Charlty feglstratlon number 1126476 Company reglstration numbèr 06688355 (England and Wal•8) HARNHAM BUDDHIST MONASTERY TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 HARNHAM BUDDHIST MONASTERY TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trnstees Mr. P K Hansen Ms. P M Padbury Dr, M Poar¢e Mr. J T Bower Mr E P Duncan (Appointed 2 Deeember 2023) (Appointed 29 July 2023) Mr R E Imllard Secrelary Mrs. P B Wakefiefd Pearce Charfty numbgr 1126476 Company number 06688355 ROg￿l￿red offlcg 2 Harnham Hall Cottages Harnham Belsay NeW￿311e UFrf)n Tyne Tyne And Wear United Kingdom NE20 OHF Indep8ndent exomlner Joanne Regan FCA AzetsAudit Services Bulman House Regent Centre Gosforth Newcastle UFon Tyne NE3 3LS HARNHAM BUDDHIST MONASTERY TRUST CONTENTS Page Trustee5' rep¢xt ststement of trustees, ￿SponsIbl11116s Independent èxaminèfs rep)rt statement of financial activities Balance sheet Notes to the financial *alements 9-22 HARNHAM BUDDHIST MONASTERY TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The trnstegs p￿sent their ieport and accounts for the year ended 31 December 2023. The financial statements have been prepared in 8ccordance wth the aceounling poliaes sel out in note 1 10 the financial slalemenls and comply wrth the Irusfs goveming document, the Companies Act 2006 and 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in aceord?n¢8 with the Fuiancial ReportiNJ Stsndard applicable in the UK and RepUt￿lC ol Ireland IFRS 102} {effe¢live 1 January 20191.. Oblectlves and actlvltles Thè primary objedive of the Trust is lo prom¢)te Ihe teachings of the Buddha 'by providiThJ, mainlatning and supporting. in accordance with th8 Theravada Vinaya, residential estsblishmenls for a Monastic Sangha of petsons who have undertaken the rules of training Isikkhapada) and lo support lay people in the pradice of the teachings of the Buddha.. The policies adopted in furtherance of Ihls ctjjective is detailed in appendix 1. The tnjstees have paid due r8gard lo gUIdar￿ issued ty Ihe Charity Commissim in deciding what adivities the tru818hould undertake in order lo fL￿her the ChariL￿le purpose5 for the public beneffit. Detsils of the a¢tivib'es of the charty during the year are incI￿jed at appendix 1. Achievements and performance Detsils of the ￿hievements of the tharity during the y￿r are included in appendix 1. Financial revoew The Iransaclions and financial position of the charty are $h¢)wn in pages 4 to 20 of the ￿Count9. 11 is Ihe Folicy of the tnjst that unrestricted funds which have not been designated for 8 specffic use should be maintained al a level equivalent to befv￿en three and six month's expenditure. The Iruslees consider that rese￿e5 at this level wll ensure that. in the event of a ggnificant ¢Jrop in funding, they VMII be able to continue the Iru81'8 current *th"vities while ¢on$ideralion Is given to ways in which additional funds may be raised. This level of reserves has been maKilained throughout the year. The Irustess can invest any surns or investments re¢eNed by them in invgstmenls in they are by law authorised lo invest trust monoy wth the P￿er from lime lo time lo thange for others of a like nature. The Irustees have assessed the Ma1￿ tisks to which the trust is exposed. aNI are s8tlsfied that systems are In plawlo mitigate exposure lo the major risks. After makn'ng appropriate enquires, the Iruslees have a reasonable expectati¢)n that the Charity has adequate resourtes to eonlinue5 in opeTatsonal existence for the foreseeable futLsre. For this reason they continue to adopt the going concern basis in preparing the financTal slatemenls. Structurej govemance and management The trust is o company limited by guarantee. The trustees, who are also the directors for the purpose of eompanylow, and who served duriro the year were.. Mr. P K Hansen Mrs. K A Jon8S Myinl Su Ms. P M Padbury Dr. M Pearce Mr. J T Bower {Re5rgned 1 May 20231 (Resigned 1 April 20231 HARNHAM BUDDHIST MONASTERY TRUST TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT> FOR THE YEAR ENDED 31 DECEMBER 2023 Mr E P Duncan Mr R E Willard (Appolnted 2 December 2023) (Appointed 29 July 2023} The members of the charity may by ordinary resoiution al an annual or &xtraordinary general meeting appoint and remove directors. None of the Irustses has any beneficial interest in the company. Al of the trustees are directors of the company. The day to day management of the monastery is overseen by the Monastery Committee which consists of some of the resident monks (including one who is a Member of Homham Buddhist Monastery Trust) and the offi administrator. Th& Monastery Committee meets every 2 weeks. One of the Directors is also a member of the Monastery Committe& bul doesnl generally attend. The Directors receive the Monastery Commlttee minules. The office adminislralor is the only employee al present. Pay is reviewed annually at the summer Hamham Buddhist Monastery Trust Oirectors meeting. Pay is in¢re05ed in line wlh Current trends and agreed by the Directors, vdlh approval of the members. The Hamham Buddhist Monastery Trust succeeded the Magga Bhavaka Trust in n4nning the monastery. Publ1¢ Ben•fft The Iruslees have referred lo the guidance in the Charity Commission's general gUIda￿e on public benefit when reviewing the aims and objectives and in planning future activities. The charitablg objectives are a150 sel in order to provid& a clear and demonstrable pubtic ben8fiL The trustees confirm that they have complied wth the rèquiremen15 Of section 17 of the CharrtiesAct 2011 to have due regard tD Ihe public benefit guidance published by the Charity Commission for England and Wales. Audltor A resolution proposing Ihal Joanne Regan FCA be reappointed as independent examiners of the c(Mnpany will be put lo the members. The report has been prepared having taken advantage of the small companies exemption in the Companies Act 20C6. On alf of the board of trustees Trustee Dated.. HARNHAM BUDDHIST MONASTERY TRUST STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees are responsible for preparing the TIu51ees' Report and the accounts in a￿ordanCe with aPpli￿bIe18w and United Kingdom Accounting Standards Else Endio (United Kingdom GenerallyAccepted Accounting Practice). Company law requires the trustees lo prepare accounts for ead7 financial year whKh give a true and fair view of the state of affairs of the trust and of the incoming resources and application of resources, inclwjing the tncome arKI expenditure, of the charitable company for th* year. In preparing these accounts, the trustees are required lo.. select suitable accounb'ng pdicies and then appty them cL)nsistenlly- - observe the methods and principles in the Charities SORP., - make judgements and 8stimal8s that ar8 reasonable and prudent., stsle whether applicable UK Accounting Stsndards have been followed, subject lo any material depat1ures disdp$8d and explained in the a￿￿nIS., and - prepare the aG¢ounts on the going concem basi$ unless il is inappropriate to presume that the trust will continue in operation. The trustees are responsible for keeping adequate accounbng records that disclose wth reasonable accuracy al any lime the financial position of the trust and enable them lo ensure that the accounts comply with the Companies Act 2006. They are also responslble for safeguarding the assets of the Iwst and henee for taklng reasonable steps for the prevention and detection of fraud and other irregularities. HARNHAM BUDDHIST MONASTERY TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF HARNHAM BUDDHIST MONASTERY TRUST I report to the trustees on my examination of the financ6al Statements of Hamharn Buddhist Monastwy Twst (the trust) for Ihe year ended 31 December 2023. Respon$lbllltles and ba$1$ of roport As Ihe tnjstees of the Iwst land also 115 directors for the purposos of c¢mpany lawl you are ￿spOnsible for I preparation of the financkl $l*emenls in 8ccordance with thè requirements of the Compani&s Ad 20C6 (the 20C Acil. Hawng satisfied tllyself that the finan￿al statements of the trust afft nol wuired to bo audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in re5ped ol my examination of the trust'5 ffinanryal statements cairied out under 5e(aion 145 of the Charities Aci 2011 Ith• 2011 Act). In carying out my examination I have followed all the applicable Dirtr¢tlon$ gTrien by the Charty cornmiss￿n under sect￿￿ 14515llbl of the 2011 Ad. Ind•pondent oxaminerf$ $tst•ment I have CoMp￿ted my examination. I ￿nffirM that no mAtt8rs have come lo my attention in connoction wlh th examination giving mè cause to believe that in any material respect.. accounting rècords werè not kept in respect of the trust as required by section 386 of the 2006A¢ or Ihg financial slalemenls do not accord wrth those records,. or the financial slatem¢nts do not comply with the ¥c¢ounting requiremenls of section 396 of the 2006 Ad other than any requirement Ihal the accounts gNO a true and fair view which is not a matter con8idered as part of an independent examination., or the finanty81 Statèments have not been prepared in accordance with the methLKls and princApks of th sktemenl of Re¢ommended Pia¢tice fof accounting and reporting by chariiie$ 8pplicabte to charities preparing their aceA)unts in ac￿rdanCe wilh thè Fina￿la1 Raporting Stsndard appluble in the UK aNI Rgpublic of Ireland IFRS 1021. I have no corKems and have com9 across no other matters in ry)nneetion with the exaMinat￿n to which attenli¢rb should be drawn in this report in order to enable a proper understanding of the financkql ststemenls to be rea¢h8d. Joann¢ Regan FCA Azels Audil Services Bulman House Regènt Centre Gosforth New¢a$lk Upon Tyne NE3 3LS Dated: .. Azels Audit SeThices is a trading namè ofAzetsAudit SeNce5 Limrted. HARNHAM BUDDHIST MONASTERY TRUST STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Current financial y•ar Unrestricted R¢strlctsd End0V￿*nt funds funds funds 2023 2023 2023 Total Total 2023 2022 Notes Donations and legacies Investments 150.571 6,707 28,617 179.188 6,707 142.334 3.639 Total income 157.278 28,617 185.895 145.973 charitab￿ actiwties 141.612 32,397 174.009 131.931 Nel gainsloossesl on investments 3,479 3,479 116,617) Net IncomSntyloutgolng} re8ource5 bèfore tran8f•rs 19,145 {3,7801 15.365 12.575) Net Incomingl{outgoingl resources before trangfe 19,145 13.780) 15,365 12.5751 Gross transfers befv￿en fund8 6,320 {6.320} Nol movement In fund¥ 25,465 {10,1001 15.365 {2.575) Fund balances at 1 January 2023 2,036,741 60,858 4,023 2,101,V22 2,104,197 Fund balances at 31 December 2023 2.062,2C6 50,758 4,023 2,116.987 2.101,622 The stalemenl of finanaal activfties includes all gains and losses recognlsed in the year. All Income and expenditure derive from continuing ath'vilies. The statement of financial activrties 8180 complies with the requirements for an Inccme and expenditure account uTrJer the Companies Ad 2006. HARNHAM BUDDHIST MONASTERY TRUST STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOMEAND EXPENDITURE ACCOUNT FOR TFIE YEAR ENDED 31 DECEMBER 2023 Prior financial y•ar Unrestricted R•8trict•d EndOvm￿nt funds funds funds 2022 2022 2022 Total 2022 Note8 Donations and legaoes Investments 115,977 3,639 26.357 142.334 3,639 Total income 119.616 26,357 145,973 Charltable 8Ctivitles 116,338 15.593 131.931 Net gainsl{lossesl on investments 116.617) (16.617} Net Incomlnglloutgolng) rgsourc85 before transfe 113,339} 10.764 (2,5751 Gross transfers betsv88n fijnds 9,224 19,224) N•t movement In funds {4.115) 12.5751 Fund balances at 1 January 2022 2,040,856 59.318 4,023 2,104.197 Fund balancK at 31 December 2022 2,036.741 60.858 4,023 2.101,622 HARNHAM BUDDHIST MONASTERY TRUST BALANCE SHEET AS AT31 DECEMBER 2023 2023 2022 Notes Flxed assets Tangible assets Investments 11 10 1.634,494 77.249 1,648,476 70,278 1,711.743 1.718.754 Current assets Debtors Cash at bank and in hand 12 13,438 403.730 12.949 379,072 417,168 392,021 Crnditorn: amounts falling due within one year 13 {11,924) 19,153) Net current assets 405,244 382,8e8 Totsl agsets less current Ilabllttles 2,116,987 2,101,822 Capltal lunds Endowment fvnds- general Income fund$ Reslricled funds 16 4,023 4,023 17 SO,758 60.858 Designated funds G8n8ral unre$lri¢led fiJnds 18 411,904 1,650,302 370,115 1,666,626 2,062,206 2,036,741 2.116.987 2,101,622 HARNHAM BUDDHIST MONASTERY TRUST BALANCE SHEET (CONTINUED) AS AT31 DECEMBER 2023 The company was enlilled lo the exemption from the audit requirement contsined in section 477 of the Companies Ael 2006 relating to srnall companies, for the year ended 31 December 2023. The directors acknovledge their responslbllille$ for ensuring that the charity keeps accountiry reC(￿d$ Ithich comply with sedion 386 of the Act and for preparing financial statements ￿1¢h give a true and fair view of the stale of affairs of the company as at the end of the financial year and of its incoming roxwrces and applcation ol resourees, including ils income and expenditure, for the ffinancial year in accordance with the requirements of sections 394 and 395 and which otherwise comply ￿th the requirements of the Companies Aot 2006 relatlng to financial statements, so far as applicable lo the company. The mernbers have not required the company to obtain 8n audit in accordance wth section 476 of the Companle8 Act 2006. These financial ststemenls have been prepared in accord8nGe with provisions applicable to companies subject to the small companies regime. The financial 5tstem8nls w8r& approved by the Trustees on ........... .. Bower Company roglstration number 06688356 HARNHAM BUDDHIST MONASTERY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting pollcles Charlty Informatlon Hamham Buddhist Monastery Trust Is 8 private eompany 1Srnrted by guarantee in¢orporated Sn England and Wales. The registered office is 2 Hamham Hall Cottages, Hamham. Belsay. Newcastle Upon Tyne, NE20 OHF. 1.1 Accounting conv•ntion The financial slalemenls have been prepared In accordance with the tru$l's goveming document. the Companies Act 2006 and 'Accounting and Reporting by Charities.. Ststemenl of Rg¢ommendeil Practice applicable to charities preparing their accounts in accordance Mlh the Finanaal Reporting Standard appli¢able in the UK and Republic of Irelantj IFRS 1021 leffecllve 1 January 2019}" The trust is a Public Benefit Enlty a$ deffinod by FRS 102. The diselosure requirements of Section 1A of FRS 102 have been applied other than where additional d15closure is required lo show a true and fair view. The charity has tsken advantage of the provisions in the SORP for charities not to prepare a stat￿nent of Cash FI¢)￿. The financial slalements are prepared in sterfing, which is the functional currency ef the trust. Monetary amounts in these financial slalements are rounded lo the neare81 £. The financial statements have been prepared under the historical cost convention, modrfied to include investments al fair value. The ptinclpal accounting 5)olIc￿$ adopted are set out below. 1.2 Golng concern At the time of approving the financial slalements, the trustees have a reasonable expectstion that the trust has adequat8 resourc8s to continue in operational exigtence for the foreseeable future. Thus the tr￿teeS continue to adopt the gO￿g cOr￿ern basis of accounting in p￿Pann9 the fin8ncial statements. 1.3 Charltable funds Designated fvnds comprise funds which have been set aside at the disGrelion of the trustees for specific purposes. The purposes and uses of the de￿gnated funds are set out in th8 nol8s lo the financial statements. Reslrided funds are suts'ect to specific condits'ons by donors as lo how t￿Y may be used. The purposes and use5 Qf the restricted funds ar& set out in the noles lo the financial statements. HARNHAM BUDDHIST MONASTERY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Icontlnued) 1.4 Income All I￿ome is recogni$ed once the Trust has entillemenl lo the income, it is probable that the income will b8 received and the amount of income receivable can be measured reliably. Donations, are recognised when the Trust has been notffied in writing of both the amount and sottkmenl date. In the event that a donation is subject lo conditions thal require 8 level of perfoimance before the Trust 1$ enlilled to the fund, the ineorne is defeffed and not recognised until either those conditions ar8 fully mel, or the fulfilmenl of those conditions is wholly within the control of the charity and It is probable thal those conditions will be fulfilled in the reportmig period. Income tax Tecoverable in relat￿n to donations received under Gift Ald is recognised at the time of the donation, Legacy gifts are recogNsed on a cas8 by case basis followng th& granting of probate when the administralorl executor for the estate has communicated in writing both the amount and settlement dale. In the event that the gift is in the fomi of an asset other than cash or a financial asset traded on a recognised stock exchange, remgnilion is subject lo the valu¢ of the gift being reliabty mea5ureablg wlh a degree ol reasonable a￿UraCY and the title to the asset having been transferred to the ehanty. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Tiusl., this 1$ normally upon notification of the inteiesl paid or payable by the bank. Assets given for use by the trust 8re ￿cL￿niSed vA)en receivable. The Trust benefits greatly from the involvement and enthusiastic support of its many volunteers. d2tsils of which are given in our annual report. In accordance with FRS 102 ar¢d the Charitie$ SORP IFRS 1021, the economic conlnLwtion of general volunteers 1$ not re￿nised in the accounts. Ass8ts giv8n for use by th8 trust are recognised hthen receivable. 1.5 Exponditur• Expenditure is recconised once there is a legal or constructive Dbligalion to transfer econom￿ benefit lo a Ihird paty, it is probable that a transfrr of economic benefits will be roquired in settlement, and the amount of the obligation can be measure Ln r- LO OG) Ln <0 LD LN- Op ¢0 ￿ trj ￿ Ln uj Lfj O LL O 1111512. r(iooii