work in the previous twelve months.
We have referred to the Charity Commission's general guidance on public benefit and in particular its supplementary guidance on the advancement of religion for the public benefit when reviewing our aims and objectives and in planning our future activities.
Financial review and going concern
Our reserves stand at £2,099,136 compared to £1,511,623 in 2022. Our Statement of Financial Activities for 2023 shows a net surplus of £587,513 (2022 surplus £304,117).
During the year we received £584,612 (2022 - £291,256) in respect of funding a new retreat centre and spent £42,253 (2022 - £18,831) in related costs. This money is held in a restricted fund for when a suitable location has been found.
We are not entitled to any future legacies, as far as we know. We did not make any payments to, or on behalf of, any trustees or any person connected with them, apart from travelling expenses to and from trustees meetings and when leading retreats.
The trustees have assessed the impact of the corona virus on the charity and consider that sufficient measures have been put in place to mitigate the risks which have been identified.
The trustees are of the opinion that the charity is a going concern and that there are no material uncertainties about the charity's ability to continue.
Risk management
Major operational and business risks have been identified and documented on a Risk Register. Ongoing steps to mitigate risks are listed and implemented in the running of the projects. Administrative procedures and reviews as well as maintaining reserves at current levels should provide sufficient resources in the event of adverse conditions.
Future developments
We are planning for 207 retreat days at Tiratanaloka in 2024. At Akashavana there are 157 retreat days planned for 2024.
Reserves policy
In line with the requirements from the Charity Commission, a contingency fund equivalent to two month's expenditure is required as available cash in the bank. The trustees have decided that this should be £25,000. In addition the trustees also require Tiratanaloka to have available £5,000 for emergency property repairs.
Statement of trustees' responsibilities
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Triratna Sarana
Trustees' report
for the year ended 31 December 2023
.................... continued
Charity law requires that the charity's trustees are responsible for the preparation of financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that period. In preparing financial statements giving a true and fair view, the trustees should follow best practice and:
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select suitable accounting policies and apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are required to comply with the duty in Section 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission, and in particular its supplementary guidance on the advancement of religion for the public benefit, when reviewing the charity's aims and objectives and in planning its future activities.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011.
The trustees 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.
Organisational structure
Tiratanaloka has a management committee who meet formally three times a year and also have regular informal meetings. They are responsible for overseeing the day-to-day running of the business. In 2023 five of the Tiratanaloka team were on the management committee for a full year. The team at Tiratanaloka consisted of the management committee (or ordination team), and two support team members.
Areas of practical responsibility are held by different members of the wider team, who manage themselves collectively. We had six external trustees in 2023. They meet with the management committee a minimum of three times a year. In terms of teaching and precepting, the ordination team shares skills and ideas for best practice with the wider Triratna Buddhist Community (formerly Friends of the Western Buddhist Order) through various networks.
There is a group known as the Akashavana Envisioning Group which is responsible for strategic planning and operation of the Akashavana retreat centre in Spain. In 2023 Vijayasri left this group which now comprises Maitreyi, Padmasuri, Moksanandi, Padmasakhi and Bodhipaksini.
Trustee induction and training
Trustees are familiar with the work of the retreat centres. They are experienced members of the Triratna Buddhist Order and most are private preceptors. Some of them have run a number of retreats in both Tiratanaloka and Akashavana, as well as having run their own retreats.
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Triratna Sarana
Trustees' report
for the year ended 31 December 2023
.................... continued
New trustees are invited to meet with another trustee or a member of the management committee to go over the following:
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spiritual responsibility;
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the charity's constitution;
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the legal role, responsibilities and liabilities of trustees;
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the specific duties of officers, secretary, treasurer and chairman; and
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-the current financial situation and how it is tracked.
All trustees are also given a hand book called 'The Effective Trustee - a guide for members of FWBO councils', which was produced by the European Chairmen's Assembly of the Triratna Buddhist Order and which outlines their duties and responsibilities.
This report was approved by the trustees on 28 August 2024 and signed on its behalf by
Jvalamalini - Cindy Bloom Trustee
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Triratna Sarana
Independent Examiner's report to the Trustees on the unaudited financial statements of the Triratna Sarana
I report on the accounts of the Trust for the year ended 31 December 2023 which are set out on pages 8 to 16.
Responsibilities and Basis of Independent Examiner's Report
As the Charity's trustees, you are responsible for the preparation of the accounts in accordance with the Charities Act 2011 ("the Act").
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all of the applicable directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent Examiner's Statement
The Charity's gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of the Association of Accounting Technicians.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
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. the accounting records were not kept in accordance with Section 130 of the Charities Act; or
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. the accounts did not accord with the accounting records; or
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. the accounts did 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 the report in order to enable a proper understanding of the accounts to be reached.
Bridge House Court Road SWANAGE BH19 1DX
MA Haigh FMAAT, ATT (Fellow) Harding Redmans Accountants
10 September 2024
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Triratna Sarana
| Statement of financial | activities (incorporating | activities (incorporating | the income and expenditure | the income and expenditure | the income and expenditure | the income and expenditure | the income and expenditure | account) |
|---|---|---|---|---|---|---|---|---|
| for the year ended 31 December 2023 | ||||||||
| Unrestricted | Restricted | Total | Total | |||||
| funds | funds | funds | funds | |||||
| 2023 | 2023 | 2023 | 2022 | |||||
| Incoming resources | Notes | £ | £ | £ | £ | |||
| Incoming resources from generated funds | ||||||||
| Voluntary income | 2 | 10,604 | 572,800 | 583,404 | 312,359 | |||
| Retreat income | 314,847 | - | 314,847 | 262,675 | ||||
| Bookshop sales | 9,597 | - | 9,597 | 6,637 | ||||
| Fundraising income | - | - | - | - | ||||
| Bank interest received | 2,583 | 817 | 3,400 | 221 | ||||
| Tax recoverable | 2,386 | 18,707 | 21,093 | 7,729 | ||||
| Exchange rate gain | - | - | - | 1,133 | ||||
| Sundry income | 3 | 12,371 | - | 12,371 | 9,620 | |||
| Total incoming resources | 352,388 | 592,324 | 944,712 | 600,374 | ||||
| Resources expended | ||||||||
| Charitable activities | ||||||||
| Community support | 71,967 | - | 71,967 | 61,154 | ||||
| Charitable donations and gifts | 2,031 | - | 2,031 | 1,233 | ||||
| Other charitable expenditure | 4 | 6,010 | 53,731 | 59,741 | 33,729 | |||
| Running costs (retreat centres) | 5 | 83,113 | - | 83,113 | 70,903 | |||
| Running costs (community) | 6 | 94,677 | 82 | 94,759 | 100,911 | |||
| Bookshop costs | 7,385 | - | 7,385 | 5,399 | ||||
| Other expenditure | ||||||||
| Fundraising costs | 7 | 6,950 | - | 6,950 | 1,255 | |||
| Management and administration | ||||||||
| of the charity | 8 | 12,144 | - | 12,144 | 9,953 | |||
| Governance costs | 9 | 19,109 | - | 19,109 | 11,720 | |||
| Total resources expended | 303,386 | 53,813 | 357,199 | 296,257 | ||||
| Net income/(expenditure) for the | year | 49,002 | 538,511 | 587,513 | 304,117 | |||
| Transfers between funds | (5,625 | ) | 5,625 | - | - | |||
| Net movement in funds | ||||||||
| for the year after transfers | 43,377 | 544,136 | 587,513 | 304,117 | ||||
| Total funds brought forward | 1,210,732 | 300,891 | 1,511,623 | 1,207,506 | ||||
| Total funds carried forward | 1,254,109 | 845,027 | 2,099,136 | 1,511,623 |
The notes on pages 10 to 16 form an integral part of these financial statements.
Page 9
Triratna Sarana
Balance sheet as at 31 December 2023
| 2023 | 2023 | 2022 | 2022 | ||||
|---|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |||
| Fixed assets | |||||||
| Tangible assets | 10 | 867,082 | 888,936 | ||||
| Current assets | |||||||
| Stocks | 7,009 | 7,266 | |||||
| Cash at bank and in hand | 1,307,159 | 689,750 | |||||
| 1,314,168 | 697,016 | ||||||
| Creditors: amounts falling | |||||||
| due within one year | 11 | (82,114 | ) | (74,329 | ) | ||
| Net current assets | 1,232,054 | 622,687 | |||||
| Total assets less current | |||||||
| liabilities | 2,099,136 | 1,511,623 | |||||
| Net assets | 2,099,136 | 1,511,623 | |||||
| The funds of the charity | |||||||
| Restricted funds | 13 | 845,027 | 300,891 | ||||
| Unrestricted funds | |||||||
| General fund | 13 | 1,224,109 | 1,180,732 | ||||
| Designated funds | 13 | 30,000 | 30,000 | ||||
| 1,254,109 | 1,210,732 | ||||||
| 2,099,136 | 1,511,623 |
Approved by the trustees on 28 August 2024 and signed on its behalf by
Jvalamalini - Cindy Bloom Trustee
The notes on pages 10 to 16 form an integral part of these financial statements.
Page 10
Triratna Sarana
Notes to the financial statements
for the year ended 31 December 2023
1. Accounting policies
The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year.
1.1. Basis of accounting
The financial statements are prepared under the historical cost convention and in accordance with United Kingdom Accounting Standards FRS 102, the Charities SORP (FRS 102) (Accounting and Reporting by Charities) and comply with the Charities Act 2011.
The trustees are of the view that the charity is a going concern.
1.2. Fund accounting
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
Designated funds are unrestricted funds earmarked by the trustees for particular purposes.
Restricted funds are subject to restrictions on their expenditure imposed by the donor or through terms of an appeal.
1.3. Incoming resources
All incoming resources are included in the Statement of Financial Activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
Voluntary income is received by way of grants, donations and gifts and is included in full in the Statement of Financial Activities when receivable. Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.
Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included in these accounts.
Investment income is included in the accounts in the year in which it is receivable.
Incoming resources from charitable trading activity are accounted for when earned.
Incoming resources from grants, where related to performance and specific deliverables, are accounted for as the charity earns the right to consideration by its performance.
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Triratna Sarana
Notes to the financial statements
for the year ended 31 December 2023
.................... continued
1.4. Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Costs of generating funds comprise the costs associated with attracting voluntary income.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those of an indirect nature necessary to support them.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include independent examination fees and accountancy fees and other 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. Costs relating to a particular activity are allocated directly.
1.5. Tangible fixed assets and depreciation
Fixed assets are stated at cost less accumulated depreciation. The costs of minor additions or those costing below £300 are not capitalised and charged in full to the Statement of Financial Activities in the year of acquisition.
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:
- Land and buildings 2% per annum straight line basis - Office furniture and equipment 25% per annum straight line basis - Furnishings and equipment 20% per annum straight line basis Motor vehicles - 25% per annum straight line basis
1.6. Stock
Stock is valued at the lower of cost and net realisable value.
1.7. Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the accounting date. Transactions in foreign currencies are recorded at the date of the transactions. All differences are taken to the Statement of Financial Activities.
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Triratna Sarana
Notes to the financial statements
for the year ended 31 December 2023
.................... continued
2 Voluntary income
| 2023 2022 Unrestricted Restricted Unrestricted Donations from individuals: 10,604 - 13,339 Bursaries - 6,389 - Retreat Dana - 1,323 - New Retreat - Tiratanaloka Unlimited - 565,088 - 10,604 572,800 13,339 3 Sundry income 2023 2022 Unrestricted Restricted Unrestricted Income generated from renewable heating incentive 10,196 - 9,620 Profit on disposal of vehicle 2,175 - - 12,371 - 9,620 4 Other charitable expenditure 2023 2022 Unrestricted Restricted Unrestricted Triratna Sarana Expenses 5,486 - 5,134 Training 524 - 983 Bursaries - 10,661 - Retreat Dana Expenses - 817 - New Retreat - Tiratanaloka Unlimited Expenses - 42,253 - 6,010 53,731 6,117 5. Running costs (retreat centres) 2023 Food (proportion) 42,522 Services including insurance, rates, water and heating (proportion) 40,591 83,113 |
Restricted - 6,018 1,746 291,256 299,020 Restricted - - - Restricted - - 7,274 1,507 18,831 27,612 2022 36,445 34,458 70,903 |
|---|---|
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Triratna Sarana
Notes to the financial statements
for the year ended 31 December 2023
.................... continued
| 6. | Running costs (community) | 2023 | 2023 | 2022 | 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Unrestricted | Restricted | |||||||||
| Food, household and shrine costs (proportion) | 16,455 | - | 12,963 | - | ||||||||
| Services including insurance, rates, | ||||||||||||
| water and heating (proportion) | 10,193 | - | 10,448 | - | ||||||||
| Motor and travel expenses | 14,611 | - | 17,152 | - | ||||||||
| Depreciation | 29,969 | 82 | 34,639 | 82 | ||||||||
| Repairs and maintenance | 23,275 | - | 25,627 | - | ||||||||
| Exchange rate difference | 174 | - | - | - | ||||||||
| 94,677 | 82 | 100,829 | 82 | |||||||||
| 7. | Fundraising costs | 2023 | 2022 | |||||||||
| Unrestricted | Unrestricted | |||||||||||
| Publicity | 6,950 | 1,255 | ||||||||||
| 8. | Administration costs | 2023 | 2022 | |||||||||
| Unrestricted | Restricted | Unrestricted | Restricted | |||||||||
| Office running costs | 12,144 | - | 9,953 | - |
None of the Trustees have been paid any remuneration or received any other benefits.
There are no employees of the charity.
9. Governance costs
| 2023 | 2022 | |
|---|---|---|
| Unrestricted | Unrestricted | |
| Independent Examiner's fee | 4,224 | 4,020 |
| Professional fee | 14,885 | 7,700 |
| 19,109 | 11,720 |
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Triratna Sarana
Notes to the financial statements for the year ended 31 December 2023
.................... continued
| 10 Tangible fixed assets Freehold Furnishings/ property equipment Cost At 1 January 2023 1,397,027 147,386 Additions - 651 At 31 December 2023 1,397,027 148,037 Depreciation At 1 January 2023 508,452 147,025 Charge for the year 28,007 157 At 31 December 2023 536,459 147,182 Net book values At 31 December 2023 860,568 855 At 31 December 2022 888,575 361 11. Creditors: amounts falling due within one year Bank credit card Accruals and deferred income 12. Analysis of net assets between funds Unrestricted Restricted funds funds Tangible fixed assets 861,360 5,722 Current assets 474,863 839,305 Current liabilities ) (82,114 - 1,254,109 845,027 |
Motor vehicles Total 32,841 1,577,254 7,546 8,197 40,387 1,585,451 32,841 688,318 1,887 30,051 34,728 718,369 5,659 867,082 - 888,936 2023 2022 2,732 1,454 79,382 72,875 82,114 74,329 Total funds 867,082 1,314,168 ) (82,114 2,099,136 |
|
|---|---|---|
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Triratna Sarana
Notes to the financial statements
for the year ended 31 December 2023
.................... continued
| 13. | Movement in funds | Incoming | Incoming | Outgoing | Outgoing | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| At 01.01.2023 | resources | resources | Transfers | At 31.12.2023 | |||||||||
| General reserve | 1,180,732 | 352,388 | (303,386 | ) | ) (5,625 |
1,224,109 | |||||||
| Designated funds | |||||||||||||
| Emergency property repair fund | 5,000 | - | - | - | 5,000 | ||||||||
| Contingency fund | 25,000 | - | - | - | 25,000 | ||||||||
| Total unrestricted funds | 1,210,732 | 352,388 | (303,386 | ) | ) (5,625 |
1,254,109 | |||||||
| Restricted funds | |||||||||||||
| Bookshop and Stupa appeal | 5,804 | - | (82 | ) | - | 5,722 | |||||||
| Retreat Bursary fund | 20,263 | 6,389 | (10,661 | ) | - | 15,991 | |||||||
| Retreat Dana fund | 2,399 | 1,323 | (817 | ) | - | 2,905 | |||||||
| Tiratanaloka Unlimited fund | 272,425 | 584,612 | (42,253 | ) | 5,625 | 820,409 | |||||||
| Total restricted funds | 300,891 | 592,324 | (53,813 | ) | 5,625 | 845,027 | |||||||
| Total funds | 1,511,623 | 944,712 | (357,199 | ) | - | 2,099,136 |
Purposes of funds
Restricted funds
The Bookshop and Stupa Appeal was established in 1997 in order to provide the community with these facilities and the funds are reduced by the depreciation charged on these facilities.
The Retreat Bursary fund was established in order to provide bursaries to enable those wishing to attend a retreat the financial means to do so and is funded by donations solely for this purpose.
The Retreat Dana fund is money received as gifts from retreatants following a retreat and is restricted in its use on future retreas.
The Tiratanaloka Unlimited Fund has been set up to raise money to build a new retreat centre.
Unrestricted funds
The general reserve represents the funds of the charity which are not designated for particular purposes.
The emergency property repair fund has been designated by the trustees for unforeseen major repairs to Tiratanolaka.
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Triratna Sarana
Notes to the financial statements
for the year ended 31 December 2023
.................... continued
The contingency fund has been designated by the trustees as being sufficient for two month's expenditure.
14. Related party transactions
Trustees expenses are included in the charge for office running costs as a part of administration costs. During the year a trustee was paid an aggregate total amount of £63 (2022 - £110) for reimbursement of expenses incurred.
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