2024-03-31-accounts - Mogok Dhamma Trust

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Mogok Dhamma Trust

Charity No. 1154115

Trustees' Report and Unaudited Accounts

31 March 2024

Mogok Dhamma Trust Contents

	Pages
Trustees' Annual Report	1
Independent Examiner's Report	2
Statement of Financial Activities	3
Balance Sheet	4
Statement of Cash flows	5
Notes to the Accounts	6
Detailed Statement of Financial Activities	7 to 8

Page 1

Mogok Dhamma Trust Trustees Annual Report

The trustees present their report with the unaudited financial statements of the charity for the year ended 31 March 2024.

REFERENCE AND ADMINISTRATIVE DETAILS

Charity No. 1154115

Principal Office

Bellevue Lower Bedfords Road Romford RM1 4DQ

Trustees

The following trustees served during the year:

W.N. Aung B.K. Kyaw Z.W. Lart M. Lwin T. Lwin H. Moe A.K. Thu T.R. Tun P. Turner T. Zaw

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Key Management Personnel

Chair Mr A K Thu

Accountants

ASVSH Accountancy Services Limited 46 Camden Road London NW1 9DR

Bankers

Barclays Bank Plc Leicester LE87 2BB

OBJECTIVES AND ACTIVITIES

The objectives of the charity are :

To promote the practice of Theravada Buddhism for the benefit of public.
To bring public awareness of the Doctrines and Principles of Buddhist Faith.
To aid in the relief of poverty, sickness, and distress anywhere in the UK or worldwide.

The Charity's activities are that of:

Page 2

Mogok Dhamma Trust

Trustees Annual Report

Providing accommodation for ordained Theravada monks who are invited or sponsored by our Trust.
Holding monthly and occasional guided mediation retreats, and Sunday classes for children.
Holding religious activities to mark important days in the life of Buddha.
Offering a range of religious services and rituals according to Buddhist Faith and Myanmar culture.

ACHIEVEMENTS AND PERFORMANCE

Religious Activities

We continue to offer a range of religious services according to Buddhist Faith and Myanmar Culture. All our services are open to public and is free of charge.

We plan to continue with our current activities to promote practice of Theravada Buddhism and its propagation. We practice open-door policy where all members of the society are welcome to learn and share the teachings of the Buddha.

We worked to advance Theravada Buddhism in particular, but not exclusively through the provision, maintenance, and support of an establishment as a residential centre for monks where people can visit for spiritual guidance and other rituals as per Buddhist Culture.

We aimed to buy a bigger premises as mentioned in the last year's report and had successfully completed the purchase of new property on 09th Sept 2022 with the funding of mortgage loan from the Triodos bank, donations from the supporters, interest free loans and equity from the sale of the existing property.

FINANCIAL REVIEW

The statement of financial activities showed a surplus of £ 94347.

This reflects the costs in relation to buying a new property and its renovations and repair works.

The Charity entirely relies on donations from the society and there were no business activities during the year.

This charity raises funds from the public but does not work with professional fundraisers or commercial participators.

PLANS FOR FUTURE PERIODS

During the reporting period, the Charity have held one day meditation retreats on the last Sunday of every month and daily meditation class at 9.00 am every morning via zoom link.

The Charity also provides teaching of Myanmar language and culture to children every day and two annual religious events to mark the important days of Buddhism, namely Waso Ceremony and Kathina Robe-Offering ceremony.

Statement of trustees' responsibilities in relation to the financial statements

The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3

Mogok Dhamma Trust Trustees Annual Report

Signed on behalf of the charity's trustees

A.K. Thu Chair 10 January 2025

Page 4

Mogok Dhamma Trust Independent Examiners Report

Independent Examiner's Report to the trustees of Mogok Dhamma Trust

I report to the trustees on my examination of the financial statements of Mogok Dhamma Trust for the year ended 31 March 2024.

Responsibilities and basis of report

As the charity's trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

the accounting records were not kept in respect of the charity as required by section 130 of the Act; or
the financial statements do not accord with those records; or
the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a 'true and fair' view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Arvind Kohli FCCA ASVSH Accountancy Services Limited 46 Camden Road London

NW1 9DR

10 January 2025

Page 5

Mogok Dhamma Trust Statement of Financial Activities

for the year ended 31 March 2024

Unrestricted funds	Restricted funds	Total funds	Total funds
2024	2024	2024	2023
£	£	£	£

150,125	-	150,125	144,505
1,845	-	1,845	161
151,970	-	151,970	144,666

129,383	-	129,383	102,717
129,383	-	129,383	102,717
-	-	-	73,542
22,587	-	22,587	115,491
-	-	-	-
22,587	-	22,587	115,491

22,587	-	22,587	115,491

371,692	121,121	492,813	428,466
394,279	121,121	515,400	543,957

Page 6

Mogok Dhamma Trust Balance Sheet

at 31 March 2024

Charity No. 1154115 Fixed assets Tangible assets 9 Current assets Cash at bank and in hand Creditors:Amount falling due within one year 10 Net current assets Total assets less current liabilities Creditors:Amounts falling due after more than one year 11 Net assets excluding pension asset or liability Total net assets The funds of the charity Restricted funds 12 Restricted income funds Unrestricted funds 12 General funds Reserves 12 Total funds	2024 £ 818,922 818,922 187,272 187,272 (900) 186,372 1,005,294 (489,894) 515,400 515,400 121,121 121,121 394,279 394,279 515,400	2023 £ 848,334
		848,334 166,192
		166,192 (10,900)
		155,292 1,003,626 (474,669)
		528,957
		528,957
		121,121
		121,121 371,692
		371,692
		492,813

Approved by the trustees on 10 January 2025

And signed on their behalf by:

A.K. Thu Trustee 10 January 2025

Page 7

Mogok Dhamma Trust Notes to the Accounts

for the year ended 31 March 2024

1 Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.

Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.

Income

Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.
Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets

Page 8

Mogok Dhamma Trust Notes to the Accounts

Expenditure

Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
Other expenditure These are support costs not allocated to a particular activity.

Taxation

The charity is exempt from tax on its charitable activities.

Tangible fixed assets and depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Freehold property 2% on cost Furniture, Fixtures & Fittings 25% net book value

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Freehold investment property

Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.

Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

Trade and other 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.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Page 9

Mogok Dhamma Trust Notes to the Accounts

Trade and other creditors

Short term creditors are measured at the transaction price. Other 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period.

Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.

All exchange differences are are taken into account in arriving at net income/expenditure.

Leased assets

Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the charity pays fixed contributions into a separate entity. Once the contributions have been paid the charity has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity in independently administered funds.

Receipt of donated goods, facilities and services

All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.

Page 10

Mogok Dhamma Trust

Notes to the Accounts

2 Statement of Financial Activities - prior year

2 Statement of Financial Activities - prior year
Income and endowments from: Donations and legacies Investments Total Expenditure on: Other Total Net gains on investments Net income Transfers between funds Net income before other gains/(losses) Other gains and losses: Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 3 Income from donations and legacies Donations	Unrestricted funds 2023 £ 144,505 161 144,666 123,861 123,861 73,542 94,347 (15,000) 79,347 79,347 307,345 386,692 Unrestricted £ 150,125 150,125	Restricted funds 2023 £ - - - - - - - - - - 121,121 121,121 Total 2024 £ 150,125 150,125	Total funds 2023 £ 144,505 161
			144,666 123,861
			123,861 73,542
			94,347 (15,000)
			79,347
			79,347 428,466
			507,813
			Total 2023 £ 144,505
			144,505

Voluntary income including donations, gifts and legacies that provide core funding or are of general nature are recognised where there is entitlement, certainty of receipt, and the amount can be measured with sufficient reliability.

4 Income from investments

Income from investments
Bank interest	Unrestricted £ 1,845 1,845	Total 2024 £ 1,845 1,845	Total 2023 £ 161
			161

Page 11

Mogok Dhamma Trust Notes to the Accounts

5 Other expenditure

5	Other expenditure
		Unrestricted	Total	Total
			2024	2023
		£	£	£
	Donation	5,200	5,200	7,266
	Hall Hire	-	-	575
	Food and consumable	5,304	5,304	303
	Bank loan and overdraft
	interest payable	42,488	42,488	-
	Motor and travel costs	8,517	8,517	13,053
	Premises costs	21,711	21,711	14,955
	Amortisation, depreciation,
	impairment, profit/loss on	29,412	29,412	29,412
	disposal of fixed assets
	General administrative costs	7,698	7,698	13,462
	Legal and professional costs	9,053	9,053	23,691
		129,383	129,383 102,717
6	Net income before transfers
		2024		2023
	This is stated after charging:	£		£
	Depreciation of owned fixed assets	29,412		29,412
7	Trustee remuneration and expenses
		2024		2023
		Number		Number
	The nature of the reimbursed expenses	No Trustee received any remuneration during the		year
		(2022- Nil). No Trustee received reimbursed travel
		expenses during the year (2022-Nil). There were no
		related party transactions for the period ended 31st March
		2023.

8 Staff costs

Support costs ,such as back-office costs, finance, personnel and governance costs, have been allocated between cost of raising funds and expenditure on charitable activities.

No trustee received any remuneration during the year, and no trustee received reimbursed travel expenses during the year.

Page 12

Mogok Dhamma Trust Notes to the Accounts

9 Tangible fixed assets

Land and buildings Furniture, Fixtures & Fittings Total £ £ £ Cost or revaluation At 1 April 2023 900,000 48,807 948,807 At 31 March 2024 900,000 48,807 948,807 Depreciation and impairment At 1 April 2023 85,900 14,573 100,473 Depreciation charge for the year 18,000 11,412 29,412 At 31 March 2024 103,900 25,985 129,885 Net book values At 31 March 2024 796,100 22,822 818,922 At 31 March 2023 814,100 34,234 848,334 10 Creditors: amounts falling due within one year 2024 2023 £ £ Other creditors - 10,000 Accruals 900 900 900 10,900 11 Creditors: amounts falling due after more than one year 2024 2023 £ £ Bank loans and overdrafts 489,894 474,669 489,894 474,669 Liabilities repayable in more than five years after the balance sheet date The mortgage loan is secured on the freehold property purchased on 09th Sept 2022 and is repayable over 25 years from that date.	Land and buildings £ 900,000 900,000 85,900 18,000 103,900 796,100 814,100 2024 £ -	Furniture, Fixtures & Fittings £ 48,807 48,807 14,573 11,412 25,985 22,822 34,234	Total £ 948,807
			948,807
			100,473 29,412
			129,885
			818,922
			848,334
			2023 £ 10,000
	900		900
	900 2024 £ 489,894 489,894		10,900
			2023 £ 474,669
			474,669

Page 13

Mogok Dhamma Trust Notes to the Accounts

12 Movement in funds

Incoming resources (including other gains/losses ) £ - - 151,970 151,970 At 1 April 2023 £	Resources expended £ - - (129,383) (129,383) Unrestricted funds £ 818,922 186,372 (489,894) 515,400 Cash flows £	At 31 March 2024 £ 121,121
		121,121
		394,279
		515,400
		Total £ 818,922 186,372 (489,894)
		515,400
		At 31 March 2024 £
166,192	21,080	187,272
166,192 (474,669)	21,080	187,272 (489,894)
	(15,225)
(474,669) (308,477)	(15,225) 5,855	(489,894)
		(302,622)

Page 14

Mogok Dhamma Trust Statement of Cash flows for the year ended 31 March 2024

Cash flows from operating activities Net income per Statement of Financial Activities Adjustments for: Depreciation of property, plant and equipment Dividends, interest and rents from investments (Decrease)/Increase in trade and other payables Net cash provided by operating activities Cash flows from investing activities Dividends, interest and rents from investments Net cash from/(used in) investing activities Cash flows from financing activities Repayment of borrowings Net cash from financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year	2024 £ 22,587 29,412 (1,845) (10,000) 40,154 1,845 1,845 15,225 15,225 57,224 166,192 223,416	2023 £ 79,347 29,412 (161) 10,035
		118,633 161
		(944,849)
		254,569
		254,569

		(571,647)
		252,839
		(318,808)

Components of cash and cash equivalents
Cash and bank balances	187,272	166,192

	187,272	166,192

Page 15

Mogok Dhamma Trust

Detailed Statement of Financial Activities

for the year ended 31 March 2024

Income and endowments from: Donations and legacies Donations Investments Bank interest Total income and endowments Expenditure on: Other expenditure Donation Hall Hire Food and consumable Bank loan and overdraft interest payable Motor and travel costs Travel and subsistence Premises costs Rates Light, heat and power Premises cleaning Premises repairs and maintenance General administrative costs, including depreciation and amortisation Depreciation of land and buildings Depreciation of Furniture, Fixtures & Fittings Bank charges General insurances Stationery and printing Sundry expenses Telephone, fax and broadband Legal and professional costs	Unrestricte d funds 2024 £ 150,125 150,125 1,845 1,845 151,970 5,200 - 5,304 42,488 52,992 8,517 8,517 3,875 5,742 351 11,743 21,711 18,000 11,412 1,500 3,101 752 1,681 664 37,110	2024 £ - - - - - - - - - - - - - - - - - - - - - - - - -	Total funds 2024 £ 150,125 150,125 1,845 1,845 151,970 5,200 - 5,304 42,488 52,992 8,517 8,517 3,875 5,742 351 11,743 21,711 18,000 11,412 1,500 3,101 752 1,681 664 37,110	Total funds 2023 £ 144,505
				144,505
				161
				161
				144,666 7,266 575 303 -
				8,144
				13,053
				13,053
				3,902 8,309 907 1,837
				14,955
				18,000 11,412 6,922 2,981 350 2,507 702
				42,874

Page 16

Mogok Dhamma Trust

Detailed Statement of Financial Activities

Mogok Dhamma Trust Detailed Statement of Financial Activities
Audit/Independent examination fees Other legal and professional costs Total of expenditure of other costs Total expenditure Net gains on investments Net income Transfers between funds Net income before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward	900 8,153 9,053 129,383 129,383 - 22,587 - 22,587 - 22,587 371,692 394,279	- - - - - - - - - - - 121,121 121,121	900 8,153 9,053 129,383 129,383 - 22,587 - 22,587 - 22,587 492,813 515,400	900 22,791
				23,691

				102,717
				102,717 73,542
				115,491 (15,000)
				100,491 -
				100,491
				428,466
				528,957

Page 17