The London Shambhala Meditation Centre Financial Statements Year to 31[st] August 2023
Charity registration number: 1073977 Company registration number: 3605572
[1]
The London Shambhala Meditation Centre Trustees’ Annual Report for the year to 31[st] August 2023
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 2022-23
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.
[2]
Objects and Activities
The charity's objects as set out in the Memorandum of Association are:
-
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.
-
To organise meetings, classes and training courses.
-
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
Due to the disruptions of COVID this was the first year the Centre predominantly returned to in-person programmes. Wednesday open sitting evenings increased in popularity but an experiment with an extra Monday evening was discontinued due to not being able to recruit enough staff.
The ‘Choosing Compassion for Challenging Times’ weekend taught by Anam Thubten was one of our most successful programmes with nearly 40 people attending. The yearly ‘Deepening our Practice’ retreat, held over 3 days in December attracted 28 people.
The centre continued to offer online courses and successful programmes were ‘Resting in the Simplicity of Mindfulness’ by Barbara Maartens and ‘Mindfulness into Wisdom’ from David Hope. We also experimented with hybrid programmes using both online and inperson participation.
There was great emphasis placed on training for the next generation of teachers and instructors. Meditation Instructor training was attended by 14 people in September. The Teachers Development Group has met throughout the year and several day retreats have been offered by trainee teachers.
Courses, administration and day-to-day running would not be possible without the considerable exertion and generosity of our community, near and far: our teachers, instructors, volunteers and very few paid staff members. They have all taken on significant duties and offered their time and energy, in order to give the Centre the opportunity to grow.
[3]
Financial Review
Despite a projected loss, the centre ended the financial year with a small profit of £1,418 (2022 loss of £5,148), due to increased programming, donations made in person at the centre and a bequest from Christina de Block, The profit can also be attributed to lowering expenses and the continuing rent reduction. The appointment of a part-time lettings manager increased room hire. Membership has become less significant as a source of income: during this financial year 2 people became members and 15 people left, due partly to the difficulties the Shambhala International organisation has faced in the past.
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 (excluding donations paid out) is around £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 £45,996 (2022 £44,291), and so the Trustees have designated £30,000 of this as a Contingency Reserve.
[4]
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 2023 was 5 (2022 - 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 23[rd] January 2024 and signed on their behalf by:
........................................................................................ Jane Hope, trustee
........................................................................................ David Morris, trustee
[5]
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 2023 which are set out on pages 7 to 13.
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:
-
accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
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
-
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.
………………................................................................................. 24[th] January 2024 Rupert Taylor Easton Business Centre Felix Road Bristol BS5 0HE
[6]
The London Shambhala Meditation Centre Statement of Financial Activities (incorporating Income & Expenditure Account) Year to 31st August 2023
| Total funds | Total funds | ||
|---|---|---|---|
| 2023 | 2022 | ||
| (All unrestricted) (All unrestricted) | |||
| Notes | £ | £ | |
| Income: | |||
| Donations | [2] | 44,232 | 28,944 |
| Charitable activities | [3] | 29,634 | 17,424 |
| Investments | 348 | 143 | |
| --------------- | --------------- | ||
| Total Income | 74,214 | 46,510 | |
| Expenditure: | |||
| Charitable activities | [4] | 72,795 | 51,658 |
| --------------- | --------------- | ||
| Total Expenditure | 72,795 | 51,658 | |
| --------------- | --------------- | ||
| Net Income / (Expenditure) | 1,418 | (5,148) | |
| Transfers between funds | - | - | |
| --------------- | --------------- | ||
| Net Movement in funds | 1,418 | (5,148) | |
| Total funds brought forward | 89,502 | 94,650 | |
| --------------- | --------------- | ||
| Total funds carried forward | 90,920 | 89,502 |
[7]
The London Shambhala Meditation Centre Balance Sheet
| Balance Sheet | |||
|---|---|---|---|
| As at 31st August 2023 | Company no: 3605572 | ||
| Charity no: 1073977 | |||
| 2023 | 2022 | ||
| Notes | £ | £ | |
| Fixed Assets | [5] | 878 | 1,170 |
| Current Assets | |||
| Debtors and prepayments | [6] | 3,905 | 4,374 |
| Cash at bank and on hand | 93,494 | 89,507 | |
| Stock for resale | 650 | 838 | |
| --------------- | --------------- | ||
| 98,049 | 94,719 | ||
| Current Liabilities | |||
| Creditors and accruals | [7] | 8,007 | 6,387 |
| --------------- | --------------- | ||
| Net Current Assets | 90,042 | 88,332 | |
| --------------- | --------------- | ||
| Net Assets | 90,920 | 89,502 | |
| The funds of the charity: | |||
| Unrestricted funds: | |||
| General funds | [8] | 15,996 | 14,291 |
| Designated funds | [8] | 74,924 | 75,211 |
| --------------- | --------------- | ||
| 90,920 | 89,502 |
-
For the year ending 31st August 2023 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
-
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476,
-
The directors acknowledge their responsibilities for complying with the requirements of the Act 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 23rd January 2024 and signed on its behalf by:
……………………………………………… ……………………………………………… Jane Hope David Morris Trustee Trustee
[8]
The London Shambhala Meditation Centre Notes to the Accounts
Year to 31st August 2023
[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 The charity recorded a small surplus of £1,458 during the year (2022 deficit of £5,148) and holds 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.
[9]
The London Shambhala Meditation Centre Notes to the Accounts (continued) Year to 31st August 2023
- (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] | 2023 2022 Members donations 16,773 18,099 Other individual donations 23,232 6,317 Gift Aid 4,227 4,529 --------------- --------------- 44,232 28,944 2023 2022 Income from charitable activities Income from programmes 16,248 8,264 Room hire income 11,490 8,591 Sales of books & practice materials 712 569 Grant from Shambhala International 1,184 - --------------- --------------- 29,634 17,424 |
|---|---|
The charity received no government grants during the year (2022 nil).
[10]
The London Shambhala Meditation Centre Notes to the Accounts (continued)
Year to 31st August 2023
| [4] | Analysis of expenditure on charitable activities [for previous year, see Note 11] Educational Support Governance 2023 2022 activities costs costs Totals Totals (see Note 11) £ £ £ £ £ Programmes 6,642 - - 6,642 2,512 Community events 3,899 - - 3,899 3,628 Shambhala Europe dues 2,400 - - 2,400 2,400 Books & shop expenses 760 - - 760 519 Donations paid out 11,900 - - 11,900 3,000 Rent and rates - 16,333 - 16,333 14,000 Light and heat - 3,206 - 3,206 2,036 Telephone and internet - 534 - 534 635 Cleaning and refuse - 1,296 - 1,296 1,138 Repairs and renewals 12 3,003 - 3,015 1,037 Insurance - 3,770 - 3,770 3,347 Postage, printing & stationery - 77 - 77 21 Bank charges - 827 - 827 749 Legal and professional fees - 16,682 13 16,695 15,478 Accountancy - - 48 48 84 Independent Examiner's fee - - 204 204 240 Marketing and publicity 705 - - 705 271 Computer software - 193 - 193 173 Depreciation - 292 - 292 390 --------------- --------------- --------------- --------------- --------------- 26,317 46,213 265 72,795 51,658 |
|---|---|
As the charity has only one area of activity, the support and governance costs have not been apportioned.
[5] Tangible Fixed Assets
| Tangible Fixed Assets | |||
|---|---|---|---|
| Furniture | |||
| & fittings | Equipment | Totals | |
| 2023 | 2023 | 2023 | |
| £ | £ | £ | |
| Cost | |||
| Balance brought forward | 11,198 | 1,672 | 12,870 |
| --------------- | --------------- | --------------- | |
| 11,198 | 1,672 | 12,870 | |
| Depreciation | |||
| Balance brought forward | 10,137 | 1,563 | 11,700 |
| Charge for the year | 265 | 27 | 292 |
| --------------- | --------------- | --------------- | |
| 10,402 | 1,590 | 11,992 | |
| --------------- | --------------- | --------------- | |
| Net Book Value at 31/08/23 | 796 | 82 | 878 |
| Net Book Value at 31/08/22 | 1,061 | 109 | 1,170 |
[11]
The London Shambhala Meditation Centre Notes to the Accounts (continued)
Year to 31st August 2023
| [6] [7] |
Debtors and prepayments 2023 2022 Prepayments 2,311 2,176 Sundry debtors 1,594 2,198 --------------- --------------- 3,905 4,374 Creditors and accruals 2023 2022 Amounts due within 12 months: Accruals 3,224 2,578 Prepaid income 2,904 1,493 Sundry creditors 1,880 2,316 --------------- --------------- 8,007 6,387 |
|---|---|
Prepaid income consists of payments for programmes after 31/08/23 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 | |||
| 31/08/2022 | Income | Expenditure | funds | 31/08/2023 | |
| Unrestricted Funds: | |||||
| Designated Funds: | |||||
| Dechen Chöling | 934 | 1,661 | (1,900) | - | 695 |
| Wunsche Scholarship Fund | 3,007 | 384 | (40) | - | 3,351 |
| Ziji Project | 99 | - | - | (99) | - |
| Future Development Fund | 40,000 | - | - | - | 40,000 |
| Contingency Fund | 30,000 | - | - | - | 30,000 |
| Fixed Assets Fund | 1,170 | - | - | (292) | 878 |
| --------------- | --------------- | --------------- | --------------- | --------------- | |
| Total Designated Funds: | 75,211 | 2,045 | (1,940) | (391) | 74,924 |
| General Funds | 14,291 | 72,169 | (70,855) | 391 | 15,996 |
| --------------- | --------------- | --------------- | --------------- | --------------- | |
| Total Unrestricted Funds: | 89,502 | 74,214 | (72,795) | - | 90,920 |
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 was for a meditation group for young people aged 18-30.
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
Three trustees received honoraria totalling £750 for delivering training programmes during the year (2022 £100 to one trustee). 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 (2022 nil). The trustees received no expenses payments during the year (2022 nil). There were no other related party transactions during the year.
[12]
The London Shambhala Meditation Centre Notes to the Accounts (continued)
Year to 31st August 2023
[10] Staffing
The charity does not employ any staff (2022 nil).
The key management personnel of the charity are the trustees.
[11] Previous year comparisons
| Analysis of expenditure on charitable | activities 2021-22 | ||||
|---|---|---|---|---|---|
| Educational | Support | Governance | 2022 | ||
| activities | costs | costs | Totals | ||
| Programmes | 2,512 | - | - | 2,512 | |
| Community events | 3,628 | - | - | 3,628 | |
| Shambhala Europe dues | 2,400 | - | - | 2,400 | |
| Books & shop expenses | 519 | - | - | 519 | |
| Donations paid out | 3,000 | - | - | 3,000 | |
| Rent and rates | - | 14,000 | - | 14,000 | |
| Light and heat | - | 2,036 | - | 2,036 | |
| Telephone and internet | - | 635 | - | 635 | |
| Cleaning and refuse | - | 1,138 | - | 1,138 | |
| Repairs and renewals | 78 | 959 | - | 1,037 | |
| Insurance | - | 3,347 | - | 3,347 | |
| Postage, printing & stationery | - | 21 | - | 21 | |
| Bank charges | - | 749 | - | 749 | |
| Legal and professional fees | - | 15,465 | 13 | 15,478 | |
| Accountancy | - | - | 84 | 84 | |
| Independent Examiner's fee | - | - | 240 | 240 | |
| Marketing and publicity | 271 | - | - | 271 | |
| Computer software | - | 173 | - | 173 | |
| Depreciation | - | 390 | - | 390 | |
| --------------- | --------------- | --------------- | --------------- | ||
| 10,879 | 35,866 | 317 | 51,658 | ||
| Movements in funds 2021-22 | |||||
| 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 |
[13]