Charity Number: 506094
Throssel Hole Buddhist Abbey
Report and financial statements
For the year ended 31[st] March 2023
Throssel Hole Buddhist Abbey
Reference and administrative information
for the year ended 31[st] March 2023
Charity number 506094 Registered office and THROSSEL HOLE BUDDHIST ABBEY operational address CARRSHIELD, HEXHAM NORTHUMBERLAND NE47 8AL
Trustees Trustees who served during the year and up to the date of this report were as follows: Rev. S.H.B. Watson Chair Rev. S.T.H.L Robertshaw (resigned August 2022) Rev. D.H.S. Kennaway (deceased March 2023) Rev. P.M. Bonati Rev. C.D.H.R. Watson Rev. L. Tuffrey Rev. M.B.C.H.S. Alexander Rev. K. Bailey Secretary Rev. E. Agnew Holding Trustees The Incorporated Trustees of Throssel Hole Buddhist Abbey Bankers The Co-operative Bank plc. Norfolk House, 84/86 Grey Street Newcastle Upon Tyne NE1 6BZ Triodos Bank UK Deanery Road Bristol BS1 5AS PayPal (Europe) S.à r.l. et Cie, S.C.A. 22-24 Boulevard Royal L-2449 Luxembourg Independent James Gore-Langton FCCA DChA, examiner Garth, Outertown Stromness, Orkney KW16 3JP
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Throssel Hole Buddhist Abbey
Trustees’ annual report
for the year ended 31[st] March 2023
The trustees present their report and unaudited financial statements for the year ended 31[st] March 2023. Reference and administrative information set out on page 2 forms part of this report. The financial statements comply with current statutory requirements, the charity’s constitution and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.
Structure, Governance and Management
Governing document
Throssel Hole Buddhist Abbey was registered as a charity on 15[th] March 1977 in England and Wales. The charity is governed by its constitution which was adopted on 24[th] January 1977 and amended on 20[th] March 1998, 17[th ] April 2008, 17[th] February 2015, 14[th] November 2019 and 1[st] March 2022.
Organisation and structure
The management of the Charity is vested in a Committee of Trustees whose current members are Rev. Berwyn Watson, Rev. Saido Kennaway until he died on 3[rd] March 2023, Rev. Peter Bonati, Rev. Roland Watson, Rev. Lambert Tuffrey, Rev. Sanshin Alexander and Rev. Kōjō Bailey. Five of the trustees are resident at the Abbey and are involved in the day-to-day running and management of the charity. Rev. Peter Bonati is the sole remaining non-resident trustee; he resided at the Abbey for many years, and is consulted on a regular basis. Rev. Saidō Kennaway was a Trustee of Throssel over several decades, as well as being Trustee of a number of other temples and Buddhist organisations. His presence will be sorely missed, and we are deeply grateful for his inestimable contribution to the life of the monastery.
Appointment of Trustees
The appointment of trustees is the responsibility of the Chapter, membership of which is open to all senior monks of the Order ordinarily resident in the UK at one of the Charity’s residences. The resident trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity. All trustees give their time voluntarily and receive no benefits from the charity other than repayment of reasonable out-of-pocket expenses such as travel to and from trustee meetings, overnight accommodation (although this is usually not needed for Throssel meetings) and postage, telephone calls and broadband time for charity work. Trustees who are monks of the Order of Buddhist Contemplatives and are resident at one of the Charity's properties are entitled to receive the same benefits of board and lodging etc. as any other monk of the Order without this being construed as remuneration as a trustee.
The centre of the Charity is Throssel Hole Buddhist Abbey, near Hexham in Northumberland. The Abbey is a Buddhist monastery where men and women from any background can undertake monastic training in the Serene Reflection Meditation tradition (Japanese: Sōtō Zen). There are currently 20 female and male monks resident, who serve as an example of committed practice, and a source of teaching, spiritual help and encouragement to the congregation in Britain and Europe.
The Sōtō Zen tradition: This tradition originated in China and was transmitted to Japan, where it became known as Sōtō Zen. It emphasises the practice of meditation (zazen), living by the Buddhist Precepts and acting from the heart of compassion, love and wisdom in one’s daily life. In zazen, one sits still in the present moment with an alert and all-accepting mind, allowing feelings and thoughts to arise and fall away naturally without holding on to them or trying to push them away. Within the Sōtō Zen school there are many teaching lines and each has its own particular flavour. Serene Reflection Meditation is the name used for this practice by those who follow the Sōtō Zen lineage which was brought from Japan by Rev. Master Jiyu-Kennett.
How the Abbey began: The Abbey was founded by Rev. Master Jiyu-Kennett, an English woman who was ordained as a Buddhist monk in Malaysia and subsequently trained at one of the two head temples
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Trustees’ annual report
for the year ended 31[st] March 2023
of the Sōtō Zen Church in Japan. After qualifying as a Master and Teacher she was requested by her western disciples and the Sōtō Zen Church in Japan to spread the teaching in the West. She founded Throssel Hole Buddhist Abbey (then known as Throssel Hole Priory) in 1972. The original umbrella organisation for the temples founded by Rev. Master Jiyu was called the ‘Zen Mission Society’ and was an outgrowth of the Foreign Guest Department of Sōji-ji, the temple where Rev. Kennett had trained in Japan.
The Order of Buddhist Contemplatives: By 1978 the movement required a new structure to reflect its administrative independence from the Japanese church and to embrace the monastic communities that were developing in different countries with a variety of legal requirements. To answer this need, the Order of Buddhist Contemplatives (O.B.C.) was formed through which Throssel Hole Buddhist Abbey, together with the other monastic communities and temples, and their members, could be unified and regulated. Rev. Master Jiyu-Kennett died in 1996 and the O.B.C. continues her work of transmitting the Serene Reflection Meditation tradition. Throssel Hole Buddhist Abbey is the European office of the O.B.C. and in addition there are currently ten other temples of the O.B.C. operating in the UK, two in Holland, one in Germany, one in Latvia and ten in North America.
Charity governance
The charity trustees have given consideration to the major risks to which the charity is exposed and satisfied themselves that systems and procedures are established to manage those risks. A summary of many of these systems and procedures, taken from our risk management statement, is presented below.
Our governance adheres to the rules of the Order of Buddhist Contemplatives and the constitution of Throssel Hole Buddhist Abbey. These rules keep the aims and objectives of the charity clearly in mind and are upheld and exhibited by the Abbot, board of trustees and the community of senior monks in the monastery and the wider Order. Governance of the charity is reviewed on a regular basis and within the context of the wider Order through periodic conclaves and monastic gatherings. The trustees, who are senior members of our Order, train within monastic and temple settings and are intimately and continuously working within the governance framework, and are therefore able to see how it is working, and if and when any issues need to be addressed. As all trustees are members of the O.B.C. and resident in temples within our Order there is regular contact between trustees and senior members either directly as members of the same temple community, or through phone calls and emails. Additionally the most senior monks meet periodically to discuss and implement any issues of importance for the charity.
Relative to operational risks, there is a weekly business meeting where all of the monastic heads of department and other seniors are able to bring up current and future work projects in order to consult with the wider senior members of the charity. New projects can be appraised and budgeting and timelines can be worked out. Repair and maintenance of charity buildings and equipment are discussed and planned as needed. The board of trustees and other senior members are consulted as needed on any significant expenditures, to assess how they fit within our charitable purpose and governance.
Relative to financial risks the bursar of the charity provides regular financial reports to the board of trustees as well as to the most senior monks who are not trustees. During this regular review the status of our cash flow and reserves can be seen in a timely and accurate way and any concerns discussed and appropriate actions taken. We currently maintain a £75,000 cash reserve and regularly review this policy. Regular cash flow statements are used to control expenditures and to budget for future projects. All expenditures over £1,000 require the full consent of the board of trustees. Online and cheque expenditures always require two signatures for approval.
In the area of public perception we interact regularly with our supporters and beneficiaries through the offerings of retreats at Throssel, senior monks regularly visiting meditation groups and outside events,
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Throssel Hole Buddhist Abbey
Trustees’ annual report
for the year ended 31[st] March 2023
the items we post regularly on our blog, and the quarterly online offering of the Journal of the Order of Buddhist Contemplatives. Spiritual guidance is also available for any lay person with a senior member of Throssel either in person, by telephone, or email. All of the above mentioned interactions ensure good quality reporting of our charity's activities and financial situation. Our financial report is available for anyone to look at on the Charity Commission website.
The bursar receives a monthly issue of Charity Finance and emailed news reports from Civil Society Media to keep on top of current Government policies and events which may impact on our activities. The Charity Finance periodical is distributed to all the resident trustees at Throssel in addition to a number of senior monks. As many senior monks regularly keep up with the news they have passed on pertinent information for the trustees to look at.
Relative to compliance with government legislation, the Throssel charity has an extensive Health and Safety document detailing the various procedures that are being followed. Areas of concern range from accidents and first aid, to fire, electrical, gas and hazardous substances safety, to food preparation, water and sewage systems, building and equipment safety, and working with contractors and vehicle safety. Many of these areas need to meet specific government standards and are regularly inspected by the monastery's safety officer or other relevant members of the charity and are checked on a regular basis by outside inspectors. In conjunction with our insurers we continue to keep up to date with the pertinent laws and regulations.
In keeping with the recommendations of the Charity Commission the Trustees have drafted and approved a Risk Management Statement, a Safeguarding Policy, an Investment Policy, a Conflict of Interest Policy and a Volunteer Policy for the Charity. The trustees keep abreast of Health and Safety Risk Management issues which are regularly reviewed and updated. In 2018 we appointed two senior monks as Safeguarding Officers who are responsible for ensuring the safety of children and adults, and keeping our policies on these areas up to date and understood by members of the community. In 2023 we became members of thirtyone:eight , an organisation that supports churches and faith groups with safeguarding issues by providing advice, training and help with DBS checks.
Objectives and activities
Referring to the Charity Commission's general guidance on public benefit the trustees review the aims, objectives and activities of the charity each year. The charity's main activities, its achievements and the outcome of its work in the reporting period are described below. The trustees report the success of each key activity and the benefits the charity has brought to those groups of people that participate in the activities. The review also helps the trustees ensure the charity's aims, objectives and activities fulfil its stated purposes.
Our aims
The objects of the Charity, as described in its constitution, are “to promote the practice, teaching, spreading and general advancement of the Serene Reflection Meditation School of Buddhism, as exemplified within the Order of Buddhist Contemplatives” .
Our objectives
A main objective has been, from the beginning, the training of monks. This is to provide a nucleus of people who are thoroughly grounded in the practice and who are therefore in a position to communicate and pass on its principles to others. It takes a minimum of seven years for a monk to be certified as a full Teacher of Buddhism in the O.B.C. The O.B.C. is self-regulating and seeks to ensure that those who are in good standing have a thorough basis for teaching. This basis is in accord with the general principles of the Serene Reflection Meditation tradition, the Rules of the O.B.C. and the Buddhist Precepts. In spiritual
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Trustees’ annual report
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terms, the monastic community provides inspiration and an anchor, both for the congregation and for the wider public.
It is our belief, based upon personal experience and a twenty five hundred year tradition, that the primary method through which Buddhism is spread is through individuals doing the finest job they can of practising the Buddhist Way. This is true whether a person is training in the monastic or lay branch of the Sangha. The lay congregation is a vital part of Throssel Hole Buddhist Abbey and there is a mutual interdependence and respect between the lay and monastic branches, since lay practitioners, through their commitment, can be a real inspiration to others around them.
Summary of the main activities undertaken for public benefit, and achievements
The retreat programme: Over the past year, this benefit came most obviously from the programme of retreats, residential training and other events held throughout the year at Throssel Hole Buddhist Abbey for the lay congregation and the wider public.
During this year we held eight introductory weekend retreats which are open to all members of the public and aim to give the participants a good introduction to our spiritual practice.
We also held three week-long meditation retreats, nine weekend retreats, four three-day retreats and our New Year Retreat, which lasts four days. We also held three online day retreats and one online weekend retreat. The online retreat programme was started during lockdown, and has proved popular with people who are unable to travel to visit the monastery.
In addition we held fourteen festival days which mark the joyful highlights of the Buddhist calendar, and anyone is welcome to attend these. Festival days are a good way to get to know the monastery and our practice in a more informal way, with opportunities for a brief tour, meditation instruction and the option of joining in meditation periods.
In addition to our calendar of scheduled events, the monastery is also open most of the year to guests and to the general public for guided tours. Anyone who has attended an introductory retreat is very welcome to ask to come and stay at the monastery at times outside of the retreat programme; such stays are very common and vary in length depending upon the needs and circumstances of the individual.
Support of the monastic community: Over the fifty-one years that the monastery has existed, the permanent resident monastic community has been absolutely vital to the temple’s functioning and continued growth. Monks and postulants serve as an example of committed practice, and a source of teaching help and encouragement, both for those who practise Sōtō Zen Buddhism and for the wider public. They have been central to every aspect of the monastery, from constructing the majority of the buildings, to running the retreat programme for our many guests. They do all of the cooking, help to serve meals, maintain the buildings, take care of the finances, and look after the gardens, grounds and tree-husbandry programme. As the existence of the Abbey is vital to realising our charitable objects, the Charity provides accommodation and food for the monks, as well as other day-to-day needs. Their life involves a great deal of work for the good of the congregation and the wider community. The monks are not paid and no salaries are paid by the Charity to anyone. As monks and postulants have to give up their previous livelihood on entering the community, the Charity also looks after the needs of those resident monastics who need extra support due to their age or ill-health.
Support of meditation groups : In addition to events at Throssel Hole, the majority of the senior monks travel to support the meditation groups affiliated with the O.B.C. in the UK. These groups have been formed by those who are lay followers of our tradition, for the purpose of mutual help and encouragement.
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Throssel Hole Buddhist Abbey
Trustees’ annual report
for the year ended 31[st] March 2023
These groups also serve as a valuable first contact for members of the general public who are interested in our practice. Fourteen groups were visited this past year.
Supporting associated temples: Some of the senior monks also visit associated temples of the Order, either for longer stays to take care of the many responsibilities involved whilst the usual Prior takes a break, or to assist the monk in residence. In addition, nine of the senior monks are Trustees of other smaller temples of the Order in this country, in Germany and in the Netherlands.
Support for the congregation: In addition to the above, support is also provided in the form of recordings of talks given by monks at the Abbey and through the quarterly Journal of The Order of Buddhist Contemplatives , which is offered free to online subscribers. Many of the talks are available via our website, and written articles are also available via a link to the Journal website. We also post news of recent activities and upcoming events on our blog.
We are also continuing to offer, for those interested in coming to our annual Jukai retreat, an A6 sized booklet describing the Buddhist Precepts, which are fundamental to our practice.
Supporting interest in Buddhism within prisons: We continue to support the work of ‘Angulimala’, the Buddhist chaplaincy organisation that provides chaplains and advice to prisons in the U.K. One of the senior monks resident at Throssel is the Buddhist chaplain for two prisons.
The Lay Ministry: Long-standing members of the congregation may be invited to become a Lay Minister. A Lay Minister, as well as expressing their commitment to Buddhist practice in their daily lives, represents the O.B.C. and can take on various responsibilities, such as introducing people to our practice.
Visits from schools: Monks are regularly invited to give a first-hand account of Buddhism to primary and secondary school students. During the year we had four visits from schools, with one or two monks spending the morning with them, talking about the monastery and our practice, answering questions, and performing a short Buddhist ceremony.
The Buddhist supplies shop: The monks run a small shop and mail order service within the Charity, to provide books of our tradition, incense and other items which are helpful in supporting Buddhist practice.
Financial Support : The charity occasionally supports organizations within the Order. During the year the charity made a grant of £4,000 to the OBC Activities Trust (see below)
Policy Changes
Since the last report there have been no material changes to the policies adopted in order to further the objects of the Charity.
Contribution made by lay guests and the monastic community
No salaries are paid by the charity to anyone. As the existence of the Abbey is vital to realising our charitable objects, the monks are supported by the charity.
Financial review
Principal funding sources
The principal source of income for the Charity is donations. There is an opportunity for those visiting the monastery to make an entirely voluntary donation appropriate to their own circumstances. Regular support is also given to the temple by those who have kindly taken out a standing order in the Charity’s
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Throssel Hole Buddhist Abbey
Trustees’ annual report
for the year ended 31[st] March 2023
favour. Where donors authorise us to, we are able to reclaim the tax they have paid on their donations under the current Gift Aid scheme.
No fees are charged for attending our retreats or other events. The congregation look to the monks for spiritual teaching, while the monks depend upon the congregation for their material support. This fosters a relationship of mutual trust between the lay and monastic branches of the Sangha. When an individual becomes a monk they are not required to surrender their personal property to the community. Most monks have few resources of their own, however, and are dependent upon the congregation for their subsistence.
Reserves policy
The Trustees have established a policy to hold enough funds to meet at least six months of running costs of the charity, and have set aside £75,000 as a minimum unrestricted reserve for this purpose. Unrestricted cash reserves at 31[st] March 2023 were £165,263. As has been the case over the years reserves periodically build up to an amount larger than what is needed, to cover variations in cash flow and any unforeseen expenses. For the coming financial year the charity anticipates a number of expenses for maintaining and renovating buildings and equipment. The excess in reserves will help considerably in meeting these expenses.
Funds in deficit
There are no funds in deficit.
Other information
It is felt that the financial position of the Charity at the balance sheet date (together with donations that will be received during the coming year) will be sufficient to cover the Charity’s daily running costs and obligations.
The Charity’s assets are held for charitable purposes and the trustees have no reason to believe that the current values of the Charity’s assets are materially different from that shown in the accounts.
How expenditure has supported the key objectives of the charity
The five year average for annual incoming resources is £192,195. This year's incoming resources were £11,052 below that, at £181,143; a 6% drop on the average. General donations were £78,222; up 18% on the previous year. Guest donations were £60,345, up 215% on the previous year. This was the first year following the Covid pandemic, that we were able to offer a full retreat programme to guests.
The bar chart below shows a breakdown of how our various streams of incoming resources have changed, in comparison with the previous year, and is a reflection of a return towards how the Abbey was operating before Covid. It shows that we have significantly reduced our offering of online retreats, and we are no longer receiving the OFGEM grant for our biomass boiler:
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Throssel Hole Buddhist Abbey
Trustees’ annual report
for the year ended 31[st] March 2023
Income Accounts FY 2021-22 and 2022-23
----- Start of picture text -----
90000
80000
70000
60000
50000
40000
30000
20000 2021-22
10000
2022-23
0
----- End of picture text -----
Similarly, the bar chart below lists our main expense accounts, with a comparison against the previous financial year. It may be noteworthy that our expense on electricity has increased by just over £5,000, or 65% up on the previous year, in line with global increases in energy prices.
Expense Accounts FY 2021-22 and 2022-23
----- Start of picture text -----
35000
30000
25000
20000
15000
10000
2021-22
5000
2022-23
0
----- End of picture text -----
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Throssel Hole Buddhist Abbey
Trustees’ annual report
for the year ended 31[st] March 2023
Supporting the Order of Buddhist Contemplatives Activities Trust (OBCAT)
This fund’s expenses include domestic and international travel for Order officers, office and telephone expenses and the support of monks. In addition, Throssel provides rent-free office space for the Journal of the Order of Buddhist Contemplatives, and an Abbey monk works full-time as editor on the journal. Throssel also administers and pays for travel insurance for monks of the Order resident in the UK. During the year the charity made a grant of £4,000 to the OBCAT in order to support its activities.
Investment policy and objectives
At this time the Throssel charity does not and has not for many years made any financial investments. Should there come a time when the board of trustees felt it was good to make any financial investments, they would follow the appropriate guidance provided by the Charity Commission to ensure their compliance with legal requirements and duties and to follow matters of good practice.
Plans for the future
Heads of department and senior monks regularly review how well our retreat programme is doing in terms of interest among the general public in our introductory retreats, and attendance by more long term practitioners on other retreats. Our congregation and lay supporters have been very generous in their continued support for what we do.
As mentioned in the section on our Reserves Policy, at the end of our financial year we had £165,263 in unrestricted cash reserves. This is £90,263 above our normal reserves of £75,000.
Possible projects for the coming financial year include a new retreat hut for monks to have solitary retreat time, further upgrades to our water supply, maintenance work on the roof of our Meditation Hall, and further investment in solar PV panels.
Environment and Sustainability
Monks have devoted time over the last two years to consider how the monastery could operate on a more environmentally-friendly basis:
We now have 24 solar PV panels on the roof of our Meditation Hall, and are exploring a similar project for the roof of the monks’ residential building. We have also put in some internal insulation in our oldest building, and will employ a contractor to do the same in another building. We have installed a wood burning stove in the oldest building, and another stove would enable us to consider replacing our oil-fired boiler with an Air Source Heat Pump, and will also offer us greater resilience in the event of a prolonged power outage, such as we experienced in December of 2021 following Storm Arwen.
We already have two electric vehicle charging points, and we will explore the possibility of purchasing an electric vehicle when we need to replace one of the monastery’s cars.
Funds held as custodian trustee on behalf of others
Throssel Hole Buddhist Abbey does not hold any funds as custodian trustee on behalf of others.
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Throssel Hole Buddhist Abbey
Trustees’ annual report
for the year ended 31[st] March 2023
Statement of responsibilities of the trustees
Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the trustees should follow best practice and:
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Select suitable accounting policies and then apply them consistently
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Observe the methods and principles in the Charities SORP
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Make judgements and estimates that are reasonable and prudent
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State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The trustees’ annual report has been approved by the trustees on 14 November 2023 and signed on their behalf by
Rev. Berwyn Watson Trustee
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Independent examiner’s report
to the trustees of
Throssel Hole Buddhist Abbey
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31[st] March 2023 which are set out on pages 13 to 26.
Responsibilities and basis of report
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’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do 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 no concerns and 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 Gore-Langton FCCA DChA Garth, Outertown Stromness Orkney KW16 3JP 20 November 2023
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Throssel Hole Buddhist Abbey
Statement of Financial Activities
for the year ended 31 March 2023
| Unrestricted funds Note £ Income Donations and legacies 3 172,051 Charitable activities 4 8,339 Investments 5 753 Total income 181,143 Expenditure Charitable activities 6 190,902 Total expenditure 190,902 7 (9,759) Transfer between funds - (9,759) Reconciliation of funds Total funds brought forward 1,221,125 Total funds carried forward 1,211,366 Net movement in funds for the year Net income/(expenditure) for the year |
Restricted funds £ - - - - - - - - - - - |
Total funds 2023 £ 172,051 8,339 753 181,143 190,902 190,902 (9,759) - (9,759) 1,221,125 1,211,366 |
Total funds 2022 £ 168,919 10,064 59 |
|---|---|---|---|
| 179,042 | |||
| 171,215 | |||
| 171,215 | |||
| 7,827 - |
|||
| 7,827 1,213,298 |
|||
| 1,221,125 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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Throssel Hole Buddhist Abbey
Balance Sheet
as at 31 March 2023
| Note £ £ Fixed assets Tangible assets 10 992,865 Total fixed assets 992,865 Current assets Stock 11 2,878 Debtors 12 56,913 Cash at bank and in hand 13 165,263 Total current assets 225,054 Liabilities Creditors: amounts falling due in less than one year 14 (6,553) Net current assets 218,501 Total assets less current liabilities 1,211,366 Funds of the charity: Unrestricted income funds 15 1,211,366 Total charity funds 1,211,366 2023 |
£ £ 1,003,668 1,003,668 3,423 69,913 149,930 223,266 (5,809) 217,457 1,221,125 1,221,125 1,221,125 2022 |
£ £ 1,003,668 1,003,668 3,423 69,913 149,930 223,266 (5,809) 217,457 1,221,125 1,221,125 1,221,125 2022 |
|---|---|---|
| 1,003,668 217,457 |
||
| 1,221,125 | ||
| 1,221,125 | ||
| 1,221,125 |
The notes on pages 15 to 26 form part of these accounts.
Approved by the trustees on 14 November 2023 and signed on their behalf by:
Rev. S. Alexander (Treasurer and Trustee)
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Throssel Hole Buddhist Abbey
Notes to the accounts for the year ended 31 March 2023
1 Accounting policies
The principal accounting policies adopted, judgments and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
a Basis of preparation
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 (FRS 102), second edition - October 2019 (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The accounts (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 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), second edition - October 2019, rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Throssel Hole Buddhist Abbey meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.
b Preparation of the accounts on a going concern basis
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next reporting period.
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Throssel Hole Buddhist Abbey
Notes to the accounts for the year ended 31 March 2023 (continued)
c Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.
Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.
Income received in advance of a provision of a specified service is deferred until the criteria for income recognition are met.
d Donated items, services and facilities
Donated items, professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised; refer to the trustees’ annual report for more information about their contribution.
On receipt, donated items, professional services and facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt, unless the item is a tangible fixed asset, when it is capitalised and depreciated over its useful economic life.
e Interest receivable
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.
16
Throssel Hole Buddhist Abbey
Notes to the accounts for the year ended 31 March 2023 (continued)
f Fund accounting
Unrestricted funds are available to spend on activities that further any of the purposes of charity.
Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose.
Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity.
g Expenditure and irrecoverable VAT
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
-
Expenditure on charitable activities includes the costs undertaken to further the purposes of the charity.
-
Other expenditure represents those items not falling into any other heading.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
h Operating leases
Operating leases are leases in which the title to the assets, and the risks and rewards of ownership, remain with the lessor. Rental charges are charged on a straight line basis over the term of the lease.
i Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation. Individual items costing less than £1,000 are not capitalised.
Assets are depreciated over their expected useful lives on a straight-line basis as follows:
Asset Category Expected lifetime Buildings 5 to 100 years Vehicles 4 to 10 years Fixtures and fittings 4 to 10 years Plant and equipment 3 to 10 years
17
Throssel Hole Buddhist Abbey
Notes to the accounts for the year ended 31 March 2023 (continued)
j Stock
Stock is included at the lower of cost or net realisable value. In general, cost is determined on a first in, first out basis. Net realisable value is the price at which stocks can be sold in the normal course of business after allowing for the costs of realisation. Provision is made where necessary for obsolete, slow moving, and defective stocks. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.
k Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Concessionary interest-free loans made to other charitable organisations are stated at initial cost less repayments to date.
l Current asset investments
Current asset investments are measured at their fair value as at the balance sheet date using the best estimate of the market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
m 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.
n Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
o 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
18
Throssel Hole Buddhist Abbey
Notes to the accounts for the year ended 31 March 2023 (continued)
2 Legal status of the charity
The charity is a charitable trust, registered as a charity in England & Wales.
3 Income from donations and legacies
| Current reporting period Donations Gifts-in-kind Legacies Total Previous reporting period Donations Gifts-in-kind Legacies Total |
Unrestricted £ 158,990 11,061 2,000 172,051 Unrestricted £ 147,497 6,422 15,000 168,919 |
Restricted £ - - - - Restricted £ - - - - |
Total 2023 £ 158,990 11,061 2,000 |
|---|---|---|---|
| 172,051 | |||
| Total 2022 £ 147,497 6,422 15,000 |
|||
| 168,919 |
19
Throssel Hole Buddhist Abbey
Notes to the accounts for the year ended 31 March 2023 (continued)
4 Income from charitable activities
| Current reporting period Charitable trading Other income Total Previous reporting period Charitable trading Other income Total 5 Investment income Current reporting period Income from bank deposits Previous reporting period Income from bank deposits |
Unrestricted £ 4,866 3,473 8,339 Unrestricted £ 2,683 7,381 13,272 Unrestricted £ 753 753 Unrestricted £ 59 59 |
Restricted £ - - - Restricted £ - - - Restricted £ - - Restricted £ - - |
Total 2023 £ 4,866 3,473 |
|---|---|---|---|
| 8,339 | |||
| Total 2022 £ 2,683 7,381 |
|||
| 10,064 | |||
| Total 2023 £ 753 |
|||
| 753 | |||
| Total 2022 £ 59 |
|||
| 59 |
20
Notes to the accounts for the year ended 31 March 2023 (continued)
Throssel Hole Buddhist Abbey
6 Analysis of expenditure on charitable activities
| Temple buildings and equipment Community living and religious practice Community travel and vehicles Missionary expenses Charitable trading costs Restricted expenditure Unrestricted expenditure Governance costs - Independent examination and accountancy |
2023 £ 116,714 57,011 13,651 822 1,804 900 190,902 2023 £ - 190,902 190,902 |
2022 94,274 56,031 18,562 407 1,041 900 |
|---|---|---|
| 171,215 | ||
| 2022 £ - 171,215 |
||
| 171,215 |
7 Independent examiner's remuneration
| Independent examination Accountancy fees |
2023 £ 300 600 900 |
2022 £ 300 600 |
|---|---|---|
| 900 |
8 Staff costs
Being a monastery, the Charity has no employees. The total amount paid in stipends to the monastic community during the year was £2,288 (2022: £3,030). The average number of resident monastic community members during the year was 20 (2022: 21).
21
Throssel Hole Buddhist Abbey
Notes to the accounts for the year ended 31 March 2023 (continued)
9 Trustee remuneration and expenses, and related party transactions
The Charity did not pay any remuneration to its trustees nor reimburse them for any expenses incurred in their capacity as trustees. Any expenses incurred on the Charity's behalf by trustees who are members of the monastic community were reimbursed at the face value of the receipt provided. Trustees who are members of the resident monastic community receive the same support in terms of accommodation, food and other support as any other member of the community, and receive no additional benefits from being a trustee.
Aggregate donations without conditions from trustees and related parties were £133 (2022: £1,548).
No trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charity, including guarantees, during the year (2022: nil).
The Charity made donations and transfers to other charities and temples in the Order of Buddhist Contemplatives as follows:
| ddhist Contemplatives as follows: | |||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Order of Buddhist Contemplatives Activities Trust (OBCAT) | 4,000 | - |
The charity has made concessionary loans to Dharmatoevlucht, Turning Wheel Buddhist Temple and Norwich Zen Buddhist Priory, all charities and temples within the Order of Buddhist Contemplatives, as described in note 12.
22
Throssel Hole Buddhist Abbey
Notes to the accounts for the year ended 31 March 2023 (continued)
| 10 Fixed assets: tangible assets Cost £ 1,501,639 Additions - Disposals - 1,501,639 Depreciation 576,373 Charge for the year 26,148 Disposals - 602,521 Net book value 899,118 925,266 11 Stock Stock of goods for resale Land & Buildings At 31 March 2023 At 1 April 2022 At 31 March 2023 At 31 March 2022 At 1 April 2022 At 31 March 2023 |
£ 42,584 - - 42,584 16,872 8,396 - 25,268 17,316 25,712 Vehicles |
£ 124,708 30,814 - 155,522 73,233 6,900 - 80,133 75,389 51,475 2023 £ 2,878 2,878 Plant & Equipment |
£ 26,149 - - 26,149 24,934 173 - 25,107 1,042 1,215 2022 £ 3,423 3,423 Fixtures & Fittings |
£ 1,695,080 30,814 - Total |
|---|---|---|---|---|
| 1,725,894 | ||||
| 691,412 41,617 - |
||||
| 733,029 | ||||
| 992,865 | ||||
| 1,003,668 | ||||
23
Throssel Hole Buddhist Abbey
Notes to the accounts for the year ended 31 March 2023 (continued)
12 Debtors
| Due in less than one year Income tax and bank interest receivable Prepayments Other debtors Concessionary loans Total due in less than one year Due in more than one year Concessionary loans Total debtors |
2023 £ 5,103 13,790 1,011 2,009 21,913 35,000 56,913 |
2022 £ 4,678 11,888 15,484 2,863 |
|---|---|---|
| 34,913 35,000 |
||
| 69,913 |
Concessionary loans
The charity has made loans to temples within the Order of Buddhist Contemplatives, which have similar charitable objects to the charity. The loans are interest-free and unsecured. The individual loans are as follows:
| Dharmatoevlucht (regd. charity in the Netherlands) - repayable on demand Norwich Zen Buddhist Priory (regd. charity no. 1190154) - repayable by 2031 Turning Wheel Buddhist Temple (regd. charity no. 1167910) - repayable by 2042 |
£ 2,009 25,000 10,000 37,009 |
£ 2,863 25,000 10,000 |
|---|---|---|
| 37,863 |
| 13 Cash at bank and in hand Cash at bank and on hand |
2023 £ 165,263 165,263 |
2022 £ 149,930 |
|---|---|---|
| 149,930 |
24
Throssel Hole Buddhist Abbey
Notes to the accounts for the year ended 31 March 2023 (continued)
14 Creditors: amounts falling due within one year
| Trade creditors and accruals | 2023 £ 6,553 6,553 |
2022 £ 5,809 |
|---|---|---|
| 5,809 |
14 Analysis of movements in restricted funds
There were no movements or balances in restriced funds (2022: none).
15 Analysis of movement in unrestricted funds
| Previous reporting period General fund General fund Current reporting period |
Balance at 1 April 2022 £ 1,221,125 1,221,125 Balance at 1 April 2021 £ 1,213,298 1,213,298 |
Income £ 181,143 181,143 Income £ 179,042 179,042 |
Expenditure £ (190,902) (190,902) Expenditure £ (171,215) (171,215) |
Transfers £ - - Transfers £ - - |
As at 31 March 2023 £ 1,211,366 |
|---|---|---|---|---|---|
| 1,211,366 | |||||
| As at 31 March 2022 £ 1,221,125 |
|||||
| 1,221,125 |
Unrestricted fund Description, nature and purposes of the fund
General fund
This unrestricted fund covers the costs of implementation the charitable objects, for example the direct support of the monastic community and the day to day running costs incurred in providing and maintaining the facilities of a monastery, retreat centre and associated grounds. The fund also holds the fixed assets purchased for the purpose of running and maintaining the monastery and other charitable objects.
25
Throssel Hole Buddhist Abbey
Notes to the accounts for the year ended 31 March 2023 (continued)
16 Analysis of net assets between funds
| Current reporting period General fund £ Tangible fixed assets 992,865 Other net current assets/(liabilities) 218,501 Total 1,211,366 Previous reporting period General fund £ Tangible fixed assets 1,003,668 Other net current assets/(liabilities) 217,457 Total 1,221,125 |
Designated funds £ - - - Designated funds £ - - - |
Restricted funds £ - - - Restricted funds £ - - - |
Total £ 992,865 218,501 |
|---|---|---|---|
| 1,211,366 | |||
| Total £ 1,003,668 217,457 |
|||
| 1,221,125 |
26