## **ANNUAL REPORT AND FINANCIAL STATEMENTS** # **FOR THE YEAR ENDED 30TH APRIL 2021** ## **THE SHRIMALA TRUST** **(COMPANY LIMITED BY GUARANTEE)** **CHARITY REGISTRATION NUMBER 1078783 COMPANY REGISTRATION NUMBER 03880647 (England and Wales)** Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling Lane Bosham PO18 8NF ## **THE SHRIMALA TRUST (COMPANY LIMITED BY GUARANTEE) CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH APRIL 2021** ||**Page**| |---|---| |**Legal and Administrative Information**|3| |**Independent Examiner's Report on the Accounts**|4| |**Directors' Report**|5 to8| |**Statement of Financial Activities**|9| |**Balance Sheet**|10| |**Notes to the Accounts**|11to20| ## **THE SHRIMALA TRUST (COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION** **WORKING NAMES** Awakened Heart Sangha **CHARITY NUMBER** 1078783 **COMPANY REGISTRATION NUMBER** 03880647 **DATE OF REGISTRATION** 04 January 2000 : Standard registration **START OF FINANCIAL YEAR** 01 May 2020 **END OF FINANCIAL YEAR** 30 April 2021 **DIRECTORS AT 30 APRIL 2021** Ms Anne Dew Ms Stephanie Hair Mr Jonathan Shaw Ms Spomeka Chekerevatz (resigned 17 June 2020) The existing trustees appoint any new trustees following the provisions laid out in the Charity's governing instrument. The trustees have followed the revelant regulator's guidance on making decisions dealing with conflicts of interest. ## **GOVERNING INSTRUMENT** Memorandum and Articles of Association incorporated on 19 November 1999 as amended 21 August 2003. ## **OBJECTS** To advance religious education in accordance with the doctrines and principles of the Buddhist Faith, and in particular the KagyuNyingma tradition of Tibetan Buddhism. These aims are furthered through the activities of The Awakened Heart Sangha, a spiritual community in the Kagyu and Nyingma traditions of Tibetan Buddhism, formed by students of Lama Shenpen Hookham. **REGISTERED ADDRESS** Ynys Graianog Ynys Criccieth Gwynedd LL25 0NT **PRIMARY BANKERS** CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling ME19 4JQ **INDEPENDENT EXAMINER** Donna Leppitt Independent Examiners Ltd Unit 2 The Broadridge Business Centre Delling Lane Bosham PO18 8NF 3 THE SHRIMALA TRUST (COMPANY LIMITED BY GUARANTEE) XNDEPENDENT EXAMINER'S REPORT ON THE ACCOUtirs FOR THE YEAR ENDED 30TH APRIL 2021 Reprrt to the trust￿/ mwnbers clThe ShrfrnabTntst ￿ the the year 30th Aprfl 2021. Reythe responslbllltles of t￿￿405 •nmlner The charicV5 truSt￿S we reSp￿sIb* for the preparatth (rf the acccwnts. The Charit￿5 trustee5 C(￿$¥Jer th& * audit $ nf reJuireJ tr this yw under 144 rf the Charti% Act 2011 (the Charf(*s Act) and that an kndwdent wraminatW i5 ne&Y•J. Lt is my rtsponslbiHty to: xamine the undtt 145 fl t*e (hartk% Act. to ftdbw the d(wn in the gener& Dtrtttths by the Cthwity CommtssR)n (under sect 145(5)(b) of the Ctharf(E5 Act, and to st&e whether parttukr mattws have come to my ￿t￿t Basog of Independert ex•mlnrf$ 4wteMent My È%amlnatkn *zs cwrled ￿t kn KCOrdan￿ wth g￿er31 g￿en by the CcwTrrnL%skn. An examknatkn InC￿deS reV￿W {* the &C￿ntIng ￿c*d$ kept by the charty and 8 c¢ynparison ￿the ￿C￿nts Presented thi6e rttyds. It aÈ40 IncbJde5 c￿SKlerat￿ unusual *ems dBc*6ure5 ￿ the xctxjnts, and sethng wLinatkn)s the truste t￿ternIng such rn&ters. The pr(K&lures ￿ndtrta￿ do nrt provkle all the ￿KIence that w(xJhJ be In an wdtt, ano consequently no opinrm $ gi￿ a5 to vthether the ￿C￿ntS preS￿t J true and fairf v*w aThJ the wort ts lrnf(oJ to thc6e matters sd wt h the statern￿t bdow. Ind•pofKlert examlnerf5 5tatem•nt ITh c¢)nnertK*i with my examinatkn. no h& cme to my artent whrh gNe5 me thjse to bthe th* n, any materiol rfspert. the wutenents: to kw ￿tauntIng r￿d5 h) accrKdance with 130 f*the Charf(Jgs Act; and to prepare ￿C{MintS 5¥h￿h ￿¢(￿￿ vJi(h the ￿c￿nt￿g r￿5 and tompty the xcwntlng rfthe ar*w Act have nct been met: or to whlch. kn my opknknn, attentkn shouhj bedravm M ￿der toenabk a prcytr undvstandhjg clthe Kcajnts to be Oonfia Leppf(t Indepwdent Exarnlners Ltd Unt2 The Broadrpjge ￿$￿eSS Centre DeNYig Lane PAtsh8m FV18 8NF Date.. 1st Septenb¥ 2021 ## **THE SHRIMALA TRUST (COMPANY LIMITED BY GUARANTEE) DIRECTORS' REPORT FOR THE YEAR ENDED 30TH APRIL 2021** 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 30 April 2021. 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). The legal name of the charity is: THE SHRIMALA TRUST The charity is also known by the name of the spiritual community it supports, the Awakened Heart Sangha. ## **OBJECTIVES AND ACTIVITIES** The charity's objectives are to advance religious education in accordance with the doctrines and principles of the Buddhist Philosophy and in particular the Kagyu-Nyingma tradition of Tibetan Buddhism. These objectives are furthered through the activities of the Awakened Heart Sangha, a spiritual community in the Kagyu and Nyingma traditions of Tibetan Buddhism, formed by students of Lama Shenpen Hookham. The main activities undertaken in relation to those purposes during the year. - Running Distance Learning and Online Courses - Operating the Hermitage Retreat Centre - Publishing Buddhist Teaching Materials, and - Supporting Membership (Sangha) Activities ## **Public Benefit** The Shrimala Trust's work benefits a wide range of individuals across the United Kingdom and the rest of the world. The Directors have had regard to the Charity Commission's guidance on public benefit in managing the activities of the charity on this matter and concluded that: - The aims of the organisation continue to be charitable; - The aims and the work done give identifiable benefits to the charitable sector and both indirectly and directly to individuals in need; - The benefits are for the public, are not unreasonably restricted in any way and certainly not by ability to pay; and - There is no detriment or harm arising from the aims or activities. ## **ACHIEVEMENT AND PERFORMANCE** ## **Distance learning courses** Enrolment in our main training, _Living the Awakened Heart_ , increased substantially compared to the previous year, with 110 new participants. There were also 52 cancellations, resulting in a net increase of 58 participants. Our initiative of directing students to working in online study groups has moved forward, with 55 online study groups running throughout the year. This has really helped provide ongoing training and spiritual support for students during lockdown. ## **Hermitage development** Since March 2020 the Hermitage has been in strict quarantine due to COVID-19, in order to protect the health of Lama Shenpen and reflecting government advice on social distancing. ## **Regional events** No in-person events took place due to COVID-19. 5 ## **THE SHRIMALA TRUST (COMPANY LIMITED BY GUARANTEE) DIRECTORS' REPORT (Continued) FOR THE YEAR ENDED 30TH APRIL 2021** ## **Teaching materials** We sent out weekly editions of e-mail teachings by Lama Shenpen to an average of 4,500 subscribers and to around 8,650 on Facebook. Recordings of teachings by Lama Shenpen have been made available as downloadable files, videoed and published on YouTube for the general public, as well as transcribed and made available in written form. - We have continued to make live teachings widely available: - Streaming public talks each month online by Zoom and YouTube. - Streaming Hermitage meditation sessions every day. - Making recordings available after each teaching, so that those who are unable to join at the time can take part. · Some of the teachings are also made available as transcripts, which are prepared by volunteers. - Facilitating remote participation in retreats, including the meditation sessions, teachings and discussions. ## **The difference the charity's performance during the year has made to the beneficiaries of the charity.** For students engaged in our spiritual community, it is typically a major part of their lives and the mainstay of their pursuit of wellbeing for themselves and those around them. Our primary strategy at this time is to invest in supporting staff financially to create more teaching packages, so that students are better provided for in a wider variety of methods that suit their needs. We also intend to employ someone to manage our students and mentors to provide better care for our students and members spiritual development. Even though spiritual activities are led by volunteer mentors, it is helpful for us to have employees to support them in delivering more powerful activities for more people. We continue to seek to connect with beneficiaries through every channel available to us, with both local groups and online opportunities as major areas of priority for us. ## **The degree to which the achievements and performance during the year have benefited wider society.** The charity continues to encourage the development of forms of Buddhist practice suited to this time and place. In this way it is an active part in the wider debate in how to build a stable society oriented towards the pursuit of a meaningful life, a question that becomes ever more obvious as overt material needs are satisfied. As Mahayana Buddhists we judge the effectiveness of our individual and collective spiritual activities by the benefit they bring to all people. This includes both our individual attempts to nourish those who come into contact with us in our daily lives, and our collective effort as a community to establish the presence in the world of a genuine connection with Awakening for all those who wish it. ## **FINANCIAL REVIEW** The financial position of the charity at the year-end is set out on page 9. The Trust generated a substantial operating surplus in this financial year, despite having budgeted for a small deficit. Income held up much better under Covid than expected, while cost-cutting measures worked as expected. Although Hermitage event and visit donations vanished as the Hermitage was quarantined, membership donations rose slightly and online retreat donations surged dramatically. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. The governing document of the charity is the Memorandum and Articles of Association establishing the company under company legislation. The Governing Document is dated 21 August 2003. By operation of law, all trustees are directors under the Companies Act 2006 and all directors are trustees under Charities legislation and have responsibilities, as such, under both company and charity legislation. ## **Recruitment and appointment of new trustees** As a spiritual charity, it is of utmost importance that trustees are recruited from those who have an understanding of both the charity commission guidelines for being a trustee and the vision, values and ethos of the spiritual community it represents. Therefore, the trustees are recruited from within the Membership and are preferably students who have spent some time working and learning in as many areas of the community as possible to ensure a diverse understanding of the needs of the Members. We are currently working on a long-term project to develop training in vision, values and ethos, which is already bearing fruit. 6 ## **THE SHRIMALA TRUST (COMPANY LIMITED BY GUARANTEE) DIRECTORS' REPORT (Continued) FOR THE YEAR ENDED 30TH APRIL 2021** ## **Organisational structure** The Shrimala Trust is a company limited by guarantee and a registered charity governed by its Memorandum and Articles of Association. Trustees are typically appointed by the trustees, but subject to election by Members at the next general meeting. The Board hold a trustee meeting at least quarterly. The trustees and spiritual leadership are strongly engaged in a process of refining our thinking about how to develop our vision, guide our activities in accordance with our vision, and integrate spiritual and organisational leadership. The Trust continues to support Lama Shenpen Hookham, its Dharma Director and founding lama, with a stipend, accommodation and living expenses. Lama Shenpen devotes her life to working for the Trust and is a source of spiritual guidance, blessing and connection. The Trustees consider that this is a reasonable level of support, and provides it in gratitude for the Dharma Director's contribution and in recognition of her material needs. ## **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. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number** 03880647 (England and Wales) ## **Registered Charity number** 1078783 ## **Registered office** Ynys Graianog Ynys, Criccieth Gwynedd LL25 0NT ## **Trustees** The Trustees in office on the date the report was approved were: Ms Anne Dew Ms Stephanie Hair Mr Jonathan Shaw 7 DIREcfoRs' REFORT (G)rtY￿d) St&pJneit ￿£￿eCt￿S. ￿t￿SIb*s.. a twe and fak Ihe51rtRd*kn d1hecoii￿l¥ a5 Pt the Céthefn￿CWj *¥J rlthe surpaLS thech¥Wty kn Kctyd4Trce the￿￿&0M￿ts￿S￿tk￿S 394wd 395 ￿th0 l£t 2W6 •)d tAthrh rth￿￿e tts ) se￿* 5utab￿￿C￿ntkn9 then cr￿5&￿t￿. b) est*))ates th& we p￿t)t. c) pw¥ethe the9ckng ba5& t s I￿pr[￿r￿etOwÉ￿M8 tl%& thecrry•Y subJecttoa)y m&*i departur￿ *d il the11￿c￿ Stat￿￿￿t5. thi* the L+ the£un￿¥ loshvw ￿ e¥pLin theccffiwvs tron￿K￿ and thon to ￿S￿le th* the st*ww%ts sL[t￿ 386 •Yd 387 rfthÈcom￿￿4 Art 2006 Clynp￿ regukns Tnale under rhe Chwi* Att TW fty s*3uwdkng ttte (*thecallpay ￿ Iwjce I takno retsOn&J￿slq￿ IL¥ the dL*&tNMJ rfhajd The D￿￿s a&ore5prffi5thf￿ the rfthEtknttrs' rwt. tbe r￿ms￿Y (*the¥th>8tht li re* to the Dtrectcfs, toeyAFtin￿￿ the repwt enstsrkn9 that ￿ Iheknklthe4Wt no incwsst￿c¥ Y&h the d1*h￿E￿ ￿ thetB1￿C￿ st*an￿ts. ThEeaccc¢Jnts xC(Yd&7￿ *th the pr¢￿¥￿ 4>pWtetoc(mp*s gtsbJoct t0thesmallcrynp￿R5 ine. pr￿1 bythe thL.._........ ## **THE SHRIMALA TRUST (COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30TH APRIL 2021** |**Notes**
**INCOMING RESOURCES**
Donations & Legacies
**3a**
Investment Income
**3b**
Charitable Activities:-
Awakened Heart Sangha
**3c**
Other Incoming Resources
**3d**
**TOTAL INCOMING RESOURCES**
Costs of Charitable Activities
**4a**
**NET INCOME/(EXPENDITURE)**
**TOTAL FUNDS BROUGHT FORWARD**
**PRIOR YEAR ADJUSTMENT**
**TOTAL FUNDS CARRIED FORWARD**
**NET MOVEMENT IN FUNDS**
**TOTAL EXPENDITURE**
**TRANSFERS BETWEEN FUNDS**
**RECONCILIATION OF FUNDS:**
**EXPENDITURE**|Unrestricted
Restricted
Designated
**Total**
**Total**
Funds
Funds
Funds
**2020/21**
**2019/20**
£
£
**£**
**£**
142,175
16,208
15,642
174,025
159,749
40
-
-
40
457
-
-
-
-
2,235
2,107
-
-
2,107
2,182| |---|---| ||**144,322**
**16,208**
**15,642**
**176,172**
**164,623**| ||106,169
19,508
28,870
154,546
153,510| ||**106,169**
**19,508**
**28,870**
**154,546**
**153,510**| ||| ||**38,154**
**(3,300)**
**(13,228)**
**21,626**
**11,113**
**(38,154)**
**-**
**38,154**
**-**
**-**| ||**-**
**(3,300)**
**24,926**
**21,626**
**11,113**| ||-
67,315
399,217
466,531
455,418
-
1
2
3
-| ||**-**
**64,016**
**424,144**
**488,160**
**466,531**| All of the Charity's operations are classed as continuing operations. The notes form part of these financial statements. 9 TTrfE SHRIIqALA TRUST ASAT 30 APRIL2•Y21 Ènd 278 404 OÉbttss & FT*PJmtrttS h * bank￿ tsj h￿d 18.702 147.571 18,702 211.$87 45,680 147.400 64x116 ?n 6.863 6￿63 4,953 159.4111 64x116 223.420 188.127 4￿1•4 64.016 4WI60 4f6531 Crethtws duekn th￿ ¢y*Y 11 FiWIIKSOF YHE CHARrrY rtted fvr Funds 64016 67,315 DsTJr*t*J Funds 424,144 399.216 TOTAL Fiwi 160 Ffff the 30th ApA 2021. The l￿￿torS ¥es**feJ the wa5 to r•1W￿￿t to r*4tth ai asdi( under 477 ￿the C£mpan*5 kt 2006 po cKwibu5 hMr8Ju*vJ theccffipwtytocbtakn (1￿8 £trJthts fty the￿ ￿th 476 (Ithekt Ho¥¥fv*r. kn <eCthwits •*t 20O6¥pfL7b￿tC subj￿1 tothe rojkne il xoydaDce*lh the Rwtkng Stwdwd (eff￿r￿Ap￿ 20081. Thedff¥¢CfS ￿￿ttl￿d9e thw res￿￿ th& thecom￿Y kws ￿C￿l￿t￿9 ItrfrEP th seLtknis 386 OF the Prt 2006 kn- prqww statsnerts a In￿ and far r*the strte &affars c* the((xnp￿y￿ & the the ￿a￿ti￿ ts prc¢£ a)d kss fw thefrwthl w li wth the wulren￿t 394 and 395 Lth*h* CO￿)pty wth the rv4U*rntsd the O£t 2006 re*thg t0￿C￿jThts. so far as c(MM￿Y. L3 ts14 4Jprtr*J Jry the Ihe.................. ..................... iTrt Nan*:__ C£rfnwsy PbJbtr*kni Nwnber: 03880647 Ynys 1125 or ## **THE SHRIMALA TRUST (COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30TH APRIL 2021** ## **1. ACCOUNTING POLICIES** The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year. ## **Basis of preparation:** The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes. 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 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 are prepared in sterling, which is the functional currency of the entity and is rounded to the nearest £. ## **Assessment of Going Concern** The Covld-19 viral pandemic is one of the most significant economic events for the UK with unprecedented levels of uncertainty of outcomes. It is therefore difficul to evaluate all of the potential implications on the charity's operations, funding, suppliers and wider economy. The Trustees' view on the impact of Covld-19 is that, given the measures that could be undertaken to mitigate the current adverse conditions and the current resources available, they can continue to adopt the going concern basis in preparing the financlal statements. ## **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. ## **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. ## **Fund Accounting** Funds held by the charity are either: ## **1. Unrestricted funds** These are funds which can be used in accordance with the charity's objectives, at the discretion of the trustees. ## **2. Restricted funds** These are funds that 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. ## **3. Designated funds** These funds are funds set aside by the trustees out of unrestricted general funds for specific purposes or projects. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. 11 ## **THE SHRIMALA TRUST (COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30TH APRIL 2021** ## **1. ACCOUNTING POLICIES (continued)** ## **Pension costs and other post-retirement benefits** The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. ## **Debtors** Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid. ## **Creditors** Creditors are recognised where the charity 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 recognised at their settlement amount. ## **Taxation** The charity is exempt from corporation tax on its charitable activities. ## **Fixed Assets** Fixed Assets are capitalised if they can be used for more than one year and cost at least £1,500. They are valued at cost or, if gifted, at the value to the charity on receipt. ## **Depreciation Expense** Depreciation is calculated at a rate to write off the cost of tangible fixed assets over their estimated useful lives. The rates applied are as follows: |Office Equipment|33%| |---|---| |Fixtures & Fittings|10%| |Land and buildings|2%| There has been no change to the accounting polices (Variation rules and methods of accounting) since last year. This page does not form part of the statutory financial statements 1 2 ## **THE SHRIMALA TRUST (COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30TH APRIL 2021** ## **2. TANGIBLE FIXED ASSETS** |Additions
**Net Book Value**
At 30th April 2021
At 1 May 2020
**Accumulated Depreciation**
At 1 May 2020
Charge for the Year
At 30th April 2021
**Cost**
At 1 May 2020
At 30th April 2021|Land and
buildings
Fixtures &
Fittings
Office
Equipment
**2020/21**
£
£
£
£
382,744
29,367
10,106
422,217
-
-
-
-| |---|---| ||382,744
29,367
10,106
422,217| ||105,296
29,367
9,149
143,812
13,191
-
480
13,671| ||118,487
29,367
9,629
157,483| ||| ||264,257
-
476
264,734| ||277,448
-
957
278,404| This page does not form part of the statutory financial statements 1 3 ## **THE SHRIMALA TRUST (COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30TH APRIL 2021** ## **3. INCOMING RESOURCES** |Note
**c) Incoming from Charitable Activities**
**d) Other Income**
**b) Investment Income**
Deposit account interest
Book sale
Membership subscriptions
Other income
**a) Donations & Legacies**
General Donations|Unrestricted
Restricted
Designated
**Total**
**Total**
Funds
Funds
Funds
**2020/21**
**2019/20**
£
£
**£**
**£**
66,687
16,208
15,642
98,537
97,705
75,488
-
-
75,488
62,044| |---|---| ||**142,175**
**16,208**
**15,642**
**174,025**
**159,749**| ||40
-
-
40
457| ||**40**
**-**
**-**
**40**
**457**| ||-
-
-
-
2,235| ||**-**
**-**
**-**
**-**
**2,235**| ||2,107
-
-
2,107
2,182| ||**2,107**
**-**
**-**
**2,107**
**2,182**| This page does not form part of the statutory financial statements 1 4 ## **THE SHRIMALA TRUST (COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30TH APRIL 2021** ## **4. EXPENDITURE** |Note
**Governance costs:-**
Independent Examiner Fee
**Other costs:-**
Marketing & advertising
Telephone
Postage & Stationery
Equipment Costs
Sundries
Travel
Accounting service
Light&Heat
Housekeeping
Premises repairs & renewals
Bank charges
Depreciation of tangible fixed assets
**Administrative overheads:-**
Other Programmes Cost
Website Costs
**Supports costs:-**
**Premises expenses:-**
Rates & Water
Insurance
Student Support
Event Expenses
Teachers Stipend
**Charitable Activities**
**Direct costs:-**
Staff costs
**Finance:-**|Unrestricted
Restricted
Designated
**Total**
**Total**
Funds
Funds
Funds
**2020/21**
**2019/20**
£
£
**£**
**£**
46,406
-
-
46,406
41,474
-
-
-
-
-
2,795
-
-
2,795
10,685
7,000
-
-
7,000
11,000
-
-
-
-
-
8,488
14,400
5,760
28,648
23,844| |---|---| ||64,689
14,400
5,760
84,849
87,003
1,940
-
-
1,940
2,590
1,457
-
-
1,457
1,802
8,888
-
-
8,888
10,321
8,805
585
-
9,389
15,160
6,462
3,483
10,736
20,681
6,466
1,977
-
-
1,977
1,689
1,297
-
12,375
13,672
13,950
1,504
-
-
1,504
2,048
1,722
-
-
1,722
1,156
512
-
-
512
307
4,637
1,039
-
5,677
6,381
6
-
-
6
1,161
1,015
-
-
1,015
2,024| ||40,222
5,108
23,110
68,440
65,056
1,247
-
-
1,247
1,452| ||1,247
-
-
1,247
1,452
10
-
-
10
-| ||10
-
-
10
-
-| ||**106,169**
**19,508**
**28,870**
**154,546**
**153,510**| ## **5. NET INCOME/ (EXPENDITURE)** Net Income/(expenditure) is stated after charging/ (crediting): Independent Examiner's fees Depreciation - owned assets ||**2020/21**||**2019/20**| |---|---|---|---| |£||£|| ||1,247||1,452| ||13,672||13,950| ||14,919||15,402| This page does not form part of the statutory financial statements 1 5 ## **THE SHRIMALA TRUST (COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 30TH APRIL 2021** ## **6. RESTRICTED FUNDS** ## **CURRENT FINANCIAL YEAR** |Offerings
Teacher Development
Visiting Teachers
Retreat Huts
Bursaries
Development
Expansion 2020
Lama 2017|**Balance**
Unrealised
**Balance**
**01-May-20**
Income
Expenditure
Gain/Loss
Transfer
**30-Apr-21**
£
£
£
£
£
**£**
2,672
-
-
-
-
2,672
3,015
1,426
(3,483)
-
-
958
1,116
2,100
(996)
-
-
2,220
7,077
10,000
(14,400)
-
-
2,677
1,434
2,683
(628)
-
-
3,489
2,000
-
-
-
-
2,000
-
-
-
-
-
-
50,000
-
-
-
-
50,000| |---|---| ||**67,315**
**16,209**
**(19,508)**
**-**
**-**
**64,016**| ## **PREVIOUS FINANCIAL YEAR** |Visiting Teachers
Bursaries
Retreat Huts
Development
Expansion 2020
Lama 2017
Offerings
Teacher Development|**Balance**
Unrealised
**Balance**
**01-May-19**
Income
Expenditure
Gain/Loss
Transfer
**30-Apr-20**
£
£
£
£
**£**
2,472
200
-
-
-
2,672
3,263
1,140
(1,388)
-
-
3,015
1,191
200
(275)
-
-
1,116
4,000
18,000
(14,923)
-
-
7,077
144
1,920
(629)
-
-
1,434
2,000
-
-
-
-
2,000
-
-
-
-
-
-
50,000
-
-
-
-
50,000| |---|---| ||**63,070**
**21,460**
**(17,215)**
**-**
**-**
**67,315**| The Restricted Funds are wholly represented by the Charity's cash reserves and are to be expended as specified above. This page does not form part of the statutory financial statements 16 ## **THE SHRIMALA TRUST (COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 30TH APRIL 2021** ## **7. DESIGNATED FUNDS** ## **CURRENT FINANCIAL YEAR** |**CURRENT FINANCIAL YEAR**|| |---|---| |**PREVIOUS FINANCIAL YEAR**
Designated Reserve Fund
Designated Fixed Asset Fund
Designated Fixed Asset Fund
Designated Reserve Fund|**Balance**
Unrealised
**01-May-20**
Income
Expenditure
Gain/Loss
Transfer
**30-Apr-21**
£
£
£
£
£
£
126,172
15,642
(16,495)
-
38,154
163,475
273,044
-
(12,375)
-
-
260,669| ||**399,216**
**15,642**
**(28,870)**
**-**
**38,154**
**424,144**| ||**Balance**
Unrealised
**01-May-19**
Income
Expenditure
Gain/Loss
Transfer
**30-Apr-20**
£
£
£
£
£
106,929
1,000
(5,933)
-
24,176
126,172
285,419
-
(12,375)
-
-
273,044| ||**392,348**
**1,000**
**(18,308)**
**-**
**24,176**
**399,216**| ## **Unrestricted and designated funds** Unrestricted Reserve Funds - these funds are held for meeting the objectives of the charity, and to provide reserves for future activities, and, subject to charity legislation, are free from all restrictions on their use. Designated Reserve Fund - unrestricted donations and legacies exceeding £5000 are placed in this fund, which is used as the Trust's strategic reserve to fund major initiatives not routine expenditure. Designated Fixed Asset Fund- fixed assets which have spiritual and book value but which are not directly tied to income generation are placed in this fund, to facilitate scrutiny of the Trust's operating profit & loss excluding their depreciation. ## **Restricted funds** ## Bursary fund For assisting committed students in attending events. ## Hermitage development/stupa fund developing the stupa, its surrounding area, and other aspects of the Hermitage. ## Hermitage expansion 2020 To fund exploration of developments at the Hermitage in the next few years, including a Dharma Hall and retreat huts. ## Lama's 2017 initiative Lama Shenpen expressed a wish to make donations to spur areas of Sangha growth, such as the website and shrine room audio equipment, beyond what the Trust could afford from its own reserves. ## Offerings This fund holds offerings made to the shrine or stupa, for example when people take vows at the Annual Celebration. It's used to pay for candles, lights, incense and flowers at the Hermitage. ## Teacher development To support the development of teachers in the Sangha. ## Hermitage manager salary Various donors funded the first year of employment of a Hermitage manager. Fund is now closed. Retreat cabins gift A donor made a substantial donation in 2015 to fund retreat cabins. This page does not form part of the statutory financial statements 1 7 ## **THE SHRIMALA TRUST (COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 30TH APRIL 2021** ## **8. CASH AT BANK AND IN HAND** |**T BANK AND IN HAND**|| |---|---| |Stripe GBP
Petty Cash
CAF Cash
Nationwide Savings Account
Paypal|Unrestricted
Restricted
Designated
**Total**
**Total**
Funds
Funds
Funds
**30-Apr-21**
**30-Apr-20**
£
£
**£**
**£**
(42,469)
20,824
128,915
107,270
36,338
3,154
43,192
34,564
80,910
80,869
23,039
-
-
23,039
29,848
358
-
-
358
329
10
-
-
10
15| ||(15,908)
64,016
163,479
211,587
147,400| ## **9. DEBTORS AND PREPAYMENTS** |Prepayments and accrued income
Trade Debtors
Sundry accounts receivable|Unrestricted
Restricted
Designated
**Total**
**Total**
Funds
Funds
Funds
**30-Apr-21**
**30-Apr-20**
£
£
**£**
**£**
2,762
-
-
2,762
1,048
15,660
-
-
15,660
44,487
280
-
-
280
145| |---|---| ||**18,702**
**-**
**-**
**18,702**
**45,680**| ## **10. CREDITORS AND ACCRUALS AMOUNTS FALLING DUE WITHIN ONE YEAR** |Accrued Expenses
Trade creditors
Social security and other taxes
Other Creditors
Accrued Exp - Independent Examiner's Fee|Unrestricted
Restricted
Designated
**Total**
**Total**
Funds
Funds
Funds
**30-Apr-21**
**30-Apr-20**
£
£
**£**
**£**
2,152
-
-
2,152
819
232
-
-
232
128
102
-
-
102
475
3,177
-
-
3,177
3,531
1,200
-
-
1,200
-
| |---|---| ||**6,863**
**-**
**-**
**6,863**
**4,953**| ## **11. CREDITORS AND ACCRUALS AMOUNTS FALLING DUE IN MORE THAN ONE YEAR** The Charity held no long term liabilities during this or the previous financial period. This page does not form part of the statutory financial statements 1 8 ## **THE SHRIMALA TRUST (COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 30TH APRIL 2021** ## **12. STAFF COSTS AND NUMBERS** |**TOTAL**
**2020/21**
**£**
Gross Wages & Salaries
46,406
Pension Contributions
-
**46,406**
Average number of employees who were engaged in each of the following activities:
**TOTAL**
**2020/21**
Full time or full-time equivalents
3|**TOTAL**
**2019/20**
**£**
40,458
1,016| |---|---| ||**41,474**| ||**TOTAL**
**2019/20**
1| The Charity operates a PAYE scheme to pay all employed members of staff and no employees received emoluments in excess of £60,000. (2019/20- None) ## **13. CAPITAL AND RESERVES** The Company is Limited by Guarantee (03880647) and it is a charity registered with the Charity Commission (1078783). It does not have a Share capital and has no income subject to Corporation Tax. |Profit / Deficit for the financial year
Other Recognised Gains
Balance Brought Forward
Closing Funds at 30-Apr-21|**30-Apr-21**
**£**
21,626
-
**21,626**
466,534
**488,160**|**30-Apr-20**
**£**
11,113
-| |---|---|---| |||**11,113**| |||455,419| |||**466,531**| ## **14. TRUSTEES AND OTHER RELATED PARTIES** No payments were made to trustees or any persons connected with them during this financial period. No material transaction took place between the organisation and a trustee or any person connected with them. (2019/20- None) ## **15. RELATED PARTY DISCLOSURES** During the year ending 30 April 21 Anne Dew lived as volunteer and part of the spiritual community at the Trust's meditation centre, the Hermitage of the Awakened Heart. Donations totalling £5,583 (2019/20 £4,761) were received from trustees who served during the year. ## **16. RISK ASSESSMENT** The Directors actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The Directors have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks. This page does not form part of the statutory financial statements 1 9 ## **THE SHRIMALA TRUST (COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 30TH APRIL 2021** ## **17. RESERVES POLICY** The Directors have considered the level of reserves they wish to retain, appropriate to the charity's needs. This is based on the charity's size and the level of financial commitments held. The Directors aim to ensure the charity will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The Directors will endeavour not to set aside funds unnecessarily. ## **18. PUBLIC BENEFIT** The Charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the charity has achieved this are provided in the Directors' report. The Directors confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake. This page does not form part of the statutory financial statements 20