Tibet Relief Fund of the United Kingdom
Trustees Report and Unaudited Financial Statements For the Year Ended 30 April 2025
Charity Number 1061834 Company Number 03333193
Tibet Relief Fund of the United Kingdom
Trustees Report and Unaudited Financial Statements
Contents
| Page | |
|---|---|
| Company Information | 1 |
| Report of the Trustees | 2-5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Cashflow Statement | 9 |
| Notes to the Financial Statements | 10-19 |
Tibet Relief Fund of the United Kingdom
Company Information
Charity Name: Tibet Relief Fund of the United Kingdom Charity Registration Number: 1061834 Company Registration Number: 03333193 Registered office & operational address: 68a Rochester Place London NW1 9JX Directors and Trustees Mr G Bruno Mr N Bulloch Ms R Chick (Chair) Resigned November 2024 Ms L Lepcha Resigned October 2024 Ms R Lovett Appointed January 2025 Mr K MacIntosh Deceased August 2025 Mr J Moult Mr C Purnell Resigned October 2024 Mr N Samuels Appointed January 2025 Ms H Sanders Appointed January 2025 Mr J Sither Appointed January 2025 Treasurer Mr N Bulloch Company Secretary Ms R Chick Resigned November 2024 Mr K MacIntosh Appointed November 2024, Resigned January 2025 Ms R Lovett Appointed January 2025
Interim Charity Manager
Mr C Butterworth
Independent Examiner
Helen Rumsey, Ensors, Connexions, 159 Princes Street, Ipswich, IP1 1QJ
Bankers
Royal Bank of Scotland, Drummond House, 1 Redheughs Avenue, Edinburgh, EH12 9JN
Solicitors
Birketts LLP, Providence House, 141-145 Princes Street, Ipswich, IP1 1QJ
Investment management advisers
Canaccord, 88 Wood St, Barbican, London, EC2V 7QR
Page 1 of 19
Tibet Relief Fund of the United Kingdom Report of the Trustees
The Trustees present their report for the year ended 30 April 2025.
The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, 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).
Company information set out on page 1 forms part of this report. This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
Trustees
The Trustees, who are directors for the purpose of company law and trustees for the purpose of charity law, who served during the year and up to the date of this report are set out on page 1.
Sadly Keith MacIntosh passed away in August 2025. He had been a Trustee of the charity since August 2022, and brought wisdom and insight to the board, together with a passionate belief in the importance of the work we do. He will be greatly missed.
Structure, governance and management
The charity is constituted as a company limited by guarantee governed by its Memorandum and Articles of Association.
The charity is administered by a board of Trustees of up to nine members, who meet regularly (not less than four times a year). Mr Chris Butterworth was appointed as Interim Charity Manager in March 2024. The Charity Manager is appointed by the Trustees to manage the day-to-day operations of the charity.
New trustees are sought to replace resigning trustees or those whose term has ended. New recruits are identified through recommendations by existing trustees and others working within relevant fields, and through advertising the vacant seats through appropriate online portals. Prospective candidates must have expertise within the Charity's fields of work and/or practical experience identified as useful for the furtherance of the Charity's work. Once suitable candidates have been identified, a panel of trustees and staff conduct interviews and submit a shortlist to the Board for approval. Trustees actively seek to ensure that the Board's diversity of skills and backgrounds is broad.
Trustees consult with legal, financial and other advisers to inform themselves of, and to keep up to date with, the responsibilities of charity trustees. New trustees are given relevant publications that set out the role of a trustee and provide guidance, and are encouraged to speak to the more experienced trustees to learn more about their duties and responsibilities. All trustees are encouraged to attend workshops held by the NCVO, DSC and others when felt applicable.
The major risks to which the charity is exposed are regularly reviewed by trustees. Systems and procedures are in place to manage the risks, including financial management systems and governance arrangements described above. The distribution of grants is monitored to ensure accountability and transparency at all times. Clear reporting schedules are in place, and regular field visits to India and Nepal by the Charity Manager and Programme Manager are undertaken to check and evaluate the agreed procedures and processes for project delivery. In-country Project Liaison Officers undertake further monitoring and evaluation.
The Trustees typically meet annually to review the pay policy for senior staff by reference to cost of living changes, the performance of the individual concerned and the market rate for the individual's job description.
Page 2 of 19
Tibet Relief Fund of the United Kingdom Report of the Trustees (Continued)
Objectives and activities
The objects of Tibet Relief Fund of the United Kingdon (TRF) were updated in May 2022. The current objects are:
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to relieve need particularly amongst those who are Tibetan, ethnic Tibetans, peoples of Himalayan origin, and/or speak the Tibetan language and those who are refugees from the territories of Tibet and other areas administered or claimed by the People’s Republic of China from the areas bordering on Tibet (the ‘beneficiaries”)
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to provide for the education of the beneficiaries
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to promote sustainable development for the public benefit by:
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3.1. the relief of poverty and the improvement of the conditions of life in socially and economically disadvantaged communities; and
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3.2. promotion of a sustainable means of achieving economic growth and regeneration which meets the needs of the present and future beneficiaries.
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to advance or preserve the culture and arts of the beneficiaries by educating the general public on, and promoting a greater awareness of, the culture, beliefs, traditions, language and way of life of the beneficiaries.
Mission
TRF works to empower Tibetans to build sustainable communities and better futures through education and innovative, practical, grassroots initiatives.
Vision
A world where Tibetans can live and work with equality and security and celebrate their rich culture and traditions.
Charity background
In 1959, shortly after the Dalai Lama escaped Tibet to begin a life in exile in India, the Council of the newly formed Tibet Society wrote to The Times (28 July) to announce the establishment of a Tibet Relief Fund and made an appeal for funds. TRF was formally registered as a charity in 1963. The Fund's original focus was to provide emergency relief for exhausted and destitute Tibetans who had made their way over the Himalayas by foot. Having been working in the field for over 60 years, our work has expanded and developed to reflect and address the changing needs of Tibetans living in long-term exile and inside Tibet.
In our work with second and third generation exiled Tibetans, we focus on sustainable community projects and are proactive in helping solve problems endemic in long-term refugee communities both in India and Nepal. For example, we have developed a strategy to help tackle the enormous problems faced by Tibetan youth which is now delivered through our project, Empowering the Vision.
Our work in Tibet is through partner organisations and focuses on supporting and empowering remote communities and marginalised Tibetans.
Public Benefit
The Charity's trustees have paid due regard to Charity Commission guidance on public benefit. The trustees are confident that TRF's objects are in accordance with the regulations on public benefit. TRF makes grants in respect of overseas projects, and the Trustees take all reasonable steps to ensure that grants dispersed are being used for charitable purposes and provide public benefit.
Page 3 of 19
Tibet Relief Fund of the United Kingdom Report of the Trustees (Continued)
Achievements and performance
In 2024/25 the charity distributed £308,368 in direct grants; £216,380 from our restricted funds (including our sponsorship programme) and £91,988 from our general (unrestricted) funds. This shows a 18% decrease from the total distributed in 2023/24 (£377,523). Restricted funds distributed were £119,189 for sponsorship, which included a restricted trust grant, and £97,191 for other projects.
Our project work continues to be primarily with Tibetans and those of Tibetan origin living in India and Nepal. In 2024/25 support for projects inside Tibet was very limited due to the increasing difficulties and challenges. We also support projects in the UK. These projects promote the unique culture and traditions of Tibet, and develop research skills for Tibetans to provide analysis of social conditions in Tibet.
Our sponsorship programme, which provides security, education and comfort to children, nuns, monks and elders, remains core to our work (39%). Excluding Sponsorship, our areas of work continue to be within five categories: Community 8%, Health 6%, Youth 19%, Education 29%, Culture 0%.
In India, our largest distribution was to Empowering the Vision, our youth empowerment initiative (£57,719). In Nepal, our largest distribution was to Tserok settlement (£9,553).
More details of our work can be found at www.tibetrelieffund.co.uk; this is regularly updated.
Our work could not continue without the continued generosity of our donors; we thank them for their unstinting support and kindness. We also are enormously grateful to trusts, foundations and other bodies that choose to fund our work. In 2024/25 these included the Evan Cornish Foundation and the Paget Trust.
A special mention must also be given to those who are no longer with us and remembered us in their Will; these gifts are always very moving to receive and play an important part in our funding.
We would also like to express our enormous appreciation of our small team of staff who always show tremendous commitment, enthusiasm and support in ensuring Tibet Relief Fund’s work is implemented and furthered to the highest standards.
Financial Review, Reserve Policy and Going Concern
The figures for the year are set out in the attached accounts, as are the funding sources. Our observations and comments earlier in this report show how expenditure has supported the key objectives of the Charity.
The reserve policy is to maintain a reserve of at least three months running costs (£90,000 to cover key support costs including rent, staff, premises expenses and services) within unrestricted funds. The trustees believe this provides a sufficient buffer to cover the vagaries and fluctuations in both income generation and requirements to make charitable expenditure. The unrestricted funds as at 30 April 2025 were £116,254, but excluding funds invested in tangible fixed assets of £3,681 there were free reserves of £112,573 (2024: £294,670).
The trustees have income generation strategies in place to meet the policy and future growth. The trustees have reviewed the circumstances of the Charity and consider that adequate resources continue to be available to fund the activities of the Charity for the foreseeable future.
Page 4 of 19
Tibet Relief Fund of the United Kingdom Report of the Trustees (Continued)
Funds held at the end of the year
At the year end, the Charity held fund balances of £640,898. This includes restricted funds £57,965 relating to sponsorship and projects, and expendable endowment funds of £466,679.
Fundraising performance
While income was lower than in the previous year, fundraising performance was in line with expectations for the year. Most income comes through our appeals and donations from individuals. Our direct fundraising costs were in line with the budgets set for the year.
Grant making policy
The Charity has established its grant making policy to achieve its objectives for the public benefit and to improve the lives of Tibetans living in exile in India, Nepal and the rest of the world, and, working through partner agencies, in Tibet. The Charity Manager and Programme Manager develop and set the framework for funding projects. The trustees approve this. At quarterly trustee meetings, trustees scrutinise grants extended. The day to day administration of grants, monitoring of projects, and processing and handling applications is delegated to the Charity Manager and Programme Manager.
Endowment Fund
In 2012, the charity benefited from a substantial legacy from a long-term supporter. In accordance with prior discussions, this was invested through investment fund managers and set up as an expendable endowment fund. The income and drawdowns from this fund have enabled the charity to expand its scope of work. The trustees agree the level of drawdowns each year, in accordance with the agreed role of the fund in seeking to expand the charity's scope of work and sustainability.
Investment policy and performance
The Charity holds fixed asset investments within its endowment fund; these comprise of share portfolios managed on behalf of the charity by investment fund managers. Trustees review performance of these funds on an annual basis. Excepting these funds, surplus cash maintained in accordance with the charity’s reserve policy is invested in bank accounts. The performance for 2024/25 matched the trustees' expectations and was within the norms of those achieved by the sector as a whole.
Plans for the future
The priorities for Tibet Relief Fund going forward are:
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to maintain and adapt as circumstances arise the organisational strategic plan; this to include a strategic fundraising plan;
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to develop new sources of income generation in line with the fundraising plan whilst maintaining and developing existing ones;
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to continue to work within agreed budgets for fixed support costs and carefully target additional fundraising expenditure in line with our fundraising strategy;
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to continue to support existing projects as appropriate and, as financial resources permit, to add new ones;
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to maintain adequate reserves.
Independent Examiner
Helen Rumsey of Ensors has expressed her willingness to continue as the charity's Independent Examiner.
Approved by the Trustees on 1 December 2025 and signed on their behalf by:
Mr Nicholas Bulloch Treasurer
Page 5 of 19
Tibet Relief Fund of the United Kingdom
Independent Examiner's Report to the Trustees of Tibet Relief Fund of the United Kingdom for the year ended 30 April 2025
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 April 2025, which are set out on pages 7 to 19.
Responsibilities and basis of report
As the trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner’s statement
Since the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and 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.
H Rumsey FCA, DchA
Ensors Connexions 159 Princes Street Ipswich IP1 1QJ
Date: 2 December 2025
Page 6 of 19
Tibet Relief Fund of the United Kingdom
Statement of Financial Activities for the year ended 30 April 2025
| Notes Income and endowments from: Donations and Legacies 3 Charitable activities 4 Investments 5 Trading activities 6 Total incoming resources Expenditure on: Raising funds Seeking Donations and Legacies 7 Trading activities 7 Investment management costs 7 Charitable activities 7 Total resources expended Gains/(losses) on investment assets 15 Net movement of funds Total funds brought forward Total funds carried forward |
2025 Unrestricted Restricted Endowment Total £ £ £ £ 204,478 250,367 - 454,845 - - - - 16,141 - - 16,141 30,898 - - 30,898 251,517 250,367 - 501,884 69,389 - - 69,389 54,714 - - 54,714 - - 4,056 4,056 324,054 249,944 - 573,998 448,157 249,944 4,056 702,157 - - 4,143 4,143 -196,640 423 87 -196,130 312,894 57,542 466,592 837,028 116,254 57,965 466,679 640,898 |
2024 Total £ 953,306 5,677 12,627 25,710 |
|---|---|---|
| 997,320 | ||
| 85,483 32,598 3,760 717,686 |
||
| 839,527 | ||
| 14,137 171,930 665,098 |
||
| 837,028 |
The statement of financial activities includes all gains and losses in the year. All incoming resources and resources expended derive from continuing activities.
Page 7 of 19
Tibet Relief Fund of the United Kingdom
Balance Sheet as at 30 April 2025
| Notes Fixed Assets Tangible assets 14 Investments 15 Current Assets Stock Debtors 16 Cash at bank and in hand Creditors: amounts falling due within one year 17 Net Current Assets Net Assets Represented by: Restricted funds Unrestricted funds Endowment funds Total funds 19 |
2025 2024 £ £ 3,681 18,224 486,014 571,417 |
|---|---|
| 489,695 589,641 1,000 1,000 67,282 32,217 105,128 221,104 |
|
| 173,410 254,321 22,207 6,934 |
|
| 151,203 247,387 |
|
| 640,898 837,028 |
|
| 57,965 57,542 116,254 312,894 466,679 466,592 |
|
| 640,898 837,028 |
For the financial year ended 30 April 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the Trustees on 1 December 2025 and signed on their behalf by:
Mr Nicholas Bulloch Company Number: 03333193
Page 8 of 19
Tibet Relief Fund of the United Kingdom
Cashflow Statement for the year ended 30 April 2025
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Cash flows from operating activities: | ||
| Net cash (used in)/provided by operating activities (see below) | -221,873 | 164,640 |
| Cash flows from Investing activities: | ||
| Dividends and interest from investments | 16,141 | 12,627 |
| Purchase of fixed assets | -290 | -615 |
| Proceeds from sale of fixed assets | 500 | - |
| Proceeds from sale of investments | 153,596 | 455,148 |
| Purchase of investments | -64,050 | -491,976 |
| Net cash generated by/(used in) investing activities | 105,897 | -24,816 |
| Change in cash and cash equivalents in the year | -115,976 | 139,824 |
| Cash and cash equivalents at the beginning of the reporting year | 221,104 | 81,280 |
| Cash and cash equivalents at the end of the reporting year | 105,128 | 221,104 |
| Relating to: | ||
| Cash at bank | 105,128 | 221,104 |
| 105,128 | 221,104 | |
| Reconciliation of net movement in funds to net cash flow used in operating activities | ||
| Net movement in funds for the reporting period (as per the statement | ||
| of financial activities) | -196,130 | 171,930 |
| Adjustments for: | ||
| Depreciation of fixed assets | 12,397 | 12,467 |
| Loss on disposal of fixed assets | 1,936 | - |
| Dividends and interest from investments | -16,141 | -12,627 |
| (Gains)/losses on investments | -4,143 | -14,137 |
| Decrease/(increase) in debtors | -35,065 | 9,619 |
| Increase/(decrease) in creditors | 15,273 | -2,612 |
| Net cash (used in)/provided by operating activities (as above) | -221,873 | 164,640 |
| Analysis of change in net funds | ||
| Opening net funds | ||
| Cash at bank | 221,104 | |
| Change in net funds | ||
| Decrease in cash at bank | -115,976 | |
| Closing net funds | ||
| Cash at bank | 105,128 |
Page 9 of 19
Tibet Relief Fund of the United Kingdom
Notes forming part of the Financial Statements for the year ended 30 April 2025
1. Accounting Policies
Charity information
The Charity is a company limited by guarantee domiciled and incorporated in England and Wales. The members of the company are also the trustees as named on page 1. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £10 per member. The registered office for the Charity is 68a Rochester Place, London, NW1 9JX.
(a) Basis of preparation
The accounts have been prepared in accordance with FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (“FRS 102”), “Accounting and Reporting by Charities” the Statement of Recommended Practice for charities applying FRS 102, the Charities Act 2011, UK Generally Accepted Accounting Practice as it applies from 1 January 2019 and the Companies Act 2006.
The Charity meets the definition of a public benefit entity under FRS 102. The accounts have been prepared under the historical cost convention, modified to include the revaluation of investments. The accounts are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
(b) Going Concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
(c) Fund accounting
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the Charity and have not been designated for other purposes. Restricted funds are subject to restrictions on their expenditure imposed by the donor or through the terms of an appeal. Costs of raising and administering such funds are borne by the funds so far as practicable.
Endowment funds were created from the Legacy left to the Charity by the late Vanya Kewley Lambert. The income from this fund is unrestricted. The capital can be spent if the Trustees so determine.
(d) Incoming resources
All incoming resources are included in the financial statements when the Charity is entitled to the income, the amount can be quantified with reasonable reliability and there is sufficient certainty that the receipt of the income is considered probable. The following specific policies are applied to particular categories of income:
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Legacies: entitlement is usually the earlier of the date on which the Charity is aware that probate has been granted, the estate account being finalised (with notification that a distribution will be made) and cash received. Where the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.
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Donations and sponsorship income is accounted for on the basis of amounts receivable. Donations for activities restricted by the wishes of the donor are taken to “restricted funds” where these wishes are legally binding on the Trustees.
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Interest on funds held on deposit is included upon notification of the interest paid or payable by the Bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
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Sale of goods represents the invoiced amounts of goods sold during the year.
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Income tax reclaimed represents gift aid on donations and sponsorship income received during the year.
Page 10 of 19
Tibet Relief Fund of the United Kingdom
Notes forming part of the Financial Statements for the year ended 30 April 2025
(d) Incoming resources (continued)
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Grants are included in the Statement of Financial Activities on a receivable basis, when there is reasonable assurance that the grant conditions will be met and the grants will be received. This includes grants from Charitable Trusts and Govenment grants in relation to the Foreign, Commonwealth and Development Office (FCDO).
-
No amounts are included in the financial statements for services donated by volunteers.
(e) Resources expended
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis including VAT. The following specific policies are applied to specific categories of expenditure:
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Central support costs are allocated to raising funds, charitable and governance activities on the basis of staff time spent on these activities.
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Charitable activities includes grants made, direct costs associated with project delivery, communication, educational and awareness raising activities, apportionment of governance costs and an apportionment of support costs as shown in note 7.
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Grants are charged to the statement of financial activities when a constructive obligation exists, notwithstanding that they may be paid in future accounting periods. Grants are shown as project and sponsorship payments within the notes to the accounts. Costs incurred as part of the grant decision-making processes prior to the award of a grant and monitoring costs incurred following the award of a grant are shown as project management costs within the notes to the accounts.
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Raising funds costs are those incurred in seeking voluntary contributions including the costs of publicity, investment management fees and costs of trading activities.
(f) Fixed assets
Fixed assets are stated at cost less accumulated depreciation. The costs of minor additions or those costing below £500 are not capitalised. Depreciation is provided at rates calculated to write off the cost of each asset over its expected useful life as follows: Leasehold Improvements: 20% on cost (over the term of the lease) Office Equipment: 25% of net book value Fixtures & Fittings: 15% of net book value
(g) Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
(h) Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
(i) Investments
Investments are stated at market value. Any gain or loss on revaluation is taken to the Statement of Financial Activities.
(j) Financial instruments
Financial instruments are recognised in the Balance Sheet when the Charity becomes party to the contractual provision of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legal enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Page 11 of 19
Tibet Relief Fund of the United Kingdom
Notes forming part of the Financial Statements for the year ended 30 April 2025
(j) Financial instruments (continued)
Basic financial assets
Basic financial assets include trade and other receivables and cash and bank balances. These are initially measured at transaction price, including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the transaction constitutes a financing transaction, where the transaction is measured at the present value of the future receipts.
Impairment of financial assets
Financial assets are assessed for indicators of impairment each year. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. This impairment is recognised in the Statement of Financial Activities.
De-recognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
Classification of financial liabilities
Financial liabilities are classified according to the substance of the contractual arrangements entered into.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of operations from suppliers. Accounts payable are classified as a current liability if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
De-recognition of financial liabilities
Financial liabilities are derecognised when, and only when, the charity’s obligations are discharged, cancelled, or they expire.
(k) Leases
Rentals paid under operating leases are charged to the profit and loss account when incurred.
- (l) Foreign currency translation Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the Statement of Financial Activities.
(m) Pension contributions
The Charity contributes to a group personal pension scheme for participating employees.
(n) Employee benefits policy
The costs of short-term employee benefits are recognised as a liability and an expense.
(o) Cash and Cash equivalents
- Cash and cash equivalents are basic financial assets and include cash in hand, deposits held on call with banks and other short-term liquid investments with original maturities of three months or less.
Page 12 of 19
Tibet Relief Fund of the United Kingdom
Notes forming part of the Financial Statements for the year ended 30 April 2025
2. Judgements and key sources of estimation uncertainty
In application of the Charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both the current and future periods.
3. Donations and Legacies
| Donations Legacies Sponsorship programme Sponsorship donations Virtual gifts Grants from Trusts Income tax reclaimed Other government grants (FCDO) Comparative 4. Charitable activities Sale of goods made or provided by beneficiaries Comparative 5. Investments Bank interest Dividends Comparative 6. Trading activities Sale of goods Comparative |
2025 Unrestricted Restricted Endowment Total £ £ £ £ 98,332 37,754 - 136,086 70,363 - - 70,363 - 146,087 - 146,087 - 557 - 557 - 4,509 - 4,509 1,385 3,000 - 4,385 34,398 - - 34,398 - 58,460 - 58,460 204,478 250,367 - 454,845 691,229 262,077 - 953,306 - - - - 5,677 - - 5,677 2,862 - - 2,862 13,279 - - 13,279 16,141 - - 16,141 12,627 - - 12,627 30,898 - - 30,898 25,710 - - 25,710 |
2024 Total £ 509,737 180,994 139,748 1,206 2,760 35,620 40,440 42,801 |
|---|---|---|
| 953,306 | ||
| 5,677 | ||
| 3,457 9,170 |
||
| 12,627 | ||
| 25,710 | ||
Page 13 of 19
Tibet Relief Fund of the United Kingdom
Notes forming part of the Financial Statements for the year ended 30 April 2025
7. Resources expended
| Cost of Raising Trading Investment 2025 Donations Costs Management Sponsorship Youth Health Community Culture Education Total & Legacies Fees Programme Projects Projects Projects Projects Projects £ £ £ £ £ £ £ £ £ £ Costs directly allocated to activities Project payments - - - - 57,719 17,307 23,955 - 90,198 189,179 Sponsorship payments - - - 119,189 - - - - - 119,189 Project delivery, education and communication costs 287 287 - 1,034 1,034 1,034 1,034 - 1,034 5,744 Fundraising direct costs 3,074 273 - 696 696 696 696 - 696 6,827 Postage 572 229 - 4,005 229 229 229 - 229 5,722 Cost of sales - 7,940 - - - - - - - 7,940 Merchandising costs - 9,839 - - - - - - - 9,839 Bank charges 474 473 - 189 189 189 189 - 189 1,892 Recruitment expenses - - - - - - - - - - Legal & consultancy expenses - - 4,056 - - - - - - 4,056 Travel and subsistence 1,316 824 - 231 231 231 231 - 231 3,295 Support & Governance costs allocated to activities Rent, rates, insurance 9,698 5,308 - 9,893 7,044 7,044 7,044 - 7,044 53,075 Office expenses & depreciation 6,000 3,285 - 6,123 4,360 4,360 4,360 - 4,360 32,848 Staff (exc Governance costs) 44,008 24,088 - 44,899 31,970 31,970 31,970 - 31,970 240,875 Staff training 130 72 - 134 96 96 96 - 96 720 Governance 3,830 2,096 - 3,906 2,781 2,781 2,781 - 2,781 20,956 69,389 54,714 4,056 190,299 106,349 65,937 72,585 - 138,828 702,157 Charitable Activities |
Cost of Raising Trading Investment 2025 Donations Costs Management Sponsorship Youth Health Community Culture Education Total & Legacies Fees Programme Projects Projects Projects Projects Projects £ £ £ £ £ £ £ £ £ £ Costs directly allocated to activities Project payments - - - - 57,719 17,307 23,955 - 90,198 189,179 Sponsorship payments - - - 119,189 - - - - - 119,189 Project delivery, education and communication costs 287 287 - 1,034 1,034 1,034 1,034 - 1,034 5,744 Fundraising direct costs 3,074 273 - 696 696 696 696 - 696 6,827 Postage 572 229 - 4,005 229 229 229 - 229 5,722 Cost of sales - 7,940 - - - - - - - 7,940 Merchandising costs - 9,839 - - - - - - - 9,839 Bank charges 474 473 - 189 189 189 189 - 189 1,892 Recruitment expenses - - - - - - - - - - Legal & consultancy expenses - - 4,056 - - - - - - 4,056 Travel and subsistence 1,316 824 - 231 231 231 231 - 231 3,295 Support & Governance costs allocated to activities Rent, rates, insurance 9,698 5,308 - 9,893 7,044 7,044 7,044 - 7,044 53,075 Office expenses & depreciation 6,000 3,285 - 6,123 4,360 4,360 4,360 - 4,360 32,848 Staff (exc Governance costs) 44,008 24,088 - 44,899 31,970 31,970 31,970 - 31,970 240,875 Staff training 130 72 - 134 96 96 96 - 96 720 Governance 3,830 2,096 - 3,906 2,781 2,781 2,781 - 2,781 20,956 69,389 54,714 4,056 190,299 106,349 65,937 72,585 - 138,828 702,157 Charitable Activities |
2024 Total £ 259,814 117,709 7,642 12,898 6,143 10,457 6,913 2,319 8,623 3,760 2,536 49,852 31,821 299,666 104 19,270 |
|---|---|---|
| 69,389 54,714 4,056 190,299 106,349 65,937 72,585 - 138,828 702,157 |
839,527 |
The basis of allocation of support costs (staff costs, rent, and office expenses) is the time spent by staff members on the various activities, based on management estimates.
Of the £128,159 (2024: £121,841) expenditure on raising funds £124,103 (2024: £118,081) was charged to unrestricted funds and £4,056 (2024: £3,760) to endowment funds. Of the £573,998 (2024: £717,686) expenditure on Charitable Activities £324,054 (2024: £438,091) was charged to unrestricted funds and £249,944 (2024: £279,595) to restricted funds.
Stock recognised as an expense in the accounts totalled £7,940 (2024: £10,457).
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Tibet Relief Fund of the United Kingdom
Notes forming part of the Financial Statements for the year ended 30 April 2025
7. Resources expended (continued)
Charitable expenditure includes the following grants:
| Project Payments Area Empowering the Vision Youth International Tibet Network Education Manjushree Education Rewa Education Tserok Community Other Institutions Total Sponsorship Payments Area Tibetan Homes Foundation Education/Elders Tibetan Children's Village Education Lodrik Education/Elders Sambhota Tibetan Schools Society Education Pal Ewam Namgyal Monastic School Education/Monks Snow Lion Foundation Education Other Institutions Total 8. Analysis of Governance costs Staff costs Independent examination Legal and consultancy fees 9. Net movement in funds This is stated after charging: Depreciation Independent examiners' remuneration |
2025 £ 11,400 7,128 2,428 20,956 £ 12,397 6,000 |
£ 57,719 56,121 10,050 9,908 9,553 45,828 |
|---|---|---|
| 189,179 £ 40,569 21,761 16,178 11,332 10,831 10,815 7,703 |
||
| 119,189 2024 £ 9,027 6,387 3,856 |
||
| 19,270 | ||
| £ 12,467 6,300 |
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Tibet Relief Fund of the United Kingdom
Notes forming part of the Financial Statements for the year ended 30 April 2025
| 10. Staff Costs and Numbers Staff costs were as follows: Salaries and wages Social security costs Pension contributions |
2025 2024 £ £ 224,702 273,579 16,413 22,088 11,160 13,026 252,275 308,693 |
|---|---|
No employees received emoluments of over £60,000 during the year to April 2025 or during the year to April 2024.
Included in salaries and wages is £12,350 (2024: £25,336) relating to redundancy. The average number of employees during the year was 6 (2024: 7).
11. Trustee Remuneration, Key Management Remuneration & Related Party Transactions
No Trustee received any remuneration during the year or in the prior year. No Trustees were reimbursed travel expenses during the year or in the prior year.
Aggregate Compensation of Key Management for the year was £75,998 (2024: £88,495)
During the year the Trustees made donations to the company totalling £1,450 (2024: £1,620)
12. Other Financial Commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
| Within 1 year Within 2 to 5 years |
£ £ 14,400 42,746 10,800 - 25,200 42,746 |
|---|---|
13. Pension scheme
The company operates a defined contribution retirement benefit scheme for all qualifying employees. The assets of the scheme are held separately from those of the company. The company contributes a specified percentage of payroll costs to the retirement benefit scheme to fund the benefits. The only obligation of the company with respect to the scheme is to make the specified contributions.
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Tibet Relief Fund of the United Kingdom
Notes forming part of the Financial Statements for the year ended 30 April 2025
14. Fixed Assets
| Cost At 1 May 2024 Additions Disposals At 30 April 2025 Accumulated Depreciation At 1 May 2024 Charge for the year Disposals At 30 April 2025 Net Book Value At 30 April 2025 At 30 April 2024 |
Leasehold Office Fixtures & Improvements Equipment Fittings Total £ £ £ £ 54,600 10,931 15,948 81,479 - 290 - 290 -54,600 -4,065 -8,610 -67,275 |
|---|---|
| - 7,156 7,338 14,494 |
|
| 43,680 7,855 11,720 63,255 10,920 843 634 12,397 -54,600 -3,329 -6,910 -64,839 |
|
| - 5,369 5,444 10,813 |
|
| - 1,787 1,894 3,681 |
|
| 10,920 3,076 4,228 18,224 |
15. Fixed Asset Investments
| At 1 May 2024 Additions Disposals Revaluation At 30 April 2025 Quoted Securities (historical cost of £432,970) Cash deposits |
Total £ 571,417 64,050 -153,596 4,143 |
|---|---|
| 486,014 | |
| 459,651 26,363 |
|
| 486,014 |
There were no investments outside the UK and no single investment represented more than 5% of the total investments.
16. Debtors
| Other debtors and prepayments Tax recoverable |
2025 2024 £ £ 60,482 11,263 6,800 20,954 |
|---|---|
| 67,282 32,217 |
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Tibet Relief Fund of the United Kingdom
Notes forming part of the Financial Statements for the year ended 30 April 2025
17. Creditors: Amounts Falling Due Within One Year
| 2025 | 2024 | |||
|---|---|---|---|---|
| £ | £ | |||
| Trade creditors and accruals | 22,207 | 6,934 | ||
| 22,207 | 6,934 | |||
| Analysis of Net Assets Between Funds | ||||
| Unrestricted | **Restricted ** | Endowment | Total | |
| Funds | Funds | Funds | Funds | |
| £ | £ | £ | £ | |
| Tangible fixed assets | 3,681 | - | - | 3,681 |
| Investments | - | - | 486,014 | 486,014 |
| Current assets | 118,573 | 74,172 | -19,335 | 173,410 |
| Current liabilities | -6,000 | -16,207 | - | -22,207 |
| Net assets at 30 April 2025 | 116,254 | 57,965 | 466,679 | 640,898 |
| Comparative information in respect of the preceding period is as follows: | ||||
| Tangible fixed assets | 18,224 | - | - | 18,224 |
| Investments | - | - | 571,417 | 571,417 |
| Current assets | 301,604 | 57,542 | -104,825 | 254,321 |
| Current liabilities | -6,934 | - | - | -6,934 |
| Net assets at 30 April 2024 | 312,894 | 57,542 | 466,592 | 837,028 |
18. Analysis of Net Assets Between Funds
19 Movements in Funds
| Restricted funds Unrestricted funds Endowment Funds |
At 1 May Incoming Outgoing Investment At 30 April 2024 Resources Resources Transfers Gain 2025 £ £ £ £ £ £ 57,542 250,367 -249,944 - - 57,965 312,894 251,517 -448,157 - - 116,254 466,592 - -4,056 - 4,143 466,679 |
|---|---|
| 837,028 501,884 -702,157 - 4,143 640,898 |
The Endowment Funds were created from the legacy left to the charity by the late Vanya Kewley Lambert. Although her will did not impose any restrictions on the use of the legacy, based on discussions with Vanya Kewley Lambert prior to her passing and other evidence, the trustees determined that this should be treated as an expendable endowment. Transfers relate to the release of endowment funds to unrestricted funds as authorised by the trustees.
| At 1 May Incoming Outgoing Investment At 30 April 2024 Resources Resources Transfers Gain 2025 £ £ £ £ £ £ 32,500 146,644 -143,017 - - 36,127 21,825 22,573 -39,316 1,497 - 6,579 505 17,952 -3,198 - - 15,259 2,712 63,198 -64,413 -1,497 - - |
|
|---|---|
| Restricted funds | |
| Sponsorship in India & Nepal Projects in India & Nepal Projects in Tibet Projects in UK |
|
| 57,542 250,367 -249,944 - - 57,965 |
All projects are reviewed by UK-based staff.
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Tibet Relief Fund of the United Kingdom
Notes forming part of the Financial Statements for the year ended 30 April 2025
19. Movements in Funds (continued)
Comparative information in respect of the preceding period is as follows:
| Restricted funds Unrestricted funds Endowment Funds |
At 1 May Incoming Outgoing Investment At 30 April 2023 Resources Resources Transfers Gains 2024 £ £ £ £ £ £ 75,060 262,077 -279,595 - - 57,542 133,823 735,243 -556,172 - - 312,894 456,215 - -3,760 - 14,137 466,592 |
|---|---|
| 665,098 997,320 -839,527 - 14,137 837,028 |
|
| 30,217 140,954 -138,671 - - 32,500 13,298 51,399 -42,872 - - 21,825 2,505 273 -2,273 - - 505 29,040 69,451 -95,779 - - 2,712 |
|
| Restricted funds Sponsorship in India & Nepal Projects in India & Nepal Projects in Tibet Projects in UK |
|
| 75,060 262,077 -279,595 - - 57,542 |
20. Share Capital
The Charity is a company limited by guarantee and accordingly does not have a share capital. Every member of the company undertakes to contribute such an amount as may be required (not exceeding £10) to the company’s assets if it should be wound up whilst they are a member, or within one year after they cease to be a member, to cover the liabilities of the company.
21. Contingent Asset - Legacy Income
As at 30 April 2025, the charity had been notified of a legacy the value of which is uncertain. £22,795 was received in the year to April 2025. A further £40,000 was received in August 2025, and has been accrued in these accounts. The remaining receivable balance is estimated to be approximately £40,000 (2024: £100,000), but as of the date of signing these accounts no further information had been received in relation to the balance and therefore no further accrual has been made in respect of this legacy.
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