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2025-03-31-accounts

Company registered number: 0565499 Charity number: 231310

The English Sangha Trust Ltd

TRUSTEES' REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

The English Sangha Trust Ltd

CONTENTS

Page
Referenceand Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2-11
Independent Auditor's Report 12-14
Consolidated Statement of Financial Activities 15
Company Statement of Financial Activities 16
Consolidated Balance Sheet 17
CompanyBalanceSheet 18
Consolidated Statement of Cash Flow 19
Company Statement of Cash Flow 20
Notes to the Financial Statements 21-35

Report of the Trustees Year ended 31 March 2025

REFERENCE AND ADMINISTRATIVE INFORMATION

Trustees

Brigitte Burnett Nicholas Carroll Randula Haththotuwa (13 April 2024 until 29 March 2025) Kazuko Kawamura Kathy Lazenbatt Caroline Leinster Juan Serrano (until 7 December 2024) John Peters Stevens (Chair)

Company Registered Number

0565499

Charity Registered Number

231310

Trust Secretary

Caroline Leinster (until 24 April 2024) Chathumini Wickramasingha (from 25 April 2024)

Registered Office

Amaravati Buddhist Monastery, Great Gaddesden, Hemel Hempstead, Hertfordshire, HP1 3BZ

Auditors

HaysMac LLP 10 Queen Street Place, London, EC4R 1AG

Bankers

CAF Bank Ltd. Kings Hill, West Malling, Kent, ME19 4JQ

National Westminster Bank plc

4 High Street, Petersfield, GU32 3JE and 9 Bank Court, Hemel Hempstead, HP1 1FB

Triodos Bank Ltd. Deanery Road, Bristol, B51 5AS

The Charity Bank Ltd. Fosse House, 182 High Street, Tonbridge, TN9 1BE

Fund Managers

CCLA Fund Managers Limited

1 Angel Lane, London EC4R 3AB

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Report of the Trustees Year ended 31 March 2025

Investment Managers

Rathbone Greenbank Investments

30 Gresham Street, London EC2V 7QN

Solicitors

Bates Wells London LLP 10 Queen Street Place, London, EC4R 1BE

The Trustees, Directors of the Charity for the Companies Act, submit their annual report and the audited consolidated financial statements for the year ended 31 March 2025. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice for Charities (SORP 2015) (Second Edition, effective 1 January 2019).

Glossary of terms

Anagarika/aa – male/female postulant; Bhikkhu – monk; Dhamma – Buddhist teaching; Kuti – monastic hut; Sala – meeting hall; Samanera – novice; Sangha – members of the monastic community; Sasana – teachings; Siladhara – nun; Thera – senior monk; Theri – senior nun; Theravada – branch of Buddhism widespread in SE Asia; Vihara – residence.

1. OBJECTIVES AND ACTIVITIES

1.1 Objects of the Charity as set out in its Governing Document

The objects of the Charity are to "further the teaching and practice of the Buddha (Buddha Sasana) in the United Kingdom by the provision of residential centres and other requisites for bhikkhus, siladhara and samaneras; the provision of accommodation for instruction, for other followers of Theravada Buddhism; the provision of teaching and study of Theravada Buddhism; as requested by the Theras and Theris of the English Sangha, the relief of followers of Theravada Buddhism who are in need by reason of age, ill-health, disability or other disadvantage".

1.2 Public Benefit

The Trustees confirm that they have complied with the duties enshrined in the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission in determining the activities undertaken by the Charity. In particular, when reviewing the Charity's objectives and planning future activities, the Trustees refer to the Charity Commission's guides PB1, PB2 and PB3.

In the interests of transparency, the Trustees make the following observations on the two fundamental principles of public benefit.

Principle 1: There must be an identifiable benefit or benefits

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Report of the Trustees Year ended 31 March 2025

The benefits are set out below in the Review of Activities. The Trustees review the Charity's activities against its aims on an ongoing basis and are satisfied that all the actions continue to be related to the purposes. It has not identified issues of detriment or harm.

Principle 2 : Benefit must be to the public or a section of the public

As set out in the Review of Activities, the Charity provides a wide range of services and facilities from which the public can benefit, all of which are available free of charge.

1.3. Environmental, Social and Governance (ESG) Statement

Environmental

Both the Charity and the monastic communities it supports are committed to assessing the ethical impact and sustainability of all activities and practices. New buildings are being constructed in accordance with very progressive Passivhaus standards of energy efficiency, including high levels of insulation, solar collectors where possible, heat pumps and all-electric kitchens. Non-toxic, locally sourced construction materials are preferred. Recycling standards are high, some vehicles are now electric and much effort goes into sustainable management of the 200 acres of land and forest across the two monasteries.

Social

At any given time the two monastery communities comprise a diverse group of people from up to 25 different nationalities. DEI initiatives are being undertaken, such as the construction of genderneutral toilets and showers. Being public places, both monasteries take Health and Safety very seriously, and continually review and upgrade training within the two resident communities. The Charity’s staff are offered fair pay and generous employer pension contributions.

Governance

The Charity is transparent with its supporters about its financial management; its banking and investing has been organised to align with Buddhist ethics and values. It works to have a diverse range of supporters and residents on the board of trustees and respective committees.

1.4 Review of Activities

The primary financial responsibility of the Charity is the development, maintenance and upkeep of Amaravati and Cittaviveka, two Buddhist monasteries in the UK. These continue to attract members of the public of all faiths and none who are interested to learn about, or deepen their understanding of, the Buddha’s teachings, foremost of which is the path of practice leading to the end of suffering. This includes mindfulness meditations, which are now commonly practised in secular society.

There are typically about 65 monks and nuns at the two monasteries, with around 10 to 13 long-term lay residents and up to 40 guests/visitors. Both men and women, who wish to commit more fully to the Theravadan Buddhist path, may apply to enter the monastic training, typically spending a few months at one of the monasteries before taking the anagarika/aa precepts. After a year or two of practising as an anagarika/aa, they may ask to be accepted into the community of monks or nuns.

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Report of the Trustees Year ended 31 March 2025

The monasteries are focal points for an extensive lay community. They provide spiritual support to and are generously supported by Buddhists from the UK and many other countries, including members of the Thai, Sri Lankan, Cambodian and Lao communities. For many lay Buddhists, supporting the monastic sangha – materially or practically – is considered a source of great happiness.

The monasteries are generally open to the public, and all are welcome to join in periods of meditation and devotional practices and to hear teachings. Some visitors visit the monasteries and their grounds to enjoy their peaceful and calm environments, which they find conducive to quiet reflection.

Mindfulness meditations and the cultivation of loving-kindness and compassion are practices with proven therapeutic benefits, which have been adopted and adapted by mental health professionals. For example, based on research evidence, the National Institute for Health and Care Excellence recommends Mindfulness-Based Cognitive Therapy as well as group mindfulness and meditation as a treatment option for depression. Members of the public are welcome to attend Saturday meditation classes at Amaravati, talks given by monastics on at least one evening a week and every Sunday afternoon from July to October. Cittaviveka offers a monthly Lay Forum, which is led by monastics and lay supporters, as well as guided meditations both online and in-person. All teaching and classes are offered free of charge. Both monasteries also make a wide range of videos (via YouTube), books and podcasts on Buddhist teaching and meditation available to the public.

The Christmas Humphreys Memorial Library is a rich resource on Buddhism and humanistic subjects for the community, holding more than 25,000 books, with an online catalogue. It is available to any sangha member in any branch monastery, lay residents and any member of the public. The Trust has continued to receive donations which have supported the printing of Dhamma books (17 titles this year), which are available for free distribution to supporters and members of the public.

In addition to fifteen retreats (ten online and five in person) led by monks and nuns, retreats run by lay supporters were also open to the public. The Amaravati Lay Buddhist Association (ALBA), the Bodhinyana Group and the Buddhist Women’s Network (BWN), which are Buddhist lay groups affiliated with Amaravati Buddhist Monastery, ran programmes of frequent meetings and retreats for practice, reflection and discussion, with participation both in-person and online. Two one-day events for families and young people took place, led by monastics with lay support.

The annual Vesak ceremony (recalling the birth, enlightenment and final passing of the Buddha) and Kathina ceremony (where members of the public provide the sangha with necessities, including cloth for robes) were held at Amaravati and Cittaviveka and attended by many visitors.

The Charity supports educational visits. During the year 26 school groups visited Amaravati, while Cittaviveka hosted eight school groups and visited two schools. Teachers, students and groups from other faiths are regular visitors. The Charity also provides material for studying Buddhism and on monastery life to these visitors and others who request them.

Buddhist teachings emphasise meditation and the importance of maintaining high ethical standards.

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Report of the Trustees Year ended 31 March 2025

Social virtues such as concern for the welfare of others, non-envy, generosity, moderation and trustworthiness are encouraged, as well as respect for the natural environment. Studies have found that generosity, in the form of both volunteering and charitable donations, has physical and psychological benefits to both giver and recipient.

2. VOLUNTEERS

The Charity is very grateful for the contribution made by its volunteers. They assist in various areas, including library, office and administrative work, maintaining and updating the Amaravati website, maintenance work, gardening, cooking, driving, helping with ceremonies, including Kathina and Vesak, and serving as members of the various committees and advisory groups. The sangha provides spiritual guidance and practical leadership in many of these areas.

3. ACHIEVEMENTS OF THE CHARITY

The Trustees identified the following objectives for 2024/25, which were fulfilled as detailed:

At Cittaviveka (Chithurst Buddhist Monastery)

At Amaravati Buddhist Monastery

Items across The English Sangha Trust

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Report of the Trustees Year ended 31 March 2025

4. FINANCIAL REVIEW

4.1 Review of financial position

The Charity is well supported by the generosity of the sangha's many supporters. Gross income for the group was £2,104,664 (2023-24: £2,899,630) including legacy income of £226,903 (2023-24: £50,822).

The Charity acknowledges with particular appreciation, donations totalling £312,500 (2023-24: £625,000) from one donor, for construction of the new Sala. This has yet again given a tremendous boost to the Charity's work of supporting the development of the community and sharing Buddhist teachings.

Charitable expenditure for the group was £1,591,536 (2023-24: £1,152,686) giving a net income for the group of £494,956 (2023-24: £1,750,744) after net losses on investments of £21,343.

Capital expenditure for the group was £4.582,861 (2023-24: £4,733,143). The major item of capital expenditure in the year was the construction of a new Sala, kitchen and outlying buildings at Amaravati. The Sala building was completed in December 2024.

4.2 Reserves Policy

4.2i Review Period

The reserves policy is reviewed annually by the Finance sub-Committee, and more often should significant changes in circumstances arise. The sub-committee makes recommendations for approval at Trustees' meetings.

4.2ii Level of reserves

The Trustees have established a policy whereby the unrestricted funds not committed to tangible fixed assets should be sufficient to cover any budget deficit in the coming year, plus the equivalent of the greater of (i) approximately six months' typical expenditure or (ii) two years' core essential costs, assuming that it is reduced but not nil income.

As of 31 March 2025 the Trustees have calculated that the group should aim to have approximately £1,326,000 retained as unrestricted general funds; these funds stood at £1,379,602 at that date (31 March 2024: £1,040,914).

Details of the Charity's reserves are provided in notes 15 to 18 of the financial statements.

4.3 Investment policy

Under the Memorandum and Articles of Association, the Charity has the power to make any investments that the Trustees see fit. The overall investment strategy was last reviewed in 2023, and has three principal parts:

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Report of the Trustees Year ended 31 March 2025

Firstly, the Charity developed ethical investing criteria with details on sustainability, compassion and concern for others, and ethical integrity. It aspires to have all its funds held in products that meet those criteria.

Secondly, as most of the Charity’s funds are expected to be needed within a five-year time horizon, these are held in short-term and medium-term cash deposits, primarily in organisations providing ethical investment products. Regular reviews and searches are made to stay current with what investment products are available.

Thirdly, in 2022 the Charity established the Samana Care Fund. This is a reserve fund to supplement the cost of care for ageing or infirm monks and nuns. The intention is to build up a fund over a 10-15 year horizon, not drawing on it until it reaches a threshold of £1.5 million - £2.0 million. For such a long-term time horizon, Trustees agreed this fund could be invested in a mixed portfolio of equities and bonds, and be managed by an ethical investment manager. In 2023 trustees appointed Rathbone Greenbank (RG), and in January 2024, an initial £250k was passed to RG to manage the choices of ethical investment products in accordance with the Trust’s investment policy. The Trustees have reviewed the investment portfolio and are satisfied with the performance, and with Rathbone Greenbank’s management of it.

4.4 Fundraising Policy

The Charity does not engage in fundraising. The Charity's policy is to invite free-will donations by making supporters aware of the needs of the monasteries. The principle of generosity is well established in Buddhist practice, which can take the form of offering service and requisites as well as donations. The Charity incurs no fundraising costs. The Charity provides occasional information regarding the financial status of the organisation.

The Charity would discourage people from making donations they cannot afford, should they suspect they would overreach themselves. Retreat Centre managers know that some retreatants can be vulnerable at the end of a retreat. There are always clear opportunities to express gratitude other than by making monetary donations. Fundraising complaints would be taken very seriously and reported to the Trustees. There were none reported in the year.

5 . PLANS FOR 2025-26

The Trustees have identified the following objectives for the year to 31 March 2026:

At Cittaviveka (Chithurst Buddhist Monastery)

At Amaravati Buddhist Monastery

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Report of the Trustees Year ended 31 March 2025

Items across The English Sangha Trust

6. STRUCTURE AND GOVERNANCE

6.1 Constitution and Governing Document

The Charity is a charitable company limited by shares and was established on 1 May 1956. It is governed by its Memorandum and Articles of Association, which were last amended, by a special resolution, on 26 November 2016.

Legal responsibility for the management and stewardship of the Charity is vested in the Board of Trustees.

6.2 Method of appointment or election of Trustees

The management of the Charity is the responsibility of the Trustees who are elected under the terms of the Memorandum and Articles of Association.

6.3 Induction and training of new Trustees

As part of their induction programme, all new Trustees must read and be familiar with several key documents, including the Charity's Memorandum and Articles of Association, the Charity's financial statements for prior years and the minutes of board meetings, sub-committee meetings and the Annual General Meeting. They are also provided with information about their duties as Trustees (CC3). They are required to read, understand and sign a Memorandum of Understanding and Intention.

All new Trustees are experienced in Charity or other management, are assigned a mentor from amongst the trustees, and invited to take additional external training. New laws and regulations are presented at meetings.

6.4 Organisational structure and decision making

The Charity has £12 of share capital comprising 12 shares with a value of £1. Until 26 November 2016, these were divided equally between sangha members and lay Trustees. On that date, the lay Trustees agreed to relinquish their six shares, three of which have been assigned to sangha members, with the remaining three reassigned in due course. The Sangha-held shares are typically divided into three groups, 'Managing', 'Elder' and 'Other'. Only the Managing Group sangha members

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Report of the Trustees Year ended 31 March 2025

attend Trustee meetings.

As set out in the Articles of Association, one-third of the Trustees are subject to retirement by rotation on an annual basis. The constitution of the Charity does not allow sangha members to be Trustees. There are currently six Trustees – the constitution allows between three and nine in number.

The Board of Trustees, which usually meets at least four times a year , administers the Charity. The Trustees have established sub-committees with delegated powers in specialist areas. These include sub-committees covering EST-wide finance, plus maintenance at Amaravati, together with an advisory group at Cittaviveka (Chithurst Buddhist Monastery), all of which report to the Trustees. The EST has also an ad-hoc Duty of Care Working Group consolidating Health and Safety practices and the legal responsibilities of Trustees. A new Remit for an Investment sub-Committee was agreed in November 2022, to manage the implementation of the Ethical Investment Policy.

The day-to-day management and operation of the Charity are carried out by the Trust Secretary, in consultation with representatives of the monks' and nuns' communities at Amaravati and Cittaviveka.

The Charity considers its key management personnel as Trustees, unremunerated for their services.

6.5 Relationship with other organisations

The Charity has a 100% subsidiary, Amaravati Developments Ltd., which it set up in 2013 to redevelop the Amaravati Buddhist Monastery site. Amaravati Developments has built numerous residential buildings since then, mainly for the nuns, and in December 2024 completed its biggest project yet, the Sala (the monastery refectory and kitchen). Its next project, The Vihara (monks’ and laymen’s accommodation), was submitted for planning in April 2025.

The Charity is closely associated with Hartridge Buddhist Monastery Trust (HartBMT), the Devon Vihara Trust (DVT), Harnham Buddhist Monastery Trust (HBMT), and the Milntuim Hermitage Trust (MHT). These are all independent charities whose objectives are consistent with those of The English Sangha Trust. The HartBMT and the DVT act as stewards for Hartridge Buddhist Monastery in Devon. The HBMT is the steward for Harnham Buddhist Monastery (Aruna Ratanagiri) in Northumberland. The MHT acts as steward for the Milntuim Hermitage near Crieff, Scotland .

The members of the communities which reside in properties owned by the Charity also maintain close association with other Theravada Buddhist Communities in the UK, Europe, North America, South America, New Zealand, Australia and Thailand. A complete list of these is available from the website www.forestsangha.org. Association is maintained with other Buddhist Associations and communities and other monastic communities.

6.6 Risk management

The Trustees have a risk management strategy which includes an annual review of the risks that the Charity faces, together with follow-up work to monitor progress on managing risk.

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Report of the Trustees Year ended 31 March 2025

Following this strategy, the Trustees assessed the significant risks to which the Charity is exposed during the year. In particular, those relating to the operations and finances confirmed that they had established systems to mitigate the significant risks.

They have concluded that maintaining the unrestricted reserves at the above level (see Financial Review), combined with a regular review of the operational and financial systems and controls, will provide sufficient resources in adverse conditions.

The main financial risks the Charity manages are related to the tradition of Theravada communities being dependent on donations to meet running costs and to fund an ongoing programme of redeveloping buildings at the monasteries. The main non-financial risk relates to the potential impact of the loss of crucial sangha or lay managers and contractors through illness or other unexpected events.

The Charity continues to take professional advice where this will be useful to the Charity, including, for instance, on contractual and other legal issues.

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

7. STATEMENT OF TRUSTEES' RESPONSIBILITIES

The Trustees, as Directors of the charitable company, are responsible for preparing the Trustees’ report and the financial statements following applicable laws and regulations. Company law requires the Directors to prepare financial statements for each financial year which give an accurate and fair view of the state of affairs of the company and the group and of the incoming resources and application of resources, including the income and expenditure of the charitable group for that period.

In preparing those financial statements, the Directors are required to:

The Trustees are responsible for keeping sufficient records to show and explain the Charity's transactions and to disclose with reasonable accuracy at any time the financial position of the Charity, and enable them to ensure that the financial statements comply with the Companies Act of 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps to detect and prevent fraud and other irregularities.

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Report of the Trustees Year ended 31 March 2025

The Trustees are responsible for maintaining the integrity of the corporate and financial information on the charitable company's websites. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

8. PROVISION OF INFORMATION TO AUDITORS

So far as each of the Trustees/Directors is aware at the time the report was approved:

In preparing this report, the Trustees have taken advantage of the small companies' exemptions provided by section 415A of the Companies Act 2006.

On 18 November 2024 the company’s auditor changed its name from haysmacintyre LLP to HaysMac LLP.

This report was approved by the Board of Directors and Trustees and signed on their behalf on 27[th] September 2025.

Caroline Leinster Trustee

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Independent auditor’s report to the members of English Sangha Trust

Opinion

We have audited the financial statements of English Sangha Trust for the year ended 31 March 2025 which comprise the Consolidated and Company Statements of Financial Activities, the Consolidated and Company Balance Sheets, the Consolidated and Company Statements of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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 group 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 group'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 trustees 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’ Report. 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.

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.

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Independent auditor’s report to the members of English Sangha Trust

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report (which incorporates the directors’ report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 10, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 group’s and the parent charitable company’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 group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to employment law and health and

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Independent auditor’s report to the members of English Sangha Trust

safety regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011 and payroll taxes.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to recognition of income and management bias in certain accounting estimates. Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's 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 charitable company and the charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Lee Stokes (Senior Statutory Auditor) 10 Queen Street Place For and on behalf of HaysMac LLP, Statutory Auditor London Date: 7 October 2025 EC4R 1AG

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The English Sangha Trust Ltd

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 Including Income & Expenditure Account

Income and endowments from:
Donations and legacies
Investments
Other
Total income and endowments
Expenditure on:
Charitable activities
Total expenditure
Net gains/(losses) on investments
Net income
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
Restricted
Total Funds
Notes
Funds
Funds
2025
2024
£
£
£
£
2
1,243,280
648,904
1,892,184
2,555,419
3
181,252
11,136
192,388
328,037
4
23,263
-
23,263
16,174
1,447,795
660,040
2,107,835
2,899,630
5
1,518,533
73,003
1,591,536
1,152,686
1,518,533
73,003
1,591,536
1,152,686
(21,343)
-
(21,343)
3,800
(92,081)
587,037
494,956
1,750,744
15
3,524,916
(3,524,916)
-
-
3,432,835
(2,937,879)
494,956
1,750,744
21,665,508
3,792,687
25,458,195
23,707,451		 Unrestricted
Restricted
Total Funds
Notes
Funds
Funds
2025
2024
£
£
£
£
2
1,243,280
648,904
1,892,184
2,555,419
3
181,252
11,136
192,388
328,037
4
23,263
-
23,263
16,174
1,447,795
660,040
2,107,835
2,899,630
5
1,518,533
73,003
1,591,536
1,152,686
1,518,533
73,003
1,591,536
1,152,686
(21,343)
-
(21,343)
3,800
(92,081)
587,037
494,956
1,750,744
15
3,524,916
(3,524,916)
-
-
3,432,835
(2,937,879)
494,956
1,750,744
21,665,508
3,792,687
25,458,195
23,707,451
1,243,280
648,904
1,892,184
2,555,419
181,252
11,136
192,388
328,037
23,263
-
23,263
16,174
1,447,795
660,040
2,107,835
2,899,630
1,518,533
73,003
1,591,536
1,152,686
1,518,533
73,003
1,591,536
1,152,686
(21,343)
-
(21,343)
3,800
(92,081)
587,037
494,956
1,750,744
3,524,916
(3,524,916)
-
-
3,432,835
(2,937,879)
494,956
1,750,744
21,665,508
3,792,687
25,458,195
23,707,451
25,098,343
854,808
25,953,151
25,458,195

The statement of financial activities includes all gains and losses recognised during the year.

All income and expenditure derives from continuing activities.

The notes on pages 21 to 35 form part of these financial statements.

15

The English Sangha Trust Ltd

COMPANY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 Including Income & Expenditure Account

Unrestricted Restricted Total Funds
Notes Funds Funds 2025 2024
£ £ £ £
Income and endowments from:
Donations and legacies 1,243,280 648,904 1,892,184 2,555,419
Investments 181,252 11,136 192,388 328,037
Other 142,772 - 142,772 136,774
Total income and endowments 1,567,304 660,040 2,227,344 3,020,230
Expenditure on:
Charitable activities 1,525,455 73,003 1,598,458 1,158,445
Total expenditure 1,525,455 73,003 1,598,458 1,158,445
Net gains/(losses) on investments (21,343) - (21,343) 3,800
Net income 20,506 587,037 607,543 1,865,585
Transfers between funds 3,524,916 (3,524,916) - -
Net movement in funds 3,545,422 (2,937,879) 607,543 1,865,585
Reconciliation of funds:
Total funds brought forward 21,915,513 3,792,687 25,708,200 23,842,615
Total funds carried forward 25,460,935 854,808 26,315,743 25,708,200

The statement of financial activities includes all gains and losses recognised during the year.

All income and expenditure derives from continuing activities.

The notes on pages 21 to 35 form part of these financial statements.

16

The English Sangha Trust Ltd

Company registration number: 0565499

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2025

Notes
Fixed assets
Tangible fixed assets
11
Investments
12
Total fixed assets
Current assets
Debtors
13
Cash at bank and in hand
Total current assets
Creditors: amounts falling
due within one year
14
Net current assets
Net assets
Charity funds:
Restricted funds
15
Unrestricted funds
Designated funds
15
General funds
15
Share capital
16
Total unrestricted funds
Total charity funds		 2025
£
23,174,862
285,593
23,460,455
407,530
2,549,604
2,957,134
(464,438)
2,492,696
25,953,151
854,808
23,718,729
1,379,602
12
25,098,343
25,953,151		 2024
£
19,157,938
254,524
19,412,462
380,947
6,419,440
6,800,387
(754,654)
6,045,733
25,458,195
3,792,687
20,624,582
1,040,914
12
21,665,508
25,458,195

The trustees have prepared group accounts in accordance with section 398 of the Companies Act 2006 and section 138 of the Charities Act 2011. These financial statements are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.

The financial statements were approved and authorised for issue by the Board on 27th September 2025 and signed on their behalf by:

Caroline Leinster - Trustee

The notes on pages 22 to 36 form part of these financial statements.

17

The English Sangha Trust Ltd

Company registration number: 0565499

COMPANY BALANCE SHEET AS AT 31 MARCH 2025

Notes
Fixed assets
Tangible fixed assets
11
Investments
12
Total fixed assets
Current assets
Debtors
13
Cash at bank and in hand
Total current assets
Creditors: amounts falling
due within one year
14
Net current assets
Net assets
Charity funds:
Restricted funds
15
Unrestricted funds
Designated funds
15
General funds
15
Share capital
16
Total unrestricted funds
Total charity funds		 2025
£
23,537,454
285,593
23,823,047
404,147
2,548,691
2,952,838
(460,142)
2,492,696
26,315,743
854,808
24,081,320
1,379,603
12
25,460,935
26,315,743		 2024
£
19,407,943
254,524
19,662,467
417,548
6,394,547
6,812,095
(766,362)
6,045,733
25,708,200
3,792,687
20,874,586
1,040,915
12
21,915,513
25,708,200

These financial statements are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.

The financial statements were approved and authorised for issue by the Board on 27th September 2025 and signed on their behalf by:

Caroline Leinster - Trustee

The notes on pages 22 to 36 form part of these financial statements.

18

The English Sangha Trust Ltd

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

Notes
Cash flow from operating activities
19
Cash flows from investing activities
Investment income received
Purchase of tangible fixed assets
Purchase of fixed asset investments
Sale of fixed asset investments
Movement in investment cash
Net cash flows from investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1st April 2024
Cash and cash equivalents at 31st March 2025
Cash and cash equivalents consist of:
Cash at bank and in hand
Cash and cash equivalents at 31st March 2025		 2025
2024
£
£
573,052
1,800,159
192,388
328,037
(4,582,861)
(4,733,143)
(353,952)
(234,402)
294,710
-
6,827
(16,322)
(4,442,888)
(4,655,830)
(3,869,836)
(2,855,671)
6,419,440
9,275,111
2,549,604
6,419,440
2,549,604
6,419,440
2,549,604
6,419,440
Total Funds		 2025
2024
£
£
573,052
1,800,159
192,388
328,037
(4,582,861)
(4,733,143)
(353,952)
(234,402)
294,710
-
6,827
(16,322)
(4,442,888)
(4,655,830)
(3,869,836)
(2,855,671)
6,419,440
9,275,111
2,549,604
6,419,440
2,549,604
6,419,440
2,549,604
6,419,440
Total Funds
1,800,159
328,037
(4,733,143)
(234,402)
-
(16,322)
(4,655,830)
(2,855,671)
9,275,111
6,419,440
6,419,440
6,419,440

ANALYSIS OF CHANGES IN NET DEBT

The group has no debt and cash movements can be seen in the Statement of Cash Flows.

19

The English Sangha Trust Ltd

COMPANY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

Notes
Cash flows from operating activities
19
Cash flows from investing activities
Investment income received
Purchase of tangible fixed assets
Purchase of fixed asset investments
Sale of fixed asset investments
Movement in investment cash
Net cash flows from investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1st April 2024
Cash and cash equivalents at 31st March 2025
Cash and cash equivalents consist of:
Cash at bank and in hand
Cash and cash equivalents at 31st March 2025		 2025
2024
£
£
713,337
1,927,857
192,388
328,037
(4,699,170)
(4,850,539)
(353,952)
(234,402)
294,710
-
6,831
(16,322)
(4,559,193)
(4,773,226)
(3,845,856)
(2,845,369)
6,394,547
9,239,916
2,548,691
6,394,547
2,548,691
6,394,547
2,548,691
6,394,547
Total Funds		 2025
2024
£
£
713,337
1,927,857
192,388
328,037
(4,699,170)
(4,850,539)
(353,952)
(234,402)
294,710
-
6,831
(16,322)
(4,559,193)
(4,773,226)
(3,845,856)
(2,845,369)
6,394,547
9,239,916
2,548,691
6,394,547
2,548,691
6,394,547
2,548,691
6,394,547
Total Funds
1,927,857
328,037
(4,850,539)
(234,402)
-
(16,322)
(4,773,226)
(2,845,369)
9,239,916
6,394,547
6,394,547
6,394,547

ANALYSIS OF CHANGES IN NET DEBT

The company has no debt and cash movements can be seen in the Statement of Cash Flows.

20

The English Sangha Trust Ltd

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. ACCOUNTING POLICIES

1.1 Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice for charities (SORP 2015) (Second Edition, effective 1 January 2019) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The English Sangha Trust Limited meets the definition of a public benefit entity under FRS 102 . Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Statement of Financial Activities (SOFA) and Balance Sheet consolidate the financial statements of the company and its wholly owned subsidiary undertaking - Amaravati Developments Limited. The results of the subsidiary are consolidated on a line by line basis.

1.2 Tangible fixed assets and depreciation

All assets costing more than £2,000 are capitalised.

Tangible fixed assets are stated at cost less accumulated depreciation, less accumulated impairment losses. Cost includes costs directly attributable to making the asset work as intended. 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:

n the following bases:
Freehold buildings: 1 - 2% straight line
Site Improvements: 10% straight line
Fixtures and fittings: 20% straight line
Plant & equipment: 20% straight line
Motor vehicles: 20% straight line

1.3 Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange gains and losses are recognised in the Statement of Financial Activities.

21

The English Sangha Trust Ltd

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (Continued)

1. ACCOUNTING POLICIES (continued)

1.4 Company status

The company is a company limited by shares. The members of the company include the trustees named on page 1.

1.5 Fund accounting

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

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or 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.

Investment income, gains and losses are allocated to the appropriate fund.

1.6 Income recognition

Income is included in the Statement of Financial Activities when the charity has legal entitlement to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. The charity has no viable means of measuring the value of nonmonetary donations.

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period .

For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material (see note 2).

Income tax recoverable in relation to donations received under Gift Aid is recognised at the time of the donation.

Investment income is recognised on a receivable basis.

No amount is included in the financial statements for volunteer time in line with SORP (FRS 102). Further details regarding volunteers are given in the Trustees Annual Report.

22

The English Sangha Trust Ltd

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (Continued)

1. ACCOUNTING POLICIES (continued)

1.7 Expenditure recognition

Expenditure is accounted for on an accruals basis and has been classified under expense headings that aggregate all costs related to the category. Charitable expenditure comprises all expenditure deemed to directly relate to the objectives of the charity.

Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.

Governance costs include audit costs, legal advice for the trustees and any other costs incurred in connection with compliance with constitutional and statutory requirements.

Support costs - the amounts disclosed under each of the above categories comprise those costs which are directly attributable to that category together with an apportionment of support costs where appropriate.

1.8 Pensions

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

1.9 VAT

The charity is not registered for VAT. In common with many other registered charities, The English Sangha Trust Limited's expenditure is inflated by VAT, which cannot be recovered. Irrecoverable VAT is charged against the expenditure heading for which it was incurred. The charity's subsidiary Amaravati Developments Limited is registered for VAT and its expenditure is recorded net of VAT reclaimed.

1.10 Debtors

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.

1.11 Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

23

The English Sangha Trust Ltd

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (Continued)

1. ACCOUNTING POLICIES (continued)

1.12 Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in 'net gains / (losses) on investments' in the SOFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Current asset investments are short term highly liquid investments and are held at fair value. These include cash on deposit and cash equivalents with a maturity of less than one year.

1.13 Bank and cash

Cash at bank and in hand includes bank accounts , cash and short term highly liquid investments with a short maturity of twelve months or less from the date of acquisition or opening of the deposit or similar account.

1.14 Estimation uncertainty

In the view of the trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year .

1.15 Financial instruments

The charity 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.

1.16 Preparation of the accounts on a going concern basis

The charity contiues to ensure the financial sustainability of the charity through careful budgetting , forecasting and cash flow management. The trustees confirm that they have no material uncertainties about the entity's ability to contiue as a going concern for the foreseeable future.

24

The English Sangha Trust Ltd

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (Continued)

2 . INCOME FROM DONATIONS AND LEGACIES

GROUP
Gifts
Legacies		 Unrestricted
Restricted
Total
Funds
Funds
Funds
2025
2025
2025
£
£
£
1,016,377
648,904
1,665,281
226,903
-
226,903
1,243,280
648,904
1,892,184		 Unrestricted
Restricted
Total
Funds
Funds
Funds
2024
2024
2024
£
£
£
1,719,938
784,659
2,504,597
50,822
-
50,822
1,770,760
784,659
2,555,419
3 . INCOME FROM INVESTMENTS
Unrestricted
Restricted
Total
Funds
Funds
Funds
2025
2025
2025
GROUP
£
£
£
Investment income
181,252
11,136
192,388
181,252
11,136
192,388		 Unrestricted
Restricted
Total
Funds
Funds
Funds
2024
2024
2024
£
£
£
315,841
12,196
328,037
315,841
12,196
328,037

All of the company and group's investment income arises from money held in interest bearing deposit accounts and listed investments.

4 . OTHER INCOME

OTHER INCOME
GROUP
Other income		 Unrestricted
Restricted
Total
Funds
Funds
Funds
2025
2025
2025
£
£
£
23,263
-
23,263
23,263
-
23,263		 Unrestricted
Restricted
Total
Funds
Funds
Funds
2024
2024
2024
£
£
£
16,174
-
16,174
16,174
-
16,174

Other income includes grants for management of woodland, feed in tariff and royalties from overseas book sales.

25

The English Sangha Trust Ltd

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (Continued)

5 . ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES

Activities undertaken directly

Activities undertaken directly
GROUP
Staff costs
Welfare & food
Maintenance
Depreciation & (surplus)/loss on disposal
Heat, light, water and Council Tax
Insurance
Travel
Publications
Printing & postage
Legal and professional fees
Communications
Donations
Bank Charges
Sundry capital equipment (items less than £2,000)
Other administration costs
Governance costs		 2025
£
105,927
194,493
219,098
565,937
168,498
69,980
102,408
63,421
7,540
4,030
15,762
1,050
1,655
53,068
4,703
13,966
1,591,536		 2024
£
57,333
135,866
217,503
342,853
154,324
59,871
68,616
41,364
6,436
4,221
13,887
1,075
2,124
30,563
4,760
11,890
1,152,686

During the year, of the total expenditure on charitable activities, £1,518,533 (2024: £1,108,853) was to unrestricted funds and £73,003 (2024: £43,833) was to restricted funds.

All costs relate to charitable expenditure and all charitable expenditure relates to community and welfare activities. The charity does not incur any identifiable costs of raising funds.

6 . GOVERNANCE COSTS

GROUP
Audit and accountancy fees
Trustee travel expenses
7 . AUDITOR'S REMUNERATION
GROUP
Consultancy fees: taxation advice
Fees payable to the charity's auditor and its associates for the audit of
the charity's annual accounts		 2025
£
12,656
1,310
13,966
2025
£
16,706
-
16,706		 2024
£
10,512
1,378
11,890
2024
£
14,212
3,950
18,162

£4,050 (2024: £3,700) of audit fees were capitalised in the year, being directly attributable to the new building programme at Amaravati Buddhist Monastery.

26

The English Sangha Trust Ltd

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (Continued)

8 . NET INCOME FOR THE YEAR

Net income for the year is stated after charging:

Net income for the year is stated after charging:
Depreciation on tangible fixed assets owned by the group 2025
£
565,937
565,937		 2024
£
342,853
342,853

9 . TRUSTEES' AND KEY MANAGEMENT PERSONNEL REMUNERATION AND EXPENSES

The trustees neither received nor waived any remuneration in the year (2024: £nil).

John Stevens trustee received £1,310 reimbursement of travel expenses during the year (2024: £1,378).

The charity considers its key management personnel to be its trustees who are unremunerated for their services as trustees.

10 . STAFF COSTS AND EMPLOYEE BENEFITS

The average monthly number of employees and full time equivalent (FTE) during the year was as follows:

Administrative and project management 2025
2025
2024
2024
Number
FTE
Number
FTE
4
4
3
3
4
4
3
3

The total staff costs and employees benefits was as follows:

GROUP
Salaries and wages
Social security costs
Other pension costs		 2025
£
151,450
10,701
30,492
192,643		 2024
£
111,117
6,583
24,942
142,642

£50,302 of staff costs were capitalised in the year, being costs directly attributable to the new building programme at Amaravati Buddhist Monastery (2024: £50,982).

No employee received emoluments (excluding pension costs) of more than £60,000 (2024: none).

The charity operates a contributory pension scheme. It is a defined contribution scheme and contributions are charged in the statement of financial activities as they accrue. The charge for the year was £30,492 (2024: £24,942).

The charity benefits from the support of many volunteers. Further information is provided in the Report of the Tustees, section 2, 'Volunteers'.

27

The English Sangha Trust Ltd

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (Continued)

11 . TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
GROUP
Cost
1 April 2024
Additions
Disposals
31 March 2025
Accumulated depreciation
1 April 2024
Charge for the year
Eliminated on disposal
31 March 2025
Net book value
31 March 2025
31 March 2024
COMPANY
Cost
1 April 2024
Additions
Disposals
31 March 2025
Accumulated depreciation
1 April 2024
Charge for the year
Eliminated on disposal
31 March 2025
Net book value
31 March 2025
31 March 2024		 Freehold
Land &
Plant &
Motor
Buildings
Equipment
Vehicles
£
£
£
£
Site Improve-
ments,
Fixtures &
Fittings		 Total
£
19,832,963
1,528,437
455,897
50,319
3,839,791
210,603
450,205
82,262
-
-
-
(5,066)
23,672,754
1,739,040
906,102
127,515
1,713,272
543,922
403,907
48,577
263,213
168,002
116,330
18,392
-
-
-
(5,066)
1,976,485
711,924
520,237
61,903
21,696,269
1,027,116
385,865
65,612
18,119,691
984,515
51,990
1,742
Freehold
Land &
Plant &
Motor
Buildings
Equipment
Vehicles
£
£
£
£
Site Improve-
ments,
Fixtures &
Fittings		 21,867,616
4,582,861
(5,066)
26,445,411
2,709,678
565,937
(5,066)
3,270,549
23,174,862
19,157,938
Total
£
20,088,831
1,533,340
453,297
50,319
3,956,101
210,601
450,206
82,262
-
-
-
(5,066)
24,044,932
1,743,941
903,503
127,515
1,719,135
548,822
401,308
48,579
266,935
168,002
116,330
18,392
-
-
-
(5,066)
1,986,070
716,824
517,638
61,905
22,058,862
1,027,117
385,865
65,610
18,369,696
984,518
51,989
1,740		 22,125,787
4,699,170
(5,066)
26,819,891
2,717,844
569,659
(5,066)
3,282,437
23,537,454
19,407,943

28

The English Sangha Trust Ltd

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (Continued)

12 . INVESTMENTS

INVESTMENTS
Listed investments:
Market value at 1 April 2024
Acquisitions (at cost)
Disposals
Net unrealised revaluation gain/(loss)
Market value at 31 March 2025
Cash held for reinvestment
Total Investments
The above portfolio consists of the following:
Rathbone Greenbank Investments
Market value at 31 March 2025		 GROUP
AND
COMPANY
2025
£
238,202
353,952
(294,710)
(21,343)
276,101
9,492
285,593
285,593
285,593		 GROUP
AND
COMPANY
2024
£
-
234,402
-
3,800
238,202
16,322
254,524
254,524
254,524

All holdings, other than cash pending investment opportunities, are quoted on a recognised stock exchange or are valued by reference to such investments.

13 . DEBTORS

DEBTORS
Amounts owed by group undertakings
Other Debtors
Prepayments and accrued income
Gift Aid recoverable		 2025
2024
£
£
-
-
47,564
163,248
326,742
203,745
33,224
13,954
407,530
380,947
GROUP		 2025
2024
£
£
COMPANY
116,309
281,122
2,272
2,177
252,342
120,295
33,224
13,954
404,147
417,548

14 . CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Amounts owed to group undertakings
Other taxes and social security
Other creditors
Accruals and deferred income		 2025
2024
£
£
-
-
3,261
4,986
423,323
723,437
37,854
26,231
464,438
754,654
GROUP		 2025
2024
£
£
COMPANY
401,425
723,288
3,261
4,986
17,602
11,857
37,854
26,231
460,142
766,362

29

The English Sangha Trust Ltd

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (Continued)

15 . FUNDS MOVEMENT

UNRESTRICTED FUNDS
GROUP
Designated funds:
Unrestricted fixed assets
Other Designated funds
Other unrestricted funds:
General funds
Share capital
UNRESTRICTED FUNDS
COMPANY
Designated funds:
Unrestricted fixed assets
Other Designated funds
Other unrestricted funds:
General funds
Share capital
RESTRICTED FUNDS
GROUP AND COMPANY
Publications
Nuns' Community Fund
Amaravati Long Term Plan
Cittaviveka Building Fund
Heartwood Conservation Fund
Fixed assets: other buildings and fittings		 Expenditure,
Balance
gains and
Balance
01-Apr-24
Income
losses
Transfers
31-Mar-25
£
£
£
£
£
18,464,964
-
(558,714)
4,582,859
22,489,109
2,159,618
166,988
(68,228)
(1,028,758)
1,229,620
20,624,582
166,988
(626,942)
3,554,101
23,718,729
1,040,914
1,280,807
(912,934)
(29,185)
1,379,602
12
-
-
-
12
1,040,926
1,280,807
(912,934)
(29,185)
1,379,614
21,665,508
1,447,795
(1,539,876)
3,524,916
25,098,343
Expenditure,
Balance
gains and
Balance
01-Apr-24
Income
losses
Transfers
31-Mar-25
£
£
£
£
£
18,714,968
-
(562,436)
4,699,168
22,851,700
2,159,618
166,988
(68,228)
(1,028,758)
1,229,620
20,874,586
166,988
(630,664)
3,670,410
24,081,320
1,040,915
1,400,316
(916,134)
(145,494)
1,379,603
12
-
-
-
12
1,040,927
1,400,316
(916,134)
(145,494)
1,379,615
21,915,513
1,567,304
(1,546,798)
3,524,916
25,460,935
Expenditure,
Balance
gains and
Balance
01-Apr-24
Income
losses
Transfers
31-Mar-25
£
£
£
£
£
27,948
18,623
(39,810)
-
6,761
13,619
645
(915)
-
13,349
2,872,151
635,636
(25,056)
(3,353,067)
129,664
99,717
1,755
-
(97,849)
3,623
86,276
3,381
-
(74,000)
15,657
692,976
-
(7,222)
-
685,754
3,792,687
660,040
(73,003)
(3,524,916)
854,808

30

The English Sangha Trust Ltd

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (Continued)

15 . FUNDS MOVEMENT (continued)

Previous year
UNRESTRICTED FUNDS
GROUP
Designated funds:
Unrestricted fixed assets
Other Designated funds
Other unrestricted funds:
General funds
Share capital
UNRESTRICTED FUNDS
COMPANY
Designated funds:
Unrestricted fixed assets
Other Designated funds
Other unrestricted funds:
General funds
Share capital		 Balance
Balance
01-Apr-23
Income
Expenditure
Transfers
31-Mar-24
£
£
£
£
£
14,067,451
-
(335,627)
4,733,140
18,464,964
1,037,588
249,730
(21,405)
893,705
2,159,618
15,105,039
249,730
(357,032)
5,626,845
20,624,582
731,133
1,853,045
(748,021)
(795,243)
1,040,914
12
-
-
-
12
731,145
1,853,045
(748,021)
(795,243)
1,040,926
15,836,184
2,102,775
(1,105,053)
4,831,602
21,665,508
Balance
Balance
01-Apr-23
Income
Expenditure
Transfers
31-Mar-24
£
£
£
£
£
14,202,614
-
(338,186)
4,850,540
18,714,968
1,037,588
249,730
(21,405)
893,705
2,159,618
15,240,202
249,730
(359,591)
5,744,245
20,874,586
731,134
1,973,645
(751,221)
(912,643)
1,040,915
12
-
-
-
12
731,146
1,973,645
(751,221)
(912,643)
1,040,927
15,971,348
2,223,375
(1,110,812)
4,831,602
21,915,513
RESTRICTED FUNDS
GROUP AND COMPANY
Publications
Nuns' Community Fund
Amaravati Long Term Plan
Cittaviveka Building Fund
Heartwood Conservation Fund
Fixed assets: other buildings and fittings		 Balance
Balance
01-Apr-23
Income
Expenditure
Transfers
31-Mar-24
£
£
£
£
£
30,511
16,572
(19,135)
-
27,948
14,006
660
(1,047)
-
13,619
7,021,650
672,534
(16,429)
(4,805,604)
2,872,151
13,586
102,853
-
(16,722)
99,717
91,316
4,236
-
(9,276)
86,276
700,198
-
(7,222)
-
692,976
7,871,267
796,855
(43,833)
(4,831,602)
3,792,687

31

The English Sangha Trust Ltd

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (Continued)

15 . FUNDS MOVEMENT (continued)

UNRESTRICTED FUNDS DESCRIPTIONS

Unrestricted Fixed Assets:

Tangible fixed assets held are to be used for charitable activities and there are no plans to dispose of the assets . Funds relating to tangible fixed assets are therefore held as designated funds, with the exception of those fixed assets held as restricted funds. Appropriate depreciation is charged against these designated funds .

There were additions of £4,583,861 during the year relating primarily to the redevelopment for new Sala buildings at Amaravati.

Other Designated Funds:
Cittaviveka Development Fund
Amaravati Development Fund
Amaravati Monks' Welfare
Economic Impact Fund
Samana Care Fund		 Expenditure,
Balance
gains and
Balance
01-Apr-24
Income
losses
Transfers
31-Mar-25
£
£
£
£
£
466,655
-
(4,286)
94,009
556,378
760,143
116,309
(13,928)
(727,898)
134,626
165,788
35,066
(27,956)
-
172,898
474,165
-
0
(418,202)
55,963
292,867
15,613
(22,058)
23,333
309,755
2,159,618
166,988
(68,228)
(1,028,758)
1,229,620

Cittaviveka Development Fund

£4,286 was utilised in the year on consultancy in relation to the Hammer Pond Dam, and £5,991 utilised on the decking at Aloka. £100,000 was designated towards the cost of accommmodation for ageing and necessitous samanas (£50,000 from general funds and £50,000 from Economic Impact fund) leaving a balance of £556,378 at year-end. The year end balance consists of £131,378 for the Pond/Dam, £125,000 for the Shower/Bathroom and Shepherds' Hut, and £300,000 for the Accommodation for Ageing and Necessitous Samanas.

Amaravati Development Fund

£116,309 was credited to this fund during the year through designating the Gift Aided surplus donated from Amaravati Developments Ltd. £579,466 of the fund has been spent on the new Sala building, and £12,360 spent on the masterplan. £150,000 was redesignated in the year to the contingency reserve resulting in a year end balance of £134,626.

Amaravati Monks' Welfare

A designated fund for the medical and other welfare needs of Luang Por Sumedho who is based at Amaravati and also for the one year sabbatical of Ajahn Amaro. £35,066 was credited to this fund during the year, £27,956 was spent, leaving a balance of £172,898.

Economic Impact Fund

£50,000 was redesignated to the Cittaviveka Development Fund for accommodation for ageing and necessitous samanas, and £368,202 was utilised on the Bhikkhu Vihara development leaving a balance of £55,963 at year end. The purpose of this fund is to meet possible deficits resulting from the adverse effects of inflation and the economy on the charity. The need for this fund is closely monitored and the remaining balance will be released for other purposes when it's no longer required.

Samana Care Fund

£15,613 was credited to the fund during the year and £23,333 was designated to the fund from general funds. The fund closes the year at £309,755 following further movement of the investment. The Samana Care fund is a long term fund for the care of elderly or infirm monastics held with the aspiration to invest those funds for periods of five years or more.

32

The English Sangha Trust Ltd

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (Continued)

15 . FUND RECONCILIATION (continued)

RESTRICTED FUNDS DESCRIPTIONS

Publications

Donations which are received to finance the cost of free publications are added to the Publications Fund. Providing publications for free distribution constitute one of the charitable activities. The fund closes the year with £6,761.

Nuns' Community Fund

A fund for the support of the nuns' community. £915 was utilised in the current year towards the welfare of the nuns and the balance at year end is £13,349.

Amaravati Long Term Plan (ALTP)

Donations of £631,142 were received during the year for the Amaravati Long Term Plan. £3,378,125 was spent on the new Sala and ancilliary buildings, the new Stupa, Bhikkhu Vihara and also in the nuns' area. £129,664 remains in the fund, which will be used for the completion of the Nuns' Accommodation Buildings and the Stupa.

Cittaviveka Building Fund

£3,623 remains in this fund after expenditure of £97,849 in the year.

Heartwood Conservation Fund

£74,000 has been spent during the current year on the Amaravati Long Term Plan (Sala). A balance of £15,657 remains in the fund.

Fixed Assets - Other Buildings and Fittings

The fund represents the net book value of fixed assets financed from restricted donations. Appropriate depreciation is charged against the restricted fund.

16 . SHARE CAPITAL

12 ordinary shares of £1 each
Authorised, allotted, called up and fully paid		 2025
£
12		 2024
£
12
17 . SUMMARY OF FUNDS
GROUP
Designated funds
Unrestricted income funds
Restrictedfunds
Group Funds at 31 March 2025
COMPANY
Designated funds
Unrestricted income funds
Restrictedfunds
Company Funds at 31 March 2025		 Brought
Transfers
Carried
Forward
Income
Expenditure
in/(out)
Forward
£
£
£
£
£
20,624,582 166,988 (626,942) 3,554,101 23,718,729
1,040,926 1,280,807(912,934) (29,185) 1,379,614
21,665,508 1,447,795 (1,539,876) 3,524,916 25,098,343
3,792,687660,040(73,003) (3,524,916) 854,808
25,458,195 2,107,835 (1,612,879) - 25,953,151
Brought
Transfers
Carried
Forward
Income
Expenditure
in/(out)
Forward
£
£
£
£
£
20,874,586166,988 (630,664) 3,670,41024,081,320
1,040,9271,400,316(916,134) (145,494) 1,379,615
21,915,513 1,567,304 (1,546,798) 3,524,916 25,460,935
3,792,687 660,040(73,003) (3,524,916) 854,808
25,708,200 2,227,344 (1,619,801) - 26,315,743

33

The English Sangha Trust Ltd

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (Continued)

18 . ANALYSIS OF NET ASSETS BETWEEN FUNDS

GROUP
Fund balances at 31 March 2025 are represented by:-
Tangible fixed assets
Current assets
Creditors due within one year
COMPANY
Fund balances at 31 March 2025 are represented by:-
Tangible fixed assets
Current assets
Creditors due within one year
GROUP
Fund balances at 31 March 2024 are represented by:-
Tangible fixed assets
Current assets
Creditors due within one year
COMPANY
Fund balances at 31 March 2024 are represented by:-
Tangible fixed assets
Current assets
Creditors due within one year		 Unrestricted
Restricted
funds
funds
Total
£
£
£
22,774,701
685,754
23,460,455
2,787,407
169,727
2,957,134
(463,765)
(673)
(464,438)
25,098,343
854,808
25,953,151
Unrestricted
Restricted
funds
funds
Total
£
£
£
23,137,293
685,754
23,823,047
2,783,111
169,727
2,952,838
(459,469)
(673)
(460,142)
25,460,935
854,808
26,315,743
Unrestricted
Restricted
funds
funds
Total
£
£
£
18,719,486
692,976
19,412,462
3,700,177
3,100,210
6,800,387
(754,155)
(499)
(754,654)
21,665,508
3,792,687
25,458,195
Unrestricted
Restricted
funds
funds
Total
£
£
£
18,969,491
692,976
19,662,467
3,711,885
3,100,210
6,812,095
(765,863)
(499)
(766,362)
21,915,513
3,792,687
25,708,200

19 . RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the year
Depreciation of tangible fixed assets
Investment income
Net loss/(gain) on investments
(Increase)/Decrease in debtors
(Decrease)/Increase in creditors
Net cash flow from operating activities		 2025
2024
2025
2024
£
£
£
£
COMPANY
GROUP
494,956
1,750,744
607,543
1,865,585
565,940
342,853
569,658
345,408
(192,388)
(328,037)
(192,388)
(328,037)
21,343
(3,800)
21,343
(3,800)
(26,583)
(131,243)
13,401
(190,068)
(290,216)
169,642
(306,220)
238,769
573,052
1,800,159
713,337
1,927,857

34

The English Sangha Trust Ltd

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (Continued)

20 . CAPITAL COMMITMENTS

At 31 March 2025 the group and company had the following capital commitments.

Contracted for but not provided in these
financial statements		 2025
2024
£
£
498,715
3,598,853
GROUP		 2025
2024
£
£
COMPANY
-
-

21 . PENSION COMMITMENTS

The charity operates a defined contribution pension scheme. It has no obligations other than the contributions due in the year (2024: £nil).

22 . SUBSIDIARY

Percentage
Company name Country shareholding Description
Amaravati Developments Limited England 100% Redevelopment of Amaravati
Buddhist Monastery site

Registered Office

Amaravati Buddhist Monastery, Great Gaddesden, Hemel Hempstead, Hertfordshire, HP1 3BZ.

Financial information
Capital and reserves as at 31 March 2025
Profit / (Loss) for the financial year before Gift Aid		 Total
Total
2025
2024
£
£
-
-
116,309
117,400

23 . RELATED PARTY TRANSACTIONS

There are no related party transactions during the year (2024: nil) except for discretionary payments made to Juan Serrano (Trustee until 7 December 2024) totalling £4,784 (2024: £4,556). Caroline Leinster (Trustee) received fees received from Amaravati Developments Limited, the charity's subsidiary company, totalling £19,060 (2024: £18,540). £nil was owing at the year-end (2024: £nil).

Transactions between the charity and its subsidiary company Amaravati Developments Ltd (ADL):

The charity purchased construction services from ADL of £4,249,307 (2024: £4,715,819). A charge was made by the charity to ADL for the use of office accommodation of £3,200 (2024: £3,200). A Gift Aid donation was given by ADL to the charity of £116,309 (2024: 117,400). At year-end a balance was owed to ADL by the charity of £27,798 (2024: £27,869) and was owing to the charity by ADL of £116,309 (2024: £281,122).

35