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← Loden Education Trust

2024-03-31-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 Trustees' Annual Report for the period Trustees' Annual Report for the period
From Period start date T
o		 Period end date
1 April 2023 31 March 2024

Reference and administration details

Charity name

Loden Education Trust

Other names charity is known by Registered charity number (if any)

Rigdang Education Trust

1114763

Charity's principal address ℅ Sarah McMillan 14 Meldora Road London Postcode SW2 2LN ~~——~~ Names of the charity trustees who manage the charity Name of person (or Dates acted if not for body) entitled to Trustee name Office (if any) whole year appoint trustee (if any) 1 Karma Phuntsho Trustee 2 Anne Tardy Trustee 3 Eric Drury Trustee 4 Sarah Mcmillan Trustee 5 Names of the trustees for the charity, if any, (for example, any custodian trustees) Name Dates acted if not for whole year ~~je===~~ 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 TAR 1

April 2023 - March 2024

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. The three core programme areas of the Foundation include 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 2023 - March 2024

TAR

2

  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.

Summary of the main activities in relation to these objects

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 Tshongrig 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 2023 - March 2024

TAR

3

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

Achievements and performance

Summary of the main achievements From 01 April 2023 till 31 March 2024 of the charity during 1. Loden Education Initiatives: the year

April 2023 - March 2024

TAR

4

pharmacy, traditional medicine, civil engineering, physiotherapy & rehabilitation, and computer applications.

g Other programs:

April 2023 - March 2024

TAR

5

2. Loden Entrepreneurship Programme

b Entrepreneurship culture and network supported:

Since 2012, the Loden Foundation through Druk Tshongrig Gatoen (Bhutan Entrepreneurship Festival), provides a platform for entrepreneurs and relevant stakeholders to network and discuss critical issues. The Festival also provides opportunities for entrepreneurs to launch initiatives. The 2023 Druk Tshongrig Gatoen was organised in collaboration with the Ministry of Industry,

April 2023 - March 2024

TAR

6

Commerce and Employment, UNDP Bhutan, UNICEF Bhutan on the theme, ‘Moving Forward’. 12 panel sessions were conducted.

Our stalwart supporter William Tacon made a special contribution to Khemdro Dairy project run by Sherab Dorji for his communal activity to help other farmers.

3. Loden Cultural Programme

In the areas of culture, Loden completed the following activities.

a Kyotön Monlam Tshultrim Book

This book project, as an inaugural cultural collaboration between Tsadra Foundation in the US and Loden Foundation in Bhutan, made the works of one of Tibet’s illustrious monk scholars, Kyotön Monlam Tsultrim, available to a wider global audience. Kyotön was the abbot of Narthang monastery at the peak of its history, and his writings contain many interesting works on Buddhist theory and practice. The original books are stored in Nechu Lhakhang in Drepung monastery in Tibet. They are books in loose leaf (poti) format and written in obscure Ume script, which, in numerous cases, are abbreviated, faded, or poorly inscribed. The Loden cultural team, through support from Tsadra Foundation, reproduced the books in Uchen typeset and modern layout with a detailed introduction by Lopen Karma Phuntsho in English to make the writings easily accessible to readers. The book was formally launched at the Shechen Monastery in Kathmandu during the Buddha-Nature conference attended by hundreds of monastics including leading scholars from major Tibetan Buddhist traditions.

b Loden Donates Equipment

The Culture team of the Loden Foundation presented three complete sets of video cameras to the National Library and Archives of Bhutan. This donation will help record and digitise Bhutan's Oral and Intangible cultures, safeguarding these fading traditions for future generations. The Loden Foundation and the National Library and Archives of Bhutan under the Department of Culture, Ministry of Home Affairs, enjoy a longstanding collaboration and partnership, working together on various cultural initiatives.

c Saving Endangered Archives

One of the Loden Foundation’s missions is safeguarding Bhutan’s cultures, including written heritage, intangible traditions, and arts and artefacts. Loden’s cultural programme aims to preserve Bhutan’s cultural heritage and promote it by providing free access for religious and educational purposes. The Loden Foundation has been digitising manuscripts in archives across Bhutan. Most monasteries, dzongs, temples, and private homes have books cherished as sacred objects. These books remain in precarious conditions, vulnerable to deterioration and destruction by fire, dampness, rodents, insects and theft. Digital technology presents us with an easy and effective way to create copies to preserve priceless collections and make them available to a broader audience and users. Funded mainly by the Endangered Archives Programme of the British Library, Loden culture team has been engaged in digitising the old scriptures in the following archive

April 2023 - March 2024

TAR

7

centres: Semtokha, Mongar and Tashigang dzongs, Goenpapung temple, Jadrung Lhakhang, Kupijigsa and Yonphula temple in Tashigang; and Yongla temple, Tshelingkhor temple and Woongchilu in Pemagatshel. The current project shall cover over 20 archives and significantly add to our existing digital collection of 4.55 million pages of digital manuscripts. These digitised copies are deposited in several repositories for safekeeping and made available for educational and religious use.

d Cultural Promotion

Dr Karma Phuntsho, the founder of Loden Education Trust and the Loden Foundation visited France, UK, Greece, Austria and Hungary at the invitation of the Bhutan Friendship Associations in these countries. He gave a talk on pastoral culture and screened one of Loden’s documentaries at the INALCO, Paris, and a talk on environment and screened another documentary at CYC , Athens. He conducted a spiritual retreat for three days at Thasos for friends of Loden followed by a talk at Austrain Academy of Sciences on changes in Bhutan. He then travelled to Budapest and gave a talk on Bhutan at Magyar-Bhutani Bharati Tarsasag and a talk on Shantideva at Dharma Gate College. Finally, he gave a talk and screened a film in London to raise funds for the Monk English Language Programme.

Financial review

Brief statement of the charity’s policy on reserves Details of any funds materially in deficit

Loden Education Trust does not have any policy on reserves. However, we are helping our implementing partner, the Loden Foundation, build a 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.

None

Further financial review details (Optional information)

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:

April 2023 - March 2024

TAR

8

Other optional information

Declaration ~~Sc~~

The trustees declare that they have approved the trustees’ report above. Signed on behalf of the charity’s trustees Ee Signature(s) Full name(s) Karma Phuntsho Eric Drury Trustee Trustee Position Date 20/08/2024

Position Date ~~F~~

April 2023 - March 2024

TAR

9

Rigdang Education Trust No (if any) Receipts and payments accounts CC16a For the period Period start date Period end date ~~i~~ from 1-April-2023 31-Mar-2024 Section A Receipts and payments Unrestricted Endowment funds Restricted funds funds Total funds Last year to the nearest to the nearest to the nearest £ to the nearest £ to the nearest £ £ £ A1 Receipts Fonds Dotation Loden Initiatives ~~William Tacon (for Khemdro, Rinzin Financials, Scholarship)~~ 1714,,500211 - 17 14,,211 500 - Robin Mischeff Trust (for monk scholars) 10,000 10,000 Tam O Shanter (for monk scholars) 10,000 - 10,000 - Hans and Annie Reifenberg 500 500 Hilary Papworth via CAF 1,000 1,000 Andrew Sutton via CAF 4,000 4,000 Anonymous CAF 110 110 Paypal Refund (Health Surcharge and HD Shipping Costs) 843 843 Marie Laure Aris 120 120 Bank Trial deposit 1 1 - - - - Sub total (Gross income for AR) [ 6,073.72 ] 52,210.52 - 58,284 89,812.00 A2 Asset and investment sales, (see table). Opening balance - - - - - Sub total - - - Total receipts 6,073.72 52,211 - 58,284.24 89,812.00 ~~——~~ A3 Payments Bank Maintenance and Transaction Fees 189.00 - Lobzang Jurme Support (via Sangay Tshering) 1,000.00 Khemdro Dairy 2,000.00 Loden Foundation Bhutan 27,210.52 Oxford International Study Centre 814.50 Oxford School of English 1,135.00 Monk Scholar TT Health Surcharge 843.77 LF Hard Drive for Culture Programme 1,964.47 Monk Scholar TT visa fees 218.52 Monk Scholar TT Health Surcharge (3rd application) 847.50 ~~—__=—=~~ Sub total 36,223.28 - - 36,223.28 161,614.18 A4 Asset and investment purchases, (see table) - - - - - - - - Sub total - ~~————=~~ Total payments 36,223.28 - - 36,223.28 161,614.18 Net of receipts/(payments) - 30,149.56 52,210.52 - 22,060.96 - 71,802.18 A5 Transfers between funds - - - - - A6 Cash funds last year end 39,340.01 39,340.01 113,238.15 opening cash balance of paypal 72.73 72.73 859.90 Cash funds this year end 9,263.18 52,210.52 - 61,473.70 42,295.87 ~~——e =~~

Section B Statement of assets and liabilities at the end of the period

Categories

B1 Cash funds

B2 Other monetary assets

B3 Investment assets

B4 Assets retained for the charity’s own use

B5 Liabilities

Signed by one or two trustees on behalf of all the trustees

Unrestricted
Restricted funds		 Endowment
Details funds funds
to nearest £
to nearest £		 to nearest £
9,263.2
52,210.52
-
-
-
-
-
-
9,263.2
52,210.52
-
Total cash funds
(agree balances with receipts and payments
~~===~~
account(s)) OK
OK		 OK
Unrestricted
Restricted funds		 Endowment
funds funds
Details to nearest £
to nearest £		 to nearest £
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
~~—===~~
Details Fund to which
asset belongs
Cost (optional)		 Current value
(optional)
-
-
-
-
-
-
-
-
-
-
~~=—===~~
Details Fund to which
asset belongs
Cost (optional)		 Current value
(optional)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
~~===~~
Fund to which
Amount due (optional)		 When due
Details liability relates (optional)
-
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Date of
approval
10 Jan. 24
14 Jan. 24
Signature
Print Name
Karma Phuntsho
Eric Drury
~~===~~

Independent examiner's report on the accounts ~~ee~~

Section A Independent Examiner’s Report

Report to the trustees/ members of

On accounts for the year ended Set out on pages

Charity Name RIGDANG EDUCATION TRUST

31 MARCH 2024 Charity no 1114763 (if any) (remember to include the page numbers of additional sheets)

Respective The charity's trustees are responsible for the preparation of the accounts. The responsibilities of charity’s trustees consider that an audit is not required for this year under section trustees and examiner 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

My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention (other than that disclosed below *)

  1. which gives me reasonable cause to believe that in, any material respect, the requirements:

  2. to keep accounting records in accordance with section 41 of the 1993 Act; and

  3. to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 1993 Act have not been met; or

  4. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

  5. Please delete the words in the brackets if they do not apply.

Date: 2 October 2024

Signed:

Name: Jigmi Rinzin, FCCA ~~Cn~~

1

IER

April 2023 - March 2024

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

Address: JIGMI Audit & Financials Pvt. Ltd. Bldg 11/B, Lodrey Zurlam 6SW, P.O. Box No. 689 Thimphu 11001, Bhutan

Section B Disclosure

[Only complete if the examiner needs to highlight material problems. ] No comments.

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

The ‘Last year to the nearest £’ under A1 Receipts shows £89,812.00 as opposed to the corresponding figure of £90,907.49 in the LET Annual Accounts 2022-2023 . This is due to a double entry of £1,095.14 in the LET Annual Accounts 2022-2023 , which is now removed from the LET Annual Accounts 2023-2024 . Hence, this stands rectified as of 30 April 2024.

The ‘ A6 Cash funds last year’ shows £39,340.01 as opposed to the corresponding figure of £39,436.30 in the LET Annual Accounts 2022-2023 resulting into a difference of £96.31. It was not £96.31 but US$96.31, which was erroneously accounted for as £96.31 in LET Annual Accounts 2022-2023 . This is now retrospectively rectified in LET Annual Accounts 2023-2024 by removing £96.31 and replacing it with £72.73 as an Opening Cash Balance of Paypal, which is an equivalent of US$96.31.

2

IER

April 2023 - March 2024