| hetotalcashheldbytheCharityatthe his figureismadeupasfollows: |
endofthefinanc | ialyearwas{.9 |
|---|---|---|
| CashBalancesbyfund | 31-Dec-22 | classification |
| Generalfund | 156,370 | unrestricted |
| Senior TeacherMission fund | 120,644 | restricted |
| Tarmacdrive fund | 13,874 | restricted |
| Kitchen refurbishment fund | 7,554 | restricted |
| Pagodafund | 129 | restncted |
| Barn&New Land fund | 5,695 | restricted |
| 3-phaseelectricity fund | (2,314) | restricted |
| Exterior dining-room fund | 1,131 | restricted |
| Solarfund | 44,749 | restricted |
| Propertyresera/e | I10,000 | desiguated |
| Pagoda&Special Projectsfund | 262,792 | designated |
| MotherSayamagyi's Demisefund | 134,401 | designated |
| Ordinationfund | 53,412 | designated |
| Offeringfund | 19,269 | designated |
| Publications fund | 12,849 | designated |
| Kitchen Equipment fund | 2,386 | designated |
| Bhante requisitesfund | 2,ggg | designated |
| Parkfund | 89 | designated |
| NETCASHBALANCES |
Registered No:280134
Sayagyi U Ba Khin Memorial Trust
Accounts
For the year ended 31 December 2022
Sayagyi U Ba Khin Memorial Trust
Accounts
For the year ended 31 December 2022
| 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 2022
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, resigned 21.12.2022) Roy Millman Franz Christof Neuner Nicola Sally Newton Neil Pavitt William Pruitt Oliver Waterhouse (appointed 07.08.2022) Christian Karl Ernst Wunschik
Registered Office:
Splatts House, Heddington, Calne, Wiltshire, SN11 0PE
Independent Examiners
James Gare FCA Monahans Hermes House, Fire Fly Avenue, Swindon SN2 2GA
Registered Number: 280134
Page 2
Report of the Independent Examiner
Sayagyi U Ba Khin Memorial Trust
For the year ended 31 December 2022
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 22, 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 Hermes House, Fire Fly Avenue Swindon SN2 2GA
18 October 2023
Date: ……………………………………
Page 3
Statement of Financial Activities
Sayagyi U Ba Khin Memorial Trust
For the year ended 31 December 2022
| 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 Support costs: Courses Water, rates, heat & light Insurance Office Travel 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 £ 115,244 - 161,887 - - - 1,824 816 279,771 123,179 57,954 7,142 6,219 6,025 48,861 22,106 - 253 4,044 - 2,607 278,390 1,381 (114,190) (112,809) 722,689 609,880 |
Designated Funds £ - 2,180 124,584 139,182 - - 1,993 - 267,939 - 2,992 - - - 12,239 8,211 1,261 28 - 107,287 - 132,018 135,921 105,381 241,302 536,178 777,480 |
Restricted Funds £ - - 86,447 - - - 710 - 87,157 250 129 - - 505 39,171 9,253 - - - - - 49,308 37,849 8,809 46,658 484,846 531,504 |
Total 31.12.22 £ 115,244 2,180 372,918 139,182 - - 4,527 816 634,867 123,429 61,075 7,142 6,219 6,530 100,271 39,570 1,261 281 4,044 107,287 2,607 459,716 175,151 - 175,151 1,743,713 1,918,864 |
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 6,848 2,973 242,851 39,655 1,287 416 3,725 41,340 2,434 503,951 (104,125) - (104,125) 1,847,838 1,743,713 |
|---|---|---|---|---|---|
Page 4
Balance Sheet
Sayagyi U Ba Khin Memorial Trust
For the year ended 31 December 2022
| Fixed Assets Tangible Fixed Assets 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 Designated Funds Designated Funds - Property Reserve Restricted Funds Total Funds |
Note | 31.12.22 £ 938,015 38,323 15,931 944,977 999,231 12,690 5,692 18,382 980,849 1,918,864 - 1,918,864 609,880 667,480 110,000 531,504 1,918,864 |
31.12.21 £ 957,788 12,820 9,617 778,737 801,174 9,146 6,103 |
||||
|---|---|---|---|---|---|---|---|
| 5 7 7 7 7 |
|||||||
| 15,249 | |||||||
| 785,925 1,743,713 - 1,743,713 612,689 536,178 110,000 484,846 1,743,713 |
|||||||
Approved by the trustees on 15th October 2023 and signed on their behalf by:
----- Start of picture text -----
K F Hulena ......................................................... Trustee
N S Newton ......................................................... Trustee
Dated: .........................................................
----- End of picture text -----
Page 5
Statement of Cashflows
For the year ended 31 December 2022
| 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 |
2022 £ 190,564 (4,527) (19,797) (24,324) - 166,240 778,737 944,977 |
2021 £ (62,696) (5,158) (6,732) (11,890) - (74,586) 853,323 778,737 |
|---|---|---|
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 |
2022 £ 175,151 39,570 4,527 (31,817) 3,133 190,564 |
2021 £ (104,125) 39,655 5,158 (6,839) 3,455 |
|---|---|---|
| (62,696) |
Page 6
NOTES TO THE ACCOUNTS
For the year ended 31 December 2022
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
(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.
Designated funds have been set up in the past by the trustees for the uses indicated in note 9. Sometimes when donors ask for suggestions as to where they might direct their donations they will be notified of these funds as options and may select one of them. These funds can be used for a wide range of activities within the designation, at the discretion of the trustees.
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 a
(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 2022
2. The number of members of the Sayagyi U Ba Khin Order of Lay Workers for the period was ten (no change from 2021). 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 |
31.12.22 £ nil 59,069 10,624 nil |
31.12.21 | |
|---|---|---|---|
| £ nil 68,087 11,275 nil |
|||
| 31.12.22 £ |
31.12.21 | ||
| £ | |||
| 4,527 | 5,158 |
5. Fixed Assets
| Fixed Assets | ||||||||
|---|---|---|---|---|---|---|---|---|
| COST Land & buildings Unrestricted Land & buildings Restricted Land & buildings Designated Fixtures, fittings & equipment Unrestricted Fixtures, fittings & equipment Restricted Fixtures, fittings & equipment Designated Motor vehicles Unrestricted Motor vehicles Restricted DEPRECIATION Land & buildings Unrestricted Land & buildings Restricted Land & buildings Designated Fixtures, fittings & equipment Unrestricted Fixtures, fittings & equipment Restricted Fixtures, fittings & equipment Designated Motor vehicles Unrestricted Motor vehicles Restricted Net Book Value |
As at 01.01.22 £ 890,205 509,751 172,778 114,801 3,757 52,395 22,250 18,788 1,784,725 As at 01.01.22 £ 455,907 207,339 8,331 89,821 3,711 30,341 22,250 9,237 826,937 957,788 |
Additions £ - - - 8,856 10,247 694 - - |
Disposals/ Adjustments £ - - - - - - - - Disposals/ Adjustments £ - - - - - - - - - |
As at 31.12.22 £ 890,205 509,751 172,778 123,657 14,004 53,089 22,250 18,788 |
||||
| 19,797 | 1,804,522 | |||||||
| Charge For the Year £ 17,760 6,541 3,455 4,346 833 4,756 - 1,879 |
As at 31.12.22 £ 473,667 213,880 11,786 94,167 4,544 35,097 22,250 11,116 |
|||||||
| 39,570 | 866,507 | |||||||
| 938,015 |
Page 9
Notes to the Financial Statements 6 to 7
Sayagyi U Ba Khin Memorial Trust
For the year ended 31 December 2022
6. Analysis of Net Assets between Funds
| Restricted funds Total Restricted funds Designated funds Total Designated funds Unrestricted funds Total Unrestricted funds |
Fixed Assets £ 313,003 178,981 446,031 938,016 |
Net Current Assets Total £ £ 218,501 531,504 598,499 777,480 163,849 609,880 980,849 1,918,864 |
Total £ 531,504 |
|
|---|---|---|---|---|
| 777,480 | ||||
| 609,880 | ||||
7. Movement in Funds
| Movement in Funds | |||||||
|---|---|---|---|---|---|---|---|
| Unrestricted General Funds 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 Property Reserve Restricted funds Pagoda fund Barn & New Land fund Verandah fund 3phase fund Solar fund Car fund Snr Teacher Mission fund Kitchen refurb fund Tarmac drive fund Total Funds |
Balance 01.01.22 £ 612,689 14,589 29 772 20,336 51,122 1,843 6,503 5,705 304,569 9,698 121,012 110,000 646,178 120,771 189,145 7,645 5,580 - 9,550 120,443 16,191 15,521 484,846 1,743,713 |
Income £ 279,771 2,251 422 11,713 8,574 2,291 1,200 - - 140,175 - 101,313 - 267,939 - - 41,217 14,865 23,958 - 635 4,000 2,482 87,157 634,867 |
Spend £ (278,390) (2,291) (363) (9,498) (10,632) - (72) (232) (2,390) (13,872) (5,079) (87,589) - (132,018) (6,715) (750) (31,813) (92) - (1,879) (754) (3,177) (4,128) (49,308) (459,716) |
Transfers £ (4,190) - - - - - - - - - (4,619) - - (4,619) - - (16,560) 4,619 20,750 - - - - 8,809 - |
Balance 31.12.22 £ 609,880 |
||
| 14,549 88 2,987 18,278 53,413 2,971 6,271 3,315 430,872 - 134,736 110,000 |
|||||||
| 777,480 | |||||||
| 114,056 188,395 489 24,972 44,708 7,671 120,324 17,014 13,875 |
|||||||
| 531,504 | |||||||
| 1,918,864 |
Included in Designated funds is a property reserve of £110,000 for future repairs
Transfer between funds
A transfer from the surplus of the verandah fund of £16,560 as per donor wishes, agreed at the Trust meeting 16.10.22. The surplus of the dining room soundproof fund £4,619 transferred to the 3phase fund agreed at the Trust meeting 07.08.22. The surplus from the barn roof project (unrestricted funds) of £4,190 was reassigned to the solar project as agreed at the Trust meeting 16.10.22. The property reserve has been reassigned from unrestricted to designated funds
Page 10
Notes to the Financial Statements 8-10
Sayagyi U Ba Khin Memorial Trust
For the year ended 31 December 2022
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.
(i) Solar Fund – to improve future energy resilience for the running of the centre and decrease the dependence on the fossil fuels
Page 11
Notes to the Financial Statements 8-10
Sayagyi U Ba Khin Memorial Trust
For the year ended 31 December 2022
9. Purpose of Designated Funds
The following funds have been set up in the past by the trustees and designated for the uses indicated. Sometimes when donors ask for suggestions as to where they might direct their donations they will be notified of these funds as options and may select one of them. These funds can be used for a wide range of activities within the designation, at the discretion of the trustees
(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 2021 all income and expenditure was unrestricted other than income & endowments £19,185 and charitable expenditure of £11,311. Restricted funds at 31 December 2021 of £484,846 were held as £312,008 fixed assets and £172,838 as net current assets.