Compfiny registered number: 05114516 Charity registered number: 1104491 SOKA GAKKAI INTERNATIONAL- UK TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR 31 DECEMBER 2024
SOKA GAKKAI INTERNATIONAL- UK REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 CONTENTS Page T]steeS, Annual Report Independent Auditor's Report to the Members 21 Stateinent of Financial Activities 24 Comparative Statemei)t of Financial Activities 25 Balance Sheet 26 Statement of Cash Flows 27 Notes to the Financial Stateinents 28
SOKA GAKKAI INTERNATIONAL- UK REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Tlie trustees present their report and the financial statements of Soka Gakkai International UK (referred to as 'SGI-UK") for the year ended 31 December 2024. The financial statements hav¢ b¢en prepared in accordance wilh the accounting policies set out in notes to ihe accounts and comply wilh th¢ charity's governing document, the Coinpanies Act 2006, Ihe Charities Act 201 l and the Chai'ities SORP {FRS102). OBJECTIVES AND ACTIVITIES Charitable Obj¢¢¢ives The charitable objectives for which SGI-UK is established are stated in the current governing document as follows.. To promote in the United Kingdoin and elsewhere in the World ihe study and practice of Nichiren Buddhism as taught by Soka Gakkai International by such means as the trustees think fit including. but not limited to.. (A) (B) The promotion of peace and understanding between peoples of different cultures and races. The education of the public in arts of cultural and educational value (including the arts of music, song, dance, drama, litei-ature, painting, drawing and sculpiui'e). The education of the public about conservation, protection and improv¢m¢nt of the environment. The education of the public about human rights and their maintenance and observation. The relief of poverty, sickness, infirmity and old age. and The education of the public about peaceful means of contlict resolution. (c) (D) (E) (F) Charitable Activities In pui'suaiice of its charitable objectives, and in order to achieve the overall aims of its mission, the principal charitable activity of SGI-UK is the"advan¢ement of religion" as it relates to the Buddhism of Nichiren Daisl)onin. Each year, this overall single charitable activity is undertaken in a number of ways by SGI-UK.. Providing and maintaining centres for the study and practice of Nichiren Buddhism and other activities directed towards the fuitherance of the charity's mission. Commissioning, printing, publishing, displaying and circulating newspapers, pamphlets, books, circulars, magazines, IEcordings, tapes, films, electronic information, and any other educational materials. Organising or supporting lectures, seminars, courses, classes, workshops, conferences and meetings; Promoting and staging aitistic, musical, cultural and dramatic performances, shows, exhibitions, concerts and other eveiits. and Co-operating with and supporting other voluntary, non-govemmental and statutory bodies and organisations including the United Nations whose purposes are compatible wilh the objective5 of the charity.
SOKA GAKKAI INTERNATIONAL- UK REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Indicators, Milestones & Benchmarks The trustees inonitor a range of measures to detemline the success of the charity in meeting its objectives. These measures include: Level of membei'ship of SGI-UK and ihe trend over time. Changes in the number of districts and other organisational uiiits. Attendance at coui'ses, meetings and evenls to study and share ihe teachings of Nichiren. Circulation and readership of publications. Feedback from delegates aiid the public more generally. The extent of, and feedback from, other entities with whom SGI-UK co-operates or to whom SGI-UK provides support. Numbers of weddings and funerals. Academic reseai'ch on SGI-UK. Study exain statistics. Public Benefit The trustees have taken The Charity Commission's specific guidance on public benefit (contained within the guidance publication "The Advancement of Religion for the Public Benefit") into consideration in prepai'ing their statements on public benefit contained within this trustees, annual report. Benefils & Benefieiai'ies In accordance with its charitable objectives, SGI-UK strives to advan¢¢ religion as it relates to the Buddhism of Nichiren Daishonin. The charity's principal beneficiaries are Iherefore.. The members of SGI-UK; People exploring wheiher they wish to become members of SGI-UK; and Members of the public wlio come to any SGI-UK activity or look al any of our resources in order to find out about Buddhism in the Nichiren tradition. In addilion, beneficiaries include people who visit Taplow Court Open Days and attend cultural activities Éhal we hold whether in pei'son or online, both being ways of opening ours¢lves to society and making fi'iends, as well as communicating our attitude to life, without explicitly teaching about Buddhism, and school children who visit Taplow Court as an educational resource also benefit. Finally, Ihose groups in the local community whom we allow to use Taplow Court wiihout charge in order to hold charitable or educational activities also benefit. The benefits provided to beneficiaries by SGI-UK are: The practice of Buddhism is a benefit in itself, being a practice and philosophy that enables the individual to stt'engihen their lives, overcome weakness and achieve goals. This growth in the tndividual affects tlieir families, communities and places of work. [Inde¢d, in the words of the Presldent of SGI Daisaku Ikeda, we find.. "A great human revolution in the life of one person can change the destiny of humankind and our entire planet"]: Tl)e organisation of monthly discussioii meetings throughout the UK open to all at no charge, where Buddhism in the Nichii'en tradition is conimunicated thyough short presentations, experiences and open discussion. The organisalion of monthly study meetings throughout the UK where the writings of Nichiren are studied also open to all at no charge. The provision of seminars, other study opportunities and courses, as expanded elsewhere in this report- Explanations aboui Buddhism to school children and students at Taplow Court and in schools and other inslilutions Countt'ywide, wheiE local members sp¢ak by invitation as Buddhist practitioners during Religious Education lessons and at other tiin¢s: Inlroductoiy talks about Buddhism held at our Londoii centres and at various venues country wide.
SOKA GAKKAI INTERNATIONAL- UK REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Conduct of religious ceremonies- weddings and funerals. and A leadership network which exists to provide continuous support to people in their practice of Buddhism. 'uslees' Assessinenf ofPiiblic Benefit In relation to their assessment of the delivery by the charity of public benefil, the truslees take into consideration the following sources of evidence: Members, expei'iences of practice shared at meetings and published in our monthly magazine- Numbers of members and guests attending discussion meetings, study meetings and taking part in the annual study course and attending Buddhist courses; Number of school and student visits to Taplow Court and the positive responses elicited by Ihese. and Number of weddings and funerals conducted. We appreciate that the benefit cannot best be conveyed through numbers, and that the best gauge of benefit is the first on¢ above. memb¢is' experiences. Grant Making Policy The charity does not currently give grant5 in any fomal structured manner as a means by which it fulfils its chai-itable objectives, and therefore, the Irustees have not set a grant making policy. However, from time to time, SGI-UK will provide ndIng by way of donations lo certain other voluntaiy, non- governmental and statutory bodies and organisations where the trustees are satisfi¢d that such support will help to promote the Buddhisin of Nichiren Daishonin through peace, culture and education. Relationsliips Ivith Related Partie5 SGI-UK is a member of the Network of Buddhist Organisations in the United Kingdom and a corporate member of UNICEF and the Commonwealth Human Ecology Council. SGI-UK is an active member of Religions for Peace UK. In 2021 SGI-UK was acci'edited as an Observer Organisation for Ihe United Nations Frainework Convention on Climate Change (UNFCCC) and repi'esentatives have attended iheir conferences {COP26 in Glasgow, COP27 in Sharm El-sheikh, COP28 in Dubai and COP29 in Baku); this status will be ongoing for future conferences. As a member of the Soka Gakkai International ("SGI") community worldwide, SGI-UK is implicitly related to all similar SGI entities and in paiticular works closely with the founding Soka Gakkai entity based in Tokyo, Japan. Representation on Other Bodies SGI-UK does not Currently pursue its charitable objectives through representation on any other external bodies. New Soka Gakkai Charter In 2021, the updat¢d Soka Gakkai Charter replaced the SGI Charter to further articulate the organization's purposes, the ideals motivating its activities and its guiding pi'inciples in the realm of social engagement as a global organization promoting peace and culture. The text of the Charter is sel out below, and where appropriale the relevance of each principle to our activities will be highlighted elsewhere in this Report. Pi'eainble We, the Soka Gakkai organizations and members throughout the world, share the aim and mi55ion of promoting peace, culture and education based on the Buddhist teaching of respect for the dignity of life. In the face of multiple, interlocking crises, it is clear that humanity's survival and flourishing must be a shared, cooperative undertaking founded in an awai'eness of our intimale conneclions with all fonns of life. Everyone's contribution is needed, and no one must be left behind. We believe that the teachings of Nichiren Buddhism offer a meaT]s for each of us to manifest within the realities of daily life the unlimited capacity for wisdom, courage and compassion we all possess. We therefore seek to fostei. individuals who are einpowered to take on the daunting challenges we face and are committed to building a more just ai)d sustainable woi'ld for future generations.
SOKA GAKKAI INTERNATIONAL- UK REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 We, the respective organizations of ihe Soka Gakkai, raising high the banner of global citizenship, the spirit of active tolerance and respect for human dignity, and determined to confront the threats facing humankind based on an unwavering commitment to nonviolence and the culture of peace, hereby adopt this charter, affirniing the following purposes and principles. Piiiposes andPrinciple The Soka Gakkai will conlribute to peace, culture and education based on the Buddhist teaching of respect for the dignity of all life. The Soka Gakkai will promote an understanding of Nichiren Buddhism through grassroots dialogue and exchange, thereby contributing to the realization of human happiness and well-being. The Soka Gakkai will respect and proinote freedom of thought, conscience and religion. The Soka Gakkai will, based on the Buddhist spirit of tolerance, respect other religious and philosophical traditions, engaging in dialogue and working together with them toward the resolution of the fundamental challenges confronting humankind. The Soka Gakkai will respect local cultures and customs, and the autonomy of each organization. Each organizalion will develop its activitie5 in accoi'dance with the laws and conditions prevailing in that country or tei'ritory and will encourage its members to conti'ibute to society as responsible citizens. The Soka Gakkai will work for peace and a world free from nuclear weapons and will promote just and sustoinable development. The Soka Gakkai will safeguard and promote human rights. It will not discriminate against any individual and will oppose all fonns of discrimination. It will contribule to the achievement of gender equality and promote the empowement of women. The Soka Gakkai will respect cultural diversity and promote intercultural exchange, thereby contributing to mutual understanding and cooperation among the world's peoples. The Soka Gakkai is Committed to building a sustainable world for future generations, addressing the climate ci'isis, and protecting and caring for the ecosystems of Earth. l O. The Soka Gakkai will promote education, learning and scholarship, to enable all people to Cultivate their individual character and enjoy conlributive. fulfilling and happy lives. ACHIEVEMENTS AND PERFORMANCE Actlvities & Events Members of SGI-UK were involved in organising and broadcasting an event held in the European Parliainent in Bi'ussels on 20th FebIary to cominemorate the life and activities of SGI President Daisaku Ikeda. hosted by Vice President of the Parliament Pina PicieiTho MEP, in collaboration with SGI Europe. Vice Piesident Picien)o had written a message of condolence to the Ikeda family, and Co-chair of SGI Europe and SGI-UK vice General Dii-ector Suzanne Pritchard l'ead the moving message of appreciation that Daisaku Ikeda's eldest son, Htromasa Ikeda had written In Yespoiise on behalf of the family. Stefano Bettera, Prestdeiit of the European Buddhist Union, Sandi'ine Dixson-Declève, Co-President of the Club of Rome, Melissa Parke. Executive Director of the International Campaign to Abolish Nuclear Weapons (ICAN) and Robeit Harrap, Co-chaii. of SGI Eui'ope and SGI-UK Executive Advisor all spoke. They each shared how Pi'esident Ikeda's Ilfe had impacted and influenced different aspects of European culture. The event was live slreamed on SGI-UK'S YouTube platforni and viewed mor¢ than 70,000 times. Most of SGI-UK'S activitie5 wei-e held in person in 2024. with some event5 being held as hybrid meeting usiiig online video platfomis such as zoom lo leave no one behind. Our shop5 at Taplow Court and our other centres selling Buddhist books and items were able io open regularly, and our online shop and mail order continued to provide a sei'vice.
SOKA GAKKAI INTERNATIONAL- UK REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Jnipftcl of Core iicllvilies lo Proiiiole ilie Siiiily aiid Praclice ofNicliireii Biiddlilsni as lftuglii by SGJ Our basic method of inlroducing people to SGI-UK and Nichiren Buddhism is through inviting them to the monthly discussion meetings held by our 623 districts around the country. Study lectures, introductory talks and public l¢ctures also continued in a variety of ways. The London Ikeda Peace Centre at 7 Wakefield Sti'eet, London WC l. the South London National Centre in Brixton and the West London Centre in Acton opened for use by our members. Our average moiilhly attendance at monthly discussion meetings is 3959, with an average of 371 guests. The Iiumber of districts at the end of 2024 was 623 (2023: 627). We continued to hold Membership and Gohonzon Bestowal Ceremonie5 With national cerernonies in August and November. 245 new meinbers (2023.. 207) joined SGI-UK at in-person ceremonies at our national HQ Taplow Court and at other regional ceremonies. Our monthly magazine, the Art of Living ("AOL"), has over 3100 subscriptions for our print version and the print run continued at 4,000. Single issues were bought Éhrough our various centi'es and by mail order. Our digital version of the AOL by the end of 2024 has increased its subscriptions to 1184. We expect this number to continue increasing and the demand for the print version to conlinue to reduce over time. Districts as referred to above are organised into chapters, usually consisting of 2 to 4 districts. Study of Nichiren Daishonin's writings are organised monthly, usually on a chapter level. There are 171 Chapters. Preparation for lectures is held some months before each lecture, support material being sent electronically to all lecturers. Inti'oductory lectui'es coiitinued online. There were 10 residential courses and 18 one day courses held at Taplow Court with 2,270 participants. Some Areas held local summer coui'ses between June and September. Meetings to inspire and support Leaders were held in person with a hybrid Opiion and were oi'ganised natioi)ally and locally. In Api'il two consecutive days of repi'esentalive ¢hapier and district level leaders, inspii'ation meetings were held at Taplow Court with an ovei'all attendance of one thousand. In November I'epresentative leaders. Ineeling was held with five hundred participants to kick-off the organisation towards 2025. Study coui'ses give a sti'uctured study syllabus for all members to take advantage of. The Grade 1, 2 and 3 exams were held in 2024. 234 participants took the Grade l exam (and 223 passed) and 213 took the Grade 2 exam (and 152 passed). 166 look Grade 3 exam (and 96 passed). Our study courses continued with online meetÉngs, and gradually introduced face to face opportunities. Study courses give a structured study syllabus for all members to take advantage of. The SGI-UK Study Depaitment has split inÉo four subgroups, which focus on particular areas of study. Tl)ese are: study courses and exams, study lecturers, training, study materials and publications, and study admin. Numbers of weddings and funerals.. SGI-UK conducted 10 weddings (2023.. 11) and 33 funerals (2023.. 13). SGI-UK Outreach activities in 2024 The SGI theme for 2024 was 'Year of Fresh Departur¢ for a Youthful Soka Gakkai Worldwide" In addition to the activities for SGI-UK members mentioned earlier Én this report. this section highlights a selection of SGI-UK'S oulreach activities and events that took place in 2024, referencing the Soka Gakkai Charter principles. These short articles were originally reported in the AOL on-line news, a rolliiig news servtce for SGI-UK members.
SOKA GAKKAI INTERNATIONAL- UK REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 'This is Our A 'Cam ai n and Festival throu h 2024 10 26 Janua 202 The 'This is Our Age, campaign (which demonstrated all ten of th¢ Soka Gakkai Chaiter principles) included a range of events towards the 50th anniversary of the founding of SGI on 26 January 2025 with the aim to transform oui. future iiito one that is just, sustainable and prosperous. The events were centred around public engagement while supporting the United Nations Sustainable Development Goals through the exhibition created through a collaboration between SGI and Earth Charter International called 'Seeds of Hope and Aclion. The campaign was driven by our core values which supportus totransfoi7n our world and support ihe SDGS. Four main events took place through the year: at Taplow Court in March, at the Univeisity of Glasgow in June, at the University of Waiwick in September, and at University Trinity St David's in Cannarthen in November. The exhibition was also displayed at Goldsmiths College in South London. The 'TI)is is Our Age Festival, took place on sixteenth March at the SGI-UK Grand Culture Centre Taplow Court and launched an initiative to inspire ten thousand young peopl¢ in the United Kingdom to stand up in solidarity iii 2024 to open the way to a brighter future for society and the world. The event hosted over one Ihousand two hundi'ed young people in two sessions. ranging from seven to eighteen years old. The festival was a public-facing event aiming to highlight how SGI addresses global issu¢s such as poverty, peace, sustainability, climate change and inequaltty. By educating ourselves and the wider public on these issues, the festival sought to raise awareness and fostei. collective action towards building a society on the foundation of respect for the dignity of life. Various activities were available, including DJS playing music in Ihe gardens. a clothing caravan demonstrating how to upcycle clothes and avoid waste, and quizzes and workshops focussing on sustainability. The event closed with the participants iiiviled to respond to a Call to action togeiher with this pledge. I dectde to: sland up and unite in solidarity with the young people of the world to create a brighter future for our planet. to shine with the light of humanity and realise my full potential in every area of my life. to be a beacon of hope demonstrating that another world is possible. 15 June SGI-UK celebi'ated the thirtieth anniversary of SGI President Daisaku Ikeda receiving an honorary doctorate from the University of Glasgow with a special event, tilled 'L¢ave No One Behind: Humaiiistic Educatton for the Flourishing of Each Person, The event was held in Bute Hall, in the University of Glasgow. Bute Hall echoed with Inusic, voices ai)d dialogue, exploring a return to the true purpose of education as expressed in the United Natioii's Sustainable Development Goal 4. a source of personal dignity and empowemient, The seven hundred guests were welcomed by ceilidh music and song. A key part of the event was a dialogue hosl¢d by teenagers with Professor Sinead Gormally {Professor of Community Development and Youth, University of Glasgow). Dr. Wanda Diaz-Merc¢d (University of Glasgow alumna and astrophysicist), and Greg Duncan (University of Glasgow alumna and Deputy Headteacher of Perth Grammar School) based ai'ound thr¢e questions.. what does it mean to leave no one behind, what are the key ingredients in humanist education, and what does it mean to bring out someone's 11 potential and help them flourish? Also in attendance was Professor Emeritus - J. Forbes Munro, who pi'oposed the honorary degree be awailed to Daisaku Ikeda in 1994. Ot1 8th Septeinber tlie tl)ird in a series of events as part of 'This is Our Age. inTtiative took place in the University of Watwick Ai'ts Centre, iii collaboi'alion with likeminded external partners, reaching out into wider society and was co-hosted along with University of Warwick (Uow). More than three hundred people were welcomed, along with local schools who were invited through Uow's UNESCO outreach programme. The festival showcased 'The Seeds of Hope and Action, exhibition alongside a Peace Fayre that consisted of many stalls with ci'eative aiid dialogue-based workshops, aiming to raise awareness on the themes of nuclear abolition and Sustainable Development Goals. Speakers included Kyoko Gibson, a second-generation survivor of the Hiroshima bombing. ICAN I'epresentative Daniel Hogsta, with the Mayor of Solihull Shahin Ashraf MBE in allendance. From 14 to 19th October the exhibition 'Seeds of Hope and Action. was put up in Goldsmiths College in southeast London, in collaboration with the College's Equality, Diversity and Inclusion team. There were talks and live music, a panel discussion on the exhtbition themes, family-friendly workshops, a clothes caravan. arts and crafts, and ftlins. Tliis event connected approximately seven hundred and fifty people lo the exhibition. sowing the seeds of hope through team-work and a creative and joyful spirit, inspiring visitoi's to take action towards co-creating a better world for all.
SOKA GAKKAI INTERNATIONAL- UK REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 From 27th to 301h November the 'This is Our Age, Festival was held at the Halliwell Conference Centre at University Trinity st David's in Cannarihen, Wales. The festival was free to attend, and included ihe 'Seeds of Hope and Action, exhibition, school workshops and educators, forums delving into the SDGS, offei'ing practical insights for daily life and education. Thes¢ sessions aimed io inspire a lifelong cominitment to sustainable living and knowledge-sharing. In addition, there were panel talks and live music. The event opened with an opening ceremony tliat included, Justine Marchant, SGI-UK General Director, Hayley Morgan, Chief Executive of the Welsli Centre for International Affairs, Jill Evans, Vice Chair CND Cymru, Dr Luci Altalla, Associate Professor of Anihropology al the University of Wales and Director of UNESCO-MOST Bridges, and Kyoko Gibson, second generation hibakusha and meinbei. of SGI-UK. The festival also included a student pi'oduction of 'Oh What a Lovely War!. On the last day, Ihe talks and performance included contributions from Abel Pearson from Glasbren, Pam Evans O.B.E. fron) Peace Mala, Dan Llewellyn from Coetiranianlcambrian Wildwood, a choir perforniance from Sweet Hannonies and Preseli Voices and Jill Sutton fi'om Fairtrade. The following reports give some examples of how our other activities in 2024 touched on the principles in the Soka Gakkai Charter.. l The Soka Gakkai wtll Contribute to peace, Culture and education based oil the Buddhist teaching of respect for the dignity of all life. th Friday 8 March saw the return of Maidenhead Rotary Club'5 annual charity fundraiser called 'Maidenhead's Got Talent,. This ev¢nt has been lield annually for fifteen years, but due to the Covid pandemic it had been four years since this event was last held at Taplow Court. This is an oppoi'tuiiity for local schools and youth clubs to present group and solo perfoi'mances of singing and dancing. In thanking SGI-UK the Rotary Club reported that they wei'e able to donate £4,500 to two local Charities. On 9 May, twenty-three members of Buckinghamshire Gardens Trust paid a visit to Taplow Court for the first time and were given a guided tour of the gard¢ns and grounds. They were particularly keen to see the way th¢ historical framework of the gardens, whilst still very evffident, has been adapted over the last cenlury through the changing ownership of Taplow Court. 2. November SGI-UK young people of East London Area organised an infoiinal jazz concert at the London Ikeda Peace Centre, to explore the musi¢ of SGI-USA m¢mb¢rs Herbie Hancock and Wayne Shorter (1933-2023). The concert was compleinented by a panel discussion which explored the lives of these two iconic ai'tists, explaining how their Buddhist practice shaped th¢ir worldview and creative vision. 2. The Soka Gakkai will promote an understanding of Nichiren Buddhism through grassroots dialogue and exchange, tllereby Contributing to the realization of human happiness and well-being. On 16, May, Tring and Berkhamsted District members held an 'lnti'oduction to Buddhism'talk at the 'Open Door, community Café in Berkhamsled. Once the formal talks had been completed hot drinks and cakes were served, and guests were free to ask any questions of th¢ SGI-UK members seated at their table and formed a bond with them. On 291h May 'The Well@ Lent Rise, a community group of residents of Burnham, the village next to Taplow, visited Taplow Court. They were welcomed with refreshments and then an introduction to Nam-myoho-renge- kyo. Members of Many Treasures District {Exeter) joined and supported the Exeter Respect Festival held on 81h June. Thousands of people attended the event in Belmont Park, where there was music, food and culture from across tlie world. The SGI was one of the faith groups i'epresented at the Devon Faith and Belief Forum. On 9, October SGI-UK members had a joyful day speaking with students and staff at the well-being event for World Mental Health Day held at East Sussex College in Hastings.
SOKA GAKKAI INTERNATIONAL- UK REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 An 'Introduction to Buddhism, talk was giving on 24111 November at Raynes Park Library Hall, in southwest London. The speakers covered various topics including a brief history of Buddhism; this was followed by two personal testimonials, and a short qu¢stion and answer session. 3. The Soka Gakkai will respect and promote freedom of thought, conscience and religion. A conference co-organis¢d by ihe Soka Gakkai, SGI-UK, the Cents'e for Applied Buddhism, the Club of Roine and th¢ 50 Percent, look place at Taplow Court and online on 9th October, under the title 'It's Time for a Human Revolutionl, Young people played a central role in the event and intergenerational dialogue and collaboratioi) was promoted. The conference welcomed one hundred and thirty people in person and four hundred and fifty oiiline. The participants included youth leaders, represented NG05 and international organisations from nineteen countries. All the participants engaged in dynamic discussions, honouring the fortieth and forty-fifth anniversaries of the publications: 'Before It Is Too Late, and 'No Limits to Leai'ning,. These dialogues focused on the critical theme of inner transfonnation, refeed to as 'human revolution, and mutual learning. The Secr¢tary of the Club of Rome, Carlos Alvarez Pereira emphasized the importance of asking challenging questions to ov¢rcome blind spots. He stressed the human potential for learning as key to f05tering iealistic yet hopefvl approaches to global issues. Co-chair of Europe and SGI-UK Executive Advisor Robert Harrap provtded an introduction to the book 'Before it is too Late, which was a dialogue held between Aurelio Peccei, founder of the Club of Rome and Daisaku Ikeda, President of the SGI. On Thursday 13 June. sixty-five people attended Ihe Windsor and Maidenhead Community Forum (WAMCF) interfaith Reception at the Norden Fann Arts Cenlre, including representatives of SGI-UK. The reception included representatives from nine faiihlbelief groups, the Vice Lord Lieutenant of Berkshire representing King Charles, the Mayor of the Royal Borough of Windsor and Maid¢nhead, and th¢ local Police Inspector, as well as community leaders. On 13, July, SGI-UK members in Northwest Kent joined Medway Interfaith Action's annual walk. The walk included a visit to a Sikh Gurudwara, a Hindu Mandir and an Islamic Mosque. The day ended at a local church whei'e there was entertaininent and refreshments. 4. The Soka Gal(Icai )vill, based on tlie Buddhist spirit of tolerance, respect other religious and philosophieal traditions, engaging in dialogue and ivorking together ivith them toward the resolution of the fuildamental ehallenge5 confronting hurnanlcind. SGI-UK meinbers of Devon joined people of various faiihs lo plant on¢ hundred and fifty trees in a cominunity orchard in the City of Exeter on l O February, with the help of a Nature Reserves Officer from the Devon Wildlife Trust. and the Chair of the Devon Faith and Belief Forum said the SGI had brough 'youth and brigl)tness' lo the day. A pl'ayer and reflection meeting was held prior to the tree planting, during which inspiration about nature from SGI Pi'esiden¢ Daisaku Ikeda was shared. SGI-UK members living in Waltham Forest in northeast London provided a stall at Walthamstow Town Hall's Interfaith Festival and brought wilh them a handmade 'Tree of Hope, on which visitors could write theii. hopes for the futui'e on leaves made out of card which were then hung on the tree. The tree was then going to go on a tour of local libraries and school5. 5. Tlie Solia Gakkai will respect local cultures and customs, and the autoiiomy of each organisation. Each organisatioii ivill develop its activitie5 ill aecordaiiee with the laws and eondilions prevailing in thAt country or territory and will encourage its mem bers to ¢oJ)tribute to society as responsibl¢ citizens. SGI-UK hosted Cliveden National Ti'ust at Taplow Court on Thursday 22. February for their Spring Gathering. Three hundred Cliveden volunteers enjoyed the opportunity to reflect on iheir achievements in 2023 and Inake plai)s for the coining year of 2024. The participants gathered for a welcome from SGI-UK Executive Advisor Robert Harrap, as well as thanks and forward vision from Robert Mile5, General Manager of the Cliveden estate and Sandy Nairne, Deputy Chair of the National Trust.
SOKA GAKKAI INTERNATIONAL- UK REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBIR 2024 The SGI-UK Grand Culture Centre Taplow Court began its series of six Open Days on 5th May, when the general public are invited to visit Taplow Court. The month of May 2024 Commemorated the thirty-fifth anniversary of the foi'mal opening of Taplow Couit iii May 1989 by SGI President Daisaku Ikeda. Open Days were held on the first Sunday of the month from May to September, and the National Heritage day in mid-Sepi¢mber. Each year, three nurses from across the United Kingdom are selected to lead a procession for a coinniemoration service at Westminster Abbey, London to reinember the life and spirit of Florence Nightingale. On 15 May SGI- UK member Matt Brayford, from Wales, was one of the chosen thre¢- the rst ever mental health nurse selected. SGI-UK acknowledged the legacy of William Grenfell, Lord Desborough, the last pi'ivate owner of Taplow Court wilh is support of the book launch 'Titan of the Thames, a newly published biography on 19, June at Taplow Court Grand Culture Centre. As a member of the Thames Conservatoiy for over foity years. Lord Desborough was instNmental in resliaping and modeinising the river, enabling better access to drinking water iii London, and a clean and safe environment for und¢rwater life as well as those working and living on the river. Based at Taplow Court, Lord Desborough was also a noted supporter of many community projects and concerns. The Chairman of Buckingham5hire Council and Deputy Mayoi. of the Royal Borough of Windsor and Maidenhead underlined the extei)t to which his spirit of service continues to be recognised in the local community today and modern-day users of the River Thames and descendants of the Grenfell family enjoyed meeting the book's authors Sandy N8irne and Peter Williams. On 23rd November Lorna Hunter from the University of Reading who is working closely with the British Museum to investigate the full contents of Ihe Soxon Mound located at Taplow Court, and its 1883 excavation, gave a talk shai'ing l)ei' lines of enquiry at Taplow Court Grand Culture Centre. She was joined by Paul Sneddoii of Matdenhead Archaeological So¢i¢ty and Julian Munby of the Diocese of Oxford, who spoke about the saxon church that formerly stood next to ihe mound. The talk was organised by St. Nicolas Church in the village of Taplow and hosted by SGI-UK in support of raising funds for the repair of the vault, which partially fell in some years ago, and is now Tesealed. A c¢lebration of outstanding contributions of the voluntary sector across the Royal Borough of Wijidsor and Maidenhead took place at Taplow Court on 5 December. The event provided an opportunity to thank over Seventy local individuals and groups foi. theii. invaluable work. Asina Aziz, of the Voluntary and Community Sector Partnei'ship) praised the night for its spirit of unity and gratitude, saying: 'it was a testament to the power of collaboration and the unwavering commitment of those who support our communities. Thank you to SGI-UK for providing such a stunning venue. 6. The Soka Galckai will work for peaee and a world free from nuclear weapons and ivill promote just and sustainable development. SGI-UK welcomed the Slough Philharmonic Chorus and Orchestra and the Marlow Community Choir on 18, May lo Taplow Court. They performed Kai'l Jenkin's 'The Anned Man - a Mass for Peace,. Thei'e wei'e one hundred singers and a fifty-piece oi'cheslra and there were three hundiEd and fifty in the audience. The Inoney raised from the event was donated to 'Soundabout' a small national charity that uses sound and music foi. leaming disabled children and adults with complex needs to express their voices. SGI-UK Vice General Director Sue Thori)ton welcomed everyoiie and explained that Karl Jenkin's Mass for Peace was very fitting with the CUiTent difficulties in the world, Cand she promised that the members of SGI-UK would continue their pl'ayers for peace by chanting Nam-myoho-renge-kyo. As part of the International Mayors for Peace imitative, members of SGI-UK contributed to an event held by the Mayor of Wiiichester in August to mark the seventy-ninth anniversary of the devastating atomic bombings of Hii'oshima and Nagasaki. The occasion was an important opportunity to reflect on the past and to look into the future, promoting a inore peaceful and cooperative world. It was a solemn but hopeful gathering with many Wincl)ester officials present, togetlier wtth foity representatives froin local organisations.
SOKA GAKKAI INTERNATIONAL- UK REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 7.The Soka GAkkai will safeguard aiid promote human rights. It will not discriminate against any individual and will oppose all forms of discrimination. IÉ will contribute lo the achievement of gender equality aiid promote the empoivertnent of women. On 271h February, the Arts University Boumemouth held their LGB TQ+ Human Library event, and SGI-UK was invited to attend. Representatives had each written a foreword to their 'human book. which was published into reading list catalogue. From there students reviewed the catalogue to choose who they would like to have a fifteen- Ininute dialogue with, before putting the representative 'back on the shelf for another student. The event was based on the idea that human stories are powerful, and dialogue can transfoiin people. The human book of the SGI-UK representative was the most picked book and they have been invited to return for future events. SGI-UK representatives took part in the UK Black Pride event that was held in Queen Elizabeth Olympic Park on I I th August. With an allendance in the region of 20,000 people, tt proved a great oppoitunity to welcome many conversations about Buddhism at the stall that was set up. 8. The Solia Gakkai will respect Cultural diversity and promote intercultural exchange, thereby contributing to mutual uiiderstanding alld cooperation among the iyorld's peoples. On Sunday fourteenth January members of the Boumemouth, Christchurch and Pool Interfaith Group ¢ame together foi. a vigil to acknowledge all those caught up in the Israel-Gaza conflict. Prayers were given from all faiths. candles were lit in remembran¢¢ and songs were sung together. Even a small number of people of multi- faiths coining together is symbolic and shows that prayers and reflections can help at a time when Inany people are feeling shared pain. The whole event was recorded and shown on BBC South news. The Twenty-fSt Biennial Conference of the International Network of Engaged Buddhists (INEB) took place in tlie city of Cheniiai from the 22 November to the 3rd December with two hundred and fify paiticipants from eighteen couiitries under the theme 'Buddhist Hei-itage.. Towards an Inclusive Society,. INEB is a global network of individuals and organisations who are committed to pi'omoting and working toward building compassionate societies, environinent sustainability and world peace. SGI-UK'S Centre for Applied Buddhism {CfAB) took pait in this conference. The confei'ence was structured around a series of parallel workshops on engaged Buddhism on the themes: Archaeological Justice and Community Participation; Marginalised Communities on Gender, Social Justice and Inclustveness; E¢o-Dharnia and Sustainability. Youth Empowerment. Key issues examined and exploi'ed included.. the promotion of peace and social harmony. Buddhist heritage and culture since antiquity. grassroots support for environmental sustainability, gender equality, children's well-being, and social justice; spiritual development and practice. strengthening networks and I'elationships within the global Buddhist community. and ¢ncouraging young people to explore and engage wilh Buddhist teachings and practices. 9. The Soka Gakkai is committed to building a sustainable world for future generations, addres5illg the climate crisis, and protecting and caring for the ecosystems of Earth. Twenty pupils from Claire's Court School in Maidenhead made Taplow Court iheir home for an Eco Day on tweiity-ninth February. With support from local SGI-UK members, they learned about Buddhism from the point of view of on¢n¢ss of self and environment, designed ordnance survey maps of the grounds, and held lively group meetings around how to engage daily with each of the United Nations Sustainable Development Goals (SDGS). On sixth Jui)e SGI-UK co-oi'ganised a side event at the UNFCC climate change confei'ence in Bonn, known as SB60, with the SGI Office for Un Affairs and the Quakers. The event focused on how ethical values can guide more successful and ¢ffective climate policies and brought together speakers from various realms of climate change discussions, including biodiversity loss, techno-fixes, adaptation, farming and agriculture, ei)ergy transitions and intei'genei-ational equity. The SGI representative spoke about the Buddhist principle of nonviolence an the role of intergenerational equity in enhancing the meaningful and productive particftpant of young peopl¢ in climate policy discussions and decision making. The SGI continues to work with other faith groups and I'epresentatives to promote human rights-based approaches to tackling the issues of climate change and the meaningful inclusion of marginalised voices in society. 10
SOKA GAKKAI INTERNATIONAL- UK REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 As part of an imilalive called 'A Thousand Seed5 of Hope and Happiness. local SGI-UK members visited Cambourne Village College near Cambridge on tenth July to share Buddhism with over one hundred and twenty fourteen and fifteen yeai. olds. The SGI-UK members had been invited to give their perspective on the question, 'How do beliefs influence actions in relation to the environment?? As one of six religlous and non-religious groups they presented a fifty-minute session to six different classes during the day. The central theme from SGI-UK was the power of inner generated hope as a resource to win in life and initiate great action in society. Between 19-23 August an SGI-UK representative attended the European Association of the Studies for Religion (EASR) 2024 Conference in Gothenburg Sweden. This representative was part of a panel on 'Buddhist responses lo the ecological crisis and climate change,, which had been convened by Italian academic Prof. Massimo Introvigne, lo honoui- Daisaku Ikeda. Massimo Introvigne, Rosita Soryte and Nicole Bauer gave papers on the Soka fjakkai's Interpretation of the Principle 'Three Thousand Realms in a Single Moment of Life,; Ikeda's 'Climate Action,, 'The Treasure Tower The Peace Pi'oposal 2020, Daisaku Ikeda's 'Last Word on Climate Action,: 'Between Buddhism and Postmodern Spirituality.. The Popularisation of Soka Gakkai and it5 Ecological Teachings in Austria and Geimany,. The Green Festival was held in Nottingham on eighth September. It is an annual outdoor event where local chai-ities and organisalions cominitted to creating a greener future come together. SGI-UK had a stall at this event and handed out home made bookmarks with inspirational quol¢s on them- they also accompanied 'The Coat of Hope, which is a coat embroidered with people's hopes foi. the future. Ihis coat had been worn on a walk from Lincoln to the Green F¢stival by volunteers. l O The Soka Gakkai will promote education, learniiig and scholarship) to enable all people lo eultivate their individual character and enjoy ¢onÉributive, fuifilliiig and happy lives. Members from across Dorset hosted an SGI-UK infonnation stall at Bournemouth University Refresliers Fair on Tuesday 6th February. The Fair offei's a chance for students to refresh their university experience by joining a club, society or spoits team. As part of th¢ University Faith and Reflection Team, Ihe SGI-UK members were invited to participate and talk with students about Nichiren Buddhisin and the Soka Gakkai. On thirty-first October SGI-UK membe13 in Wigaii visited All Saints Church of England Primary and Nursery School. Ai the requ¢st of the school, they shared Buddhism with the students through workshops tailored to the school yeai" one was a craft activity that involved mirrors. The children were able to express the Buddhist concept of the ten worlds using their bodies. For the fifth year runniiig, Year five students (aged nine to ten) of North Ealing Primary School were treated to an interactive talk by the local SGI-UK members as part of the UK Schools, Interfaith week. FINANCIAL REVIEW Fliiftiiclftl Resiills ofAcllvilies & Eveiils SGI-UK generated total iiicome of £3,201,786 (2023: £3,337,436) including total income on endowment funds of £274,633 (2023: £162,191). Total expenditure amounted to £4,115,420 (2023.. £3,762,264) the vast majority of which was incurred rurihering the principal activity of the charity that being the advancement of religion. Graiil Mukiiig The charity does not currently give grants as a means by which it fulfils Its charitable objectives.
SOKA GAKKAI INTERNATIONAL- UK REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Reserves Policy SGI-UK relies upon the support of its Inembers lo conlinue its work in the United Kingdom. Because of this recuIng need for annual voluntary income, which by its natur¢ is inevitably unpredictable, it is the current policy of ihe ti'ustees to endeavoui- to build up a reserve of unrestricted funds equal io three to six iOnthS operating costs and which are not designated for any other specific purpose. The trustees consider reserves at this level will ensure that, in the event of a significant drop in funding, they will be abl¢ to continue the chai'ity's activities while consideration is given to ways in which additional funds may be raised. At the balance sheet date, SGI-UK had "free reserves" of £1,184,125 (2023.. £1,457,314) which represents 4.0 nionths of operating COSÉS less depreciation. The opei'ating costs foi. Shop, Publications aiid Courses have differing income streams. With regard to covering the income received specifically from Donations and Legacie5 (£2,364,959) fr¢e reserves represents 6.0 months, income. Free reserves are therefore considered to be adequate but not excessive. The trustees have agreed to designate £200,000 of reserves for major maintenance projects at Taplow Court. and £500.000 to finance local centres in the future. Area leaders around the UK are able to bid for funding when a suitable building has been found. In 2024 £25,797 of the Designated Taplow Court Fund was spent on preparation works to impi'ove accessibility to the Canteen by creating a new entrance to allow wheelchair access. In addition, the trustees allocated £59,558 on preparation for major access impi'ovements to the London Ikeda Peace Cents'e. In addition to "free reserves" at the balance sheet date, the trust¢¢s were holding £15,970,677 (2023.. £16,365,754) of unrestricted funds in a designated fund known as the Designated Fixed Assets Fund, representing the resoui'ces required to finance the net book value of all functional fixed assets, and also £34,164,899 (2023: £32,354,297) in an expendable endowment fund known as the Commemorative Expendable Endowment Fund. liivesliiieiits Policy The trustees have wide ranging powers to invest the funds of SGI-UK as they see fit. and in practice, tl)ey use a range of banking facilities to ensure that funds generate appropriate levels of retum. whilst minimising risk. For the year ended 31 December 2024, the charity's cash deposits generated investment income of £298,669 (2023: £174,257) which represents an average income return of 4.20/0 (2023.. 2.40/0). The Trustees targei for the Charity's investments is to achieve steady growth. PLANS FOR FUTURE PERIODS Future Strategy The trustees envisage a steady increase in the size of SGI-UK in the next 10 years. As indicated eai-lier, as local areas reach about 500 active members, it will become appropriate to open community centres iii localities ai'ound the UK in the same way as the three centres in London. The trustees monitor the regional growth in membership and in consultation with local areas, will look for and open community centres as they become required. The Irusle¢s also envisage improving the residential facilittes for coui'ses at Taplow Court within this time frame. In 2018 SGI-UK invited local Areas to make proposals when they feel they are ready to support a Centre in their Area. The change in approach to activities because of the pandemic has paused discussions on regional Centres, but this is expected to be revisited in 2025. 12
SOKA GAKKAI INTERNATIONAL- UK REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 REFERENCE AND ADMINISTRATIVE DETAILS The trustee5 of the charity, who are also ihe directors of the company, have held office, as follows: SJBall K Fujii R P Harrap F J Harrow G Holman C R Loewe J Marchant (appointed l February 2024) A Oakley J Y E Peters-smith R A Samuels S Wilson (resigned I l April 2025) The principal address of the charity and the registered office of the company is the offices of SGI-UK at Taplow Court, Berry Hill, Taplow. Near Maidenhead, Berkshire SL6 OER. The charity is registered under th¢ charity number 1104491, and the company is incorporated with the company registration number 05114516. Toni-Ann Hirayama is the company secretary. The trustees have made the following professional appointments: Solicitor.. Womble, Bond, Dickin50n, 4, More, London Riverside, SEI 2AU Horsey Lightly Solicttors, Devon House, 12115 Dartmouth Street, Queen Anne's Gate, London SWIH 9BL Auditor.. Haysmac LLP, 10 Queen Street Place, London, EC4R IAG Bankers: Triodos Bank. Deanery Road, Bristol, BS15AS Investec Bank plc, 2 Gresham Street, London EC2V 7QP Lloyds Bank plc, SME Banking. High Wycombe and Amersham Barclays Bank plc, Slough - East Berkshire Group, Leicester, Leicestershire LE87 2BB The Charity Bank Limited, Fosse House, 182 High Street, Tonbridge TN9 IBE Investment Managers.. Columbia Thi'eadneedle Global Equity Fund Royal London Ethical Bond Fund Stewart Investors Asia Pacific Fund Stewart Investors Worldwide Fund Montanaro Better World Fund Generation The following additional key members of staff assist the trustees with the day-to-day management of the charity.. S Mcwilliam J Fageiice M Mehta T-A Hirayama Ceiieral Manager Senior Manager Senior Manager Senior Manager 13
SOKA GAKKAI INTERNATIONAL- UK REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Sliilus & Hlslory Soka Gakkai International ("SGI") is a Buddhist associalion with more than 12 million members in 192 couiitries and teii'itories worldwide. For SGI members, Buddhism is a practical philosophy of individual empowerment and irmer ti'ansformation that enables people to develop themselves and take responsibility for their lives. As lay believers and 'engaged Buddhists,, SGI members slriv¢ in their everyday lives to develop the ability to live wiih coiifidence, to ClEate value in any circumstaiices and to contribute to the well-being of friends, family and community. The proinotion of peace, culture and education is central to SGI'S activities. 'Soka' is a Japanese word meaning 'value creation, and 'Gakkai' means 'society'. Although the first members of SGI in the UK appeared in 1961, SGI-UK was originally set up in the United Kingdom under a declaration of trnst dated 2 January 1975 and became an unincotporated registered charity in England and Wales on 28 January 1975. Having updated its declaration of trust on 17 June 1993, SGI-UK was then incorporated on 28 April 2004 and was re-registered as an incorporated charity on 22 June 2004. In its current legal form, SGI-UK is a registered charity, and a company limited by guarantee, not having share capital. Every meinber of the company is also a ts'ustee and director, and undertakes to contribute an amount not ¢xc¢eding £1 to the assets of the charity in th¢ event of the charity being wound-up during the period of membership, or within one year thereafter. SGI-UK is governed by its rules and regulations, as set down in the company's Memorandum and Articles of Association dated 28 April 2004. Orgaiiis(IlioiialSirucliire The overall strategic direction of the charity is appi'oved by the trustees, who have delegated to the National Coinmittee to deliberate and propose the organisational activities. The trustees usually meet formally every two months, in the evening. SGI-UK members are organised into local districls nationwide. These districts are further organised into chapters, headquarters, regions and areas, all with volunteer leaders in faith. The districts meet several times a month in members, hoines and hold a monthly discussion meeting open to members and guests. Tlie General Director and two Vice-General Directors have been appointed by the trustees lo manage the day-to- day operations and to inake decisions in this regard on behalf of the tsustee5. The General Director and the two Vice-General Directors are assist¢d by a management team for the following functionsldepartments.. Confei'ence services Courses and administration Facilities management General administration Membership Publications production and distribution External relations Shop Accounts Weddings and funerals Human resources Content managenient (publications and website) Siibeoiiiiiiillees At the pr¢senl time, there are three fom]al subcommiltees of the board of trustees and directors. These are the National Committee, the SGI-UK Finance Committee and the Endowment Fund Finance Committee. 14
SOKA GAKKAI INTERNATIONAL- UK REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) Nalioiial Coiiiiiiillee Role.. To make all the initial decisions about the activities and direction of SGI-UK within ihe strategic framework and budgetary constraints set by Ihe truslees and director5. Cui'i'enf iiieinbership.. Justine Marcliant, General Director (appointed 27 January 2024) Robert Harrap, Executive Advisor and Vice General Director (appointed 27 January 2024) Robert Samuels, General Men's Division Leader Kazuo Fujii, Vi¢¢ General Director Sue Thornlon, Vic¢ General Director Suzanne Pritchard, Vice General Director Sanda Mcwilliam, General Women's Division Leader and Vice General Director Tobi Keryk, Women's Division Leader Fiona Harrow, Women's Division Secretary General Colette Ferns, Vice Women's Division L¢ader Jacqueline Kington, Vice Women's Division Leader David Woodger, Men's Division Leader Munish Mehta, Men's Division Secretary General Chris Nembhard, Vice Men's Division L¢ader Donald Cameron, Vice Men's Division Leader Koichi Samuels, Youth Division Leader Anna Hashimoto, Vice Youth Division Leader Gabrielle Westhead, Young Women's Division Leader Jeni)y Balba, Vice-youiig Women's Division Leader Amy Hamdoon Clough, Vice Young Women's Leader Max Ei'le, Young Men's Division Leader Chris Chung, Vice-young Men's Division Leader Ryan Williams, Vice-young Men's Division Leader Responsibilities.. To meet once a Inonih to deliberate and deterniine national direction and activilies. SGJ-UK Fliiaiice Coiiiiiiiltee Role.. To deal wilh detailed financial matters on behalf of Ihe trustees and director5. Membei'ship.. The following trustees currently comprise tlie Finance Commitlee - S J Ball, K Fujii, R P HaiTap, R A Samuels, S Wilson. Responsibililies.. To revi¢w tlie finances of SGI-UK every two months. To make recommendations about investment decisions. and To appi-ove unbudgeted expeiidiluits up to £1,000. Eiiilowiiieiil Fuiicl Fliiniice Coiiii?iillee Role.. To manage the Endowment Fund on behalf of the trustees and direclors. 15
SOKA GAKKAI INTIRNATIONAL- UK REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) Meiiibei'ship.- The following trustees cui'rently comprise Ihe Finance Committee - J Marchant, R P Harrap, R A Samuels, F Harrow, S Thornton, K Fujii, C Loewe, Y Tanigawa Responsibililies.. To review the Endowment Fund finances To make recomiheiidations about investment decisions Key Mailagement Personnel The key inanagement personnel are the General Director, Justine Marchant and the four senior managers.. S. Mcwilliam, J. Fagence, M. Mehta and T-A. Hirayama. Pay of key management personnel is set by memb¢rs of the Remuneration committee of the Trustees in consultation wilh the General Director. The General Director's pay is based on the pay of their pr¢decessor. 16
SOKA GAKKAI INTERNATIONAL- UK REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Working with Volunteers SGI-UK I'elies upon the continuing assistance of a wide range of volunleers, the vast majoi'ity of whom are menibers. All local activities are organised and conducted by members who are volunteers. Planning and decision making cominittees are all held on a volunteer basis. The thre¢ London centi'es are manned entirely by volunteers and at Taplow Court teams of volunteers staff the reception 5 days a week. Steps ai'¢ being taken to increase this level of actlvlty. Youth meinbers in dedicated groups support all activitie5 at a local and national level. Volunteers give their lime and efforts with an open heartedness based on the Buddhist spirit of contribution. The trustees would like to express their gratitude and deep respect for these members, lir¢less efforts. Method of Recruitment, Appointment, Election, lilduction & Training of Trustees Reci'iiitiiienl At pi'esent, tlie ll'ustees are membe13 of SGI-UK who offer certain skills and atli'ibutes. As and when a need is identified by the trustees for additional skills and atlributes to be included within the composition of th¢ board, the Iruslees look to the membership of SGI-UK lo recruit suitable candidates. Appoinlineni & Electio The trustees are einpowered to appoint additional trustees under the teiins of the governing document as and when the need arises. Trustees are appointed by way of a recommendation and a vote. A simple majority of the extsting Irustees is required to elect a new trustee. Indiicliopi & Training New trust¢es undergo an orientation day to brief them on their legal obligations und¢r chai'ity and company law, on ihe content of the current governing document, on the decision maktng processes utilised by the charity, and on the recent financial performance of the charity. Trustees are encouraged to attend appropriate extemal training events where these will assist tliem to uiideilake and fulfil their role. Profession211ndemnity Insurallee The Charity has taken out a ti'ustees, indemnity insurance policy that provides professional indemnity cover ainounting to £1 millton in respect of any one claim for ihe trustees of the charity. The cost of this insui'ance policy to the charitable coinpany for the year was £4,055. Risk & Corporate Governance Matters SGI-UK'S risk management strategy identifies and defines (through assessing uncertainty) whether SGI-UK will achieve its objective5. deciding upon the action to be taken to control them and monitoring the pi'ogress of the action taken. The risks that would qualify for the SGI-UK risk regisler and that the Trustees see as being critical to the effective i'unning of the organisation include: Those i-i5ks tliat could seriously impact on the achievement of SGI-UK'S key objectives and interesls. including its reputation. and Those risks where action at Nalioiial Committee an(Vor Trustee level in SGI-UK is needed. A sub-group of SGI-UK Trustees has developed a structured appi'oach to managing risk and has developed a ' living, risk register. Looking at different Risk Categories - areas where risks are found - the Trustee sub-group considered- External- risks not wholly within our control, but where action can be tak¢n to mitigate the risk. Organisational.. risks i'elating to our existing oi'ganisation and membersliip. and Assets and Facilities: risks relating to our finances, estate and IT. SGI-UK'S risk Inana ement rocess: l. Identify risks Identify risks.. what could stop the objectives from being achieved? Define risk desci'ipiions: describe the risk, its cause and its possible effects. 17
SOKA GAKKAI INTEI RNATIONAL- UK REPORT AND FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) 2. Assess risks Identify current controls: what's already in place to control the risk? Assess current risk: score the risk according to its potential impact and likelihood of occurrence specifying what will be done, by when and by whom. 3. Managing risk Identify aiid select further controls.. what new measures are needed to control the risk? Assign target risk.. what new score do we want these measures to achieve for the severity score of the risk, and by when? We worked on the following basis. Iinpact: Catastrophic, Severe, Moderate, Minor, Low Using the five point scale. Pi'obability: Very unlikely, Unlikely, Possible. Likely> Very likely. Identify and assign risk and control owners: who's IEsponsible for whal? 4. Monitoi. and report At the monitoring and reporting Stage.. Coinplete the Risks Register - this was undeilaken by a sub-group of the Trustees with experience in risk management. Report and escalale as appropriate- to the Trustees. Monitor and review- on a quarterly basis. SGI-UK has a Risks Register which classifies all perceived risks under the following headings: Reputation 5. Financial issues 2. Cominercial issues 6. Staffing issues 3. Orgaiiisatioiial issues 7. Members, experience Infonnation and IT 8. Estates and facilities SGI-UK'S principal risks and how they are mitigated: Seciirity risk ofphysical assets SGI-UK has a business continuity and disaster recovery plan in place in the event that our headquarters ai Taplow Court becomes unavailable for the administration of the organisation. We continue to maintain and improve our centres so that they are safe and comfortable places for our members to conduct Buddhist activities. Cjibei. seciii'ity SGI-UK'S IT commillee has put in place systems to ensure the IT infrastructure and data of SGI-UK are protected frotn cyber-altack. Members of the cominittee have had training since spring 2017 in the general Data Protection Regulations to ensure that SGI-UK complies with this change in the law, and protects our members, data. Safeguarding SGI-UK updates our safeguarding policies on an annual basis, and carries out training for volunteers involved in activities with children. We have appointed supervisors of volunteers who have appropi-iate DBS checks and who have training in ensuring the well-being of children involved in our activities. 18
SOKA GAKKAI INTERNATIONAL- UK REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) Fundraising Approach and Performance Contributions to the SGI-UK Kosen-rufu Fund, which supports our activities are only made by members of SGI and SGI Centre. We have an SGI-UK Kosen-rufu Fund Contributions and Donations Policy, based on the Charity Commission guidance CC20, which is posted on the members, website. Contributioi)s are freely given. The decision to make a conti'ibution and how much to contribute is the choice of each meinber. Encouragement around contribution must not put any member under pressure to make a contribution. The Trusle¢s considei. carefully the question of accepting contribulions from non-SGI sources and any anonymous donations. Donors of single donations of £5,000 or more will be contacfed to confirni that the donation complies with all relevaiit regulations SGI-UK will make sure that vulnerable people are protected. The Charity does not generally accept donations from m¢mb¢rs of th¢ public, and as it says In the line above donors of £5,000+ are contacted to check the circumstances of them making the donation. Expansion of these and oihei. poinls are all contained in the policy document. No complaints were received during tlie year in relation to the Charity's fundraising practices. Our overall fundraising perfoiinance was total contributions to the Kosen-iufu Fund £1,545,115 (2023.. £1,595,291) witli an additional £295,502 (2023.. £299,975.) received in the fonn of Gift Aid and Bequests £524,342 (2023: £778,235). TRUSTEES, RESPONSIBILITIES STATEMENT The trustees (who are also ihe directors of Soka Gakkai International - UK for the purposes of company law) are responsible for preparing the trustees, annual report and ihe financial statement5 in accordance with applicable law and regulation. Company law requires the trustees to prepare financial statemenls for each f]nancial year. Under that law. the trustees have prepared the fmai)cial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under coinpany law, the trustees must not approve the financial sÉatemenls unless they are satl5fied that they give a true and fair view of the state of affairs of the charitable company, and of the incoming resources aiid application of resourc¢s, including income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to: Select suitable accounting policies and ihen apply them consistently. Observe the methods and principles in the Chariti¢s SORP. Make judgements and accounting estimates Ihat are reasonable and prudent. State whether applicable UK Accounting Standards have been followed subject to any Inalerial departures disclosed and explained in the financial statements. and Pi'epare the financial statements on the going concern basis unless it is inappropriale to presuine that the charitable company will continue in business. 19
SOKA GAKKAI INTERNATIONAL- UK REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees, & Directors, Responsibilities in the Preparation of Financial Statemenls The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any lime the financial position of the charitable company and enable them to ensure that the financial stateinents comply with Companies Acts 2006. They al'e also i'¢sponsible for safeguarding the assets of the charitable company and hence for taking i'easonable steps for the pi'evention and detection of fraud and other irregularities. Tlie ti'ustees are responsible for ihe maintenance and integrity of the coiyorale and financial information includ¢d on the charitable company's website. Legislation in the United Kingdom governing the pi'eparatioi) and dissemination of financial statements may differ from the legislation in other jurisdictions. Statement as to Disclosure of Information to the Auditor The trustees at the date of approval of thi5 trustees, annual report confim that so far as each of thein is awar¢, there is no relevant audit tnfonnation of which the charilabl¢ company's auditor is unaware, and the trustees have taken all steps that they ought to have laken to make themselves aware of any relevant audit infomation and to establish that the auditor is aware of that inforniation. SMALL COMPANY EXEMPTIONS In preparing this report the directors have taken advantage of small company exemptions. FUNDS HELD AS CUSTODIAN Although SGI-UK maintains restricted fund5 to deal wiih incoming resources ihat are earniarked for a particular puiyose by donors. sponsoi-s, and other funders, SGI-UK does not currently hold, and the trustees do not anticipate that it will in the future hold, any funds as custodian for any third party. This report was approved by the trustees on 25 September 2025, and was signed for and on behalf of the board by IL/2rtIwi4 J Marchant- General Dlreetor 20
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF SOKA GAKKAI INTERNATIONAL -UK Opinion We have audited Ihe financial statements of Soka Gakkai International UK for the year ended 31 December 2024, which comprise the Statement of Financial Activities, Balance Sheet, Statemenl of Cash Flows, and notes lo the financial slatem¢nls, including a summaiy of significant accounting policies. The financial reporting framewoi'k that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Finap7cial Reporlingsiandai'd applicable in ihe UK aF7dRepiiblic ofli'eland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statem¢nts: give a true and fair view of ihe state of the charitable company's affairs as at 31 Decemb¢r 2024, and of the charitable company's net movement in fund5, including the income and expenditure, for the yea]. then have been properly prepared in accordance with United Kingdom Generally Accepted Accoui)ting Practice. and have been prepared in accordance with the requir¢ments of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Inteii)ational Standards on Auditing (UK) (ISAS {UK)) and applicable law. Our r¢sponsibilities under those standai'ds are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Eihical Standard, and we have fulfilled our other ethical responsibilities in accordance with ih¢se requirements. We b¢li¢ve that the audit evidence we have obtained is sufficienl and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial slatements. we have concluded that Ihe truslees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfornied, we have not identified any material uncertainties relating to events or conditions thal, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The trustees al'e responsible for the other information. The other infonnation compris¢s the inforniatioii included in tlie Trustees, Report. Our opinion on th¢ financial statements does not cover the other inforniation and, except lo the extent otherwise explicitly stated in our r¢port, we do not express any form of assurance conclusion thei'eon. In connection witl) our audit of the financial statements, our responsibility is to read the other infotynation and, in doing so, consider whethei. the other inforn]ation 15 materially inconsistent with the financial statements, or our knowledge obtained in the audit or othenvise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstateinents, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other infonnation. If, based on the work we have perfonned, we conclude that there is a material misslatement of this other inforn]ation. we are required to I'epoit that fact. We have nothing to report kn this regard. Opinions on otller matters prescribed by the Companies Act 2006 In our opinion, based on the woi'k undeitaken in the course of the audit.. the infonnation given in the Trustees, Report (which includes the directors, report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent witl) the financial stateinenls; and Ihe dire¢tors' r¢port included within the Trustees, Report has been prepared in accordance with applicable legal requirements. 21
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF SOKA GAKKAI INTERNATIONAL -UK Matters on which we are required to report by exception In the light of Ihe knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, R¢port (which iii¢orporate5 the dii'ecloi's, report). We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to repoi1 to you if. in our opinion: adequate accounting records have not been kept by ihe charitable company; or tl)e charitable coinpany financial statements are not in agreement with the accounling records and returns. or ceitain disclosures of ti'ustees, remuneration specified by law are not made. or we have not received all the infonnation and explanations we require for our audit; or the trustees were not entitled to prepare the financial statements in accoi'dance wtth the small companies. regim¢ and take advantage of the small Companies, exemptions in preparing the trustees, report and from the requirement to prepare a strategic report. Responsibilitie5 of trustees for the financial statements As explained more lEY in the trustees, responsibilities statement set out on page 19, the truslees (who are also the directors of the charitable compaiiy for the purposes of company law) ar¢ responsible for th¢ preparation of the financial statements and for being satisfied Ihat they give a true and fair view, and for such internal control as the ttustees determine is necessary to enable the prepai'ation of financial statements that are free from material misstalement. whether due to fraud or error. In prepai-ing the financial statements, the trustees are re5pon5ible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable. matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no r¢alistic alternative but to do so. Auditor's respoiisibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole ar¢ free froin material misstatement, whether due to fraud or error, and to issue an auditor's r¢port that includes oui. opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in a¢¢ordance with ISAS (UK) will always detect a material Inisstatement wh¢n it exists. Misstatements can arise fi'om fraud or error and are considered inaterial if, individually or in ihe aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respecl of iiregularities, including fraud. The extent to which our procedure5 are capable of detecting irregularities, including fraud is detailed below.. Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the regulatory requirements of the Cliarity Commission, and we considered t]ie extent to which non-compliance might have a material effect on the financial statements. We also considered tliose laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, the Charities Act 201 I, and UK tax law. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of contiols), and determined that the principal risks were r¢lated to posting inappropriate journal entries and management bias in certain accounting estimates and judg¢ments such a5 the recognition of income froin legacie5 and grants. Audit procedures perfonned by the engagement team included.. Inspecting correspondence with regulators and tax authorities. Discussion5 Wlth management including consideration of known or suspected instances of non- compliance witli laws and regulations and fraud- 22
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF SOKA GAKKAI INTERNATIONAL -UK Evaluating management's controls designed to prevent and detect irregularities. Identifying and testing journals- and Challengtng a55umptions and judgements made by management in their critical accounting estimates Because of the inherent limilations of an audit, there is a risk that we will not detect all irregularities, including those leadtng lo a material misstatement in the financial slatemenls or non-compliance wilh regulation. This risk inci'eases the more that compliance with a law or regulation is removed from the events and transactions I'eflecled in the financial stat¢menls, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irr¢gularities occurring due to fraud rather than error, as fi?ud involves intentional concealment, forgei'y. collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial stateinents is located on the Financial Reporting Council's website at.. www.frc.or .uklauditorsYes onsibilities. This description forms part of our auditor's report. Use of our report This ieport is made solely to the charilable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable coinpany's members those matters we are required to stat¢ to them in an Auditorfs report and for no othei. purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's Inembers, as a body, for our audit work, for this report, or for the opinions we have formed. Lee Stokes (Senior StAtutory Auditor) for and on behalf of Haysmac LLP, Statutory Auditor 10 Queen Street Place London EC4R IAG Date: 2510912025 23
SOKA GAKKAI INTERNATIONAL- UK STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING THE INCOME & EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Endowment Funds Funds Total 2024 Total 2023 Notes INCOME AND ENDOWMENTS FROM: Donations, legacies and gi'ants 2,364,959 2,364,959 2,673,502 Chai'iloble aclivilies.. Advancement of religion 523,758 523,758 471,640 Investments 38,436 274,633 313,069 188.857 Other Income- Gain on sale of asset 3,437 Total income 2,927,153 274,633 3,201,786 3,337,436 EXPENDITURE ON: Charitable activities Advan¢em¢nt of religion 4,115,419 4,115,420 3,762,264 Total expeiiditure 4,115,419 4,115,420 3,762,264 NET (EXPENDITURE)IINCOME BEFORE GAINSI{LOSSES) (1,188,266) 274,632 (913,634) {424,828) Gains on revaluation of heritage assets Net gains on investments 10 213,775 2,083,941 2,055,970 2,055,970 NET (EXPENDITURE)IINCOME (1,188,266) 2,330,602 ,142,336 1,872.888 Transfers between funds 520,000 (520,000) NET MOVEMENT IN FUNDS {668,266) 1,810.602 ,142,336 1,872,888 RECONCILIATION OF FUNDS Fund balances brought fonvard At l January 2024 18,523,068 32,354,297 50,877.365 49,004,477 Fund balance carried forward At 31 Decembei. 2024 17,854,802 34,164,899 52,019,701 50,877,365 The notes on pages 28 to 42 part of these financial statements. 24
SOKA GAKKAI INTERNATIONAL- UK PRIOR YEAR STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING THE INCOME & EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unr¢stri¢ted Endoivment Funds Funds Total 2023 Notes INCOME AND ENDOWMENTS FROM: Donations, legacies and grants 2,673,502 2,673,502 Charitable aclivilies.. Advanc¢ment of religion 471,640 471,640 Investments 26.666 162,191 188,857 Other Income- Gain on sale of asset 3,437 3,437 Total income 3,175.245 162,191 3,337,436 EXPENDITURE ON.. Charilable activities Advancement of religion 3,762,193 71 3,762,264 Total expenditure 3,762,193 71 3,762,264 NET (EXPENDITURE)IINCOME BEFORE GAINSI(LOSSES) (586,948) 162,120 (424,828) Gains on revaluation of heritage assets Net gains/(losses) on investments 10 213,775 213,775 2,083,941 2,083.941 NET (EXPENDITURE)IINCOME (373,173) 2,246,061 1,872,888 Transfers between funds 520,000 (520,000) NET MOVEMENT IN FUNDS 146,827 1,726,061 1,872,888 RECONCILIATION OF FUNDS Fund balances brought fonvard Al l January 2023 18,376,241 30,628,236 49,004,477 Fund balance carried forward At 31 December 2023 18 18,523,068 32.354,297 50,877,365 25
SOKA GAKKAI INTERNATIONAL- UK BALANCE SHEET AT 31 DECEMBER 2024 Company Number.. 05114516 2024 2023 Note FIXED ASSETS Tangible assets Heritage assets Investments 14,499,762 1,470,915 33,962,367 14,894,839 1,470,915 32,294,883 io 49,933,044 48,660,637 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 12 13 200,890 297,654 1,773,722 192,424 225,469 ,960,396 2,272,266 2,378,289 LIABILITIES Creditors.. Amount5 falliiig due within one year 14 (185,609) (161,561) NET CURRENT ASSETS 2,086,657 2,216,728 NET ASSETS 52,019,701 50,877,i65 THE FUNDS OF THE CHARITY Endowment funds Commenioi7tive Expendable Endowment Fuiid 17 34,164,899 32,354,297 Uiirestricted income funds General Fund Designated Taplow Court Fund Designated Local Centres Fund Designated Fixed Assets Fund 17 17 17 17 1,184,125 200,000 500,000 15,970,677 1,457,314 200,000 500,000 16,365,754 TOTAL CHARITY FUNDS 52,019,701 50,877,365 The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. The financial statements on pages 28 to 42 were approved by the trustees and authorised for issued and are signed on their behalf by.. J Marchant- General Director Date: 25 September 2025 26
SOKA GAKKAI INTERNATIONAL- UK STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Note CASH FLOWS FROM OPERATING ACTIVITIES Net cash used in operating activities 20 (713,474) 23,955 CASH FLOWS FROM INVESTING ACTIVITllI S Dividends, interest and renls from investments Purchase of tangible assets Decrease in fixed tenn d¢posits 313,069 (174,755) 388,486 188,857 {124,861) 347,195 Net cash (used inyprovided by investing activities 526,800 411,191 CHANGE IN CASH AND CASH EQUIVALENTS IN THE REPORTING PERIOD (186,674) 435,146 Cash and cash equivalents at the beginning of the repoiting period 1,960,396 1,525,250 Cash and cash equivalents at the end of the i'eporting period 1,773,722 1.960.396 All cash and cash equivalents were held as cash at bank or in hand during both the cuent and prioi. year. The notes on pages 28 to 42 part of these financial statements. 27
SOKA GAKKAI INTERNATIONAL- UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES General information Soka Gakkai International- UK is a privale charitable company limited by guarantee incorporated in England (company number 05114516, charity number 1104491). The registered office and principal place of business is at Taplow Court Berry Hill. Taplow, Near Maidenhead, Berkshire SL6 OER. The charitable Company's principal activity 15 the "advancement of religion" as it relates to the Buddhism of Nichiren Daishonin. Basis of Accounting These financial statements have been prepared in accordance with FRS 102 'The Financial Reporting Siandard applicable in the UK and Republic of Ireland" the requirements of the Companies Act 2006 and nder the histoi-ical cost convention, except as modified for the annual revaluation of fixed asset investments. Within the definitions of FRS 102, the charitable company is a public benefit ¢ntity. The financial slat¢ments hav¢ been prepared in accordance with the accounting policies set out in mor¢ detail below, to comply with the Charities Act 2011, the Compani¢s Act 2006, the Memorandum and Articles of Association of the charitable company, and Accounting and Reporting by Charities.. the Statement of Recommended Practice for Chai'ities (SORP Second Edition, effective l Januaiy 2019). Figures are presented in slerling and rounded to tlie neai'est pound. Going eoiicern The Trustees hav¢ looked at the potential impact of the ongoing conflicts in Ukrain¢ and the Middle East and the pirssure on govemment to bring a large budget defftcit under control whilst continuing to maintain essential services. SGI-UK has free reseives of £1,184,125 as of 31 December 2024, plus the Designated Taplow Court Fund (£200,000) and the Designated Local Centres Fund (£500,000). The Trustees are holding £1.556,649 iii a busiiiess premiun) account which can be easily accessed if required wliilst still eaming interest at 1.60/0 pa. The Trustees consider the current level of reserves to be s1clent to allow for the Continued operation of SGI-UK. The twstees consider there lo be no material uncertainties and therefore the accounts have been pi'epared on a going concem basis. At the balance sheet date, the trustees were holding £15,970,677 of unrestricl¢d funds in a designated fund known as th¢ Designated Fix¢d Assets Fund repi'esenting the resources i'equired to finance the net book value of all functional fixed assets, and also £34,164,899 of restricted funds in an expendable endowment fund known as the Commemorative Expendable Endowment Fund. Due to global economic factors the value of investments fell sharply in 2022 however these had begun to recover in 2023, and 2024. Markets have since been changeable and investments were valued at £32,410,490 on the 14th May 2025. Income General donations and other similar types of voluntary income are brought into account when I'eceivable and donated income is included gross of any attributable tax recoverable, where relevant. Donations given for specific purposes are treated as restricted income. Legacy gifts are recognised on a case-by-¢as¢ basis following the granting of probate when the administrator or executor of the eslate has communicated in writing both the amount and settlement date of the legacy income. In the event that the gift is in the fonn of an asset olher than cash, or a financial asset traded on a recognised stock exchange, recognition as income in the financial statements is subject to the value of the gift being reliably Ineasurable with a degree of reasonable accuracy and th¢ title to the asset having been transferred to the charitable company. 28
SOKA CAKKAI INTERNATIONAL- UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES (Continued) Iiicome claimed under the Coronavirus Job Retention Scheme is recognised when the associated expenditure on staff costs is incurred. Investment income is accounted on a receivable basis once the dividei)d has been declared or the interest has been earned. Credit is taken in the fll)ancial statements for the proportions of all other types of income which are receivable in tl)e fmancial period. Expenditure Expenditure is allocated to Éhe chai'itable company's principal activity as directed costs where the costs can be identified as being directly related to the activity. All costs that cannot be identified a5 relating directly to the Chai'itable company's pi'incipal activity are categorised as either support costs or goveimai)ce costs. Any costs that cannot be specifically categorised are allocated in proportions based upon a suitable ration applicable to the nature of the cost involved. Governance costs are the costs associated with running the charilable company as a charitable company, and include a proportion of staff costs, costs of the trustees, meetings and audit fees. Expenditure is recognised in the period in which the righls and obligations that relate to goods received by, oi. Se1¢eS performed for, the charitable company are materially fulfilled, with the relevant liability to pay Ihe suppliers concerned being recognised as a liability. Tangible fixed assets All taiigible assets pui'chased that have an expected us¢ful economic life that exceeds one year and have a ost of £1,000 or more are capitalised and classified as fixed assets. Tangible fixed assets are slated at historical c05t less depreciation. Depreciation is provided on all iangible fixed assets, other than freehold land. A full year of depreciation is charged Èn the year of purchase. The rates calculated to write each asset down to its ¢stimal¢d residual value over its expected useful life, as follows.. Freehold properties Short leasehold properties Plant and machinery at 20/0 on a straight.line basis over the remaining life of the lease at 150/0 or 200/0 on a reducing balances basis Heritage assets Heritage assets, consist of garden statuary, ornaments, and art collecttons, which were either identifiable items acquired with the purchase of Taplow Court or were purchased by or gifted to SGI-UK as an enhancement to Taplow Court. The garden statuary and substantial proportion of the ornaments and art works are on display at Taplow Court and may be viewed during open days, receptions and other ¢vents held in the house. The heritage assets are included in the balance sheet at fair value. The gains or losses arising upon their annual revaluation are included in the statement of fmancial activities. They are not depreciated as they are onsidered to have ind¢finit¢ lives. CuiTently SGI-UK are not seeking to purchase or sell such assets. SGI-UK are cun'enlly reviewing their policy I'egarding the recording, valuation, and preservation of their heritage assets to ensure the accuracy and completeness of the Heritage asset registei-. Investmeiits The chai'ilable ¢oinpany's investments are included in the balance sheet at fair value (Iheir markel value). The gains or losses arising upon theii. annual revaluation are included in the statement of financial activities. Stocks Stocks are valued at the lower of the cost {using first in first out basis) and net realisable value. 29
SOKA GAKKAI INTERNATIONAL- UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Leased assets and obligations Where assets are finan¢¢d by leasing agreements that give rights approximating to ownership ("finance leases"), the assets are treated as if they had been purchased outi'ight. Th¢ amount capitalised is the present value of the minimum lease payments payable during tlie lease term. The corr¢sponding leasing commitments are shown as obligations to Ihe lessor. Lease payments are Ireated as consisting of capital and inlerest elements, and the interest is charged to the slateinent of financial activities in proportion to the remaining balance outstanding. All other leases are 'Operating leases" and the annual renlals are charged to the statement of financial activities on a straight-line basi5 over the lease term. Fii)ancial instruments A financial instrument is a contract that give rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial instruments aye Iherefor¢ classified and accounted for according to the substance of the contractual arrangement as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual invest in the assets of the entity after deducting all of its liabilities. Financial assets and liabilities The charitable company's debtors and creditors that meet the definition of either a financial asset or a financial liability are initially recogni5ed at the transaction value and thereafter are stated at amonised cost using the effective interest method, less any impainnents. Cash is I'epresented by cash in hand and deposits with financial institutions repayable without notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. Pension coj)tributions The chai'itable company makes contributions into defined contribution pension schemes on behalf of ceitain employees. The assets of the schemes are held separately from those of lh¢ chai'itable company in independently administered fijnds. The amount charged to the statemeiit of financial activities in respect of pension costs is the total contributions payable for the year. Fund accounting The general fund comprise5 the accumulated surpluses of unrestricted income over expenditure, which are available for use in furtherance of the general objective of ihe charitable coinpany. Designated funds are a particular forni of unrestricted funds consisting of amounts which have been allocated or designated for spe¢ifi¢ purposes by the trustees. The use of designated funds i'emains at the discretion of Ihe Irustees. Restricted funds are funds subject to specific conditions imposed by donors. The purpose and use of the restricted funds are set out in the notes to the financial statements. Amounts unspent at the year-end are carried forward in the balance sheet. Expendable endowment funds allow the capital of the fund to be spent if the trustees so deterniine, subject to any specific requirements of the fund. 30
SOKA GAKKAI INTERNATIONAL- UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 CRITICAL ACCOUNTING JUDGEMENTJ AND KEY SOURCES OF ESTIMATION UNCERTAINTY In the application of the charitable company's accounting policies. the Irustees 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 underlying assumptions are based on historical experience and other factors that are considered to be 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 if the revision affects only that period, or in the pei'iod of the revision and further periods if the revision affects both current and future periods. In the opinion of the trust¢es, there were no specific judgements and assumpiions that were critical to the preparation of Ihese financial statements. The only estimate considered to be Critical is estimating the useful economic life of tangible fixed assets. DONATIONS AND LEGACIES Total 2024 Total 2023 Genei'al donations and other similar types of voluntary income 2,364,959 2,673,502 ADVANCEMENT OF RELIGION Total 2024 Total 2023 Publications income Shops income Courses and evenls Other income 149,274 246,567 98,696 29,221 146,150 249,903 50,421 25,166 523,758 471.640
SOKA GAKKAI INTERNATIONAL- UK NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 INVESTMENTS Unre5triet¢d Endowment Fuiids Funds Total 2024 Total 2023 Bank interest receivable on short terni cash deposits Rent receivable under operating leases 24,036 14,400 274,633 298,669 14,400 174,257 14,600 38,436 274,633 313.069 188,857 Unrestricted Endowment Funds Funds Total 2023 Bank interest i-eceivable on short tern] cash deposits Rent receivable under operaiing leases 12.066 14,600 162,191 174,257 14,600 26,666 162,191 188,857 32
SOKA GAKKAI INTERNATIONAL- UK NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 COSTS OF THE ADVANCEMENT OF RELIGION Unrestricted Endowment Funds Funds Total 2024 Total 2023 Costs of events & courses, regional. divisional, national and group costs: Direct costs Staff costs Pi'ovision of facilities Publications costs Shop costs Other direct costs Costs of the Centre for Applied Buddhism (CfAB) 191,606 1,572,848 1,864,687 112,544 132,721 13,994 191,606 ,572,848 .864,687 112,544 132,721 13,994 93,329 1,490,704 1,725,906 121,799 102,634 10,306 5,531 5,531 8,901 3,893,931 3.893,931 3,553,579 Support costs (see note 7) 221,488 221.489 208,685 4,115,419 4,115.420 3,762,264 Comparative figures: COSTS OF THE ADVANCEMENT OF RELIGION Unrestrieted Endoivment Fuiids Funds Total 2023 Costs of evei)ts & courses, regional, divisional, national and group costs: Direct costs Staff costs Provisioii of facilities Publications costs Shop costs Other direct costs Costs of the Ceiitre for Applied Buddhtsm (CfAB) 93,329 1,490,704 1.725,906 121.799 102,634 10,306 93,329 1,490,704 1,725,906 121,799 102,634 10,306 8,901 8,901 3,553,579 3.553,579 Support costs (see note 7) 208.614 71 208,685 3,762,193 71 3,762,264 33
SOKA GAKKAI INTERNATIONAL- UK NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 SUPPORT & GOVERNANCE COSTS Support Cosls Governanee Costs Total 2024 Total 2023 Staff costs Auditor's remuneration.. Audit fees Other fees Legal and pi-ofe5sional fees Bank inteitst, bank charges and other finance costs 151,330 151.330 152,972 24,442 2,176 24,442 2,176 39,399 20,710 2,044 28,552 39,399 4,142 4,142 4,407 194,871 26,618 221.489 208,685 Included within auditoi's, remuneration are amounts payable lo Haysmac LLP in respect of audit services of £22,250 (2023: £19,250). Comparative figures: SUPPORT & GOVERNANCE COSTS Support Costs Gov¢rnaiice Costs Total 2023 Staff costs Auditor's remuneration: Audit fees Othei. fees Legal and professional fees Bank interest, bank Charges and other finance costs 152,972 152,972 20,710 2,044 20,710 2,044 28,552 28,552 4,407 4,407 185,931 22,754 208,685 34
SOKA GAKKAI INTERNATIONAL- UK NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THI YEAR ENDED 31 DECEMBER 2024 STAFF COSTS 2024 2023 The average monthly number of persons employed by the charitable company (excluding non-executive triistees) during ih¢ year was a5 follows: Advancement of religion 39 40 2024 2023 Staff costs for the above persons.. Wages aiid salaries Social security costs Other pension costs Staff training and health insurance ,441,774 145,055 93,932 43,417 1,382.211 134,599 87,045 39.821 ,724,178 1,643,676 Total emoluments and pension contributions were payable to the following trustees solely iii relation to their roles as senior members of staff under the authority set down in the company's Memorandum and Articles of Association dated 28 April 2004.. 2024 Pension Contributions Other Benefits Remuneralion Total R P Harrap - General Director Sanda Mcwilliam 73,428 55,320 5,402 4,070 78,830 61,870 2,480 128,748 9,472 2,480 140,700 2023 Pension Contributions Other Benefits Remuneration Total R P Harrap - General Director K Fujii - Vice General DRrector 71,321 42,983 5,209 76,530 46,189 3,206 114,304 5,209 3,206 122,719 No othei. trustee received remuneration from the charitable company during Ihe current or previous year. 35
SOKA GAKKAI INTERNATIONAL- UK NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 STAFF COSTS (continued) Other than as disclosed above during Ihe current and previous year, no einployee received total emoluments in excess of £60,000. However, including the amounls disclosed above, the aggregate remuneration and benefits for the key management personnel for their services to the charity amounted to £482,150 (2023.. £386.991). During the year no trnslees {2023.' Nil) were reimbursed for travel or other expenses incurred in their role as Irustee on behalf of the charity. The charity lias taken out a trustees, indemnity insurance policy that provides professional indemnity cover ainounting to £ I million in respect of any one claim for the trustees of the charitable company. The cost of this insurance policy to the charitable company for the year was £4,055 (2023: £3,798). Contribution of volunteers In addition to the trustees, the charitable company is also reliant upon the major contributions made by thousands of volunteers who conti'ibute significant amounts of their time in the delivery of charitable activities. The Trustees estimate that volunteers provide at least 85,000-man hours per y¢ar towards the work of the Charitable ompany at its four centres and an incalculable iiumber of hours in support of its activities tliroughout the country, foi. which the trustees express their sincere thanks. TANGIBLE ASSETS Short Leasehold properties Freehold properties Plant and maehinery Total Cost: l January 2024 Additions Disposals 22,859,340 61,807 91,440 2.072,195 112,948 (408.018) 25,022,975 174,755 (408,018) 31 December 2024 22,921,147 91.440 1,777,125 24,789,712 Depreciatioii: l January 2024 Charge for year Disposals 8,517,584 456,713 17,829 8,333 1,592,723 86,923 (390,155) 10,128,136 551,969 (390,155) 31 December 2024 8,974,297 26,162 1,289,491 10,289,950 Net booli value: 31 Decembei- 2024 13,946,850 65,278 487.634 14,499,762 31 December 2023 14,341,756 73.611 479.472 14,894,839 36
SOKA GAKKAI INTERNATIONAL- UK NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 TANGIBLE ASSETS (Continued) The cost of the charitable company's interest in freehold land has been assessed by the trustees to be so immaterial that it has been treated as £Nil for the purposes of calculating depreciation. Certain elements of the charitable company's propety assets are let. when surplus to requirements, to tenanls in order to generate rental income under operating leases. io. HERITAGE ASSETS Ornaments Hnd art collection 2024 2023 l January 2024 Revaluation 1,470,915 ,257,140 213,775 Fair value at 31 December 2024 1,470,915 1,470,915 The ornaineiits and art collection w¢re valued by Covington Fine Ait Limited, independent ait advisors and valuers, at 15 July 2024. INVESTMENTS 2024 2023 Listed investment portfolio Fixed term deposits 27,652,821 6,309,546 25,596,851 6,698,032 Total investments 33,962,367 32,294,883 Investinent listed on a recognised stock exchange, held primarily to provide an investment return, at market value.. At l Januaiy 2024 Gains on investments 25,596,851 2,055,970 23,512,910 2,083,941 27,652,821 6,309,546 25,596,851 6,698,032 Cash held by investment managers Market value at the end of the year 33,962,367 32,294,883 Historical cost at the end of the year 21,867,422 21,867,422 At the balan¢¢ sheet date, the market value of the charity's listed investment portfolio comprised.. UK Investinents 27,652,821 25,596,851 37
SOKA GAKKAI INTERNATIONAL- UK NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 12. STOCKS 2024 2023 Finished goods and goods for resale 200,890 192,424 13. DEBTORS 2024 2023 Amounts falling due within one year.. Trade debtors Other debtoi's Pi'epayments and accrued income 2,501 256 294,897 1.260 41 224,168 297,654 225,469 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Ti'ade creditors Otlier taxation and social security costs Accruals 127.125 18.747 39.737 86,052 24,598 50,911 185,609 161,561 15. PENSION COMMITMENTS The charitable company makes contributions into defjned contribution pension schemes on behalf of certain employees. The assets of the schemes are held separately frotn those of the charitable company in independently administei'ed funds. The amount charged to th¢ statement of financial activities in respect of pension costs (as shown in note 9) is the tolal contributions payable for the year. There is no amount payable at the balance sheet date lo be includ¢d in creditors.. amounts falling due within one year as this was paid before year end. 38
SOKA GAKKAI INTERNATIONAL- UK NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 16. FINANCIAL COMMITMENTS At 31 December 2024, the charitable company was committed to make the following total future minimum payinents under non-caiicellable operating leases: 2024 2023 In respect of land and building leases: Within one yeai. Betw¢¢n one and five years After five years 89,709 467,330 358,147 89,709 467,330 447,856 915,186 1,004,895 The current land and building5 lease was renegotiated and finalised in December 2024. 39
SOKA GAKKAI INTERNATIONAL- UK NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 17. THE FUNDS OF THE CHARITY Gain$11055es rixed assets & Investments Trinsfers Between Funds l JanuAry 2024 31 December 2024 Income Expenditure Endoivment funds: Commemorativ¢ Expendable Endowment Fund 32,354,297 274,633 {1) 2,055,970 (520,000) 34,164.899 Unrestricted income Funds: General Fund Designated Taplow Court Fund Designated local Centres Fund Designated Fixed Assets Fund ,457,314 2,927,153 (4,030,064) 829,722 ,184,125 200,000 (25,797) 25,797 200.000 500,000 (59,558) 59,558 500,000 16,365,754 (395,077) 15,970.677 Total unrestricted fuilds 18,523,068 2,927,153 (4,115,419) 520,000 17,854,802 Total fund5 50,877,365 3.201,786 (4,115,420) 2,055,970 52,019.701 Th¢ ¢ommemoi-ative Expendable Endowment fund was set up in 2006 upon receipt of an initial donation from Soka Gakkai international Centre in Japan to mark the 75 ' anniversary of the foundation of Soka Gakkai. The investment income generated, as well as the pi'incipal amount of the endowment, is available to be spent at any time by the trustees in promoting the charitable purposes of Soka Gakkai International - UK after consultation with the represenlatives of the donor. Funds are transferred into the General Fund once agreement has been reached to do so. At the balance sheet date, gains of £2,055,970 (31 December 2023.. gains £2,083,941) arising upon the revaluation of investments wei'e included within the Commemorative Expendable Endowment fund balance. Tlie Designated Taplow Court Fund was re-e5tablished in 2022 by way of a transfer of £200,000 funding from the Genei'al Fund which will be used for major inaintenance projects at Taplow Court. As this fund will be utilised in the event of unforeseen major maintenance, there is no set time frame for its use. The Designated local centres fund was re-established in 2022 by way of a transfer of £500,000 in funding from the Genei'al Fund which will be used to finance local centres in the future. As this fund will be utilised in the event that charity decides to purchase a new centre, there is no set time fl'ame for its use. The Designated Fixed Assets Fund has been set up to Clearly identify the fitnds of th¢ charity that are being held as tangible and heritage assets used to promote the charitable purposes of Soka Gakkai International- UK. A¢¢oi'dingly, transfers are made to or from the Designated Fix¢d Assets Fund at each balance sheet date to reflect additions and disposals of tangible assets, depreciation charged thereon and any impairnient. 40
SOKA GAKKAI INTERNATIONAL- UK NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 17. THE FUNDS OF THE CHARITY- eomparative figures GAinsllosse$ fixed assets & Investments Transfers Between Funds l JanllAry 2023 31 December 2023 Income Expenditure Endowment funds: Commeinorative Expendable Endowment Fund 30,628,236 162,191 (71) 2,083,941 (520,000) 32,354.297 Unrestricted iiicome Funds: General Fud Designated Taplow Court Fund Designated local Centres Fund Desigiiated Fixed Assets Fund 1,087,145 3,175,245 (3.685,540) 880,464 1,457,314 200,000 (57,351) 57.351 200,000 500,000 (19,302) 19,302 500,000 16.589,096 213,775 (437,117) 16,365,754 Total unrestricted funds 18,376,241 3,175,245 (3,762,193) 213,775 520,000 18,523,068 Total funds 49,004,477 3,337,436 (3,762,264) 2,297,716 50,877,365 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS Tangible Fixed Assets Current Assets Current Liabilities TOTAL 2024 Investments Endowment funds: Commemoralive Expendable Endowment Fund 33,962,367 202,532 34,164,899 Unrestricted income funds: General Fund Designated Taplow Court Fund Designated Local Cenlres Fund Designated Fixed Assets Fund 1,369,734 200,000 500,000 (185,609) 1,184,125 200,000 500,000 15,970,677 15,970,677 NET ASSETS 15.970,677 33,962,367 2,272,266 (185,609) 52,019,701 41
SOKA GAKKAI INTERNATIONAL- UK NOTES TO THE FINANCIAL STATEMEf4TS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS- comparative figures Tangible Fixed Assets Current Assets Current LIAbilities TOTAL 2023 InveStmets Endowment fund5: Commemorative Expendable Endowment Fund 32,294,883 59,414 32,354,297 Unrestricted income funds: Get)ei'al Fund Designaled Taplow Court Fund Designated Local Centres Fund Designated Fixed Assets Fund 1,618,875 200,000 500,000 (161,561) ,457,314 200,000 500,000 16,365,754 16,365,754 NET ASSETS 16.365.754 32,294,883 2,378,289 (161,561) 50,877,365 19. RELA TED PARTY TRANSACTIONS SGI-UK is a Inember of Ihe Network of Buddhist Organisations in the Ui)ited Kingdom and a corporate membei. of UNICEF and the Commonwealth Human Ecology Council. As a meinber of the Soka Gakkai International ("SGI") cominunity worldwide SGI-UK is implicitly related to all similar SGI entities and pai'ticular works closely with the founder SGL entity based in Tokyo, Japan. Dui'ing the yeai. trnstees donated a total of £24.550 (2023- £17,605) to the charity. 20. RECONCILIATION OF NET INCOMEI(EXPENDITURE) TO NET CASH FLOWS FROM OPERA TING ACTIVITIES 2024 2023 NET MOVEMENT IN FUNDS FOR THE REPORTING PERIOD 1,142,336 1,872,888 Adjustmeiits for: Dividends, interest and rents from investments Gains on listed investments Gains on revaluation of heritage assets Depreciation charges Loss on disposal of fixed assets (Increase)Ide¢i'ease in stocks (Increase)/decrease in debtors Increase/(decrease) in creditors (313,069) (2,055,970) (188,857) (2,083,941) (213,775) 550,748 11,230 35,057 51,203 (10,598) 551.969 17,863 (8,466) (72,185) 24,048 NET CASH (USED IN}IGENERATED FROM OPERATING ACTIVITES (713,474) 23.955 42