Charlty registratlon number 1126476 Company registration number 06688355 (England and Wales) HARNHAM BUDDHIST MONASTERY TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
HARNHAM BUDDHIST MONASTERY TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr. P K Hansen Ms. P M Padbury Dr. M Pearce Mr. J T Bower Mr E P Duncan Mr R E Wllard Secretary Mrs. P B Wakefield Pearce Charlty number 1126476 Company number 06688355 Registered offlce 2 Harnham Hall Cottages Hamham Belsay Newcastle Upon Tyne Tyne And Wear United Kingdom NE20 OHF Independent examlner Simon Brown BAACA DChA Azets Audit Services Bulman House Regent Centre Gosforth Newcastle Upon Tyne NE3 3LS
HARNHAM BUDDHIST MONASTERY TRUST CONTENTS Page Trustees, report Statement of trustees, responsibilities Independent examiner's report Statement of financial activities Summary income and expenditure account Balance sheet Notes to the financial statements 9-22
HARNHAM BUDDHIST MONASTERY TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their report and accounts for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements 8nd comply with the trust's goveming document, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 20191" Objectives and activlties The primary objective of the Trust is to promote the teachings of the Buddha 'by providing, maintaining and supporting, in accordance with the Theravada Vinaya, residential establishments for a Monastic Sangha of persons who have undertaken the rules of training (Sikkhapada) and to support lay people in the praclice of the teachings of the Buddha,. The policies adopted in furtherance of this objective is detailed in appendix 1. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what artivities the trust should undertake in order to further the charitable purposes for the public benefit. Details of the activities of the charity during the year are included at 8ppendix 1. Achlevements and performance Details of the achievements of the charity during the year are included in appendix l. Flnan¢lal revlew The transactions and financial position of the charity are shown in pages 4 to 20 of the accounts. 11 is the policy of the trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to beeen three and six month's expenditure which equates to £40,000 £80,000. The trustees consider that reserves at this level will ensure that, in the event of a gnificant drop in funding, they will be able to continue the trust's current activities while consideration is given to ways in which addits'onal funds may be raised. This level of reserves has been maintained throughout the year and at the year end free reserves were. The trustess can invest any sums or investments received by them in investments in which they are by law authorised to invest trust money with the power from time to time to change for others of a like nature. The trustees have assessed the major risks to which the trust is exposed, 8nd are satisfied that systems are in place to mitigate exposure to the major risks. After making appropriate enquires. the trustees have a reasonable expectation that the Charity has adequate resources to continues in operational existence for the foreseeable future. For Ihis reason they continue to adopt the going concern basis in preparing the financial ststements. Structure. governance and management The trust is a company limited by guarantee. The trustees, who are also the directors for the purpose of company law, and who served during the year were: Mr. P K Hansen Ms. P M Padbury Dr. M Pearce Mr. J T Bower Mr E P Duncan
HARNHAM BUDDHIST MONASTERY TRUST TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Mr R E Wllard The members of the charity may by ordinary resolution at an annual or extraordinary general meeting appoint and remove directors. None of the trustees has any beneficial interest in the company. All 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 Harnham Buddhist Monastery Trust) and the office administrator. The Monastery Committee meets every 2 weeks. One of the Directors is also a member of the Monastery Committee but doesnl generally attend. The Directors receive the Monastery Committee minutes. The office administrator is the only employee at present. Pay is reviewed annually at the summer Harnham Buddhist Monastery Trust Directors meeting. Pay is increased in line with current trends and agreed by the Directors, with approval of the members. The Hamham Buddhist Monastery Trust succeeded the M8gga Bhavaka Trust in running the monastery. Publlc Benefit The trustees have referred to the guidance in the Charity Commission's general guidance on public benefit when reviewing the aims and objectives and in planning future activities. The charitable objectives are also set in order to provide a clear and demonstrable public benefit. The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Auditor A resolution proposing that Simon Brown BAACA DChA be reappointed as independent examiners of the company will be put to the members. The report has been prepared having taken advantage of the small companies exemption in the Companies Act 2006. If of the board of trustees Mr.J Trustee Bower Ci
HARNHAM BUDDHIST MONASTERY TRUST STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The twstees are responsible for preparing the Trustees, Report and the accounts in awordance with applicable law and United Kingdom Accounting Standards Else Endifj (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the trust and of the incoming resources and application of resources, including the income and expenditure, of the charilable company for that year. In preparing these accounts, the trustees are required to: select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP. make judgements and estimates that are reasonable and prudent; and prepare the accounts on the going conrn basis unless it is inappropriate to presume that the trust will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the trust and enable them to ensure that the account5 comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the trust and hen for taking reasonable steps for the prevention and detection of fraud and other Iegular1tie$.
HARNHAM BUDDHIST MONASTERY TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF HARNHAM BUDDHIST MONASTERY TRUST I report to the truslees on my examinats'on of the financial statements of Hamham Buddhist MonaStY Trust (the trust} for the year ended 31 December 2024. Responsibilltles and basis of report As the trustees of the twst (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordan with the requirements of the Companies Act 20IA (the 2006 Act). Having satisfied myself that the financial statements of the trust are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the trust's financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carying out my examination I h8ve followed all the applicable Directions given by the Charty Commission under section 145{5)(b) of the 2011 Act. Independent examiner's ststement Since the trust's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of The Instrtute of Chartered Accountsnts in England & Wales. vlhich is one of the listed bodies. I have completed my examin8tion. I confinn that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the trust as required by section 386 of the 2006 Act," or the financial statements do not accord with those records. or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matler considered as part of an independent examination,. or the financial statements have not been prepared in accordance with the methods and principles of the statement of Recommended Pradice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK a Republic of Ireland (FRS 102}. I have no concems and have come across no other matters in connection with the examination to vthlch attention should be awn in this report in order to enable a proper understanding of the financial statements to be reached. Slmon Brown BA ACA D Azets Audit Services Bulman House Regent Centre Gosforth Newcastle Upon Tyne NE3 3LS Dated.. Azets Audrt ServIs is a trading name of Azets Audit Servios Limited.
HARNHAM BUDDHIST MONASTERY TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Current rinanclal year Unrestrlcted Restricted Endowment funds funds funds 2024 2024 2024 Total Totsl 2024 2023 Notes Donations and legacies Investments 215,034 11,844 332,595 12,312 559,941 11,844 179,188 6,707 Total income and endowments 226,878 332,595 12,312 571,785 185,895 Charitable activities 146,177 15.894 162,071 174,009 Net gainsl(losses) on investments (11) (11) 3,479 Nat Incoming resourc•s before transfers 80,690 318,701 12,312 409,703 15,365 Net Incomlng resources before transfers 80,690 316,701 12,312 409,703 15,365 Gross transfers bebNeen funds (242) 242 Net movement In funds 80,448 316,943 12,312 409,703 15,365 Fund balances at 1 January 2024 2,062,206 50,758 4,023 2,116,987 2.101.622 Fund balances at 31 December 2024 2,142,654 367,701 16,335 2,526,690 2,116,987 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure deriv8 from continuing activities.
HARNHAM BUDDHIST MONASTERY TRUST STATEMENT OF FINANCIALACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Prior flnanelal year Unrnstrlcted Restrlcted Endowment funds funds funds 2023 2023 2023 Total 2023 Notes Income from: Donations and legacies Investments 150.571 6,707 28,617 179,188 6,707 Total income and endowments 157,278 28,617 185.895 Charitable activities 141.612 32,397 174,009 Net gainsl{losses) on investments 3,479 3,479 Net incoming resources before trdnsfers 19,145 (3,780) 15,365 Gross transfers between fvnds 6.320 (6,320) Net movement in funds 25,465 (10,100) 15,365 Fund balances at 1 January 2023 2,036,741 60.858 4,023 2.101,822 Fund balances at 31 December 2023 2,062,206 50,758 4,023 2,116,987
HARNHAM BUDDHIST MONASTERY TRUST BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notss Fixed assets Tangible assets Investments 11 10 1.615.319 80,611 1.634,494 77,249 1,695.930 1,711,743 Current ass•ts Debtors Cash at bank and in hand 12 329,898 508,899 13,438 403,730 838.597 417,168 Creditor5: amounts falllng due wlthln one year 13 {7,837) {11,924) Net current assets 830,760 405,244 Totsl assets less current liabilitias 2,526,690 2,116,987 Capital funds Endowment funds - general Income funds Restricted funds Unrestricted fun Designated funds General unrestricted funds 16 16,335 4,023 17 367.701 50.758 18 489,096 1,653,558 411,904 1,650,302 2,142,654 2,062,206 2,526.890 2,116.987
HARNHAM BUDDHIST MONASTERY TRUST BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 The company was entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006 relating to small companies, for the year ended 31 Dember 2024. The dir8Ctors acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financi81 statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to fjnancial statements, so far as applicable to the company. The members have not required the company to obtain an audit in accordance wth section 476 of the Companies Act 2006. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financ. statements were approved by the Trustees on . Tr Company registration number 06688355
HARNHAM BUDDHIST MONASTERY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policles Charlty information Hamham Buddhist Monastery Trust is a private company limited by guarantee incorporated in England and Wales. The registered Offi is 2 Hamham Hall Cottages, Hamham. Belsay. Newcastle Upon Tyne, NE20 OHF. 1.1 Accountlng Convention The financial statements have been prepared in accordance with the trust's goveming document. the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Stand8rd applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)" The trust is a Public Benefit Entty as defined by FRS 102. The disclosure requirements of Section 1A of FRS 102 have been applied other than where addttional disdosure is required to show a true and fair view. The charity has taken advantsge of the provisions in the SORP for charities not to prepare a Ststanent of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical Cost convention, modified to include investments at fair value. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the financial ststements, the trustees have a reasonable expectation that the twst has adequate resources to continue in operational existence for the foreseeable future. Thus the trLBtees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charttable funds Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial ststements. Endowment funds and restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
HARNHAM BUDDHIST MONASTERY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting pollcles (Continued 1.4 Income All income is recognised once the Trust has entitlement to the income. it is probable that the income will be received and the amount of income receivable can be measured reliably. Donations, are re¢ognised when the Trust has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the Trust 1$ entitled to the fund, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fvjlfilled in the reporting period. Income tax recoverable in relation to donations received under Gift Aid 15 recognised at the time of the donats'on. Legacy gifts are recognised on a case by case basis following the grants'ng of probate when the administratorl executor for the estate has communicated in writing both the amount and settlement date. 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, recognition is subject to the value of the gift being reliabty measureable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity. Interest on funds held on deposit is included vthen receivable and the amount can be measured reli8bly by the Trust., this is nomally upon notrfication of the interest paid or payable by the bank. Assets given for use by the trust are recognised when receivable. The Trust benefits greatly from the involvement and enthusiastic support of its many volunteers, details of vthich are given in our annual report. In accordan with FRS 102 and the Charities SORP {FRS 102), the economic contribution of general volunteers is not recognised in the accounts. Assets given for use by the trust are recognised when receivable. 1.5 Expondlture Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefrt to third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the totsl of dir&t costs and shared costs, induding support costs involved in undertaking each activty. Direct costs attributsble to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs whith are not attributable to a single activity are apportioned beeen those activitres on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the a&%et's use. Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Trust to that expenditure, it is probable that settlement will be required and the amount of the obligats'on can be measured reliably. The policy for including items within the fundraising and charitable activities is on an accrual basis. Charitsble activities comprise of expenditure associated with promoting the te£¢hings of Buddha and include both the direct costs and costs of an indirect nature necessary to support such activities. Governance costs indude those costs associated with meeting the constitutional and statutory requirements of the charity and include the independent examination fees. 10-
HARNHAM BUDDHIST MONASTERY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles (Continued) 1.6 Tanglble flxed assets Tangible fixed assets are initially measured at cost, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases= Freehold buildings Solar Panels Other fixtures, fittings & equipment 1 Oh straight line 4Q/o straight line 25O/c+ Straight line The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Fixed asset investments Fixed asset investments are initially measured at transaction price exduding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net incomel(expenditure) for the year. Transaction costs are expensed as incurred. 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-temi liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within boffowings in current liabilities_ 1.9 Financial Instruments The trust has elected to apply the provisions of Section 11 'Basic Financial Instruments. and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the trust's balance sheet when the trust becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financlal assets Basic financial assets, which indude debtors and c2sh and bank balances, are initially measured at transaction pri including transaction costs and are subsequently carried at amortised cost using the effective interest method. Basic financlal liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or ServIS that have been acquired in the ordinwy course of operations from suppliers. Amounts payable are classifie(J as current liabilities rf payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. 11
HARNHAM BUDDHIST MONASTERY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng policies {Contlnued Derecognition of financlal liabilities Financial Ilabilities are derecognised when the trust's contractual obligations expire or are discharged or cancelled. 1.10 Leases Leases are classified as finan leases whenever the terms of the lease transfer substsnts'ally all the risks and rew8rds of ownership to the lessees. All other leases are classified as operating leases. Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finan lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to net incomel{expenditure) for the year so as to produce a constant periodic rate of interest on the remaining balance of the liability. Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease. 1.11 Taxatlon As a registered charity, the company is exempt from income and corporation tax to the extent that its income and gains are applicable to charitable purpose only. 1.12 Funds structure policy The charity maintains a general unrestricted fund which represents funds which are expendable at the discretion of the trustees in furtherance of the objects of the chanty. Designated funds comprise funds which have been set aside at the discretion of the trustees for specrfic purposes. Such designated funds may be held in order to finance both working capit81 and capital investment. Funds designated for a particular purpose by the charity are also unrestricted. Endowment funds are subject to specific conditions by donors that the capital must be maintsined by the trust. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts. 1.13 Investment Income Bank interest is included in the income and expenditure account on a receivables basis. Critical accountlng estlmates and judgements In the application of the trust's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects ClY that period, or in the period of the revision and future periods where the revision affects both current and future periods. 12-
HARNHAM BUDDHIST MONASTERY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Donatlons and legacies Unrestrlcted Restrfcted Endowment funds funds funds general Total 2024 Total 2023 Donations and gifts 215,034 332,595 12.312 559,941 179,188 For the year ended 31 December 2023 150,571 28,617 179,188 Investments Unr•strict•d Unrestrlcted funds funds 2024 2023 Distributions from bond Interest receivable 3.886 7,958 3,492 3,215 11,844 6,707 13-
HARNHAM BUDDHIST MONASTERY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Charltsble actlvltles Unrestricted funds Restrlcted fund8 Total 2024 Total 2023 Expenses to promote teachings of the Buddha.. Staff costs & expenses Rent and rates Light and heat Insurance Repairs Office admin Telephone Motor Travel Legal fees Sundry Bank charges Household expenses Depreciation Events and retreats Governance costs Items of religious significance Profivloss on disposal of fixed assets Publication expenses Bhikkhu Welfare & Pavarana expenses Breakfast expenses Miscellaneous expenses Dana expenses Publication expenses Kitchen expenses study & travel 13,150 8,430 32,316 7,257 18,623 1,772 2,895 10,712 1,797 683 6,707 1,043 6,952 22,302 1,035 4,436 1,066 892 4,109 13,150 8,430 32,316 7,257 18,623 1,772 2,895 10,712 1.797 683 6,707 1,043 6,952 22,302 1,035 4,436 1,066 892 4,109 7,928 3,131 1.955 938 486 640 816 12,600 7,868 32,413 6,468 22,215 4.114 2,428 8,073 1,133 1,970 327 8,393 22,957 3.076 4,140 2,256 280 456 7,753 5,381 10,895 994 2,217 4,561 796 7,928 3,131 1,955 938 486 816 146.177 15,894 162,071 174,009 The total charitable activities expenditure totalled £162,071 (2023 - £174,009) of which £146.177 was unrestricted (2023 - £141,612) and £15,894 was restricted {2023 - £32,397). Included in governance costs is an independent examination fee of £4,436 (2023 - £4,100). Other financial services perfomied by the ind6pendent examiner in the year totalled £683 (2023 - £444) and are included in legal fees. Trustees None of the trustees (or any persons connected with them) received any remuneration during the year, but 1 of them was reimbursed a total of £69 (2023 .'£144) travelling expenses. 14-
HARNHAM BUDDHIST MONASTERY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Employees Number of employees The average monthly number of employees during the year was: 2024 Number 2023 Number Office Administrators Employment costs Wages and salaries Social security costs Other pension costs 2024 12,188 2023 11,985 360 205 178 12,456 12,550 There were no employees whose annual remuneration was £60.000 or more. Net gainslllosses) on Investments Unrestrlcted funds Total 2024 2023 Revaluation of investments (11) 3.479 Taxatlon The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 15-
HARNHAM BUDDHIST MONASTERY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 10 Fixed asset investments Llsted Investments Cost or valuation At 1 January 2024 Additions Valuation changes 77,249 3,373 (11) At 31 December 2024 80,611 Carrylng amount At 31 December 2024 80,611 At 31 December 2023 77,249 2024 2023 Listed investrnents carrying amount 80,611 77,249 The market value of an investment was measured by reference to a listed unit price at the year end 31 December 2024. the historical cost of the investment is £90,041 (2023.. £86,155) At 31st Decernber 2024 the following individual investments market value exceeded 5% of the total portfolio market valuation. Royal London Corporate Bond - £80,611 16-
HARNHAM BUDDHIST MONASTERY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 11 Tangible fixed assets Freehold buildings Solar Panels Other flxtures, flttlngs & equlpment Totsl Cost At 1 January 2024 Additions Disposals 1,738,211 10,300 104,939 4,020 (1,189) 1,853,450 4,020 (1,189) At 31 December 2024 1.738,211 10,300 107,770 1,856,281 Depreciatlon and Impairment At 1 January 2024 Charge for the year On disposals 124,504 12,795 5,356 412 89,097 9.095 (297) 218,957 22,302 (297) At 31 December 2024 137,299 5,768 97,895 240,962 Carrylng amount At 31 December 2024 1,600,912 4,532 9.875 1.615.319 At 31 December 2023 1,613,707 15,843 1.634.494 12 Debtors 2024 2023 Amounts falllng due within one year: Other debtors Prepayments and accrued income 11,123 318,575 9,590 3,848 329,698 13.438 13 Credltors: amounts falling due withln one year 2024 2023 Trade creditors Other creditors Accruals and deferred income 2,718 3.414 2,528 5,984 5,119 7,837 11,924 14 Deferred Income Deferred income is included in the financial statements as ft)Ilows: 17-
HARNHAM BUDDHIST MONASTERY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 14 Daforred Income Icontinued) Movements in the year.. Deferred income at 1 January 2024 Released from previous periods Resources deferred in the year 50 (50) 307 (307) 50 Deferred income at 31 Dernber 2024 50 15 Retlr•ment benefit schemes The trust operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the trust in an independently administered fund. The charge to profit or loss in respect of defined contribution schemes was £178 (2023.. £205). 16 Endowment funds Endowment funds represent assets which must be held pemanently by the trust. Any capitsl gains or losses arising on the assets form part of the fund. Movement In funds Incomlng Balance at resources1 January 2024 Movement in funds Incorning Balance at resources 31 Decembpr 2024 Balance at 1 January 2023 Pomianent endowments Endowment fund 4,023 4,023 12,312 16,335 4,023 4,023 12,312 16,335 18-
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HARNHAM BUDDHIST MONASTERY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 18 Deslgnatsd funds The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes: Movement in funds Incomlng Resourc•s expended Balance at 1 January 2024 Transfe Balance at 31 Dacomber 2024 Long Temi Reserve Fund Designated Culinary Fund Ageing Samanas Fund Short Term Reserve Fund Replacement Fund Project Fund Publication Fund 243,687 1,785 109,342 25,000 14,451 13,014 4,625 74.720 318,407 1.117 109,342 30,000 14,451 11,154 4,625 (668) 5,000 8.400 (10.260) 411.904 88,120 (10.928) 489,096 Long Tem ReSee Fund: For improvements of existing buildings. purchase of additional propety or land and any other use al the discretion of Luang Por Munindo. Designated Culinary Fund: Used for soya milk, packed lunches and other kitchen items. Ageing Samanas Fund., Intended to provide the financial support necessary for resident ailing andlcr aged Samanas of the charity to be able to continue living the renunciant life as fully as possible within the Hamham Community or if not practical. elsewhere. Short Term Reserve Fund: An emergency fund to cover 3 months running costs. Replacement Fund: For items in regular use that need replacing. Project Fund: For small building projects. Publication Fund: For publication costs. 19 Share capital The company does not have share capital and is limited by guarantee. In the event of the company being wound up the maximum amount which each member is liable to contribute is £1. -20-
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HARNHAM BUDDHIST MONASTERY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 21 Operating18ase commitments At the reporting end date the trust had outstanding commrtments for future minimum lease payments under non-cancellable operating leases, which fall due as follows.. 2024 2023 22,048 3,384 22 Rèlated party transactions Remuneratlon of key management personnel The remuneration of key management personnel is as follows. 2024 2023 Aggregate compensation 12,456 12,550 There were no other related paty tran5action5 in the year.
Harnham Buddhist MonasteryTrust Trustees Annual Report 2024 The Trustees of Harnham Buddhist Monastery take this opportunityto offer our be5twishes to the extended communityof friends and supporters andto report on the artivities of the monastery and the Trurtduring2024. Weare sincerely indebtedto the laysupporters fortheirongoingsupportandtothe sangha fortheir continued inspiring presence, commitment and willingness to share their experience of the Buddha's path with us. This report provides information aboutthe organisation of the monastery and its resident community togetherwith details of the activities undertaken during 2024. A summaryof our financial situation is also included. The Trust Harnham Buddhist Monastery Trust (HBMT) is a Registered Charity (no.1126476) and a Company Limited by Guarantee (no.6688355) and is the governing body responsible for the stewardship of Harnham Buddhist Monastery. The governingdocuments for HBMTare the Memorandum and Articles of Association. The primaryobjective of theTrust isto promote theteachings of the Buddha:'by providing. rnaintaining and supporting, in accordance with the Theravada Vinaya, residential establishments for a Monastic Sangha of persons who have undertaken the rules of training (Sikkhapado) and to support lay people in the practice of the teachings of the Buddha., During 2024 the Trustees {who are also Dirertors of HBMT Ltd.) were.. Paul Hansen (Chair), Philippa Padbury, Mike Pearce, John Bower, Rion Willard and Eddie Duncan. Penny Wakefield-Pearce was employed as Trust Secretary. Treasurer and Office Administrator. lan Plagaro Neill continuedto help the team asOfficeAssistanL The day to day affairs of the Monastery continued to be overseen bythe 'Management Comrnittee, (comprising members of the monastic community and the Office Administrator) with reference to the Trustees. Representatives from the various communities of supporters have offered to act as a link between the sangha and theircommunities and other lay supporters have volunteered to be contarted fortaskssuch as helpingwith cooking, events and retreats. The Resident Community A5 it is usual in our monasteries Several changes of residents took place duringtheyear 2024. In May Samanera Nibbuto putdown thetrainingand revertedto the lay life. Now he is livingasa samanera again in Slovenia. In JulyAnagarika Craig departed to Chithurst where he És now a samanera and lacob left after cornpletingayear as Kitchen Manager. Before the beginning of the winter retreatTan Samacitto departed to Cermany and Tan Attanyu departedfor Italytocontinuetraining. In NovemberAjahn Mahajomgaew andTan Sudhammojoinedthe community. Ajahn Punnyo isstill visiting his motherevery nowand then forshort periodsof time. The community listatthe end of 20Z4 was:
Luang Por Munindo Ajahn Punnyo Ajahn Mahajomgaew Tan Sudhammo Sangha visitors Ajahn Kevali came to visit from Thailand & Ajahn Chandapalo from Italy in May. In May Tan Samahito visited. Also Ajahn Kaccana, Ajahn Tee and Tan Virajo visited in June. Events In April we celebrated Songkran with aboutioo people visiting. In Ortoberwe helda Kathinaand hosted an Elders'council Meeting. We had male andfemale monastics comingfrom several of our brnnch monasteries.to mention a few names we had the good fortune to host Ajahn Amaro, Ajahn Candapalo.Ajahn Karuniko. Ajahn Ahimsako. Ajahn Khemaka etc. Activities This year some one day retreats were held at Kusala House. In May Ajahn Punnyo led a one day retreat. In JulyAjahn Khemaka and in SeptemberAjahnAhimsako both visited and ledone day retreats, as did Virginia Kennedy in November. Thi5 yearthe monasticcommunity accepted a few invitations to receive offerings outside the monastery from some of our most regularsUPPOrters. Luang Pormunindocontinuedto offer Dhamma talksto the residentcommunity,the guestsstayingat KusalaHouse and the lay visitors. Most of these were uploaded online forthe public (ratanagiri.org.uklteachingsltalks) Also Luang Pormunindocontinuedto share online, his reflettions on theDhammapadaverses every month (full moon) (ratanagiri.org.uklteachingsldhammapada-reflections). The newslblogwas also sent out once a month (new moon) {ratanagiri.org.uklnews)to update the wider community on the artivities of the monastery and any monastery related information that would be useful for them to know about the upcomingweeks. We held a lakework day most months. ocGisions where lay visitors are welcomed to come for the day andjoin the Sangha and guestsatwork. Finances Income In 2024the total income was approximately £571,785(£185.895 in 2023), Of this£226,876 was donated to General Funds and£332,595 to Restricted Funds (i.e. specified by the donor for a particular purpose). The Restricted Fund income includes a bequest from a long term supporter. In 2024 total expenses were approximately £162,071 (£174,009 in z023). 146,177 from General Funds and £15,894 from Restrirted Funds. Here is a breakdown of the basiccostsspent in maintainingthe monastery: (excludingexpensessuch as travel, publication production. and exceptional expenses covered by Restricted Funds):
Annual Cost (• Monthly Cost (• Utilities and firewood 32510 2709 Household expenses 6952 579 Motoringexpenses 10,712 893 Rent, rates and insurance 15.687 1.307.25 Repairs and maintenance 18,623 1552 Phones and Internet 2895 241 Welfare (medicines, dentist, etc) 450 38 Office Administration (inc salary, etc) 14923 1244 Governance costs laccountant) 4,436 370 Events (retreats, festivals, etc.) 1,035 86 The Monastery also receives many donations of food and small household itsms throughouttheyear. A number of tasks, that might otherwise repsent expenses to the Trus( are undertaken by volunteers. such as gardening, maintenance, drivingand IT assistance. At presen( regular donations by standingorders cover about 20°h of the running costs each month. It is very helpful in managingthe monastery's finances to knowthat regular costs will be covered to at least this extent To Set up a standing order donation. forms are available on the website wwvw.ratanagiri.org.uk and at the monastery. As the level of donations can be variable the Trust holds funds in reserve to ensure that immediate liabilities can be Met in case of a sudden drop in donations. The Trust currently hold5 the following Reserve Funds: i. Short Term Reserve: £30,000 (approximately 3 months basic running costs). 2. Long Term Reserve: atthe end of 2024 held£318.407 (forimprovements to Monastery buildingsand propertypuYchase- foyexomple the Trusts hopes topuychose the fvehold ofpartofthe monastery which is urrently leased. should it becoMeqv4iloble.) 3. Replacement Fund: £14,4y foremergency repairsand replacements.
- Ageing Samanas Fund.. of approximately £109.342 which is invested to provide for any increased costs involvedwith lookingafterelderly {ordisabled) sangha members. It is hopedthatthis will enable us to provide a level of care such thataged and infirm sangha maycontinue to live within the monasteryfor the duration of theirlife.
- An Endowment Fund: £16,335 invested to generate income as a safeguard forthe long term future of the monastery. Banking The Trust holds the funds spread over several types of bank accounts with different providers. These are two current accounts. an account to receive standing orders. 4 deposit accounts and a unit trust. As far as possible the Trustees have chosen banks that are ethically principled. Shouldyou require any further iftformation about HMBT'S finances please contact the Trust Secretary. email: secretary@ratanagiri.org.uk Policies The Trust has adopted policies for. Risk Management Investments, Vulnerable Beneficiaries (including Child Protection). Conflicts of Interes¢ Volunteer Management Complaints Handling, Data Protertion, Health and Safety and Cyber Security. Haynham Buddhistmonostery Trurt (HBMT) is the9ovepning body responsible foy the stewaydship of Harnham Buddhistmonastery. This work is licensed under a Creative CommonsAttribution-NonCommercial-NoDerivatives 4.0 International License.