CHARITY REGISTRATION NUMBER: 1079844 Lelung Dharma Trust Trustees Report and Unaudited Financial Statements 31 December 2023
Lelung Dharma Trust Trustees Report and Unaudited Financial Ststsments Year Ended 31 December 2023 Pages Trustees, annual report 1to7 Independent examiner's report 8t09 Statement of financial activities 10 Balance sheet 11 Cash flow 12 Notes to the financial statements 13to20
Lelung Dhanna Trust Trustees. Annual Report Year Ended 31 December 2023 The Trustees have pleasure in Pfesenting their Annual Report and Unaudited Financial Statements for the year ended 31 DeMtser 2023. The financial statements have been prepared in accordance with the accountin9 policies set out in nole 1 of the accounts. They comply with the Trust's goveming document, the Charities Act 2011. and the Accounting and Reporting by Charities: Stalement of Recommended {"SORP"I. applicable to chanties preparing their accounts in accordance with the Financrdl Reporting Standard applicable in Ihe UK and Republic of Ireland. Reference and administrative details Charbty registration number 1079844 Governing document Trust Deed and Supplemental Trust Deed Principal address and registsred office Peace House Parkside Way North Harrow Middlesex HA2 6BX Trustees Lelung Tulku Tessa Heron constan Dusek Maureen Pugsley Honorary Advlsors Angela Lewis Maureen Elliott Independent Examlner Trevor James FCA DChA FCIE Dormer Cottage West Broyle Chichester West Sussex P019 3PR Bankers Natwest Bank 118 Field End Road Eastcote Pinner Middlesex HA5 1RP HSBC Bank 177 FieEd End Road Eastcote Middlesex HA5 1QS Barclays Bank Leicester Leicestershire LE87 2BB Email addross lelungdt@gmail.com Webslts www.lelung.org
Lelung Dharnia Trust Trustees. Annual Report Year Ended 31 December 2023 Structure, Governance and Management Charity Status Lelung Dharnw Trust ('The Trusf) is govemed by a Trust Deed sealed on 6th January 2000 an¢J a Supplemental Trust Deed dated 24th February 2000 and 30th Juty 2002. The Trust was registered with the Charity Commission for England and Wales on 15th March 2000. The Trustees confirm that the Financial Statements compty with current ststutory requifements and the Trust's governing document. Recruitment. Appointment and Training of Trustees Trustees are recruited in accordance with the Trust Deed from known supporters of the Trust who share ils aims and aspirations and who are believed to be able to bring a breadth and depth of experience and skills to the trustee body. On appointrnent Trustees are provided with fijll Infomiation conceming the Trust and are directed to appropriate Charity Commission publications and to the Charity Govemance Code. All Trustees take seriously their obligations to maintain their kn(Iwledge. The rotation of trustees and, if necessary, disqualification are carried out in accordance with the Trust Deed. Management As a small charity the Trustees of The Lelung Dharma Trust are direcdy invofved with its day to day management and activitses. Lelung Tulku, a Trustee. is ihe Spiritual Director and founder of the Charily The Trustees hold regular meetr'ng5. most of which are online, and decisions regarding the running of the Trust are discussed and agreed at these meetings. These discussions include Lelung Rinpcohe s travels while searching for ancient texts and his plans for futu research and Ihe organisatton of teachings in order to presep4e them for posterity. Future plans and projects are discussed, as well as the njnning of the Trust's shop and Centres. The administration and bookkeeping are done on a voluntsry basis. Lelung Tulku received £14.400 (2022 £14.400) frorn the Trust during the year towards his living expenses. Apart from this no Trustee received any payments or benefits for their work for the TNSL Risk Management The Trustees have identified the major risks to which they believe the Trust is exposed. Where appropriate. systems have been established to minimise those risks. produreS are in place to ensure compliance with health and safety requirements. Govemance In line with the teachings of Tibeian Buddhism the Tw5tees believe that corrupts'on. bribery and unfair actions hamper development and impede progress and insist on integrity in all aspects of the Trust's activities and they endeavour at all times to apply the Charity Governance Code and the Nolan principles (selflessness. integnty, objectivity, accountability. openness, honesty and leadership). The Trust has received wulatory guidance from the Charity Commission and has put in place an action plan to address the matters idents'fied. Objectlves and activlties The Tnjstees shall hold the Trnst Fund and its income upon trust to apply them for the following objects The advancement of public education in the culture and way of life of Tibetan people and the subjecl of Tibetan Buddhisrn.
Lelung Dharma Trust Trustees. Annual Report Year Ended 31 December 2023 The advancement of the Bu(Idhist faith through meditation and religious observance and through provision of financial 5UPPOrt to Buddhist monks. nuns and other members. in particular. but not exdusively of the Drepung Monastery in Southem India. The relief of poverty. sickness. and distress and the advancement of educats'on of people in Tibet and elsewhere. Area of beneflt: Tibet and elsewhere. Aroa of Operatlon: Charity operates inside England, Wales and Worldwide. Classification: What: Educationraining, MedicaVHealthlSickness. Relief of Poverty. Overseas AidlFamine Relief, Religious Activities. Who: Childrenlyoung People, Eldety. People of a Particular Ethnic or racial origin. Genefal Publiclmankind. How: Makes grants to individuals (including loans). Makes grants to organisations (including schools. charities etc). Provides advocacyladvKelinformats'On. Public benefit In shaping the Trust's objectives and planning ils activities the Trustees have paid due regard to the Charity Commission's guidance on public benefit and have cornplied with section 4 of the Charities Act 2011. Actlvltles of the Trust during 2023 Lelung Dhamia Centre and Charity Shop in Plnner The Lelung Dharma Centre is now in its fourteenth year of existence in Eastcole and the Charity shop continues to be well supported and busy with a reliable staff of volunteers and the local community continue to donate dolhes. bric-a-brac etc regularly. The surplus profit from the Charity Shop is allocated to a number of projects under the care of the Lelung Dharma Trust and these projects are primarily designed to assist disadvantaged Tibetsns living in exile or within Tibet and the preservation of the Tibetsn culture. The Trust has cLJntinued to collect and send good dothing frorn the tharity shop to India for needy people and this is clearly very useful and well e1ved. The Trust often reiVeS video footage of the clolhes and shoes bèing distributed to those in need. often in rural villages. Throughout the year dothes have been sent to India regularly. to both south and north India and, judging by the vKleos, there is a great deal of excitement when they are received. 2023 began with the Lelung Dharma Trust taking on a new Independent Examiner and the official handover from the pViouS Independent Examiner was made in early January. H.E. Lelung Tulku Rinpoche Many people continue to request a one-tone audience wilh H E Lelung Tulku. the Spiritual Director of the Trust. to discuss problems and ask for advice or prayers. sometirnes for themselves and sometimes for loved ones who are sick or who have passed away. This can now also be done online. In 2023 Rinpoche attended teachings by His Holiness the Dalai Lama in Dharamsala from March 8-9 and as a co-sponsor. the Lelung Dharma Trust contsibuted £7.000 towards these teachings.
Lelung Dharma Trust Trustees. Annual Report Year Ended 31 December 2023 At the end of March. Lelung Rinpoche had an audience with HHDL and was able to inform him about his work and recent projects. In April, Lelung Rinpoche went on a pilgrimage to Nepal to visit sacred sites and temples. Vvhilst he was in Nepal Kyabje Lama Zopa passed away. Lelung Rinpoche stayed longer in Nepal to support the members of Lama Zopa's organisation. On 18" April Lelung Rinpoche arrived in Mongolia for our Trust teaching project. the oral transmission of the Kangyur, the sacred teaching of the Buddha. conducted by His Eminence Kyabje Togden Rinpoche. This was the first year of the transmission, a process which will span approximately four years with sessions lasting about Iwo months each year. He also had the opportunity to do research and discover some rare texts. In July, Lelung Rinpoche travelled to New York at the request of Bob Thuman and Menla to do a full Yamantaka retreat and give teachings. In October. Lelung Rinpoche led a guided meditation session at the Rubin Museum Mandala project In Canary Wharf. This event was open to all. Lelung Rinpoche was then invited to teach at The Abbey in Sutton Courtenay lo commemorate the special occaslon celebratlng 50 years slnce His Holiness the Dali Lama visited there on his first visit to England. Peace House The Centre in Harrow, Peace House, continues to be an asset to the community in facilitating those who are interested in leaming more about Buddhist philosophy or simply finding strategies to deal with increasingly stressful lives. Through interfaith dialogue. contemplative practices and community projects, the Trust hopes that this lirsl Shide Peace Centre, called Peace House. will be a beacon of peace for London and elsewhere. The intention Is to host interfaith events once a month and lo invite leaders from all religions and faith groLIP% to take part, in order to make peace a more attainable reality. Peace House continues to be open for Monday evening talks and meditation. In February, The Tibetan New Year, the Water Rabbit year. was celebrated at Peace House with prayers and offerings to Palden Lhamo and a traditlonal Losar breakfast. Prayers were also Said for world peace This event was open to all. Professor Geshe Beri Jigme who had come to UK In December 2022. ai the inviialion of the LDT. conlinued his series of weekly teachings into January at Peace House. The teaching was 'A Narrative Account and Benefits of Twenty-one Arya Taras, which was translated into English by Tsepak Rigzin from Emory College of Arts and Sciences, USA. Local school visits to Peace House have continued throughout 2023. At these visits Lelung Rinpoche talks to the children about Buddhism, ethics, how to lead a happy life and then leads a short mediiation. The children are able to see the artefacts which are on display at pea House. The plans for the extension of pea House have been exiremely complicated bul, in September, planning permission was finally approved by Harrow Council. However. thwe were a number of conditions that needed to be cleared befor8 work could be started. In November, the world famous Gyuto Monks visited Peace House to chant and pray for World Peace. This event was open to all and all donations from the occasion were offered to the Gyuto monks
Lelung Dharma Trust Trustees. Annual Report Year Ended 31 December 2023 Tlbetan PeaGe Garden In May the Lelung Dharma Trust organised a celebration in the Tibetsn Peace Garden in Southwark for the 24th anniversary of its opening by His Holiness the Dalai Lama. There were interfaith prayers and the Tashi Lhunpo mnks were there to chant for world Pea. His Holiness the Dalai Lama sent a message of support and approval for this event SHIDE Lelung Rinpoche has continued to gamer support for his Shide project. The plan is to build a World Peace Centre which would incorporate a Buddhist study centre. monastery. donnitories for retreats etc. and also a Stupa. This space will be available for all faiths and denominations to use for meetings, prayer. conferenc.es and functions and also, for discussions on global pea. It will be an interfaith Spa which is available to everyone where there can be interfaith COnferenS on how to achieve world peace and also peace In our communits'es. This project has the approval of His Holtness the Dalai Lama. Tho Lelung Llterature Preservation Centre. Dharamshala, Indla This work of the Lelung Literature Preservation Centre conb'nues lo be supported by the Lelung Dharma Trust and has become recognised as an important onire for the preservation of historical works, including some of the earlst of Buddha's teachings caNed onto wooden b1ks. which would otherwise become lost forever. Joanna Lumley is Patron to Ihe Twsc specffically for the translation of Ihe 5th Lelung vdumes which are currently being printed in Tibetan. Support of fibetan Monks at Drepung Monastery, India The sponsorship programme for the Lelung monks based in DpUng monastery. South India continues to be well supported. The house at the rnonastery in Drepung. which was given lo Lelung Rinpoche as a young monk by His Holiness the Dalai Lama, is now occupied by Lelung rnonks. The house was in sevefe need of renovation as it was starting to collapse and had become dangerous. The Truslees agreed to send £20.000 lo India to help rebuild these monk quarters so that the mnks can continue to use them and this work has now been completed. The Lelung monks can now continue their work and studies in more secure surroundings. The Lelung monks re1ve £1.200 annual sponsorship and the seven monks who were attending the HHDL teachings in Bodhgaya We given an extra £800 to help with their accornmodation there. The G. P. B. Preservatlon Centre, based in Dharamsala. India The Geden Phacho Bhucho Preservation Centre is also supported by the Lelung DhamH Trust and has become well knt)wn as an important source of infomiation for Buddhist teachers (Lamas) 3nd prac11tnerS The G.P.B. Presep4ation cent arranges a number of important oral teachings which take place in a number of major monasteries in India. An integral part of the Buddhist tradition is to pass teachings orally to the monastic community. It is essenbal for the preseryation of Tibetan texts and their essence fof these teachings to be passed on orally and will therefore safeguard the ancEnt Tibetan culture for future generations. This tradition of passing teachings down orally is a protective seal. preserving Ihe teachings In their original fomi in an unbroken lineage stretching back more than a thousand years. His Holiness the Dalai Lama has endorsed the preservation work being undertaken by H E Lelung Tulku. The Offi in Dharamsala employs three Tibetan scholars who once worked for The Library of Tibeian Works and Archives in Dharamsala. an invaluable resour founded by the Dalai Lama in 1971.
Lelung Dhamia Trust Trustees. Annual Report Year Ended 31 Decembar 2023 Before he passed away. Lama Zopa Rinpoche had a dose connection to Lelung Rinpoche and he considered the work that Lelung Rinpoche is undertaking. especially under Geden Phacho Bhucho. as very important for the preser¥ab'on of Tibetan Buddhism. Lama Zopa Rinpoche offered support. whenever possible. lo Ihe important undertakings of Lelung Rinpoche. whtch preserve Lama Tsongkhapa's lineage for future generations, and are vital for the continualton of the Buddha Dharn in an unbroken fom. Fundra181nglProjects The Trust received a donation of £10.000 which was specifically intended for the support of Tibetan culture so the Trustees agreed that Soft of thts amount should be used to pay for an extension to the kitchen of a Tibetan Prayer Hall in Dehradun. Monks arKS lay people of all ages gather once a month to Pfay al this prayer hall and a community has developed there. This kitchen extension has now been completed and is a most welcome improvement to that community Also. in Mundgod, there is a lake which monks and lay people walk around in the evenings for exercise and the Trust agreed to use some of this donation to help them create a nice path around the lake lo make it a more pleasant experience. This project is still in the pipeline but hopefully will be completed within the next year. The Lelung Dharma Trust receives unrestricted. deSnated and restricted gifts and donations from supporters. It does not use fundraisers. Flnanctal Revlew During the year Ihe Trusl received incorne totslling £178,943 (2022:£128,127) of which £66.994 12022 £4,254) was restricted. Expend51ure totalled £180,957 {2022'.£154,659). The net income deficit for Ihe year was £2,014 (202.£26.532}. Total funds at the year end were £1.767,075 (2022'.£1,769,089) of which unrestricted funds were £1.678.523 (2022.£1,745,287) and restricled funds were £88.552 (2022.£23,8021. The Lelung Dhamw Trust's activities are funded mainly by unresiricied donations from individuass. Investment pollcy Funds not rUired for current needs may be invested in investments of any kind al the absolute discretion of the Trustees. Volunteers Thè Trust benefits greally from the work of ffl0 than 30 volunteers. The Twstees are truly grateful for all they do. Reportlng *erlou8 Incldents In line with the Charity Commission's guidance on reporting serious incidents. the Trustees declare that during the year Ihere were no serious incidents that they have failed to bring to the Commission's allention Safeguardlng The Trust realising the importance of safeguarding will be developtng its safeguarding poli. Reserves Pollcy The Trustees. reserves pollcy is to ensure they hold sufficient free reseNes to meet the Trust's day to day running costs for the following 12 rn¢ths. which are estimaled to be £80.000 12022:£80.001. AI 31 Decembèr 2023 free reserves stood at £194.020 (2022: £193,292).
Lelung Dharma Trust Trustees. Annual Report Year Ended 31 December 2023 Plan8 for futuro porlod8 The Trust intends to continue its full activities without Ghange and to enhance these by extending Pea House. Statement of Trustees, Responslbllltles The Trustees are responsible for preparing the Trustees, Annual Report and Ihe Financial Statements in accordance with applicable law and United Kingdom Accountlng Standards (Unlted Klngdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Trustees to prepare financial statement5 for each financial year which give 8 true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources of the Trust for that period. In preparing these financial statements. Ihe Trustees are required to.. salect suitable accounting policies and then apply them consistently. obseNe the methods and principles in the applicable Charities SOPR,. make Judgements and accounting estlmales that are reasonable and prudent., state wheiher applicable UK Accounts'ng Standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial Siatements on the golng concern basis unless it is Inappropriate to presume that the Trust will continue in operation. The Trustees are responsible ft)r keeping proper accounting records that are sufficient to show and explain Ihe Trust's transactlons and disclose With r8asonable accuracy at any time the financial position of Ihe Trust and enable them to ensure that the Financial Statements comply with the Chan'ties Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of Ihe Trust and hence for taking reasonable steps for tha prevention and detection of fraud and other irregularities. The Trustees are also responsiblé for the maintenance and integrity of any flnancial information included in the Trust's website. Independent oxamlner Trevor James FCA DChA FCIE was appointed as the Trust's Independent Examiner on 7 December 2022 and is willing to continue in office. The Trustees, Annual Report was approved by the Trustees on 30 October 2024 and signed on their behalf M A Pugsley Trustee
Lelung Dharma Trust Independent examiner's report to the trustees of Lelung Dharma Trust Year Ended 31 December 2023 I report to the Charity's Trustees on my examination of the accounts of Lelung Dharma Trust for the year ended 31 December 2023. This report is made solely to the Truslees of Lelung Dharma Trust, as a body, in accordance with the Charities Act 2011 {'the Act.). Responslbllltlos and basls of report As the charity trustees of Lelung Dharma Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Act. You consider that the audit requirements of the Act do not apply and that an independent examination is needed. It is my responsibility to-. examine the accounts under section 145 of the ACL follow the procedures laid down in the general directions given by the Charity Commission under section 144 (2) of the Act; and to slate whether particular matters have come to my attention. 8asls of the Independent examlner's report 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 ilems or disclosures in the accounts and seeking explanations from you as 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 psent a 'true and fair view, and the report is limited to those matters set out in the siatement below. Independent examiner's statement I have completed my examination. l Gonfim that, subject the qualificattons below. no material matters have come to my attention in connection with my examination giving me cause to believe that in any material respect: 1. the accounting records were not kept in accordance with section 130 of the Act.. or 2. the accounts do not accord with the accounts'ng records: or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Report) Regulations 2008 other than any requirement that the accounts give a 'true and fair view whlch is not a matter considered as part of an independent exarnination. In my report on your accounts for the years ended 31 December 2021 and 20221 stated that although I had found no evidence of intentional malpractice or defalcation in my opinion.. your financi81 controls needed to be improved you needed to ensure that related party transactions are authorised conflicis of interest needed to be regularised
Lelung Dharma Trust Independent examiner's report to the trustees of Lelung Dharma Trust Year Ended 31 December 2023 trustees should avoid using personal credit cards and accounts for charity activities unless there is no altemative and in cases vthere they are used appropriate authorisation should be recorded financial and other rerdS needed Èo be improved the recording of restricted income and expenditure from that income needed greater clarity. l am able to report that the improvements in 2022 have continued in 2023 and your record keeping is now satisfactory. This report is made solely to the Charity's Trustees. as a body. in accordance with part 4 of the Char5ties Act (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters l am required to State to them in an independent examinerfs report and for no other purpose. To the fullest extent permitted by law. I do not accepi or assume responsibility to anyone other than the Charity and its Trustees as a body. for my work or this report. T E Jow-e4 Trevor James FCA DChA FCIE Dormer Cottage Old Broyle Road West Broyle Chichesler West Sussex P019 3PR 30 October 2024
Lelung Dhamia Trust Statement of Financial Activities Year Ended 31 December 2023 Unrestricted funds Restricted Total Funds Total Funds funds 2023 2022 Income and endowments from Donations and grants Trading activitses Other income 45,881 56.663 9.405 66,994 112.875 56.663 9,405 78.647 49.320 160 Total Income 111.949 66.994 178.943 128.127 Expendlture Raising funds Expenditure on charitable activiti.es 1.826 176.887 1.826 179,131 1.027 153.632 2.244 Total expenditure 178,713 2.244 180.957 154,659 Net Incomel{expendlture) Transfers between funds (66.764) 64,750 (o) (2.014) (26.532) Net movemtrnt in fund8 (66.764) 64.750 {2.014} {26.532) Reconclliation of funds Total funds brought forward Total funds carrled forward 1.745.287 23,802 1.769.089 1,795.621 1.678.523 88.552 1.767,075 1,769,089 The ststement of financial actNities indudes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 13 to 20 form part of these finanaal statements 10-
Lelung Dhamia Trust Balance Sheet 31 December 2023 2023 2022 Flxed assets Tangible assets 13 1,484.503 1.551.995 Current assets Stocks Debtors Cash at bank and in hand 14 15 1,668 3,494 4,741 211.959 282.584 284,252 220.194 Credltors: amounts falling due within one year Net ¢urrent assets 16 1.680 3.100 282.572 217.094 Total assets less current liabilities 1,767.075 1.769.089 Creditorn: amounts falling due after more than one year Net assets 1.767.075 1.769,089 Funds of the charSty Restricted funds Unrestricted funds Designated property fund Operating fund Total charlty funds 88.552 23,802 1.484.503 1.551,995 194,020 193,292 17 1,767,075 1.769.089 These financial staternenls were approved by the Iruslees and authorised for issue on 30 O¢tober 2024 and are signed on their behalf by: M A Pugsley Trustee 11
Lelung Dharma Trust Cash Flow Statement 31 December 2023 2023 2022 Cash flow¥ from operatlng actlvltles Net cash provided by operating activities Cash flows from Investlng actlvltles Dividends, interest and rents from invéstments Sale of fixed assets Purchase of fixed assets 19 59.892 17.870 1,379 9,354 (o) 10,733 160 (32,0271 (31,8671 Net cash provided byl(used in) investing activikn'es Change In cash and cash equlvalents In the year Cash and cash equlvalents at the beglnnlng of the year 70,625 211,959 (13,9971 225.956 Cash •nd ca8h equlvalent8 at the end of the year 282,584 211,959 12-
Lelung Dhanna Trust Notes to the Financial Statements 31 December 2023 General inforniation Lelung Dharma Trust rthe Charity.) is an unincorporated trust registered with the Charity Commission for EnglarKI and Wales Statement of compllance These financial statements have been prepared In compliance with FRS 102. 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,. the Statement of Recommended Practio applicable lo charrties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2015) the Chanties SORP (FRS 102}. and the Charities Act 2011. Lelung Dharma Trust meets the definition of a public benefit entity under FRS 102. Accountlng pollcies Basis of preparation The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling. which Is the functK)nal currency of the entity. Golng concern Other than the possible consequences of further Covid-19 lockdowns there are no material uncertainties about the Charity's ability to continue Judgements and key sources of estimation uncertainty The preparation of the financial statements requires the Trustees to make judgements. estimates and assumptions that affect the arnounts reported. These estimates and Judgements are continually reviewed and based on experience and other factors. including expectations of future events that a believed to be reasonable under the circumstances. Fund accounting Unrestricted funds a available for use at the discretion of the trustees to furlher any of ihe Charity's purposes. Restricted funds are subjected to restrictKJns on their expendilure dedared by the donor or through the tenns of an appeal and fall into one of sulKlasses: restricted income funds or endowment funds. Incoming resources All income is included in the statement of financial activities vthen enkn'tlement has passed to the Charity. it is probable that the economic benefits ass¢xialed with Ihe transaction will flow to the Charity and the amount can be reliably measured. The following specific policies are'applied lo pa'Cular categories of income.. Income from donations and grants is recognised when there is evidence of entitlement to the funds, receipt is probable. and its amount can be measured reliably. Income from sales is recognised at the b'rre of sale. Donated facilities and services are recognised in Ihe accounts when received if Ihe value an be reliably measured. No amounts are induded for the contribution of trustees or other volunteers. Interest on funds held on deposit is included on nots'fication of the interest paid or payable by the bank. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure on raising funds indudes the costs of all fundraising activities. Expenditure on charitsble acts"vits'es includes all costs incurred by the Charity in undertaking activities that further its charitable aims. induding those support costs and costs relaling to the governance of the Chanty apportioned to charitable activities. 13-
Lelung Dharma Trust Notes to the Financial Statements 31 December 2023 Accounting pollcies (continued Other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of ils expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the sOurCe. Direct cosls attributable to a single activity are allocated directly to that activity. Shared costs are apportioned beeen the activities they contribute to on a reasonable, justifiable and consistent basis. Operating leases There are no operating leases. Any lease payments would be recognised as an expense over the lease temi on a straight-line basis. The aggregate benefit of lease incentives would be recognised as a reduction lo expense over the lease tem, on a straight-line basis. Tanglble fixed assets Tangible fixed assets costing more than £250 are capitalised. They are initially recorded at cosi, and subsequently stated at cost less any accumulated depreciation and impairment losses. Depreciation Depreciation is calculated so as to write off the cosl or valuation of an asset, less ils re&'dual value, over the useful economic life of that asset as follows.. Freehold property over 20 years on a straight line basis Molor vehicle 259/0 on reducing balance Stocks Stocks are stated at the lower of cosl and net realisable value. Donated items of stock, held for distribution or resale, are not recorded or valued a the time of donation and are only recorded when sold. Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and in hand Cash at bank and in hand includes cash and short temi highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Credltors and provisions Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third paty and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are nomially recognised at their settlement amount after allowing for any trade discounts due. Financlal 5nstruments A financial asset or a financial liability is recognised only when the Charity becomes a paty to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaclion costs. Current assets and current Siabilities are subsequently measured at the cash or other consideration expected to be paHY or received and not discounted. Taxation The Charity is exempt from corporats'on tax on its income to the extent that it is used for charitsble purposes. 14-
Lelung Dharnia Trust Notes to the Financial Statements 31 December 2023 Donations and grants Unrestricted Funds Restricted Total Funds Total Funds Funds 2023 2022 Donations and grants Donations and gift aKI receivable Legacies 45.881 66.994 112,875 78.647 45.881 112,875 78.647 Year ended 31 December 2022 74.393 4.254 Tradlng actlvlt1•8 Unrestricted Funds Restricted Total Funds Total Funds Funds 2023 2022 Shop sales 56.663 56.663 49,320 Year ended 31 Oecember 2022 49,320 Other Income Unreslricted Funds Restricted Total Funds Total Funds Funds 2023 2022 Surplus on scrapping Mini Bus Bank interest 8.026 1,379 8,026 1,379 160 9.405 9,405 160 Year ended 31 December 2022 160 Costs of raislng funds Unrestricted Restricted Totsl Funds Totsl Fund5 Funds Funds 2023 2022 Shop purchases 1.826 1.826 1.027 1.826 1.826 1.027 Year ended 31 December 2022 1.027 15-
Lelung Dharma Trust Notes to the Financial Ststements 31 December 2023 Expendlture on charltable actlvltles by activlty type Trust Activities Support Total Funds Total Funds Costs 2023 2022 Living expenses Donations Tsering Passang Donation on behalf of the Tibet Foundation GBPR sponsorship and sUPPOrt Lelung monk's sponsorship Education and other sponsorship CoviLI sponsorship Transport of goods to India Wages and salaries Peace House Subscriptions Eleclricity Rent and rates Repairs and renewals Telephone Travel Mini bus Miscellaneous Independent examination Depreciation 14,400 7,71 S 428 14,400 7,715 428 14,400 4,783 8.500 104 4,004 2,004 23,020 5.496 2,291 13.000 9,165 5.500 13,000 9,165 5,500 1.557 1,557 19.710 2.966 5,203 7,414 1.121 3,666 830 1.173 19,710 2,966 5,203 7,414 1,121 3,666 830 1,173 378 492 2,635 934 4,053 533 3,218 231 6,743 1,600 68.213 17,439 1,680 18,972 19.265 1.680 66,164 47,192 98,957 80,174 179,131 153,632 Year ended 31 December 2022 112.237 41.395 Net Income Net income is stated after charging.. 2023 2022 Depreciation of tangible fixed assets Professional fees~ Independent examiner's remuneration 66,164 1,680 68.213 1,600 10. Independent examlner'8 remuneratlon 2023 2022 Fees payable for the examination of the financial stalements 1.680 1,600 11. Staff costs Throughout the year the Charity had 2 employees (2022.. no employees). Total remuneration pald to the Charity's employees. including employer's pension and social security Costs. was £19.710 (2022.. Nil). No employee was paid more than £60,000. Many of the Charity's activities are carried out by volunteers who are unpaid. No record Is kept of the donated time. 12. Trustee remunaratlon and expenses One trustee, Lelung Tulku. the Spiritual Leader, received a stipend of £14.400 (2022.. £14.400) Other than this none of the tTUStees or persons Connected wtth them received any remuneralion, benefits or 1MbUrsernent of expenses in the year for work as a trustee (2022.'None}. Any claim for expenses would be subject to the Charity's normal internal control procedures. -16-
Lelung Dharma Trust Notes to the Financial Statemants 31 December 2023 13. Tangible fixed assets Freehold properties Motor vehides Totsl Cost At 1 January 2023 Additions Wrstten off 1,755,389 3.600 1,758,989 {3,600) {3.600) 1.758,989 At 31 December 2023 1.755,389 Depreclation At 1 January 2023 Charge for the year Written off 204,722 66,164 2,272 206,994 66.164 (2.2721 270.886 {2.272) At 31 December 2023 270.886 Carrying amount At 31 December 2023 1.484.503 1.484,503 At 31 Deomber 2022 1,550.667 1,328 1.551.995 Freehold property is a building known as Peace House and Dharma Centre which was purchased in 2019 and shop premises purchased in 2021. These purchases were funded through restricted donats'ons received for this purpose. In previous years an amount equal to the depreciation charged in the accounts is written off these restricted funds. A review of the restrictions placed on the funds by the donors has elucidated that once used for the propety purchase the restrictions came to an end Freehold propety includes land valued at £400,000. The land is not depreciated. During the year the motor vehicle was scrapped under the Transport for London's scrappage scheme. The surplus on the disposal has been treated as other income in the Statement of Financial Acts'vities. 14. St¢xks 2023 2022 Stock of goods for re-sale 1,668 3.494 Stocks of stationary and packaging materials are not valued. S. Debtors 2023 2022 Gift Aid tax refundable Other debtors 4,741 4.741 16. Credltors: amounts falling due wlthln one year 2023 2022 Accruals Loan 1.680 3,100 1,680 3,100 17-
Lelung Dharma Trust Notes to the Financial Statements 31 December 2023 17. Analysls of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Net asset8 1,484.503 195,700 {1.680) 1,678,523 1,484,503 284.252 (1.680) 1.767.075 88,552 (o) 88,552 Prfor Year Unrestricted Funds Restricted Total Funds Funds 2022 Tangible fixed assets Current assets Creditors less than 1 year Net a88ets 1.551,995 196,292 (3,100) 1,745.287 1.551,995 220.194 13,100) 1,769,089 23,802 10) 23,802 18. Movement In funds At 1 January 2023 Incorning resources & gains Outgoing resources & losses At 31 December 2023 Transfers RestrlGtgd fund8 Peace House, Building Project fund Sponsorship 64,750 2,244 (o) {2,2441 10) 64,750 23,802 23,802 23,802 66,994 (2,244) 10) 88.552 Unre8trlcted fund8 Designated property fund Operating fund 1,551.995 193,292 (66,164) (112,549) (1.328) 1,484.503 1,328 194.020 111,949 1,745,287 111,949 (178,713) 1.678.523 1,769.089 128.127 (154.659) 1,769.089 18-
Lelung Dharnia Trust Notss to the Financial Statements 31 December 2023 17. Analysls of net assets between funds (continued) Prlor year At 1 January 2022 Incoming Outgoing resources & sOurceS & gains losses At 31 December 2022 Transfers Restrfcted funds Peace House. Dharma Centre fund Shop premises fund Covld sponsorship 1.225,851 463.000 (47.192) (1.178,659) (20.578) (442,422) (5,496) 25,044 4.254 23.802 1.688.851 4.254 (73,266) (1.596,037) 23.802 Unrestricted funds 106.770 123,873 {81.393) 1,596.037 1,745.287 1.795.621 128,127 {154.659) 1,769 089 Peace House and Dharma Cenlre fund.. The purchase of this buildin9 was funded through restricted donations. Each year an amount equal to the depreciation charged in the year is written off from the fund. The fund will be fully wrrtlen off over the buildings 20 yeaf estimated useful life. In 2022 a review of the restnctions placed on the fund by Ihe donors elucidated that once used for the property purchase the restriciions came to an end and Iherefore the balance of the fund at the year eno was transferred to an unrestr5Cted designated property fund. Shop premises fijnd: The purchase of this building was funded through restricted donations. Each year an amount equal to the depreciatr'on charged in the year is written off from the fund. The fund will be fully written off over the buildings 20 year estimated useful life. In 2022 a review of the restrictions placed on the fund by the donors elucidated that once used ft)r the property purchase the restrictions came to an end and therefore the balance of Ihe fund at the year end was transferred to an unrestricted designated propety fund. 19. Reconciliatlon of net incomellexpenditure) to net cash flow from operatlng activltles 2023 2022 Net incomel{expenditure) as per Statement of Financial Acts"vities DepciatIon charges Mini van scrapped Dividends, interest and rent from investments (Increase)Idecrease in stocks (increase)Idecrease in debtors Increasejldecrease) In credilors (2,014) 66,164 {8,026) (1,379) 1,826 4,741 (1.420) (26.532) 68,213 (160) 1510) (4741) {18.400) 59.892 17,870 19-
Lelung Dharma Trust Notes to the Financial Statements 31 December 2023 20. Analysis of ca6h and cash equlvalents At 1 January 2023 Other Changes At31 December 2023 Cash flows Cash in hand 211,959 {70.625) 282.584 Totsl cash and cash equivalents 211,959 (01 Prlor year A131 December 2022 At 1 January 2022 Cash flows other Changes Cash in hand 225,956 (13,997) 211,959 Totsi cash and cash equivalents 225,956 (13,997) 211.959 21. Operatlng lease commltments There are no operating lease commitments {2022.' None). 22. Related partle8 Charity trustee and Spiritual Leader, Lelung Tulku. received a stipand of £14,400 (2022.. £14,400). No other trustee received any payment or benefits (2022. Nil). No trustee received payment or reimbursement for travel or subsistence costs incurred apart from Lelung Tulku when travelling on behalf of Trust business. -20-