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2023-12-31-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 2023

AT The Terton Sogyal Trust

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

Index to the Financial Statements for the year ended 31 December 2023

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

AT The Terton Sogyal Trust

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

Charitable company Information for the year ended 31 December 2023

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
Trustees who held office Averil Schram
during the year: Mark Da Silva
Ralph Hodgson
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

Page 3

AT The Terton Sogyal Trust

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

Trustees' Report, incorporating the Directors' Report

for the year ended 31 December 2023

The Trustees of The Terton Sogyal Trust present their report together with the financial statements for the year ended 31 December 2023.

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 Trust was held by the incumbent trustees Averil Schram, Mark Da Silva and Ralph Hodgson.

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. At every AGM one-third of the trustees and who are among the longest serving may put themselves forward for reappointment. The Articles of the Association of the Trust provides for a minimum of two and a maximum of seven trustees.

The trustees manage the business of the Trust. At the quarterly trustee’s meeting, the trustees agree the board strategy and areas of activity for the Trust. These include consideration of donations and expenditures, fundraising, investment, reserves and risk management policies and performance.

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.

Achievements & Performance

During the year the Trust made contributions towards various projects, namely: Light of Dharma grants, Lerab Ling temple maintenance, Mayumla’s cremation, Dzogchen Beara Temple, and the Lerab Ling Enlightenment Stupa.

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.

Page 4

AT The Terton Sogyal Trust

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

Trustees' Report, incorporating the Directors' Report

for the year ended 31 December 2023

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

Overhead and administrative costs are allocated to the funds in relation to the income earned on the fund. 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, legacies and gift aid recoverable amounted to £39,923 (2022: £23,671), and income from reserves held on investment and royalties generated £29,780 (2022: £21,329).

Expenditure through donations to the Trust’s main projects amounted to £101,906 (2022: £12,240) for the year. The Trust expended £4,981 (2022: £4,932) on administration and associated charitable activities and incurred foreign exchange losses of £14,352 (2022: £Nil).

The Trust made profits on investments of £20,753 (2022: losses £79,670).

Net movement in funds for the year was a deficit of £30,783 (2021: deficit £17,594).

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 2023 remained under the guidance of the Rigpa Endowment Investment Committee (REIC) made up of specialist advisors who contribute their expertise in relation to investment policy and macro-economic trends. During the year the Trust continued to invest through the existent secure investment platform, Interactive Brokers (IB). Through the committee and investment platform the Trust maintains a prudent investment policy, with continued transparency regarding actions through monthly reports and advice from the REIC. The Trust remains confident in the policy at this time.

Page 5

(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 2023

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 continued good governance, risk management and implementation of the investment policy. The Trust will continue to offer grants to further its aims and objectives by supporting the Lineage and Legacy Fund that enables a farreaching contribution to the preservation and spread of the Buddhist teachings. Future grants and donations will take into consideration the wider aims of the Trust. Continued development and upgrading of the Trust’s website will enable online donations to assist and support projects that further the Trust’s aims & objectives.

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 16 July 2024 and signed on its behalf by:

Mark Da Silva Trustee

Page 6

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

AT The Terton Sogyal Trust

Statement of Trustees' Responsibilities for the year ended 31 December 2023

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

AT The Terton Sogyal Trust

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

Independent Examiner's Report to the Trustees of The Terton Sogyal Trust

I report on the accounts of The Terton Sogyal Trust for the period from 1 January 2023 to 31 December 2023, 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:

Anthony Armstrong FCA, Independent Examiner

of Armstrong & Co Chartered Accountants & Statutory Auditor

4a Printing House Yard Hackney Road London E2 7PR

Dated: 16 July 2024

Page 8

(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 2023

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
9
Reconciliation of funds:
Total funds brought forward
13
Total funds carried forward
12
Net income/(expenditure) for the year		 2023
2022
Total Funds
Total Funds
£
£
39,923
23,671
29,780
21,329
-
34,248
69,703
79,248
121,239
17,172
121,239
17,172
(51,536)
62,076
20,753
(79,670)
(30,783)
(17,594)
1,133,033
1,150,627
1,102,250
1,133,033
Unrestricted
Funds		 Restricted
Funds		 Endowment
Funds
£
22,713
134
-		 £
17,210
5,039
-		 £
-
24,607
-
22,847 22,249 24,607
1,971 102,742 16,526
1,971 102,742 16,526
20,876
-		 (80,493)
-		 8,081
20,753
20,876
27,755		 (80,493)
791,643		 28,834
313,635
48,631 711,150 342,469

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.

Page 9

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

The Terton Sogyal Trust

Statement of Financial Postion

as at 31 December 2023

31 December 2023 31 December 2023 31 December 2022 31 December 2022
Notes £ £ £ £
Fixed assets:
Investments 9 580,425 549,990
Total fixed assets 580,425 549,990
Current assets:
Debtors 10 31 31
Cash at bank and In hand 11 521,794 583,012
Total current assets 521,825 583,043
Net current assets/(liabilities) 521,825 583,043
Total net assets 1,102,250 1,133,033
The funds of the charity:
Endowment funds 342,469 313,635
Restricted income funds 14 711,150 791,643
Unrestricted funds 15 48,631 27,755
Total charity funds 16 1,102,250 1,133,033

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 16 July 2024 and signed on its behalf by:

Mark Da Silva Trustee

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

Page 10

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

The Terton Sogyal Trust

Statement of Cash Flows

for the year ended 31 December 2023

Notes
Cash flows from operating activities:
Net cash provided by/(used in) operating activities
1
Cash flows from investing activities:
Purchase 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:
Amortisation of intangible assets
(Gains)/losses on unrealised foreign exchange
(Gains)/losses on investment values
(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)		 2023
£
(51,529)
(9,689)
(9,689)
(61,218)
583,012
521,794
2023
£
(30,783)
-
-
(20,753)
0
5
(51,529)
2023
£
521,794
521,794		 2022
£
41,992
(82,241)
(82,241)
(40,249)
623,261
583,012
2022
£
(17,594)
-
(34,249)
79,670
14,162
3
41,992
2022
£
583,012
583,012

Page 11

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

Accounting Policies for the year ended 31 December 2023

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.

Page 12

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

Notes to the Accounts for the year ended 31 December 2023

1 Incoming resources

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

2 Net outgoing resources

Net outgoing resources
Net outgoing resources are stated after charging:
Independent Examiner's fees - reporting service
Independent Examiner's fees - other services
Trustees' emoluments		 2023
£
960
3,240
-		 2022
£
960
3,240
-

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.

Income from donations and legacies
Donations
Legacies		 Unrestricted
£
-
22,713
22,713		 Restricted
£
17,210
-
17,210		 2023
2022
Total
Total
£
£
17,210
10,015
22,713
13,656
39,923
23,671

3 Income from donations and legacies

Income from investments
Royalties
Dividend income
Interest receivable		 Unrestricted
£
-
-
134
134		 Restricted
£
2,590
24,015
3,041
29,646		 2023
2022
Total
Total
£
£
2,590
1,476
24,015
19,744
3,175
109
29,780
21,329

4 Income from investments

5 Other income

Foreign exchange gains

Unrestricted
£
-
-		 Restricted
£
-
-		 2023
2022
Total
Total
£
£
-
34,248
-
34,248
Expenditure on charitable activities
Grants and awards paid (see note 7)
Office running costs
Bank charges
Legal & professional fees
Accountancy & bookkeeping
Foreign exchange losses
Grants and awards paid
Qty
Lerab Ling Institute
6
DZ Beara - Temple
4
DZ Beara - Temple
1		 Unrestricted
Restricted
£
£
-
101,906
275
405
-
12
-
89
1,696
2,504
-
14,352
1,971
119,268
Fund
Lerab Ling
DZ Beara Development
Global		 2023
Total
£
101,906
680
12
89
4,200
14,352
121,239
2023
£
12,223
7,709
81,975
101,906		 2022
Total
£
12,240
4,835
52
45
-
-
17,172
2022
£
-
12,240
-
12,240

Page 13

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

Notes to the Accounts

for the year ended 31 December 2023

8 Trutees remuneration

No remuneration was paid to any Trustee or their associates for services as a trustee during the year ended 31 December 2023 nor to 31 December 2022.

9
10
11
**12 **		 Investments
Market value
As at 1 January 2023
Additions
Net investment gains/(losses)
Income retained
Currency revaluations
As at 31 December 2023
Investments held in:
Cash
Stock
Funds
Debtors: amounts falling due within one year
Gift Aid recoverable
Bank and cash in hand
Reserve accounts
US Dollar accounts
Euro accounts
Current account
The funds of the charity: current year 2023
Restricted funds
Endowment funds
Restricted income funds
Total restricted funds
Unrestricted funds
General funds
Total unrestricted funds		 Opening
balance
£
313,635
791,643
1,105,278
27,755
1,133,033		 Resources
arising
£
24,607
22,249
46,856
22,847
69,703		 currency
£
-
30,435
30,435
Units
-
-
-
-
Resources
utilised
£
(16,526)
(102,742)
(119,268)
(1,971)
(121,239)		 2023
£
549,990
-
20,753
24,036
(14,354)
580,425
£
1,019
229,075
350,331
580,425
2023
£
31
31
2023
£
333,389
527
122,522
65,356
521,794
Other
movements
£
20,753
-
20,753
-
20,753		 2022
£
513,170
62,531
(79,670)
19,710
34,249
549,990
£
24,812
215,559
309,619
549,990
2022
£
31
31
2022
£
330,245
527
173,198
79,042
583,012
Closing
balance
£
342,469
711,150
1,053,619
48,631
1,102,250

Page 14

F The Terton Sogyal Trust

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

Notes to the Accounts

for the year ended 31 December 2023

13
14
**15 **		 The funds of the charity: prior year 2022
Restricted funds
Endowment funds
Restricted income funds
Total restricted funds
Unrestricted funds
General funds
Total unrestricted funds
Restricted funds: current period 2023
Dzogchen Beara Development Fund
Endowment Capital Fund
Endowment Income Fund
Global Fund
Lerab Ling Institute Fund
Publications Fund
Rigpa Scholarship Fund (Gyuzin)
Wisdom Culture of Tibet Fund (Eastern)
Restricted funds: prior period 2022
Dzogchen Beara Development Fund
Endowment Capital Fund
Endowment Income Fund
Global Fund
Lerab Ling Institute Fund
Publications Fund
Rigpa Scholarship Fund (Gyuzin)
Wisdom Culture of Tibet Fund (Eastern)		 Opening
balance
£
339,301
797,228
1,136,529
14,098
1,150,627
Opening
balance
£
6,333
163,526
150,108
235,543
20,121
40,044
361,763
127,839
1,105,278
Opening
balance
£
16,541
163,526
175,775
234,968
17,491
39,460
361,107
127,661
1,136,528		 Resources
arising
£
54,101
11,491
65,592
13,656
79,248
Incoming
resources
£
3,091
-
24,607
2,092
10,915
2,719
2,663
770
46,856
Incoming
resources
£
2,386
-
54,100
1,456
4,057
1,476
1,665
452
65,591		 Resources
utilised
£
(97)
(17,075)
(17,172)
-
(17,172)
Resources
expended
£
7,750
-
16,526
82,151
12,427
126
225
65
119,268
Resources
expended
£
12,594
-
79,767
881
1,426
893
1,007
274
96,841		 Other
movements
£
(79,670)
-
(79,670)
-
(79,670)
Transfers /
gains &
(losses)
£
-
-
20,753
-
-
-
-
-
20,753
Transfers /
gains &
(losses)
£
-
-
-
-
-
-
-
-
-		 Closing
balance
£
313,635
791,644
1,105,279
27,754
1,133,033
Closing
balance
£
1,674
163,526
178,942
155,484
18,609
42,637
364,201
128,544
1,053,619
Closing
balance
£
6,333
163,526
150,108
235,543
20,122
40,043
361,765
127,839
1,105,278

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.

16 Net assets attributable to funds: current period
Tangible fixed assets
Current assets
Net assets represented by funds		 General
funds
-
48,631
48,631		 Designated
funds
£
-
-
-		 Restricted
funds
£
237,956
473,194
711,150		 Endowment
funds
Total
£
£
342,469
580,425
-
521,825
342,469
1,102,250

Page 15

F The Terton Sogyal Trust

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

Notes to the Accounts

for the year ended 31 December 2023

17 Net assets attributable to funds: prior period
Tangible fixed assets
Current assets
Net assets represented by funds		 General
funds
-
27,755
27,755		 Designated
funds
£
-
-
-		 Restricted
funds
£
236,355
555,288
791,643		 Endowment
funds
Total
£
£
313,635
549,990
-
583,043
313,635
1,133,033

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.

20 Contingent liabilities

The charitable company had no material contingent liabilities at 31 December 2023 nor at 31 December 2022.

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 (2022: £Nil) 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.

Page 16

The Terton Sogyal Trust

Summary of restricted funds - Income & Expenditure

For the year ended 31 December 2023

Income
Donations received
Royalties
Dividend income
Interest receivable
Other interest
Total Income
Expenditure
Grants & awards paid
Bank charges & financials
Legal & professional fees
Exchange losses
Administration costs
Total Expenditures
Net income/(expenditure) before
gains/(losses) on investments
Net gains/(losses) on investments
Net income/(expenditure) for the year
Net movement in funds
Reconciliation of funds:
Funds brought Forward
Carried forward		 Endowment
Endowment
Restricted
Restricted
Restricted
Restricted		 Endowment
Endowment
Restricted
Restricted
Restricted
Restricted		 Restricted
Restricted
Dzogchen
Beara
Development
Publications
Total Restricted
Funds
Capital
Income
Global
Rigpa
Scholarship
Wisdom
Culture of
Tibet
Lerab Ling
Institute
£
£
£
£
£
£
-
-
1,356
1,535
372
10,857
-
-
-
-
-
-
-
24,015
-
-
-
-
-
561
736
1,129
398
58
-
31
-
-
-
-		 £
£
£
3,091
-
17,210
-
2,590
2,590
-
-
24,015
-
129
3,010
-
-
31
-
24,607
2,092
2,663
770
10,915		 3,091
2,719
46,857
-
-
81,975
-
-
12,223
-
12
-
-
-
-
-
89
-
-
-
-
-
14,352
-
-
-
-
-
2,073
176
225
65
204		 7,709
-
101,906
-
-
12
-
-
89
-
-
14,352
41
126
2,909
-
16,526
82,151
225
65
12,427		 7,750
126
119,269
-
8,081
(80,059)
2,438
705
(1,512)
-
20,753
-
-
-
-		 (4,659)
2,594
(72,412)
-
-
20,753
-
28,834
(80,059)
2,438
705
(1,512)		 (4,659)
2,594
(51,659)
-
-
28,834
(80,059)
2,438
705
(1,512)
163,526
150,108
235,543
361,763
127,839
20,121		 (4,659)
2,594
(51,659)
6,333
40,044
1,105,277
163,526
178,942
155,484
364,201
128,544
18,609		 1,674
42,638
1,053,618
Restricted
711,150
Endowment
342,469		 Restricted
711,150

Page 17