SAYAGYI U BA I 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 tr￿steeS. to provide a vehicle for established students visiting OT living around IMC UK to provide voluntary service in an effective way (b￿ritig 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]nut*es 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 main*nan¢¢ 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 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 Ten￿illed £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 D￿nISe 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 refi￿bi$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 ]nfOrn￿tion 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 CoU￿S 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 deSi￿ted). 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 ir￿tallation 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: ll￿jOr 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 pU￿1￿e 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 ca￿Led 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 ru￿ning 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 f￿￿ncIaL 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 Seni￿Teacher Mk8slon fijnd unrestricted Tarnac drive fund restricted lfjtchen refu￿&S￿mentfUnd Pagoda fiJnd Barn & New Land fund restrict*J 8,445 5,580 7,667 134,389 reslricled 3-phase e1eL#fi￿tyfund Exterior dining￿rn 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. Fir￿nCIal markets continue to be uncertain due to both COVID-19, the challenges posed by Brexit and the invasion of ijkraine all cUlmi￿ling 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 cI￿lty 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 n￿Illg 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 Tn￿teeS 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 S￿dettts 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 ttt￿te¢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 Tn￿teeS 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 r￿uNER 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 - 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 - 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; - or the accounts did not accord with the accounting records; or - 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. ## ## ## ## ## ##