atn9 Drukpa Trust Registered Charity. No: 1178756 Trustees, Annual Report & Financial Statements for the Year Ended 31 March 2025 Trustees Dr Stephen Todd Annie Smith Jonathan Rose Di Cook Wendy Cornwell Roland Reinardy Drukpa Trust.. Trustees'Annuol Rewt& Flnandolstotemthts Pogej 0116
Drukpa Trust CIO Trustees, Annual Report & Flnanclal Statements for the Year Ended 31 March 2025 '9iq 16 1inA '?-1912: In9mgtb$2 9bn4 169Y <irj*.., ?95J2 DrukpG Tntstr. Truste&Annuul Report& Flnandolstotements Poge2of 16
Drukpa Trust CIO Trustees. Annual Report for the Year Ended 31 March 2025 cqg9. ri)Tr*,,¥ ,Jgu n .Il?illinibA bnc 9J Contents Reference and Admlnlstratlon Detslls........................... . Charity Name & Registration ........................... ChariVs Addresses................... .... Names of the Trustees Who Manage the Charity..........-.... Bank........ Structure. Governance & Mana8ement.................... Type of Governlng Document..................... Charftable Objetts....................... Trustee Selection Methods.............. Artlvltles............... Statutory Declaration...- Achlevements & Perforniance ...... Outputs and Outcomes for the Charlty$ Benefidaries..... . How the Publlc Have Benefitted.............. Contrlbuting to ActNlties Run by Other Organisatlons........... Trustee Development............ Flnandal Re¥lew..........- . Detalls of Any Funds Materially In Deficit... Policy on Reserves...... . Prlncipal Sour5 of Fundln8 and Out8oin8s......................-.. -. Remurteration of Trustees.... Flnanclal Status.... SLitutory SLitements on Liabilitie5..................... .. .... ststement of Flnanclal Actlvlty..-.............. Independent Examinerfs Reportonthe Accounts......... . Statement of Financial Attivities for the Year Ended 31 March 2025........- .. 10 Notesto the Accounts.......... 12 Drukpa Trust.. Trustees'AnnuolReport& Finon¢iolStotements Pooe3 of 16
Drukpa Trust CIO Trustees, Annual Report for the Year Ended 31 Mar¢h 2025 JlQilg*i iL¥L'I: .rlJ iol Reference and Administration Details 1.1 Charity Name & Reglstration Drukpa Trust The charity is a Charitable Incorporated Organisation, re8iStration no: 1178756, re8iStered with the Charlty Commission on 13 June 2018. Drukpa Trust registration no: 1014948, registered on 15 October 1992 wlth the Charlty COMMI10ft, transferred Its affalrs to the ao during FY201&19. IJA The charlty Is registered wlth HM Revenue & Customs. 1.2 Charltvs Addresses Administration.. 114 Harvist Road. London, NW6 6HJ, UK e-mail.. london@drukpa.org.uk webslte: www.dwls.org rTri'.voL' y.) School Project cOrdInatIOn, Sponsorshlp and Fundralslng: 16A Oaklands Road. Bromley, Kent, BRI 3SL UK email., IDfo@dwls.or8 webslte: vMw.dwls.or8 1.3 Names of the Trustees Who Manage the Charlty Stephen Todd Annie Smith Jonathan Rose Di Cook Wendy Cornwell Roland Reinardy Chair from 02 September 2024 Deputy Chalr Trustee Treasurer. Trustee Trustee from IS June 2024 The following non-trustee seNed as an honorary offlcer Rachel Glynn Secretsry ,JIIRn$4 1 1.4 Bank CAF 8ank, 25 Kin8$ Hill Avenue. Kings Hill. West Mallin& Kent ME19 4JII DkpU Tru5t.' TruSteeAAUal Report& Finonciolstotements Poge4of 16
Drukpa Trust CIO Trustees, Annual Report for the Year Ended 31 March 2025 Structure, Governance & Management 1S:41nÉ 2.1 Type of Governing Document Constitution- based on the Charity Commission's model 8ovemln8 document for Foundation . Charitable Incorporated Organlsatlons, ie." where the Trustees are the only Members of the charlty. 2.2 Charitsble Objects As deflned In Drukpa Trusvs Constitutlon IGovemin8 Document}: The charws objects I"objects"l are: . la} to advance publlc educatbTh about and through the unlversal phllosophy, tradltlon and prartI of the Drukpa branch of Hlmalayan Buddhism an8 persons In the UnSted Kingdom and elsewhere; Ib) to advance the eduCatn of the publlc. prlmarlly chlldren, sn literary. numeracy and other core subjerts of the school currlculum by providing fundin8 to bulld, resource arKI malntsln educational facilities ar to support educational processes In Hlmalayan countr6es and elsewhere; and Icl to relieve poverty, slckness and dlstress around world by pro¥ldln8 financial help and asslstance to those who are disadvantaged and In need of such asslstsnce. 2.3 Trustee Selectlon Methods There must be at least three charity trustees. There is no maximum number of charity trustees that may be appointed. In appointing Trustees due consideratton Is glven to ensurlng that the TrusTres have. between them. the skllls knowledge and experlence necessary to mana8e the charity effectlvely and in accordance with charity law. Roland Reinardy jolned as a Trustee from 15 June 2024. and Steve Todd became Chalr from 02 September 2024. Activities 3.1 Statutory Declaration The Trustees of Drukpa Trust conflmi that they have paid due regard to the guidance issued by the Charity Commisslon on public benefit in deciding what Kbvtties the charity should undertake. Drukpu Trust.. TnJstees'AnnualReport & Fina1¢715t0tements Poge 5 of 16
Drukpa Trust CIO Trustees, Annual Report for the Year Ended 31 March 2025 tIOq9-. l£Jili,. Achievements & Performance 8iflE.: r4Tr1:'*V 4.1 Outputs and Outcomes for the Charirfs Benefftlarles 9 The school in Shey opened in 2001 with 88 students In nursery and lower klndergarten. The Total number of students was 925 In March 202512024: 8881. There were 462 8Srbs and 463 boys. Of those, 200 We wIsted to live on the campus in purpose-built IdenceS. 65 from remote valleys and nomad reglons. Once the selsmic upgrade refijrbishment of every SIden has been completed. the totsl number of resldentlal spo$ wlll be 282. wlth six students per dom)Itory room. After the wlnter. the school rwned in early March 2024. It Is stlll extremely cold at this tlme of year; however. the archltectural desl8n of the school bulhtlngs captures the Intense sunllght to warm the internal space5. The school's construrtion prograrnrne commenced at the be8lnnlng of April 2024. Two strurtural sIdent engineers from Arup stsrted In April with the school's construrtlon dlrertor, IP one staying for six months, the other until mithjuly at which stage another englneer lolned and stsyed untll the autumn. The seismic upgrade of Residen 4 South was completed and handed back to the school. This was the 8 and flnal reSIden to be upgraded. Temporary bracing was installed in the Nursery & Infant school cla55rooms. A new Health Centre was started thls year. that will include Ssolation ward5 for residential students in the event of contagious illnesses. The construrtion site closed for the wlnter at the end of October. Durlns 2024 Lead Slte En8lneer Prana¥ Tya81 has focussed on technlcal qualty assurance, health & safety. project dellvery and reportiTrg. Drukpa Trust maintalns and gUlarlY rewews the organlsational and project rlsks through the use of a risk register which uses scoring and also documents mFti8ating aCtn5. The risk register Is revIevd monthly. Risks cover many areas indudin8 financial sustainability, stsff, reputatlon, safeguardlng, partner organisations and benefitiaries. Jl) Followlng the estsblishment of Ladakh 35 a Union Territory of Indla, the school was able to apply for afflllatlon to the nationally recognised Central Board of Secondary EducatK)n ICBSE) and In October 2023 the application was successful. All SO final year Students matrlculated fmm the school In June 2024. 34 wtth distinrtions and 16 in the first division. This was the 12 year-group to leave. making the totsl number of graduatss 555. The continuing campus refurblshment has meant that the garden areas have not been the focus of new plantlng. Watering of the existing garden areas remains an essential task in thls high- altltude desert environment. The Vlsltor cent continues to attract visitors durin8 the summer rnonth5 and Rancho's Café was open for the tourists. The merchandlse In the Shop and donation boxes help to bring in revenue to support the facilities management rnaintenan programme, child sponsorshlp, and the Drhgon Garden Landscape project. Dnikpo Tmst.. Twstees'Annuol Report& finonciolstotements Page 6oA16
Drukpa Trust CIO Trustees, Annual Report for the Year Ended 31 March 2025 A Ir?knrin rl).:.M Ll 4.2 How the Public Have Benefftted Druk Padrna Karw is a 'society sthooy, meaning it operdtes for the benefrt of the tommunity on non-proflt basis. Since the school reoives no financial support from public authorities, it charges fees that are set at localty afftirdable levels to cOr running costs. However. some parents are unable to afford the fees and a supported by an Intprnatlonal child sponsorshlp scheme. now managed by NGO Live To Love. rs*?.161)n< 4.3 Contrlbutlng to Actlvltles Run by Other Organisations The school 1$ governed the Druk Padma Karpo Educational Society I'DPKES,), a non-proflt organisation. Drukpa Trust work5 closely wlth the school management in respert of the grants made for school construrtlon, educatio1 sourceS and landscape programrne. Prlnclpal Mrs Min8ur An8mo is sUPPOrted 41 teachers on the Shey campus, one Is Vlce- Principal, of whom 28 a Ladakhi. 9 Tlbetan and 4 from elsewhere In India. They were assisted by 44 support staff and 6 adminirtratfve staff. A branch school in Khachey, in the Phokar valley, had 53 students, served ty 7 teathers and three support stsff members. Con5trurtlon Manager Mr Sonam Angdu51s supported by a pemianent team offive and employs teams of carpenters, stone masons and labourers to match constructlon requlrements each year. Durlng the construrtlon season trustees held regular weekly WhatsApp calls wlth Mr Sonam Angdus. Mr Pranav Tyagi and the resident englneers IRES) to dlscuss progress. week reports by the RES and lead slte engineer were emalled to trustees. RepresentatSve5 of the trust ¥lslted Ladakh twice. Rachel Glynn went In May 2024, Jonathan Rose, Annle Smith, Steve Todd and Rachel Gtynn went wlth Arup representstlves Rory McGowan, Anlta Konrad and Raj Suhail In September 2024. 4.4 Trustee Development Trustees are encouraged to partlclpate In development opportunltles as and when appropriate. Financial Review 5.1 Detslls of any funds materfalty In deficft The Charlty has no funds whlch are rnaterially in deficiL 5.2 Policy on ReseNes The Charitys pollcy on er¥e5 Is to generate and maintain a balance whlch Is sufficient to cover 6 rnonths. running costs to preserve the financial viability of the Charlty in the event that unforeseen andlor unavoidable drcumstsnce precipitste a short-term fall in rts income. 5.3 Principal sour of Funding and Outgoings The principal sources of funding a from charitable trusts and individual donors. The outgoings are for the Druk Padma Karpo School project In Ladakh. India. Dnikpa Tnist.. TnJstees'AnnualReport& Finonciolstotements Pooe 7of 16
Drukpa Trust CIO Trustees, Annual Report for the Year Ended 31 March 2025 P lts'!;-Ir:f4 ?89j.' 5.4 Remuneration of Trustees '. l. All Trustees art in a voluntsry capacity and recelve no remuneration or other materlal benefits from thelr seThlces to the Charity. Out-of-pocket expenses necessarily and reasonabty incurred by Trustees in promoting the purp05e5 of the Charity are reimbursed at cost. 5.5 Flnanclal Status- goln8 concern. Drukpa Trusvs current resources from unrestricted donions are more than sufficient to meet Its outgoings for at least next year. All the Indlcations are that thls wlll remaln the case forthe foreseeable future. The trustee5 raised funds totslllng £158,53012024: £171,870) and would Ilke to thank all thelr sUPPOrters, both organlsattons and Individua15, for the supporttly have 8l¥en durlng the year. The trustees expended £281,84712024: £208.263) on actlvltle ori-. .411 At the end of the year the trustees held reserves of £129,334 (2024: £252,651). 5.6 Statutory Ststements on Uabolltles The Trustees declare that: < The charlty has glven no guarantees where potentlal Ilablllty under the guardntee Is outstandlng at the date of thls statement le.o.: any oUtstandinOn801ng contract or legal undertakln8 to buy or provlde speclfic ser4lcesl; rf The Char has no debt outstsndlng at the date ofthls ststement whlch Is owed by the CIO and which is secured by an express charge on any assets of the CIO le.g..' a mortgage on property owned the charltyl; Approved ty the Trustees and $18ned on thelr behalf. In¥rryq04_=V9il o?1. uil. JiJi19b I.,, 'Il It6 TQ ?:,l•J Dr S Todd. Chalr . rji Date: 01 December 2025 iin. Y ¥.ITt+ Drukpo Trust.. Tru5TeerfAnnuol Reporta hnoncia15totements Poge 8of 16
Drukpa Trust CIO Independent Examiner's Report for the Year Ended 31 March 2025 ivij) Statement of Financial Artivity ivII)A Gi)nGal 6.1 Independent Examinerfs Report on the Accounts Report to the Trustees/Members of Drukpa Trust on the accounts for the year ended 31 March 2025 set out on pages 10 to 16 rJTrl Responslbllltles and Ba51$ of the Re As the charlty trustees you are resp)nslble for the preparation of the accounts in accordance I r Wlth the requirements of the Charities Act 20111'the ACY). I report In respect of my examlnation of the Charit(s accounts carried out under sertlon 145 of the 2011 Art and in carrying OLrt my examlnatlon I have followed all the applicable Dlrectlons Iven by the Charfty COmmi10n under sert5on 145(51{bl of the *£t. Independent Examlnerfs Statemwt I have complèted my examinatlon. l confirm that no materlal matters have come to my attention in connectlon with the examlnation 8lvln8 me cause to belleve that in any materlal respect- accountlng COrdS were not kept in SpeCt of the Trurt as requlred by sertlon 130 of the the accounts do not accord with tlw records. I have no concems and have corne across no other matters In connertSon wlth the examlnatlon to whl¢h attentlon should be drawn In th55 report In order to enable a proper understanding of the accounts to be reached. 16k rri"o 0 4$ion Mark Beale FCA DChA [Fellow of the Institute of ChortervdAccountonts in Englandgnd Wales Diplomo In ChurityAccountinqJ 8eechcroft House. Lydeard St Lawrence Taunton. Somerset, TA4 3PZ Dember 2nd 2025 Drukpa Tfustr. TntsteerfAnnuol Report& Flnoncio1Statements Poge 9 of 16
Drukpa Trust CIO Statement of Financial Artivities for the Year Ended 31 March 2025 6.2 Statement of Financial Activities for the Year Ended 31 March 2025 -.) ilo. I. '79ilfm .17 inJbn J21Jl i 7.1?d."n¥lViI2fJJJiuIT 2024 Total Notes Unrestrirted Restricted Total Income Irom: Donètions Investments IC I'.t Totsl Income 167,576 4.293 422 li Ralslng Funds Charltable Actlvltles Total Empendlturn 14,073 2f&047 28L847 o ¥( Net Income/(expendvej {ll5,W) 136 3931 {5,507} 2,1 1123,317) 136,3931 Reconclllatlon of Funds Funds Brou8ht forward 244,275 ¢376 25lffA 289,044 Funds ¢arrfed lorvAwd ll4768 566 U9,334 252,651 Drukw Tt." Tru5tees'Annual Report& Flntmclolstafements Puge 10 of 16
Drukpa Trust CIO Balance Sheet as at 31 March 2025 nuo)?A SflJ OJ t9J:)V: IGThI bJ¢ Lii3 16Y 9111 6.2.1 Balance Sheet at 31 Marth 2025 ' e9JoVI 224 Flxed Assets r.1 b)4 CurrertAssets Debtors Cash at bank and In hand 126,673 131,338 250,119 254,425 •dltots: Amountsf•lllw wlthln on• yr 1,774 Net Current Assets 252,651 NetAssets 24651 Roprnsented by. Restrlcted Funds Unrestricted Funds 6,237 6.116 246,535 ?y? Totsl Funds 24651 Thé nots$ on pa8•s 12to 16foffli ptof these actouftts 6.2.2 Approval of the Board of Trustees These accounts were approved and Ened on behalf of the trustees by: Dr S Todd. Chalr Date: 01 December 2025 D Cook, Treasurer Date: 01 December 2025 Dnikpa Trust.. TneennUl Report & Fmwnclolstotements Puge 110116
Drukpa Trust CIO Notes to the Accounts for the Year Ended 31 March 2025 91n4jiti6' 6.3 Notes to the Accounts Accountlng Polkl•s The accounts have been prepared In accordance with the Ststement of Recommended Practice: Accountlng and Rewrtlng In accordance wlth the Flnanclal Reportlng Standard appllcable In the UK and Republic of Ireland {FRS 1021 {effectlve l January 20151- (Charities SORP FRS 1021 and the Financlal Reportlng Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 (September 20151 and the Charitles kt 2011. Significant accountlng polldes are: . IM)mln8 Resources Income Is recognlsed when the charlty has entitlement to the funds. when It Is probable that the Income will be reeefved and that the amount can be measured rellably. -)9iJ Cost ol pneratI funds These comprise costs directly attrlbutsble to fundraisin8 e¥ents plus a reasonable allocatlon of support costs. Charltabl• xtfvlty costs These represent costs that are directty attributsble to an actlvlty plus a reasonable allocatlon of support Costs. Grants payable Grants payable are ognIsed as resources expended In the period In whlth the8rant Is approved Sf there Is reasonable expectation thatthe 8rant conditions will be met and funds wlll be released. Suppwt Costs These comprlse costs incurred In support of the dlrert tharitsble expendtture of the charlty and are thus an inte8ral part of the cost of carrying Out the charitsble objects. These are allocated to actlvltle5 based on the tlme spent on eath activity. Allocatlon of wsts AII costs a allocated against the fund to whlch they relate. Costs that cannot be Identlfled to a speclflc fund are allocated across funds using approprbate apportionment methods based on the tund's use of the relevant costs. CapitallsatSon and depre¢latlon Equipment C05ting over £500 is capitslised and induded on the Balance Sheet as a fixed asset. Depreck?tion Is charged at rates that are estimated to write off c05t in equal annual instslments overthe useful lrfe of the asset. 0*po Tnist.. TnJstees'AnnuaIReirt& ntm15t0teffteftts Page 12of 16
Drukpa Trust CIO Notes to the Accounts for the Year Ended 31 March 2025 Restrkted fvnds These represent income recerved that is subject to re5trirtions for use the Ilonor that are narrower than the tharitys general objects. Oeslgnated funds These represent funds set aside bythe Trustees for speclfic purposes wlthln the tharws general objert5. cJ)natlons from: Indlviduals &antslCompanl•s Trusts 4L253 22.756 ,514 163,270 Glft Abd reclalrned Tot•1 Don*loM Ivi R•Is1 Funds 1413 DNk Padma Karpo Sdwl 285 22&8>) &932 266.017 Totsl R•wN•s Exp•nd•d 6n 345 24LW X&263 Staff Costs Travel Overseas Prfntln& Posiage & Stat5onery Sthool EquSpment Ipurthased in iKI Fundraising Eventcosts 24.765 21501 Ll)55 46n Drukpo Trustr. TnJstee<Annuol Report & finoncioistrtements Page13 0116
Drukpa Trust CIO Notes to the Accounts for the Year Ended 31 March 2025 Indibidu81s Insfjluttons Totsl GrA¥e 15L704 91,058 In¢Jependent Eyamlne¢s Fees 4...1 &8ff Cbsts Travel UK Bank IargeS Le8al Ci*sts (>Jmp i)Jsts Postagw&aUonery SJndry 317 ITJ There was 112W" I) person employtd durlng Iheytar. Asso¢late(l Costs wereallocaled betw¢en'DfirertadtAtyeosts' and ppOrtC0Str' 4c¢ordln8ty ttme spent
l(Jk GHtd Reedvable Taxaiion and Sodalsecudty Olher credltors L144 Total &774 Drukpa TNSL. Trustees'ArynuolReiwJrt& n0ch715t0teMts Poge 14 of 16
Drukpa Trust CIO
Notes to the Accounts
for the Year Ended 31 March 2025
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li
Unrestricbj P
Drukpa Trust CIO Notes to the Accounts for the Year Ended 31 March 2025 .. The SORP requires compardtlve figures to be shown for restricted and unrestricted income ft>r the prior year. X124 Notes Lh)restricted Restricted Tot Int¢)m• Irom, Donations Investments 165.186 4.293 169.480 139) 167,576 4,293 1390 171,870 Total Incom• ndStur• thi: Raisin8 Funds CharTrtable Activities Total Exp•ndltw• 14,lJ13 I,190 21,263 i94.0 21X.263 N•tlnwm•l(•xp•ndltur•) {38,7831 1390 I,3) t mov•nwnt In f(w)ds lorth• 138,7831 2,390 136,3931 P•condll•fjonofFun Funds 8rov8ht forward 283,C68 S, 28J.(W4 Fundl ¢wrl•d forrd 244,275 4376 252,651 Dmkpo T.. Trustees'ArynuulReKW)rt& Finonuolstotements Poge16of 16