Drukpa Trust Reg15tered Charity, No: 1178756 Trustees, Annual Report & Financial Statements for the Year Ended 31 March 2024 Trustees Steve Todd Annie Smith Jonathan Rose Di Cook Wendy Cornwell Roland Reinardy Drukpa Trust.. Trustee<AnnuolReMrtX Flnandolstotements Pogel of 16
Drukpa Trust CIO Independent Examiner's Report for the Year Ended 31 March 2024 Drukpa Tn. TnJte&Anrwol Rewrt& Fingn¢i015totements Poge2of 16
Drukpa Trust CIO Trustees, Annual Report for the Year Ended 31 Marth 2024 Contents Reference and Admlnlstratlon Detslls........................................................ . Charity Name & Reglstration........................................................... ....... CharWsAddresses........................................................................................... Names of the Trustees Who Manage the tharfty............................................. Type ofGovernlng Dotument............................... .. ... ............ .. . Cr[table Objects.... . Trustee Selectlon Methods................................................................... ....... . Actlvltles............ ststutory Declardtlon................................... Achlevements & PerfornWn ................. .. . . Outputs ONI Outcomes for the Charftys Beneficiaries.. ... How the Public Have Benefftted.................................................. ... . Contributlng to Actlvltles Run lry Other Or8anlsations.......... .. .. Trustee DÈveioK*nenL.... . . 4A Flnandal Revlew...........-...........-..-.-.-.-...-. Detslls of Any Funds Materialty in Deficlt....................................................... . Pollcy oft Reserve5.................................... . . Prfnclpal Sources of Fundlng and Oul8olry..................................................... Remuneration of Trustees ........................ .. Financial Status. ststutory Statements on Llablllties................... . Statement of Flnanclal AcUvlty....-......-----.. Independent Examinerfs Report on the Accounts..................................... . ... Statement ol Flnandal tivitIeS for the Year Ended 31 March 2022............ 10 Notes to the Accounts............................. ... . .12 Dnty Tt.. TfUSte&AnnualRem& finanualstatemerts Poge 3 0116
Drukpa Trust CIO Trustees. Annual Report for the Year Ended 31 March 2024 Reference and Administration Details 1.1 Charlty Name & Reglstratlon Drukpa Trust The ¢harlty Is a Charltable Incorporated Organision. gIStratIOn rK>: 1178756. registered with the Charity Commission on 13 June 201& Drukpa Trust registration no: 1014948, regtstered on 15 OCtor 1992 with the Charity Commlssion, trdnsferred 5ts affalrs to the ao durlng P12018-19. The charlty Is reglstered with HM Revenue & Customs. 1.2 Chartys Addresses Adminlstratlon: 114 Harvist Road, London, NW6 6trU, UK e-mail: london drukpa.or&uk website: ww.dwls.org School Project CordInatIon. Sponsorship and FundraIsi. 16A Oakland5 Road. Bromley. KenL BRI 3SL UK ema51- 1nfo@dwls.org webslte: vthTh¥.dwls.orB 1.3 Names of the Trustees Who Manage the Charfty Jonathan Rose Annie srnh DI Cook Wendy Corn11 Steve Todd Roland Reinar Chair untll 02 September 2024, remalns as Trustee Deputy Chalr Treasurer Trustee Trustee from 02 Marth 2024, Chalr from 02 September 2024 Tnstee from 15 June 2024 The follone tntrUstee served as an honorary officer Rathel Glynn Secretsry 1.4 Bank CAF BanL 25 Klngs Hlll Avenue. ngS Hill. West Mall1 Kent ME19 4JQ Drukpo Tntr. TrusteeAnOIRep0rt& fftonc1alstrtennts Puoe4 of16
Drukpa Trust CIO Trustees, Annual Report for the Year Ended 31 March 2024 Structure, Governance & Management 2.1 Type of Governing Docufflent Constltutlon- based on the Charlty Commlsslon'5 mcthl go¥trnln8thcurnent for Foundatlon Charitsble Incorporated Or8anlsatlons, le.. where theTrustees are the onty Members of the charity. 2.2 Charltable Objects As deflned In Dwkpa Constltutlon (Go4*rnl Document): The charfl$ objects I"ob]ects"l are: .'{al to advance publlc educatlon about and through the unlversal phllosophy. trddttlon and practlce of the Drukpa branch of Himalaydn Buddhism among persons in the United Kingdom and elsewhere: Ibl to a&4anee the educatlon of the publi4 prlmarlly chlldren. In Ilteracy. numeracy and other core subjects of the school currlculum by provkllng fundlng to bulld. resource and malntsln educatlonal facllltles and to support educatlonal processes In Hlmalayan countrfes and elsewhere; and {cl to relleve w¥erty, slckness èNI dlstrw around world by provldlnB flnandal help and asslstance to those who are d15advantaged and Sn need of such oss15tsno. 2.3 Trustee Selertion Methods There must be at least three charty tntee& There is no maxlmum number ol chartty trustees that may be appointed. In app¢intin8 Trustees due considefatlon15 given to ersurIa that the Trustees have. between them, the skills knowledge arrfl experfence ne¢essary to manage the tharlty effertlvely and In accordance with charlty law. Actlvities 3.1 ststutory Declaratlon The Trustees of Drukpa Trust coTrfimi that they have paid due regard to the guldarKe i55ued bv the Chartty (nMIl0n on public berth In decidlng what activltles the charlty should undertake. Drukpa Tntst.. Tntstee<Annual Report& nt1n£la15trternents Page5 of 16
Drukpa Trust CIO Trustees. Annual Report for the Year Ended 31 March 2024 Achievements & Perforniance 4.1 Outputs and Outcomes for the Charws Beneficiaries The school In Shey opened In 2Wi with 88 students In nursery and bwer klndergarten. The Total number of students was 888 in March 202412023.. 8591. There were 440 girls and 448 boys. Of those, 199 were reglstered to live on the carnpus In purpose-bullt resldences, 114 from remote valleys and nomad reglons. Once the selsmlc upgrade refurblshment of every resldence has been completed, the totsl number of re51dentlal spaces wlll be 376. After the wlnter, the school rtropened In earfy March 2023. ftls rtlll extremely cold at thls tlme of year, however, the arthltectural de5i8n of the sc1x1 buildings captures the intense sunlight to warm the internal spaces. The schooys construction pro8ramme commenced at the beglnnlng of Aprll 2023. Two structural resldent engineers from Arup started work wlth the school's construction manager at the beginning of Aprll. One resldent engineer was P1ad In June and stsyed for the second part of the buildlng season. The selsmlc upgrade of ReSIden 3 South and Re51dence 3 North was completed and both handed back to the sthLx)l. The primary structure of Resldence 4 North was dlsmantled and rebuilt Tempornry bracing was Instslled In the followlng buildln8s: Art and Muslc. Admlnlstratlon, Ubrary, kitchen and Dlnln8 hall. Many snags across the whole site were completed. The Constructlon slte closed for the winter in mld-November. Durlng 2023 Drukpa Trust agreed wlth the Druk Padma Karpo Educatlonal Soclety and Arup an Intenslve 5-year construction programme, 2024-28. to expand the school to senlor secondary level, cla55es 11 and 12. The extra ¢onstnKtlon would requlre the recruttment of an experlenced site en8ineer. On 2 Marth 2024 Pranav Tyagi was en8aged to joln the senior mana8ement team headed by Sonam Angdus, as Lead Site En8ineer, to focus on tschnl¢al quality assurance. health & safety, projert delivery and reportlng. Followlng the establishment of Ladakh as a Unk)n Terrltory of Indla, the school was able to apply for afflllation to the natk)nally recognised Central Board of Secondary Education ICBSEI and In October 2023 the application was SUCLtssful. month tn whlch the matrfcukitlon exams are tsken was changed from October to Aprll. to fft In wtth the rest of India. The year 10 students who left sclK)ol at the end of the school year In October 2023 &it their matrlculatlon exams In Aprll 2024, with results belng In June. Hen. the results of the 12" ar group to leave the school wlll be glven In the 202+25 pOrt. Again, this year the garden areas have not been the focus of new plantin8 a5 the resldentlal refurbishment programme continues. Watertng of the existlng garden areas remains an essential tssk In thls hlgh-altltude desert envlronment. The Vi5ttorCentre continues to attract visltors during the summer months and RanclK)'s Café was open forthe toudsts. The merchandise in the shop and donation boxes help to bring in revenue to 5UPPOrt the facilities management Maintenan programme and the Dragon Garden LaThdscape pn)iecL 2 How the Public Have Benefftted Druk Padma Karpo is a 'society school,. meaning it operates foT the beneflt of the community on non-profrt basis. Since the school receives no financial support frorn public authorities. it tharges fees that are set at localty affordable levels to cover running costs. However, some parents are unable to afford the fÈes and are supported by an internatton31 child sponsorship Drukw Trust.. frusteerfAnnual Rewvt& Hnonclolstotements Poge 6 of 16
Drukpa Trust CIO Trustees, Annual Report for the Year Ended 31 March 2024 scheme. Orukpa Trust sponsors scthe ofthese disad¥antsged students and rnobilised £620.27 to support students durlng 2023-24 (£2.076.44 in 2022-23). At the 5tsrt of 2023 two Students were beir¥ supported by Drukpa Trust lin 2022. 6 students). Both students left xhool in November 2023 and succe55fully ts)mpleted thelr matrl¢ulation exams. Since November 2023. no students have been sponsored tyy'Drukpa Tnst 4.3 Contrlbutlng to Actlvltles Run by Other anIsatIOnS The School Is governed by the Druk Padma Karpo Edu(lonal Soclety I'DPKEYI, a noTrprofit or8ani5ation. Drukpa Trust works dosety w5th the xhool management in respect of the grants made for sthool constructlon. child sponsorshlp, educatiorHI resources and landscape programme. Prindpal Mrs Mlngur An8rn0 Is supported Iw 40 teathers on the campu% one Is Vl Prlnclpal, of whom 29 are Ladakhi, 8 fibetsn ond 3 from elsewhere In Indla. They were asslsted by 45 support stèff and 6 administrative staff. A branch school in Khachey. In the Phokar valley. had 48 students, sefved by 7 teathers and three support staff members. Constructlon Manager Mr 5onarn An8dus Is supported bv a pemianent team ofthree and employs teams of carpenters, stone masons and labourers to match ConstrtIon requlrements each year. Durlng the construttlon season trustees held regular Week WhatsApp ulls wlth Mr Sonam An8dus, Mt Pranav Tya8i and the resldent en8lneers IAES) to dlscuss progress. Weekly reports bv the RES and lead site englneer were emalled to trurtee5. Representatives of the trust met the Chair of DPKES to dlscuss the 5-year pro8ramme durln8 hls European Visit. It was also the maln toplc for dSscusskn when the school Princlpal, Mrs Mingur Angmo vlslted the UK In Ortober 2023 and durlng Mr Sonam Angdu< ¥It to UK In February 2024. 4.4 Trustee Development Trwtees are encouraged to partrcipats in de%*lopmert OPPDrtunltles as and when approprlate. Financial Review 5.1 Detalls of any funds materfalty In defidt The Charlty has rK+ funds whlch are materialty in deficiL 5.2 Pollcy on Reserves The Charlvs pollcy on reserves Is to 8enerats and maintsin a balano whlch 15 suffident to cover 6 monthg running costs to preserve the financial vÉabillty of the Charity in the event that unforeseen andlor unavoidable clrcwnstanc£ precipttate a short-term fall in its income. 5.3 Principal Sources of FurKllng and Outgolnzs The prlncipal sources of fvndiThx are from d)arftsble tntsts arKI indi¥idual doTK)rs. Drnkpo Trustr TnLSte&Annuul Rewrt & KNK101St0tents Poge 7of 16
Drukpa Trust CIO Trustees. Annual Report for the Year Ended 31 March 2024 The outgoings are for the Druk Pa(kna Karpo khoDI project In Ladakh, Indla. 5A Remuneration of Tnistees All Trustees att Sn a ¥oluntary capadty ar receive no remuneratlon or other material benefits from their services to the Charity. Out-of.PLtht expenses necessarlty and reasonably Incurred by Trustees In promotlng the wrposes of the Charlty are reimbutsed at cosL 5.5 Financial Status- golng concern. Drukpa Trusys current reSoUeS from unreStr1rt donatlons are more than sufflclent to meet Its outgolngs for at least next ¥r. All the Indlcatlons are that this will remain the case for the foreseeable fLrture. The trustees raised funds totslling £171.87012023.. £141,368) and would like to thank all thelr supporters, both organlsatlons and indtviduals, for the support have given durln8 the year. The trustees expended £208.263 {2023.. £150,217) on actfvliies. At the end of the year the trustees held reser¥*s of £252,651 {2023: £289,044). 5.6 Statutory Statements on Uabllltles The Trustees declare that < The charity has 8lven M 8uarantee5 Twhere Wentlal Ilabllfty under the 8uarantee Is outstandlThg at the date of thls statement le.9.: any outstsndinyJon80in8 contract or legal undertaking to buy or provide 5pedlk sep41ces): < The charity has no debt outstanding at the date of th15 Statement whlch Is owed by the CIO and whlch15 Secured by an express charge on any assets of the CIO le.q.: a mortgage on property owned ty the charity): Approved the Trustees and sTrgned on thelr behalf, V. s Todd, Chair Date: 25 November 2024 Drukpo Tru5tr. TnteAnnUtsI Re& finonciolstotements Page8of 16
Drukpa Trust CIO Independent Examiner's Report for the Year Ended 31 Marth 2024 6 Statement of Flnanclal Activity 6.1 Independent Examlnerfs Report on the Accounts Report to the Trustees/Members of Drukpa Trust on the accounts for the year ended 31 March 2024 set out on pages 10 to 16 Responslbllltle$ and Bas15 of the Report . As the charlty trustees you are reswnslble forthe preparatlon of the accounts in accordance with the requirements olthe Charltles Act 20111.the ACVI. I report In respert of my exarninat5on of the Chayws accounts carrled out under section 145 of the 2011 Act and in ¢arrwn8 Out my examinatlon I have followed all appllcable Dlrectlons given by the Charlty C4%nmission under 5ertion 14515llbl of the Act. Irbd•p•nd•nt Examln•rfs Sl•t•m I have completed my examlnatlon. I c¢rfim) that no materlal m8tters have come to my attentbn In tonnectlon wlth the examlnadon 8tvln8 rne ouse to belle4* that In any materfal respecL' accountlng records were not kept In respect of the Trurt as requlred bv sectlon 130 of the the accounts do not accord with those records. I have no conM5 and have come across rn other matteTS In connection wlth the examlnatlon to which attentlon should be drawn in this port In order to enable a pmper understanding of the accounts to be readd. Mark 8eale FCA DChA [Fellowof the In5Utute of thartffedAccLvrtantsln Ewlond ond Woles Dlploma In ChoiityA¢¢ounrfng] Beechcroft House. Lydeard St Lawren Taunton, Somerset. TA4 3PZ 024 Drukpu Tmstr. TntsteerfAnnuolRewwt& AnDnck71Stotemart5 Page9of 16
Drukpa Trust CIO Statement of Financial Activities for the Year Ended 31 March 2024 6.2 Statement of Flnancial Actlvltits for the Year Ended 31 Mar* 2024 Notes ilnrestrlcted Restritted Total Income from: Donations Investments Totsl In(fjme I65,6 4293 169. 139) ts7.S76 139,889 1.479 17 Ex ndlture Raislng Funds Charltable Artivitles Totsl Exp•ndlturn 14,OT 140TJ 12,3¢YJ O ts7, O X4263 150.217 2(4263 Net Incom•1(exp•ndlr•j 13&7831 (¥39J) 1&8491 147831 IMJ {¥3931 1&8491 Ilatlon Funds Brought fonward 281(58 5,986 284OM 297,893 Funds rrfed IoThArd 376 W651 289,044 Poge 10 0116
Drukpa Trust CIO Balance Sheet )5 at 31 March 2024 6.2.1 Balance Sheet at 31 March 2024 2024 2023 Fixèd Assèts Cu•Yent Assets Debtors Cash at bank and in hand 286,291 2,187 254.425 . Credltars: Amounts fallln8 due wlthln ¢)ne L774 1.144 Net cutAets 251651 Not Assets R•preMnted by. Restrlcted Funds Unrestrltted Funds 6,116 246,535 283,058 Total Funds 6.2.2 Approval of the Board of Trustees These accounts were approved and sned on behaff of the tnstees by.. Drs Todd, Chair Dète.. 25 November 2024 D Cook, TreasUr Date: 25 November 2024 Dwkpo Trust.. TnLstw'AnnuolReport& Flnonckn15totements Pooe 11 of 16
Drukpa Trust CIO Notes to the Accounts for the Year Ended 31 March 2024 6.3 Notes to the Accounts The accounts have been prepared in ac¢x)rdance wth ststemeirt of Recommended Prattlce.. Accounting and Reportlng In acc4Ydance with the Financial Reporting Stsndard appllcable In the UK and Republlcof Ireland (FR5 102) Ieffectibp ljanuary 20151- (Charitles SORP FRS 1021 and the Financial Reportln8 Standard appllcable in the Unlted Klngdom and Republlc of Ireland IFRS 1021 (September 2015) and the Charitles Art 2011. S*nlficant accountin8 wlkSes are: .' Incom1 Re%yuros Income is recognlsed when the chartty has entltlement to the funds, when itls probable that the income wlll be recelved and that the amount can be measured rellably. Cost of 8oneratlrygfunds These comprise costs directly attributable to fundrnlslng events plus a reasonable allocatlon of support costs. Charltable colts These represent costs that are dlrectty attrlbutable to an actlth plus a reasonable allocation of support costs. Grants p•yable Grants payable are recognlsed as regwrcesexpended Inthe perfod In whlth the grant Is approved If there Is rea50roble expectationthatthe 8rant conditlonswill be met and funds wlll be released. Support costs These comprise costs Incurred in support of the dlrect charftable expendfture of the charty and are thus an integral part ofthe cost of Carry1r out the clnble objects. These are allooted to activltles based on the time spent on each activlty. All costs are allocated agaln5t the fund to whith they relats. Costs that cannot be Identffled to a speclfic fund 3re allo&ited across fund5 using appropriate apportionment methods based on the funds use of the relevant costs. Caplla115ation and dewedat Equlpment COSting over £500 is capitali5ed and included on the Barte Sheet as a flxed asset. Depreciation is charged at rates that are estimated to write off cost in equal annual Instalments over the useful lffe ofthe asseL Drukpo Twst.. TntsteerfAnn(wlRep¢vr& FInanlStote Pooe 12 0116
Drukpa Trust CIO Notes to the Accounts for the Year Ended 31 Mar¢h 2024 Restrlrted fund5 These represent income receNed that is subject to restrIn5 for use by the th)nor that are narrower than the Chari5 Benerdl objects. D•$Iat•d funds These represent funds set aslde bythe Trurteesfor specific purposes wtthln the charws general obje¢ts. Donatlons fwom: Individuals Grnntslcompanles Trusts ,514 I35.3 ft Ald r•dalmed T<¥tsl OoMtIoM R•1* Fun& Druk Padma Kar5th0o1 37254 W324 4612 194 137,9 4U2 w324 7.817 217 Staff Costs Travel Ovetseas Prlntln& Poslage &Ststionery Sthool Equipmentlpurthased In UK) FundraFsrng Event tosts 21.183 21.331 919 Puge 13 of 16
Drukpa Trust CIO Notes to the Accounts for the Year Ended 31 March 2024 S GrnntsA Indlvlduals Insiltutlons .741 L704 324 9L058 Independent E¥amIne$ Fees Staff Colts Travel UK 8ank Charges L•8al C05ts ComputerC05ts P05ts8¢1Ststlonery Sundry tsi 317 216 144 173 There was 112023: 11 person employed dUnIthe yeaf. Assodated costs wern •llocated between.*ty rosts.d Supwtfsts. arcordlnRtotlme spent. GIftAld Reolvable Taxatiim and Sodal Securfty Othef ¢r•ditry5 lTrukpo Tnrt. Trustee<AnnuGI Rewirt& naTlS1teMts Page140116
Drukpa Trust CIO Notes to the Accounts for the Year Ended 31 March 2024 of Met Sthre5trirted Restritted Total Debtors Cash at bankand In hand Credltor5'. Amountsfallin8due wlthln one Totsl N•lAw 4116 IL774) L7741 nsfers Landscape Oe518n TO R•qtrS¢t•d Funds 4ll6 Druk P4dma KarpDSd¥>ol Capltal Proltds R•venu• Support 2nn2 . 12)7.6431 ts2 10.152 17L740 Totsl Fw Tru5tee$' Notrustee expenses were InrIed.(2D.Pl1Il No provlslon15 Made forCorpoTotlM fa$ tharlty ls*letodalmfvll st¥tytory eXempOn. The tts have been prep¥ed in accwdarKewlththe Statementof Re¢Nnmended praLtI.. ArcounUn8 and Reportln8 bycharfges prepwlngtheiraccounts In at£Onlan with the Rnandal ReportlngStsnd8rd applicable In the UKand Republlcol Ireland IFRS 1021 leffedlve ljanuary 20151- Ichzrities SORP FRS 1021 and the Flnandal Reporbn8 Standard appllcable in the United ngdOM and Republ1¢ of Ireland IFRS 1021 ISeptember3)151 the CharftlesAct201L Drukpu Trusr.. Tnes.AnnuOlRern& HInOIst0terneTrts Pogp15oA16
Drukpa Trust CIO Notes to the Accounts for the Year Ended 31 Maich 2024 The SORP require5 compardtl¥e fi8ures to be SI for restritted and unre5trtcted irKome for prior year. Notes Unrestricted Restritted Income fvom: Donatlons ltsvestments Totsl Incom• 9.589 U9,889 L479 L479 141.(E48 1368 Ralsing Funds Charltable Actlvltles Totsl Expendltwe 137, 1gJ,217 0 ts7. N•t IKomellexpendltwe) 19.149) Nét mo%ment In fu (9,149) 18,8491 R•¢ondllrtlon of Funds Funds Brou8ht fopward 2913)7 5,686 297. Fund$u•d f¢xwwd 284158 5 916 289 CIM DNkpg Tru5L fnrtAnnuol Report& HnondolSttem Poge 16 of 16