Company number: 7508588 Charity Number: 1142673
The Adhisthana Trust
Report and financial statements For the year ended 31 December 2024
Adhisthana Trust
Reference and administrative information
for the year ended 31 December 2024
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
Rachel Lovering Hana Dilley (Appointed 25[th] November 2024) Dishir Thakkar (Appointed 25[th] November 2024) Anne Morgan Bernard Murphy Damon Peterson (Resigned 25[th] November 2024) Key management James Brodie Chair personnel Rachel Lovering Trustee Anne Morgan Trustee Hana Dilley Trustee Nicholas Gray Secretary & Treasurer 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
Trustees’ annual report
for the year ended 31 December 2024
The trustees present their report and the audited financial statements for the year ended 31 December 2024. 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 Adhisthana Trust (formerly the Triratna Preceptors College Trust) 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.
In 2012 Adhisthana was established as a home for the College of Public Preceptors of the Triratna Buddhist Order, a body of senior members of the Order responsible for overseeing the training and ordinations of new members of the Order worldwide. However, over the last few years, with the growth of the movement and various other institutions, including the College, it has become apparent that it would be more appropriate for the College (and the International Council) to become independent charities, so that they are officially responsible for their specific areas of concern. This split happened during 2024, with the Adhisthana Trust, the Triratna Public Preceptors College and the International Council becoming legally and operationally independent of each other.
Adhisthana continues to be a deeply loved place, and the range of events helped many people throughout to deepen both their connection with 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
Trustees’ annual report
for the year ended 31 December 2024
Achievements and performance
Coddington Court and Mayfields Farm barnyard were purchased in 2012, providing a campus of six large buildings over 25 acres. 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 communities.
A full programme of residential retreats was run during 2024, with a number of these offered either as full hybrid events or including substantial online components. Our online events have become an important resource for many people around the world, with a reach throughout Australia, New Zealand, Singapore, Brazil, 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.
This year a couple of new types of events were introduced into the programme.
The Sangharakshita Study Course began a series of residential study seminars to be led by various senior teachers over the next three years and was fully booked. The Sanskrit Summer school, led by Sraddhapa, who lives in Taipei completing his PhD in Buddhist Studies, was also much appreciated.
Combined Sanghas retreats, intended to bring together many smaller groups in single events, the Sadhana Convention led by Prakasha, a People of Colour weekend and events for young people, all proved successful amongst the broad programme offered in 2024. In particular, events for younger people are well attended and continue to be a priority for Adhisthana.
Alongside these events Adhisthana continued a focus on developing a stronger teaching capacity centred on a dedicated teaching team.
The two solitary retreat huts built in 2023 have been very popular, with close to 100% occupancy.
The 2023 purchase of a property adjacent to Adhisthana, Jasmine Cottage, has extended the forested land around Adhisthana and the four residents of the cottage have settled in and are engaged with Adhisthana in a variety of ways.
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 pattern 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. The 5000 trees planted in 2013 are growing well and the main field, which was converted into a wildflower meadow, continues to flourish with a noticeable increase in the diversity of plants. During 2024 several hundred more trees were planted during a tree planting retreat.
During 2024, as part of our efforts to operate in a way that has positive environmental effects, Adhisthana undertook a major development project to install over 100 solar panels. At a cost of £50k this will significantly reduce our reliance on electricity from the grid and is expected to repay the costs in about seven years.
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Adhisthana Trust
Trustees’ annual report
for the year ended 31 December 2024
In addition, the trust holds restricted funds for the Sikkha project, whose aim is specifically to support and develop Dharma practice and teaching at all levels of experience in the Triratna ‘system of practice’, work that overlaps with the Adhisthana teaching team.
Beneficiaries of our services
There are many beneficiaries of the Charity’s activities both locally and worldwide.
Adhisthana works with many related organisations that share similar objectives, to foster a spirit of cooperation and harmony. These include the College of Public Preceptors to oversee ordination training, the European Chairs to help the development of the independent centres, the International Council to foster worldwide coordination, in addition to many others.
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.
Over a thousand retreatants and guests (amounting to over 14,000 person nights) attended residential events at Adhisthana in 2024, 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.
Furthermore, residential community members accounted for a further 8,000 person nights in 2024, meaning that Adhisthana catered for 22,927 person nights in the year, which represented a 10% increase on 2023.
The funds generated 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 more than £25,000 income in 2024.
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Several grants were made during the year. These amounted to over £24,204.
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As part of this amount the Adhisthana community gives away £3,000 in small grants each year. These gifts are unsolicited and there are no criteria other than both to help or show appreciation in our sangha or local community. Among many gifts we have given to individuals in Turkey, Spain, India, Poland, Estonia, Mexico, UK and Venezuela, as well as supporting translation work and various projects local to Adhisthana. Each gift is usually around £100-£200 but is always greatly appreciated.
Financial review
The unrestricted income for Adhisthana stood at £812k against a conservative budgeted income of £609k for the year. This variance was largely because of the increased numbers attending events in 2024. Adhisthana had budgeted a small surplus of £4k but ended the year with a surplus of £130k, significantly boosting reserves.
The purchase of Jasmine Cottage had used £385k of the charity’s reserves in 2023 so the surplus for 2024 helped to re-establish this.
The Charity still holds some funds for the new charity that runs the Public Preceptors College and the International Council and is in the process of transferring those funds.
Adhisthana’s restricted fund, the Sikkha Project Fund (SPF), operated within its budget.
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Adhisthana Trust
Trustees’ annual report
for the year ended 31 December 2024
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 future site development and the purchase of local properties that become available.
In addition to this the reserves for the Sikkha Project are held as a restricted fund.
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 many of the movement’s institutions.
In 2024 funds were allocated to a variety of site development work, including the installation of solar panels to cover part of the electricity supply and various works across the site that extend into 2025.
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.
At the end of 2024 the trust held unrestricted cash reserves of around £607k. Of this £100k was held as three months running costs and £50k as a building contingency fund. The remainder 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 2025 and beyond.
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Adhisthana Trust
Trustees’ annual report
for the year ended 31 December 2024
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 2024 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, Hana Dilley and Anne Morgan are trustees employed by the charity. Rachel Lovering and James Brodie received a basic financial support of £10,200 for the year, Hana Dilley received £850 and Anne Morgan received £4,950.
The Director, Hana Dilley, Operations Team Manager, Patrick Flint, and Finance Manager, Nicholas Gray, work in consultation with the 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:
Rachel Lovering is a trustee of Taraloka retreat centre.
Nicholas Gray is a trustee of Windhorse Publications.
Bernard Murphy is a trustee of Windhorse Trust.
James Brodie is a trustee of the Triratna Chairs Assembly.
Hana Dilley is a trustee of Uddiyana Trust
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.
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Adhisthana Trust
Trustees’ annual report
for the year ended 31 December 2024
Key management personnel, James Brodie (Chair), Rachel Lovering (Trustee), Hana Dilley (Trustee) 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
Trustees’ annual report
for the year ended 31 December 2024
Statement of responsibilities of the trustees
The trustees (who are also directors of Adhisthana 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
Trustees’ annual report
for the year ended 31 December 2024
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 04/09/2025 and signed on their behalf by
James Brodie (Khemabandhu)
Chair
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Independent auditors’ report
to the members of Adhisthana 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 2024, 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 2024, 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/auditorsresponsibilities. 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 4[th] September 2025
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Adhisthana Trust
Statement of Financial Activities (including Income and Expenditure account) for the year ended 31 December 2024
| Note Income from: Donations and legacies 3 Charitable activities: 4 Adhisthana Study Centre Other trading activities 5 Investments 6 Total income Expenditure on: Charitable activities: 7 Adhisthana Study Centre Total expenditure 9 Net movement in funds for the year Reconciliation of funds Total funds brought forward Total funds carried forward Net income/(expenditure) for the year |
Unrestricted funds £ 14,913 736,776 51,561 9,203 812,453 682,643 682,643 129,810 129,810 3,286,301 3,416,111 |
Restricted funds £ 89,828 - 1,478 69 91,375 110,835 110,835 (19,460) (19,460) 114,601 95,141 |
Total funds 2024 £ 104,741 736,776 53,039 9,272 903,828 793,478 793,478 110,350 110,350 3,400,902 3,511,252 |
Total funds 2023 £ 129,798 608,573 49,944 6,621 794,936 787,613 787,613 7,323 7,323 3,393,579 3,400,902 |
|---|---|---|---|---|
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 Company number 7508588
Balance sheet as at 31 December 2024
| Note £ £ Fixed assets Tangible assets 13 3,622,877 Total fixed assets 3,622,877 Current assets Debtors 14 20,340 Cash at bank and in hand 15 702,898 Total current assets 723,238 Liabilities Creditors: amounts falling due in less than one year 16 (134,863) Net current assets 588,375 Total assets less current liabilities 4,211,252 Creditors: amounts falling due after more than one year 17 (700,000) Net assets 3,511,252 The funds of the charity: Restricted income funds 18 95,141 Unrestricted income funds 19 3,416,111 Total charity funds 3,511,252 2024 |
£ £ 3,661,917 3,661,917 23,150 496,755 519,905 (80,920) 438,985 4,100,902 (700,000) 3,400,902 114,601 3,286,301 3,400,902 2023 |
£ £ 3,661,917 3,661,917 23,150 496,755 519,905 (80,920) 438,985 4,100,902 (700,000) 3,400,902 114,601 3,286,301 3,400,902 2023 |
|---|---|---|
| 3,661,917 438,985 |
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| 4,100,902 (700,000) |
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| 3,400,902 | ||
| 114,601 3,286,301 |
||
| 3,400,902 |
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 04/09/2025 and signed on their behalf by:
James Brodie (Khemabandhu) - Chair
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Adhisthana Trust
Statement of Cash Flows for the year ending 31 December 2024
| Note Cash provided by/(used in) operating activities 21 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 flows from financing activities: Proceeds from borrowing Cash provided by/(used in) financing 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 |
2024 £ 255,020 9,272 (61,031) 2,882 (48,877) - - 206,143 496,755 702,898 |
2023 £ 117,547 6,621 (1,247,874) 11,316 (1,229,937) 700,000 700,000 (412,390) 909,145 496,755 |
|---|---|---|
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Adhisthana Trust
Notes to the accounts for the year ended 31 December 2024
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 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
Notes to the accounts for the year ended 31 December 2024 (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
Notes to the accounts for the year ended 31 December 2024 (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.
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Adhisthana Trust
Notes to the accounts for the year ended 31 December 2024 (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 £1,253 outstanding contributions at the year end (2023: £505).
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.
3 Income from donations and legacies
| Current reporting period Donations Grants Total Previous reporting period Donations Donations in kind Grants Total |
Unrestricted £ 14,913 - 14,913 Unrestricted £ 14,300 41,556 - 55,856 |
Restricted £ 47,684 42,144 89,828 Restricted £ 52,379 - 21,563 73,942 |
Total 2024 £ 62,597 42,144 104,741 Total 2023 £ 66,679 41,556 21,563 129,798 |
|---|---|---|---|
19
Adhisthana Trust
Notes to the accounts for the year ended 31 December 2024 (continued)
4 Income from charitable activities
| Current reporting period Unrestricted £ Community rents 91,740 Study Centre events 629,354 Shop sales 15,682 Total 736,776 Previous reporting period Unrestricted £ Community rents 100,838 Study Centre events 493,690 Shop Sales 14,045 Total 608,573 5 Income from other trading activities Current reporting period Unrestricted £ Renewable Heat Incentive 46,784 Miscellaneous 4,777 51,561 Previous reporting period Unrestricted £ Renewable Heat Incentive 43,775 Miscellaneous 6,169 49,944 |
Restricted £ - - - - Restricted £ - - - - Restricted £ - 1,478 1,478 Restricted £ - - - |
Total 2024 £ 91,740 629,354 15,682 736,776 Total 2023 £ 100,838 493,690 14,045 608,573 Total 2024 £ 46,784 6,255 53,039 Total 2023 £ 43,775 6,169 49,944 |
|---|---|---|
20
Adhisthana Trust
Notes to the accounts for the year ended 31 December 2024 (continued)
6 Investment income
| Current reporting period Unrestricted Restricted £ £ Income from bank deposits 9,189 69 Loan interest 14 - 9,203 69 Previous reporting period Unrestricted Restricted £ £ Income from bank deposits 6,022 328 Loan interest 271 - 6,293 328 7 Analysis of expenditure on charitable activities Current reporting period Unrestricted Restricted £ £ Staff costs 187,608 25,140 Accommodation 274,591 - Administration 102,837 85,695 Depreciation 100,072 - Shop stock and expenses 12,141 - Governance costs (see note 8) 5,394 - 682,643 110,835 Previous reporting period Unrestricted Restricted £ £ Staff costs 171,143 26,164 Accommodation 253,443 - Administration 137,272 87,994 Depreciation 97,630 - Shop Stock and Expenses 8,831 - Governance costs (see note 8) 5,136 - 673,455 114,158 |
Total 2024 £ 9,258 14 9,272 Total 2023 £ 6,350 271 6,621 Total 2024 £ 212,748 274,591 188,532 100,072 12,141 5,394 793,478 Total 2023 £ 197,307 253,443 225,266 97,630 8,831 5,136 787,613 |
|---|---|
21
Adhisthana Trust
Notes to the accounts for the year ended 31 December 2024 (continued)
8 Analysis of governance costs
| Accountancy services Audit fees Net income/(expenditure) for the year This is stated after charging/(crediting): Depreciation 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 |
2024 £ 2,394 3,000 5,394 2024 £ 100,071 2,500 1,995 1,208 264 2024 £ 197,025 - 14,733 990 212,748 |
2023 £ 2,280 2,856 5,136 2023 £ 97,630 2,380 1,900 1,098 232 2023 £ 190,494 - 5,733 1,080 197,307 |
|---|---|---|
9 Net income/(expenditure) for the year
10 Staff costs
No employees has employee benefits in excess of £60,000 (2023: Nil).
The charity has no paid staff, but 19 (2023: 19) 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 £36,400 (2023: £35,280).
22
Adhisthana Trust
Notes to the accounts for the year ended 31 December 2024 (continued)
11 Trustee remuneration and expenses, and related party transactions
Three (2023: three) trustees received financial support during the year, as authorised by the charity's governing document:
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Rachel Lovering (Saddhanandi) | 10,200 | 9,960 |
| Anne Morgan (Ratnadharini) | 4,950 | 5,400 |
| James Brodie (Khemabandhu) | 10,200 | 9,960 |
| Hana Dilley (appointed 25th November 2024) | 850 | - |
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 (2023: £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.
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 (2023: nil).
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Adhisthana Trust
Notes to the accounts for the year ended 31 December 2024 (continued)
12 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.
13 Fixed assets: tangible assets
| Cost Additions Disposals Depreciation Charge for the year Disposals Net book value 14 Debtors Loans Other debtors Prepayments and accrued income At 1 January 2024 At 31 December 2024 At 1 January 2024 At 31 December 2023 At 31 December 2024 At 31 December 2024 |
Land and Plant, machinery property and vehicles £ £ 4,123,942 334,373 61,031 - - - 4,184,973 334,373 603,974 195,574 77,320 21,701 - - 681,294 217,275 3,503,679 117,098 3,519,968 138,799 2024 £ - 6,717 13,623 20,340 |
Furniture and equipment £ 66,281 - - 66,281 63,131 1,050 - 64,181 2,100 3,150 2023 £ 2,882 7,683 12,585 23,150 |
£ 4,524,596 61,031 - 4,585,627 862,679 100,071 - 962,750 3,622,877 3,661,917 Total |
|---|---|---|---|
24
Notes to the accounts for the year ended 31 December 2024 (continued)
Adhisthana Trust
| 15 Cash at bank and in hand 2024 £ Cash at bank and on hand 702,898 702,898 16 Creditors: amounts falling due within one year 2024 £ Trade creditors 4,636 Other creditors and accruals 15,784 Fees for events after year end 112,882 Taxation and social security costs 1,561 134,863 17 Creditors: amounts falling after more than one year 2024 £ Loans 700,000 700,000 700,000 Repayable after more than 5 years other than by instalments |
2023 £ 496,755 496,755 2023 £ 7,088 13,193 59,906 733 80,920 2023 £ 700,000 700,000 700,000 |
|---|---|
The loans are from four members of the Triratna community, repayable in 2048 with interest charged at nil%. These loans are secured against the value of Jasmine Cottage.
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Adhisthana Trust
Notes to the accounts for the year ended 31 December 2024 (continued)
18 Analysis of movements in restricted funds
Current reporting period
| Total Total Name of restricted fund Public Preceptors' College Fund Previous reporting period Public Preceptors' College Fund International Council and Sikkha Project Fund International Council and Sikkha Project Fund |
Balance at 1 January 2024 Income Expenditure Transfers £ £ £ £ 100,594 36,731 (53,777) - 14,007 54,644 (57,058) - 114,601 91,375 (110,835) - Balance at 1 January 2023 Income Transfers £ £ £ £ 123,446 52,707 (75,559) - 31,043 21,563 (38,599) - 154,489 74,270 (114,158) - Description, nature and purposes of the fund Expenditure |
Balance at 31 December 2024 £ 83,548 11,593 95,141 Balance at 31 December 2023 £ 100,594 14,007 114,601 |
|---|---|---|
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 and Sikkha Project communication and dialogue within the Triratna movement. Fund Sikkha Project, which is dedicated to supporting and developing Dharma practice and teaching across all levels of experience in the Triratna 'system of practice' - work that naturally overlaps with the Adhisthana teaching team.
A new charity that runs the Public Preceptors' College and the International Council is registered in 2024 and the funds are being transferred to the charity in 2025.
26
Adhisthana Trust
Notes to the accounts for the year ended 31 December 2024 (continued)
19 Analysis of movement in unrestricted funds
| Current reporting period Designated fund - Property Assets General fund Previous reporting period General fund Designated fund - Property Assets |
Balance at 1 January 2024 £ 324,384 2,961,917 3,286,301 Balance at 1 January 2023 £ 727,417 2,511,673 3,239,090 |
Income £ 812,453 - 812,453 Income £ 679,110 41,556 720,666 |
Expenditure £ (682,643) - (682,643) £ (673,455) - (673,455) Expenditure |
Transfers £ 39,040 (39,040) - Transfers £ (408,688) 408,688 - |
As at 31 December 2024 £ 493,234 2,922,877 3,416,111 As at 31 December 2023 £ 324,384 2,961,917 3,286,301 |
|---|---|---|---|---|---|
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 on-going basis for its charitable activities, less the loans secured against the value of Jasmine Cottage.
27
Adhisthana Trust
Notes to the accounts for the year ended 31 December 2024 (continued)
20 Analysis of net assets between funds
| Tangible fixed assets Net current assets/(liabilities) Creditors of more than one year Total Tangible fixed assets Net current assets/(liabilities) Creditors of more than one year Total Current reporting period Previous reporting period |
General fund £ - 493,234 - 493,234 General fund £ - 324,384 - 324,384 |
Designated funds £ 3,622,877 - (700,000) 2,922,877 Designated funds £ 3,661,917 - (700,000) 2,961,917 |
Restricted funds £ - 95,141 - 95,141 Restricted funds £ - 114,601 - 114,601 |
Total £ 3,622,877 588,375 (700,000) 3,511,252 Total £ 3,661,917 438,985 (700,000) 3,400,902 |
|---|---|---|---|---|
21 Reconciliation of net movement in funds to net cash flow from operating activities
| Net income/(expenditure) for the year Adjustments for: Depreciation charge Dividends, interest and rents from investments Decrease/(increase) in debtors Increase/(decrease) in creditors Net cash provided by/(used in) operating |
2024 £ 110,350 100,071 (9,272) (72) 53,943 255,020 |
2023 £ 7,323 97,630 (6,621) (1,937) 21,152 117,547 |
|---|---|---|
28
Adhisthana Trust
Notes to the accounts for the year ended 31 December 2024 (continued)
22 Prior year Statement of Financial Activities (including Income and Expenditure account)
| Unrestricted funds Note £ Income from: Donations and legacies 3 55,856 Charitable activities: 4 Adhisthana Study Centre 608,573 Other trading activities 5 49,944 Investments 6 6,293 Total income 720,666 Expenditure on: Charitable activities: 7 Adhisthana Study Centre 673,455 Total expenditure 673,455 9 47,211 Net movement in funds for the year 47,211 Reconciliation of funds Total funds brought forward 3,239,090 Total funds carried forward 3,286,301 Net income/(expenditure) for the year |
Restricted funds £ 73,942 - - 328 74,270 114,158 114,158 (39,888) (39,888) 154,489 114,601 |
Total funds 2023 £ 129,798 608,573 49,944 6,621 794,936 787,613 787,613 7,323 7,323 3,393,579 3,400,902 |
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 |
|---|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
29