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2020-12-31-accounts

Charity Registered number:

1189214

THE ALFOXTON PARK TRUST

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED

31 DECEMBER 2020

THE ALFOXTON PARK TRUST FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

Contents Pages
Company information 1
Trustees' report 2 - 5
Auditors' report 6 - 8
Statement of financial activities 9
Balance sheet 10
Cash flow statement 11
Notes to the financial statements 12 - 17

THE ALFOXTON PARK TRUST CHARITY INFORMATION

Trustees

Jayaraja Chair (appointed 25 September 2019) Lokabandhu Secretary (appointed 25 September 2019) Robin Collett Treasurer (appointed 25 September 2019)

CHARITY REGISTERED NUMBER

1189214 (England and Wales)

PRINCIPAL ADDRESS

Alfoxton Park Estate Alfoxton Park Holford Somerset TA5 1SG

AUDITORS

Chater Allan LLP Chartered Accountants and Statutory Auditors Beech House 4a Newmarket Road Cambridge CB5 8DT

PRINCIPAL BANKERS

The Co-Operative bank PLC PO Box 250 Skelmersdale WN8 6WT

Metro Bank Bath 18-19 Stall Street Bath BA1 1QB

SOLICITORS

Frederic Hall York House 32 Cheriton Gardens Folkstone Kent CT20 2UR

1

THE ALFOXTON PARK TRUST TRUSTEES' REPORT FOR THE PERIOD ENDED 31 DECEMBER 2020

Trustees

The Trustees are pleased to present the Trustees Report together with the financial statements of the charity for the period ended 31 December 2020.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Charity is constituted as a Charitable Incorporated Association (CIO) and is governed by its Rules.

Appointment of trustees

The Charity is governed by its Council whose members are all of the Triratna Buddhist Order. The members of the Council, who served throughout the year, are shown below.

The Charity inducts new Council members by providing them with a copy of 'Triratna Chairs & Trustees Handbook (2016), the Charity Commission's 'Responsibilities of Charity trustees' and by discussing their role during council meetings.

Trustees are aware of the Charity Governance Code and fulfil their trusteeships in that spirit - they are thus able to explain the charity's aims and how those aims are achieved, and are confident of the integrity of the charity's function in the public benefit.

Risk management

The Council Members keep under review the principal risks faced by the charity and seek to manage these. The key risks include the many risks associated with construction work, the ability of the charity to retain appropriately skilled volunteers and staff to facilitate running events and other sessions, and the need to retain the support of sufficient donors to ensure the charity can continue to operate.

Arrangements for setting pay and remuneration of key management personnel

The charity seeks to operate as far as possible using volunteers. However if full-time skilled members of the community require financial support, this may be offered at a flat rate of £430 per month plus food.

Two individual members of the Council also hold executive posts for the day-to-day management of the Charity. One of these (the Chairman) is financially supported for doing so; the other (the bookkeeper) does so in a voluntary capacity

Day to day delegation of management

The Council meets bi-monthly, either in person or by Zoom. The Treasurer circulates reports on financial matters to the Council monthly.

Day-to-day running of the Charity is undertaken by the on-site management team and directed by the Chair of Trustees, Jayaraja.

OBJECTIVES AND ACTIVITIES

The objectives of the charity are the advancement of the Buddhist religion, in particular:

(a) to encourage members and others to live in accordance with the teachings of the Buddha, with special reference to living, practicing and inspiring others to adopt a simple, natural, and ecologically sustainable approach to life and environmental stewardship, as exemplified by the Buddha and his immediate disciples.

(b) to support ordained members of the Triratna Buddhist Order and other duly ordained Buddhists.

(c) to maintain close communication with and work under the guidance of the Triratna Buddhist Order and in cooperation with other groups with the same objects.

In pursuit of its objects the Charity runs a variety of residential retreats, both introductory and those designed to help people deepen their practice and understanding of Buddhism.

It is also an objective of the Charity to encourage the establishment of a residential community, where Buddhists can live and practise together, initially working on the renovation of Alfoxton Park and subsequently in the running of the Retreat Centre.

2

THE ALFOXTON PARK TRUST TRUSTEES' REPORT FOR THE PERIOD ENDED 31 DECEMBER 2020

REVIEW OF ACTIVITIES

See chairman's report below.

PUBLIC BENEFIT

When planning the activities for the year, the trustees considered the Charity Commission's guidance on public benefit and are satisfied that the Charity's activities met the principles laid out in that guidance.

The Charity's strategy for achieving its objectives is to agree a list of priorities for the year and to move towards these objectives through agreeing actions at Council meetings, on site, and in meetings with visitors and local neighbours.

DIRECTORS AND MEMBERS OF THE BOARD OF TRUSTEES

The Directors and Members of the Board of Trustees who served during the year were:

FINANCIAL REVIEW

Incoming resources for the year amounted to £1,645,834, which was mainly comprised of donations. Expenditure amounted to £74,837.

Reserves policy

The closing balance of total reserves is £1,570,997 of which Restricted reserves totalled £247,217.

The Trustees aim to have a reserve level of approximately 6 months' of expenditure, slightly higher than if income was more certain. Unrestricted expenditure for 6 months is estimated at £37,000. Free reserves at the end of the year were £31,996.

PLANS FOR FUTURE PERIODS

The charity is currently focusing it's efforts in two areas. Firstly, the renovation of the buildings at Alfoxton Park so that they may be brought back into use and run as a Buddhist Retreat Centre. And secondly, operating a summer and autumn schedule of camping retreats in the grounds of Alfoxton Park.

FUND-RAISING ACTIVITIES

The charity does not carry out significant fundraising activities.

GOING CONCERN

The charity trustees are confident that it is a going concern.

CHAIRMAN'S REPORT

The Alfoxton Park Trust is a UK charity, no. 1189214. The Trust acquired the Alfoxton Park Estate in late June 2020, following a generous donation made for this specific purpose. Subsequently, we were able to claim GiftAid on this donation, which has largely funded the work of the Trust since then. Other funds have come from generous donations made by members of the public, and by those attending our events.

We are currently a community comprising around ten individuals resident at Alfoxton. The number varies as volunteers join us to share in our lifestyle and contribute to the project. Over the last year, we have hosted around 300 volunteers to help with the work of the Trust.

A typical day revolves around carrying out renovation works, restoring the land, hosting retreats, and taking care of the day-to-day tasks of living in community. Daily group meditation, meetings and meals make our lifestyle convivial and focussed.

Our activities over the last year can be divided into three strands, conducting retreats, restoring the buildings, and caring for the land.

3

THE ALFOXTON PARK TRUST TRUSTEES' REPORT FOR THE PERIOD ENDED 31 DECEMBER 2020

CHAIRMAN'S REPORT (continued)

Retreats

We have been engaged in bringing together Buddhist teachings and western culture through holding a number of retreats. Due to the dilapidated state of the buildings, these have all been camping retreats. In keeping with the Buddhist ideal of dana, or generosity, these have all been ‘by donation’, but we have been rewarded with many very generous donations.

The retreats we have held to date include:

Our retreats are facilitated by ordained members of the Triratna Buddhist Order, some of whom enjoy successful careers in academia alongside their commitment to Buddhism. They are open to all, and participants have included local residents, members of the general public, members of the national Triratna Buddhist Order, members of the Alfoxton community, and volunteers.

Additionally, we had a public performance of The Rime of the Ancient Mariner and a classical music concert for the local community.

Property Restoration

Another main objective is to restore the dilapidated Grade II listed Manor House and other buildings on the Estate. To this end, we have:

Caring for the land

Alfoxton Park sits in 52 acres, including ancient woodland, parkland and a walled garden. Many parts of the site are designated with SSSI status, it is also classified as an area of outstanding natural beauty.

4

THE ALFOXTON PARK TRUST TRUSTEES. REPORT FOR THE PERIOD ENDED 31 DECEMBER 2020 STATEMENT OF TRUSTEES. RESPONSIBIUTIES The Trustees are ￿Sponsible for preparing the Annu41 Report and Ihe finarrial gtslements W) accordance applicable law and regulations The Trustees are required to Prepare financial statements for ead) finanual year that gNe a Ift￿ and law ol the state of affairs ol the charity and of the incoming resources and aWsc4lion of resources of the chanty. Including Ihe net Income and expendrture of the chanty. for the year. In prepariNJ these ffianual stalements the Trus*es are required lo.. select suitable accounting poli￿e$ then appty them con8iStenlty,' observe the methods and prinuple8 in the Charilies SORP: make judgements and estimates that are reasonable and prud•nt: prepare the financial statements on the going concem basis unless r( is inappropriate to presume that the tharity will conts.nue in business. Auditors The aLSdrtors, Chater Allan LLP wll te proposed for re-appointment at the forthcomirrfJ Annual General Mtrt"rrfJ This ￿port, kthich has been prepared in accordance with Ihe Ststement of Recommended Pr8ctre- Accwthg and Reprybng by Chanbes. This reFWJt was approved by the TNstees on¥October 2021 and svjned on their behalt. ty. 15 Jayaraja Trustee

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE ALFOXTON PARK TRUST

Opinion

We have audited the financial statements for The Alfoxton Park for the period ended 31 December 2020 which comprise of the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows and the related notes on pages 12 to 17. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), and the 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 of Ireland (FRS 102) (effective 1 January 2019).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees' annual report , other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

6

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE ALFOXTON PARK TRUST

Other information (continued)

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are to required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that act

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

7

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE ALFOXTON PARK TRUST

Auditor’s responsibilities for the audit of the financial statements (continued)

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilites. This description forms part of our auditors report

Use of our report

This report is made solely to the charity's members, as a body in accordance with section 154 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the members those matters that we are required to state to them in an audit report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.

Chater Allan LLP Chartered Accountants & Statutory Auditors Beech House 4a Newmarket Road Cambridge CB5 8DT

Date: 30 October 2021

Chater Allan LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

8

THE ALFOXTON PARK TRUST STATEMENT OF FINANCIAL ACTIVITIES (Incorporating the Income and Expenditure Account) FOR THE PERIOD ENDED 31 DECEMBER 2020

Notes
Income from:
Grants and donations
2
Charitable activities
3
Total income
Expenditure on:
Charitable activities
4
Total expenditure
6
Net (losses)/gains on investments
Net income/(expenditure)
Transfer between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
£
61,409
4,115
65,524
74,837
74,837
-
(9,313)
1,333,093
1,323,780
-
1,323,780		 Restricted
Fund
£
1,580,310
-
1,580,310
-
-
-
1,580,310
(1,333,093)
247,217
-
.
247,217		 2020
Total
Funds
£
1,641,719
4,115
1,645,834
74,837
74,837
-
1,570,997
-
1,570,997
-
1,570,997

Continuing Operations

None of the charity's activities were discontinued during the current year. All of the charity's activities are continuing.

The notes on pages 12 to 17 form part of these financial statements.

9

THE ALFOXTON PARK TRUST BALANCE SHEET AS AT 31 Decemb•r 2020 Nots• 2020 Fixod Assets Tangible assets 1,291,784 1.291.784 CubTent Assots , Debtors Cash at bank and in hand 10 355,653 92,068 447,721 Liabilitie5 Creditors." amounts falling due within one year {168,508) Net Current A￿ts 279,213 Li•bilibes Creditors.. amounts falling due within one year Not Assats 1,570,997 The funds ol th• ¢harity: Restricted Funds Unrestricted Funds 14 14 247.217 1.323,780 Total charlty fund* 1,570.997 154k The financial statements y￿re approved by the board of trustees on ¥ Cthber 2021 and signed on Its behaff by.. Jayaraja (Chair of Trustees) Tru$tse The notes on pages 12 to 17 form part of these financial statements. 10

THE ALFOXTON PARK TRUST STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 DECEMBER 2020

2020
£
Cash flows from operating activities:
Net cash provided by operating activities 1,405,180
Cash flows from investing activities:
Purchase of property, plant and equipment (1,313,112)
Net cash provided by investing activities (1,313,112)
Change in cash and cash equivalents in the
reporting period 92,068
Cash and cash equivalents at the beginning
of the reporting period -
Cash and cash equivalents at the end of the
reporting period 92,068
Cash and cash equivalents at the end of the
reporting period
Cash at bank and in hand 92,068
92,068
Reconciliation of net income/(expenditure) to net cash flow from operating activities
2020
£
Net income/ (expenditure) for the reporting period 1,570,997
Adjustments for:
Depreciation charges 21,328
(Increase)/decrease in debtors (355,653)
Increase/(decrease) in creditors 168,508
Net cash provided by operating activities 1,405,180

11

THE ALFOXTON PARK TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

1. STATEMENT OF ACCOUNTING POLICIES

1.1 Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of investments, and in accordance Financial Reporting Standard 102 – 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102'), and 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 (FRS102) (effective 1 January 2019).

The Alfoxton Park Trust meets the definition of a public benefit entity under FRS 102.

The presentation currency of the financial statements is the Pound Sterling (£).

1.2 Charitable status

The charity is a CIO registered with the Charities Commission on 27 April 2020 and its trustees appointed under its constitution on 21 September 2019.

1.3 Fund accounting

General funds are unrestricted funds which are available for use at the direction of the trustees in the furtherance of the general objectives of the company and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors which have been raised by the company for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

1.4 Income

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

Investment income is included when receivable.

1.5 Expenditure

All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources. Expenditure includes any VAT which cannot be fully recovered.

12

THE ALFOXTON PARK TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

1. STATEMENT OF ACCOUNTING POLICIES (CONTINUED)

1.6 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.

1.7 Creditors and provisions

Creditors and provisions are recognised where The Alfoxton Park Trust 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.

1.8 Going concern

The Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The Trustees have considered the potential impact on the charity of the current global pandemic known as COVID-19. In the opinion of the Trustees there will be no material adverse effect on the charity's ability to continue. The trustees believe the charity is well placed to manage its business risks successfully despite the current uncertain economic outlook. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

1.9 Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Land and Buildings 2% per annum straight line Furniture and equipment 10% per annum straight line

The Trustees have estimated the value of land in proportion to the land and building and have considered that an estimate of 20% of the original purchase costs is reasonable and should not be depreciated.

13

THE ALFOXTON PARK TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

2. DONATIONS AND LEGACIES
Donations
Gift aid
3. INCOME FROM CHARITABLE ACTIVITIES
Retreats and other events
4. CHARITABLE EXPENDITURE
Activity:
Retreats and other events
Projects - Buddhist
4a. DIRECT COSTS
Staff costs
Insurance
Repairs and maintenance
Depreciation
Bank charges
Legal and professional fees
Food for the community
Vehicle expenses
Governance
Governance:
Audit
Accountancy		 Unrestricted
funds
£
60,130
1,279
61,409
4,115
4,115
Direct
Costs
£
(Note 4a)
8,384
58,800
67,184		 Restricted
Fund
£
1,254,294
326,016
1,580,310
-
-
Support
Costs
£
(Note 4b)
-
7,653
7,653		 2020
Total
£
1,314,424
327,295
1,641,719
4,115
4,115
2020
Total
£
8,384
66,453
74,837
Unrestricted
Funds
2020
£
11,180
7,714
6,360
21,328
16
-
2,557
4,545
5,100
58,800
4,200
900
5,100

14

THE ALFOXTON PARK TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

4b. SUPPORT COSTS

Office expenses
Travel and meetings
Utility bills
Volunteer expenses		 Unrestricted
Funds
2020
£
1,566
109
3,407
2,571
7,653

6. ANALYSIS OF RESOURCES EXPENDED BY EXPENDITURE TYPE

Staff costs
Depreciation
Other Costs
& Amortisation
£
£
£
Charitable Activities
11,180
21,328
42,329
11,180
21,328
42,329
7. NET INCOME
The excess of expenditure over income is stated after charging:
Depreciation of fixed assets - owned by the charity
Auditors' remuneration
8. STAFF COSTS
Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Project workers and administrative staff
No employee received remuneration totalling to more than £60,000 in this year.		 2020
Total
£
74,837
74,837
2020
£
21,328
4,200
2020
£
11,180
-
-
11,180
2020
4

The Chairman of the Board received remuneration of £2,150 in his capacity as Director of the building project.

15

THE ALFOXTON PARK TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

9. TANGIBLE FIXED ASSETS
Cost:
At 25 September 2019
Additions
At 31 December 2020
Depreciation:
At 25 September 2019
Charge for year
At 31 December 2020
Net book value:
At 31 December 2020		 Freehold
Land and
Buildings
£
-
1,312,073
1,312,073
-
21,224
21,224
1,290,849		 Furniture &
Equipment
Total
£
£
-
-
1,039
1,313,112
1,039
1,313,112
-
-
104
21,328
104
21,328
935
1,291,784

Fixed assets are all used for charitable purposes.

10. DEBTORS
Prepayments and accrued income
Other debtors		 2020
£
355,653
-
355,653

16

THE ALFOXTON PARK TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

CREDITORS: amounts falling due within one year
Trade creditors
Accruals and deferred income
Loans		 2020
£
1,290
27,218
140,000
168,508

11. CREDITORS: amounts falling due within one year

12. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fixed assets
Current assets
Current liabilities
13. MOVEMENT IN FUNDS
Unrestricted Funds
Resticted Funds:
Alfoxton Park Renovation
Total funds		 At 25
September
2019
£
-
-
-
-		 Incoming
Resources
£
65,524
1,580,310
1,580,310
1,645,834		 Unrestricted
Funds
£
1,044,567
447,721
(168,508)
1,323,780
Outgoing
Resources
£
(74,837)
-
-
(74,837)		 Restricted
Funds
£
247,217
-
247,217
Transfers
£
1,333,093
(1,333,093)
(1,333,093)
-		 2020
Total
£
1,291,784
447,721
(168,508)
1,570,997
At 31
December
2020
£
1,323,780
247,217
247,217
1,570,997

The Alfoxton Park Renovation restricted fund was established for the renovation of Alfoxton Park and outbuildings to create a retreat centre for Buddhist and artistic events. The transfer of £1,333,093 to unrestricted funds is the amount capitalised in the period.

14. RELATED PARTY TRANSACTIONS

The charity is not controlled by any one individual. During the year there were no material related party transactions.

17