Registered No.'280134 i U Ba Khin Memorial Trust Accounts For the ear ended 31 December 2024 i U Ba Khin Memorial Trust Accounts For the ear ended 31 December 2024 INDEX Page Charity Information Report of the Independent Examiner Slalement of Financial Activities Balance Sheet Slalement of Cashflows Notes to the Accounts 6-11 Page 1 Charity Information Sayagyi U Ba Khin Memorial Trust For the year ended 31 December 2024 Trustees David Forbes Borne Kyaw Kyaw Chittin Arabella Lilian Virginia Delahunly Kevin Gerald Delahunty Amitsbh Dwivedi Kedar Nath Dwivedi Kaye Frances Hulena Joseph Aloisius Joosten Virginia Cunynhame Judkins Simon Jughard Theres Dora Keller Roy Millman Franz Chrislof Neuner Nicola Sally Newion Roger Slanz Newton (Re-appointed 11 August 2024) Neil Paviti William Pruitt Oliver Waterhouse Christian Karl Ernst Wunschik Re Istered Offlce: Splatts House, Heddington, Calne, Wiltshire, SN11 OPE Inde endent Examiners James Gare FCA Monahans Hermes House. Fire Fly Avenue. Swindon SN2 2GA Re istered Number: 280134 Page 2 Report of the Independent Examiner Sayagyi U Ba Khin Memorial Trust For the year ended 31 December 2024 Independent Examlnerfs Report to the Trustees of the Sayagyl U Ba Khln MemorSal Trust I report lo the charity Iruslees on my examination of the accounts of the charity for the year ended 31 December 24, which comprise the statement of financial actimlies, 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 I'lhe Act,). 11 is my responsibility to.. examine the accounts under section 143 of the 2011 Act to follow the prO￿dureS laid down in the general Directions given by the Charity Commission lunder section 145(5llb) of the Charities Act, and to stale whether particular matters have come lo my attention. Basis of Independent Examinerfs Statement Since the ch8rity'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 l am qualified to undertake the examination because l 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.11 also includes consideration of any unusLJal items or disclosures in the accounts, and seeking explanations from the Iruslees concerning any such mallers. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as lo whether the accounts present a 'lrue and fair, view and the report is limited to those mallers set out in the statement below. Independent Examinerfs Statement In connection with my examination, no material matters have come lo my attention which gives me cause lo 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 sel 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 Date: 17 September 2025 Page 3 Statement of Financial Activities Sayagyi U Ba Khin Memorial Trust For the year ended 31 December 2024 Unrestricted Desi nated Restricted Total Funds Funds Funds 31.12.24 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 131,979 131,979 4,225 4,225 110,901 90,119 49,449 312,318 64,589 265,609 49,449 318,000 5,682 7,593 10,413 4,099 22,105 100 256,255 100 791,467 466,524 68,688 EXPENDITURE ON: 1.13 250,816 CHARITABLE ACTIVITIES 12,215 Support costs.. Courses Water, rates, heat & light Insuran Office Travel Maintenance Depreciation Publications Finance costs Governance costs Donation costs Loss on disposal assets Other resources expended Total Expenditure 130,589 53,883 8,649 7,607 12,633 31,227 23,524 1,338 3,893 131,927 57,776 8,649 7,757 29,317 62,581 40,526 11,032 228 2,983 21,774 150 119 15,400 6,419 11,032 28 39 21,655 16,565 15,954 10,583 200 2,944 119 2,965 274.340 2,965 377.515 60.073 43.102 Net income lexpenditurel 118,0851 406,451 25,586 413,952 Transfers between funds 3,000 6,000 3,000 Net movement in funds 115,0851 400,451 28,586 413,952 Fund balances bought forward 574,497 785,366 529,711 1,889,574 Fund balances carried forward 559,412 1,185,817 558,297 2,303,526 Page 4 Balance Sheet Sayagyi U Ba Khin Memorial Trust For the year ended 31 December 2024 Note 31.12.24 31.12.23 Fixed Assets Tangible Fixed Assets 877,657 907,729 Net Currgnt Assets Current Assets Debtors IPrepaymenls & others) Income tax recoverable on Gift Bank balances and cash 7,342 21,561 1,410,057 1,438,960 10,822 31,608 963,094 1,005,524 Les5 Current Liabilities Creditors . Amounts fallin due within one ear Trade creditors Accruals and deferrred income 5,221 7,870 13,091 16,935 6,744 23,679 Net Currgnt AssotsllLiabilities) 1425 869 981845 Total Assets Lgss Currant Liabilities 2 303 526 1 889 574 Net Assets 2,303,526 1,889,574 Funds Unreslricled General Fund Designated Funds Designated Funds - Property Reserve Restricted Funds Total Funds 559.412 1,075,817 110,000 558,297 2,303,526 574,497 675,366 110,000 529,711 1,889,574 Approved by the trustees on 10 August 2025 and Signed on their behalf by.. K F Hulena -ustee N S Newton I rustee 1210812025 Dated.. Page 5 Statement of Cashflows For the year ended 31 December 2024 2024 2023 Cash flows from operating activities: Net cash provided by (used inl operating activities 479,522 40,083 Cash flows from investing activities- Interest income Sales tangible fixed assets Purchase of tangible fixed assets Net cash provided by (used inl investing activities 122,1051 111,1061 10,454 32,559 10,860 21,966 Cash flows from flnanclng aetlvltles Net cash provided by financing activities Change in cash and cash equivalents in the year 446,963 18,117 Cash and cash equivalents at the beginning of the year 963,094 944,977 Total cash and cash equlvalents at the end of the year 1,410,057 963,094 Reconciliation of net movomgnt in funds to net cash flow from o eratin activitiOS 2024 2023 Net incomel{expendituro) for the year Adjustments for- Add back depreciation charges Add back lossllgainl on disposal assets Deduct interest income IlncreasellDecrease in debtors Increasel{Decreasel in creditors Net cash used In operating activitles 413,952 129,2901 40,526 40,455 691 11,106 11,824 5,297 40,083 22,105 13,527 10,588 479,522 Page 6 NOTES TO THE ACCOUNTS For the year ended 31 December 2024 Accountin Policies The followng accounting policies have been used consistently in dealing with items, which are considered material in relation to the Trust's accounts. {al Basis of accounting The charity constitutes 8 public benefit entity as defined by FRS 102. The financial ststemenls have been prepared in acwrdance 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 Odober 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011, the Companies Act 2006, and UK Generally Accepted Accounting Practice. The financial slalements have been prepared to give a 'true and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the extent required lo provide a 'true and fair view,. This departure has involved following the Accounting and Reporting by Charities.. Ststemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 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 wilhdr8wn. The financial slalements are prepared on a going concern basis, under the historical cost convention, modified to include certain items al fair value. The financial statements are prepared in slerfing which is the functional currency of the charity and rounded to Ihe nearest pound. There are no significant areas of judgements or key sources of estimation uncertainly. The Iruslees consider that there are no material uncertainties about the Charitys ability lo continue {bl Legal status of the charity The charity is an unincorporated trust conslituled by a trust deed. The address of the registered office is given in the charity information page of these financial slalements. The nature of the charity's operations and principal activities are given in the Trustees, report {cl Income All income is recognised in the Statement of Financial Activities once the charity has entitlement lo the funds, il is probable that the income will be received and the amount can be measured reliably. Interest on funds held on deposit is included when re￿ivable and the amount can be measured reliably by the charity., this is normally upon notification of the interest paid or payable by the bank. {dl Expendlture Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity lo 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 lo particular headings they have been allocated to activities on a basis Consislenl with the use of resources. Page 7 {el 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 Iruslees. Reslricled 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 reslricled 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 slalements. {gl Debtors Prepayments are valued at the amount prepaid net of any trade discounts due. Other debtors are recognised al the settlement amount due. {hl Cash at bank and in hand Cash at bank and cash in hand includes cash and short term highly liquid investments with 8 short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. {il Crgditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a Ul Flnanclal 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 subsequenlly measured al their selllemenl value. {kl Depreciation Depreciation has been provided on fixed assets so as to write off the cost of tangible fixed assets by equal annual inslalmenls over their estimated useful lives at the following rates.. Freehold land Freehold buildings Pagoda Fixtures, fittings & equipment Motor vehicles 20/. loo￿_250/, 200/0 {11 Fixed Assets Freehold land and buildings, the Pagoda and new residence self build project are included in the accounts al cost, comprising materials, labour, overhead expenses and interest incurred during the ourse of construction. Fixed assets costing more than £250 are capilalised. {ml Foreign Currencies Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the dale 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 2024 **2.** The number of members of the Sayagyi U Ba Khin Order of Lay Workers for the period was ten (no change from 2023). 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||**31.12.24**
£
nil
108,151
10,684
nil|**31.12.23**| |---|---|---|---| ||||£
nil
115,303
9,775
nil| ||||| ||||| ||||| ||||| |||**31.12.24**
£|**31.12.23**| ||||£| |||22,105|11,106| ## **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**
**01.01.24**
£
890,205
509,751
172,778
117,614
20,963
51,444
22,250
18,788
**1,803,793**
**As at**
**01.01.24**
£
491,427
220,421
15,242
90,041
5,627
38,062
22,250
12,994
**896,064**
**907,729**|**Additions**
£
-
-
-
3,818
6,636
-
-|||**Disposals/**
**Adjustments**
£
-
-
-
-
-
-
-
**Disposals/**
**Adjustments**
£
-
-
-
-
-
-
-||**As at**
**31.12.24**
£
890,205
509,751
172,778
121,432
27,599
51,444
22,250
18,788| |||||**10,454**||||**1,814,247**| |||||**Charge**
**For the**
**Year**
£
17,583
6,541
3,456
5,941
2,163
2,963
-
1,879||||**As at**
**31.12.24**
£
509,010
226,962
18,698
95,982
7,790
41,025
22,250
14,873| |||||||||| ||||||**40,526**|||**936,590**| |||||||||**877,657**| Page g Notes to the Financial Statements 6 to 7 Sayagyi U Ba Khin Memorial Trust For the year ended 31 December 2024 6. Analysis of Net Assets betweon Funds Fixed Assets Net Current Assets Total Restricted funds Total Restricted funds 306,513 251,784 558,297 Designated funds Total Designated funds 164.497 1.021.320 1,185.817 Unrestricted funds Total Unrestricted funds 406,647 152,765 559.412 877.657 1.425.869 2,303.526 Movement in Funds Balance 01.01.24 Balance 31.12.24 Incomo and Transfgrs Unrestricted General Funds 574,497 256,255 274,340 3,000 559,412 Dasignatad Funds John Boughey Legacy fund Publications fund Park fund Bhante requisites fund Offering fund Ordination fund Kitchen Equipment fund Orchid House fund Mowerfund Pagoda & Special Projects fund Dining soundproof fund MS Demise fund Property Reserve 312,318 4,456 120 4,457 8,179 53,137 815 312,318 5.161 1241 2,675 7,953 110,528 4,109 5.806 12,249 148 2,627 11,058 59,083 3,383 6,039 1,108 453,129 111.5441 12921 {4,4091 111.2841 {1,6921 1891 12331 {1,1081 122.3831 55,392 486,138 126,542 110,000 785,366 27,650 {7,0391 16,0001 141,153 110,000 466.524 1,185.817 60.073 6.000 R8strict8d funds Pagoda fund Barn & New Land fund Verandah fund 3phase fund Solar fund Car fund Snr Teacher Mission fund Kitchen refurb fund MH Windows Tarmac drive fund 107,515 182,700 {6,5421 100,973 182.700 46,223 5,792 150,670 18,386 18,650 225 529,711 3,981 50,204 3,914 189,220 20,892 10,619 225 558.297 {1,8781 116,5651 {2,1631 115,9541 55,115 1,669 7,923 3.000 68,688 43,102 3.000 Total Funds 1.889,574 791.467 377.515 Included in Designated funds is a property reserve of £110,000 for future repairs Transfer between funds A year end transfer from the Mother Sayamagyi Demise fund £6,000 lo the General Fund of £3,000 & lo the Reslricled kitchen refurb fund £3,000 2,303.526 Page 10 Notes to the Financial Statements 8-10 Sayagyi U Ba Khin Memorial Trust For the year ended 31 December 2024 8. Purpose of Restricted Funds (al Pagoda Fund - for the present and future upgrading. improvement, repairs and maintenance of the UK Pagoda. 11 also includes the carrying value of the Pagoda. {bl Bam & 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 Ihird-paty rights of way. {cl Car fund - for purchase of a new car to replace the current model when it reaches the end of its useful lrfe. {dl Tarmac drive fund - for resurfacing the road adjacent to the barn & new and land. {ol 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 exdusivelyl on activities in or for countries where groups of students have been less active. {fj Kitchen refurb fund - for the purchase of kitchen appliances . {gl Vorandah Fund- for creating a comfortable extemal area for students to sit and eat outside. {hl 3phase Fund- to increase the electricity capacity at the centre as part of long-term planning. {il Solar Fund - lo improve future energy resilience for the running of the centre and decrease the dependence on the fossil fuels {kl MH windows Fund - window replacement program to improve energy retention Page11 Notes to the Financial Statements 8-10 Sayagyi U Ba Khin Memorial Trust For the year ended 31 December 2024 9. Purpose of Designated Funds The following funds have been sel 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 Iruslees {al Publications Fund for the printing and distribution of publications in-house and for the purchase and resale of Buddhist publications lo students. Ibl Offering Fund - for the costs associated with the provision of floral offerings on Buddhist festival days both by purchase and by cultivation on site. {cl Ordinatlon - for the costs of selling up and running ordination courses at the centre and all associated Costs. {dl Kitchen Equipment Fund - for the purchase of kitchen equipment. {el Orchld House- for maintenance of the Orchid House. {fj Mower Fund - for the purchase of a new mower to replace the current model, which is approximately 15 years old. {gl Pagoda and Special Projects - for particularly'merilorious objects" in the Buddhist sense. {hl Bhante Requlsltes Fund - lo cover the cost of requisites for Buddhist Monks associated with the Sayagy U Ba Khin tradition. {il Park Fund - for meadow park improvement. ljl Mother Sayamagyl's Demlse Fund - for supporting projects and special events associated with the Sayagyi U Ba Khin ISUBKI tradition including giving Dana to Pagodas and the Sangha in Burma and elsewhere and supporting the other IMC, trusts and 8ssocialions. {kl Dining Room soundproofing - for improving the acoustics in the dining room. {11 John Boughey Legacy Fund- unrestrirted gift received from John Boughey estate 10. Comparative statement of financial activities In the year ended 31 December 2023 all income and expenditure was unrestricted other than income & endowments £81,513 and charitsble expenditure of £109,826. Restricted funds al 31 December 2023 of £529,711 were held as £310,460 fixed assets and £219,251 as net current assets. SAYAGYI U BA KHIN MENIORIAL TRUST Registered charitTr number 280134 Trustee5 report for the tinancial period l.1.24- 31.12.24 REFERENCE AND ADMILYISTIL4TIVE DETAILS Charity registration: The charity iq registered as the Sayagyi U Ba Khin Memorial Trust (the Charity). The registered number is 280134. Address: The Charity is based at the Jnternational Meditation Centre (known as 'TMC UK,), Splalts House, Heddington, Calne, Wiltshire SNI I OPE ("the Centre"). Charity Trustees: A list of the cbarity truslccs for thc financial ycar is sct out in Appcndix l. STRUCTURE GOVERLYANCE AIYD MANAGEMENT The Constitution The vonstilulion of the Charity is sel out iii a Declaration of TNSI ("Trust Deed") dated 18 March 1980, as amended by Special Resolution dated 19.11.2017 and a re.qolution as to procedure dated 07.08.22. The Teachers From the foundation of The Centre in 1980, until 28, January 2017, the Senior Teacher of our tradition of meditation was Mother Sayamagyi Daw Mya Thwin. Mother Sayamagyi was the leading disciple in Burma ot the late Sayagyi U Ba Khin. She became the Senior Teacher of the tradition whcn hc PdSScd away in 1971 and rcmaincd so until hcr dcmisc in 2017. Mr Rogcr Bischoff is now the Scnior Tcachcr and successor to Mothcr Sayamagyi. During 2024, Mr Bisehoff has remained resident at the Centre and taught ¢ouises regularly at the Centre, while also leading on-line courses for eqlablished students overseas and travelling to support other groups of meditators overseas. The Senior Teacher, as spiritual leader, makes all decisions in connection with the Tea¢hing, the conduct of tt]e courses and membership of the Order. The Truslees The tiustees ale all established students of Theravada Buddhism as taught by Sayagyi U Ba Khin and Mother Sayamagyi. Appointments are made in conqultation with the Senior Teacher. The power of appointing trustees resides with the trustees for the time being. New trustees with suitable skills arc recruited from timc to tim¢ from among established studcnt5 of the Sayagyi U Ba Khin trddition who meditrdle regularly. Roger Newton was appointed as an additional trustee in August 2024. All trustees recei￿.¢ basic training via the Charity Cummission website. The Trust Secretary and Finance Director keep the trustees up to dale in charity and other laws and accoun(ancy rules applicable to the Charity's aCti￿ltIes. The Charity's property is held by the trustees for the lime being of the charity. The charity has considered incorporating the tn]stees under Part 12 of the Charities Act 2011 in order to simplify contracting and propcty owncrship. For thc timc bcing this has not bccn takcn forward. Trust Meetings Trust Meetingg are held on average every three months, with additional meetings being called where needed. Centre personnel (who are members of the Sayagyi U Ba Khin Order of Lay Workers) attend trust Ineetings where possible. AnnualRvport Page l of10 The principal functions of the meetings are.. Establishing policy and authorising expenditure. Considering the monthly financial reports and ¢omp