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2022-12-31-accounts

Trustees’ annual report (including Directors’ report) for the period

From: 1 January 2022 To: 31 December 2022

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
identified in the accounts.		 Para 1.17 and
1.19		 The Charity publishes books on Buddhism,
mindfulness, and meditation. (for details see
below).
Statement confirming
whether the trustees have
had regard to the guidance
issued by the Charity
Commission on public
benefit		 Para 1.18 The trustees have had regard to the guidance
issued by the Charity Commission on public
benefit (PB1, PB2, PB3).

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 Windhorse Publications does not currently
invest any of its assets or reserves.
Contribution made by
volunteers		 Para 1.38 Windhorse Publications also had the help of
volunteers with data processing, metadata,
customer services, at events and book editing.
Other

Achievements and performance

Summary of the main
achievements of the charity,
identifying the difference the
charity’s work has made to
the circumstances of its
beneficiaries and any wider
benefits to society as a
whole.		 Para 1.20 We published no fewer than 5 new Dharma
Books as follows
Entertaining Cancer: The Buddhist Way_by
Devamitra, published February 2022
_The Promise of a Sacred World by Nagapriya.
Published August 2022
Cyberloka: A Buddhist Guide to Digital LIfe
published November 2022
Meeting the Buddhas, New edition_by
Vessantara, December 2022
_The Sound of One Hand, by Satyadasa published
by Windhorse Publications in December 2022.
We continued to release three new volumes of
the 27 volume Complete Works of
Sangharakshita
Volume 12:A New Buddhist Movement. A
collection of previously unpublished talks
Volume 24:_Through Buddhist Eye_s, –A
Sangharaksita memoir
Volume 26: As well as a the collection fo
Aphorisms, the Arts and Late Writings.
Podcast and new formats
We started a podcast in mid 2022, which has
proved interesting and useful. It is a way of

getting the human story of the authors out, and podcast listens have become the biggest single source of new visits to our website. We commissioned an audio book of The Sound of One Hand , read by the author, and this is a new development for us. An ethical Right livelihood business As per our objectives, we continued to be a context for Buddhists to practise and work together and support ordination training. Contribution to the practices of mindfulness, meditation and ethics. Our books continue to be well received, and used in courses on personal development, mindfulness, leading a meaningful life, and in the books we published in 2022, we extended the themes to include cancer and wise ways of dealing with phenomena of the internet, including overwhelm and pornography.

Additional information (optional) You may choose to include further statements where relevant about:

Achievements against
objectives set		 Para 1.41 There were no unmet publishing objectives for
the year.
However, we didn’t do as well as we budgeted.
There were two main reasons for this; a lot of
our books came out late in the year, which
meant high levels of production and print
expenditure, where the main bulk of the sales of
those titles will come in 2023.
In addition, sales are generally down in adult
non-fiction books across the publishing world,
Buddhist centres which are one of our main
points of distribution have been slow to recover
after the epidemic, and inflation has put
pressures on ‘non essential’ spending.
The increase in costs in just about every input -
from staffing costs to make for a better living
wage, to significant increases in the costs of
printing and distribution, affect all independent
publishers at the moment.
Para 1.41 We continued to receive grant support from the
FutureDharma Fund in 2021 (£28,000). We
returned £6,500 of that because at the time our
Performance of fundraising
activities against objectives
set		 budget was looking healthy, and we had
appointed someone to a post funded by the
Fund part way through 2021.
We continued to spend down the funding for
the Sangharakshita Complete Works project.
Fundraising towards the completion of the
project took place in 2022, but will show on the
2023 accounts, being received in March that
year.
We received other smaller amounts of funding
through our “sponsor the book campaign” and
occasional other donations.
Investment performance
against objectives		 Para 1.41 N/A
Other

Financial review

Review of the charity’s
financial position at the end
of the period		 Para 1.21 The total income received in 2022 was £201,515.
(£233,927 in 2021) which is a decrease of
£32,414 from the previous year. This is the
second year of decreased income in a row.
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 from
£150,792 in 2021 to £140,008 in 2022, and we
saw a similar drop of nearly £9,000 in sales in
the restricted SCW project. Again this is due to
the ongoing effect of lockdown and slow return
to book sales through high street bookshops as
well as publication of many of our titles late in
the year.
Voluntary income was down by £20,000. As
mentioned above, fundraising for the restricted
SCW fund will be reflected in the 2023 budget,
and some funds were returned to our main
grant funder in 2022.
While our selling costs dropped quite
significantly and we kept overheads under
control, the cost of production of books in 2022
is significantly more than in 2021. One of the
major inputs for this was the increase in printing
costs as a result of the war on Ukraine and the
effect on the price and availability of paper.
There was a £17,000 increase in printing costs in
the unrestricted business - which includes
printing in the USA, and the necessity to do
more reprints to keep mid-selling books in stock.
There was also an increase of £4,500 in other
production costs which include editorial costs
and purchases from other publishers.
Total personnel costs in 2022 were £101K and in
2021 £72K. Personnel costs were higher than in
2021 - because the new Marketing coordinator
worked for the full year, and the production
controller worked two more days per week, and
there was a necessary upward adjustment in
salaries as a result of inflation.
A large stock adjustment was made in 2020 and
some of that was ‘reversed’ in the beginning of
2021 which resulted in a favourable effect on
the cost of sales in 2021. This accounts for most
of the £10,940 difference in stock adjustments/
Work in progress in 2022 compared to 2021.
The combined business ended with a deficit of
£66,150, made up of a £39,732 deficit for the
general publishing business and a loss of
£26,418 for the Sangharakshita Complete
Works. 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 £55,000. At the end of 2022, total
cash reserves were £97,894
Amount of reserves held Para 1.22 Unrestricted £203,445
Restricted £54,899
Total £258,344
This is a £66,150 decrease on the previous year
(2021), after a £66,701 increase on the previous
year (2020). The increase in 2021 was due to
£45,815K stock addition & £20,886K increase in
cash compared to £66,150 decrease in cash in
2022.
Reasons for holding zero
reserves		 Para 1.22 n/a
Details of fund materially in
deficit		 Para 1.24 n/a
Explanation of any
uncertainties about the
charity continuing as a going
concern		 Para 1.23 There is no uncertainty about the charity as an
ongoing concern.
In terms of the restricted funds, we are sure of
the receipt of new income for the project in
early 2023 and beyond which will balance out
the 2022 loss of £26,418 for the Sangharakshita
Complete Works. Going forward we will not
incur expenses in the ringfenced project without
the receipt of extra funds. There is therefore no
risk to the business in this respect.
The reduction in sales and increase in costs in
the remainder of the business is a concern, but
does not constitute an uncertainty for the
business.
The a £39,732 deficit for the general publishing
business is made up of stock adjustments -
which are not a risk to the business, and the
impact of the negative climate for book sales
and the bigger team. We will adjust the volume
of prints and reprints and the staffing
arrangements such that Windhorse Publications
remains a healthy concern.

Additional information (optional) You may choose to include further statements where relevant about:

The charity’s principal
sources of funds (including
any fundraising)		 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 The principal risks lie in the double impact of
reduced sales and increased prices across the
board.
Other

Structure, governance and management

Description of charity’s
trusts:
Type of governing document:
for example,trust deed,
memorandum and articles of
association etc		 Para 1.25 Memorandum and articles of association.
How is the charity
constituted?
for example limited company,
unincorporated association,
CIO		 Para 1.25 Limited company (by guarantee).
Windhorse Publications Limited was
incorporated on 16thMarch 2004 and is limited
by guarantee (registered company number
5074437). It was registered with the Charities
Commission on 1stJune 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		 Para 1.51 Windhorse Publications Limited is governed by
the Trustee Board which is responsible for
network with which the
charity works		 setting the strategic direction of the organisation
and for establishing policy.
The Board meets three or four times a year and
delegates the day-to-day operation of the
organisation to a team of staff led by the
Publications Director.
Windhorse Publications is linked with the
Triratna Buddhist Order and movement, and
connected with the wide range of centres,
retreat centres and Buddhist practitioners that
are part of that community.
Through that we are also connected with the
wider Buddhist world, through for example the
International Network of Engaged Buddhists and
the European Buddhist Union.
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)
1 Dhivan Thomas Jones (Dhivan) Chair
2 Nicholas Gray (Bodhiketu) Treasurer
3 Rosemary Tennison
(Sagaraghosa)
4 Ksantikara Green
5 John Turner (Sarvajit) Resigned
November 2021

Corporate trustees – names of the directors at the date the report was approved

Trustee name

Name of Chief Executive:

Ann-Marie Joy Leatt (Dhammamegha), Publishing Director (CEO)

Declarations

The company has taken advantage of the small companies’ exemption in preparing the report above.

The trustees declare that they have approved the trustees’ report (including directors’ report) above.

Signed on behalf of the charity’s trustees/directors

Signature(s).. .

Full name(s) Dhivan Thomas Jones

Position: Chair, Board of Trustees

Date: 18 September 2023

Windhorse Publications Ltd
Statement of Financial Activities 2022		 Windhorse Publications Ltd
Statement of Financial Activities 2022		 Windhorse Publications Ltd
Statement of Financial Activities 2022		 Windhorse Publications Ltd
Statement of Financial Activities 2022		 Windhorse Publications Ltd
Statement of Financial Activities 2022		 Windhorse Publications Ltd
Statement of Financial Activities 2022		 Windhorse Publications Ltd
Statement of Financial Activities 2022		 Windhorse Publications Ltd
Statement of Financial Activities 2022
Unrestricted Restricted
(SCW)		 Restricted
(other)		 Total Funds Total Funds
2022 2021
Notes £ £ £ £ £
Incoming Resources

Voluntary income (Donations / grants)		 1 23,285 1,300 1,584 26,169 46,679
Charitable activities:
Sales of publications & rights 2 140,008 27,153 0 167,161 187,248
sponsorships & subscriptions 0 0 8,185 8,185 0
Interest income 0 0 0 0 0
Total incoming resources 163,293 28,453 9,769 201,515 233,927
Resources Expended

Raising funds		 0 0 0 0 0
Charitable activities 1
(Cost of Goods Sold):

Production of Publications		 3 74,388 47,993 0 122,381 56,994
Purchased publications 1,813 0 0 1,813 690
(Incr.)/Decr. in stock / WIP 13,598 -5,535 0 8,063 7,231
Total cost of goods sold 89,800 42,457 0 132,257 64,915
Charitable activities 2 (Expenses):

Selling Costs		 4 49,966 8,212 0 58,178 73,356
Overheads 5 72,786 4,202 0 76,988 74,547
Governance Costs 6 241 0 0 241 224
Total expenses 122,994 12,414 0 135,408 148,127
Net incoming/
(outgoing) resources		 -49,501 -26,418 9,769 -66,150 20,886

Windhorse Publications Ltd Balance Sheet 2022

Unrestricted Restricted
(SCW)		 Restricted
(other)		 Total Funds Total Funds
2022 2021
Notes £ £ £ £
Non-current Assets Fixed Assets 7 1,063 0 0 1,063 1,469
Current Assets
Stock & Work in progress 8 97,428 28,432 0 125,860 135,708
Debtors 9 49,127 0 0 49,127 56,397
Cash and Bank 92,754 5,140 0 97,894 146,154
TOTAL current assets 239,309 33,572 0 272,881 338,259
Creditors Liabilities due in one year 10 15,600 0 0 15,600 15,234
Net current assets 224,773 33,572 0 258,344 324,494
Total Assets less Current Liabilities 224,773 33,572 0 258,344 324,494
Creditors Liabilities due after one year 0 0 0 0 0
Funds at 31 December 2022 11 224,773 33,572 0 258,344 324,494

Dhivan Jones Signed by the Chair on behalf of all trustees ...................................................... Name .................................................... Signature 21 Sep 2023 ..................................................... Date

Windhorse Publications Ltd Statement of Funds 2022

Unrestricted Restricted Restricted
SCW Project Other
2022 2021
Notes £ £ £ £
Transfer between funds -2812 2812 0 0 0
Addition of US stock 0 0 0 0 45,815
Net movement in funds -49,501 -26,418 9,769 -66,150 20,886
Funds at 1st January 2022 255,758 57,178 11,558 324,494 257,793
Funds at 31st December 2022 11 203,445 33,572 21,326 258,344 324,494

Windhorse Publications Ltd Balance Sheet as at 31st December 2022

Certification of the Directors/trustees

Audit Exemption Statement

For the year ending 31/12/2022 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 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

Date: 21 Sep 2023

Windhorse Publications Ltd Notes to the accounts for the period ended 31st December 2022

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 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.

1. Voluntary Income

1. Voluntary Income
Grants - Future Dharma
Donations		 Unrestricted
Restricted
Restricted
Total
SCW
Other
21,500
0
0
21,500
1,785
1,300
1,584
4,669
23,285
1,300
1,584
26,169

2. Sales

2. Sales
Book Sales
Royalties and Rights		 Unrestricted
Restricted
Restricted
Total
SCW
Other
137,191
27,153
164,344
2,817
0
2,817
140,008
27,153
0
167,161

3. Production costs

3. Production costs
Production
Personnel Costs		 Unrestricted
Restricted
Restricted
Total
SCW
Other
45,939
25,993
0
71,932
28,449
22,000
0
50,449
74,388
47,993
0
122,381

4. Selling Costs

4. Selling Costs
Author's Royalties
Sales Promotions & Commissions
Distribution		 Unrestricted
Restricted
Restricted
Total
SCW
Other
5,710
0
0
5,710
6,529
0
0
6,529
37,727
8,212
0
45,939
49,966
8,212
0
58,178

5. Overheads

5. Overheads
Personnel costs, training & IT support
Staff entertainment
Small equipment
Rent and Rates
Office Expenses
Depreciation
Accountancy fees
Insurance
Bank Charges and interest
Directors expenses
Misc. Expenses & Donations
Complete Works – 25% of recharge costs		 Unrestricted
Restricted
Restricted
Total
SCW
Other
58,395
0
0
58,395
304
0
0
304
295
0
0
295
2,308
1,140
0
3,448
404
0
0
404
406
0
0
406
8,457
0
0
8,457
599
0
0
599
1,281
0
0
1,281
2,094
0
0
2,094
980
325
0
1,305
-2,737
2,737
0
0
72,786
4,202
0
76,988

6. Governance Costs

6. Governance Costs
Audit/Independent Examination
Trustee expenses		 Unrestricted
Restricted
Restricted
Total
SCW
Other
150
0
0
150
91
0
0
91
241
0
0
241
7 Fixed Assets: Tangible Assets Fittings fixtures
Cost 1 Jan 2022
Additions
Disposals
Cost 31 Dec 2022
Depreciation 1 Jan 2022
Charge (0.25 straight line)
On disposals
Depreciation 31 Dec 2022
Net Book Value 31 Dec 2022
Net Book Value 1 Jan 2022		 2022
1623
0
0
1623
154
406
0
560
1063
1469

8. Stock

8. Stock
Publications for resale
WIP		 2022
Unrestricted
Restricted
SCW
Total
94,716
28,432
123,148
2,712
0
2,712
97,428
28,432
125,860

9. Debtors

9. Debtors
Trade Debtors
Prepayments
Accrued Income
Web site control
VAT outstanding		 2022
2021
40,593
48,196
324
480
10,085
5,032
-2,379
177
504
2,512
49,127
56,396

10. Creditors Amounts falling due in less than 1 year

Trade Creditors
Deferred income
Accruals
Payroll liabilities
Gift cards outstanding		 2022
2021
3,327
3,508
7,596
2,200
3,814
8,431
0
688
863
407
15,600
15,234
11 Restricted Funds 2022 2021
SANGHARAKSHITA COMPLETE WORKS PROJECT 33,572 57,178

12. Disclosure of staff and trustee renumeration

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Name: Elizabeth Kirkby Relevant professional qualification{s) or body (if any): CIMA Certificate in Financial Accounting Address: 105 Howard Road, Cambridge CB5 8QT Section B Disclosure Only complete if ihe examiner needs lo highlighi material matters of concern (see CC32, Independent examination of charty accounts.. directions and guidance for examiners). Give here brief details of any items that the examiner wishes to disclose. IER ri October 2018 Scanned with Anyscanner