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2020-12-31-accounts

Company number: 3245152 Charity number: 1059323

The Terton Sogyal Trust

(A Charity Company Limited by Guarantee, company number 3245152)

Financial Statements and Trustees' Report

for the year ended 31 December 2020

Document Ref: PNA7N-KB6OP-NNLUJ-WPZ4O

Page 1 of 17

(A Charity Company Limited by Guarantee, company number 3245152)

Index to the Financial Statements for the year ended 31 December 2020

AT The Terton Sogyal Trust

Page
Index to the Financial Statements 2
Charitable company Information 3
Trustees' Report 4 - 6
Statement of Trustees' Responsibilities 7
Independent Examiner's Report 8
Statement of Financial Activities 9
Statement of Financial Postion 10
Statement of Cash Flows 11
Accounting Policies 12
Notes to the Accounts 13 - 16
The following pages do not form part of the statutory accounts.
Summary of Restricted and Endowment Funds 17

Page 2

Document Ref: PNA7N-KB6OP-NNLUJ-WPZ4O

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(A Charity Company Limited by Guarantee, company number 3245152)

AT The Terton Sogyal Trust

Charitable company Information for the year ended 31 December 2020

Status:

The Terton Sogyal Trust is a company limited by guarantee and a registered charity governed by its memorandum and articles of association. The directors of the charity are its trustees for the purposes of charity law and throughout this report are collectively referred to as the trustees.

Charity name: The Terton Sogyal Trust
Company registration number: 3245152
(England & Wales)
Charity registration number: 1059323
Registered office: 4B Printing House Yard
Hackney Road
London
E2 7PR
Operations address: 330 Caledonian Road
London
N1 1BB
Trustees who held office Fiona Feather
during the year: Averil Schram
Independent Examiner: Anthony Armstrong FCA
Armstrong & Co
Chartered Accountants & Statutory Auditor
4a Printing House Yard
Hackney Road
London E2 7PR
Solicitors: Withers LLP
16 Old Bailey
London
EC4M 7EG
Bankers: Barclays Bank plc
193 Camden High Street
London
NW1 7PJ

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Document Ref: PNA7N-KB6OP-NNLUJ-WPZ4O

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(A Charity Company Limited by Guarantee, company number 3245152)

AT The Terton Sogyal Trust

Trustees' Report, incorporating the Directors' Report for the year ended 31 December 2020

The Trustees of The Terton Sogyal Trust present their report together with the financial statements for the year ended 31 December 2020.

The financial statements have been prepared in accordance with the accounting policies set out in the ‘Notes to the Financial Statements’ and comply with the Trust’s Memorandum and Articles of Association, the Companies Act 2006, 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 2015).

Structure, Governance & Management

The Terton Sogyal Trust is a company limited by guarantee, incorporated on 3 September 1996 and registered as a charity on 6 May 2015. The company was established under a Memorandum of Association which established the objects and powers of the company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1 each.

Trustees

The Trustees of the charity who held office during the year are disclosed on page 3.

At the beginning of the year the trusteeship was maintained by the incumbent trustees, Philip Phillipou, Paul Brusa and Tim Synge until the month of November 2019 when they stepped down from their role. Subsequently on 26th November the trusteeship was taken on by two new trustees Fiona Feather and Averil Schram.

The trustees have the power to appoint any person to be a trustee either to fill a casual vacancy or as an addition to the existing trustees. The trustees manage the business of the trust. At every AGM one-third of the trustees and who are among the longest serving may put themselves forward for re-appointment. The Articles of Association of the Trust provides for a minimum of two and a maximum of seven trustees

At the quarterly trustee’s meeting, the trustees agree the board strategy and areas of activity for the Trust, including consideration of fundraising, investment, reserves and risk management policies and performance. The day-to-day administration of investments, donations and expenditures were delegated to the Finance Director until these responsibilities were assumed by the new trustees.

Objectives and Activities

The objects of the Trust are the promotion and advance of Buddhism in all parts of the world and in any manner that is charitable in law.

The aims of the Trust are:

The objectives for the year are shaped by these strategic aims namely:

The Trust looks to achieve its strategic aims and carry out its operational objectives of the year through partnerships with institutions, in particular the Rigpa organisation, an international network of Buddhist charities with centres and groups in 23 countries around the world.

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Document Ref: PNA7N-KB6OP-NNLUJ-WPZ4O

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(A Charity Company Limited by Guarantee, company number 3245152)

AT The Terton Sogyal Trust

Trustees' Report, incorporating the Directors' Report for the year ended 31 December 2020

Achievements & Performance

During the year the Trust continued to support a number of projects, namely:

The Endowment Fund

The Endowment Capital Fund is a specific fund within the Trust reflecting bequests and donations held in perpetuity with associated investment income and charges shown in the Endowment Income Fund. Income generated from endowments are applied to the most important projects designated by the board of trustees.

The Global Fund

This is a generalised fund to promote and advance the Buddhist teachings in all parts of the world, in any manner that is charitable in law, and within The Terton Sogyal Trust’s charitable objectives, as prioritised by the board of trustees. This fund provides full flexibility in allocating bequests to their greatest effect and benefit.

The Rigpa Scholarship Fund

The focus on this fund is the development of the ‘inner temple’ – the body of practitioners, scholars and teachers that will uphold Dharma traditions for the benefit of students throughout the world, both now and long into the future.

The Wisdom Culture of Tibet

This project supports Tibetan Buddhist monasteries, masters, spiritual practices and social programmes in India and the Himalayan regions, in a concerted effort to keep the great wisdom culture of Tibet alive.

The Lerab Ling Institute of Wisdom & Compassion

The Lerab Ling Institute of Wisdom & Compassion is situated near to Montpellier in the South of France. Lerab Ling is the spiritual heart centre of the worldwide Rigpa organisation. At Lerab Ling, Rigpa’s major international teaching programmes are held each summer, and Sogyal Rinpoche’s most sacred Buddhist paintings, images and relics from Tibet are enshrined. It is here that a modern Institute of Wisdom and Compassion has been developed, including a College of Buddhist Studies and practising spiritual community.

The Dzogchen Beara Retreat & Spiritual Care Centre

The Dzogchen Beara Retreat & Spiritual Care Centre is situated near to Cork in southwest Ireland. Dzogchen Beara is the principal long-term retreat centre for Rigpa students worldwide. Its spectacular location and outstanding natural beauty make it a particularly powerful place for retreat and contemplation and for healing and renewal. These qualities have also made Dzogchen Beara home to Rigpa’s Spiritual Care Programme, where the Buddhist teachings on care for the dying are studied, practised and applied in practical ways to help those facing serious illness and death.

The Publications Fund

The fund serves to maintain the operating transactions relating to a publications department that produces literature and journals associated with the promotion of Buddhism.

The General Fund

This fund maintains transactions relating to the general administration of the Trust. 5% of all donations received by the Trust are credited to the General Fund in order to cover administration costs. At the trustees’ discretion surplus fund balances on the General Fund are transferred back into active projects according to the Trust’s reserves policy.

Financial Review

The Trust is reliant principally on income from donations and bequests. During the year total donations and gift aid recoverable amounted to £23,824 (2019: £17,944) and £2,782 (2019: £3,252) in income from reserves held on investment.

Expenditure through donations to the Trust’s main projects amounted to £20,972 (2019: £39,429) for the year. The Trust expended £5,576 (2019: £11,445) on administration and associated charitable expenditure.

The Trust also made foreign exchange profits of £48,239 (2019: losses £5,559).

Net income during the year amounted to £51,667 (2019: expenditure £6,311).

Additionally, the General Fund was allocated a net £1,276 (2019: £935) from other funds in respect of administration costs incurred on their behalf. The transfer was based on 5% of donations (2019: 5%).

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Document Ref: PNA7N-KB6OP-NNLUJ-WPZ4O

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(A Charity Company Limited by Guarantee, company number 3245152)

AT The Terton Sogyal Trust

Trustees' Report, incorporating the Directors' Report for the year ended 31 December 2020

Reserve Policy

The trustees aim to maintain free reserves in unrestricted funds at a level that equates to approximately six months of unrestricted charitable expenditure.

Investment Policy

The Trust’s policy for investment during 2020 will, due to the constraints of Brexit, take into account an obligatory change of fund managers. The policy is to place all assets into cash pending identification of a secure new investment platform. Any future fund investments remain under the guidance of the Investment Committee made up of specialist advisors who contribute their expertise in relation to investment policy and macro-economic trends.

Risks Management

The trustees have considered the major risks to which the Trust is exposed and have reviewed those risks and established systems and procedures to manage those risks.

Plans for the Future

The Trust remains focussed on ensuring continued good governance, risk management and implementation of the investment policy. The search for a third Trustee to complement the Board will continue. Consideration will be given to how the process of grant-making can be widened in the future to ensure a far-reaching contribution to the preservation and spread of the Buddhist teachings.

Independent Examiner

The Independent Examiner, Anthony Armstrong FCA of Armstrong & Co, Chartered Accountant and Statutory Auditor, has indicated his willingness to be proposed for re-appointment.

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

The financial statements were approved by the Board of Trustees on 26 October 2021 and signed on its behalf by:

Fiona Feather Trustee

Page 6

Document Ref: PNA7N-KB6OP-NNLUJ-WPZ4O

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(A Charity Company Limited by Guarantee, company number 3245152)

AT The Terton Sogyal Trust

Statement of Trustees' Responsibilities for the year ended 31 December 2020

The trustees (who are the directors of The Terton Sogyal Trust for the purpose of company law) are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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

The trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 and charity legislation. 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.

Page 7

Document Ref: PNA7N-KB6OP-NNLUJ-WPZ4O

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(A Charity Company Limited by Guarantee, company number 3245152)

AT The Terton Sogyal Trust

Independent Examiner's Report to the Trustees of The Terton So al Trust gy

I report on the accounts of The Terton Sogyal Trust for the period from 1 January 2020 to 31 December 2020, which are set out on pages 9 to 16.

This report is made solely to the trustees as a body in accordance with section 145 of the Charities Act 2011 (the Charities Act) and regulations made under section 154 of that Act. My examination has been undertaken so that I might state to the trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the trustees as a body, for my examination, for this report, or for the opinions I have formed.

Respective responsibilities of trustees and examiner

As described on page 7, the trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144 of the the Charities Act and that an independent examination is needed.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

Basis of independent examiner's statement

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention which gives me cause to believe that in, any material respect:

I have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Anthony Armstrong FCA, Independent Examiner of Armstrong & Co Chartered Accountants & Statutory Auditor

4a Printing House Yard Hackney Road London E2 7PR

Dated: 26 October 2021

Page 8

Document Ref: PNA7N-KB6OP-NNLUJ-WPZ4O

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(A Charity Company Limited by Guarantee, company number 3245152)

FS The Terton Sogyal Trust

Statement of Financial Activities

incorporating the income and expenditure account for the year ended 31 December 2020

Notes
Income and endowments from:
Donations and legacies
3
Investments
4
Other income
5
Total income
Expenditure on:
Charitable activities
6
Total expenditure
Surplus/(deficit) on operations
Net gains/(losses) on investments
8
Transfers between funds
15
Net movement in funds
Reconciliation of funds:
Total funds brought forward
12
Total funds carried forward
11
Net income/(expenditure) for the year		 2020
Total Funds
£
23,824
2,782
48,239
74,845
26,548
26,548
48,297
3,370
51,667
-
51,667
1,167,952
1,219,619		 2019
Unrestricted
~~Funds~~		 Restricted
~~Funds~~		 Endowment
~~Funds~~		 Total Funds
£
-
179
-
179
5,309
5,309
(5,130)
-
(5,130)
1,276
(3,854)
17,926
14,072		 £
23,824
2,105
-
25,929
20,972
20,972
4,957
-
4,957
(1,276)
3,681
820,314
823,995		 £
-
498
48,239
48,737
267
267
48,470
3,370
51,840
-
51,840
329,712
381,552		 £
17,944
4,006
-
21,950
57,482
57,482
(35,532)
41,843
6,311
-
6,311
1,161,641
1,167,952

All incoming resources and resources expended are derived from continuing activities.

There are no gains and losses other than those noted above and therefore no separate statement of total recognised gains and losses has been prepared.

The statement of financial activities incorporates an income and expenditure account.

The accompanying accounting policies and notes form an integral part of these financial statements.

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Document Ref: PNA7N-KB6OP-NNLUJ-WPZ4O

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(A Charity Company Limited by Guarantee, company number 3245152)

The Terton Sogyal Trust

Statement of Financial Postion as at 31 December 2020

Notes
Fixed assets:
Investments
8
Total fixed assets
Current assets:
Debtors
9
Cash at bank and In hand
10
Total current assets
Net current assets/(liabilities)
Total net assets
The funds of the charity:
Endowment funds
Restricted income funds
13
Unrestricted funds
15
Total charity funds
16		 £
£
-
-
12,218
1,207,401
1,219,619
1,219,619
1,219,619
381,552
823,995
14,072
1,219,619
31 December 2020		 31 December 2019 31 December 2019
£
12,218
1,207,401
1,219,619		 £
1,100
449,721
450,821		 £
717,131
717,131
450,821
1,167,952
329,712
820,314
17,926
1,167,952

The directors are satisfied that the company is entitled to exemption from audit under Section 477 of the Companies Act 2006 and that no member or members have requested an audit pursuant to section 476 of the Act.

The directors acknowledge their responsibilities for:

(i) ensuring that the company keeps proper accounting records which comply with Section 386 of the Companies Act 2006; and

(ii) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of the financial year and of its surplus or deficit for the financial year in accordance with the requirements of Section 394 and 395 of the Companies Act 2006, and which otherwise comply with the requirements of this act relating to accounts, so far as applicable to the charitable company.

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard 102.

The financial statements were approved by the Board of Trustees on 26 October 2021 and signed on its behalf by:

Fiona Feather Trustee

The notes on pages 12 to 16 form part of these accounts.

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Document Ref: PNA7N-KB6OP-NNLUJ-WPZ4O

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The Terton Sogyal Trust

(A Charity Company Limited by Guarantee, company number 3245152)

Statement of Cash Flows

for the year ended 31 December 2020

Notes
Cash flows from operating activities:
Net cash provided by/(used in) operating activities
1
Cash flows from investing activities:
Dividends, interest and rents from investments
Proceeds from sale of investments
Net cash provided by/(used in) investing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting period
2
Cash and cash equivalents at the end of the reporting period
2
Notes to the Cash Flow Statement
1)
Adjustments for:
(Gains)/losses on investments
Dividends, interest and rents from investments
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by/(used in) operating activities
2)
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
Reconciliation of net income/(expenditure) to net cash flow from
operating activities
Net income/(expenditure) for the reporting period (as per the statement of financial
activities)		 2020
£
34,397
2,782
720,501
723,283
757,680
449,721
1,207,401
2020
£
51,667
(3,370)
(2,782)
(11,118)
-
34,397
2020
£
1,207,401
1,207,401		 2019
£
(32,679)
4,006
-
4,006
(28,673)
478,394
449,721
2019
£
6,311
(41,843)
(4,006)
13,941
(7,082)
(32,679)
2019
£
449,721
449,721

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Document Ref: PNA7N-KB6OP-NNLUJ-WPZ4O

Page 11 of 17

The Terton Sogyal Trust (A Charity Company Limited by Guarantee, company number 3245152)

Accounting Policies

for the year ended 31 December 2020

Basis of preparation

The financial statements have been prepared in accordance with:

Public benefit entity

The charitable company meets the defination of a public benefit entity under FRS 102.

Going concern

The trustees consider that there are no material uncertainties about the charitable company's ability to continue to operate and accordingly the accounts have been prepared on a going concern basis.

Foreign currency transactions

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date or the transaction. Where material all differences are taken to the statement of financial activities.

The financial statements are prepared in sterling, which is the functional currency of the charitable company, apart from the investment portfolio which is invested in UK based investments denominated in Euros (€) and US Dollars ($) and converted to their Sterling equivalent at the accounting periods end. Monetary amounts in these financial statements are rounded to the nearest £.

Income recognition

Income is recognised when the charity has a contractual or other right to its receipt, it is probable that the income will be received and that the amount can be measured reliably. Income with conditions attached to its receipt is recognised when those conditions have been fulfilled.

Income from royalties is included in income on receipt.

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.

Endowment funds

Endowment funds are restricted funds which are capital in nature. Permanent endowments exist where there is no power to convert the capital into income. The funds can reduce where there are decreases in value, either by losses or depreciation, of assets represented by the funds.

Restricted Funds

Restricted funds are to be used for specified purposes as laid down by the funder. Direct and support expenditure which meets these criteria are identified to the fund together with a fair allocation of other costs.

Unrestricted Funds

Unrestricted funds are funds received which have no restrictions placed on their use and are available as general funds.

Allocation of costs

Costs are allocated directly to projects where they can be identified as relating solely to that project. Other costs are allocated between the projects based on criteria determined by the nature of the expense.

Investments

Investments are shown in the balance sheet at closing market value. Surpluses or deficits on valuation are credited or charged to the statement of financial activities.

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Document Ref: PNA7N-KB6OP-NNLUJ-WPZ4O

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F The Terton Sogyal Trust (A Charity Company Limited by Guarantee, company number 3245152)

Notes to the Accounts

for the year ended 31 December 2020

1 Incoming resources

The incoming resources and surplus are attributable to the principal activities of the charity.

2 Net incoming resources

Net incoming resources 2020 2019
Net incoming resources are stated after charging: £ £
Independent Examiner's fees - reporting service 1,440 1,440
Independent Examiner's fees - other services 3,420 3,420
Trustees' emoluments - -

Trustees' emoluments

Emoluments include salaries, fees, bonuses, expense allowances and estimated non-cash benefits receivable. All trustees serve in a voluntary capacity and do not receive payment for their services.

3
Income from donations and legacies
Donations
Gift Aid recoverable
4
Income from investments
Royalties
Dividend income
Interest receivable
5
Other income
Foreign exchange gains
6
Expenditure on charitable activities
Grants and awards paid
Office costs
Sundry expenses
Bank charges
Investment management charges
Legal & professional fees
Accountancy & bookkeeping
Foreign exchange losses		 Unrestricted
£
-
-
-
Unrestricted
£
-
-
179
179
Unrestricted
£
-
-
Unrestricted
£
-
544
-
61
-
504
4,200
-
5,309		 Restricted
£
12,881
10,943
23,824
Restricted
£
1,704
498
401
2,603
Restricted
£
48,239
48,239
Restricted
£
20,972
-
-
-
267
-
-
-
21,239		 2020
Total
£
12,881
10,943
23,824
2020
Total
£
1,704
498
580
2,782
2020
Total
£
48,239
48,239
2020
Total
£
20,972
544
-
61
267
504
4,200
-
26,548		 2019
Total
£
17,944
-
17,944
2019
Total
£
755
2,188
1,063
4,006
2019
Total
£
-
-
2019
Total
£
39,429
939
405
81
1,049
5,820
4,200
5,559
57,482

Grants and awards paid in the year 2020 amounted to £20,972 and comprised:

Global Fund - Lotswana House - JKCL Collected Works project - £16,667 DZ Beara Development Fund - Temple - £1,273 DZ Beara Development Fund - General - £1,213 Lerab Ling Institute Fund - General - £1,819

Grants and awards paid in the year 2019 amounted to £39,429 and comprised:

Global Fund - Lotswana House - JKCL Collected Works project - £16,667 Endowment Income Fund - Rigpa Lerab Ling - Treasury of Wisdom Online Platform Project - £22,762

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(A Charity Company Limited by Guarantee, company number 3245152)

F The Terton Sogyal Trust

Notes to the Accounts

for the year ended 31 December 2020

7 Trutees remuneration

No remuneration was paid to any Trustee or their associates for services as a trustee during the year ended 31 December 2020 nor to 31 December 2019.

8
9
10
11
**12 **		 Investments
Market value
As at 1 January 2020
Disposals
Net investment gains/(losses)
As at 31 December 2020
Debtors: amounts falling due within one year
Gift Aid recoverable
Bank and cash in hand
Reserve accounts
US Dollar accounts
Euro accounts
Investment accounts
Current account
The funds of the charity: current year 2020
Restricted funds
Endowment funds
Restricted income funds
Total restricted funds
Unrestricted funds
General funds
Total unrestricted funds
The funds of the charity: prior year 2019
Restricted funds
Endowment funds
Restricted income funds
Total restricted funds
Unrestricted funds
General funds
Total unrestricted funds		 Opening
balance
£
329,712
820,314
1,150,026
17,926
1,167,952
Opening
balance
£
315,057
818,182
1,133,239
28,402
1,161,641		 Resources
arising
£
48,737
25,929
74,666
179
74,845
Resources
arising
£
2,188
19,739
21,927
23
21,950		 currency
£
-
-
-
Resources
utilised
£
(267)
(20,972)
(21,239)
(5,309)
(26,548)
Resources
utilised
£
(29,376)
(16,672)
(46,048)
(11,434)
(57,482)		 2020
£
717,131
(720,501)
3,370
-
2020
£
12,218
12,218
2020
£
330,123
521
857,944
-
18,813
1,207,401
Other
movements
£
3,370
(1,276)
2,094
1,276
3,370
Other
movements
£
41,843
(935)
40,908
935
41,843		 2019
£
675,288
-
41,843
717,131
2019
£
1,100
1,100
2019
£
349,715
538
1,119
91,753
6,596
449,721
Closing
balance
£
381,552
823,995
1,205,547
14,072
1,219,619
Closing
balance
£
329,712
820,314
1,150,026
17,926
1,167,952

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Document Ref: PNA7N-KB6OP-NNLUJ-WPZ4O

Page 14 of 17

F The Terton Sogyal Trust

(A Charity Company Limited by Guarantee, company number 3245152)

Notes to the Accounts

for the year ended 31 December 2020

13 Restricted funds: current period 2020
Dzogchen Beara Development Fund
Endowment Capital Fund
Endowment Income Fund
Global Fund
Lerab Ling Institute Fund
Publications Fund
Rigpa Scholarship Fund
Wisdom Culture of Tibet Fund
14 Restricted funds: prior period 2019
Dzogchen Beara Development Fund
Endowment Capital Fund
Endowment Income Fund
Global Fund
Lerab Ling Institute Fund
Publications Fund
Rigpa Scholarship Fund
Wisdom Culture of Tibet Fund		 Opening
balance
£
7,340
163,526
166,186
287,355
11,254
34,143
356,893
123,330
1,150,026
Opening
balance
£
(3,780)
163,526
151,531
302,370
9,039
33,389
354,954
122,212
1,133,239		 Incoming
resources
£
8,941
-
48,737
2,485
6,159
1,722
2,834
3,788
74,666
Incoming
resources
£
11,705
-
2,188
1,720
2,331
798
2,017
1,168
21,927		 Resources
expended
£
2,486
-
267
16,667
1,819
-
-
-
21,239
Resources
expended
£
-
-
29,376
16,667
-
6
-
-
46,048		 Transfers &
gains/(losses)
£
(447)
-
3,370
(117)
(308)
(85)
(133)
(186)
2,094
Transfers &
gains/(losses)
£
(585)
-
41,843
(68)
(116)
(38)
(78)
(50)
40,908		 Closing
balance
£
13,348
163,526
218,026
273,056
15,286
35,780
359,594
126,932
1,205,547
Closing
balance
£
7,340
163,526
166,186
287,355
11,254
34,143
356,893
123,330
1,150,026

Restricted funds (continued)

Projects financed by restricted funds are supported by unrestricted funding where necessary. This occurs where the funding is in arrears or the incidence of expenditure on the project occurs disproportionately at the beginning of the project compared to the income flows. Where restricted projects end the year with a deficit, this is met by after year-end restricted income or transfers from unrestricted funds.

Full details of the restricted funds are given in the Trustees Report.

15 Transfers between funds
Restricted to general		 General
funds
1,276
1,276		 Designated
funds
-		 Restricted
funds
(1,276)
(1,276)		 Endowment
funds
-		 Total
-
-

The transfer from restricted to unrestricted funds represents the 5% charge on income to cover central administrative costs.

16 Net assets attributable to funds: current period
Current assets
Net assets represented by funds
17 Net assets attributable to funds: prior period
Tangible fixed assets
Current assets
Net assets represented by funds		 General
funds
14,072
14,072
General
funds
-
17,926
17,926		 Designated
funds
£
-
-
Designated
funds
£
-
-
-		 Restricted
funds
£
823,995
823,995
Restricted
funds
£
717,131
103,183
820,314		 Endowment
funds
£
381,552
381,552
Endowment
funds
£
-
329,712
329,712		 Total
£
1,219,619
1,219,619
Total
£
717,131
450,821
1,167,952

18 Taxation

The company is a registered charity. Accordingly, it is exempt from taxation in respect of income and capital gains to the extent that these are applied to its charitable objects.

19 Post balance sheet events

There were no significant post balance sheet events.

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F The Terton Sogyal Trust

(A Charity Company Limited by Guarantee, company number 3245152)

Notes to the Accounts

for the year ended 31 December 2020

20 Contingent liabilities

The charitable company had no material contingent liabilities at 31 December 2020 nor at 31 December 2019.

21 Related party transactions during the year

There were no transactions with related parties during the year.

22 Transactions with trustees

Operating expenses made on behalf of the charity totalling £Nil (2019: £388) were reimbursed to Trustees. There were no other material transactions with the trustees during the year.

23 Gifts in kind and volunteers

During the year the charitable company benefited from unpaid work performed by volunteers.

24 Company status

The company is limited by guarantee and has no share capital. The guarantors liability in the event the company is wound up is restricted to a maximum of £1 each.

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The Terton Sogyal Trust

Summary of restricted funds - Income & Expenditure For the year ended 31 December 2020

Income
Donations received
Gift aid tax recoverable
Royalties
Dividend income
Interest receivable
Other interest
Exchange gains
Total Income
Expenditure
Grants & awards paid
Bank charges & financials
Management fees
Legal & professional fees
Total Expenditures
Net income/(expenditure) before
gains/(losses) on investments
Net gains/(losses) on investments
Net income/(expenditure) for the year
Transfers between funds
Net movement in funds
Reconciliation of funds:
Funds brought Forward
Carried forward		 Endowment
Endowmwnt
Restricted
Restricted
Restricted
Restricted		 Endowment
Endowmwnt
Restricted
Restricted
Restricted
Restricted		 Restricted
Restricted
Capital
Income
Global
Rigpa
Scholarship
Wisdom
Culture of
Tibet
Lerab Ling
Institute		 Dzogchen
Beara
Development
Publications
£
£
£
£
£
£
-
-
1,356
2,115
852
3,837
-
-
995
541
2,875
2,316
-
-
-
-
-
-
-
498
-
-
-
-
-
-
134
178
61
6
-
-
-
-
-
-
-
48,239
-
-
-
-		 £
£
4,722
-
4,216
-
-
1,704
-
-
4
18
-
-
-
-
-
48,737
2,485
2,834
3,788
6,159		 8,941
1,722
-
-
16,667
-
-
1,819
-
267
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 2,486
-
-
-
-
-
-
-
-
267
16,667
-
-
1,819		 2,486
-
-
48,470
(14,182)
2,834
3,788
4,340
-
3,370
-
-
-
-		 6,455
1,722
-
-
-
51,840
(14,182)
2,834
3,788
4,340
-
-
(118)
(133)
(186)
(308)		 6,455
1,722
(447)
(85)
-
51,840
(14,300)
2,701
3,602
4,032
163,526
166,186
287,356
356,893
123,330
11,254		 6,008
1,637
7,340
34,143
163,526
218,026
273,056
359,594
126,932
15,286		 13,348
35,780
Endowment
381,552		 Restricted
823,995

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Signature Certificate

Document Ref.: PNA7N-KB6OP-NNLUJ-WPZ4O

Document signed by:

Fiona Feather

E-mail: fionafeather@hotmail.com Signed via link IP: 86.21.78.180 Date: 27 Oct 2021 12:00:09 UTC

Tony Armstrong

Verified E-mail: tony@armco.co.uk IP: 62.172.175.162 Date: 27 Oct 2021 20:25:57 UTC

Document completed by all parties on: 27 Oct 2021 20:25:57 UTC

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