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2023-03-31-accounts

Trustees' Annual Report for the period Trustees' Annual Report for the period Trustees' Annual Report for the period Trustees' Annual Report for the period Trustees' Annual Report for the period Trustees' Annual Report for the period
From Period start date T
o
Period end date
1 April 2022 31 March 2023

Reference and administration details

Charity name

Loden Education Trust

Other names charity is known by Rigdang Education Trust Registered charity number (if any) 1114763

Charity's principal address


Sarah McMillan

Sarah McMillan
14 Meldora Road
London
Postcode SW2 2LN

Names of the charity trustees who manage the charity

1
2
3
4
5
Trustee name Office (if any) Dates acted if not for
whole year
Name of person (or
body)
entitled
to
appoint
trustee
(if
any)
Karma Phuntsho Trustee
Anne Tardy Trustee
Eric Drury Trustee
Sarah Mcmillan Trustee
Names of the trustees for the charity, if any, (for example, any custodian trustees)
Name Dates acted if not for wholeyear

Names and addresses of advisers (Optional information)

Type of advisor Name Address

Name of chief executive or names of senior staff members (Optional information)

Karma Phuntsho, trustee and volunteer Eric Drury, trustee and volunteer

Structure, governance and management

April 2022 - March 2023

TAR

1

Description of the charity’s trusts

Type of governing document (eg. trust deed, constitution) How the charity is constituted (eg. trust, association, company) Trustee selection methods

Trust Deed

Trust

Appointed by current trustees through a board meeting

Additional governance issues (Optional information)

You may choose to include additional information, where relevant, about:

The charity has trustees appointed from among people who share the concerns and visions of the charity and actively support its works on a voluntary basis.

The charity is run by a board of trustees in the UK. We run our projects in Bhutan through our partner, the Loden Foundation, which is the first registered charity in Bhutan. The Governing Board and the Management Council of the Loden Foundation implement the programmes of Loden Education Trust in that country and submit annual reports to the trustees of Loden Education Trust.

We run, through our partner on the ground, the Loden Foundation, three core programme areas are:

  1. Loden Education Initiatives

  2. Loden Entrepreneurship Programme

  3. Loden Cultural Programme

We also work closely with the Bhutan Foundation in the US, the United Nations(UN) in Bhutan, other friendship societies of Bhutan and partner organisations in other parts of the world to raise funds and support.

Objectives and activities

Summary of the objects of the charity set out in its governing document

April 2022 - March 2023

TAR

2

Summary of the main activities
in relation to these objects
1.
Loden Education Initiatives:The Education Programme works
towards empowering the youth with an education of the mind and
heart. It is dedicated towards a vision to create a more equitable
education system by first enabling every child and youth to
pursue their education without having to carry financial burdens
beyond their age.
The programme continuously supports students with academic
excellence and children and youth from low-income families
through various projects and initiatives such as Early Learning
Centres that provide early childhood care and development in
rural areas that lack access to early learning facilities; Child
Sponsorship, linking children in need with various financial aid
schemes to help them cover school expenses; Youth
Scholarships are awarded to students pursuing their
undergraduate studies and selected through competitive
scholarship criteria; and Bhutan Dialogues are a joint initiative
between the UN Bhutan and Loden foundation, which creates a
platform for educational discourses on various social and political
topics related to development. The programme also
complements the Entrepreneurship Programme through the
Loden SEED (Student Empowerment through Entrepreneurship
Development), a programme dedicated to expanding
entrepreneurial capacity building at educational institutions and
youth centres.
As Loden Scholars, the students are not only groomed for
academic/career achievements but are also provided active
mentoring to instil them with wisdom and values of mindfulness
and compassion that extend beyond the classroom walls.
2.
Loden Entrepreneurship Programme:To tackle the growing
rate of dependence on the government for employment in the
civil service, this programme aims to build the spirit of
entrepreneurship by providing interest-free and collateral-free
loans to both aspiring and existing entrepreneurs, especially
among the youth, through a vigorous selection process. The
programme also includes services such as the Resource Centre,
a developing service that offers a knowledge base for
entrepreneurs and other interested individuals; mentorship
services through its diverse network of local and international
expert volunteers; and Druk Tsongrig Gatoen, an annual
networking and marketing event across Bhutan.
3.
Loden Cultural Programme:The Cultural Programme is
dedicated to promoting and preserving Bhutan's rich cultural
heritage. Its projects range from research, documentation,
audiovisual and textual digitisation to development of an
extensive repository of the abundant cultures and traditions of
Bhutan. The projects focus on documentation of written heritage,
oral traditions, and arts and artefacts. Additionally, the
programme provides seminars and presentations at various
institutions on an array of topics related to Buddhism and the
cultures & traditions of Bhutan.

Additional details of objectives and activities (Optional information)

April 2022 - March 2023

TAR

3

You may choose to include further statements, where relevant, about:

Achievements and performance

Summary of the main achievements From 01 April 2022 till 31 March 2023 of the charity during 1. Loden Education Initiatives: the year

April 2022 - March 2023

TAR

4

Since its launch a total of 60 sessions have been conducted. Watch all past sessions of Bhutan Dialogues HERE.

g Other programs:

2. Loden Entrepreneurship Programme

April 2022 - March 2023

TAR

5

with funding from UNICEF. In addition to the usual application rounds in spring and fall, in 2022, the Loden Foundation, in collaboration with Karuna Shechen and additional funding from Fonds de dotation Loden Initiatives, extended assistance to 5 existing Loden entrepreneurs through the Loden Emergency Funding support. This funding initiative aimed to help entrepreneurs recover from the two-year-long economic shutdown, retain employees, potentially create more employment, and prepare businesses for a new phase of growth, such as financial training, acquiring better equipment, and implementing automation. In the spring of 2023, the Loden-Boiling Point funding supported 6 entrepreneurs, the Loden-FDD fund assisted 1 entrepreneur, and the Loden-SSB fund supported 1 entrepreneur. As of March 2023, the program has supported 281 entrepreneurs across 19 districts in Bhutan and has provided training to over 5700 aspiring entrepreneurs since its inception.

Loden Cultural Programme

Through the continued partnership and support from the Intangible Cultural Heritage in the Asia Pacific Region (ICHCAP) under the auspices of UNESCO, The Loden Cultural team completed seven more cultural documentaries in 2022:

April 2022 - March 2023

TAR

6

ii. Producer: Loden Foundation, ICHCAP & Oopz Production

3. New Partnerships forged:

Financial review

Loden Education Trust does not have any policy on reserves. However, Brief statement of the we are helping our implementing partner, the Loden Foundation, build a charity’s policy on reserves reserve and also invest for the long term sustainability of the organisation and its activities. Thus, donations towards a sustainable endowment are being transferred to Bhutan, where there are better interest rates and investment opportunities. Details of any funds materially None in deficit

Further financial review details (Optional information)

April 2022 - March 2023

TAR

7

We had a good source of individual donors and a few donor You may choose to include organisations and foundations from Europe and North America. additional information, where relevant about:

Other optional information

Declaration

The trustees declare that they have approved the trustees’ report above.

Signed on behalf of the charity’s trustees

Signature(s)

Full name(s) Karma Phuntsho Eric Drury Trustee Trustee Position Date 20/01/2024

April 2022 - March 2023

TAR

8

Rigdang Education Trust No (if any) CC16a
Receipts and p ayments accounts
For the period from
Period start date
1-April-2022
Period end date
31-Mar-2023
Section A Receipts and payments
A1 Receipts Unrestricted
funds
to the nearest
£
Restricted funds
to the nearest £
Endowment
funds
to the nearest £
Total funds
to the nearest £
Last year
to the nearest
£
Anne and Gerard Tardy -
33,044-
-
33,044-
Tam O Shanter -
6,000-
-
--
-
6,000-
-
--
Bruce Huett et al 1,095 -
1,095-
Fonds Dotation Loden 14,074 -
--
-
14,074-
-
--
Fondation De France/ Fonds Seviajer 832 -
832-
Tam O Shanter 10,000 -
10,000-
Anne and Gerard Tardy -
5,053-
-
5,053-
Mariane Van Husen -
2,061-
-
2,061-
Hans and Annie Reifenberg 450 -
450-
Hilary Papworth via CAF 1,000 -
1,000-
Andrew Sutton via CAF 4,000 -
4,000-
William Tacon -
700-
-
700-
William Tacon -
10,000-
-
10,000-
William Tacon -
2,000-
-
2,000-
William Tacon -
250-
-
250-
Lulu Gonzalez via PayPal -
165-
-
165-
Karen Anaïs Sobtafo Alambong via PayPal -
25-
-
25-
Ugyen Tashi via PayPal -
59-
-
59-
Wey Lyn Chuah via PayPal -
100-
-
100-
Sub total(Gross income for AR) -
31,450.99-
-
59,456.50-
-
--
-
90,907-
-
140,334.49-
A2 Asset and investment sales, (see table).
Opening balance -
- -
-
- -
-
--
-
-
-
-
-
-
-
-
-
Sub total
Total receipts
A3 Payments
-
- -
-
--
-
- -
-
- -
-
- -
-
31,450.99-
-
59,457-
-
- -
-
90,907.49-
-
140,334.49-
Bank Maintenance Fees 60.00 -
60.00-
-
-
-
Development Associate Stipend 2,733.00 -
2,733.00-
International Transfer Charge 165.00 -
165.00-
Loden Foundation UK to Bhutan 100,000.00 -
100,000.00-
Loden Foundation UK to Bhutan (Shantani) 50,000.00 -
50,000.00-
Payment Charge 153.00 -
153.00-
Paypal- Google Storage Fees 17.45 -
17.45-
Scholarship - Lobzang
2,485.13
-
2,485.13-
Scholarship- Sonam Choden
Transaction Fees
6,000.00
0.60
-
6,000.00-
-
0.60-
Sub total -
161,614.18-
- -
- -
- -
- -
- -
161,614.18-
-
110,827.14-
A4 Asset and investment purchases, (see table)
-
- -
-
--
-
- -
-
- -
-
-
-
-
--
-
-
-
-
-
-
Sub total
Total payments
Net of receipts/(payments)
A5 Transfers between funds
A6 Cash funds last year end
opening cash balance of paypa
Cash funds this year end
-
- -
-
--
-
- -
-
- -
-
- -
-
161,614.18-
-
--
-
- -
-
161,614.18-
-
110,827.14-
-
130,163.19-
- -
59,456.50-
- -
- -
- -
70,706.69-
-
29,507.35-
-
- -
-
--
-
- -
-
- -
-
- -
-
81,730.80-
-
81,730.80-
-
81,730.80-
l
430.24
-
430.24-
-
430.24-
-
48,002.15-
-
59,456.50-
-
- -
-
11,454.35-
-
111,668.39-
Section B Statement of assets and liabilities at the end of the period
Categories
B1 Cash funds
Details Unrestricted
funds
to nearest £
Restricted funds
to nearest £
Endowment
funds
to nearest £
-
48,002.2-
-
59,456.50-
-
- -
-
- -
-
- -
-
- -
-
- -
-
- -
B2 Other monetary assets
B3 Investment assets
B4 Assets retained for the charity’s own use
B5 Liabilities
Tota
(agree balances wi
ac
l cash funds
th receipts and payments
count(s))
Details
-
48,002.2-
-
59,456.50-
-
- -
OK OK OK
Unrestricted
funds
to nearest £
Restricted funds
to nearest £
Endowment
funds
to nearest £
-
- -
-
- -
-
- -
-
- -
-
- -
-
- -
-
- -
-
- -
-
- -
-
- -
-
- -
-
- -
-
- -
-
- -
-
- -
-
- -
-
- -
-
- -
Fund to which Ct (tinl) Current value
Details asset belongs os opoa (optional)
-
- -
-
- -
-
- -
-
- -
-
- -
-
- -
-
- -
-
- -
-
- -
-
- -
Details Fund to which
asset belongs
Cost (optional) Current value
(optional)
-
- -
-
- -
-
- -
-
- -
-
- -
-
- -
-
- -
-
- -
-
- -
-
- -
-
- -
-
- -
-
- -
-
- -
Details Fund to which
liability relates
Amount due (optional) When due
(optional)
-
- -

----- Start of picture text -----
-
-
-
Signed by one or two trustees on behalf of all the trustees Signature Print Name approval Date of
Karma Phuntsho 10 Jan. 24
Eric Drury 14 Jan. 25
----- End of picture text -----

Independent examiner's report on the accounts

Section A Independent Examiner’s Report

Report to the trustees/ Charity Name RIGDANG EDUCATION TRUST members of

On accounts for the year 31 MARCH 2023 Charity no 1114763 ended (if any)

Set out on pages

(remember to include the page numbers of additional sheets)

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 43(2) of the Charities Act 1993 (the 1993 Act) and that an independent examination is needed.

It is my responsibility to:

Basis of independent examiner’s statement

Independent examiner's statement

Date: 29 January 2024

Signed: Name: Jigmi Rinzin, FCCA

1

IER

April 2021 - March 2022

Relevant professional Association of Chartered Certified Accountants (ACCA) qualification(s) or body (if Membership No. 0283308 any):

Address: Managing Partner, JIGMI Audit & Financials Pvt. Ltd. Lodrey Lam 11/B, P.O. Box No. 689 Thimphu, Bhutan

Section B Disclosure

Only complete if the examiner needs to highlight material problems.

No comments.

Signed herewith,

2

IER

April 2021 - March 2022

Give here brief details of any items that the examiner wishes to disclose .

The aggregated Receipt of GBP 90,907.49 and aggregated Payment of GBP 161,596.73 include receipts of GBB 349.00 and payments of GBP 17.45 respectively where were transacted through PayPal.

Further, the receipts of GBP 349.00 and payments of GBP 17.45 through PayPal include receipt of USD100.00 and payment of USD 3.69 respectively.

Signed herewith,

3

IER

April 2021 - March 2022