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.
- « Running Distance Learning and Online Courses
- + Operating the Hermitage Retreat Centre
- e Publishing Buddhist Teaching Materials, and
- « Supporting Community Activities
## 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:
- « The aims of the organisation continue to be charitable;
- « The aims and the activities undertaken give identifiable benefits to those participating;
- « 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.
ate
## 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
a
## 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
a
## 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 completed my examination. | confirm that no matters have come to my attention in connection with the
- examination giving me cause to believe that in any material respect:
- 1 accounting records were not kept in respect of the charity as required by section 130 of the Charities Act 2011. 2 _ the financial statements do not accord with those records; or 3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination.
| 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.
aKa
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
-6-
## 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.
- 1.4 Income
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.
ar a
## 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|
**----- End of picture text -----**
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
- Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.
## 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
**----- Start of picture text -----**
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
**----- End of picture text -----**
## 3 Income from charitable activities
-8-
## 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|
**----- End of picture text -----**
6 Expenditure on charitable activities
-9-
## THE SHRIMALA TRUST
## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025
**----- Start of picture text -----**
|||||||||
|---|---|---|---|---|---|---|---|
|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:
**----- Start of picture text -----**
||||||
|---|---|---|---|---|
|2025|2024|
|Number|Number|
|t|8|
|Employment|costs|2025|2024|
|£|£|
|Wages|and|salaries|95,860|86,638|
**----- End of picture text -----**
There were no employees whose annual remuneration was more than £60,000.
=10-
## 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
-1-
## 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.
i
## 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.
-13-