2022-08-31-accounts

The London Shambhala Meditation Centre Financial Statements Year to 31[st] August 2022

Charity registration number: 1073977 Company registration number: 3605572

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The London Shambhala Meditation Centre Trustees’ Annual Report for the year to 31[st] August 2022

Contents

• 2 Reference and administrative information

• 2 Structure, governance and management

• 3 Objects and activities

• 3 Achievements and performance

• 5 Financial review

• 6 Statement of Responsibilities of Trustees

• 7 Independent Examiner's report

• 8 Statement of Financial Activities

• 9 Balance Sheet

• 10 Notes to the Accounts

Reference and administrative information

Charity name: The London Shambhala Meditation Centre Charity registration number: 1073977 Company registration number: 3605572 Registered Office and operational address: 27 Belmont Close, London SW4 6AY

Trustees 2021-22

Rachael Cheang David Hope Jane Hope David Morris Angela Newton

Company Secretary

Jeremy Taylor

Structure, Governance and Management

Governing Document

The organisation is a charitable company limited by guarantee, incorporated on 27th July 1998 and registered as a charity on 16th February 1999. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up, members are required to contribute an amount not exceeding £1.

Recruitment and Appointment of Trustees

The Directors of the company are also charity trustees for the purposes of charity law. The method for the recruitment and appointment of new trustees is by election by the membership at the Annual General Meeting, or by an Extraordinary General Meeting specially convened for the purpose of appointing trustees. All trustees give their time voluntarily and receive no benefits from the charity.

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Objects and Activities

The charity's objects as set out in the Memorandum of Association are:

1. To advance the education of the public in the principles and practices of Buddhism and the related education programmes of Shambhala training and Nalanda education.

2. To organise meetings, classes and training courses.

3. To publish, issue and circulate such papers, books or other publications as shall further the said objects.

The majority of the charity's activity comprises provision of meditation instruction and training in the principles and practice of Shambhala Buddhism.

Public benefit

The Centre provides public benefit by providing meditation instruction and by enabling fuller understanding of the principles and practices of Shambhala Buddhism, which fosters both personal development and compassion and promotes altruism and social engagement. Meditation instruction is given without charge to any member of the public who comes to the Centre’s meditation sessions but we do invite small donations from those who attend who are not members. People on low incomes are not excluded from the opportunity to benefit from the Centre’s activities. The Trustees have had regard to the Charity Commission's guidance on public benefit and endeavour to implement them in all the charity's work.

Achievements and Performance

Activities

Our most financially successful programmes during the year were the series of nine ‘Day Retreats’ and the Winter Retreat programme. A Basic Goodness course, delivered online, and Shambhala Training Levels 1 and 5 (in February and July respectively) were also successful. Popular programmes which were not financially lucrative but brought new people to the centre included an evening’s teaching by Lama Rod Owens.

We hosted several hybrid events, with teachers appearing via Zoom from remote locations, allowing us to access the teaching from friends of the London centre. Wednesday evening sitting remains popular, with consistent attendance.

The Omicron wave during the winter may have created hesitancy impacting some programme registration levels, but Covid-19 is no longer as accountable for reduced programming and attendance as it was in previous periods. This was, however, the first full year of “normal” business, requiring the centre to explore more consistent “in person” programming. The number of programmes offered at the centre was limited, partly due to lower levels of available volunteers and teachers than in past years. A new code of conduct was brought into effect in 21/22, and the London centre remains committed to safeguarding all. However, reputational damage from the disclosures of 2018 concerning events in the international Shambhala organisation, and the continued fall out, are likely to be a limiting factor on our growth as a community. Membership levels have slightly decreased from the previous year.

Following announcements from the Shambhala International leadership about changes to the organisational structure, resulting from extended negotiations between the board and the Sakyong Potrang organisation, the London centre began a community consultation

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process. A meeting was offered to all members on April 1[st] with an invitation for written submissions from those who could not attend. Participants were asked to explore their thoughts and perspectives on the London centre maintaining or making changes to our relationship with Shambhala International. The broad consensus was to remain connected to Shambhala International. Minutes were shared, an invitation was made for further expressions, and the potential for further consultation was offered.

A second consultation with the membership was made in August 2022, in light of financial difficulties, asking for perspectives on potential changes to the rental of premises e.g. downsizing, going online. Although the number of responses was not high, there was a strong preference for maintaining our presence at the current location. The Trustees and others have taken both consultation outcomes into account for future planning, please see the section ‘Future Plans’ below.

During 21/22 the Council system, established during 18/19, was dissolved. This organisational structure had been operating as a forum where representatives of various teams convened to consider the overall running of the centre and communicate plans and activities. Most of the teams became inactive due to lack of membership; the only team with more than 1 member remaining was the Practice and Education team, and the decision to dissolve the council was taken, with the Trustees temporarily holding responsibility for operational concerns in discussion with the centre manager.

Future Plans

The centre continues to take all the financial and administrative actions required to help guide the charity through continued adversity. Whilst we will continue to deliver Shambhala and Buddhist programmes, with an intention to increase this activity, our current staffing levels and the performance of recent programming indicate that we must look for other ways to stabilise our finances. In recognition of the loss made in 21/22 and the views of membership derived from community consultations, the Trustees have taken the following actions:

The Trustees have drafted a three year financial plan, articulating plans in the event of sustained annual losses, taking into account the length of lease signed with our landlords and the funds that would be required to close the centre whilst maintaining reserves sufficient to re-establish in a new form.

A Centre Projects team has been formed, enabling activity that is aimed at supporting the centre’s survival at the current location. Since November 2022 this team has engaged in scoping the potential to increase income from renting our spaces to externals. To facilitate this potentially substantial revenue stream a job description for a Community Lettings Developer role was drawn up and advertised online. An appointment to this role is anticipated in February 2023 on an initial one year contract. A budget for this was agreed by the Trustees and was expanded to include some renovation and improvement work to the centre, making it more suitable and attractive for hire.

Whilst this requires an initial outlay, and may not result in creating a profit for 22/23, the actions are being taken with a view towards creating a sustainable, reliable financial base for the long term, from which we can continue and grow our core activity.

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Financial Review

During the year 2021/22 we made a loss of £5,148 (2021 surplus of £703): this can be accounted for by a fall in income and the increase in rent payment to our landlord, the Oddfellows, as we continue an agreed phased return to full rental costs. Due to this planned increase in costs, the projected budget for the year anticipated a loss of £8,424. Although we remained under budget for all projected costs, making a substantial saving, our anticipated programme income of £17,500 was not met, with just £8,314 income through programmes. However thanks to retained funds from previous years, the charity holds plenty of funds to continue operations for another year.

Reserves policy

The Trustees have examined the charity’s requirements for reserves in light of the main risks to the organization, under a policy whereby the aim is to have at least six months’ core costs in unrestricted funds not committed or invested in tangible fixed assets. Annual expenditure is up to £60,000, therefore the target is £30,000. The reserves are needed to meet the working capital requirements of the charity and the Trustees are confident that at this level they would be able to continue the current activities in the event of a significant drop in funding. At the balance sheet date the uncommitted free reserves were £44,291 (2021 £49,411), and so the Trustees have designated £30,000 of this as a Contingency Reserve.

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Statement of Responsibilities of the Trustees

Trustees are required to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the net income or expenditure, of the charitable company for the year. In preparing those financial statements the trustees are required to:

• Select suitable accounting policies and then apply them consistently;

• Observe the methods and principles in the applicable Charities SORP;

• Make judgements and estimates that are reasonable and prudent;

• State whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and

• 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 which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006.

The trustees 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 confirm that to the best of their knowledge there is no information relevant to the Independent Examination of which the Examiners are unaware.

The trustees also confirm that they have taken all necessary steps to ensure that they themselves are aware of all relevant financial information and that this information has been communicated to the Examiners.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees at 31st August 2021 was 5 (2019 - 5).

The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

Approved by the trustees on 6[th] February 2023 and signed on their behalf by:

........................................................................................ David Hope, trustee

........................................................................................ David Morris, trustee

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Independent examiner's report to the trustees of the London Shambhala Meditation Centre

I report on the accounts of the company for the year ended 31[st] August 2022 which are set out on pages 8 to 14.

Respective responsibilities of trustees and examiner

As the trustees of the charitable 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 charitable 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 the charitable company's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have follwed 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 material matters have come to my attention in conncection with the examination giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the charitable 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 Practie 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.

………………................................................................................. 7[th] February 2023 Rupert Taylor Easton Business Centre Felix Road Bristol BS5 0HE

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The London Shambhala Meditation Centre Statement of Financial Activities (incorporating Income & Expenditure Account) Year to 31st August 2022

		Total funds	Total funds
		2022	2021
		(All unrestricted) (All unrestricted)
	Notes	£	£
Income:
Donations	[2]	28,944	35,009
Charitable activities	[3]	17,424	12,468
Investments		143	287
		---------------	---------------
Total Income		46,510	47,765
Expenditure:
Charitable activities	[4]	51,658	47,062
		---------------	---------------
Total Expenditure		51,658	47,062
		---------------	---------------
Net Income / (Expenditure)		(5,148)	703
Transfers between funds		-	-
		---------------	---------------
Net Movement in funds		(5,148)	703
Total funds brought forward		94,650	93,947
		---------------	---------------
Total funds carried forward		89,502	94,650

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The London Shambhala Meditation Centre Balance Sheet

Balance Sheet
As at 31st August 2022			Company no: 3605572
			Charity no: 1073977
		2022	2021
	Notes	£	£
Fixed Assets	[5]	1,170	1,560
Current Assets
Debtors and prepayments	[6]	4,374	4,578
Cash at bank and on hand		89,507	93,930
Stock for resale		838	1,250
		---------------	---------------
		94,719	99,758
Current Liabilities
Creditors and accruals	[7]	6,387	6,668
		---------------	---------------
Net Current Assets		88,332	93,090
		---------------	---------------
Net Assets		89,502	94,650
The funds of the charity:
Unrestricted funds:
General funds	[8]	14,291	19,411
Designated funds	[8]	75,211	75,239
		---------------	---------------
		89,502	94,650

The company is exempt from the requirements relating to preparing audited accounts in accordance with Section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

Approved by the Board of Trustees on 6th February 2023 and signed on its behalf by:

……………………………………………… ……………………………………………… David Hope David Morris Trustee Trustee

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The London Shambhala Meditation Centre Notes to the Accounts

Year to 31st August 2022

[1] Principal Accounting Policies

The principal accounting policies adopted in the preparation of the financial statements are set out below.

(a) Basis of preparation

The financial statements have been prepared in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Charities Act 2011 and the Companies Act 2006. London Shambhala Meditation Centre 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(s).

(b) Preparation of the accounts on a going concern basis Despite recording a loss of £5,148 for the year, due to increased rental payments and a resumption of regular activities following the end of covid restrictions, the charity was able to utilise spare reserves cover this. The charity has ample funds to continue operations for at least another year, at which point the financial position will be reviewed. Therefore the trustees are satisfied that the charity is a going concern on an ongoing basis.

(c) Income Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the items of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income received in advance of activities is deferred until the criteria for income recognition have been met. There was no such deferred income during the year in question.

(d) Donated services and facilities

Donated professional services and 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 is probable and that economic benefit can be measured reliably. There were no such donations during the year in question. In accordance with the Charities SORP (FRS 102), the general volunteer time of trustees and volunteers is not recognised with any monetary value. (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. (f) Fund Accounting [i] Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.

[ii] Designated funds are unrestricted funds set aside by the Management Committee for particular purposes.

[iii] Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal. There were no such funds during the year in question. (g) Expenditure

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. As the charity is not registered for VAT, all expenditure is expressed inclusive of VAT, which is charged as a cost against the activity for which the expenditure was incurred. Expenditure is classified under the following activity headings:

[i] Costs of raising funds comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes. There were no such costs during the year in question. [ii] Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities, and those costs of an indirect nature necessary to support them.

• [iii] Other expenditure represents those items not falling into any other heading. There were no such costs during the year in question.

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The London Shambhala Meditation Centre Notes to the Accounts (continued)

Year to 31st August 2022

(h) Allocation of support costs Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. These include office costs, finance, personnel, payroll and governance costs which support the charity's charitable activities.

(i) Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

(j) Fixed Assets Tangible fixed assets are written off over the expected useful life of the asset, at 25% per annum on the reducing balance method. Individual items costing less than £200 are not treated as fixed assets.

(k) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. (l) 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. (m) Creditors

Creditors are recognised where the charitable company 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 are normally recognised at their settlement amount after allowing for any trade discounts due.

• (n) 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.

[2] Income from donations

[3]	2022 2021 Members donations 18,099 20,239 Other individual donations 10,845 14,771 --------------- --------------- 28,944 35,009 2022 2021 Income from charitable activities Income from programmes 8,264 10,021 Room hire income 8,591 2,057 Sales of books & practice materials 569 391 --------------- --------------- 17,424 12,468

The charity received no government grants during the year (2021 nil).

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The London Shambhala Meditation Centre Notes to the Accounts (continued)

Year to 31st August 2022

[4] Analysis of expenditure on charitable activities

• [for previous year, see Note 11]

	Educational	Support	Governance	2022	2021
	activities	costs	costs	Totals	Totals
	£	£	£	£	£
Programmes	2,512	-	-	2,512	675
Community events	3,628	-	-	3,628	3,330
Shambhala Europe dues	2,400	-	-	2,400	2,400
Books & shop expenses	519	-	-	519	150
Donations paid out	3,000	-	-	3,000	4,000
Rent and rates	-	14,000	-	14,000	12,000
Light and heat	-	2,036	-	2,036	1,395
Telephone and internet	-	635	-	635	546
Cleaning and refuse	-	1,138	-	1,138	1,336
Repairs and renewals	78	959	-	1,037	356
Insurance	-	3,347	-	3,347	3,725
Postage, printing & stationery	-	21	-	21	28
Bank charges	-	749	-	749	661
Legal and professional fees	-	15,465	13	15,478	15,048
Accountancy	-	-	84	84	64
Independent Examiner's fee	-	-	240	240	240
Marketing and publicity	271	-	-	271	209
Computer software	-	173	-	173	173
Volunteer expenses	-	-	-	-	78
Sundry expenditure	-	-	-	-	129
Depreciation	-	390	-	390	520
	---------------	---------------	---------------	---------------	---------------
	12,408	38,913	337	51,658	47,062

As the charity has only one area of activity, the support and governance costs have not been apportioned.

[5] Tangible Fixed Assets

Furniture & fittings Equipment Totals 2022 2022 2022 £ £ £ Cost Balance brought forward 11,198 1,672 12,870 --------------- --------------- --------------- 11,198 1,672 12,870 Depreciation Balance brought forward 9,783 1,527 11,310 Charge for the year 354 36 390 --------------- --------------- --------------- 10,137 1,563 11,700 --------------- --------------- --------------- Net Book Value 1,061 109 1,170

Furniture & fittings Equipment Totals 2021 2021 2021 £ £ £ 11,198 1,672 12,870 --------------- --------------- --------------- 11,198 1,672 12,870 9,311 1,479 10,790 472 48 520 --------------- --------------- --------------- 9,783 1,527 11,310 --------------- --------------- --------------- 1,415 145 1,560

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The London Shambhala Meditation Centre Notes to the Accounts (continued) Year to 31st August 2022

[6] [7]	Debtors and prepayments 2022 2021 Prepayments 2,176 2,191 Accrued income - 430 Sundry debtors 2,198 1,957 --------------- --------------- 4,374 4,578 Creditors and accruals 2022 2021 Amounts due within 12 months: Accruals 2,578 3,796 Prepaid income 1,493 515 Sundry creditors 2,316 2,357 --------------- --------------- 6,387 6,668

Prepaid income consists of payments for programmes after 31/08/22 which were received before that date.

[8] Movements in funds

Movements in funds
[for previous year, see Note 11]				Transfers
	Balance at			between	Balance at
	31/08/2021	Income	Expenditure	funds	31/08/2022
Unrestricted Funds:
Designated Funds:
Dechen Chöling	608	3,326	(3,000)	-	934
Wunsche Scholarship Fund	2,927	81	-	-	3,007
Ziji Project	99	-	-	-	99
Shambhala Day donations	45	-	(45)	-	-
Future Development Fund	40,000	-	-	-	40,000
Contingency Fund	30,000	-	-	-	30,000
Fixed Assets Fund	1,560	-	-	(390)	1,170
	---------------	---------------	---------------	---------------	---------------
Total Designated Funds:	75,239	3,407	(3,045)	(390)	75,211
General Funds	19,411	43,103	(48,613)	390	14,291
	---------------	---------------	---------------	---------------	---------------
Total Unrestricted Funds:	94,650	46,510	(51,658)	-	89,502

Dechen Chöling funds are for the purpose of making donations to the Dechen Chöling Meditation Centre. The Wunsche Scholarship fund is for the purpose of subsidising people on low incomes to take part in LSMC activities.

The Ziji Project fund is for a meditation group for young people aged 18-30.

Shambhala Day donations are set aside for the purpose of making donations to the Dechen Chöling Meditation Centre and to Shambhala Europe.

The Future Development Fund has been set aside with the aim of owning a property from which to operate. The Contingency Fund is set aside for running costs as per the charity's Reserves Policy.

The Fixed Assets Fund is a provision for future depreciation costs on existing assets and represents the value of Fixed Assets at the Balance Sheet date.

[9] Payments to trustees and related party transactions

1 trustee received honoraria totalling £100 for delivering training programmes during the year (2020-21

£135 to 2 trustees). The legal authority for these payments is contained in the charity's Memorandum of Association. The trustees have had regard to the Charity Commission guidance on trustee payments. The trustees received no remuneration for acting as trustees during the year (2020-21 nil). The trustees received no expenses payments during the year (2020-21 nil). There were no other related party transactions during the year.

[10] Staffing

The charity does not employ any staff (2021 nil). The key management personnel of the charity are the trustees.

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The London Shambhala Meditation Centre Notes to the Accounts (continued)

Year to 31st August 2022

[11] Previous year comparisons

Analysis of expenditure on charitable	activities 2020-21
	Educational	Support	Governance	2021
	activities	costs	costs	Totals
Other programmes	675	-	-	675
Community events	3,330	-	-	3,330
Shambhala Europe dues	2,400	-	-	2,400
Books & shop expenses	150	-	-	150
Donations paid out	4,000	-	-	4,000
Rent and rates	-	12,000	-	12,000
Light and heat	-	1,395	-	1,395
Telephone and internet	-	546	-	546
Cleaning and refuse	-	1,336	-	1,336
Repairs and renewals	38	318	-	356
Insurance	-	3,725	-	3,725
Postage, printing & stationery	-	28	-	28
Bank charges	-	661	-	661
Legal and professional fees	-	15,035	13	15,048
Accountancy	-	-	64	64
Independent Examiner's fee	-	-	240	240
Marketing and publicity	209	-	-	209
Computer software	-	173	-	173
Volunteer expenses	78	-	-	78
Sundry expenditure	-	129	-	129
Depreciation	-	520	-	520
	---------------	---------------	---------------	---------------
	10,879	35,866	317	47,062
Movements in funds 2020-21
				Transfers
	Balance at			between	Balance at
	31/08/2020	Income	Expenditure	funds	31/08/2021
Unrestricted Funds:
Designated Funds:
Dechen Chöling	1,146	3,507	(4,045)	-	608
Wunsche Scholarship Fund	2,927	-	-	-	2,927
Ziji Project	99	-	-	-	99
Shambhala Day donations	45	-	-	-	45
Future Development Fund	40,000	-	-	-	40,000
Contingency Fund	30,000	-	-	-	30,000
Fixed Assets Fund	2,080	-	-	(520)	1,560
	---------------	---------------	---------------	---------------	---------------
Total Designated Funds:	76,298	3,507	(4,045)	(520)	75,239
General Funds	17,649	44,258	(43,017)	520	19,411
	---------------	---------------	---------------	---------------	---------------
Total Unrestricted Funds:	93,947	47,765	(47,062)	-	94,650

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