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← The Shrimala Trust

2025-04-30-accounts

Charity registration number 1078783 (England and Wales)

THE SHRIMALA TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

THE SHRIMALA TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Charity registration

Independent examiner

Ms A Dew Ms S P Hair Mr J J F Shaw

England and Wales

Martin Gurney FCA Haines Watts Swindon Limited Old Station House Station Approach Swindon Wiltshire SN1 3DU

1078783

THE SHRIMALA TRUST

CONTENTS

Page Trustees’ report 1-3 Independent examiner's report 4 Statement of financial activities 5 Balance sheet 6

Balance sheet

Notes to the financial statements

7-18

THE SHRIMALA TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 30 APRIL 2025

The trustees present their annual report and financial statements for the year ended 30 April 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".

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.

Public benefit

The Shrimala Trust's work benefits a wide range of individuals across the United Kingdom and the rest of the world. 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.

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 on 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.

The charity trustees have complied with their duty to have due regard to the guidance on public benefit published by the Commission in exercising their powers or duties. The charity trustees have concluded that:

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THE SHRIMALA TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025

Achievements and performance

Significant activities and achievements against objectives Distance learning courses

Currently there are 306 students actively participating in and supporting Sangha.

66 people enrolled in our main training, Living the Awakened Heart.

47 online study groups happened during the year, each typically involving 6 weekly group meetings.

8 online events took place. Students were also able to participate online in many in-person events.

Hermitage of the Awakened Heart events

9 residential retreats and 4 other events took place at the Hermitage.

Daily meditation sessions at the Hermitage are streamed online for all to participate in.

Other in-person events

2 in-person events took place outside the Hermitage during the year.

Financial review

The charity's income and expenditure are reasonably balanced.

The charity currently holds reserves of £163,532 as per note 16. It is our policy to maintain reserves of 3 to 6 month's of our typical expenditure. Expenditure from reserves are considered carefully by the charity trustees and typically made in consultation with the charity's members.

No fund is materially in deficit.

Reserves policy

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month's expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Structure, governance and management

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.

The trustees who served during the year and up to the date of signature of the financial statements were: Ms A Dew

Ms S P Hair Mr J J F Shaw

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THE SHRIMALA TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025

The trustees' pePort was approved by the Board of Trustees. ~ Qe AA Mr J J F Shaw Trustee Date: \b feb 2e2b

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THE SHRIMALA TRUST

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SHRIMALA TRUST

| report to the trustees on my examination of the financial statements of The Shrimala Trust (the charity) for the year

ended 30 April 2025.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.

| report in respect of my examination of the charity's financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination | have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

| have no concems 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 financial statements to be reached.

Martin Gurney FCA

Haines Watts Swindon Limited

Old Station House

Station Approach

Swindon

Wiltshire

SN1 3DU LIEBE cicennnsnsinecssnexestivenee

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THE SHRIMALA TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 APRIL 2025

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2025 2025 2025 2024 2024 2024
Notes £ £ £ £ £ £
Income and endowments from:
Donations and legacies 2 191,936 56,909 248,845 190,479 31,712 222,191
Charitable activities 3 4,455 75 4,530 6,361 - 6,361
Investments 4 1,927 - 1,927 1,798 - 1,798
Otherincome 5 20,860 - 20,860 14,407 - 14,407
Total income 219,178 56,984 276,162 213,045 31,712 244,757
Expenditure on:
Charitable activities 6 223,351 57,701 281,052 221,309 21,544 242,853
Total expenditure 223,351 57,701 281,052 221,309 21,544 242,853
Netincome/(expenditure) (4,173) (717) (4,890) (8,264) 10,168 1,904
Transfers between
funds 3,986 (3,986) . - - -
Net movement in
funds 8 (187) (4,703) (4,890) (8,264) 10,168 1,904
Reconciliation offunds:
Fund balances at 1 May2024 408,306 34,514 442,820 416,570 24,346 440,916
Fund balances at30April
2025 408,119 29,811 437,930 408,306 34,514 442,820

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

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THE SHRIMALA TRUST

BALANCE SHEET

AS AT 30 APRIL 2025

2025 2024
Notes £ £ = £
Fixed assets
Tangible assets 12 248,522 260,171
Current assets
Debtors 13 55,772 48,996
Cash atbank and in hand 172,402 161,286
228,174 210,282
Creditors: amounts falling due within 14
oneyear (38,766) (27,633)
Net current assets 189,408 182,649
Total assets less current liabilities 437,930 442,820
The funds ofthe charity
Restricted income funds 15 29,811 34,514
Unrestricted funds 16 408,119 408,306
437,930 442,820

The financial statements were approved by the trustees on Lp AR 2

Mr J J F Shaw Trustee

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THE SHRIMALA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

1 Accounting policies

1.1. Basis of preparation

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concer basis of accounting in preparing the financial statements.

1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

1.5 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.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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THE SHRIMALA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025

1 Accounting policies

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(Continued)
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Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

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|||||||| |---|---|---|---|---|---|---| |Freehold|land|and|buildings|2%|on|cost| |Fixtures|and|fittings|10%|on|cost| |Computers|33% on|cost|

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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Taxation

The charity is exempt from corporation tax on its charitable activities.

1.8 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.

1.9 Debtors

1.10 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.

2 Income from donations and legacies

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Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2025 2025 2025 2024 2024 2024
£ £ £ £ £ £
Donations and gifts 92,392 56,909 149,301 100,097 31,712 131,809
Membership fees 99,544 - 99,544 90,382 - 90,382
191,936 56,909 248,845 190,479 31,712 222,191
Income from charitable activities
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2025 2025 2025 2024 2024 2024
£ £ A £ £ £
Book sale
Sale of goods 4,455 75 4,530 6,361 - 6,361
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3 Income from charitable activities

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THE SHRIMALA TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025

4 Income from investments

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|||||||| |---|---|---|---|---|---|---| |Unrestricted|Unrestricted| |funds|funds| |2025|2024| |£|£| |Interest|receivable|1,927|1,798| |5|Other|income| |Unrestricted|Unrestricted| |funds|funds| |2025|2024| |£|£| |Other|income|20,860|14,407| |Expenditure|on|charitable|activities| |Awakened|Awakened| |Heart|Heart| |Sangha|Sangha| |2025|2024| |£|£| |Direct|costs| |Staff costs|95,860|86,638| |Event expenses|41,809|1,923| |Teachers'|stipend|12,000|12,000| |Web-site|costs|5,583|29,055| |155,252|129,616| |Share|of support and|governance|costs|(see|note|7)| |Support|125,800|113,237| |281,052|242,853| |Analysis|by fund| |Unrestricted|funds|223,351|221,309| |Restricted|funds|57,701|21,544| |281,052|242,853|

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6 Expenditure on charitable activities

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THE SHRIMALA TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025

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||||||||| |---|---|---|---|---|---|---|---| |7|Support|costs|allocated|to|activities| |2025|2024| |z|x| |Premises expenses|48,943|61,264| |Finance|11,222|14,200| |Administrative|overheads|63,529|35,593| |Governance|costs|2,106|2,180| |125,800|113,237| |Analysed|between:| |Awakened|Heart Sangha|125,800|113,237| |8|Net|movement|in|funds|2025|2024| |£|£| |The|net|movement|in|funds|is|stated|after charging/(crediting):| |Fees|payable|for the|independent|examination|of the|charity's|financial| |statements|2,106|2,180| |Depreciation|of owned|tangible|fixed|assets|11,648|11,355|

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9 Trustees

There were no trustees' remuneration or other benefits for the year ended 30 April 2025 nor for the year ended 30 April 2024 except as disclosed in note 17.

10 Employees

The average monthly number of employees during the year was:

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|||||| |---|---|---|---|---| |2025|2024| |Number|Number| |t|8| |Employment|costs|2025|2024| |£|£| |Wages|and|salaries|95,860|86,638|

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There were no employees whose annual remuneration was more than £60,000.

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THE SHRIMALA TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025

10 Employees

(Continued)

Remuneration ofkey management personnel
The remuneration ofkeymanagement personnel was as follows:
2025 2024
£ E
Aggregatecompensation 40,208 22,848

Aggregate compensation

11. Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

12 Tangible fixed assets

Tangible fixed assets
Freehold land Fixturesand Computers Total
and buildings fittings
£ £ £ £
Cost
At 1 May2024 412,945 29,367 11,703 454,015
At30April2025 412,945 29,367 11,703 454,015
Depreciation and impairment
At
1 May2024		 153,964 29,367 10,514 193,845
Depreciation charged in the year 11,162 - 486 11,648
At30April 2025 165,126 29,367 11,000 205,493
Carrying amount
At 30April 2025 247,819 - 703 248,522
At 30April 2024 258,981 - 1,190 260,171
Debtors
2025 2024
Amounts falling due within one year: £ £
Trade debtors 23,617 20,723
Prepayments and accrued income 32,155 28,273
55,772 48,996

13 Debtors

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THE SHRIMALA TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025

14 Creditors: amounts falling due within oneyear
2025 2024
£ £
Othertaxation and social security 673 578
Trade creditors 19,661 10,411
Othercreditors 446 351
Accruals and deferred income 17,986 16,293
38,766 27,633

15 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 May2024 Incoming Resources Transfers At30April
resources expended 2025
£ £ & £ =
Misc restricted fund 34,514 56,984 (57,701) (3,986) 29,811
Previous year: At 1 May2023 Incoming
resources		 Resources
expended		 Transfers At 30April
2024
£ £ £ £ £
Miscrestrictedfund 24,346 31,712 (21,544) - 34,514

Misc. Restricted fund comprise the following:-

Hermitage development/stupa 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 writings - To fund editing costs of Lama Shenpen's books.

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 teachers in the Sangha.

Yonten gift - A donor made a substantial donation in 2015 to fund a retreat cabin.

Retreat huts - To fund construction of additional retreat cabins

RS stupas - Donations for the construction of stupas (Buddhist shrines) dedicated to Rigdzin Shikpo, an important teacher who passed away in 2024.

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THE SHRIMALA TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025

16 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 May2024 Incoming Resources Transfers At30April
resources expended 2025
= £ £ £ £
Unrestricted revenue funds - 219,178 (212,532) (6,646) -
Designated reserve fund 152,900 - - 10,632 163,532
Designated fixed asset fund 255,406 - (10,819) . 244,587
408,306 219,178 (223,351) 3,986 408,119
Previous year: At 1 May2023 Incoming Resources Transfers At30April
resources expended 2024
£ £ £ £ £
Unrestricted revenuefunds - 203,045 (206,115) 3,070 -
Designated reservefund 150,563 10,000 (4,597) (3,070) 152,896
Designated fixed assetfund 266,007 - (10,597) - 255,410
416,570 213,045 (221,309) - 408,306

Unrestricted Revenue 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 £5,000 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 - as allowed under the Charities SORP, functional assets are treated as not forming part of the free assets. The Trustees have included in this reserve the fixed assets which have spiritual and book value but which are not directly tied to income generation in order to facilitate scrutiny of the Trust's operating profit & loss excluding their depreciation.

17 Related party transactions

During the year ending 30 April 2025 Anne Dew who is a trustee, lived as volunteer and part of the spiritual community at the Trust's meditation centre, the Hermitage of the Awakened Heart. Anne Dew donated £2,340 (2024: £3,130).

Donations totalling £10,548 (2024: £8,765) were received from trustees who served during the year.

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