REGISTERED COMPANY NUMBER: 09344009 (England and Wales)

REGISTERED CHARITY NUMBER: 1163076

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 December 2025

for

Sakya Dechen Buddhism Limited

(A Company Limited by Guarantee)

Page

Report of the Trustees

1

to

5

Independent Examiner's Report

6

Statement of Financial Activities

7

Balance Sheet

8

to

9

Notes to the Financial Statements

10

to

20

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2025. The trustees have adopted the provisions of 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) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The company is a charity and exists to advance the Sakyapa School of Buddhism and in particular the spiritual authority of Karma Thinley Rinpoche and Lama Jampa Thaye as masters of the Sakyapa school of Buddhism.

Significant activities

During the year the charity continued to develop its activities in its London and Bristol centres, with a view to generating welcoming spaces for practitioners and newcomers to visit to learn more about Buddhism and the Sakya tradition in particular.

Public benefit

The Trustees have considered the Charity Commission Guidance on Public Benefit in accordance with The Charities Act 2011.

In exercising the powers and pursuing the objects of the charity, public benefit is accomplished by:

- Providing temples for the study and practice of the Sakya Buddhist teachings.

- Reciting prayers and rituals for the well-being of the sick, the deceased, expectant mothers, and all those in need.

- Promoting and providing introductory meditation classes and teachings on the basic principles of the Buddhist teachings.

- Establishing and supporting groups across England, in London, Bristol and Exeter, in order to deliver locally the preceding provision.

- Presenting Buddhist textual teachings by lamas (qualified Buddhist teachers) for practitioners and other beneficiaries interested in learning about the Buddha's teachings.

- Providing retreat facilities for practitioners interested in enhancing their study and practice of Buddhist teachings through periods of solitary meditation and contemplation.

- Providing facilities to educate children in the teachings of the Buddha; and to introduce them to meditation practices, traditional prayers, religious stories and principles of morality.

- Making available prayers, books, tapes, images and other materials as aids to the study and practice of Sakya Buddhism.

- Preserving relics, images and other sacred Buddhist objects as well as other objects associated with Tibetan philosophy, logic, metaphysics, art, sacred dance, crafts, medicine and astrology.

- Providing Classical Tibetan language classes.

- Providing translations of Tibetan Buddhist texts, along with the printing, publishing, distributing and selling of any associated literature.

- Providing educational workshops for school children interested in learning about Buddhism. These are delivered at the charity's temple in Bristol or in schools, by one of the charity's instructors.

- Providing cultural and social events to increase access to the charity's temples by the local community.

In assessing the public benefit of the charity's aims, there has been no report or evidence of detriment or harm flowing from the charity carrying out its aims. The intended beneficiaries of the charity's aims include:

(i) Practitioners of Sakya Buddhism. Such beneficiaries are drawn from a cross section of society, from around the U.K. and Europe.

(ii) The wider public, who benefit from the charity's activities by having opportunities to attend the temples and to learn about Buddhism and/or practise meditation.

(iii) The wider public, who attend regular 'public talks' given by lamas. Talks are held in public buildings and are promoted city- and region- wide.

(iv) Members of the public who request prayers to be recited and rituals performed, for the sick and dying.

In general terms, the charity's activities achieve public benefit as a result of practitioners' lifestyles and practices being in accordance with the ethics and values of Buddhism, thereby enriching the moral and spiritual welfare of society. The Trustees are satisfied that any charges for services or requests for regular payments, are reasonable and take into consideration each beneficiary's ability to pay. All events provided by the charity offer a concessionary rate.

Volunteers

The charity depends entirely on volunteers to carry out its activities. The Board of Trustees would like to take this opportunity to thank all its supporters.

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

During the year the charity continued to meet its objectives of supporting opportunities for the study and practice of Buddhism, also making use of online platforms to offer alternative and accessible opportunities for practice.

This has been achieved within the resources available and the charity has met all of its financial commitments, including the proper maintenance and improvement of its main assets, the centres in Bristol and London.

Fundraising activities

The charity's shops have been established to raise funds to assist with the overheads and other costs. The shops are not intended to be commercial enterprises - their main purpose is to supply articles, books and artefacts to assist practitioners with their meditation practice. The London shop is specifically a charity shop which relies on donations of books for resale. Hence the normal key performance indicators such as gross profit percentage are not considered indicative of their success. Nevertheless the shops are expected to achieve a small surplus to contribute towards the costs of maintaining the centres in the future.

FINANCIAL REVIEW

Financial position

As reflected in the charity's balance sheet, the charity's financial position is stable and secure.

Principal funding sources

The charity's principal funding sources in respect of day to day activities are regular donations from the members of its centres. In respect of major expenditures, such as the purchase of properties, the charity has relied on appeals to members, supplemented by borrowings from financial institutions to cover any shortfall on appeal funds raised.

Reserves policy

As a matter of policy, the Trustees intend to hold the amount of reserves held in cash and cash equivalents not restricted to or designated for any particular purpose at the minimum level of 3 to 6 months' regular cash expenditure equating to £33,500 (2024 - £29,500). The board considers the charity's exposure to the risk of any significant loss of income and to the risk of unforeseen expenditure, which cannot be mitigated by executive action, and on this basis will decide whether the amount of assets held in cash reserves should be increased or decreased.

At the year end, the charity's available cash funds amounted to £62,656 (2024 - £55,648), being the total of cash-at-bank and cash-in-hand not attributable to restricted funds, as stated on page 8. The Trustees believe that these unrestricted reserves are sufficient to meet the charity's day to day requirements. The charity has also invested surplus cash of £165,246 (2024: £159,861) in high interest 95-day notice bank accounts. It is anticipated that this cash will be used for the further development of the charity's properties in the future.

Going concern

In the opinion of the Trustees the charity continues to be a going concern.

FUTURE PLANS

During 2026 the charity's centres and groups in Bristol, London and Exeter will continue to provide introductory courses in Buddhism, together with more in-depth teachings presided over by visiting Lamas.

In view of the ever-increasing number of attendees at year-round and major events, the charity is looking at the feasibility of expanding its operations in Bristol and to that end is considering either the development of its existing building or the acquisition of an additional space.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, its Articles of Association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006, registered in England and Wales, established for charitable purposes.

Recruitment and appointment of new trustees

The charity's trustees and committee members are appointed by the Board of Trustees after due consideration being given to eligibility, personal competence, specialist skills and local availability.

Organisational structure

Overall control of the charity rests with the Board of Trustees. Day to day control of the charity's functions and finances are delegated to local administrators, appointed for their skills and competence.

Induction and training of new trustees

New trustees and committee members are inducted into the workings of the charity by the Board of Trustees.

Wider network

The charity is a member of the Dechen Community, an association of organisations with similar aims and objectives, which provides support and resources to its members as needed.

Risk management

The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

A formal review of the charity's risk management processes is undertaken on an annual basis.

The charity maintains a comprehensive register of risks, which is subject to regular review. Through the risk management processes established for the charity, the Trustees are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognized that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

09344009 (England and Wales)

Registered Charity number

1163076

Registered office

121 Sommerville Road

Bristol

BS6 5BX

Trustees

Mr D J Armstrong Furniture Maker (retired) (deceased 20.9.25)

Mr P J M Brady Retired Housing Manager

Mr N Christov Structurer

Mr B J Golding Accountant

Mr A M Gutmann Financial Controller

Mr P Haddon Enterprise Change and Strategy Executive

Mr M A Lund Self employed

Mr C S Rogers Accountant

Ms M B Moore Teacher

Mr M Stott Investment manager (appointed 12.1.25)

Ms R Deeming Senior Technology Risk Manager (appointed 28.10.25)

Company Secretary

Ms M B Moore

Independent Examiner

Hannah Pettifer ACA

OCL Accountancy

141 Englishcombe Lane

Bath

BA2 2EL

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 12 August 2026 and signed on its behalf by:

Mr P J M Brady - Trustee

Independent examiner's report to the trustees of Sakya Dechen Buddhism Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2025.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 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:

1.	accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

2.	the accounts do not accord with those records; or

3.	the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or

4.

the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

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.

Hannah Pettifer ACA

OCL Accountancy

141 Englishcombe Lane

Bath

BA2 2EL

12 August 2026

31.12.25

31.12.24

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2

62,042

-

62,042

71,868

Charitable activities

5

Courses

15,418

-

15,418

16,104

Other trading activities

3

7,616

-

7,616

4,900

Investment income

4

8,129

-

8,129

9,962

Total

93,205

-

93,205

102,834

EXPENDITURE ON

Raising funds

5,562

-

5,562

2,466

Charitable activities

6

Buddhist centre administration

46,219

-

46,219

45,423

Courses

16,150

-

16,150

16,022

Grants to other centres

9,662

-

9,662

7,732

Total

77,593

-

77,593

71,643

NET INCOME

15,612

-

15,612

31,191

RECONCILIATION OF FUNDS

Total funds brought forward

913,766

2,322

916,088

884,897

TOTAL FUNDS CARRIED FORWARD

929,378

2,322

931,700

916,088

31.12.25

31.12.24

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

FIXED ASSETS

Tangible assets

11

871,317

-

871,317

873,492

Heritage assets

12

56,181

-

56,181

54,120

927,498

-

927,498

927,612

CURRENT ASSETS

Stocks

13

13,316

-

13,316

14,606

Debtors: amounts falling due within one year

14

23,285

-

23,285

22,521

Debtors: amounts falling due after more than one year

14

52,279

-

52,279

70,602

Investments

15

165,246

-

165,246

159,861

Cash at bank and in hand

62,656

2,322

64,978

57,969

316,782

2,322

319,104

325,559

CREDITORS

Amounts falling due within one year

16

(20,778

)

-

(20,778

)

(28,485

)

NET CURRENT ASSETS

296,004

2,322

298,326

297,074

TOTAL ASSETS LESS CURRENT LIABILITIES

1,223,502

2,322

1,225,824

1,224,686

CREDITORS

Amounts falling due after more than one year

(294,124

)

-

(294,124

)

(308,598

)

NET ASSETS

929,378

2,322

931,700

916,088

FUNDS

19

Unrestricted funds:

Bristol

393,425

388,120

London

535,953

525,646

929,378

913,766

Restricted funds:

Sakya Nuns

2,322

2,322

TOTAL FUNDS

931,700

916,088

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)	ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 12 August 2026 and were signed on its behalf by:

Mr P Haddon - Trustee

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling which is the functional currency of the charity and are rounded to the nearest £.

The Trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Donations are recognised on receipt. Procedures are in place to ensure the completeness of income.

Shop income is accounted for on a cash received basis.

Grants and legacies are accounted for once the charity is notified of its legal entitlement and the amount due.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include finance and governance costs which support the charity's Buddhist centre management activities.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

not provided

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

15% on reducing balance

The Trust's land and buildings are not depreciated as the Trustees consider they are well maintained and in good repair and any resulting depreciation would be immaterial.

Heritage assets

Heritage assets which are non-monetary assets held for devotional purposes are recognised on the balance sheet and initially measured at cost when purchased or if donated, their valuation. Assets are subsequently stated at cost or valuation less accumulated impairment losses. The artefacts are not depreciated as their value is considered to be in line with the original cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Donated stocks are stated at market value.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Donated goods, services or facilities

Donated goods, services or 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. On receipt, donated 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.

In accordance with the Charities SORP (FRS 102), the general volunteer time of supporters is not recognised (refer to the Trustees' annual report for more information about their contribution).

Debtors

Debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.

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.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will normally 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.

Financial instruments

The trust 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.

Current asset investments

The charity's current asset investments consist of bank deposits or bonds and are treated as current assets as their maturity dates are in excess of 3 months and less than one year.

2.	DONATIONS AND LEGACIES

31.12.25

31.12.24

£

£

Donations

62,042

71,868

.

3.	OTHER TRADING ACTIVITIES

31.12.25

31.12.24

£

£

Shop income

7,616

4,900

4.	INVESTMENT INCOME

31.12.25

31.12.24

£

£

Deposit account interest

91

90

Loan interest

2,653

3,611

Curr asset inv income

5,385

6,261

8,129

9,962

5.	INCOME FROM CHARITABLE ACTIVITIES

31.12.25

31.12.24

Activity

£

£

Course fees

Courses

15,418

16,104

6.	CHARITABLE ACTIVITIES COSTS

Grant

Support

Direct

funding of

costs (see

Costs

activities

note 7)

Totals

£

£

£

£

Buddhist centre administration

-

-

46,219

46,219

Courses

16,150

-

-

16,150

Grants to other centres

-

9,662

-

9,662

16,150

9,662

46,219

72,031

7.	SUPPORT COSTS

Governance

Management

Finance

Other

costs

Totals

£

£

£

£

£

Buddhist centre administration

26,333

12,609

5,813

1,464

46,219

The charity did not employ any paid staff.

Support costs, included in the above, are as follows:

Management

31.12.25

31.12.24

Buddhist

centre

Total

administration

activities

£

£

Rates and water

2,594

2,389

Insurance

3,265

3,221

Light and heat

9,964

3,459

Telephone

2,046

1,966

Postage and stationery

19

714

Advertising

1,783

1,095

Sundries

589

1,134

Repairs and maintenance

6,073

12,061

26,333

26,039

Finance

31.12.25

31.12.24

Buddhist

centre

Total

administration

activities

£

£

Bank charges

815

863

Bank loan interest

11,794

13,051

12,609

13,914

Other

31.12.25

31.12.24

Buddhist

centre

Total

administration

activities

£

£

Travel

1,544

-

Depreciation of tangible fixed assets

4,269

3,946

5,813

3,946

Governance costs

31.12.25

31.12.24

Buddhist

centre

Total

administration

activities

£

£

Independent examiner's fees

1,464

1,524

8.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.12.25

31.12.24

£

£

Depreciation - owned assets

3,563

3,946

9.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2025 nor for the year ended 31 December 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2025 nor for the year ended 31 December 2024.

10.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

funds

funds

funds

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

69,855

2,013

71,868

Charitable activities

Courses

16,104

-

16,104

Other trading activities

4,900

-

4,900

Investment income

9,962

-

9,962

Total

100,821

2,013

102,834

EXPENDITURE ON

Raising funds

2,466

-

2,466

Charitable activities

Buddhist centre administration

45,423

-

45,423

Courses

16,022

-

16,022

Grants to other centres

7,732

-

7,732

Total

71,643

-

71,643

NET INCOME

29,178

2,013

31,191

RECONCILIATION OF FUNDS

Total funds brought forward

884,588

309

884,897

TOTAL FUNDS CARRIED FORWARD

913,766

2,322

916,088

11.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2025

851,130

48,289

1,476

900,895

Additions

-

2,095

-

2,095

Disposals

-

(2,674

)

-

(2,674

)

At 31 December 2025

851,130

47,710

1,476

900,316

DEPRECIATION

At 1 January 2025

-

26,803

600

27,403

Charge for year

-

3,431

132

3,563

Eliminated on disposal

-

(1,967

)

-

(1,967

)

At 31 December 2025

-

28,267

732

28,999

NET BOOK VALUE

At 31 December 2025

851,130

19,443

744

871,317

At 31 December 2024

851,130

21,486

876

873,492

12.	HERITAGE ASSETS

Heritage assets consist of religious artefacts including statues and paintings which are held for devotional purposes. Access is permitted to all visitors to the centres.

Heritage assets purchased are stated at cost, while donated items are stated at market value at the time of the gift; they are not depreciated as their value is considered to be at least the original cost.

Such objects are acquired as needed, and subject to the approval of the Board of Trustees. They are maintained in good order by volunteers and an inventory is kept for insurance and administrative purposes. To date, none of the heritage assets acquired by the charity have been disposed of, and it is not anticipated that they would ever be.

The cost of acquisition of such assets purchased over the last five years is as follows:

2025 - £2,060

2024 - £945

2023 - £6,579

2022 - £8,038