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← The Terton Sogyal Trust

2024-12-31-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 2024

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 2024

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 2024

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 2024

The Trustees of The Terton Sogyal Trust present their report together with the financial statements for the year ended 31 December 2024.

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 2024

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 £51,223 (2023: £39,923), and income from reserves held on investment and royalties generated £25,167 (2023: £29,780).

Expenditure through donations to the Trust’s main projects amounted to £37,197 (2023: £101,906) for the year. The Trust expended £5,022 (2023: £4,981) on administration and associated charitable activities and incurred foreign exchange losses of £26,757 (2023: £14,352).

The Trust made profits on investments of £27,696 (2023: Profit £20,753).

Net movement in funds for the year was a surplus of £35,142 (2023: deficit £30,783).

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 2024

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 and 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 15 July 2025 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 2024

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 2024 to 31 December 2024, 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: 15 July 2025

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 2024

Notes
Income and endowments from:
Donations and legacies
3
Investments
4
Total income
Expenditure on:
Charitable activities
5
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		 2024
2023
Total Funds
Total Funds
£
£
51,223
39,923
25,137
29,780
76,360
69,703
68,946
121,239
68,946
121,239
7,414
(51,536)
27,696
20,753
35,110
(30,783)
-
-
35,110
(30,783)
1,102,250
1,133,033
1,137,360
1,102,250
Unrestricted
Funds		 Restricted
Funds		 Endowment
Funds
£
20,978
1,259		 £
30,245
19,245		 £
-
4,633
22,237 49,490 4,633
3,052 55,757 10,137
3,052 55,757 10,137
19,185
1,222		 (6,267)
17,869		 (5,504)
8,605
20,407
(4,485)		 11,602
4,485		 3,101
-
15,922
48,631		 16,087
711,150		 3,101
342,469
64,553 727,237 345,570

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 2024

31 December 2024 31 December 2024 31 December 2023 31 December 2023
Notes £ £ £ £
Fixed assets:
Investments 8 600,653 580,425
Total fixed assets 600,653 580,425
Current assets:
Debtors 9 - 31
Cash at bank and In hand 10 536,707 521,794
Total current assets 536,707 521,825
Net current assets/(liabilities) 536,707 521,825
Total net assets 1,137,360 1,102,250
The funds of the charity:
Endowment funds 345,570 342,469
Restricted income funds 13 727,237 711,150
Unrestricted funds 15 64,553 48,631
Total charity funds 16 1,137,360 1,102,250

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 15 July 2025 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 2024

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 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)		 2024
£
7,451
7,463
7,463
14,914
521,794
536,708
2024
£
35,110
-
(27,696)
31
-
7,451
2024
£
536,708
536,708		 2023
£
(51,529)
(9,689)
(9,689)
(61,218)
583,012
521,794
2023
£
(30,783)
-
(20,753)
-
5
(51,529)
2023
£
521,794
521,794

Page 11

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

Accounting Policies for the year ended 31 December 2024

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 2024

1 Incoming resources

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

2 Net incoming resources

Net incoming resources
Net incoming resources are stated after charging:
Independent Examiner's fees - reporting service
Independent Examiner's fees - other services
Trustees' emoluments		 2024
£
960
3,240
-		 2023
£
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
Gift Aid recoverable
Legacies		 Unrestricted
£
1,009
(31)
20,000
20,978		 Restricted
£
30,245
-
-
30,245		 2024
2023
Total
Total
£
£
31,254
17,210
(31)
-
20,000
22,713
51,223
39,923
4
Income from investments
Royalties
Investment income
Interest receivable		 Unrestricted
£
-
999
260
1,259		 Restricted
£
834
18,289
4,755
23,878		 2024
2023
Total
Total
£
£
834
2,590
19,288
24,015
5,015
3,175
25,137
29,780
5
Expenditure on charitable activities
Grants and awards paid (see note 6)
Office running costs
Bank charges
Legal & professional fees
Accountancy & bookkeeping
Foreign exchange losses
6
Grants and awards paid
Qty
Lerab Ling Institute
5
DZ Beara - Temple
6
DZ Beara - Temple
-		 Unrestricted
Restricted
£
£
-
37,197
176
578
-
-
-
39
1,696
2,504
1,180
25,576
3,052
65,894
Fund
Lerab Ling
DZ Beara Development
Global		 2024
Total
£
37,197
754
-
39
4,200
26,756
68,946
2024
£
14,375
22,822
-
37,197		 2023
Total
£
101,906
680
12
89
4,200
14,352
121,239
2023
£
12,223
7,709
81,975
101,906

7 Trutees remuneration

No remuneration was paid to any Trustee or their associates for services as a trustee during the year ended 31 December 2024 nor to 31 December 2023.

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 2024

8
9
10
11
**12 **		 Investments
Market value
As at 1 January 2024
Additions
Net investment gains/(losses)
Income retained
Currency revaluations
As at 31 December 2024
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 2024
Restricted funds
Endowment funds
Restricted income funds
Total restricted funds
Unrestricted funds
General funds
Total unrestricted funds
The funds of the charity: prior year 2023
Restricted funds
Endowment funds
Restricted income funds
Total restricted funds
Unrestricted funds
General funds
Total unrestricted funds		 Opening
balance
£
342,469
711,150
1,053,619
48,631
1,102,250
Opening
balance
£
313,635
791,643
1,105,278
27,755
1,133,033		 Resources
arising
£
4,633
49,490
54,123
22,237
76,360
Resources
arising
£
24,607
22,249
46,856
22,847
69,703		 currency
£
-
20,228
20,228
Units
-
-
-
-
Resources
utilised
£
(10,137)
(55,757)
(65,894)
(3,052)
(68,946)
Resources
utilised
£
(16,526)
(102,742)
(119,268)
(1,971)
(121,239)		 2024
£
580,425
-
27,696
19,289
(26,757)
600,653
£
3,166
255,672
341,814
600,653
2024
£
-
-
2024
£
338,404
527
85,574
112,202
536,707
Other
movements
£
8,605
22,354
30,959
(3,263)
27,696
Other
movements
£
20,753
-
20,753
-
20,753		 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
Closing
balance
£
345,570
727,237
1,072,807
64,553
1,137,360
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 2024

13 Restricted funds: current period 2024
Dzogchen Beara Development Fund
Endowment Capital Fund
Endowment Income Fund
Global Fund
Lerab Ling Institute Fund
Lerab Ling Monastics
Publications Fund
Rigpa Scholarship Fund (Gyuzin)
Wisdom Culture of Tibet Fund (Eastern)
14 Restricted funds: prior period 2023
Dzogchen Beara Development Fund
Endowment Capital Fund
Endowment Income Fund
Global Fund
Lerab Ling Institute Fund
Lerab Ling Monastics
Publications Fund
Rigpa Scholarship Fund (Gyuzin)		 Opening
balance
£
1,674
163,526
178,942
155,484
11,849
6,760
42,637
364,201
128,544
1,053,619
Opening
balance
£
6,333
163,526
150,108
235,543
20,121
40,044
361,763
127,839
1,105,278		 Incoming
resources
£
16,817
-
4,633
5,338
10,693
175
1,938
10,770
3,760
54,123
Incoming
resources
£
3,091
-
24,607
2,092
10,915
2,719
2,663
770
46,856		 Resources
expended
£
23,018
3,970
6,167
3,960
14,859
451
1,127
9,125
3,216
65,894
Resources
expended
£
7,750
-
16,526
82,151
12,427
126
225
65
119,268		 Transfers /
gains &
(losses)
£
4,527
4,109
4,496
3,907
298
170
1,071
9,151
3,230
30,959
Transfers /
gains &
(losses)
£
-
-
20,753
-
-
-
-
-
20,753		 Closing
balance
£
-
163,665
181,904
160,769
7,981
6,654
44,519
374,997
132,318
1,072,807
Closing
balance
£
1,674
163,526
178,942
155,484
18,609
42,637
364,201
128,544
1,053,619

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
General to restricted		 General
funds
(4,485)
(4,485)		 Designated
funds
-		 Restricted
funds
4,485
4,485		 Endowment
funds
Total
-
-
-

A transfer from General Funds to the Dzogchen Beara Development Fund was made to clear a deficit on the fund.

16 Net assets attributable to funds: current period
Tangible fixed assets
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
-
64,553
64,553
General
funds
-
48,631
48,631		 Designated
funds
£
-
-
-
Designated
funds
£
-
-
-		 Restricted
funds
£
255,083
472,154
727,237
Restricted
funds
£
237,956
473,194
711,150		 Endowment
funds
£
345,570
-
345,570
Endowment
funds
£
342,469
-
342,469		 Total
£
600,653
536,707
1,137,360
Total
£
580,425
521,825
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 2024

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 2024 nor at 31 December 2023.

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 (2023: £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 2024

Income
Donations received
Royalties
Investment income
Interest receivable
Total Income
Expenditure
Grants & awards paid
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
Transfers between funds
Net movement in funds
Reconciliation of funds:
Funds brought Forward
Carried forward		 Endowment
Endowment
Restricted
Restricted
Restricted
Restricted
Restricted		 Endowment
Endowment
Restricted
Restricted
Restricted
Restricted
Restricted		 Restricted
Restricted
Dzogchen
Beara
Development
Publications
Total
Restricted
Funds
Capital
Income
Global
Rigpa
Scholarship
Wisdom
Culture of
Tibet
Lerab Ling
Monastics
Lerab Ling
Institute
£
£
£
£
£
£
£
-
-
1,312
1,341
432
3,270
7,117
-
-
-
-
-
-
-
-
3,677
3,195
7,484
2,641
139
243
-
956
831
1,946
687
36
63		 £
£
£
16,774
-
30,245
-
834
834
34
876
18,289
9
228
4,755
-
4,633
5,338
10,770
3,760
3,445
7,423		 16,817
1,938
54,124
-
-
-
-
-
-
14,375
-
39
-
-
-
-
-
3,970
4,344
3,774
8,841
3,120
164
288
-
1,784
186
285
96
-
483		 22,822
-
37,197
-
-
39
41
1,035
25,576
156
93
3,082
3,970
6,167
3,960
9,126
3,216
164
15,146		 23,018
1,128
65,895
(3,970)
(1,535)
1,378
1,644
544
3,281
(7,722)
4,109
4,496
3,907
9,151
3,230
170
298		 (6,201)
810
(11,771)
42
1,071
26,474
139
2,962
5,285
10,795
3,774
3,451
(7,425)
-
-
-
-
-
-
-		 (6,159)
1,882
14,703
4,485
-
4,485
139
2,962
5,285
10,795
3,774
3,451
(7,425)
163,526
178,942
155,484
364,201
128,544
6,761
11,849		 (1,674)
1,882
19,188
1,674
42,637
1,053,619
163,665
181,904
160,769
374,996
132,318
10,211
4,424		 -
44,519
1,072,807
Restricted
727,237
Endowment
345,570		 Restricted
727,237

Page 17

REF. NUMBER

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