REGISTERED COMPANY NUMBER: 09344009 (England and Wales) REGISTERED CHARITY NUMBER: 1163076
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 December 2024
for
Sakya Dechen Buddhism Limited (A Company Limited by Guarantee)
Sakya Dechen Buddhism Limited
Contents of the Financial Statements for the Year Ended 31 December 2024
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 4 |
| Independent Examiner's Report | 5 | ||
| Statement of Financial Activities | 6 | ||
| Balance Sheet | 7 | to | 8 |
| Notes to the Financial Statements | 9 | to | 18 |
Sakya Dechen Buddhism Limited
Report of the Trustees
for the Year Ended 31 December 2024
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The company is a charity and exists to advance the Sakyapa School of Buddhism and in particular the spiritual authority of Karma Thinley Rinpoche and Lama Jampa Thaye as masters of the Sakyapa school of Buddhism.
Significant activities
During the year the charity continued to develop its activities in its London and Bristol centres, with a view to generating welcoming spaces for practitioners and newcomers to visit to learn more about Buddhism and the Sakya tradition in particular.
Page 1
Sakya Dechen Buddhism Limited
Report of the Trustees for the Year Ended 31 December 2024
OBJECTIVES AND ACTIVITIES Public benefit
The Trustees have considered the Charity Commission Guidance on Public Benefit in accordance with The Charities Act 2011.
In exercising the powers and pursuing the objects of the charity, public benefit is accomplished by:
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Providing temples for the study and practice of the Sakya Buddhist teachings.
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Reciting prayers and rituals for the well-being of the sick, the deceased, expectant mothers, and all those in need.
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Promoting and providing introductory meditation classes and teachings on the basic principles of the Buddhist teachings.
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Establishing and supporting groups across England, in London, Bristol and Exeter, in order to deliver locally the preceding provision.
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Presenting Buddhist textual teachings by lamas (qualified Buddhist teachers) for practitioners and other beneficiaries interested in learning about the Buddha's teachings.
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Providing retreat facilities for practitioners interested in enhancing their study and practice of Buddhist teachings through periods of solitary meditation and contemplation.
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Providing facilities to educate children in the teachings of the Buddha; and to introduce them to meditation practices, traditional prayers, religious stories and principles of morality.
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Making available prayers, books, tapes, images and other materials as aids to the study and practice of Sakya Buddhism.
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Preserving relics, images and other sacred Buddhist objects as well as other objects associated with Tibetan philosophy, logic, metaphysics, art, sacred dance, crafts, medicine and astrology.
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Providing Classical Tibetan language classes.
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Providing translations of Tibetan Buddhist texts, along with the printing, publishing, distributing and selling of any associated literature.
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Providing educational workshops for school children interested in learning about Buddhism. These are delivered at the charity's temple in Bristol or in schools, by one of the charity's instructors.
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Providing cultural and social events to increase access to the charity's temples by the local community.
In assessing the public benefit of the charity's aims, there has been no report or evidence of detriment or harm flowing from the charity carrying out its aims. The intended beneficiaries of the charity's aims include:
(i) Practitioners of Sakya Buddhism. Such beneficiaries are drawn from a cross section of society, from around the U.K. and Europe.
(ii) The wider public, who benefit from the charity's activities by having opportunities to attend the temples and to learn about Buddhism and/or practise meditation.
(iii) The wider public, who attend regular 'public talks' given by lamas. Talks are held in public buildings and are promoted city- and region- wide.
(iv) Members of the public who request prayers to be recited and rituals performed, for the sick and dying.
In general terms, the charity's activities achieve public benefit as a result of practitioners' lifestyles and practices being in accordance with the ethics and values of Buddhism, thereby enriching the moral and spiritual welfare of society. The Trustees are satisfied that any charges for services or requests for regular payments, are reasonable and take into consideration each beneficiary's ability to pay. All events provided by the charity offer a concessionary rate.
Volunteers
The charity depends entirely on volunteers to carry out its activities. The Board of Trustees would like to take this opportunity to thank all its supporters.
Page 2
Sakya Dechen Buddhism Limited
for the Year Ended 31 December 2024
Report of the Trustees
ACHIEVEMENTS AND PERFORMANCE
Charitable activities
During the year the charity continued to meet its objectives of supporting opportunities for the study and practice of Buddhism, also making use of online platforms to offer alternative and accessible opportunities for practice.
This has been achieved within the resources available and the charity has met all of its financial commitments, including the proper maintenance and improvement of its main assets, the centres in Bristol and London.
Fundraising activities
The charity's shops have been established to raise funds to assist with the overheads and other costs. The shops are not intended to be commercial enterprises - their main purpose is to supply articles, books and artefacts to assist practitioners with their meditation practice. The London shop is specifically a charity shop which relies on donations of books for resale. Hence the normal key performance indicators such as gross profit percentage are not considered indicative of their success. Nevertheless the shops are expected to achieve a small surplus to contribute towards the costs of maintaining the centres in the future.
FINANCIAL REVIEW
Financial position
As reflected in the charity's balance sheet, the charity's financial position is stable and secure.
Principal funding sources
The charity's principal funding sources in respect of day to day activities are regular donations from the members of its centres. In respect of major expenditures, such as the purchase of properties, the charity has relied on appeals to members, supplemented by borrowings from financial institutions to cover any shortfall on appeal funds raised.
Reserves policy
As a matter of policy, the Trustees intend to hold the amount of reserves held in cash and cash equivalents not restricted to or designated for any particular purpose at the minimum level of 3 to 6 months' regular cash expenditure equating to £29,500 (2023 - £31,000). The board considers the charity's exposure to the risk of any significant loss of income and to the risk of unforeseen expenditure, which cannot be mitigated by executive action, and on this basis will decide whether the amount of assets held in cash reserves should be increased or decreased. At the year end, the charity's available cash funds amounted to £55,648 (2023 - £62,386), being the total of cash-at-bank and cash-in-hand not attributable to restricted funds, as stated on page 8. The Trustees believe that these unrestricted reserves are sufficient to meet the charity's day to day requirements. The charity has also invested surplus cash of £159,861 in high interest 95-day notice bank accounts. It is anticipated that this cash will be used for the further development of the charity's properties in the future.
Going concern
In the opinion of the Trustees the charity continues to be a going concern.
FUTURE PLANS
During 2024 the charity's centres and groups in Bristol, London and Exeter will continue to provide introductory courses in Buddhism, together with more in-depth teachings presided over by visiting Lamas.
In view of the ever-increasing number of attendees at year-round and major events, the charity is looking at the feasibility of expanding its operations in Bristol and to that end is considering either the development of its existing building or the acquisition of an additional space.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, its Articles of Association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006, registered in England and Wales, established for charitable purposes.
Recruitment and appointment of new trustees
The charity's trustees and committee members are appointed by the Board of Trustees after due consideration being given to eligibility, personal competence, specialist skills and local availability.
Organisational structure
Overall control of the charity rests with the Board of Trustees. Day to day control of the charity's functions and finances are delegated to local administrators, appointed for their skills and competence.
Induction and training of new trustees
New trustees and committee members are inducted into the workings of the charity by the Board of Trustees.
Page 3
Sakya Dechen Buddhism Limited
for the Year Ended 31 December 2024
Report of the Trustees
STRUCTURE, GOVERNANCE AND MANAGEMENT Wider network
The charity is a member of the Dechen Community, an association of organisations with similar aims and objectives, which provides support and resources to its members as needed.
Risk management
The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
A formal review of the charity's risk management processes is undertaken on an annual basis.
The charity maintains a comprehensive register of risks, which is subject to regular review. Through the risk management processes established for the charity, the Trustees are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognized that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
09344009 (England and Wales)
Registered Charity number
1163076
Registered office
121 Sommerville Road Bristol BS6 5BX
Trustees Mr D J Armstrong Furniture Maker (retired) Mr P J M Brady Retired Housing Manager Mr N Christov Structurer Mr B J Golding Accountant Mr A M Gutmann Financial Controller Mr P Haddon Enterprise Change and Strategy Executive Mr M A Lund Self employed Mr C S Rogers Accountant Ms M B Moore Teacher Mr M Stott (appointed 12.1.25) Company Secretary Ms M B Moore
Independent Examiner Hannah Pettifer ACA OCL Accountancy 141 Englishcombe Lane Bath BA2 2EL
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 4 September 2025 and signed on its behalf by:
Mr D J Armstrong - Trustee
Page 4
endent Ex3n]ine¢$ Re rt to the Tntee5 of Sak a D#hen Buddhism Ltiniithl Independent eyaminer's report to the trustees of Sgkyo D¢ehen Buddhlsm Llmlted I'the CothpATry'I I rqx)rt 10 Ili¢ ¢blty trustee5 on my ¢xgmination of Ui¢ a¢counts of th¢ Company for the yearded 31 December 2024. Re5ponsibilitie5 xttd bisis of report As the charity's trustees of the Company lartd also its duEctOTS for the purposes of cojnpany lawl you are responsible for the preparation of th¢ swounts in accorth¢¢ with th¢ requinnrnts of the Companies Act 2(M)61'ihe 2006 Acti. Having satisfied tnyself that the accoun15 of the Company are not rquiTed to be audited llnder Part 16 of the 2006 Act and aTe eligible for devendeftt examination. I report in respect of my eXamution of your d15 ac¢ounts as carried out under Section 145 of the Chariiies Act 2011 I'ihe 2011 A¢i'l. In canying out my examination I have followed the De£lln5 given by th¢ Charity Commission urL Section 145151 Ibl of the 2011 ACL Indep¢]Jdcnt exatlliiitr $ stateMet I have complthl my ¢xaminatiott. I confm that tto matters have come 10 my attention in co[eCtion with the examination wvin8 me use le believe.. accounting TeGords werenot kept in rostKGtof theCompHny as by Swtion 386 of the 20(NS ACL or the accounts do not accord with those te¢oid5', or th¢ accounts do llol comply willi the ac¢ountin8 reqUents of Sxiion 396 ofthe 2(M)6 A¢t other than ony rue}ent that th¢ accounts givea ttue and frvieW which 15 not a mRttercon5id¢red as partof an independent examinauon., or the accounts have not been prepa u] accordance with the ethOdS and principles of th¢ Statement of Recommended Pia¢iice for accoun1ti and rwrting by ¢haftties lappli¢able to dtsrities preparing their accounts iu a¢wrdCe with the Finan¢ial R¢porting Standar(f applicable the UKand R¢publi¢ of Ireland IFRS 10211. l knve no concetns and have wtDe actO55 no Oth mattas with the exarnin&tion to which att¢ntion sknuld be drawn this twrt fft order to enable aprunderSlaJIttg of the ac(x)unts to be rea¢bgJ. Hannah PettiferACA OCL A¢courttan¢y 141 English¢omb¢ Lan¢ Bath BA2 2EL 4 Septemb¥ 2025 Page 5
Sakya Dechen Buddhism Limited
Statement of Financial Activities
(Incorporating an Income and Expenditure Account) for the Year Ended 31 December 2024
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 69,855 Charitable activities 5 Courses 16,104 Other trading activities 3 4,900 Investment income 4 9,962 Other income - Total 100,821 EXPENDITURE ON Raising funds 2,466 Charitable activities 6 Buddhist centre administration 45,423 Courses 16,022 Grants to other centres 7,732 Total 71,643 NET INCOME 29,178 RECONCILIATION OF FUNDS Total funds brought forward 884,588 TOTAL FUNDS CARRIED FORWARD 913,766 |
31.12.24 31.12.23 Restricted Total Total funds funds funds £ £ £ 2,013 71,868 164,000 - 16,104 16,357 - 4,900 9,021 - 9,962 5,624 - - 23,518 2,013 102,834 218,520 - 2,466 6,286 - 45,423 38,075 - 16,022 15,970 - 7,732 10,320 - 71,643 70,651 2,013 31,191 147,869 309 884,897 737,028 2,322 916,088 884,897 |
31.12.24 31.12.23 Restricted Total Total funds funds funds £ £ £ 2,013 71,868 164,000 - 16,104 16,357 - 4,900 9,021 - 9,962 5,624 - - 23,518 2,013 102,834 218,520 - 2,466 6,286 - 45,423 38,075 - 16,022 15,970 - 7,732 10,320 - 71,643 70,651 2,013 31,191 147,869 309 884,897 737,028 2,322 916,088 884,897 |
|---|---|---|
| 218,520 | ||
| 6,286 38,075 15,970 10,320 |
||
| 70,651 | ||
| 147,869 737,028 |
||
| 884,897 |
The notes form part of these financial statements
Page 6
Sakya Dechen Buddhism Limited (Registered number: 09344009)
Balance Sheet
31 December 2024
| Notes FIXED ASSETS Tangible assets 11 Heritage assets 12 CURRENT ASSETS Stocks 13 Debtors: amounts falling due within one year 14 Debtors: amounts falling due after more than one year 14 Investments 15 Cash at bank and in hand CREDITORS Amounts falling due within one year 16 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 17 NET ASSETS FUNDS 20 Unrestricted funds: Bristol London Restricted funds: Sakya Nuns TOTAL FUNDS |
Unrestricted funds £ 873,492 54,120 927,612 14,606 22,521 70,602 159,861 55,647 323,237 (28,485) 294,752 1,222,364 (308,598) 913,766 |
Restricted funds £ - - - - - - - 2,322 2,322 - 2,322 2,322 - 2,322 |
31.12.24 Total funds £ 873,492 54,120 927,612 14,606 22,521 70,602 159,861 57,969 325,559 (28,485) 297,074 1,224,686 (308,598) 916,088 388,120 525,646 913,766 2,322 916,088 |
31.12.23 Total funds £ 873,342 53,025 926,367 14,869 118,347 79,656 100,000 62,695 375,567 (85,512) 290,055 1,216,422 (331,525) 884,897 371,153 513,435 884,588 309 884,897 |
|---|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.
-
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
Page 7
Sakya Dechen Buddhism Limited (Registered number: 09344009)
Balance Sheet - continued 31 December 2024
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 4 September 2025 and were signed on its behalf by:
Mr C S Rogers - Trustee
The notes form part of these financial statements
Page 8
Sakya Dechen Buddhism Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The financial statements are prepared in sterling which is the functional currency of the charity and are rounded to the nearest £.
The Trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Donations are recognised on receipt. Procedures are in place to ensure the completeness of income.
Shop income is accounted for on a cash received basis.
Grants and legacies are accounted for once the charity is notified of its legal entitlement and the amount due.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Allocation of support costs
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include finance and governance costs which support the charity's Buddhist centre management activities.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided Fixtures and fittings - 15% on reducing balance Computer equipment - 15% on reducing balance
The Trust's land and buildings are not depreciated as the Trustees consider they are well maintained and in good repair and any resulting depreciation would be immaterial.
Heritage assets
Heritage assets which are non-monetary assets held for devotional purposes are recognised on the balance sheet and initially measured at cost when purchased or if donated, their valuation. Assets are subsequently stated at cost or valuation less accumulated impairment losses. The artefacts are not depreciated as their value is considered to be in line with the original cost.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Donated stocks are stated at market value.
Taxation
The charity is exempt from corporation tax on its charitable activities.
continued...
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Sakya Dechen Buddhism Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
1. ACCOUNTING POLICIES - continued
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Donated goods, services or facilities
Donated goods, services or 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. On receipt, donated services and 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.
In accordance with the Charities SORP (FRS 102), the general volunteer time of supporters is not recognised (refer to the Trustees' annual report for more information about their contribution).
Debtors
Debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.
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.
Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will normally 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.
Financial instruments
The trust 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.
Current asset investments
The charity's current asset investments consist of bank deposits or bonds and are treated as current assets as their maturity dates are in excess of 3 months and less than one year.
2. DONATIONS AND LEGACIES
| DONATIONS AND LEGACIES | ||
|---|---|---|
| 31.12.24 | 31.12.23 | |
| £ | £ | |
| Donations | 71,868 | 64,000 |
| Legacies | - | 100,000 |
| 71,868 | 164,000 |
.
continued...
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Sakya Dechen Buddhism Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
3. OTHER TRADING ACTIVITIES
| Shop income 4. INVESTMENT INCOME Rents received Deposit account interest Loan interest Curr asset inv income 5. INCOME FROM CHARITABLE ACTIVITIES Activity Course fees Courses 6. CHARITABLE ACTIVITIES COSTS Buddhist centre administration Courses Grants to other centres 7. SUPPORT COSTS Management £ Buddhist centre administration 26,039 The charity did not employ any paid staff. Support costs, included in the above, are as follows: Management Rates and water Insurance Light and heat Telephone Postage and stationery Advertising Sundries Repairs and maintenance |
31.12.24 31.12.23 £ £ 4,900 9,021 31.12.24 31.12.23 £ £ - 560 90 92 3,611 4,972 6,261 - 9,962 5,624 31.12.24 31.12.23 £ £ 16,104 16,357 Grant Support Direct funding of costs (see Costs activities note 7) Totals £ £ £ £ - - 45,423 45,423 16,022 - - 16,022 - 7,732 - 7,732 16,022 7,732 45,423 69,177 Governance Finance Other costs Totals £ £ £ £ 13,914 3,946 1,524 45,423 31.12.24 31.12.23 Buddhist centre Total administration activities £ £ 2,389 (409) 3,221 2,913 3,459 6,205 1,966 1,821 714 240 1,095 1,322 1,134 835 12,061 1,187 26,039 14,114 |
|---|---|
continued...
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Sakya Dechen Buddhism Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
7. SUPPORT COSTS - continued Finance
8.
| SUPPORT COSTS - continued Finance |
||
|---|---|---|
| 31.12.24 | 31.12.23 | |
| Buddhist | ||
| centre | Total | |
| administration | activities | |
| £ | £ | |
| Bank charges | 863 | 834 |
| Bank loan interest | 13,051 | 17,767 |
| 13,914 | 18,601 | |
| Other | ||
| 31.12.24 | 31.12.23 | |
| Buddhist | ||
| centre | Total | |
| administration | activities | |
| £ | £ | |
| Depreciation of tangible fixed assets | 3,946 | 3,920 |
| Governance costs | ||
| 31.12.24 | 31.12.23 | |
| Buddhist | ||
| centre | Total | |
| administration | activities | |
| £ | £ | |
| Independent examiner's fees | 1,524 | 1,440 |
| NET INCOME/(EXPENDITURE) | ||
| Net income/(expenditure) is stated after charging/(crediting): | ||
| 31.12.24 | 31.12.23 | |
| £ | £ | |
| Depreciation - owned assets | 3,946 | 3,919 |
9. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and legacies 164,000 Charitable activities Courses 16,357 Other trading activities 9,021 Investment income 5,624 Other income 23,518 Total 218,520 |
Restricted funds £ - - - - - - |
Total funds £ 164,000 16,357 9,021 5,624 23,518 218,520 |
|---|---|---|
EXPENDITURE ON
continued...
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Sakya Dechen Buddhism Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| Raising funds Charitable activities Buddhist centre administration Courses Grants to other centres Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 11. TANGIBLE FIXED ASSETS COST At 1 January 2024 Additions At 31 December 2024 DEPRECIATION At 1 January 2024 Charge for year At 31 December 2024 NET BOOK VALUE At 31 December 2024 At 31 December 2023 |
Freehold property £ 851,130 - 851,130 - - - 851,130 851,130 |
Unrestricted Restricted funds funds £ £ 6,286 - 38,075 - 15,970 - 8,320 2,000 68,651 2,000 149,869 (2,000) 734,719 2,309 884,588 309 Fixtures and Computer fittings equipment £ £ 44,193 1,476 4,096 - 48,289 1,476 23,011 446 3,792 154 26,803 600 21,486 876 21,182 1,030 |
Total funds £ 6,286 38,075 15,970 10,320 70,651 147,869 737,028 884,897 Totals £ 896,799 4,096 900,895 23,457 3,946 27,403 873,492 873,342 |
Total funds £ 6,286 38,075 15,970 10,320 |
|---|---|---|---|---|
| 70,651 | ||||
| 147,869 737,028 |
||||
| 884,897 |
12. HERITAGE ASSETS
Heritage assets consist of religious artefacts including statues and paintings which are held for devotional purposes. Access is permitted to all visitors to the centres.
Heritage assets purchased are stated at cost, while donated items are stated at market value at the time of the gift; they are not depreciated as their value is considered to be at least the original cost.
Such objects are acquired as needed, and subject to the approval of the Board of Trustees. They are maintained in good order by volunteers and an inventory is kept for insurance and administrative purposes. To date, none of the heritage assets acquired by the charity have been disposed of, and it is not anticipated that they would ever be.
The cost of acquisition of such assets purchased over the last five years is as follows:
2024 - £945 2023 - £6,579 2022 - £8,038 2021 - NIL 2020 - NIL
continued...
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Sakya Dechen Buddhism Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
12. HERITAGE ASSETS - continued
Value of assets acquired by donation: 2020-2023: NIL 2024: £1,050
No heritage assets have been disposed of during the last five years.
13. STOCKS
| 31.12.24 £ Stocks 11,332 Donated stock 3,274 14,606 14. DEBTORS 31.12.24 £ Amounts falling due within one year: Other debtors 6,824 Thinley Rinchen Ling Trust 9,054 Prepayments 6,643 22,521 Amounts falling due after more than one year: Thinley Rinchen Ling Trust 70,602 Aggregate amounts 93,123 Debtors include £79,656 (2023: £86,613) representing a loan receivable from Thinley Rinchen Ling Trust. 15. CURRENT ASSET INVESTMENTS 31.12.24 £ Bank bonds - Bank term deposit accounts 159,861 159,861 |
31.12.23 £ 10,811 4,058 14,869 31.12.23 £ 105,690 6,958 5,699 118,347 79,656 198,003 31.12.23 £ 100,000 - |
|---|---|
| 100,000 |
The previous year's comparative figures have been adjusted to re-allocate bank bonds with a maturity date in excess of 3 months from "cash at bank" to "current asset investments" in accordance with standard practice.
continued...
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Sakya Dechen Buddhism Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 31.12.24 £ Bank loans and overdrafts (see note 18) 13,945 Other loans (see note 18) 8,050 Trade creditors 4,635 Accrued expenses 1,855 28,485 17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.12.24 £ Bank loans (see note 18) 308,598 Other loans (see note 18) - 308,598 18. LOANS An analysis of the maturity of loans is given below: 31.12.24 £ Amounts falling due within one year on demand: Bank loans 13,945 Other loans 8,050 21,995 Amounts falling between one and two years: Bank loans - 1-2 years 14,474 Amounts falling due between two and five years: Bank loans - 2-5 years 46,802 Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 yr by instal 247,322 Repayable otherwise than by instalments: Other loans more 5yrs non-inst - 19. SECURED DEBTS The following secured debts are included within creditors: 31.12.24 £ Bank loans 322,543 |
31.12.23 £ 81,478 - 2,434 1,600 85,512 31.12.23 £ 323,525 8,000 |
|---|---|
| 331,525 | |
| 31.12.23 £ 81,478 - |
|
| 81,478 | |
| 13,945 | |
| 45,091 | |
| 264,489 8,000 |
|
| 31.12.23 £ 405,003 |
The bank loans are secured by fixed charges over the charity's properties in Chepstow Road, Notting Hill and Sommerville Road, Bristol and by a floating charge over the charity's other assets.
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continued...
Sakya Dechen Buddhism Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
20. MOVEMENT IN FUNDS
| Unrestricted funds Bristol London Restricted funds Sakya Nuns TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds Bristol London Restricted funds Sakya Nuns TOTAL FUNDS Comparatives for movement in funds Unrestricted funds Bristol London Restricted funds Sakya Nuns TOTAL FUNDS |
At 1.1.24 £ 371,153 513,435 884,588 309 884,897 Incoming resources £ 49,386 51,435 100,821 2,013 102,834 At 1.1.23 £ 257,804 476,915 734,719 2,309 737,028 |
Net movement At in funds 31.12.24 £ £ 16,967 388,120 12,211 525,646 29,178 913,766 2,013 2,322 31,191 916,088 Resources Movement expended in funds £ £ (32,419) 16,967 (39,224) 12,211 (71,643) 29,178 - 2,013 (71,643) 31,191 Net movement At in funds 31.12.23 £ £ 113,349 371,153 36,520 513,435 149,869 884,588 (2,000) 309 147,869 884,897 |
Net movement At in funds 31.12.24 £ £ 16,967 388,120 12,211 525,646 29,178 913,766 2,013 2,322 31,191 916,088 Resources Movement expended in funds £ £ (32,419) 16,967 (39,224) 12,211 (71,643) 29,178 - 2,013 (71,643) 31,191 Net movement At in funds 31.12.23 £ £ 113,349 371,153 36,520 513,435 149,869 884,588 (2,000) 309 147,869 884,897 |
|---|---|---|---|
| 884,588 309 |
|||
| 884,897 |
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Sakya Dechen Buddhism Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
20. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds Bristol London Restricted funds Sakya Nuns TOTAL FUNDS |
Incoming resources £ 147,707 70,813 218,520 - 218,520 |
Resources Movement expended in funds £ £ (34,358) 113,349 (34,293) 36,520 (68,651) 149,869 (2,000) (2,000) (70,651) 147,869 |
Resources Movement expended in funds £ £ (34,358) 113,349 (34,293) 36,520 (68,651) 149,869 (2,000) (2,000) (70,651) 147,869 |
|---|---|---|---|
| 149,869 (2,000) |
|||
| 147,869 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds Bristol London Restricted funds Sakya Nuns TOTAL FUNDS |
At 1.1.23 £ 257,804 476,915 734,719 2,309 737,028 |
Net movement At in funds 31.12.24 £ £ 130,316 388,120 48,731 525,646 179,047 913,766 13 2,322 179,060 916,088 |
Net movement At in funds 31.12.24 £ £ 130,316 388,120 48,731 525,646 179,047 913,766 13 2,322 179,060 916,088 |
|---|---|---|---|
| 913,766 2,322 |
|||
| 916,088 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds Bristol London Restricted funds Sakya Nuns TOTAL FUNDS |
Incoming resources £ 197,093 122,248 319,341 2,013 321,354 |
Resources Movement expended in funds £ £ (66,777) 130,316 (73,517) 48,731 (140,294) 179,047 (2,000) 13 (142,294) 179,060 |
Resources Movement expended in funds £ £ (66,777) 130,316 (73,517) 48,731 (140,294) 179,047 (2,000) 13 (142,294) 179,060 |
|---|---|---|---|
| 179,047 13 |
|||
| 179,060 |
Each of the unrestricted funds, designated as "Bristol" and "London", represent the financial activities and net assets allocated by the Trustees to the respective operating bases established by the Trust in those locations. Occasional transfers are made between the unrestricted funds as determined by the Trustees from time to time.
The restricted fund balance represents the balance of money raised in a previous year by an appeal to support the Sakya Nuns' College in Manduwala, India. The balance of £2,322 is carried forward on this fund to be paid over in a forthcoming year.
continued...
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Sakya Dechen Buddhism Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
21. RELATED PARTY DISCLOSURES
As at 31st December 2024 the charity was owed the sum of £79,656 (2023: £86,613) by Thinley Rinchen Ling Trust (TRLT), a registered charity, the majority of whose Trustees are also Trustees of Sakya Dechen Buddhism Ltd. Interest is payable on this loan at the rate of 3.9% p.a. variable The loan is unsecured and for a period of 25 years from 17.11.2016.
Sakya Dechen Buddhism Ltd was created to incorporate the activities of TRLT into a charitable company, limited by guarantee, in keeping with the guidance of the Charities Commission. No conflict of interest is deemed to exist with respect to the transactions between these parties.
The charity made grants to Kagyu Dechen Buddhism Ltd (KDB) amounting to £7,732 (2023 - £5,208). KDB is a related party as three of the Trustees of the charity are also Trustees of KDB (which is itself a registered charity). The grant relates to costs incurred by KDB that are shared by Sakya Dechen Buddhism Ltd (SDB), such as shared internet costs and donations to a Buddhist nunnery in Nepal.
The charity received a loan of £8,000 during 2018 from TRLT, interest-free with no fixed date of repayment, which is still outstanding; however, the Trustees intend to repay this in 2025..
Unrestricted donations made by Trustees during the year amounted to £19,975 (2023: £17,100).
22. COMPANY LIMITED BY GUARANTEE
The charity is a private company limited by guarantee having no share capital and, in accordance with the Memorandum of Association, every member is liable to contribute £1 towards the costs of dissolution and liabilities incurred by the charity in the event of the company being wound up.
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