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2023-12-31-accounts

Theravada Monastic Trust

Report and Financial Statements For the year ended 31[st] December 2023

Theravada Monastic Trust

Company No: 6762469

Charity No: 1127588

Report and Financial Statements For the Year Ended 31[st] December 2023

Theravada Monastic Trust Report and Financial Statements For the year ended 31[st] December 2023

Company number 6762469 Registered Charity No. 1127588

Contents
Page
Report of the Trustees 3 -6
Independent Examiner's Report 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Financial Statements 10- 16
Detailed financial report to the Trustees 17

Theravada Monastic Trust Report and Financial Statements For the year ended 31[st] December 2023

REFERENCE AND ADMINISTRATIVE INFORMATION

Trustees

Daniel Sinnott (Chair) Caroline Leinster Julian Wall Nisakorn Wanaphong

Members

The Members of the Charity are monastic members of the Theravada Forest Tradition

Trust Secretary

Caroline Leinster

Registration Numbers

England and Wales Registered Company Number 6762469 England and Wales Registered Charity Number 1127588

Registered Office

Amaravati Buddhist Monastery Great Gaddesden, Hemel Hempstead, Hertfordshire, HP1 3BZ

Independent Examiner

Martin Evans ACMA, 22 Ridge Lea, Hemel Hempstead, Hertfordshire, HP1 2AZ

Bankers

HSBC, 181 High Street, Berkhamsted, Hertfordshire, HP4 3HQ Triodos Bank UK Ltd, Deanery Road, Bristol, BS1 5AS

Page 2

Theravada Monastic Trust Report and Financial Statements For the year ended 31[st] December 2023

1. The Trustees, who are also directors of the charity for the purposes of the Companies Acts, present their annual report and financial statements for the year ended 31 December 2023.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities.

2. STRUCTURE AND GOVERNANCE

Constitution and Governing Document

The Trust is a Charitable Company limited by guarantee.

Legal responsibility for the management and stewardship of the Charity is vested in the Directors. The Articles state that all Members of the Company are to be monastic Sangha members.

Method of appointment or election of trustees

The management of the charity is the responsibility of the trustees who are appointed by the Members under the terms of the Memorandum and Articles of Association.

Organisational structure and decision-making

The Directors meet as-and-when required. There has not been a need for formal sub-committees to be created.

The day-to-day management and operation is carried out by the Trust Secretary, Caroline Leinster.

Relationship with other organisations

In England the charity is associated with The English Sangha Trust, through the offering by the EST of office accommodation. The EST is a stewardship body for the same community of monastics as are members of this Trust.

The Theravada Monastic Trust provides grants to monasteries which are a part of the lineage founded by Ajahn Chah, and which exist to share the teachings of the Buddha with the wider community and public.

In particular the Theravada Monastic Trust has, in 2023, given grants to the following:

The members of the communities which reside in any property supported by the charity also maintain an association with other Theravada Buddhist communities in the UK, in Europe, America, Australasia, and Thailand. A list of these is available from the website www.forestsangha.org. The community is recognised by Theravada Buddhist communities and authorities in all countries where Theravada Buddhism has a presence.

Risk management

During 2023 the risks to the Trust were minimal. The Trust owns no shares, property or assets other than cash offered for grants. It has no employees. There were no other matters that could lead to any risk to the resources or Objects of the charity.

Related Party Transactions

Page 3

There were no related party transactions during the year.

Theravada Monastic Trust Report and Financial Statements For the year ended 31[st] December 2023

3. OBJECTIVES AND ACTIVITIES

The Objects of the Charity as set out in its Governing Document

The objects of the Charity are to promote and further the teaching of the Buddha (Buddha Sasana) by:

Public Benefit

The Trustees confirm that they have complied with the duties enshrined in the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission in determining the activities undertaken by the charity. In particular, when reviewing the charity's objectives and planning future activities, the Trustees refer to the Charity Commission's guides PB1, PB2 and PB3.

Principle 1: There must be an identifiable public benefit or benefits

The public benefits are set out below in the Review of Activities. The Trustees are aware of how the activities of the Trust continue to be related to the aims. No specific issues of detriment or harm have been identified.

Principle 2: Benefit must be to the public or a section of the public.

All the monasteries supported by the Theravada Monastic Trust offer all the teachings and facilities free of charge to any member of the public.

4. REVIEW OF ACTIVITIES

The main focus of the Trust is the development, maintenance and upkeep of Theravada monasteries. Donors generally wish to support the development and ongoing costs of the upkeep of the monasteries. During 2023,

In the Theravada Buddhist spiritual tradition donations are made by members of the public who recognise the monastic community or sangha, whose members are alms mendicants, to be of sufficient spiritual benefit to them that they are inspired to make such gifts. Often gifts are focused on the main festivals and ceremonial events of the year.

The Trustees are grateful to all those, wherever they may be based, who have supported developments so far, for instance by offering their time and skills in administration. The Trust is run entirely through the efforts of volunteers and has also received generous assistance from The English Sangha Trust, which has continued to provide office space and facilities.

6. ACHIEVEMENTS AND PERFORMANCE

The Trust has provided a suitable legal framework in the UK for receiving donations and informing supporters of monasteries that are currently being developed in Portugal and Spain in particular. The Theravada Monastic Trust is empowered by its Articles to support monasteries anywhere in the world.

7. FINANCIAL REVIEW

Reserves and Investment Policy

The Trust’s Reserves Policy, like its financial strategy in general, is to transfer assets to whichever stewardship Trust or Foundation donors are supporting, providing that it is a viable concern. Therefore, the TMT does not seek to build Reserves as it does not provide direct services.

Page 4

Theravada Monastic Trust Report and Financial Statements For the year ended 31[st] December 2023

8. PLANS FOR THE FUTURE

The Trustees have identified the following objective for the year to 31 December 2024:

9. STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are directors of the Theravada Monastic Trust Ltd. for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities.

Provision of Information to Independent Examiner

So far as each of the trustees is aware at the time the report is approved:

10. Examination of Accounts

The Charity has developed a system of financial controls and accounting in accordance with the above requirements. It is required to have the accounts independently examined and has done so. The appointment of the examiner for 2023 was confirmed at the Annual General Meeting.

For the year ended 31st December 2023, the company was entitled to exemption from audit under section 477 of the Companies Act 2006, relating to small companies.

The directors have confirmed that the members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act.

The directors have acknowledged their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Page 5

Theravada Monastic Trust

Report and Financial Statements For the year ended 31 [st ] December 2023

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

11. Approval of the Annual Report

Signature of Daniel F. Sinnott Chair of Directors and Trustee

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Dated 10th April 2024

Page6

Independent Examiner's report

I report on the accounts of the Charity for the year ended. 31 December 2023 which are set out on pages 1 to 17.

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 144(2) of the Charities Act 2011 (the 2011 Act) and that an indepehdent examination is needed.

It is my responsibility to examine the account§ under section 145 of the 2011 Act; to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and to state whether particular matters have come to my attention.

Basis of Independent Examiner's report

My examination was carried out in accordance with the 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 you as 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 which gives me reasonable cause to believe that in any material respect the requirements:

to keep accounting records in accordance with section 130 of the 2011 Act; and to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act

have not been met; or to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Martin Evans ACMA 22 Ridge Lea, Hemel Hempstead, Herts, HP1 2AZ

Dated: 11[th ] April 2024

Page 7

Theravada Monastic Trust

Charity registration number: 1127588

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Including Income & Expenditure Account

Income and endowments from:
Donations and legacies
Investments
Total income and endowments
Expenditure on:
Charitable activities
Total expenditure
Net Income / (Expenditure)
Net Movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Notes
2
3
4		 Unrestricted
Restricted
Funds
Funds
2023
2022
£
£
£
£
Total Funds
-
90,421
90,421
7,065
-
554
554
154
-
90,975
90,975
7,219
124
21,953
22,077
5,134
124
21,953
22,077
5,134
(124)
69,022
68,898
2,085
(124)
69,022
68,898
2,085
5,093
82,303
87,396
85,311
4,969
151,325
156,294
87,396

The statement of financial activities includes all gains and losses recognised during the year.

All income and expenditure derives from continuing activities.

The notes on pages 10 to 16 form part of these financial statements.

Page 8

Theravada Monastic Trust

Charity registration number: 1127588

BALANCE SHEET AS AT 31 pECEMBER 2023

Notes Notes
2023		 2022
£ £
Current Assets
Debtors 7 1,025 944
Cash at bank and in hand 155,269 86,452
Total current assets 156,294 87,396
0
Creditors: amounts falling due within one year
Net current assets 156,294 87,396
Total assets less current liabilities 156,294 87,396
Net assets 156,294
————		 87,396
EEE
Charity funds
Unrestricted funds 4,969 5,093
Restricted funds 8 151,325 82,303
Total charity funds 156,294
—SSSae		 87,396
——————

The trustees have prepared accounts in accordance with section 398 of the Companies Act 2006 and section 138 of the Charities Act 2011. These financial statements are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.

The financial statements were approved and authorised for issue by the Board on signed on their behalf by: S£R Chairperson

10th April 2024 and

The notes on pages 10 to 16 form part of these financial statements.

Page9

Charity registration number: 1127588

Theravada Monastic Trust

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES

1.1 Basis of preparation

The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)).

The Charity adopted SORP (FRS 102) in the current year. In preparing the accounts, the trustees have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP (FRS 102) the restatement of comparative items was required. They have concluded that no restatement was required.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The Theravada Monastic Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2 Tangible fixed assets and depreciation

The charity has no fixed assets

1.3 Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange gains and losses are recognised in the Statement of Financial Activities.

1.4 Charitable status

The charity is established as a charitable company and is registered in England and Wales as a company under company number 6762469 and with the Charities Commission under charity number 1127588.

1.5 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 10

Charity registration number: 1127588

Theravada Monastic Trust

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (continued)

1. ACCOUNTING POLICIES (continued)

1.6 Income recognition

Income is included in the Statement of Financial Activities when the charity has legal entitlement to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. The charity has no viable means of measuring the value of nonmonetary donations.

Donations are recognised when the charity 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 charity is entitled to the funds, the income is deferred and not recognised until 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 fulfilled in the reporting period.

For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material (see note 2).

Income tax recoverable in relation to donations received under Gift Aid is recognised at the time of the donation.

Investment income is recognised on a receivable basis.

No amount is included in the financial statements for volunteer time in line with SORP (FRS 102). The trustees give their time as volunteers but it is impossible to measure the value to the charity.

Page 11

Theravada Monastic Trust

Charity registration number: 1127588

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (continued)

1. ACCOUNTING POLICIES (continued)

1.7 Expenditure recognition

Expenditure is accounted for on an accruals basis and has been classified under expense headings that aggregate all costs related to the category. Charitable expenditure comprises all expenditure deemed to directly relate to the objectives of the Charity.

Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.

Governance costs include legal advice for the trustees and any other costs incurred in connection with compliance with constitutional and statutory requirements.

Support costs - the amounts disclosed under each of the above categories comprise those costs which are directly attributable to that category together with an apportionment of support costs where appropriate.

1.8 Pensions

The charity has no employees and no pension commitments.

1.9 VAT

The charity is not registered for VAT. Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

1.10 Debtors

Other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.11 Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

1.12 Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in 'net gains / (losses) on investments' in the SOFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Current asset investments are short term highly liquid investments and are held at fair value. These include cash on deposit and cash equivalents with a maturity of less than one year.

Page 12

Theravada Monastic Trust

Charity registration number: 1127588

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (continued)

1. ACCOUNTING POLICIES (continued)

1.13 Bank and cash

Cash at bank and in hand includes bank accounts, cash and short term highly liquid investments with a short maturity of twelve months or less from the date of acquisition or opening of the deposit or similar account.

1.14 Estimation uncertainty

In the view of the trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.

1.15 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

1.16 Preparation of the accounts on a going concern basis

Having considered future budgets and cash flows, the trustees confirm that they have no material uncertainties about the entity's ability to continue as a going concern for the foreseeable future.

Page 13

Theravada Monastic Trust

Charity registration number: 1127588

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (continued)

2 . INCOME FROM DONATIONS AND LEGACIES

Donations
Gift Aid		 Unrestricted
Restricted
Total Funds Total Funds
Funds
Funds
2023
2022
£
£
£
£
-
89,396
89,396
6,121
-
1,025
1,025
944
-
90,421
90,421
7,065

In 2020, all the income from donations and legacies was to restricted funds.

3 . INCOME FROM INVESTMENTS

Interest receivable Unrestricted
Restricted
Total Funds Total Funds
Funds
Funds
2023
2022
£
£
£
£
-
554
554
154
-
554
554
154

All investment income was to restricted funds.

All of the charity's investment income arises from money held in interest bearing deposit accounts.

4 . ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES Activities undertaken analysed by region

Grants
Governance costs
Support costs		 Portugal
Norway
ROW
Total
Total
2023
2023
2023
2023
2022
£
£
£
£
£
8,535
3,050
10,339
21,924
55
153
-
-
153
95
-
-
-
-
4,984
8,688
3,050
10,339
22,077
5,134

During the year, all of expenditure on charitable activities was from restricted funds.

Page 14

Theravada Monastic Trust

Charity registration number: 1127588

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (continued)

5 . ANALYSIS OF GOVERNANCE AND SUPPORT COSTS

ANALYSIS OF GOVERNANCE AND SUPPORT COSTS
Food and welfare
Bank Charges
Publications
Travel
Telephone and internet
Legal and professional fees
Sundry expenses		 General
Governance
Total
Total
Support
Related
Allocated
Allocated
2023
2023
2023
2022
£
£
£
£
-
-
-
-
-
140
140
82
-
-
-
325
-
-
-
1,421
-
-
691
-
13
13
13
-
-
-
2,547
-
153
153
5,079

No Examiner’s fees were paid for the independent examination of the Charity’s accounts (2022: nil)

6 . TRUSTEES' AND KEY MANAGEMENT PERSONNEL REMUNERATION AND EXPENSES

The trustees neither received nor waived any remuneration in the year (2022: £nil).

No trustees received reimbursement of expenses during the year (2022: £nil).

The charity considers its key management personnel to be its trustees who are unremunerated for their services as trustees.

The charity has no employees.

7 . DEBTORS

Gift Aid recoverable Total
Funds
2023
£
1,025
1,025		 Total
Funds
2022
£
944
944

Page 15

Theravada Monastic Trust

Charity registration number: 1127588

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (Continued)

8 . FUNDS MOVEMENT

Restricted funds:
Budismo Theravada da Floresta CR, Portugal
Temple Forest Monastery, Boston, USA
Skipvet Buddhistkloster, Norway
Spain
The Forest Hermitage, Warwickshire, UK
Tisarana Buddhist Monastery, Toronto, Canada
Unrestricted funds		 Balance
Balance
01-Jan-22
Income
Expenditure Transfers
31-Dec-23
£
£
£
£
£
80,685
9,803
(8,564)
-
81,924
1,618
223
(223)
1,618
-
5,459
(3,050)
2,409
68,672
(3,298)
-
65,374
-
6,318
(6,318)
-
-
-
500
(500)
-
-
82,303
90,975
(21,953)
-
151,325
5,093
-
(124)
-
4,969
87,396
90,975
(22,077)
-
156,294

RESTRICTED FUNDS DESCRIPTIONS

Budismo Theravada da Floresta CR is a Theravada Buddhist monastery located in Portugal. Temple Forest Monastery, (Jeta Grove) is in New Hampshire, USA

9 . PENSION COMMITMENTS

The charity had no pension commitements or obligations during the year (2022: nil).

10 RELATED PARTY TRANSACTIONS

There are no related party transactions during the year (2022: nil).

Page 16

Theravada Monastic Trust

Charity registration number: 1127588

Detailed Financial Report to Trustees for the year ended 31 December 2023

Income
General donations - Budismo Theravada da Floresta CR, Portugal
General donations - Temple Forest Monastery, Boston, USA
General donations - Skipvet Buddhistkloster, Norway
General donations - Spain
General donations - The Forest Hermitage, Warwickshire, UK
General donations - Tisarana Buddhist Monastery, Toronto, Canada
Gift Aid - Budismo Theravada da Floresta CR, Portugal
Interest receivable
Total incoming resources
Expenditure
Budismo Theravada da Floresta CR, Portugal
Grants
Food and welfare
Bank charges
Insurance
Publications
Travel
Office equipment
Telephone and internet
Sundry expenses (credit vouchers)
Skipvet Buddhistkloster, Norway
Grants
Insurance
Travel
Spain
Grants
Food and welfare
Travel
Other grants
Grants to Temple Forest Monastery, Boston, USA
Grants to Tissarana Buddhist Monastery, Canada
Grants to The Forest Hermitage, UK
General
Legal and professional fees
Bank charges
Total resources expended
Net movement in funds
Total funds brought forward
Total funds carried forward
The funds of the charity
Unrestricted income funds
Restricted income funds:
Budismo Theravada da Floresta CR, Portugal
Temple Forest Monastery, Boston
Skipvet Buddhistkloster, Norway
Spain
Rest of the World
Total charity funds		 2023
£
8,224
223
5,459
68,672
6,318
500
-
65
29
-
-
5,829
-
602
2,039
500
-
2,550
2,912
171
215
223
500
6,318
13
111		 2023
£
89,396
1,025
554
90,975
8,564
3,050
3,298
7,041
124
22,077
68,898
87,396
156,294
4,969
81,924
1,618
2,409
65,374
-
156,294		 2022
£
6,121
-
-
-
55
-
21
-
325
1,421
-
691
2,547
-
-
-
-
13
61		 2022
£
6,121
944
154
7,219
5,060
-
-
-
74
5,134
2,085
85,311
87,396
5,093
80,685
1,618
-
-
-
87,396

Page 17