##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|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.