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2025-08-31-accounts

Docusign Envelope ID: F874B9A9-9CB4-415F-B999-328A9C25510B

The London Shambhala Meditation Centre Financial Statements Year to 31[st] August 2025

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 2025

Contents

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 2024-25 Rachael Cheang David Hope Jane Hope David Morris Ian Harcus Vinita Joseph (appointed 7[th] May 2025) Bernadette Lax (resigned 8[th] September 2025)

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 are aware of the duty of public benefit in section 17(5) of the Charities Act 2011, and seek to implement the Charity Commissioners’ guidance on public benefit.

Achievements and Performance

To fulfil its purpose, the Centre ran the following programmes during the 12 months to August 2025:

Particularly successful events included: Mahamudra with Lama Lena which had around 90 participants, S acred World with Francesca Fremantle with 31 attendees, Tending the Fires with Adam Lobel and Catherine McGee had 50 people attending, and our December winter retreat with 25.

The Centre is fortunate to have a small but dedicated number of volunteers that allow it to continue to run all the courses and meditation sessions detailed above. It takes a surprising amount of time and energy, patience and dedication to maintain the day-to-day running of the Centre. It would not be possible without the considerable exertion and generosity of our community, we have people coming from far and wide to help staff on courses, leaving home at 7am. We have talented cooks providing amazing food for our participants; our teachers and instructors invest a lot of time and courage in studying the Shambhala and Buddhist teachings, enabling them to present them with clarity and skill. Everyone has taken on significant duties and offered their time and energy to help the Centre succeed. What is often most heartening is that in forming this community, we work to embody the essence of the Shambhala teachings, an openness to each other and recognition that despite our quirks and differences, we can work together to create

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something meaningful and of benefit to those that attend the Centre and hopefully to the wider community.

Future Plans

The Centre will continue to provide retreats, evening and online sessions on Buddhism, meditation and meditative disciplines to fulfil its core purpose. Based upon the continuing growth of interest among the public for Buddhism and meditation practice we are confident that the centre will be able to maintain our presence both on-line and in-person.

Several initiatives are planned to increase income and improve long-term viability, including:

Financial Review

The Centre gets its income from running programmes (25% of income), membership dues & donations (37%) and hiring out rooms when the centre is not being used (34%).

The main cost items were rent & facilities (46% of expenses), staff costs (27%), utilities and operational costs (13%) and programme costs (10%).

As part of our lease agreement, the centre is responsible for painting the exterior of the building at a significant cost, this was coupled with expenditure on the centre’s electrical wiring. This made a significant contribution towards the increase in percentage of rent and facilities costs compared to last year (35%).

The Centre finished the financial year with a surplus of £871 (2024 £6,199). The Trustees feel this is a good result given the extra expenditure on building renovation. Given that the lease with have with the landlord includes further renovations on the interior of the building in 2027, we have decided to ringfence some funds over the next few years to help with the cost of those works. Last year, the Trustees gave the centre’s finances an “amber” rating, this year we continue to rate the finances of the centre as “amber”. Despite covering the multiple extra costs and having increased income in rentals and programme income, the generation of income remains a challenge to keep up with increased costs in utilities, groceries and supplies, and an economic outlook that affects people’s capacity to spend on spiritual growth, which may be seen as a luxury.

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 £75,000, therefore the target is £37,500. 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 £47,048 (2024 £52,714), 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:

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 2024 was 6 (2023 - 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] January 2026 and signed on their behalf by:

........................................................................................ Ian Harcus, trustee

........................................................................................ David Hope, 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 2025 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:

  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] January 2026 Rupert Taylor 5 Mount Pleasant Millbrook Torpoint Cornwall PL10 1BH

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The London Shambhala Meditation Centre Statement of Financial Activities (incorporating Income & Expenditure Account) Year to 31st August 2025

Total funds Total funds
2025 2024
(All unrestricted) (All unrestricted)
Notes £ £
Income:
Donations [2] 45,537 53,661
Charitable activities [3] 48,952 45,438
Investments 2,802 2,596
--------------- ---------------
Total Income 97,291 101,695
Expenditure:
Charitable activities [4] 96,420 95,496
--------------- ---------------
Total Expenditure 96,420 95,496
--------------- ---------------
Net Income / (Expenditure) 871 6,199
Transfers between funds - -
--------------- ---------------
Net Movement in funds 871 6,199
Total funds brought forward 97,119 90,920
--------------- ---------------
Total funds carried forward 97,990 97,119

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Docusign Envelope ID: F874B9A9-9CB4-415F-B999-328A9C25510B

The London Shambhala Meditation Centre Balance Sheet

Balance Sheet
As at 31st August 2025 Company no: 3605572
Charity no: 1073977
2025 2024
Notes £ £
Fixed Assets [5] 494 658
Current Assets
Debtors and prepayments [6] 3,988 6,590
Cash at bank and on hand 99,528 93,629
Stock for resale 1,090 1,241
--------------- ---------------
104,606 101,460
Current Liabilities
Creditors and accruals [7] 7,110 4,998
--------------- ---------------
Net Current Assets 97,496 96,461
--------------- ---------------
Net Assets 97,990 97,119
The funds of the charity:
Unrestricted funds:
General funds [8] 17,048 22,714
Designated funds [8] 80,943 74,406
--------------- ---------------
97,990 97,119

Approved by the Board of Trustees on 6th January 2026 and signed on its behalf by:

……………………………………………… ……………………………………………… Ian Harcus David Hope Trustee Trustee

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The London Shambhala Meditation Centre Notes to the Accounts

Year to 31st August 2025

[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 surplus of £641 during the year (2024 £6,199)) 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.

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The London Shambhala Meditation Centre Notes to the Accounts (continued) Year to 31st August 2025

(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 £1,000 are not treated as fixed assets.

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.

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] 2025
2024
Members donations
15,649
16,334
Other individual donations
25,631
33,376
Gift Aid
4,257
3,951
---------------
---------------
45,537
53,661
2025
2024
Income from charitable activities
Income from programmes
20,016
18,643
Room hire income
28,335
25,668
Sales of books & practice materials
602
1,127
---------------
---------------
48,952
45,438

The charity received no government grants during the year (2024 nil).

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Docusign Envelope ID: F874B9A9-9CB4-415F-B999-328A9C25510B

The London Shambhala Meditation Centre Notes to the Accounts (continued) Year to 31st August 2025

[4] Analysis of expenditure on charitable activities

[for previous year, see Note 11]
Educational Support Governance 2025 2024
activities costs costs Totals Totals
(see Note 11)
£ £ £ £ £
Programmes 7,642 - - 7,642 9,142
Community events 3,060 - - 3,060 37
Shambhala Europe dues 2,400 - - 2,400 2,400
Books & shop expenses 699 - - 699 735
Donations paid out 18,239 - - 18,239 26,493
Rent and rates - 20,000 - 20,000 19,000
Light and heat - 5,265 - 5,265 6,713
Telephone and internet - 533 - 533 534
Cleaning and refuse - 1,338 - 1,338 1,371
Repairs and renewals 155 13,653 - 13,808 2,704
Insurance - 2,767 - 2,767 3,543
Postage, printing & stationery - 100 - 100 29
Bank charges - 861 - 861 881
Legal and professional fees - 18,712 - 18,712 20,679
Accountancy - - 118 118 94
Independent Examiner's fee - - 204 204 204
Marketing and publicity 261 - - 261 465
Computer software - 249 - 249 197
Volunteer expenses - - - - 56
Depreciation - 164 - 164 220
--------------- --------------- --------------- --------------- ---------------
32,455 63,643 322 96,420 95,496

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
2025 2025 2025
£ £ £
Cost
Balance brought forward 11,198 1,672 12,870
--------------- --------------- ---------------
11,198 1,672 12,870
Depreciation
Balance brought forward 10,601 1,611 12,212
Charge for the year 149 15 164
--------------- --------------- ---------------
10,750 1,626 12,376
--------------- --------------- ---------------
Net Book Value at 31/08/25 448 46 494
Net Book Value at 31/08/24 597 61 658

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The London Shambhala Meditation Centre Notes to the Accounts (continued) Year to 31st August 2025

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[7]		 Debtors and prepayments
2025
2024
Prepayments
2,562
4,747
Accrued income
20
395
Gift Aid due
1,406
1,448
---------------
---------------
3,988
6,590
Creditors and accruals
2025
2024
Amounts due within 12 months:
Accruals
2,493
1,762
Prepaid income
3,430
2,055
Sundry creditors
1,186
1,181
---------------
---------------
7,110
4,998

Prepaid income consists of payments for programmes after 31/08/25 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
31/08/2024 Income Expenditure funds 31/08/2025
Unrestricted Funds:
Designated Funds:
Dechen Chöling 327 2,563 (1,500) - 1,389
EDG donations - 16,739 (12,480) - 4,258
Wunsche Scholarship Fund 3,421 210 (130) - 3,501
Shambhala Day donations - 100 - - 100
Future Development Fund 40,000 - - - 40,000
Renovation fund - - - 1,200 1,200
Contingency Fund 30,000 - - - 30,000
Fixed Assets Fund 658 - - (164) 494
--------------- --------------- --------------- --------------- ---------------
Total Designated Funds: 74,406 19,611 (14,110) 1,036 80,943
General Funds 22,714 77,680 (82,310) (1,036) 17,048
--------------- --------------- --------------- --------------- ---------------
Total Unrestricted Funds: 97,119 97,291 (96,420) - 97,990

Dechen Chöling funds are for the purpose of making donations to the Dechen Chöling Meditation Centre. The EDG donations fund is for the purpose of ....

The Wunsche Scholarship fund is for the purpose of subsidising people on low incomes to take part in LSMC activities.

The Shambhala Day donations fund is funds collected on Shambhala Day to forward to ....

The Future Development Fund has been set aside with the aim of owning a property from which to operate. The Renovation Fund is to ring fence funds for the renovation of the property.

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

Four trustees received honoraria totalling £975 for delivering training programmes during the year (2024 £730 to three 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 (2024 nil).

Four trustees received expense payments totalling £691 during the year (2024 £166 to one trustee). These were reimbursements of travel costs incurred in fulfilment of the charity's objects. There were no other related party transactions during the year.

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Docusign Envelope ID: F874B9A9-9CB4-415F-B999-328A9C25510B

The London Shambhala Meditation Centre Notes to the Accounts (continued) Year to 31st August 2025

[10] Staffing

The charity does not employ any staff (2024 nil).

The key management personnel of the charity are the trustees.

[11] Previous year comparisons

Analysis of expenditure on charitable activities 2023-24
Educational Support Governance 2024
activities costs costs Totals
Programmes 9,142 - - 9,142
Community events 37 - - 37
Shambhala Europe dues 2,400 - - 2,400
Books & shop expenses 735 - - 735
Donations paid out 26,493 - - 26,493
Rent and rates - 19,000 - 19,000
Light and heat - 6,713 - 6,713
Telephone and internet - 534 - 534
Cleaning and refuse - 1,371 - 1,371
Repairs and renewals 154 2,550 - 2,704
Insurance - 3,543 - 3,543
Postage, printing & stationery - 29 - 29
Bank charges - 881 - 881
Legal and professional fees - 20,679 - 20,679
Accountancy - - 94 94
Independent Examiner's fee - - 204 204
Marketing and publicity 465 - - 465
Computer software - 197 - 197
Volunteer expenses 56 - - 56
Depreciation - 220 - 220
--------------- --------------- --------------- ---------------
39,482 55,716 298 95,496
Movements in funds 2023-24
Movements in funds 2023-24
Transfers
Balance at between Balance at
31/08/2023 Income Expenditure funds 31/08/2024
Unrestricted Funds:
Designated Funds:
Dechen Chöling 695 26,125 (26,493) - 327
Wunsche Scholarship Fund 3,351 170 (100) - 3,421
Future Development Fund 40,000 - - - 40,000
Contingency Fund 30,000 - - - 30,000
Fixed Assets Fund 878 - - (220) 658
--------------- --------------- --------------- --------------- ---------------
Total Designated Funds: 74,924 26,295 (26,593) (220) 74,406
General Funds 15,996 75,400 (68,903) 220 22,714
--------------- --------------- --------------- --------------- ---------------
Total Unrestricted Funds: 90,920 101,695 (95,496) - 97,119

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