REGISTERED CHARITY NUMBER: 1078783 THE SHRIMALA TRUST REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 Haines Watts Chartered Accountants Old Station House sktion Approach Swindon Wiltshire SN13DU
THE SHRIMALA TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 Page Report of the Trustees Independent Examinerfs Report Statement of Financial Activities Statement of Financial Position Notes to the Financial Statements 8 to 15
THE SHRIMALA TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2024 The Irustees present their report with the financial statements of the charity for the year ended 30 April 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities- Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effeclive 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 doclrines 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 relalion 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 thal= The aims of the organisation continue to be charitable., The aims and the work done give identifiable benefits to the charitable sector and both indireclly 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 airns or activities. Page 1
THE SHRIMALA TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2024 ACHIEVEMENT AND PERFORMANCE Distance learning courses 71 people enrolled in our main training, Living the Awakened Heart. 84 people cancelled. resulting in a nel decrease of 13 participants. Our initiative of directing students to working in online study groups has moved forward, with 34 online study groups throughout the year. Studenls were also able to participate online in most of the Hermitage events. Hermitage events We held a full programme of 8 residential retreats and 26 teaching events. Regional events No in-person events took place during the year. Teaching materials We sent out weekly editions of email teachings by Lama Shenpen to an average of 4,500 subscribers and to around 8,650 on Facebook. Recordings of leachings 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 perforniance 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 stralegy 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 employed 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 lo 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 lo 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 7. The Trust made a small loss on general aclivity. substantially less than a projected large deficit. Event donations were more thari expected. and Herrnilage costs were lower. However staff costs were somewhat higher. Page 2
THE SHRIMALA TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a constitution. and constitutes a Charitable Incorporated Organisation. The governing document of the charity is the Constitution establishing it under The Charities Act 2011. The Governing Document is dated 1 November 2023. 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 il 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 cornmunity as possible to ensure a diverse understanding of the needs of the Members. We are currently working on a long-term projectto develop training in vision, values and ethos, which is already bearing fruit. Organisational structure The Shrimala Trust is a Charitable Incorporated Organisation and a registered charity governed by its Constitution. Trustees are typically appointed by the trustees, but subject to election by Members al 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 founding lama, with a stipend, accommodation and living expenses. Lama Shenpen devotes her lrfe 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 il in gratitude for the Dharma DireGtor'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 Charity number 1078783 Page 3
THE SHRIMALA TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2024 REFERENCE AND ADMINISTRATIVE DETAILS Registered office Ynys Graianog Ynys Criccieth Gwynedd LL25 ONT Trustees MsADew MsSPHair MrJJFShaw Independent Exarniner Haines Watts Chartered Accountants Old Station House Stslion Approach Swindon Wiltshire SN13DU Approv8d by order of the board of trustees on 15 ocl L L.Ltr........ arKI signed on its beha by". MrJJFSh ste8 Pag8 4
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SHRIMALA TRUST Independent examiner's report to the trustees of The Shrimala Trust {The Trust) I report to the charity trustees on my examination of the accounts of The Shrimala Trust (Ihe Trust) for the year ended 30 April 2024. Responsibilities and basis of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 {'the Act,). I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)Ib) of the Act. Independent examiner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect- accounting records were not kept in respect of the Trust as required by Section 130 of the Act,. or the accounts do not accord with those records., or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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. I have no concerns and have corne across no other malters 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. Susan Plumb ACA Haines Watts Chartered Accountants Old Station House Station Approach Swindon Wiltshire SN1 3DU Date: Page 5
THE SHRIMALA TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2024 2024 Total funds 2023 Total fijnds Unrestricted Restricted funds fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies 190,479 31.712 222.191 158,651 Charitable activities Awakened Heart Sangha 6,361 6.361 4,545 Investment income Other income 1,798 14,407 1.798 14,407 667 19,074 Total 213,045 31,712 244,757 182,937 EXPENDITURE ON Charitable activities Awakened Heart Sangha 221,309 21,544 242,853 217.539 NET INCOMEI(EXPENDITURE) (8,264) 10,168 1,904 (34,602) RECONCILIATION OF FUNDS Total funds brought forward 416,570 24,346 440,916 475,518 TOTAL FUNDS CARRIED FORWARD 408.306 34.514 442,820 440,916 The notes form part of these financial statements Page 6
THE SHRIMALA TRUST STATEMENT OF FINANCIAL POSITION 30 APRIL 2024 2024 Total funds 2023 Total funds Unrestricted Restricted funds fund Notes FIXED ASSETS Tangible assets 260.171 260.171 269,447 CURRENT ASSETS Debtors Cash at bank 12 48.996 127,314 48,996 161,828 22,638 159,992 34,514 176,310 34,514 210,824 182,630 CREDITORS Amounts falling due within one year (28,175) (28,175) (11,161) NET CURRENT ASSETS 148.135 34,514 182,649 171,469 TOTAL ASSETS LESS CURRENT LIABILITIES 408,306 34,514 442.820 440,916 NET ASSETS 408,306 34,514 442,820 440,916 FUNDS Unrestricted funds Restricted funds 15 408,306 34,514 416,570 24,346 TOTAL FUNDS 442,820 440,916 TheJnancial Statements were approved by the Board of Trustees and authorised for issue on ..kA. O.Qt...l*..4-.......... and were signed on behatf by: Mr J J F Shaw- Trustee The notes form part of these financial statements Page 7
THE SHRIMALA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP {FRS 102) 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019),, Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. and the Charities Act 2011. The financial statements have been prepared under the historical cost convenlion The financial statements are prepared in sterling. which is the functional currency of the entity and is rounded to the nearest £. Going concem There are no material uncertainties about Ihe charity's ability to continue. 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 expendilure 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. Expendilure is accounted for on an accruals basis and has been classtfied under headings Ihat 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. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Land and buildings Fixtures and fittings Office equipment 20/0 on cost 10010 on cost 33 % on cost Taxation The charity is exempt from corporation tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. 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. Page 8 continued...
THE SHRIMALA TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2024 ACCOUNTING POLICIES - continued 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. DONATIONS AND LEGACIES 2024 Total funds 2023 Total funds Unrestricted funds Restricted funds General donations Membership subscriptions 100.097 90,382 31,712 131,809 90,382 70,608 88,043 190,479 31,712 222,191 158,651 INVESTMENT INCOME 2024 Tolal funds 2023 Total funds Unrestricted Restricted funds funds Deposit account interest 1.798 1,798 667 INCOME FROM CHARITABLE ACTIVITIES 2024 Awakened Heart Sangha 2023 Total activilies Book sale 6,361 4,545 CHARITABLE ACTIVITIES COSTS Direct Costs {see note 6) Support costs (see note 7) Totals Awakened Heart Sangha 129,616 113,237 242,853 Page 9 continued..
THE SHRIMALA TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30 APRIL 2024 DIRECT COSTS OF CHARITABLE ACTIVITIES 2024 2023 Staff costs Event expenses Teachers stipend Web-site costs 86,638 1,923 12,000 29,055 77,789 4,832 12,000 21,533 129,616 116,154 SUPPORT COSTS Premises expenses Administrative Governance overheads costs Finance Totals Awakened Heart Sangha 61,264 14,200 35.593 2,180 113,237 Support costs, included in the above. are as follows.. Premises expenses 2024 Awakened Heart Sangha 2023 Total activities Rates and water Insurance Light and heat Housekeeping Premises repairs and renewals 12,378 2,155 7,750 22,157 16,824 10,922 1,928 12.519 23,318 18,182 61,264 66,869 Finance 2024 Awakened Heart Sangha 2023 Total activities Bank charges Depreciation of tangible fixed assets 2,846 11,354 2.104 11,324 14.200 13,428 Administrative overheads 2024 Awakened Heart Sangha 2023 Total activities Telephone Postage and stationery Equipment costs Sundries Travel 1,331 1,024 962 29,465 1,422 1,128 1,679 2,566 11.321 735 Carried forward 34,204 17,429 Page 10 continued...
THE SHRIMALA TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2024 SUPPORT COSTS - continued Administrative overheads - continued 2024 Awakened Heart Sangha 2023 Total activities Brought forward Accounting service 34,204 1.389 17,429 1,246 35.593 18,675 Governance costs 2024 Awakened Heart Sangha 2023 Total activities Independent Examiner's fees 2,180 2,413 NET INCOMEI(EXPENDITURE) Net incomel(expenditure) is stated after charginty(crediting)'. 2024 2023 Independent Examiner's fees Depreciation - owned assets 2,180 11,354 2,413 11,324 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees. remuneration or other benefits for the year ended 30 April 2024 nor for the year ended 30 April 2023 except as disclosed in note 15. Trustees. expenses There were no trustees. expenses paid for the year ended 30 April 2024 nor for the year ended 30 April 2023. 10. STAFF COSTS 2024 2023 Wages and salaries Other pension costs 85,539 1,099 76,984 805 86,638 77,789 The average monthly number of employees during the year was as follows: Full time or full-time equivalents 2024 2023 No employees received emoluments in excess of £60.000. Key Management Personnel Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid to key management personnel for services provided to the charity was £22,848 {2023.' £22,680). Page11 continued...
THE SHRIMALA TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30 APRIL 2024 TANGIBLE FIXED ASSETS Fixtures and fittings Land and buildings Office equipment Totals COST At 1 May 2023 Additions 411,567 1,378 29,367 11.003 700 451,937 2,078 At 30 April 2024 412,945 29,367 11,703 454,015 DEPRECIATION Al 1 May 2023 Charge for year 142.928 11,036 29,367 10,195 318 182,490 11.354 AI 30 April 2024 153,964 29,367 10,513 193,844 NET BOOK VALUE At 30 April 2024 258,981 1.190 260,171 AI 30 April 2023 268,639 808 269,447 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Prepayments and accrued income 20,723 28.273 17,567 5,071 48,996 22.638 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Social security and other taxes Other creditors Accruals and deferred income 10,411 578 351 16,835 6.081 258 171 4,651 28,175 11,161 Page 12 continued...
THE SHRIMALA TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2024 14. MOVEMENT IN FUNDS Net movement in funds Transfers belween funds At 3014124 At 115123 Unrestricted funds Unrestricted revenue funds Designated reserve fund Designated fixed asset fund (3,070) 5,403 10.597) 3,070 {3,070) 150,563 266,007 152,896 255,410 416,570 {8,264) 408,306 Restricted funds Misc restricted fund 24.346 10,168 34,514 TOTAL FUNDS 440,916 1,904 442,820 Net movement in funds, included in the above are as follows= Incoming resources Resources expended Movement in funds Unrestricted funds Unrestricted revenue funds Designated reserve fund Designated fixed asset fund 203,045 10,000 1206,115) (4,597) 10.597) (3,070} 5,403 10.5971 213,045 (221.309) Restricted funds Misc restricted fund (8,264) 31,712 (21,544) 10,168 TOTAL FUNDS 244,757 242,853) 1,904 Compaiatives for movement in funds Net movement in funds Transfers between funds At 3014123 At 115122 UnrestTlCted funds Unrestricted revenue funds Designated reserve fund Designated fixed asset fund (19,608) (5,000) 10,597) 19,608 (19,608) 175,171 276,604 150,563 266,007 451.775 (35.205) 416,570 Restricted funds Misc restricted fund 23,743 603 24,346 TOTAL FUNDS 475.518 34,602) 440,916 Page13 continued...
THE SHRIMALA TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2024 14. MOVEMENT IN FUNDS - continued Comparative net movement in funds. included in the above are as follows-. Incoming resources Resources expended Movement in funds Unrestrtcted funds Unrestricted revenue funds Designated reserve fund Designated fixed asset fund 174,073 (193,681) {5,000> 10,597) {19,608) (5,000) 10,597) 174,073 {209.278) (35,205) Restricted funds Misc restricled fund 8,864 (8,261) 603 TOTAL FUNDS 182,937 217,539) 34,602) Unrestrided and designated funds Unrestricted Funds - these fund 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 initialives 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 Trusl's operating profit & loss excluding their depreciation. Restricted funds Misc. Restricted fund comprise the following=" Hermitage developmentlstupa fund For 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 Sangha Celebration. It's used to pay for candles, lights, incense and flowers at the Hermitage. Teacher development To support the development of teachefs in the Sangha. Retreat cabins gift A donor made a substantial donation in 2015 to fund retreat cabins. Page 14 continued...
THE SHRIMALA TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30 APRIL 2024 15. RELATED PARTY DISCLOSURES During the year ending 30 April 2024 Anne Dew lived as volunteer and part of the spiritual community al the Trust's meditation centre, the Hermitage of the Awakened Heart. Donations totalling £8,765 (2023 £9.497) were received from trustees who served during the year. Page 15