OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-03-31-accounts

Docusign Envelope ID: 91531425-CF15-4080-A584-9E033E28DB01

Charity registration number 1037230

TIBET HOUSE TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

Docusign Envelope ID: 91531425-CF15-4080-A584-9E033E28DB01

TIBET HOUSE TRUST

CONTENTS

Page
Trustees' report 1 - 3
Statement of Trustees' responsibilities 4
Independent auditor's report 5 - 7
Statement of financial activities 8
Statement of financial position 9
Statement of cash flows 10
Notes to the financial statements 11 - 23

Docusign Envelope ID: 91531425-CF15-4080-A584-9E033E28DB01

TIBET HOUSE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Viscount Michael Cowdray
Mr Hansjorg Mayer
Mr Tenzin Kunga
Ms Yangkey Tsering (Appointed 6 November 2024)
Charity number 1037230
Principal address 1 Culworth Street
London
NW8 7AF
Auditor TC Group
5th Floor
3 Dorset Rise
London
EC4Y 8EN
Bankers Barclays Bank Plc
St Johns Wood Branch
40 WellingtonRoad
St John Wood
London
NW8 9TJ

Docusign Envelope ID: 91531425-CF15-4080-A584-9E033E28DB01

TIBET HOUSE TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2024

The Trustees present their annual report and financial statements for the year ended 31 March 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Trust's deed, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Objectives and activities

The Trust's objects are:

Consistent with the objectives of the Trust, the charitable activities undertaken by the Trust are aimed primarily at the education of Tibetan children in exile in India, studying in different Tibetan schools. They are also aimed at providing the stipend to monks and nuns in the study of Tibetan Buddhist philosophy and towards the care of the physically challenged and the elderly.

A calendar of events is prepared ahead in time for the following year to achieve over the months. These are discussed at the annual Trustees' Meeting. Estimated budgets for activities are presented by the Secretary and approved by the Trustees. The Trustees and the Secretary work closely to monitor the fund flow on a regular basis.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Trust should undertake. The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and agreeing the grant making policy for the next year.

The policies adopted in furtherance of the objects are as stated in the Trust Deed and there has been no change in these during the year.

Achievements and performance

The preservation and promotion of the Tibetan language and culture remain among the primary objectives of the Trust. In this regard, the Trust is pleased to highlight the successful operation of the London School for Tibetan Language and Culture. The school, which operates exclusively on Sundays, currently accommodates 55 students who travel from various parts of the United Kingdom to study the unique Tibetan language and culture. This initiative addresses a significant challenge faced by Tibetan communities living outside India, where children primarily communicate in their host country’s language both at school and in their daily lives.

To further support this mission, the Trust facilitates visits by experts and spiritual teachers who provide valuable insights into Tibetan religion, culture, and language during the school term. Additionally, the Trust extends financial assistance to Tibetan language schools in Bristol and Bournemouth to cover venue rental costs for their classrooms.

In line with its commitment to community engagement, the Trust organised its annual lecture on the topic Cognitive Process in Death and Bardo Transition. This free event was delivered by His Eminence Yangten Rinpoche at Regent’s College, London. It attracted a large audience, and to ensure wider accessibility, the video recording of the lecture was shared on the Trust’s social media platforms and YouTube channel.

The Trust’s annual activities, aligned with its core objectives, also include providing educational sponsorships for Tibetan students enrolled in various schools in India. Furthermore, the Trust offers financial aid and healthcare support to children with special needs and elderly members of the Tibetan community living in exile in care homes in India. Sponsors are regularly updated on the progress of their sponsored children through detailed reports and personal letters from the schools.

Docusign Envelope ID: 91531425-CF15-4080-A584-9E033E28DB01

TIBET HOUSE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Financial review

The Statement of Financial Activities set out on page 8 shows the Trust's income and expenditure for the year ended 31 March 2024.

Total income amounted to £145,697 (2023: £780,316) which comprises donations of £138,532 (2023: £779,004), together with investment income of £7,165 (2023: £1,312).

Total expenditure amounted to £688,627 (2023: £128,016). During the year, the Trust made donations to charitable institutions totalling £618,133 (2023: £115,485) and the related support costs were £51,042 (2023: net gain of £1,182). This is due to a loss of £15,767 made on foreign exchange movements and £35,275 of administrative costs set at 7% of the EC Grant. The costs of managing and administering the Trust, excluding support costs, were £19,452 (2023: £13,713).

The statement of financial position on page 9 shows the financial position as at 31 March 2024.

Total assets less liabilities amounted to £800,353 (2023: £1,343,283), which is represented by the accumulated balances on both the restricted and unrestricted income funds. The net current assets of the unrestricted income fund of £599,888 (2023: £575,900) represent funds held in order to meet the Trust's operating overheads and also funds received that have yet to be applied towards the Trust's charitable objectives. The Trust has several projects that it supports on an ongoing basis and it is therefore the Trust's policy to maintain sufficient unrestricted income reserves to ensure that these projects can continue to be supported in the event that the level of donations received is reduced for any reason.

Risk Management

The Trustees has assessed the major risks to which the Trust is exposed, and believe that maintaining the free reserves at the levels stated above, combined with an annual review of the controls over key financial systems, will provide sufficient resources in the face of adverse conditions. The Trustees have also examined other operational risks which they face and confirm they have established systems to mitigate any significant risks.

Plans for future periods

The Trustees will continue to adopt a policy of making regular donations to charitable causes, having regard to the level of the Trust's annual income from year to year. They regularly appraise new opportunities for direct charitable expenditure consistent with the Trust's overall charitable objectives.

Structure, governance and management

The Trust was established by a charitable Trust deed on 28 February 1994 and is a registered charity No. 1037230.

The Trustees who served during the year and up to the date of signature of the financial statements were:

Viscount Michael Cowdray Mr Hansjorg Mayer Mr Sonam Tsering Frasi (Resigned 6 November 2024) Mr Tenzin Kunga Ms Yangkey Tsering (Appointed 6 November 2024)

The statutory power of appointing new or additional Trustees is vested in the Trustees. An additional Trustee may be appointed at any time but the total number shall not be fewer than three nor more than seven.

Other than its Trustees, the day to day administration of the Trust is supported by unpaid staff provided by the Office of Tibet, London, including the Secretary. The Trustees are responsible solely for the consideration and authorisation of the charitable donations made by the Trust,

Docusign Envelope ID: 91531425-CF15-4080-A584-9E033E28DB01

TIBET HOUSE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

The Trustees' report was approved by the Board of Trustees.

.............................. Ms Yangkey Tsering Trustee 1/2/2025 Date: .............................................

Docusign Envelope ID: 91531425-CF15-4080-A584-9E033E28DB01

TIBET HOUSE TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2024

The Trustees are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources of the Trust for that year.

In preparing these accounts, the Trustees are required to:

The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Docusign Envelope ID: 91531425-CF15-4080-A584-9E033E28DB01

TIBET HOUSE TRUST

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF TIBET HOUSE TRUST

Opinion

We have audited the financial statements of Tibet House Trust (the ‘Trust’) for the year ended 31 March 2024 which comprise the statement of financial activities, the statement of financial position, the statement of cash flows and the 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, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Trust 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 Trust’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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Docusign Envelope ID: 91531425-CF15-4080-A584-9E033E28DB01

TIBET HOUSE TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF TIBET HOUSE TRUST

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, the Trustees 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 Trust’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 Trust or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 an auditor's report 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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach was as follows:

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matter

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

Docusign Envelope ID: 91531425-CF15-4080-A584-9E033E28DB01

TIBET HOUSE TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF TIBET HOUSE TRUST

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

TC Group

Statutory Auditor

4/2/2025 ......................... 5th Floor 3 Dorset Rise London EC4Y 8EN

Docusign Envelope ID: 91531425-CF15-4080-A584-9E033E28DB01

TIBET HOUSE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income from:
Donations
3
115,748
22,784
Investments
4
7,165
-
Total income
122,913
22,784
Expenditure on:
Charitable activities
Education, Religion
and Culture
5
31,046
27,607
Community
Development and
Empowerment
5
71,159
553,242
Health
5
5,573
-
Total charitable
expenditure
107,778
580,849
Net income/(expenditure)
before transfers
15,135
(558,065)
Gross transfers
between funds
8,853
(8,853)
Net movement in funds
23,988
(566,918)
Fund balances at 1 April 2023
575,900
767,383
Fund balances at 31 March
2024
599,888
200,465		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
138,532
45,325
733,679
7,165
1,312
-
145,697
46,637
733,679
58,653
40,299
39,870
624,401
4,512
26,176
5,573
7,159
10,000
688,627
51,970
76,046
(542,930)
(5,333)
657,633
-
495
(495)
(542,930)
(4,838)
657,138
1,343,283
580,738
110,245
800,353
575,900
767,383		 Total
2023
£
779,004
1,312
780,316
80,169
30,688
17,159
128,016
652,300
-
652,300
690,983
1,343,283

The statement of financial activities includes all gains and losses recognised in the year.

Docusign Envelope ID: 91531425-CF15-4080-A584-9E033E28DB01

TIBET HOUSE TRUST

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2024

2024 2023
Notes £ £ £ £
Fixed assets
Property, plant and equipment 10 6,055 8,073
Investments - 1
Programme related investments 11 56,670 56,670
62,725 64,744
Current assets
Trade and other receivables 13 7,176 13,601
Cash at bank and in hand 807,844 1,299,453
815,020 1,313,054
Current liabilities 14 (77,392) (34,515)
Net current assets 737,628 1,278,539
Total assets less current liabilities 800,353 1,343,283
Income funds
Restricted funds 15 200,465 767,383
Unrestricted funds 599,888 575,900
800,353 1,343,283
The financial statements were approved by the Trustees on ......................... The financial statements were approved by the Trustees on ......................... The financial statements were approved by the Trustees on .........................
1/2/2025

The financial statements were approved by the Trustees on .........................

.............................. WW .............................. 1 Mr Tenzin Kunga Ms Yangkey Tsering Trustee Trustee

Docusign Envelope ID: 91531425-CF15-4080-A584-9E033E28DB01

TIBET HOUSE TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

Notes
Cash flows from operating activities
Cash (absorbed by)/generated from
operations
20
Investing activities
Purchase of property, plant and equipment
Investment income received
Net cash generated from/(used in)
investing activities
Net (decrease)/increase in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Effect of foreign exchange rates
Cash and cash equivalents at end of year		 2024
£
£
(514,541)
-
7,165
7,165
(507,376)
1,299,453
15,767
807,844		 2023
£
£
686,653
(7,160)
1,312
(5,848)
680,805
621,931
(3,283)
1,299,453

Docusign Envelope ID: 91531425-CF15-4080-A584-9E033E28DB01

TIBET HOUSE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

Charity information

Tibet House Trust is a Charity registered in England & Wales. Its principal correspondence address is 1 Culworth Street, London, NW8 7AF. The nature of the charity's operations and principal activities are set out in the Trustees' Report.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Trust's deed, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The Trust is a Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the Trust's charitable objectives and to meet ongoing governance costs.

Restricted funds are subject to specific conditions imposed by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts.

1.4 Incoming resources

Income is recognised when the Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the Trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Docusign Envelope ID: 91531425-CF15-4080-A584-9E033E28DB01

TIBET HOUSE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.5 Resources expended

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Trust to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.

Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Trust.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount of grant payable.

Charitable activities includes expenditure associated with grants payable, support costs and governance costs.

Governance costs comprise all costs involving the public accountability of the Trust and its compliance with regulation and good practice.

The total support and governance costs attributable to charitable activities are apportioned pro rata to the cost of grants.

1.6 Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment

25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Non-current investments

Investments in subsidiaries and associates are all held at cost in the separate financial statements of the company.

A subsidiary is an entity controlled by the Trust. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

Docusign Envelope ID: 91531425-CF15-4080-A584-9E033E28DB01

TIBET HOUSE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.9 Financial instruments

The Trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Trust's balance sheet when the Trust becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including trade and other payables 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts 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 method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Trust’s contractual obligations expire or are discharged or cancelled.

1.10 Foreign exchange

Transactions denominated in foreign currencies are recorded at the rate ruling at the date of the transaction.

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. All differences are included in the statement of financial activities.

1.11 Programme related investments

Programme related investments are measured at fair value if this can be measured reliably otherwise they are at carried at cost less impairment.

The gain or loss arising on the disposal of program related investments are determined as the difference between the sale proceeds and the carrying value of the investments, and are recognised in net income/ (expenditure) for the year.

Docusign Envelope ID: 91531425-CF15-4080-A584-9E033E28DB01

TIBET HOUSE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

2 Critical accounting estimates and judgements

In the application of the Trust’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Programme related investments

Programme related investments are stated at cost. The trustees perform an impairment review of the social investments by taking into consideration the financial performance, macro-economic factors of the jurisdiction, micro-economic factors and the political landscape surrounding the investments. There is an inevitable degree of judgement involved and the accuracy of any impairment can only be ascertained when the trustees start the disinvestment process.

3 Donations

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2024 2024 2024 2023 2023 2023
£ £ £ £ £ £
Donations and gifts 115,748 22,784 138,532 45,325 733,679 779,004

4 Investments

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Interest receivable 7,165 1,312

Docusign Envelope ID: 91531425-CF15-4080-A584-9E033E28DB01

TIBET HOUSE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

5 Charitable activities

Education,
Religion and
Culture
Community
Development
and
Empowerment
£
£
Grant funding of activities (see note
6)
56,864
555,866
Support costs (see note 7)
-
51,042
Governance costs (see note 7)
1,789
17,493
58,653
624,401
Analysis by fund
Unrestricted funds
31,046
71,159
Restricted funds
27,607
553,242
58,653
624,401
For the year ended 31 March 2023
Unrestricted funds
40,299
4,512
Restricted funds
39,870
26,176
80,169
30,688		 Health
£
5,403
-
170
5,573
5,573
-
5,573
7,159
10,000
17,159		 Total
2024
£
618,133
51,042
19,452
688,627
107,778
580,849
688,627		 Total
2023
£
115,485
(1,182)
13,713
128,016
51,970
76,046
128,016

Docusign Envelope ID: 91531425-CF15-4080-A584-9E033E28DB01

TIBET HOUSE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

6
Grants payable
Education,
Religion and
Culture
Community
Development
and
Empowerment
£
£
Lhekshed Tshal School, Nepal
461
-
Department of Education, Central
Tibetan Administration, India
a) Sponsorship of Tibetan Students
3,262
-
b) Sponsorship of Tibetan Students
under STSS
8,196
-
Department of Religion and Culture,
Central Tibetan Administration, India -
Sponsorship of Monks and Nuns
492
-
Tibetan Children's Village, Dharamsala
a) Sponsorship of Tibetan Students
5,308
-
b) Donation for IT Education
3,750
-
Tibet Home Foundation, Mussoorie
a) Sponsorship to Tibetan Students
3,444
-
Tibetan Institute of Performing Arts,
India
a) Sponsorship of Artists
-
-
Sunday Tibetan School - UK
19,116
-
Strengthening Awareness about the
Panchen Lama Grant
249
-
Annual talk on Buddhism, Tibetan
Culture and History
4,128
-
Finnish - Tibetan Cultural Association
2,242
-
Central Tibetan Relief Committee,
Department of Home, Central Tibetan
Administration, India
a) Sponsorship of Elderly people
-
2,624
His Holiness Dalai Lama Religious &
Cultural Society, Tibetan Voluntary
Association, Tibetan Policy Institution,
Social and Resource Development and
Department of Information &
International Relations, India -
Tibetan Human Rights Programme
-
503,939
Tibetan Youth Employment Fund
-
49,303
Richardson Foundation
-
a) Sponsorship of students in India
6,000
-
Carried forward
56,648
555,866		 Health
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Total
2024
£
461
3,262
8,196
492
5,308
3,750
3,444
-
19,116
249
4,128
2,242
2,624
503,939
49,303
-
6,000
612,514		 Total
2023
£
-
3,386
7,980
804
4,600
6,250
3,228
156
16,102
22,036
5,170
1,732
2,312
26,176
-
-
-
99,932

Docusign Envelope ID: 91531425-CF15-4080-A584-9E033E28DB01

TIBET HOUSE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

6
Grants payable
Education,
Religion and
Culture
Community
Development
and
Empowerment
£
£
Brought forward
56,648
555,866
Tibetan Cholsum Society
a) Shalu Monastery for eldery stipend
216
-
Department of Health, Central Tibetan
Administration, India
a) Local clinics in remote Tibet
Settlements
-
-
b) Sponsorship of Disabled Children at
Ngoenga School
-
-
c) Delek Hospital Fund
-
-
f) COVID Donation to The Central
Tibetan Relief Commitee,India
-
-
56,864
555,866
7
Support and governance costs
Support
costs
Governance
costs
2024
£
£
£
Depreciation
-
2,018
2,018
Administration fees
35,275
-
35,275
(Gains)/losses on foreign
exchange
15,767
-
15,767
Audit fees
-
7,140
7,140
Travel and subsistence
-
-
-
Repairs and maintenance
-
10,000
10,000
Miscellaneous
-
168
168
Bank charges
-
126
126
51,042
19,452
70,494		 (Continued)
Health
Total
2024
Total
2023
£
£
£
-
612,514
99,932
-
216
216
-
-
10,000
4,683
4,683
4,668
720
720
620
-
-
49
5,403
618,133
115,485
Support
costs
Governance
costs
2023
£
£
£
-
2,691
2,691
2,101
-
2,101
(3,283)
-
(3,283)
-
8,950
8,950
-
1,200
1,200
-
236
236
-
424
424
-
212
212
(1,182)
13,713
12,531

The total support and governance costs attributable to charitable activities are first allocated to specific grants and then apportioned pro rata to the total cost of grants payable.

8 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or expense reimbursements during the year (2023: £Nil).

Docusign Envelope ID: 91531425-CF15-4080-A584-9E033E28DB01

TIBET HOUSE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

9 Employees

There were no employees during the year, instead the Trust relies on the unpaid staff provided by the Office of Tibet, London, including the Secretary.

10 Property, plant and equipment

Property, plant and equipment
Fixtures, fittings & equipment
£
Cost
At 1 April 2023 20,234
At 31 March 2024 20,234
Depreciation and impairment
At 1 April 2023 12,161
Depreciation charged in the year 2,018
At 31 March 2024 14,179
Carrying amount
At 31 March 2024 6,055
At 31 March 2023 8,073

11 Programme related investments

£
At 1 April 2023 and at 31 March 2024 56,670

The above investment comprises equity and preference shares held in Gang-Jong Development Finance PVT Limited (GF), a company incorporated in India. The primary objective of GF is to provide small business loans to Tibetans in India.

12 Financial instruments

Carrying amount of financial assets
Instruments measured at fair value through profit or loss
Carrying amount of financial liabilities
Measured at fair value through profit or loss
- Other financial liabilities		 2024
£
56,670
77,392		 2023
£
56,571
34,515

Docusign Envelope ID: 91531425-CF15-4080-A584-9E033E28DB01

TIBET HOUSE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

13
Trade and other receivables
Amounts falling due within one year:
Other receivables
Prepayments and accrued income
14
Current liabilities
Other payables		 2024
£
6,113
1,063
7,176
2024
£
77,392		 2023
£
13,601
-
13,601
2023
£
34,515

Docusign Envelope ID: 91531425-CF15-4080-A584-9E033E28DB01

TIBET HOUSE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

15 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

At 1 April Incoming Resources Monitoring Transfer At 31 March
2023 resources expended and from/(to) 2024
asministration unrestricted
fees fund
£ £ £ £ £ £
Dharma
Network Limited
Fund 93 - - - - 93
The Dalai Lama
Foundation
Canada Fund 58,846 - (49,303) - - 9,543
The PF
Charitable Trust
Fund 1,094 - - - - 1,094
Finnish-Tibetan
Cultural
Association
Fund 14,486 - (2,242) - - 12,244
The European
Commission
Fund 677,882 - (503,939) (35,276) 25,197 163,864
Sunday Tibetan
School Fund 1,106 16,784 (19,116) - 1,226 -
Strengthening
Awareness
about the
Panchen Lama
Grant 4,634 - (249) - - 4,385
The Richard
Foundation
Fund - 6,000 (6,000) - - -
Other Restricted
Funds 9,242 - - - - 9,242
767,383 22,784 (580,849) (35,276) 26,423 200,465

Docusign Envelope ID: 91531425-CF15-4080-A584-9E033E28DB01

TIBET HOUSE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

15 Restricted funds (Continued)
Previous year: At 1 April Incoming Resources Transfers Gains and At 31 March
2022 resources expended losses 2023
£ £ £ £ £ £
The Tibet
Charitable Trust
Fund - 10,000 (10,000) - - -
Dharma
Network Limited
Fund 93 - - - - 93
The Dalai Lama
Foundation
Canada Fund 58,846 - - - - 58,846
The PF
Charitable Trust
Fund 1,094 - - - - 1,094
Finnish-Tibetan
Cultural
Association
Fund 16,218 - (1,732) - - 14,486
The European
Commission
Fund - 704,553 (26,176) (2,101) 1,606 677,882
Sunday Tibetan
School Fund 3,663 13,545 (16,102) - - 1,106
Strengthening
Awareness
about the
Panchen Lama
Grant 21,089 5,581 (22,036) - - 4,634
Other Restricted
Funds 9,242 - - - - 9,242
110,245 733,679 (76,046) (2,101) 1,606 767,383

a) The Tibet Charitable Trust Fund - funding for health clinics under the Department of Health, Central Tibetan Administration.

b) Dharma Network Limited Fund - funding for an educational and health project for children in India and sponsorship for His Holiness the Dalai Lama's visit in the United Kingdom.

c) The Dalai Lama Foundation Canada Fund - funding for a Tibetan Youth Employment Project in South India.

d) The PF Charitable Trust Fund - funding received for sponsoring His Holiness the Dalai Lama's visit in the United Kingdom.

e) Finnish-Tibetan Cultural Association Fund - funding for providing educational, cultural and health projects in India.

f) The European Commission Fund - funding to defend and protect the Tibetan Human Rights Defenders in Tibet and the People’s Republic of China and enhance the Tibetan rights movement globally.

g) Sunday Tibetan School Fund - funding for Tibetan & Buddhist Classes in the United Kingdom.

h) Strengthening Awareness about Panchen Lama Grant - funding provided to raise awareness of the Panchen Lama.

j) The Richardson Foundation Fund - funding for five university students in India.

i) Other Restricted Funds - Other funds received from various donors for the support of Nyingtob Ling Handicap School, Dharamsala and a musical and cultural event named "Imagine - One Day".

Docusign Envelope ID: 91531425-CF15-4080-A584-9E033E28DB01

TIBET HOUSE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

16 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April Incoming Resources Transfers At 31 March
2023 resources expended 2024
£ £ £ £ £
General funds 575,900 122,913 (107,778) 8,853 599,888
Previous year: At 1 April Incoming Resources Transfers At 31 March
2022 resources expended 2023
£ £ £ £ £
General funds 580,738 46,637 (51,970) 495 575,900
Analysis of net assets between funds
Unrestricted Restricted Total
funds funds
2024 2024 2024
£ £ £
Fund balances at 31 March 2024 are represented by:
Property, plant and equipment 6,055 - 6,055
Programme related assets 56,670 - 56,670
Current assets/(liabilities) 537,163 200,465 737,628
599,888 200,465 800,353
Unrestricted Restricted Total
funds funds
2023 2023 2023
£ £ £
Fund balances at 31 March 2023 are represented by:
Property, plant and equipment 8,073 - 8,073
Investments 1 - 1
Programme related assets 56,670 - 56,670
Current assets/(liabilities) 511,156 767,383 1,278,539
575,900 767,383 1,343,283

17 Analysis of net assets between funds

18 Related party transactions

During the year, the Trust received donations of £nil (2023: £10,000) from the Tibet Charitable Trust, a charity of which Mr Hansjorg Mayer is also a Trustee.

Docusign Envelope ID: 91531425-CF15-4080-A584-9E033E28DB01

TIBET HOUSE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

19 Subsidiaries

Tibet House Limited was dissolved on 12 December 2023.

20
Cash generated from operations
2024
£
(Deficit)/surpus for the year
(542,930)
Adjustments for:
Investment income recognised in statement of financial activities
(7,165)
Foreign exchange differences
(15,767)
Loss on disposal of subsidiary
1
Depreciation and impairment of property, plant and equipment
2,018
Movements in working capital:
Decrease in trade and other receivables
6,425
Increase in trade and other payables
42,877
Cash (absorbed by)/generated from operations
(514,541)		 2023
£
652,300
(1,312)
-
-
2,691
8,749
24,225
686,653