Company number: 7508588 Charity Number: 1142673
Adhisthana Trust
(formerly Triratna Preceptors’ College Trust)
Report and financial statements For the year ended 31 December 2022
Adhisthana Trust (formerly Triratna Preceptors' College Trust)
Reference and administrative information
for the year ended 31 December 2022
The charity changed its name from Triratna Preceptors' College Trust to Adhisthana Trust on 01/09/2023.
Company number 7508588
Charity number 1142673
Registered office and operational address Adhisthana, Coddington Court, Ledbury HR8 1JL
Trustees Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows:
James Brodie (appointed 19[th ] July 2022)
Rachel Lovering Damon Peterson Anne Morgan Bernard Murphy Jeremy Bristol (resigned 14[th] May 2022)
Key management Rachel Lovering Chair personnel Nicholas Gray Secretary
Bankers Lloyds Bank plc 125 Colmore Row, Birmingham B3 3SD Triodos Bank Deanery Road, Bristol BS1 5AS
Auditors Slade & Cooper Limited Beehive Mill, Jersey Street, Ancoats Manchester, M4 6JG
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Adhisthana Trust (formerly Triratna Preceptors' College Trust)
Trustees’ annual report
for the year ended 31 December 2022
The trustees present their report and the audited financial statements for the year ended 31 December 2022. Included within the trustees’ report is the directors’ report as required by company law.
Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.
Objectives and activities
The Objectives of the charity are the advancement of Buddhism:
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a. To encourage members and others to live in accordance with the teaching of the Buddha;
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b. To support ordained members of the Triratna Buddhist Order and other duly ordained Buddhists, at the discretion of the trustees of the charity;
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c. To maintain close communication, and work in co-operation, with other groups with the same objectives.
The charity operates as a hub for the global activities of the Triratna Buddhist Movement, helping to sustain and develop a spirit of co-operation between many charitable organisations and individuals with shared objectives.
Members of the College of Public Preceptors of the Triratna Buddhist Order are a body of senior members of the Order responsible for appointing the trustees of the charity and overseeing the training and ordinations of new members of the Order worldwide. This broader work includes the training of men and women wanting to deepen their commitment to Buddhist practice, delivering talks, mentoring people in accordance with Buddhist principles, and meeting together twice a year for ten days.
During 2022 Adhisthana ran a full programme of events, including several with both residential and online components, enabling many people to participate worldwide.
Adhisthana continues to be a deeply loved place, and the range of events helped many people throughout to deepen both their connection and their practice of Buddhism.
The trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the trustees ensure the charity's aims, objectives and activities remained focused on its stated purposes.
The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.
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Adhisthana Trust (formerly Triratna Preceptors' College Trust)
Trustees’ annual report
for the year ended 31 December 2022
Achievements and performance
To support the work of the charity, Coddington Court and Mayfields Farm barnyard were purchased in 2012, providing a campus of six large buildings over 25 acres. This has become the hub of the Triratna Buddhist Movement and home for the College of Triratna Public Preceptors, who provide training and mentoring worldwide, throughout Europe, India, Australasia, and in both North and South America.
The initial stage of renovation of the property, now known as Adhisthana, was completed in 2013, but since then ongoing maintenance and substantial development of the buildings and grounds has continued for the benefit of public use and for the full-time residential community.
A full programme of residential retreats was run during the year, with a number of these offered either as full hybrid events or including substantial online component. Our online events have become an important resource for many people around the world, with a reach throughout Australia, New Zealand, Singapore, Turkey, India, United States and Europe. They made it possible for many people, including in the UK, to participate in events they would otherwise not have been able to attend.
The Nature of Mind was a yearlong project undertaken by Adhisthana in 2022 in collaboration with a range of experienced Buddhist teachers to explore the meeting of Buddhism with current ideas around areas such as beauty, materialism, compassion, death, value, purpose, and the nature of mind. The content was a mixture of online seminars and events, interviews with individuals including Penny Sartori, Bernardo Kastrup, Paul Gilbert, and Iain McGilchrist, and residential retreats based at Adhisthana.
The International Leadership course, a residential course run during July and August by the Adhisthana team for the benefit of around 15 individuals drawn from communities around the world, was a success and much appreciated.
Alongside these events Adhisthana continued a focus on developing a stronger teaching capacity centred on a dedicated teaching team.
Adhisthana benefits a great deal from the generosity of those involved in the project, including the operations team, the teachers, and volunteers, all of whom donate their time and skills with minimal financial return and allow us to offer our services at a rate that is accessible to as many as possible. In terms of a financial value these donations are estimated to be worth in over £200k each year. The trustees express their gratitude for all those who give time and energy to ensure Adhisthana remains such an inspiring and successful project.
A related part of Adhisthana’s vision is to minimise environmental impact and operate in harmony with the physical surroundings. Partly because of the Biomass Heating system the shape of use shows that 89% of overall energy consumption is derived from renewable sources, with the remainder coming from a mix of nuclear, gas, oil, etc. The Swales, our natural sewage system, continues to work well and is developing into an attractive natural space, and the 5000 trees planted in 2013 are growing well. During the year we received a visit led by the Bumblebee Conservation Trust and filmed by the WWFUK as part of a documentary series.
In addition to the direct work of the Public Preceptors College (whose funds are held in a restricted fund by the charity) two other institutions operate under the umbrella of the trust.
The International Council continued its work of joining up the Triratna Order and Community around the world. Various strategically oriented working groups and think tanks have been set up to consider themes as wide ranging as Communications, Financial Sustainability, a Culture of Care, and the Growth and Development of Triratna. We continue working with the processes designed by the International Council addressing Conflict Resolution and Commonality of Teaching and Practices; reviewing and
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Adhisthana Trust (formerly Triratna Preceptors' College Trust)
Trustees’ annual report
for the year ended 31 December 2022
learning from how they have been applied in the last year and considering how to support more effective implementation.
The Sikkha project’s aim is specifically to support and develop Dharma practice and teaching at all levels of experience in the Triratna ‘system of practice’, and its work overlaps with the Adhisthana teaching team.
Beneficiaries of our services
There are many beneficiaries of the charity’s activities both locally and worldwide.
The College of Triratna Public Preceptors works with many related organisations that share similar objectives, to foster a spirit of co-operation and harmony. More specifically they have overseen ordination training and ordinations, and provided mentoring for those involved in that process.
To aid in this, they work closely with a network of private preceptors to befriend and train the increasing numbers of individuals who have asked to join the Triratna Buddhist Order.
The trust also works within the local community, supporting classes in the local area, as well as Worcester and Hereford. Local school visits restarted during the year. Furthermore, Rachel Lovering continues her work as a member of the local parish council.
The Nature of Mind project reached to several thousand people globally, ranging into areas of interest adjacent to core Buddhist practice.
Over a thousand retreatants and guests (amounting to over 12,300 person nights) attended residential events at Adhisthana in 2022, and several thousand participated in online events. This had a dual effect of helping them to deepen their practice and understanding of Buddhist teachings as well as providing an income to support the maintenance of the property and provide a home for the College of Public Preceptors.
Furthermore, residential community members accounted for a further 5,600 person nights in 2022, meaning that Adhisthana catered for just over 18,300 person nights in the year.
The funds have allowed us to provide financial support in several ways:
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10% of places on retreats/events are offered as bursaries, to allow people to come who might not otherwise be able to afford to. This amounted to a subsidy equivalent to £10,000 income in 2022.
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Several grants were made during the year. These amounted to over £28,000.
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We also provide administrative and financial support for the Public Preceptors College and International Council.
Financial review
The annual unrestricted income for Adhisthana stood at £527k against a budgeted £458k for the year, largely because of a higher-than-expected event income. However, costs were also higher. Food and energy costs rose rapidly at the end of the year, and we expect to see these higher costs continue throughout 2023. In addition to this there was also an expansion of the team.
As a result, the net unrestricted deficit for the year was £48k.
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Adhisthana Trust (formerly Triratna Preceptors' College Trust)
Trustees’ annual report
for the year ended 31 December 2022
The effect on the balance sheet was not as severe as this, largely because capital expenditure had been planned to be lower this year. Nevertheless, the budget for 2023 reflects higher costs, and an increase in prices to meet these.
The charity’s restricted fund, the Public Preceptors College Support Fund (PPCF), showed a deficit of £42k. This was an intentional expenditure of funds built up in previous years.
The other two restricted funds, the International Council Fund (ICF) and the Sikkha Project Fund (SPF), operated within their budgets.
Reserves policy
The charity’s reserves policy is to maintain liquid, unrestricted funds at a level that equates to at least three months unrestricted expenditure, which is £100k. This provides sufficient funds to cover management, administration, and support costs.
The trustees recognise that the buildings at Adhisthana require regular investment and upkeep, and have a planned schedule of maintenance and development, with appropriate reserve funds to support this activity. This fund stands at £50k.
The trustees decided that reserves beyond these would specifically be used for the purchase of a local property and to continue to develop Adhisthana in accordance with the original vision. These options would all require amounts exceeding £500k.
In addition to this the reserves held in the restricted fund are specifically to support the work of the members of the College of Public Preceptors, the work of the International Council and the Sikkha Project.
Investment policy
Where surplus funds become available it is the charity’s current policy to safeguard these reserves as a development fund for longer term facility developments.
Plans for the future
The Trustees current objectives are to further develop the facilities of Adhisthana, to continue development of a full programme of events, to anchor the charity’s finances and continue to support the global work of the Adhisthana.
In 2022 funds were allocated to a variety of site development work, including:
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Finishing a dedicated garden/grounds workshop and storage area
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Two dedicated solitary huts
The garden/grounds workshop and storage area were completed in 2022.
The work on the two solitary huts were started in 2022 and will be completed in 2023.
The primary focus of development for the trust going forward is to strengthen both the dedicated teaching team and connections to a broader group of teachers committed to contributing events at Adhisthana. Alongside this we will continue to build the capacity for high quality online streaming so that events can reach a greater range of beneficiaries.
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Adhisthana Trust (formerly Triratna Preceptors’ College Trust)
Trustees’ annual report
for the year ended 31 December 2022
At the end of 2022 the trust held unrestricted cash reserves of around £754k. Of this £100k was held as three months running costs and £50k as a building contingency fund. The remaining £604k was set aside for future property development or purchase, but also with a mind to safeguarding the charity in the face of unexpected events. So, in terms of viewing the trust as a going concern there are sufficient funds to cover any eventuality to the end of 2023.
Structure, governance and management
The organisation is a charitable company limited by guarantee, incorporated on 27[th ] January 2011 and registered as a charity on 1[st ] July 2011.
The company was established under a memorandum of association which established the objects and powers of the charitable company and is governed under its articles of association.
Members of the Public Preceptors College of the Triratna Buddhist Order are automatically invited to become members of the charity, and as such they control the charity through attendance of the AGM, at which the trustees are elected.
Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees on 31[st ] December 2022 was 33. The trustees are members of the charity, but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.
Trustees are recruited based on a combination of skills, knowledge, experience, and diversity that they bring to the trustee body, in addition to sufficient time to do the job well.
Any expenses reclaimed by trustees and any benefits given to them by the charity are set out in note 11 to the accounts. Rachel Lovering, James Brodie and Anne Morgan are trustees employed by the charity. Rachel Lovering and James Brodie received a basic financial support of £9,480 for the year, and Anne Morgan received £4,920.
The Operations Team Manager, Shirley Robertson, and Finance Manager, Nicholas Gray, work in consultation with the Acting Chair, James Brodie, and review the day-to-day operations, delegating to employees as appropriate.
Related parties and relationships with other organisations
The charity acts as a hub, or focal point, for several dozen independent charitable organisations in the UK and overseas, all related to the Triratna Buddhist movement. Although there is no legal relationship between these organisations, they share similar charitable objectives and co-operate in the pursuit of these.
Related parties relevant to the trust:
Damon Peterson is a trustee of the Uddiyana Trust, which oversees legacy of Sangharakshita. Rachel Lovering is a trustee of Taraloka retreat centre. Nicholas Gray is a trustee of Windhorse Publishing. Bernard Murphy is a trustee of Windhorse Trust.
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Adhisthana Trust (formerly Triratna Preceptors’ College Trust)
Trustees’ annual report
for the year ended 31 December 2022
Remuneration policy for key management personnel
All personnel receive the same level of financial support, which includes rent and board, and a modest monthly stipend to live a relatively simple lifestyle in line with Buddhist ideals.
Key management personnel, Rachel Lovering (Chair), James Brodie (Acting Chair), Anne Morgan (Trustee) and Nicholas Gray (Secretary and Treasurer), receive financial support at this level.
This level of support is set by the trustees in the annual budget.
Risk management
The trustees actively review the major risks that the charity faces on a regular basis and believe that maintaining reserves at current levels, combined with an annual review of controls over key financial systems, will provide sufficient resources in the event of adverse conditions. The trustees have also examined other operational and business risks faced by the charity and confirm that they have established systems to mitigate the significant risks.
During 2022 the trustees commissioned a complete risk assessment by an external body. This document continues to be relevant and is referenced in their planning.
Funds held as custodian trustee on behalf of others
No funds were held on behalf of others during this period.
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Adhisthana Trust (formerly Triratna Preceptors’ College Trust)
Trustees’ annual report
for the year ended 31 December 2022
Statement of responsibilities of the trustees
The trustees (who are also directors of Adhisthana Trust (formerly Triratna Preceptors’ College Trust) for the purposes of company law) are responsible for preparing the trustees’ annual 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 situation of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
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Select suitable accounting policies and then apply them consistently
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Observe the methods and principles in the Charities SORP
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Make judgements and estimates that are reasonable and prudent
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State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company 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 and other irregularities.
In so far as the trustees are aware:
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There is no relevant audit information of which the charitable company’s auditors are unaware
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● The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
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Adhisthana Trust (formerly Triratna Preceptors’ College Trust)
Trustees’ annual report
for the year ended 31 December 2022
Auditors
Slade & Cooper Ltd were re-appointed as the charitable company's auditors during the year and have expressed their willingness to continue in that capacity.
This report has been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime of the Companies Act 2006.
The trustees’ annual report has been approved by the trustees on 27/09/2023 and signed on their behalf by
Rachel Lovering Chair
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Independent auditors’ report
to the members of Adhisthana Trust
(formerly Triratna Preceptors’ College Trust)
Opinion
We have audited the financial statements of Adhisthana Trust (formerly Triratna Preceptors’ College Trust) (the ‘charitable company’) for the year ended 31 December 2022, which comprise the Statement of Financial Activities (including the income and expenditure account), the Balance Sheet, the Statement of Cash Flows and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charitable company’s affairs as at 31 December 2022, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
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Independent Auditor’s Report (continued)
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the trustees’ report (incorporating the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the trustees’ report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees’ remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the Trustees’ Annual Report and from the requirement to prepare a strategic report.
Responsibilities of trustees
As explained more fully in the trustees’ responsibilities statement set out on page 8, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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Independent Auditor’s Report (continued)
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:
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enquiry of management and those charged with governance around actual and potential litigation and claims.
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enquiry of the charity's staff, management and those charged with governance to identify any instances of non-compliance with laws and regulations.
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reviewing minutes of meetings of those charged with governance.
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reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
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auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-andguidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-foraudit.aspx. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Christy Yun Hing Lau FCCA DChA CTA Senior Statutory Auditor
for and on behalf of
Slade & Cooper Limited Statutory Auditors Beehive Mill Jersey Street Manchester M4 6JG
Date 28/09/2023
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Adhisthana Trust (formerly Triratna Preceptors' College Trust)
Statement of Financial Activities
(including Income and Expenditure account)
for the year ended 31 December 2022
| Unrestricted funds Note £ Income from: Donations and legacies 3 16,970 Charitable activities: 4 Adhisthana Study Centre 467,877 Other trading activities 5 39,925 Investments 6 1,964 Total income 526,736 Expenditure on: Charitable activities: 7 Adhisthana Study Centre 575,128 Total expenditure 575,128 9 (48,392) Net movement in funds for the year (48,392) Reconciliation of funds Total funds brought forward 3,287,482 Total funds carried forward 3,239,090 Net income/(expenditure) for the year |
Restricted funds £ 68,727 - - 57 68,784 114,040 114,040 (45,256) (45,256) 199,745 154,489 |
Total funds 2022 £ 85,697 467,877 39,925 2,021 595,520 689,168 689,168 (93,648) (93,648) 3,487,227 3,393,579 |
Total funds 2021 £ 119,791 372,312 33,738 1,143 |
|---|---|---|---|
| 526,984 | |||
| 498,403 | |||
| 498,403 | |||
| 28,581 | |||
| 28,581 3,458,646 |
|||
| 3,487,227 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
A full comparative SOFA is available on the last page of the financial statements.
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Adhisthana Trust (formerly Triratna Preceptors' College Trust)
Statement of Cash Flows for the year ending 31 December 2022
| Note Cash provided by/(used in) operating activities 22 Cash flows from investing activities: Dividends, interest, and rents from investments Purchase of tangible fixed assets Repayment of loans Cash provided by/(used in) investing activities Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year Increase/(decrease) in cash and cash equivalents in the year |
2022 £ (4,226) 2,021 (27,310) 10,982 (14,307) (18,533) 927,678 909,145 |
2021 £ 148,660 |
|---|---|---|
| 1,143 (7,954) 10,659 |
||
| 3,848 | ||
| 152,508 775,170 |
||
| 927,678 |
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Adhisthana Trust (formerly Triratna Preceptors' College Trust) Company number 7508588
Balance sheet as at 31 December 2022
| Note £ £ Fixed assets Tangible assets 14 2,511,673 Total fixed assets 2,511,673 Current assets Debtors 15 32,529 Cash at bank and in hand 16 909,145 Total current assets 941,674 Liabilities Creditors: amounts falling due in less than one year 17 (59,768) Net current assets 881,906 Total assets less current liabilities 3,393,579 Net assets 3,393,579 The funds of the charity: Restricted income funds 18 154,489 Unrestricted income funds 19 3,239,090 Total charity funds 3,393,579 2022 |
£ £ 2,565,020 2,565,020 42,874 927,678 970,552 (48,345) 922,207 3,487,227 3,487,227 199,745 3,287,482 3,487,227 2021 |
£ £ 2,565,020 2,565,020 42,874 927,678 970,552 (48,345) 922,207 3,487,227 3,487,227 199,745 3,287,482 3,487,227 2021 |
|---|---|---|
| 2,565,020 922,207 |
||
| 3,487,227 | ||
| 3,487,227 | ||
| 199,745 3,287,482 |
||
| 3,487,227 |
These accounts are prepared in accordance with the special provisions of part 15 of the Companies Act 2006 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 notes on pages 16 to 29 form part of these accounts.
Approved by the trustees on 27/09/2023 and signed on their behalf by:
Rachel Lovering (Saddhanandi) - Chair
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Adhisthana Trust (formerly Triratna Preceptors' College Trust)
Notes to the accounts for the year ended 31 December 2022
1 Accounting policies
The principal accounting policies adopted, judgments and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
a 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), second edition - October 2019 (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006 and UK Generally Accepted Accounting Practice.
Adhisthana Trust (formerly Triratna Preceptors' College Trust) meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.
b Preparation of the accounts on a going concern basis
The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern.
The trustees have made no key judgments which have a significant effect on the accounts.
The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next reporting period.
c Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.
Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
Income received in advance of a provision of a specified service is deferred until the criteria for income recognition are met.
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Adhisthana Trust (formerly Triratna Preceptors' College Trust)
Notes to the accounts for the year ended 31 December 2022 (continued)
d Donated services and facilities
Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised; refer to the trustees’ annual report for more information about their contribution.
On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
Goods donated for on-going use by a charity in carrying out its activities are recognised as tangible fixed assets with the corresponding gain recognised as income from donations within the SoFA. Donated vehicles, plant or furniture are recognised as tangible fixed assets when their fair value exceeds the threshold for capitalisation set by the charity’s accounting policy.
e Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.
f Fund accounting
Unrestricted funds are available to spend on activities that further any of the purposes of charity.
Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose.
Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity.
17
Adhisthana Trust (formerly Triratna Preceptors' College Trust)
Notes to the accounts for the year ended 31 December 2022 (continued)
g Expenditure and irrecoverable VAT
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
-
Expenditure on charitable activities includes the costs of running the Adhistana Centre for study and retreat, undertaken to further the purposes of the charity.
-
Other expenditure represents those items not falling into any other heading.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
h Tangible fixed assets
Individual fixed assets costing £1,000 or more are capitalised at cost and are depreciated over their estimated useful economic lives on a straight line basis as follows:
| Years | |
|---|---|
| Freehold property (excluding land) | 100 |
| Building improvements | 25 |
| Plant and equipment | 5 - 20 |
i Debtors
Trade and 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.
j Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
k 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.
18
Adhisthana Trust (formerly Triratna Preceptors' College Trust)
Notes to the accounts for the year ended 31 December 2022 (continued)
l 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
m Pensions
Employees of the charity are entitled to join a defined contribution ‘money purchase’ scheme. The charity’s contribution is restricted to the contributions disclosed in note 10. There were £nil outstanding contributions at the year end (2021: £ nil).
2 Legal status of the charity
The charity is a company limited by guarantee registered in England and Wales and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The registered office address is disclosed on page 1. The charity changed its name from Triratna Preceptors' College Trust to Adhisthana Trust on 01/09/2023.
3 Income from donations and legacies
| Current reporting period Donations Grants Total Previous reporting period Donations Grants Total |
Unrestricted £ 16,970 - 16,970 Unrestricted £ 9,842 16,669 26,511 |
Restricted £ 35,041 33,686 68,727 Restricted £ 42,873 50,407 93,280 |
Total 2022 £ 52,011 33,686 |
|---|---|---|---|
| 85,697 | |||
| Total 2021 £ 52,715 67,076 |
|||
| 119,791 |
19
Adhisthana Trust (formerly Triratna Preceptors' College Trust)
Notes to the accounts for the year ended 31 December 2022 (continued)
4 Income from charitable activities
| Current reporting period Unrestricted £ Community rents 95,794 Study Centre events 365,670 Shop sales 6,413 Total 467,877 Previous reporting period Unrestricted £ Community rents 75,491 Study Centre events 292,828 Shop Sales 3,993 Total 372,312 5 Income from other trading activities Current reporting period Unrestricted £ Renewable Heat Incentive 39,260 Miscellaneous 665 39,925 Previous reporting period Unrestricted £ Renewable Heat Incentive 32,111 Miscellaneous 1,627 33,738 |
Restricted £ - - - - Restricted £ - - - - Restricted £ - - - Restricted £ - - - |
Total 2022 £ 95,794 365,670 6,413 |
|---|---|---|
| 467,877 | ||
| Total 2021 £ 75,491 292,828 3,993 |
||
| 372,312 | ||
| Total 2022 £ 39,260 665 |
||
| 39,925 | ||
| Total 2021 £ 32,111 1,627 |
||
| 33,738 |
20
Adhisthana Trust (formerly Triratna Preceptors' College Trust)
Notes to the accounts for the year ended 31 December 2022 (continued)
6 Investment income
| Current reporting period Unrestricted Restricted £ £ Income from bank deposits 1,359 57 Loan interest 605 - 1,964 57 Previous reporting period Unrestricted Restricted £ £ Income from bank deposits 145 69 Loan interest 929 - 1,074 69 Analysis of expenditure on charitable activities Current reporting period Unrestricted Restricted £ £ Staff costs 153,621 19,609 Accommodation 225,873 2,268 Administration 106,017 92,163 Depreciation 80,657 - Shop stock and expenses 3,586 - Governance costs (see note 8) 5,374 575,128 114,040 Previous reporting period Unrestricted Restricted £ £ Staff costs 108,860 26,521 Accommodation 147,150 - Administration 69,008 61,096 Depreciation 78,181 - Shop Stock and Expenses 2,646 - Governance costs (see note 8) 4,941 - 410,786 87,617 |
Total 2022 £ 1,416 605 |
|---|---|
| 2,021 | |
| Total 2021 £ 214 929 |
|
| 1,143 | |
| Total 2022 £ 173,230 228,141 198,180 80,657 3,586 5,374 |
|
| 689,168 | |
| Total 2021 £ 135,381 147,150 130,104 78,181 2,646 4,941 |
|
| 498,403 |
7 Analysis of expenditure on charitable activities
21
Adhisthana Trust (formerly Triratna Preceptors' College Trust)
Notes to the accounts for the year ended 31 December 2022 (continued)
8 Analysis of governance costs
| Accountancy services Audit fees Trustees expenses Net income/(expenditure) for the year This is stated after charging/(crediting): Depreciation Loss/(profit) on disposal of fixed assets Auditor's remuneration - audit fees Auditor's remuneration - accountancy fees Auditor's remuneration - payroll bureau fees Staff costs Staff costs during the year were as follows: Wages and salaries Social security costs Pension costs Other staff costs Auditor's remuneration - other |
2022 £ 2,178 2,718 478 5,374 2022 £ 80,657 - 2,265 1,815 1,115 158 2022 £ 167,467 - 4,683 1,080 173,230 |
2021 £ 2,016 2,520 405 |
|---|---|---|
| 4,941 | ||
| 2021 £ 78,181 2,250 2,100 1,680 928 158 |
||
| 2021 £ 131,293 - 2,828 1,260 |
||
| 135,381 |
9 Net income/(expenditure) for the year
10 Staff costs
No employees has employee benefits in excess of £60,000 (2021: Nil).
The charity has no paid staff, but 15 (2021: 14) people received support payments paid under PAYE during the year.
The key management personnel of the charity comprise the trustees and the Secretary. The total support payments (employee benefits) of the key management personnel of the charity were £18,110 (2021: £23,280).
22
Adhisthana Trust (formerly Triratna Preceptors' College Trust)
Notes to the accounts for the year ended 31 December 2022 (continued)
11 Trustee remuneration and expenses, and related party transactions
Three (2021: two) trustees received financial support during the year, as authorised by the charity's governing document:
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Rachel Lovering (Saddhanandi) | 9,480 | 9,300 |
| Anne Morgan (Ratnadharini) | 4,920 | 4,680 |
| James Brodie (Khemabandhu) | 3,950 | - |
One trustee, Jeremy Bristol (Lokesvara), pays rent to the charity for accommodation. This rent totalled £1,900 for 2022 (2021: one trustees, Jeremy Bristol (Lokesvara), total £4,560).
Trustees resident at the charity's premises receive food and other basic living requisites free of charge.
There are no donations from related parties which are outside the normal course of business or with conditions. Total donations from trustees were £nil (2021: £nil).
Uddiyana Trust, a charity which oversees the legacy of Sangharakshita (the founder of the Triratna Order) owns his book and artefact collection, which is housed by Adhisthana at no cost.
One trustee, Jeremy Bristol (Lokesvara) works for Triratna Trust/Order Office, which benefits from free office space and meetings at Adhisthana.
Other than the above, no trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charity, including guarantees, during the year (2021: nil).
12 Government grants
The government grants recognised in the accounts were as follows:
| Herefordshire Council | 2022 £ - - |
2021 £ 16,668 |
|---|---|---|
| 16,668 |
There were no unfulfilled conditions and contingencies attaching to the grant.
23
Adhisthana Trust (formerly Triratna Preceptors' College Trust)
Notes to the accounts for the year ended 31 December 2022 (continued)
13 Corporation tax
The charity is exempt from tax on income and gains falling within Chapter 3 of Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity.
14 Fixed assets: tangible assets
| Cost Additions Disposals Depreciation Charge for the year Disposals Net book value Debtors Loans Other debtors Prepayments and accrued income At 31 December 2022 At 1 January 2022 At 31 December 2021 At 31 December 2022 At 31 December 2022 At 1 January 2022 |
Land and Plant, machinery property and vehicles £ £ 2,864,904 329,377 18,664 3,396 - - 2,883,568 332,773 469,690 159,571 59,406 20,201 - - 529,096 179,772 2,354,472 153,001 2,395,214 169,806 2022 £ 14,198 6,688 11,643 32,529 |
Furniture and equipment £ 61,031 5,250 - 66,281 61,031 1,050 - 62,081 4,200 - 2021 £ 25,180 6,290 11,404 42,874 |
£ 3,255,312 27,310 - Total |
|---|---|---|---|
| 3,282,622 | |||
| 690,292 80,657 - |
|||
| 770,949 | |||
| 2,511,673 | |||
| 2,565,020 | |||
15 Debtors
Included in loans are amounts due in more than one year of £14,198 (2021: £25,180).
24
Adhisthana Trust (formerly Triratna Preceptors' College Trust)
Notes to the accounts for the year ended 31 December 2022 (continued)
16 Cash at bank and in hand
| Cash at bank and in hand | ||
|---|---|---|
| Cash at bank and on hand | 2022 £ 909,145 909,145 |
2021 £ 927,678 |
| 927,678 |
17 Creditors: amounts falling due within one year
| Trade creditors Other creditors and accruals Fees for events after year end |
2022 £ 3,900 8,491 47,377 59,768 |
2021 £ 3,720 11,557 33,068 |
|---|---|---|
| 48,345 |
25
Adhisthana Trust (formerly Triratna Preceptors' College Trust)
Notes to the accounts for the year ended 31 December 2022 (continued)
18 Analysis of movements in restricted funds
| Other Total Other Total Previous reporting period Public Preceptors' College Fund International Council International Council Reconciliation Fund Current reporting period Public Preceptors' College Fund |
Balance at 1 January 2022 £ 165,501 31,976 2,268 199,745 Balance at 1 January 2021 £ 158,297 30,649 5,067 - 194,013 |
Income £ 35,098 33,686 - 68,784 Income £ 55,282 33,139 2,660 2,268 93,349 |
Expenditure £ (77,153) (34,619) (2,268) (114,040) £ (48,078) (31,812) (7,727) - (87,617) Expenditure |
Transfers £ - - - - Transfers £ - - - - - |
Balance at 31 December 2022 £ 123,446 31,043 - |
|---|---|---|---|---|---|
| 154,489 | |||||
| Balance at 31 December 2021 £ 165,501 31,976 - 2,268 |
|||||
| 199,745 |
Name of restricted fund Description, nature and purposes of the fund
Public Preceptors' for the living costs and working expenses of the Public Preceptors of the College Fund Triratna Buddhist Order. International Council to fund the International Council, a body set up to oversee international communication and dialogue within the Triratna movement.
Reconciliation Fund to fund training in a professional process of reconciliation for those in positions of responsibility within the movement.
26
Adhisthana Trust (formerly Triratna Preceptors' College Trust)
Notes to the accounts for the year ended 31 December 2022 (continued)
19 Analysis of movement in unrestricted funds
| General fund Previous reporting period General fund Designated fund - Fixed Assets Designated fund - Fixed Assets Current reporting period |
Balance at 1 January 2022 £ 722,462 2,565,020 3,287,482 Balance at 1 January 2021 £ 627,136 2,637,497 3,264,633 |
Income £ 526,736 - 526,736 Income £ 433,635 - 433,635 |
Expenditure £ (575,128) - (575,128) £ (410,786) - (410,786) Expenditure |
Transfers £ 53,347 (53,347) - Transfers £ 72,477 (72,477) - |
As at 31 December 2022 £ 727,417 2,511,673 |
|---|---|---|---|---|---|
| 3,239,090 | |||||
| As at 31 December 2021 £ 722,462 2,565,020 |
|||||
| 3,287,482 |
Name of unrestricted fund Description, nature and purposes of the fund
General fund The free reserves after allowing for all designated funds Designated fund - Property Assets The property assets fund is the value of unrestricted funds represented by the tangible fixed assets owned and used by the charity on an ongoing basis for its charitable activities.
27
Adhisthana Trust (formerly Triratna Preceptors' College Trust)
Notes to the accounts for the year ended 31 December 2022 (continued)
20 Analysis of net assets between funds
| Tangible fixed assets Net current assets/(liabilities) Total Tangible fixed assets Net current assets/(liabilities) Total Current reporting period Previous reporting period |
General fund £ - 727,417 727,417 General fund £ - 722,462 722,462 |
Designated funds £ 2,511,673 - 2,511,673 Designated funds £ 2,565,020 - 2,565,020 |
Restricted funds £ - 154,489 154,489 Restricted funds £ - 199,745 199,745 |
Total £ 2,511,673 881,906 |
|---|---|---|---|---|
| 3,393,579 | ||||
| Total £ 2,565,020 922,207 |
||||
| 3,487,227 |
21 Post balance sheet events
On 18th July 2023, the charity purchased an adjacent property comprising 6 acres of woodland and garden, and a substantial property, which is the basis of a community for 4 senior teachers at Adhisthana and expands the charity’s public benefit. The charity purchased the property outright for £1.085m using both reserves and long-term loans, with the intention that those loans are eventually to be bequeathed to the charity. The purchase only used available reserves above the statutory level required for the long-term security of the trust, and in no ways endangers its status as a going concern.
22 Reconciliation of net movement in funds to net cash flow from operating activities
| Net income/(expenditure) for the year Adjustments for: Depreciation charge Loss/(profit) on sale of fixed assets Dividends, interest and rents from investments Decrease/(increase) in debtors Increase/(decrease) in creditors Net cash provided by/(used in) operating |
2022 £ (93,648) 80,657 - (2,021) (637) 11,423 (4,226) |
2021 £ 28,581 78,181 2,250 (1,143) 5,037 35,754 |
|---|---|---|
| 148,660 |
28
Adhisthana Trust (formerley Triratna Preceptors' College Trust)
Statement of Financial Activities
(including Income and Expenditure account) for the year ended 31 December 2021
| Unrestricted funds Note £ Income from: Donations and legacies 3 26,511 Charitable activities: 4 Adhisthana Study Centre 372,312 Other trading activities 5 33,738 Investments 6 1,074 Total income 433,635 Expenditure on: Charitable activities: 7 Adhisthana Study Centre 410,786 Total expenditure 410,786 9 22,849 Net movement in funds for the year 22,849 Reconciliation of funds Total funds brought forward 3,264,633 Total funds carried forward 3,287,482 Net income/(expenditure) for the year |
Restricted funds £ 93,280 - - 69 93,349 87,617 87,617 5,732 5,732 194,013 199,745 |
Total funds 2021 £ 119,791 372,312 33,738 1,143 526,984 498,403 498,403 28,581 28,581 3,458,646 3,487,227 |
Total funds 2020 £ 106,271 251,303 37,123 2,425 |
|---|---|---|---|
| 397,122 | |||
| 448,393 | |||
| 448,393 | |||
| (51,271) | |||
| (51,271) 3,509,917 |
|||
| 3,458,646 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
29