SAYAGYI U BA I<IUN MEMORIAL TRUST Registsred charity nutnber 280134 Trustees report for the fjnan¢i¥l perlod l.1.21- 31.12.21 Charity registratlon: The clwity is registered as the Sayagyi U Ba Khin Memorial TLWSt (the Charity). The T¢tered number is 280134. Address: The Clwity is based at the tntemational Meditation Centre, Splatts House, Heddington, ca. Wiltshire SNI I OPE (IMC UK). Charity Trustees: A list of the charity tsstee8 foT the f]nancial year is set out in Appendix l. STRUCTURE GOVERNANCE AND MANAGEMENr The Constitutfion The constitution of the Chatity is set out in a Declaration of T ('Trust Deed.) dated 18 Match 1980. as amended by Special Resolution dated 19.11.2017. The Teachers From the foundation of IMC UK in 1980, until 28th January 2017, the Senior Ter of our tradition of meditation was Mother Sayamagyi Daw Mya Thwin. Mother Sayamagyi was the leading disciple in Burn of the late Sayagyi U Ba Khin. SILe became the Senior Teacher of the tradition when he passed away in 1971 and remained so until her demise in 2017. Prtor to her den)ise, Mother Sayamagyi non)inated Mr Roger Bischoff as her successor, and tbis was ackllowledged and formalised by thc trustees. During 2021, Mr Bischoff has rem&ined resident at IMC UK and taught courses once a month at IMC UK while also leading on-line courses for established students overseas and travelling to support other overs¢as groups of meditators where possible. The Trustees The tnteeS are aIl established Sdents of Therdvada Buddhism as taught by Sayagyi U Ba Khin and Mother Sayamagyi. Appointments ar¢ made in consultation with the senior teacher. The Trust Secretary and Finance Director keep the thteeS up to date in clwity and other laws and accountancy rules applicable to thc Charity's aCtities. The power of appointing trustees resides with the trLL8tees for the time being. New tSte¢S with suitable skills &r¢ recruited from time to time from allllg ¢stablished students of the Sayagyi U Ba Kbin tradition who ndItate regularly. The Charity's property is held by the tnte¢S foT tbe time being of the Charity. Trust Meetlngs Tnlst Meetings are held on average every tbree months, with additional meetTngs being called where needed. Centre personnel (who are tuentheTS of the Sayagyi U Ba Khin Order of Lay Workers) attend tst meetings where possible. AnnualReport Pttge l of JI
The PTin¢ipal fullctions of tbe meetings are: Establishing policy and authorisillg cxpellditure. Considering the monthly financial reports and comparing variances of illcon and expendittwe against budge¢ considering remedial action where necessary. Receiving reports from the conllnittees and commenting where necessary. The Sayagyi U Ba Khin Order of Lay Workers (the 'Order') The day-to4ay management of IMC UK and the courses held at the Centre are cauied out by Centre perSo[e1, being the Members of tbe Order. led by the Senior Teacher. TheTe are te members of the Order. includtng the Senior Teacher. Centre persoe1 are residetlt full time at IMC UK alld perforni essential duties, while developing th¢iT practice of the Buddha's Teachings. The Senior Teacher leads all the retrats. and the reMaig members assist the teachers and manage IMC UK and the CoU¢s. Nine members receive a stipend of £l(K> per month and are provided with h¢aith and dental insuraD¢e. Those with close family Te¢eive annual travel costs to visit fanjily members. Committees Centr¢ artivities outside the COU¢8 were organised by the con)mittees as in previous years. As in previous y¢S, the objectives of the committees in the year were.. to support the Tea¢h¢r and the Order in rW)n1 IMC UK and its artivities. to provide a n]aDag¢ment stru¢tur¢ for d¢l¢gation from and reporting to the trsteeS. to provide a vehicle for established students visiting OT living around IMC UK to provide voluntary service in an effective way (britig in mind that such service is considered meTitorious for that person according to Buddhist principles). to share the responsibility of running IMC UK and to obtsin input from those witb r¢lev&nt skills. The con]nutes were well supported througbout the year by established sthdents living locally. One or two students came from overseLS for longer periods to se¢ al meditate. The principal conllDittees cover Catering, lLousekeepit garden and grounds nwintenan¢¢, buildings mainnan¢¢ and rripublications. OBJECTIVES Objectiv¢s The objects of tELe charity are set iyut in the declaration of trust dated 18th March 1980 as follows: 'to advance the Theravada Buddhist religion through promoting in accoTdance with the prftnciples established by the late Sayagyi U Ba Khin the study and practice of the techniques of developing concentr&tion insight and higtLer standards of tnorality Ms originally taught by the Buildba through the public dissemination generally of the teacbings of the Buddha and in such other ways as the TTUStees shall think fit" Annuol Report Poge 2 oflj
32 Publi¢ Benefit Statement The clwity trustees have complied with their duty to have due regard to the Charity Cojnmissioll's guidanc¢ on public benefit ill exercising its powers and duties. The retreats held at IMC UK are open to people from all walks of life. irrespective of means or backgroun<L There is no chargc for the Teaching. There is a suggested donation to cover the costs of food and onnOdatioll during a ten41ay course. Those who are wiable to pay the filll amount Y give whatever they catt afford. SAfeguarding statement In our work with students of nlitatiOn, we endeavour at all times to D)inimise risk to the sIMdents. in particular having regard to those who may be particulaTly vulnerable, namely those under 18 an¢0[ adults who may be at risk due to age, illness or disability. To this end the charity adopted a Safeguarding Policy which is made kOwn to all persollnel at IMC UK and reviewed at)nually. ACTIvfTiES Jn of its objectives. the activtties of the Charity are as follows. Centre activities 4.1.1 Retreat51¢ourses Reguknr ten-day resÈdential retreats OT courses in Theravada Buddhist meditstion held at JMC UK led by the Setiior TeacheT. The Tetreats are open to stud¢nts from all CUIttal and religious backgrounds. willing to approach the teachillgs with an open mind and to give the *c]Jniques taught a fair trial. There is no cljarge for the Teaching. Ther¢ is a suggested donation to cover the cost of food and accommodation. The meditation retreats. or courses, are ba5¢d on the practice of the Eighrfold Noble Pat as taugbt by the Buddh4 which can be divided into thC parts. These are: higher training in (l) morality, (2) concentration and (3) 5sisdoF Morality 18 the conllnon denominator of all religions. At IMC UK, students observe the five precepts of refraining from killin& stealin& sexual misconducL lying and the use of drugs or intoxicatLts. By diligently observing this MOrlty. the student develops putity of physi1 and verbal actions. Beginning with this base. training in concentrdtion is taught (Anapana meditation . D)indfinesS of breathing). Througb learning to calm and control the mitLd during the fst five days. the student quickly appreciates the advantages of a steady and balanced miniL The third traiJ)ing in wisdom or insight is introduced through Vipassana meditatio which is practised throughout the remainder of the period. 4.1.2 Vlsit8 from local schools and colleges The charity encourages visits from local schools and colleges wanting to l¢am about the Buddba's TebingS and the activities at IMC UK. AnnualReport 3 ofll
4.lj Meditation sessions for local $thdents Local SttentS are welcome to attend the daily gr()up meditation sessions knth during and between the retreats. At norllMI times, numbers average 25-30 at one or more of the thr¢¢ daily sessions, and sometimes rise to 40- 50 at weekends and on Buddhist festival days. Students from overseas sometimes come for longer periods, by arrangll¢llt, when circumstances pernut. 4.1.4 Improvenient maintenance of IMC UK Ongoing MaintenCe of INIC UK'S buildings and gr()uttds are canied out by the tnaintenance team and the garden and grounds con]mittee members. 4.1.5 Opportunlties for voluntary service IA)¢ai meditatOTS ar¢ given the opporttmity to serve their teachers and the students by helping with the terIll8 and J))aintenanc¢ of the Centre grounds on a regular b&sis. Serving one's teachers and helping others to nlItate are an important part of the Buddl)ist way of life. 42 Other activities 42.1 Opportunities for giving 'DaDA' (donatiolls) Sttents given oppommities to honour and give Dana to Budd]]ist Pagodas and the Buddhist Sangba as part of the Buddhi8t way of life, &8 Sayagyi U Ba Khin did in his days at the IMC UK in Burn 4.22 Supporting the 'mission' The charity ainL8 to support the Sayagyi U Ba Khin 'n)ission' throughout the Western world. This is done by arranging &nd underwriting th¢ ¢osts of th¢ S¢nioT T¢a¢her and att¢ndants trdvelling to other countries and supporting the development of groups there running retreats in the tradition of Sayagyi U Ba Khin and Mother Sayamagyi. 4.2J Publficailons and IT At the end of each retreat at IMC UK, publi¢atioJs by the charity regdrding the meditstion and from othet publishers about Budd]Jism are displayed for students to take if they are interested. Recent developments will now enable established students to join daily sittings and courses onLin¢ (see below). 4.2.4 Newsletter and webslte Two issues of the Newsletter ar¢ PTinted at]d distributed auoually. A website for the International Meditstion Centres worldwide is maintained from IMC UK &s well as a linked site for IMC UK itseEf. Affiliated centres also have their owu sites Itnk¢d to the worldwide site. 4.2.5 Support of affiliated Centre5 The clwity aims to support and maintain contact with other affiliated IMCS in Australi4 US and Austria. Many stents attellding the courses in IMC UK are referred by the other Centres and vice versa. Annz4alReport Page4of11
ACHtEVEMENTS AND PERFORMANCE Courses/retre&ts Nine l-daY resldellti retreats for students of Therdvada BUddht meditatii)n were held during the year at IMC UK led by th¢ Senior Teachcr. These were attended by a total of 323 filll tÈme and 42 part4ime students. A total of 107 attended for the first time. Because of the continuing pandellLiC r¢8trictions, the number of coUeS and the tlumbers attending courses during the year wer¢ sigDificantly lower than in PTevAOUS year4 although they were higher than in 2020. A stTiCt covtD-19 protection regime was in operation at IMC, &s in 2020. This changed from time to time, to adapt to changing circunLStances. Visitots from overseas were severely lin)it¢d because of travel reslTiCttons. However, where travel was pennitted, personnel and the students thenL8elves went to great lengths to enable as many to come safely as was possible. Online coutses for established SdeThts continued to be held with increasing popularity. This agaln meant that sttellts from all over the world, as well as those living locally were able to join courses at the Centre virtually> including ooe-to-one instruction sessions via zoo A total of appmximately 150 established students attended online courses in 2021, about ljalf of wkn attended for the ten days and half for the first weekend. The trustees We well satisfied with the r¢sults of the courses, given the continuing constraints of The suggested donation to cover food and accon]modation at the |Centre Tenilled £25 per day (£250 for ten days) dwing 2021. 52 Vlsfits from lo¢ schoob and colleges There were no visits from schools or colleg¢s in 2021 because of the panderoic. SJ Supporting the 'mission' Notwithstanding the continuing travel r¢stri¢tioDS due to the pandemic, the Senior Teacher w&8 able to D]ake four trips overseas in 2021. to support groups of meditators in the tradition of Sayagyi U Ba Kl)in and Mother Sayam&gyA, by leading retreats. As ever, these visits wer¢ enthusi&stically received and well-attended. Many of tbe smdents from these Tetr¢ats come to the UK for courses at IMC, after first attending a retreat in their own countries. Opporthnities for giving 'Dan8' {donations} As ever, donations were received from students of this trddition from all over the Worl usually while attending a course at rmc UK aDdlor on special days in the calendaT of the tradition. Sttthnts attending vifftwl COUTses were also g¢netous in giving donations. Many gave to the Pagoda and Special Projects fimd. This is thougbt to be partiallarly meritorious by the donor and funds are often given for this purpose in the name of someone who has recently passed away. Annuol Report Page sof JJ
To mark the 50th atD]iversary of Sayagyl U Ba Khin's Demise and the fourth anniversary of Mother Sayanmgyi's Demise. substantial donations were received to fund Dana for the Buddhist Sangba (order of Buddhtst monks) to be given ID BuLTna otl the relevatlt days. In totsl £22.765 was given for meals aLd other necessary MModIti¢S for a total of at a total of 550 ttu)nks and nuns within numerous monasteries. A fiwther £1,0 from donations recetved was given to four of the western Pagodas in the Sayagyi U Ba Khin tradition and £2,000 transferred internally from Mother Sayamagyi's DnISe fjjnd to the Pagoda & Special Projects fll1. Improvement and maintenance of IMC The main project during the year was to repaiT the Pagod4 wbich had been in a state of disrepair for several years, causing water ingress. The roof covering, coping stotles and peditnents above the doonvays had to be replaced. where they were beyond repair. The pmject was carried out by a specialist stonemasollry contractor and was funded primarily from designated funds in hand at a total cost of approximately £211.000. The work was carried out to a high standard and h&s left the Pagoda in strong and watertigbt ci)ndition and looking as good as new. Other small projects were ¢aTfA¢d out, including the refibi$hrll¢llt of one of the guest house showers and the replacement of si)me of the stoves and ovens in the kitchen which were at the end of theiT useful lives. Publications #nd IT Fwlher IT developments were ulldertake to improve the quality of the online courses introduced in 2020 and to enable live streaming of the group sittings for those who are unable to come to the Centre. This has been very SuccesSfi al much appreciat¢(L especially by thos¢ students who normally ¢ome once or twice & year for a retreat at the Centre. Now they can take a course in their own homes under twice-daily sw)ervision by the Teacher via Zoom. Further copies of th¢ Jataka Tales were purdw¢d for students to take away. Newsletter and website Two issues of the Newsletter were printed and distributed to the UK mailing list and to affiliated centres for copying and distribution to their Tespects"ve mailing lists. The global website for the Sayagyi U Ba Khin Tradition at: h s.'/lwww.ubakbin-vi a8sana- rneditation.or was kept updated with course infornMtion worldThryde. A new website for INIC UK w&s launcbed at the same website address as before: www.iLternationa]meditationcelltre.o well as giving ]nfOrntion about the dates of r¢treats at each of the Centres. they also reproduce published Buddbist texts. These two media are the npin Sou¢ of publicising ow CoUS to old and new students alik¢. FtNANCIAL REVIEW Incon As always, ail the activities of the charity during the year were fimded by donations. Total income for the year amounted to £399,826 (compared witlk £308,548 in 2020), of which £193,977 was unrestricted (excluding deSited). This compares with £173,736 in 2020, an increase of12/0 from 2020. Income from courses rernained SiD]Alar to that of 2020. Course nutnbers were still restricted compared with pre-palldemic levels and th¢ support from students Worldwide continued. AnnualRepori Page 6of11
Donations for the general rullni of the Centre incr¢as¢d by £33,000, with several large donations from individual students. Designated income increased from £124.509 to £l86,664, laTg¢ly attributabl6 to the donations to Mother Sayamagyi's Demise fill of £53,437, to con)memorate the demise atmiversaries of Sayagyi U Ba Khin and Mother Sayamagyi (see para. 5.4). Restricted incotlle of £19,185 was rettived in 2020, COD]pared with £10,303 in 2020. fun(ts baving been e1Ved of £5,580 towar¢ls the installation of a 3-phase electricity supply to the Centre and Solar Panels. Both of these projects aTe currently being evaluated and costed with a view to implementation in 2022. A further £7,667 was in hand for the irtallation of sliding doors on the dining.room verand& 62 Expenditure Total expenditure for the period was £464,296 (excluding depreciation), compared with £203,043 in 2020. an increase of £261,253 OT 12W/o, largely due to the Pagoda project (see para. 5.5). Total unrestsicted expenditure (ex¢ludtng designated expetLditure and depreciation) was £199,816 (compared with £175,036 in 2020), all increase of 140/0 on l&st year's equivalcnt figure. The key areas contributing to this increase were food and Cat]ng. £5,000. heating: £8,500" office.. £l.000 and governallce £1.500. The policy in 2020 to limit expenditure to only essential Costs continued into 2021. 6A Analysis of significant expendithre Iten Courses: food costs increased in the year by £4,726 Water, rates, heat & Light: electiicity rdt¢s in¢reased by 136/0 iti the year (OT £6.000) al oil by £3.000 due to nwket volatility Ivlaintsnance: lljOr repairs were catTied out to th¢ Pagoda as detailed above, the wst of which was£211.111. Publications". the pwclwe of 50 copies of the Jataka Tales at a cost of £1,182. Governance Costs: Legal fees of £1,535 wer¢ incurred in renLoving the names of retir¢d (ste&S from the register at the Land Re$ty and in investigating the possibility of making changes to the Ch2fAty's constitution. 'Ih)nation Costs: include.. Costs associated with the Provision of floral offerings on Buddhist festival days, both by pU1e and cultivation on site, amounting to £10,018 (£7.028 in 2020) Costs of £28,765 donated to the Buddhist Sangha in Bumm and Pagoda's (see para 5.4). £8.530 was given in 2020 for the satne anDiversaries. Due to domestic difficulties in Bum the excess of donations for thi5 purpose of approxinlately £30,000 was caLed fonvard and ren]itted in 2022 Other Dona given to the Buddbist Sangha in Burn amounting to £2.304. 'Other resources expended,: this covers miscellaneous minor itenLS and includes COVID-19 related costs of £3,663 for covid tests. Other runing cost expenses were not materially different to those of the previous year. knnualReport Pt¥e 7 ofll
Cx5h balances The total cash held by the Charity at the end of the fncIaL year was £778,737 Thi5 figure is made up as follows: Cash Balances by fund 31i1ec-21 classlllcatlon General fund 155,133 110,000 120,764 15.520 5,943 129 unrestricted Propety reserve SeniTeacher Mk8slon fijnd unrestricted Tarnac drive fund restricted lfjtchen refu&SmentfUnd Pagoda fiJnd Barn & New Land fund restrict*J 8,445 5,580 7,667 134,389 reslricled 3-phase e1eL#fityfund Exterior diningrn fund Pagjda & Speaal Projects fund Mothersayamagyis DemL%8 hjnd Ordinabon bJnd restricted designat designated 121,012 51,121 20,795 12.171 9.698 1,567 772 designated designat designated designated d$sign4ted designgted designated Offerfng fijnd Publlcations fund (lining room soundprry)f fund Kitchen Equiprnentfijnd 8hante requisite5 fund Parkfund 29 NET CASH BALANCES 778.737 Cttsh balances reduced by £74,587 ill the year. Most of this reduction can be explained by th¢ n¢t cost of the Pagoda repair project. The cost of the project was £211,1 I I donations received speckfically for this work totalled £60.484. The balallce of £150.627 is funded from the existing Pagoda & Special projects cash balances. This was partly offset by idditional donations to the Pagoda & Special Projects fimd of £47,773 and the net increase in Mot1 Sayama8yi's Deniise fLmd of £31,808. The general Fund (ullrestricted) cash balatLces rethiced by £4,936. Given that COUTse numbers remailled restricted due to COVID-19, tbis is a very satisfactory position. A healthy level of c&sh reserves remained at the end of the year. Banking The Charity continues to ensure as far as possible that the charity's cash deposits held with any single banking group exceed the FSCS limit of £85,000 by as little as possible. FirnCIal markets continue to be uncertain due to both COVID-19, the challenges posed by Brexit and the invasion of ijkraine all cUlmiling in a serious cost of living crisis. The BOE rate is expected to reach between 1.5L/¥o and 20/0 by the end of 2022, the most significant change since the financial uisis of 2008. The cIlty earned interest of £5,158 a reduction of £890 due to the low BOE rates. Given the increase in rates Off¢d on charity inv¢stm¢nts, it is expected to imPTove in 2022. BaDk charges for the year were £416. AnnualRepor¢ Page 8 ofll
There are no assets whose value is materAally different to those stated in the accounts. Financial P05itioD As at 31 December 2021. the cbarity held funds of £1,743,713. of which £957.788 were held as fixed assets. Tbe Charlty's Reserves po]i¢y It is considered prudent to maitLtaitL an iELcome reserve rougbIy equivalent to 5 months .orMal, nu]ning Costs (approxitnately £1 10.000) to cover any unforeseen evetLts which will significantly in)pa¢t the cash flow. There is a continuing need for a r¢s¢rve to cover a rolling progrdm of repairs and niaintenance to keep the existing buildings in good repair as they continue to age, while also nIllg provision for improvements &s and when they becomc desirable. Tn practice. it has not b¢¢n necessary to set &8ide funds from unrestricted income towards repaxrs to the Pagoda since donatioDs for the Pagoda are Considered very meritorious and are always plentiful. Th¢ total cash balances in the restricted Pagoda fimd and the designated Pagoda and Special Projects fimd at tbe end of the period were £134,518 (£243,006 in 2020). At the end of 2021, the propety reserve st(M)d at £110,000. As at 31 December 2021. the charity held totsl assets of £1,743,713 of which £484.846 W¢Te Testricl¢d' £536,178 was hcld in various designated funds and £110,000 in the propety Teserve. This leaves assets of £612,689 in th¢ general fund of which £155.133 is held as cash balances. This is n]fOrtabLY abovc the required income reserve level of £110,000. The Charity's Investment Policy The TnteeS adopted a forn investment poli¢y in April 2019, wl)ich largely retlects the policy which the tsijstees have been following infornjally for some time. The objectives of the policy are: l. To invest according to the ethics of the Charity, i.e. avoid any investment that could be d¢¢med to break Buddhist 'S1a' (code of moral conduct). 2. To retain sufficient liquidity in banbq)uilding society accounts to meet all expected expenditure. 3. To safeguard the donations it receives, so that there is no loss of value. The loss of spending power owing to infiation 15 the only acceptable risk the Trust will accept. 4. To acbieve the best finan¢ial rettmi within the level of risk CODsider¢d to b¢ CePtable. PLANS FOR FirruRE PERIODS Fnture Ac¢Avities The chatity plans to wntinue its core activities in the current financial year and beyon¢ namely holding 1041ay residential retreats OT courses both at UK and online. as well the other r¢Cu¢llt artivities listed above. AS may be expect¢(L the current covtD_19 pandemic bas continued to restrict activities for the first half of the current financial year. However. the Centre's continued testing regime continues to increase the nwllber of students who are able to come to the Centre safely and the rwnoval of travel restrictions by the UK and matly other cowitries is enabling more and more of tmc's overse&8 Sdettts to resume their Nrysits. AnnualReport Page 9of11
For 2022. it is anticipated that w]restrict¢d income will remain less than pre-paudemic levels but it is llot anticipated that the clwity will need to draw on income reserves to continue to nm the Cclltrc, given the improvement in present conditions and the generous donations from establKshed students. On the other hand, energy costs are rising steeply as well as food and other costs. It is therefore anti¢ipat¢d that the Charity will nccd to contluue to bear down on costs wherever possible. Based on cuffent circumstances. the Trustees remain cautiously optin]isti¢ foT the prospects of the curr¢nt and future years. Risk Assesslnent The cEwity trustees have given consideration to the major risks to which the ¢hatity is exposed. They have satisfied themselves that systems or procedures ate in place to nw]ag¢ those risks. A foTll]al risk assessment ]w been implemented and is revi¢wcd alln[ly. The risk of substantially reduced numbers of students continuing for some time duc to thc pandemic is bein8 continually onitored and steps to restrict all but essential expellditure have beell Put in pl¢. With regard to energy costs and risks to continuity generdlly, the tttte¢s are artiv¢ly investigating the installation of solar panels. with a vtew to reducing costs where possible and improving sustainability genernlly. Tbis is tDade possible by Soll generous donations. specifically for this purw>se. 11 0.2......)O.LL Secretary. on behalf of the TnteeS AnnuulReport Page 10 ofll
APPEND I -TRUSTEES (during 2021) Tnutee Name TrustseName Mr DAVID FORBES BORRIE Mr SIMON JUGHARD MR KYAW KYAW CKtTTIN M$ THERES DORA KELLER MTS AIL4BELLA LILIAN VIRGINtA DELAHUNTY Llfr ROY MILLNL4N Mr KEVIN GEIL4LD DELAHiWfY Mr FRANZ CHRISTOF ruNER Prof. KEDAR NATH DWIVEDI Mrs MCOLA SALLY NEWTON Dr AMrrABH DWIVEDI Mr. NEIL PAVI L¥frs KAYE FBANCES HULENA MT JOSEPH ALOISIUS JOOSTEN Dr CHIUSTIth IL4RL ERNST WUNSCHIK Annual Report Poge JI of Jl
Registered No:280134
Sayagyi U Ba Khin Memorial Trust
Accounts
For the year ended 31 December 2021
Sayagyi U Ba Khin Memorial Trust
Accounts
For the year ended 31 December 2021
| INDEX | |
|---|---|
| Page | |
| Charity Information | 1 |
| Report of the Independent Examiner | 2 |
| Statement of Financial Activities | 3 |
| Balance Sheet | 4 |
| Statement of Cashflows | 5 |
| Notes to the Accounts | 6 - 11 |
Page 1
Charity Information
Sayagyi U Ba Khin Memorial Trust For the year ended 31 December 2021
Trustees
David Forbes Borrie Kyaw Kyaw Chittin Arabella Lilian Virginia Delahunty Kevin Gerald Delahunty Amitabh Dwivedi Kedar Nath Dwivedi Kaye Frances Hulena Joseph Aloisius Joosten Virginia Cunynhame Judkins Simon Jughard Theres Dora Keller Song Teng Lim (appointed 27.02.22) Roy Millman Franz Christof Neuner Nicola Sally Newton Neil Pavitt William Pruitt Christian Karl Ernst Wunschik
Registered Office:
Splatts House, Heddington, Calne, Wiltshire, SN11 0PE
Independent Examiners
James Gare FCA Monahans 38-42 Newport Street Swindon SN1 3DR Registered Number: 280134
Page 2
Report of the Independent Examiner
Sayagyi U Ba Khin Memorial Trust
For the year ended 31 December 2021
Independent Examiner's Report to the Trustees of the Sayagyi U Ba Khin Memorial Trust
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 21, which comprise the statement of financial activities, the balance sheet and the notes to the financial statements.
Respective responsibilities of trustees and examiner
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
It is my responsibility to:
-
examine the accounts under section 143 of the 2011 Act
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to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
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to state whether particular matters have come to my attention.
Basis of Independent Examiner's Statement
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the Act. I confirm that I am qualified to undertake the examination because I a member of ICAEW, which is one of the listed bodies.
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
Independent Examiner's Statement
In connection with my examination, no material matters have come to my attention which gives me cause to believe that in, any material respect:
-
the accounting records were not kept in accordance with section 130 of the Charities Act;
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or the accounts did not accord with the accounting records; or
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the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
I have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
James Gare FCA
Monahans 38-42 Newport Street Swindon SN1 3DR
Date: ……………………………………31 August 2022
Page 3
Statement of Financial Activities
Sayagyi U Ba Khin Memorial Trust
For the year ended 31 December 2021
| INCOME AND ENDOWMENTS FROM: Charitable activities Donations for courses Donations for publications Donations and Legacies Donations Donations Pagoda & special projects Legacies Legacies Pagoda & Special Projects Investments Interest received Other Miscellaneous Income Total Income EXPENDITURE ON: CHARITABLE ACTIVITIES Courses Water, rates, heat & light Insurance Travel Office Maintenance Depreciation Publications Finance costs Governance costs Donation costs Other resources expended Total Expenditure Net income (expenditure) Transfers between funds Net movement in funds Fund balances bought forward Fund balances carried forward |
Unrestricted Funds £ 60,997 - 125,281 - 5,722 - 1,762 215 193,977 108,530 43,194 7,156 1,997 6,459 25,708 22,817 - 363 3,725 250 2,434 222,633 (28,656) - (28,656) 751,345 722,689 |
Designated Funds £ - 1,842 75,483 101,261 - 5,722 2,356 - 186,664 389 2,415 - - 389 216,648 7,736 1,287 53 - 41,090 - 270,007 (83,343) - (83,343) 619,521 536,178 |
Restricted Funds £ - - 18,145 - - - 1,040 - 19,185 738 - - 976 - 495 9,102 - - - - - 11,311 7,874 - 7,874 476,972 484,846 |
Total 31.12.21 £ 60,997 1,842 218,909 101,261 5,722 5,722 5,158 215 399,826 109,657 45,609 7,156 2,973 6,848 242,851 39,655 1,287 416 3,725 41,340 2,434 503,951 (104,125) - (104,125) 1,847,838 1,743,713 |
Total 31.12.20 £ 60,983 1,412 137,659 85,209 10,542 6,632 6,048 63 |
|---|---|---|---|---|---|
| 308,548 | |||||
| 96,531 37,548 7,211 2,326 5,195 27,230 37,234 - 291 2,001 21,310 3,400 |
|||||
| 240,277 | |||||
| 68,271 - |
|||||
| 68,271 1,779,567 |
|||||
| 1,847,838 |
Page 4
Balance Sheet
Sayagyi U Ba Khin Memorial Trust For the year ended 31 December 2021
| Note Fixed Assets Tangible Fixed Assets 5 Net Current Assets Current Assets Debtors (Prepayments & others) Income tax recoverable on Gift Aid Bank balances and cash Less Current Liabilities Creditors : Amounts falling due within one year Trade creditors Accruals and deferrred income Net Current Assets/(Liabilities) Total Assets Less Current Liabilities Net Assets Funds Unrestricted General Fund 7 Unrestricted Funds - Property Reserve 7 Designated Funds 7 Restricted Funds 7 Total Funds Approved by the trustees on ………………… and signed on their behalf by: K F Hulena ......................................................... Trustee N S Newton ......................................................... Trustee Dated: ......................................................... 22/08/2022 |
Note | 31.12.21 £ 957,788 12,820 9,617 778,737 801,174 9,146 6,103 15,249 785,925 1,743,713 - 1,743,713 612,689 110,000 536,178 484,846 1,743,713 |
31.12.20 £ 990,711 6,999 8,599 853,323 868,921 9,101 2,693 |
||||
|---|---|---|---|---|---|---|---|
| 11,794 | |||||||
| 857,127 1,847,838 - 1,847,838 641,345 110,000 619,521 476,972 1,847,838 |
|||||||
Page 5
Statement of Cashflows
For the year ended 31 December 2021
| Cash flows from operating activities: Net cash provided by (used in) operating activities Cash flows from investing activities: Interest income Sales tangible fixed assets Purchase of tangible fixed assets Net cash provided by (used in) investing activities Cash flows from financing activities Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Total cash and cash equivalents at the end of the year |
2021 £ (62,696) (5,158) (6,732) (11,890) - (74,586) 853,323 778,737 |
2020 £ 95,276 (6,048) - (166,416) (172,464) - (77,188) 930,511 853,323 |
|---|---|---|
Reconciliation of net movement in funds to net cash flow from operating activities
| Net income/(expenditure) for the year Adjustments for: Add back depreciation charges Add back loss/(gain) on disposal assets Deduct interest income (Increase)/Decrease in debtors Increase/(Decrease) in creditors Net cash used in operating activities |
2021 £ (104,125) 39,655 5,158 (6,839) 3,455 (62,696) |
2020 £ 68,271 37,234 6,048 (2,914) (13,363) |
|---|---|---|
| 95,276 |
Page 6
NOTES TO THE ACCOUNTS
For the year ended 31 December 2021
1. Accounting Policies
The following accounting policies have been used consistently in dealing with items, which are considered material in relation to the Trust's accounts.
(a) Basis of accounting
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006* and UK Generally Accepted Accounting Practice.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements are prepared on a going concern basis, under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest pound.
There are no significant areas of judgements or key sources of estimation uncertainty.
The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.
(b) Legal status of the charity
The charity is an unincorporated trust constituted by a trust deed.
The address of the registered office is given in the charity information page of these financial statements.
The nature of the charity’s operations and principal activities are given in the Trustees’ report
(c) Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
(d) Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Page 7
(e) Taxation
The charity is exempt from tax on its charitable activities.
(f) Fund Accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
(g) Debtors
Prepayments are valued at the amount prepaid net of any trade discounts due. Other debtors are recognised at the settlement amount due.
(h) Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
(i) Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from
(j) 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.
(k) Depreciation
Depreciation has been provided on fixed assets so as to write off the cost of tangible fixed assets by equal annual instalments over their estimated useful lives at the following rates: -
| Freehold land | Nil |
|---|---|
| Freehold buildings | 2% |
| Pagoda | 2% |
| Fixtures, fittings & equipment | 10%-25% |
| Motor vehicles | 20% |
(l) Fixed Assets
Freehold land and buildings, the Pagoda and new residence self build project are included in the accounts at cost, comprising materials, labour, overhead expenses and interest incurred during the course of construction.
Fixed assets costing more than £250 are capitalised.
(m) Foreign Currencies
Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Assets and liabilities are translated at the rate of exchange at the year end.
Page 8
Notes to the Financial Statements 2 to 5
Sayagyi U Ba Khin Memorial Trust
For the year ended 31 December 2021
2. The number of members of the Sayagyi U Ba Khin Order of Lay Workers for the period was ten (no change from 2020). Nine of them received an annual stipend of £1,200 and other small benefits (One of them is a volunteer). Those with family received annual travel costs to visit family members.
| 3. Related party transactions and transactions with trustees Related party transactions Total donations from trustees (all without conditions) Total donations for courses from trustees Trustee remuneration and reimbursed expenses 4. Investment income Interest received 5. Fixed Assets As at Additions 01.01.21 COST £ £ Land & buildings Unrestricted 890,205 - Land & buildings Restricted 509,751 - Land & buildings Designated 172,778 - Fixtures, fittings & equipment Unrestricted 111,064 3,737 Fixtures, fittings & equipment Restricted 3,757 - Fixtures, fittings & equipment Designated 49,400 2,995 Motor vehicles Unrestricted 22,250 - Motor vehicles Restricted 18,788 - 1,777,993 6,732 As at Charge 01.01.21 For the Year DEPRECIATION £ £ Land & buildings Unrestricted 438,147 17,760 Land & buildings Restricted 200,798 6,541 Land & buildings Designated 4,875 3,456 Fixtures, fittings & equipment Unrestricted 84,764 5,057 Fixtures, fittings & equipment Restricted 3,029 682 Fixtures, fittings & equipment Designated 26,061 4,280 Motor vehicles Unrestricted 22,250 - Motor vehicles Restricted 7,358 1,879 787,282 39,655 Net Book Value 990,711 |
3. Related party transactions and transactions with trustees Related party transactions Total donations from trustees (all without conditions) Total donations for courses from trustees Trustee remuneration and reimbursed expenses 4. Investment income Interest received 5. Fixed Assets As at Additions 01.01.21 COST £ £ Land & buildings Unrestricted 890,205 - Land & buildings Restricted 509,751 - Land & buildings Designated 172,778 - Fixtures, fittings & equipment Unrestricted 111,064 3,737 Fixtures, fittings & equipment Restricted 3,757 - Fixtures, fittings & equipment Designated 49,400 2,995 Motor vehicles Unrestricted 22,250 - Motor vehicles Restricted 18,788 - 1,777,993 6,732 As at Charge 01.01.21 For the Year DEPRECIATION £ £ Land & buildings Unrestricted 438,147 17,760 Land & buildings Restricted 200,798 6,541 Land & buildings Designated 4,875 3,456 Fixtures, fittings & equipment Unrestricted 84,764 5,057 Fixtures, fittings & equipment Restricted 3,029 682 Fixtures, fittings & equipment Designated 26,061 4,280 Motor vehicles Unrestricted 22,250 - Motor vehicles Restricted 7,358 1,879 787,282 39,655 Net Book Value 990,711 |
3. Related party transactions and transactions with trustees Related party transactions Total donations from trustees (all without conditions) Total donations for courses from trustees Trustee remuneration and reimbursed expenses 4. Investment income Interest received 5. Fixed Assets As at Additions 01.01.21 COST £ £ Land & buildings Unrestricted 890,205 - Land & buildings Restricted 509,751 - Land & buildings Designated 172,778 - Fixtures, fittings & equipment Unrestricted 111,064 3,737 Fixtures, fittings & equipment Restricted 3,757 - Fixtures, fittings & equipment Designated 49,400 2,995 Motor vehicles Unrestricted 22,250 - Motor vehicles Restricted 18,788 - 1,777,993 6,732 As at Charge 01.01.21 For the Year DEPRECIATION £ £ Land & buildings Unrestricted 438,147 17,760 Land & buildings Restricted 200,798 6,541 Land & buildings Designated 4,875 3,456 Fixtures, fittings & equipment Unrestricted 84,764 5,057 Fixtures, fittings & equipment Restricted 3,029 682 Fixtures, fittings & equipment Designated 26,061 4,280 Motor vehicles Unrestricted 22,250 - Motor vehicles Restricted 7,358 1,879 787,282 39,655 Net Book Value 990,711 |
3. Related party transactions and transactions with trustees Related party transactions Total donations from trustees (all without conditions) Total donations for courses from trustees Trustee remuneration and reimbursed expenses 4. Investment income Interest received 5. Fixed Assets As at Additions 01.01.21 COST £ £ Land & buildings Unrestricted 890,205 - Land & buildings Restricted 509,751 - Land & buildings Designated 172,778 - Fixtures, fittings & equipment Unrestricted 111,064 3,737 Fixtures, fittings & equipment Restricted 3,757 - Fixtures, fittings & equipment Designated 49,400 2,995 Motor vehicles Unrestricted 22,250 - Motor vehicles Restricted 18,788 - 1,777,993 6,732 As at Charge 01.01.21 For the Year DEPRECIATION £ £ Land & buildings Unrestricted 438,147 17,760 Land & buildings Restricted 200,798 6,541 Land & buildings Designated 4,875 3,456 Fixtures, fittings & equipment Unrestricted 84,764 5,057 Fixtures, fittings & equipment Restricted 3,029 682 Fixtures, fittings & equipment Designated 26,061 4,280 Motor vehicles Unrestricted 22,250 - Motor vehicles Restricted 7,358 1,879 787,282 39,655 Net Book Value 990,711 |
3. Related party transactions and transactions with trustees Related party transactions Total donations from trustees (all without conditions) Total donations for courses from trustees Trustee remuneration and reimbursed expenses 4. Investment income Interest received 5. Fixed Assets As at Additions 01.01.21 COST £ £ Land & buildings Unrestricted 890,205 - Land & buildings Restricted 509,751 - Land & buildings Designated 172,778 - Fixtures, fittings & equipment Unrestricted 111,064 3,737 Fixtures, fittings & equipment Restricted 3,757 - Fixtures, fittings & equipment Designated 49,400 2,995 Motor vehicles Unrestricted 22,250 - Motor vehicles Restricted 18,788 - 1,777,993 6,732 As at Charge 01.01.21 For the Year DEPRECIATION £ £ Land & buildings Unrestricted 438,147 17,760 Land & buildings Restricted 200,798 6,541 Land & buildings Designated 4,875 3,456 Fixtures, fittings & equipment Unrestricted 84,764 5,057 Fixtures, fittings & equipment Restricted 3,029 682 Fixtures, fittings & equipment Designated 26,061 4,280 Motor vehicles Unrestricted 22,250 - Motor vehicles Restricted 7,358 1,879 787,282 39,655 Net Book Value 990,711 |
31.12.21 £ nil #REF! #REF! nil |
31.12.20 | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| £ nil 50,532 13,217 nil |
||||||||||
| As at 01.01.21 £ 890,205 509,751 172,778 111,064 3,757 49,400 22,250 18,788 1,777,993 As at 01.01.21 £ 438,147 200,798 4,875 84,764 3,029 26,061 22,250 7,358 787,282 990,711 |
Additions £ - - - 3,737 - 2,995 - - 6,732 Charge For the Year £ 17,760 6,541 3,456 5,057 682 4,280 - 1,879 39,655 |
31.12.21 £ |
31.12.20 | |||||||
| £ | ||||||||||
| 5,158 | 6,048 | |||||||||
| Disposals/ Adjustments |
As at 31.12.21 £ 890,205 509,751 172,778 114,801 3,757 52,395 22,250 18,788 1,784,725 As at 31.12.21 £ 455,907 207,339 8,331 89,821 3,711 30,341 22,250 9,237 826,937 957,788 |
|||||||||
| £ - - - - - - - - - Disposals/ Adjustments |
||||||||||
| £ - - - - - - - - - |
||||||||||
Page 9
Notes to the Financial Statements 6 to 7
Sayagyi U Ba Khin Memorial Trust
For the year ended 31 December 2021
6. Analysis of Net Assets between Funds
| Total Restricted funds Total Designated funds Total Unrestricted funds 7. Movement in Funds Unrestricted Funds Unrestricted General fund Property Reserve Designated Funds Publications fund Park fund Bhante requisites fund Offering fund Ordination fund Kitchen Equipment fund Orchid House fund Mower fund Pagoda & Special Projects fund Dining soundproof fund MS Demise fund Restricted funds Pagoda fund Barn & New Land fund Verandah fund 3phase fund Car fund Snr Teacher Mission fund Kitchen refurb fund Tarmac drive fund Total Funds |
Balance 01.01.21 £ 641,345 110,000 751,345 14,818 (146) 450 20,225 49,809 1,893 6,735 8,095 419,233 9,698 88,712 619,521 127,580 189,606 11,429 120,834 14,270 13,253 476,972 1,847,838 |
Income £ 193,977 - 193,977 1,929 175 322 10,286 1,313 - - - 108,257 - 64,381 186,663 129 - 7,667 5,580 - 1,608 1,921 2,280 19,185 399,825 |
Fixed Assets £ 312,008 186,500 459,280 957,788 Spend £ (222,633) - (222,633) (2,158) - - (10,175) - (50) (232) (2,390) (224,920) - (30,081) (270,006) (6,938) (461) (22) - (1,879) (1,999) - (12) (11,311) (503,950) |
Net Current Assets £ 172,838 349,678 263,409 785,925 Transfers £ - - - - - - - - - - - 2,000 - (2,000) - - - - - - - - - - - |
Total £ 484,846 |
||||
|---|---|---|---|---|---|---|---|---|---|
| 536,178 | |||||||||
| 722,689 1,743,713 |
|||||||||
| Balance 31.12.21 £ 612,689 110,000 |
|||||||||
| 722,689 | |||||||||
| 14,589 29 772 20,336 51,122 1,843 6,503 5,705 304,570 9,698 121,012 |
|||||||||
| 536,178 | |||||||||
| 120,771 189,145 7,645 5,580 9,550 120,443 16,191 15,521 |
|||||||||
| 484,846 | |||||||||
| 1,743,713 |
Included in unrestricted funds is a reserve of £110,000 for future repairs
Transfer between funds
A transfer of £2,000 from Mother Sayamagyi Demise Fund to Pagoda & Special Projects fund, agreed at the Trust meeting 31.01.21 as part of the 2021 Demise donations for Mother Sayamagyi & Sayagyi U Ba Khin
Page 10
Notes to the Financial Statements 8-10
Sayagyi U Ba Khin Memorial Trust
For the year ended 31 December 2021
8. Purpose of Restricted Funds
- (a) Pagoda Fund for the present and future upgrading, improvement, repairs and maintenance of the UK Pagoda. It also includes the carrying value of the Pagoda.
(b) Barn & New Land fund - purchase and landscaping of approximately 1800 square metres of farmland on the southern boundary of the existing property to secure the Centre boundaries and obtain release of third-party rights of way.
(c) Car fund - for purchase of a new car to replace the current model when it reaches the end of its useful life.
(d) Tarmac drive fund - for resurfacing the road adjacent to the barn & new and land.
(e) Senior Teacher’s mission fund - for promoting Sayagyi U Ba Khin’s and Mother Sayamagyi’s tradition of the Buddha Dhamma by supporting the establishment and growth of the mission as advised by the Senior Teacher, focusing in particular, (but not exclusively) on activities in or for countries where groups of students have been less active.
(f) Kitchen refurb fund - for the purchase of kitchen appliances .
(g) Verandah Fund – for creating a comfortable external area for students to sit and eat outside.
(h) 3phase Fund – to increase the electricity capacity at the centre as part of long-term planning.
Page 11
Notes to the Financial Statements 8-10
Sayagyi U Ba Khin Memorial Trust
For the year ended 31 December 2021
9. Purpose of Designated Funds
- (a) Publications Fund - for the printing and distribution of publications in-house and for the purchase and resale of Buddhist publications to students.
( b) Offering Fund - for the costs associated with the provision of floral offerings on Buddhist festival days both by purchase and by cultivation on site.
(c) Ordination - for the costs of setting up and running ordination courses at the centre and all associated costs.
(d) Kitchen Equipment Fund - for the purchase of kitchen equipment.
- (e) Orchid House - for maintenance of the Orchid House.
(f) Mower Fund - for the purchase of a new mower to replace the current model, which is approximately 15 years old.
- (g) Pagoda and Special Projects - for particularly ''meritorious objects'' in the Buddhist sense.
(h) Bhante Requisites Fund - to cover the cost of requisites for Buddhist Monks associated with the Sayagyi U Ba Khin tradition.
- (i) Park Fund - for meadow park improvement.
(j) Mother Sayamagyi's Demise Fund - for supporting projects and special events associated with the Sayagyi U Ba Khin tradition in honour of the memory of Mother Sayamagyi, including giving Dana to Pagodas and the Sangha in Burma and elsewhere and supporting the other International Meditation Centres, trusts and associations in the Sayagyi U Ba Khin tradition.
- (k) Dining Room soundproofing - for improving the acoustics in the dining room.
10. Comparative statement of financial activities
In the year ended 31 December 2020 all income and expenditure was unrestricted other than income & endowments £10,303 and charitable expenditure of £12,286. Restricted funds at 31 December 2020 of £476,972 were held as £321,111 fixed assets and £155,861 as net current assets.