Charity Registration No. SC028685 (Scotland) JINPA TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 THE A9 PARTNERSHIP LIMITED Chartered Accountants Abercorn School Newton West Lothlan EH52 6PZ JINPA TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Charity niimber (Scolland SC028685 Principal address Independent examlner Banker8 Royal Bank of ScA)Iland Group 36 Sl Andraw Square Edinburgh EH2 2AD Investmént advlsors Brewin Dolphin 6th Floor Alria One 144 Morrison Street Edinburgh EH3 8BR JINPA TRUST CONTENTS Page Twslees, report Independent examinerfs report Statemenl of financial aclivilies Balance sheel Notes lo Ihe financial slalements 8-12 The following pages do not form part of the statutory financial statements Delalled slalemenl of financial activities 14 JINPA TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Iruslees present Iheir annual report and financial statements for the year ended 31 March 2025. The financial slalemenls have been prepared in accordance wilh the accounting policies sel out in note I lo the financial statements and comply with Ihe Jinpa Trust's Deed of Trust, Ihe Charilies and Truslee Inveslrnenl (Scolland) Act 2005, the Charities Accounts (Scolland) Regulations 2006 (as amended) and "Accounting and Reporting by Charities.. Statement of Recommended Piaclice applicable to charilies preparing their accounts in accordance with the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland (FRS 102)" (effeclive 1 January 2019). Oblectlves and actlvltles The Jinpa Trust's objecls are lo relieve poverly amongsl the residents of Tibet lo advance education in particular wilh regard to Tibelan culture lo relieve Ihe needs ol individuals residenl in Tibet, in particular orphans, the elderly, and those who are suffering from any form of mental or physical illness, disability or impairment lo preseNe and conserve the wildlife of Tibet with a view lo prevenling extinction to Pfes8Ne the unspoilt nalural beauly ol the environment within Tibet. The trLFslees' primary strategy lo deliver Ihe Gharity's objectives is Ihe provision of cash donations lo Jinpa Projects China, a charllable enlity eslablished in China. The provision of Ihese donallons to fund community projecls in China will support the overall achievement of Ihe charity's aims and objectives. Achlevements and performance significai118cliviti8s and achievomenls against objeclives Following local governmènt changes in China a few years ago il has not been posslble to transler funds lo Jinpa Projects China sln¢e 2018. The Iruslees have been seeking lo re-eslablish roules by which inlernalional Iransfeis can be made lo Jinpa Proiecls China. This has nol been completed during Ihe year and transfers could nol be made. Dua to this restriction the charily's progress lo deliver its objectives has been limiled in recent years. Al Ihe end of November 2024, two Iruslees Iravelled lo Hong Kong lo meet wilh the Diieclor of Jinpa Projects China. The meetings were very produclive and eslablished a beller understanding of whal the Tiusl can do under currenl local requiremenls. Key outcomes from Ihese meetings included working to Idenlify a partner organisalion Ihal could assist with the Trust's work. and gaining a clear undeislanding of needs within Ihe local Yushu community, particularly around HIV support. As a result of these discusslons, funding roules were explored and a first paymenl of £5,000 was successfully Ir2nsfeTfed via a partner organisalion in May 2025. This payment was successfully received and used to deliver a successful 4-day HIVIAIDS community rehabililalion and prevenlion Iraining seminar lo over 200 participants in Zadoi County. Discussions are undeNay lo extend this lo a Ihiee year programme. Inveslm6nl performance The charilvs portfolio of stock exchange investments is managed by B Tewin Dolphin. Funds are invested with Ihe objeclive of income and capilal grovrth at Risk Category 6 - Balanced. Duiing the year the Iruslees feel that Brewin Dolphin have achieved their objeclives. FlnanGlal revlew Since Ihe Tnjsl was not actively fundraislng during the year, Ihe COVID_19 pandemic had minimal impact on anlicipaled fundraising. During Ihe year to 3151 March 2021, this induded a significant bequest from the Jinpa Trust founder's estate, which was not repealed. Due to net revaluation gains on Ihe inveslmenl portfolio and diwdend income, the charity has repotted a surplus of £43.785 for the year lo 31st March 2025. As a resull, the charity now holds £2.016m of unreslricled reserves al the year end dale. The charity has subslanlial funding available lo support delivery of ils objectives going forward. JINPA TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 ReseNes pollcy It Is tho policy 01 the Jinpa Trust Ihal unrestrfcled fLsnds whlch have not been designalod for a specific use should be nialntalned at a level equivalent to belween three and six month's expenditure, The trustees conslder ihal reserves al Ihis level will ensure Ihal, in the evenl ol a significant drop in furxjing, Ihey will be able lo continua th& Jinpa Trust's current activities while con$kleralion Is given to ways in which addilion81 funds may be ralsed, This level of reseNes has been maintalned Ihrwghout the year. Major risks The trustees have assessed th8 major risks lo which Ihe Jinpa Trusl is exposed, and are satlsfied Ihal systems ar8 In place to milig81e exposure to Ihe malor risks. A risk register has also been Gompleled. Plan8 for future pgrlods The Iruslees will continue to work hard to re-e5tabli5h routes by which international transfers Can ba made to Jinpa Projects Chlna lo support the dolivery of th8 ch8rlly's o14'eclives. Structure, govèrnonce and management The charlly was established by 8 D86d of Trust and Ihls Is the governing documanl. The charity is conslituled a8 a Trust r8gi816r6d In Scolland. The Trusl888 have bean recelvlng advice on changing Ihe slruclure of Ihe Tiust to a CIO or SCIO, and plan lo undertake thls change during lh8 lorthcoming yèar. The Iwstee5 recruli prospedivo new trustees by aPprO￿hlng Individua18 they feel have the necessary skills, tal8nls and experience lor the role. A malorily vole is required 818 meellNJ ol Ihe Iruslees lo appolnl 8 new trustee. New Iruslees are provided wllh 811 necessary Induclion Ir8lnlTra. The trust Is governed by a minlmum of three truslees per the Deed of Trust. The Injslees are respon8ib18 lor ensuring the Irusl me8ts Its objectives and convene all necessary meetings dedsK>n maklng. All Irusleeg work on voluntary basis. The trustees who seNed during Ihe year Bnd up to the dale ol slgn81ure of Ihe flnancial statemenls were: The trustees, report was approved by Iha Board of Trusle8s. rus ee D8t6'. JINPA TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF JINPA TRUST I report on the flnanual stalements ol the Jinpa Tnjsl for the year ended 31 March 2025, which are sel out on pÉgÈs 41012. Respecilvo responslbllltles of trustees and examlner The Jinpa Tiusl's Iruslèes 8re responslble for Ihe pceparation of the Ilnanc¥al statements in accordance wilh lh8 térms of lh8 Charilles and Trustee Invéslmenls (Scollandj Act 2005 and Ihe Charilies AccJ)unls (Scolland) Regulations 2006. The charitrfs Irust&8s ojnsider that the 8uclil requiremÈnl ol Regulation 10<11(a) lo (c) of thc 2006 A￿A)UnIS Regulations does nol apply. 11 is my responsibility lo pxamir)8 Iha financial s181ements as required LFnder seclion 44(1)(c) of the Acl and to state vthelheF particular mallers have com8 to my a118nlion. Basls of Indopondent examiner's statement My examlnalion is carried out In accordance wilh Regulation 11 of the 2006 Accounts Regulalions. An examinalion includ8s a review of the accounting records kept by Ihe charity and a comparison of the financial slalemenls presern18d with those records. 11 J.i..*/.a JINPA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles Charity Information The Jin a Trust Is an unincorporated charity. The principal address is 1.1 Accounting conventlon The financlal stalements have been prepared in accL)rdance with the Jinpa Trust's Deed of Trusl, the Charities and Trustee Inveslmenl (Scolland) Act 2005. the Charilles Accounts {Scolland) Regulations 2006 (as amendèd). FRS 102 -The Financial RÈporllng Standard applicable In the UK and Republic of Ireland. ('FRS 102,1 and the Chari11&8 SORP "AcLounllng and Reporting by Charities: Slaleineiil of Recommended Practice applicable lo charities preparing Iheir accouiils in accordanc8 wilh Ihe Financial Reporting Standard applicable in Ihe UK and Republic of Ireland (FRS 102)" (effective 1 Jarwary 2019). Tha Jinpa Trust Is 2 Public Benefit EnlFty as defined by FRS 102. The Jlnpa Trusl has taken advantage of the provtsions in the SORP for charities nol lo prepare a Slalement of Cash Flow8, The financlal slalemenls are prepared in slerling, which is Ihe lunclional ￿rrenCY of Iha Jinpa Trust. Monetary 8mounls In these fln8nual slalemenls are rounded lo the nearest £. The financlal statements have been prep3red under Ihe historical cost convenllon. modified lo include the revalualion of Inveslmenls al fair value. The principal accoui)ling policies adopted are $91 out below. 1.2 Golng concern Al the lime of approwng Ihe financial sla18menls, the trustees have a reasonable expeclallon that the Jlnpa Twst has adequale resources lo conlinue in operalh)nal exisleTrce foi Ihe foresee8ble future. Thiis Ihe Iruslaes conlinua to adopl the going concern basis of arA)unting in preparing the fin3ncial slelemerbls. 1.3 Charitablo funds Unreslrlcled funds are available for use al the discretion ol Ihe Iruslees in futlheianc8 of Ihelr Gharitabl8 objecliv8S. Rftslricled funds are subject lo specific condilions by dor￿r5 or granlors as to how Ihey may be u8ed. Th8 PLirpose$ gnd uses of Ihe restricted funds a￿ set oul in the noles lo the finanoal slalement5. Endowment funds are subiecl to specific condilions by donors Ihal Ihe Gapilal musl be mainlained by tha Jirbp8 Trust. 1.4 Income Income is recognis8d when the Jir)pa Trusl is legally enlilled lo il aller any perforniance condilions have been niet, the amounts call be measured reliably. and il is probable thal income will be received. Cash donalioDs are rewgnised on receipt. Other donalions are recognised once the Jinpa Trust has been nolified ol Ihe dDiialion. unless performance conditions require deferral of the amounl. Income lax recoverable n relation lo donations received under Glft Aid or deeds ol covenanl is recognised al the lime of Ihe donation. Lega(ie$ are refxJgnisÈd on receipt or olhepwise if the Jinpa Tnjst has been notif￿d of an impending disliibulion, the arno￿￿1 is known, and receipt Is expected. 11 the amount Is nol known. Ihe legacy is treated as a contingenl asset. JINPA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles (Contlnuedl 1.5 Expendlture Expenditure is recognised, Induding irrecoverable VAT, once Ihere is a legal or conslfijclive obligalion lo transfer economic benefit lo a third party, il is probable Ihal a Iransfer of economic benefits will be required in selllémenl, and Ihe amount ol the obligation can be measured reliably. Expenditur8 is classified by aclivity. The cosls of each actFvily are made up of the total of direct cK)sls and shared costs, including support costs involved in undertaking each aclivily. Direct costs allribulable lo a single activity are allO￿ted direclly lo that aGlivity. Shared costs which conlribule lo more than one actlviiy and support costs which are nol allribulable lo a single aclivity are apportioned belween those aclivilies on a basis consistent with the use of resources. Central staff costs are allocated on Ihe basis of lim8 spent, and depreciation charges are allocated on Ihe portion of the asset's use. 1.6 Flxed a88et Inv88tments Fixed asset inveslmenls are initially measured at Iransaclion price induding Iransaclion cosls, and are subsequently measuied al fair value al each reporting dale based on quoted prices available from the relevant stock exchanges. Changes in fair value are iecognlsed in nel income/(expendilure) for lh8 year. 1.7 Cash and cash equlvalents Cash and cash equivalenls include cash in hand, deposits held al call wilh bank5, olher short-term Ilquid inveslmenls with orlginal malurilies of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in currenl liabilities. 1.8 Financial Instruments The Jinpa Trusl has elected lo apply Ihe provisions of Seclion 11 '8asic Flnancial Inslrumenls, and Section 12 'Olher FinanGlal Inslrumenls Issues, of FRS 102 to all of ils financial inslrumenls. Financial instfumenls are reeognised in Ihe Jinpa Trusl's balance sheet when the Jinpa Trust becomes party lo the conlraclual provisions of the inslfument. Financial assels and liabilities are offsel, wilh the nel amounts presented in the financial slalemenls, when there is a legally enforceable right to sel off Ihe recognised amounls and Ihere is an inlenlion lo sellle on a nel basis or lo realise Ihe asset and sellle Ihe liability simullaneously. Baslc flnanclal assets Basic finan￿al assets, which include debtors and rAsh and bank balances, are initially measured al Iransaction price includlng Iransaclion cosls and are subsequenlly carried at amortised ¢￿st using the effeclive interest method unless the arrangement conslilutes a financing Iransaclion, where the transaction is measured al the presenl value of the future receipts discounted at a markel rale of inleiesl. Financial assets classified as receivable within one year are nol 3morlised. Basic financial Ilabllltles Basic financial liabililies, induding creditors and bank loans are inilially recognised al transaction price unless the arrangement conslilutes a financing if8nsaclion, where the debt instrument is measured al the present value of Ihe future payments discounted al a market rale of inleresl. Financial liabililies classified as payable wilhin one year are not amorlised. Debl inslrumenls are subsequentty carried al amortised cost, Ljsing the effective interest rale method. Trade creditors are obligalions lo pay for goods or seNices Ihal have been acquired in Ihe ordinary course of operations from suppliers. Amounls payable are dassified as current liabililies if payment is due within one year or less. If not, Ihey are presenled as non-currenl liabililies. Trade creditors are recognised initially al transaction price and subsequenlly measured at amortised cost using the effective inleresl method. JINPA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng policies (Contlnuedl DÈrecognltion of flnanclal Ilabllities Financial liabilities are derecognised when the Jinpa Trusl's contraclual obligations expire or are discharged or cancelled. q.9 Employee beneflts The cost of any unused holiday entillemenl is recognised in the period In whlch the employee's seNices are received. Termination benefits are recognised immediately as an expense when the Jinpa Trust is demonslrably commilled lo lerminale the employment of an employee or lo provide termination benefils. Crltlcal accounllng estlmates and Judgements In Ihe applicalion of Ihe Jinpa Trust's accounting policies, Ihe Iruslees are required lo make judgements, eslimales and assumplions about Ihe carrying amount of assets and liabilities thal are not readily apparent from other sources. The eslimales and associaled assumplions are based on hi51otical experlence and olher factors that are considered lo be relevant. Actual resulls may differ from Ihese eslimales. The eslimales and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounling esllm31es are recognised in the period In whlch the estimate is revised where the revision affects only that period, or in the period of the revision and future perrods where the revision affects both curfenl and lulure periods. Inve8tments Unreslricted Unreslricled fund8 funds 2026 2024 Investment income Inleresl receivable 50,416 1,2g9 48,171 1,251 51,715 49,422 Ralslng funds Unrestrlcted Unreslricted funds funds 2025 2024 Inveslmenl management costs 12,790 11,588 12,790 11,588 JINPA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Charltsble acllvities Unrestrlcted Unre51ficled funds funds 2025 2024 Share of governance cosls {see note 6) 7,134 1,641 Support costs allocated to acllvltles 2025 2024 Governance cosls 7,134 1,641 Analysed between: Unreslrlcled funds 7,134 1,641 2025 2024 Governance ¢ost8 comprlse: Accounlancy Legal and professional Trustee meellng costs 1,140 390 5.604 1,140 336 165 7,134 1,641 Net movement in fundg 2025 2024 The nel movement in funds is slaled after chargingl{crediling): Fees payable for Ihe independent examination of Ihe charity's financial slalemenls 1,140 1,140 JINPA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Net galnslllosses) on Investments UnrestrlGted Unreslricled funds funds 2025 2024 Revalualion of inveslmenls Gainllloss) on sale of investments (14,918) 26,912 124,635 14,244 11,994 138.879 Trustees None of the Iruslees (or any persons connecled with them) received any remuneialion or benefits from the Jinpa Trust during the year (2024 - Nil). 2 Ifuslees received reimbursement of Iravelling expenses in the amounl of £5,804. (2024.. Nil). 10 Employees Th8 average monthly number of employees during the year was: 2025 Number 2024 Number Total Th8re were no employees whose annual iemuneralion was more than £60.000. 11 Flxed asget Investmenls Llsted Inv95tments Cost or valuatlon At 1 April 2024 Addilions Valualion changes Gain on sale of investments Disposals 1,859,030 439,338 (14,918) 26.912 (401.696) Al 31 March 2025 1,908,666 Carrying amount At 31 Marth 2025 1,908,666 Al 31 March 2024 1,859,030 10- JINPA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 11 Flxed asset Investments (Contlnued) The historic cost of Ihe inveslmenl portfolio is £1,767,350. 12 Debtors 2025 2024 Amounts falllng due wlthin one year: Other debtors 1,989 2,679 13 Credltors: amounts falllng due wlthln one year 2025 2024 Accruals and d6ferred inconie 4,411 4,133 14 Unrestrlcled fund8 The unreslricted funds of the charily comprise the unexpended balances of donalions and grants which are not subject lo specific conditions by donors and granlofs as lo how they may be used. These include designated fund5 which have been sel aside out of unreslficled funds by the Iruslees for specific purposes. At 1 Aprll 2024 Incomlng Resources resources expended Gains and At 31 March 105se$ 2025 Gener21 funds 1.972,109 51,715 (19.924) 11,994 2,015,894 Prevlous year: At 1 Aprll 2023 Incoming resources Resources expended Galns and At 31 March losses 2024 General funds 1.797,037 49,422 (13,229) 138,879 1,972,109 The unrestricted funds are free lo be expended in furtherance of the charity's objectives al the discrelion of the Trustees. 15 Analysls of net assèts between lunds Unrestricted funds 2025 At 31 March 2025: Inveslmenls Current asselsl{Ilabililies) 1.908,666 107.228 2,015,894 11 JINPA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 15 Analy815 of net assels between funds (Continued) Unre8lrlcted funds 2024 Al 31 March 2024: Inveslmenls Currenl asselsl(Ilabililies) 1,859,030 113,079 1,972,109 16 Rèlated party transactlons There were no disclosable related party Iransaclions during the year (2024 - none). 12- JINPA TRUST MANAGEMENT INFORMATION FOR THE YEAR ENDED 31 MARCH 2025 The followlng pages do not fomi part of the ststutory flnanclal statements whlch are the 8ubje¢t of Ihe Independent examlneV8 report. 13- JINPA TRUST DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 INCOMING RESOURCES Other Incomlng Resources Inlerest recEived Investment income 1,299 50,416 1,251 48,171 51.715 49,422 TOTAL INCOMING RESOURCES 51,715 49,422 OUTGOING RESOURCES Costs of Ralslng Funds Investment managemenl ￿St$ 12,790 11,588 12,790 11,588 Charitable Expendlture Share of governance costs 7,134 1,641 7.134 1,641 TOTAL OUTGOING RESOURCES 19,924 13,229 Net gaTns I110sses) on Investments Revalualion of investments (Loss) l Gain on sale of investments (14,918) 26.912 124.635 14,244 11,994 138,879 NET MOVEMENT IN FUNDS 43.785 175,072 14-