## **Trustees’ Annual Report for the period** **From** 1 January 2021 **To** 31 December 2021 **Charity name: Windhorse Publications Ltd.** **Charity registration number: 1104078** ## **Company Number: 5074437** ## **Objectives and Activities** ||SORP
reference|| |---|---|---| |Summary of the purposes
of the charity as set out in
its governing document|Para 1.17|The
principal
object
of
Windhorse Publications
Limited is the advancement of the Buddhist religion.
In particular:
(a) To encourage members and others to live in
accordance with the teachings of the Buddha;
(b) To publish literature and other material in
furtherance of these aims;
(c) To support members of the Triratna Buddhist
Order and other duly ordained Buddhists, at the
discretion of the Council of the Charity;
(d) In furtherance of the above purpose but not
further or otherwise, the charity shall maintain close
communication with and work under the guidance of
the Triratna Buddhist Order, and in cooperation with
other groups with the same objectives.
The charity accepts all aspects of the Buddhist
tradition and recognises the value of each, and
intends to work in harmony with all other existing
Buddhist groups and organisations.| |Summary of the main
activities in relation to
those purposes for the
public benefit, in
particular, the activities,
projects or services
identifiedinthe accounts.|Para 1.17 and
1.19|The Charity publishes books on Buddhism,
mindfulness, and meditation. (for details see below).| Statement confirming Para 1.18 The trustees have had regard to the guidance issued whether the trustees have by the Charity Commission on public benefit (PB1, had regard to the guidance issued by the PB2, PB3). Charity Commission on public benefit ## **Additional information (optional)** ## You may choose to include further statements where relevant about: ||SORP reference|| |---|---|---| |Policy on grant making|Para 1.38|Windhorse Publications does not make grants.| |Policy on social investment
including program related
investment|Para 1.38|| |Contribution made by
volunteers|Para 1.38|Windhorse Publications also had the help of
volunteers with data processing, metadata,
customer services and editing.| |Other||| |||| ## **Achievements and Performance** ||SORP
reference|| |---|---|---| |Summary of
the main
achievement
s of the
charity,
identifying
the difference
the charity’s
work has
made to the
circumstance
s of its
beneficiaries
and any
wider
benefits to
society as a
whole.|Para 1.20|**The TEAM**
The staff team consolidated over 2021. Ann-Marie Leatt
(Dhammamegha) continued as Publishing Director, and moved to 5
days per week. Michelle Bernard as Publishing Controller continued
to work 2 days a week, though provision was made to her to increase
her hours in 2022. Helen Lewis in Sales, Data and Customer Services
went down to 4 days per week after a period of illness.
We appointed a part time Marketing Coordinator for the first time in
the person of Walter Monticelli. He started work in May on 3 days
per week.
Annemie Philips who had done the freelance accounts for us gave
notice at the end of the year and did an excellent handover to a new
accounts person to start 1 January 2022.| **Overall** Though sales and donations income dropped slightly in 2021 relative to the previous year, we were able to reduce our expenditure quite considerably and managed to produce the books we had planned and also to expand our reach and improve our communication with readers and potential readers, contributing to their practice of mindfulness and meditation and providing opportunities for reflection in kindness and ethics. **New General Dharma Books** We published three new books, one “going deeper book for experienced meditators”, one on the history and sociology of buddhism and women’s part of it, and one more applied book, engaging with the Climate emergency from a buddhist perspective. Vajradevi (2021) _Uncontrived Mindfulness: ending suffering through attention, curiosity and wisdom_ . Windhorse Publications. Cambridge. Alice Collett (2021) _I Hear Her Words: An Introduction to Women in Buddhism_ . Windhorse Publications. Cambridge. Shantigarbha (2021) _The Burning House: A Buddhist response to the climate and ecological emergency_ . Windhorse Publications. Cambridge. **The Complete Works of Sangharakshita** We were able to continue the multi-year project of publishing the 27 Volume Complete Works with three new volumes in 2021. Volume 5: _The Purpose and Practice of Buddhist Meditation_ Volume 7: _Crossing the Stream: India Writings I_ Volume 10: _Dr Ambedkar and the Revival of Buddhism II_ ## **Additional information (optional)** You may choose to include further statements where relevant about: |||| |---|---|---| |Achievements against
objectives set|Para 1.41|Despite the ongoing impacts of lockdown and
Covid, we had reasonable sales and were able
to continue to operate well while also
becoming much more effective by cutting costs
and growing our marketing capacity.
There were no unmet publishing objectives for
the year.| |Performance of fundraising
activities against objectives
set|Para 1.41|We continued to receive grant support from
the FutureDharma Fund in 2021 (£28,000).| |||| Beyond that we reduced our fundraising efforts in 2021, since we had managed to reduce costs. It is likely we will need to do more fundraising in 2022, especially for the Complete Works Project. Investment performance against objectives Para 1.41 Other ## **Financial Review** |Review of the
charity’s
financial
position at the
end of the
period|Para 1.21|The total income received in 2021 was £233,927 (£263,265 in
2020) which is a decrease of £29,438 from the previous year.
Windhorse Publications consists of a general publishing business
(unrestricted funds plus some restricted book sponsorship funds)
and the Sangharakshita Complete Works project (restricted
funds). The general publishing sales were down by £20,159 due
to the ongoing effect of lockdown and slow return to book sales
through high street bookshops.
Voluntary income was down by £10,000 as the Free the Dharma
campaign ended and there was no active fundraising as in the
previous year. Sales income for the Sangharakshita Complete
Works was £36,594, almost identical to the previous year.
Expenses overall were £213,041 (£266,623 in 2020) which is a
decrease of £53,582 from the previous year. This was due to
fewer production costs for both the general publishing business
and Sangharakshita Complete Works and a reduction in
accounting for stock compared to 2020. Also,a range of cost
saving measures, including giving up our large office and
consolidating working from home for staff, the online use of
furlough for one of our team, and very careful cost management
helped reduce costs. However, overheads increased by £11,760
mostly due to an increase in personnel costs as we increased the
size of the team.
The combined business ended with a surplus of £20,886, made
up of a £43,699 surplus for the general publishing business
(£27,781 surplus in 2020) and a loss of £22,813 for the
Sangharakshita Complete Works (£31,039 loss in 2020). As well as
book sales and subscriptions, The Sangharakshita Complete
Works relies on fundraising that was done in 2016 and 2018 and
more fundraising is being carried out to continue the project to
completion due in 2024.| |---|---|---| |Statement
explaining the
policy for
holding
reserves stating
why they are
held|Para 1.22|The charity reserves policy is to hold cash reserves equivalent to 3
months expenses. This equates to £41,000. At the end of 2021,
total cash reserves were £146,154.| |---|---|---| |Amount of
reserves held|Para 1.22|Unrestricted £255,758
Restricted £68,736
**Total £324,494**
This is a £66,701 increase on the previous year.| |Reasons for
holding zero
reserves|Para 1.22|**-**| |Details of fund
materially in
deficit|Para 1.24|**-**| |Explanation of
any
uncertainties
about the
charity
continuing as a
going concern|Para 1.23|Having built up some reserves over the previous two years and
streamlined our operations in various ways, there are no
significant uncertainties about the charity being a going concern.
We do however anticipate the significant increase in inflation that
will increase costs and likely reduce sales in the years ahead.| ## **Additional information (optional)** You may choose to include further statements where relevant about: |||| |---|---|---| |The charity’s principal
sources of funds (including
any fundraising)|Para 1.47|The majority of the charity’s income comes
from sales of books, eBooks and rights to
translations and other formats including audio.
This income is supplemented by Grant
fundraising and Individual donations.| |Investment policy and
objectives including any
social investment policy
adopted|Para 1.46|| |A description of the principal
risks facing the charity|Para 1.46|| |Other||| |||| ## **Structure, Governance and Management** |Description of charity’s
trusts:||| |---|---|---| |Type of governing document
(trust deed, royal charter)|Para 1.25|Memorandum and articles of association.| |How is the charity
constituted?
(e.g unincorporated
association, CIO)|Para 1.25|**Limited company (by guarantee).**
Windhorse Publications Limited was
incorporated on 16th March 2004 and is limited
by guarantee (registered company number
5074437). It was registered with the Charities
Commission on 1st June 2004, number
1104078.| |Trustee selection methods
including details of any
constitutional provisions e.g.
election to post or name of
any person or body entitled
to appoint one or more
trustees|Para 1.25|New trustees are recruited by invitation of the
existing trustees. They are all committed
Buddhists and members of the Triratna
Buddhist Order. The trustees are elected
annually at the Annual General Meeting. They
are all also directors of the company.| ## **Additional information (optional)** ## You may choose to include further statements where relevant about: |||| |---|---|---| |Policies and procedures
adopted for the induction
and training of trustees|Para 1.51|New trustees are induced by the director and
the chair of the Trustees in a series of
meetings.| |The charity’s organisational
structure and any wider
network with which the
charity works|Para 1.51|Windhorse Publications Limited is governed by
the Trustee Board which is responsible for
setting the strategic direction of the
organisation and for establishing policy. The
Board meets four times a year and delegates
the day-to-day operation of the organisation to
a team of staff led by the Publications Director.| |Relationship with any related
parties|Para 1.51|| |Other||| |||| ## **Reference and Administrative details** Charity name Windhorse Publications Ltd. Other name the charity uses ||||| |---|---|---|---| ||Registered charity number|1104078|| ||Charity’s principal address|38 Newmarket Road|| |||Cambridge|| |||BC5 8DT|| |||United Kingdom|| ||||| ||||| ## **Names of the charity trustees who manage the charity** |**Trustee name**|**Office (if any)**|**Dates acted if not for whole year**
**Name of**
**person (or**
**body) entitled**
**to appoint**
**trustee (if any)**| |---|---|---| |Dhivan Thomas Jones
(Dhivan)|Chair|| |Nicholas Gray
(Bodhiketu)|Treasurer|| |John Turner (Sarvajit)||| |Rosemary Tennison
(Sagaraghosa)||| |Ksantikara Green||Appointed November 2021| – Corporate trustees names of the directors at the date the report was approved **Director name** Dhivan Thomas Jones (Dhivan) Nicholas Gray (Bodhiketu) John Turner (Sarvajit) Rosemary Tennison (Sagaraghosa) Ksantikara Green ## Name of trustees holding title to property belonging to the charity **Trustee name Dates acted if not for whole year** ## **Funds held as custodian trustees on behalf of others** Description of the assets held in this capacity Name and objects of the charity on whose behalf the assets are held and how this falls within the custodian charity’s objects Details of arrangements for safe custody and segregation of such assets from the charity’s own assets ## **Additional information (optional)** ## **Names and addresses of advisers (Optional information)** **Type of Name Address adviser Name of chief executive or names of senior staff members (Optional information)** Ann-Marie Joy Leatt (Dhammamegha), Publishing Director (CEO) ## **Exemptions from disclosure** Reason for non-disclosure of key personnel details ## **Other optional information** ## **Declarations** **The trustees declare that they have approved the trustees’ report above.** **Signed on behalf of the charity’s trustees** **Signature(s)** Jones **Full name(s)** Dhivan Thomas **Position (eg Secretary,** Chair, Board of Trustees **Chair, etc) Date** 28 Sep 2022 **----- Start of picture text -----**
Windhorse Publications Ltd
Statement of Financial Activities 2021
Unrestricted Total Funds Total Funds
Restr (SCW Restr (other)
2021 2020
Notes £ £ £ £
Incoming Resources
Voluntary income (Donations / grants) 1 34,165 957 11,558 46,679 56,044
Charitable activities:
Sales of publications & rights 2 150,792 36,457 0 187,248 206,157
sponsorships & subscriptions 0 0 0 0 0
Interest income 0 0 0 0 1163
Total incoming resources 184,956 37,414 11,558 233,927 263,365
Resources Expended
Raising funds 0 0 0 0 0
Charitable activities 1
(Cost of Goods Sold):
Production of Publications 3 10,523 46,471 0 56,994 88,797
Purchased publications 690 0 0 690 625
(Incr.)/Decr. in stock / WIP 9,981 -2,749 0 7,231 40,967
Total cost of goods sold 21,193 43,722 0 64,915 130,389
Charitable activities 2 (Expenses):
Selling Costs 4 58,471 14,885 0 73,356 72,743
Overheads 5 72,927 1,620 0 74,547 62,787
Governance Costs 6 224 0 0 224 704
Total expenses 131,622 16,505 0 148,127 136,234
Net incoming/
32,142 -22,813 11,558 20,886 -3,258
(outgoing) resources
**----- End of picture text -----**
**----- Start of picture text -----**
Windhorse Publications Ltd
Balance Sheet 2021
Unrestricted Total Funds Total Funds
Restr (SCW Restr (other)
2021 2020
Notes £ £ £ £
Non-current Assets Fixed Assets 7 1,469 0 0 1,469 0
Rental deposit 0 0 0 0 0
Current Assets
Stock & Work in progress 8 112,812 22,896 0 135,708 86,562
Debtors 9 56,396 0 0 56,396 53,792
Cash and Bank 111,872 34,282 0 146,154 131,484
TOTAL current assets 281,081 57,178 0 338,259 271,838
Creditors Liabilities due in one year 10 15,234 0 0 15,234 14,045
Net current assets 267,316 57,178 0 324,494 257,793
Total Assets less Current Liabilities 267,316 57,178 0 324,494 257,793
Creditors Liabilities due after one year 0 0 0 0 0
Funds at 31 December 2021 11 267,316 57,178 0 324,494 257,793
**----- End of picture text -----**
**----- Start of picture text -----**
Windhorse Publications Ltd
Statement of Funds 2021
Unrestricted Restricted Restricted
SCW Project Other
2021 2020
Notes £ £ £ £
Transfer between funds 0 0 0 0 0
Addition of US stock 41,439 4,376 0 45,815 0
Net movement in funds 32,142 -22,813 11,558 20,886 -3,258
Funds at 1st January 2021 182,177 75,615 0 257,793 261,051
Funds at 31st December 2021 11 255,758 57,178 11,558 324,494 257,793
**----- End of picture text -----**
**Windhorse Publications Ltd Balance Sheet as at 31st December 2021 Certification of the Directors/trustees Audit Exemption Statement** For the year ending 31/12/2021 the company was entitled to exemption from the audit under section 477 of the Companies Act 2006 relating to small companies. Director's responsibilities: - the members have not required the comapny to obtain an audit of its accounts for the year in question in accordance with section 476 - the directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts - these accounts ahve been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS102 SORP. The company has opted not to include a Profit & Loss with the accounts. Instead the SOFA has been adapted to be an Income & Expenditure account to fulful this purpose for Companies House. Approved by the board and signed on their behalf by: Dhivan Jones............... Director ................................... Signature 22/09/2022 ................. Date ## **Windhorse Publications Ltd** ## **Notes to the accounts for the period ended 31st December 2021** ## **Basis of accounting** These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. * The financial statements have been prepared in accordance with the SORP applicable to charities preparing their accounts in accordance with the FRS in the UK (FRS102) * And with the Charities Act 2011 The charity constitues a public entity as defined by FRS102. ## **Accounting Policies** a) Voluntary income is received by way of donations, legacies & gifts and is included in full in the SOFA when the charity becomes entitled to the resources when it is more likely than not that the resources will be received, and the monetary value can be measured with suffiecient reliability. The value of the services provided by volunteers has not been included. Subscriptions for periodicals are included to the extent that issues paid for have been published in the year. Amounts for future issues are deferred to future years. b) Liabilities are recognised where it is more likely than not that there is legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty. - c) Revenue grants are shown in the SOFA in the year in which they are receiveable. Grants which are received in advance for an activity at a time after the year end have been deferred. - d) Restrcited funds are to be used for specified purposes as laid down by the donor. Expenditure which meets this criteria is identified in the fund. e) Unrestricted funds are donations and other income received or generated for the charitable purposes. f) Designated funds are unrestrcited funds earmarked by the trutees for particular purposes. - g) Staff costs and overhead expensesare allocated to their activities either directly when identifiable or on the basis of staff time spent on those activities. All costs are included on an accruals basis. - h) Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost of each asset over its estimated useful life of four years.Equipment purchased costing less than £260 has not been capitalised. i) Governance costs of the charity relate to central costs of management including the costs of trustee meetings, audit and statutaory compliance. j) Stocks of publications are valued at the lower of cost and net realisable value. Cost comprises of direct production cost, including production overheads, in the case of the Charities's own books and purchase cost of publications from other publishers. k) Each year the cahrity identifies all stock of titles not already fully depreciated and calculates how many years stock of each title remain in the warehouse. Where stock-holdings are unlikely to be sold within the next five years (based on current year performance), the stock value of these is treated as obselete. l) The charity has taken advantage of the exemption section FRS102 section 1A preparing a cash flow statement on the grounds that it is a small chartity. **----- Start of picture text -----**
1. Voluntary Income
Unrestricted Restricted Restricted Total
SCW Other
Grants - Future Dharma 28,000 0 0 28,000
Grants - CJRS 1,694 0 0 0
Donations 4,470 957 11,558 16,985
34,165 957 11,558 46,679
**----- End of picture text -----**
**----- Start of picture text -----**
2. Sales
Unrestricted Restricted Restricted Total
SCW Other
Book Sales 147,972 36,457 184,429
Royalties and Rights 2,819 0 2,819
150,792 36,457 0 187,248
**----- End of picture text -----**
## **3. Production costs** |**3. Production costs**|| |---|---| |Production
Personnel Costs|Unrestricted
Restricted
Restricted
Total
SCW
Other
21,495
23,722
0
45,217
-302
20,000
0
19,698| ||**21,093**
**43,722**
**0**
**64,915**| **----- Start of picture text -----**
4. Selling Costs
Unrestricted Restricted Restricted Total
SCW Other
Author's Royalties 10,865 0 0 10,865
Sales Promotions & Commissions 4,933 11,240 0 16,173
Distribution 42,673 3,646 0 46,319
58,471 14,885 0 73,356
**----- End of picture text -----**
## **5. Overheads** |**5. Overheads**|| |---|---| |Personnel costs, training & IT support
Staff entertainment
External entertainment
Travel and Subsistence
Rent and Rates
Office Expenses
Office Move expenses
Depreciation
Professional Fees
Insurance
Bank Charges and interest
Prior Year Adjustments
Misc. Expenses & Donations
Complete Works – selling costs over / (under) the 40% of sales recharged to the project|Unrestricted
Restricted
Restricted
Total
SCW
Other
61,158
0
0
**61,158**
0
0
0
**0**
0
0
0
**0**
435
0
0
**435**
1,780
1,283
0
**3,062**
620
337
0
**957**
0
0
0
**0**
154
0
0
**154**
9,506
0
0
**9,506**
502
0
0
**502**
1,862
0
0
**1,862**
0
0
0
**0**
555
0
0
**555**
-3,646
0
0
**-3,646**| ||**72,927**
**1,620**
**0**
**74,547**| **----- Start of picture text -----**
6. Governance Costs
Unrestricted Restricted Restricted Total
SCW Other
Audit/Independent Examination 150 0 0 150
Council Expenses 3 0 0 3
Directors' Office Expenses 71 0 0 71
224 0 0 224
**----- End of picture text -----**
## **7 Fixed Assets: Tangible Assets Fittings fixtures** |**7**|**Fixed Assets: Tangible Assets Fittings fixtures**|| |---|---|---| ||
Cost 1 Jan 2021
Additions
Disposals
Cost 31 Dec 2021
Depreciation 1 Jan 2021
Charge
On disposals
Depreciation 31 Dec 2021
Net Book Value 31 Dec 2021
Net Book Value 1 Jan 2021|**2021**
**2020**
0
44984
1623
0
0
44984
1623
0
0
40197
154
0
0
40197
154
0| |||1469
0| |||0
4787| ## **8. Stock** |**8. Stock**|| |---|---| |Publications for resale
WIP|**2021**
Unrestricted
Restricted
SCW
Total
108,314
22,896
131,210
4,498
0
4,498| ||**112,812**
**22,896**
**135,708**| ## **9. Debtors** |**9. Debtors**|| |---|---| |Trade Debtors
Provision for bad debts
VAT repayment from HMRC
Prepayments
Accrued Income
Web site control|**2021**
**2020**
48,196
48,232
0
0
2,512
2,833
480
443
5,032
1,908
177
376| ||**56,396**
**53,792**| ## **10. Creditors Amounts falling due in less than 1 year** |Trade Creditors
Deferred income
Accruals
Payroll liabilities
Gift cards outstanding|**2021**
**2020**
3,508
1,897
2,200
8,170
8,431
7,269
688
-3,291
employer allowance not claimed in 2020
407
0
**15,234**
**14,045**| |---|---| **----- Start of picture text -----**
11 Restricted Funds 2021 2020
SANGHARAKSHITA COMPLETE WORKS PROJECT 57,178 75,615
**----- End of picture text -----**
## **12. Disclosure of staff and trustee renumeration** - The average number of employees was 4, 1 full-time, 3 part-time (one 2 days per week, one 3 days per week & one 4 days per week) - There were no employees earning £60,000 per annum or more. - Pension costs (defined contribution plan) were £1,729. - No trustees received renumeration for their services as trustees. - No costs were incurred in respect of travel and subsistence for trustees attending trustee meetings. CHARITY COMMISSION FOR ENGLAND AND WAI FS Independent examiner's report on the accounts Secllon A liidepeiidenl Examlnei's Report Report to the trusteesldirectorsl members of ndhorse P(Jblicalions Lld On accounts for the year ended 3111212021 Charlty no.: Company no.: 1104078 5074437 I report to the chaTity trusiees on my examination of the accounts of the Company for the year ended 3111212020. Responsibilities and basis of report As the charity's trustees of the Company (who are also the directors of the company for the purposes of company law}, you are responsible for the preparall'on of the accounts in accordance with the requirements of the Companies Act 2006 ("the 2006 Act"). Having satisfied myself that the accounts of Ihe Company are noi required to be audited for this year under Part 16 of the 2QK)6 Act and are eligible foi independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act"). In carrying out my examination, I have followed the Directions given by the Chanty Commission (under section 145{5)Ib) of the 2011 ACL Independent examiner's statement The company's gross income exceeded £250.OLKJ and l am quatified lo undertake the examination by being a qU￿llied member of AAT. I have compleled my examination. I confirm Ihal no material matters have come to my aiEntion which gives me cause lo believe that- accounting records were not kept in accordance with seclion 386 ot the Companies Act 2006.. or the accoun15 do noi accord with such records.. or the accounts do not comply with relevant accounting requirements under section 396 of Ihe Companies Act 2006 Oiher than any reqLiirement that the accounts give a 'lrue and fair, view wliich is not a maller considered as part of an Independeni examination.. or .Ihe accounts liave not beeii prepared In accor(lance with the Chariiies SORP (FRSIO?). I have no conceins (Ind have come across no other niatters in connection witki Ihe examiiialiori lo wliiLh dlleiilioii shoiild be drawii in this report 111 order to enable a proper underslanding of the accoLintS lo be reached. Slgned: Date.. IER October 2018 Name: Ellzabeth Klrkby Relevant professional qualification(s) or body (if anyl: CIMA Certificate in Financial Accounting Address: 105 Howard Road Cambrldge CB5 8QT Section B Disclosure Only complete if the examiner needs to highlight maierial matters of concern (see CC32, Independent examination of charity accounts.. directions and guidance for examiners). Give here brief details of any items that the examiner wishes to disc105e. IER October 2018