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← Windhorse Publications Ltd

2023-12-31-accounts

Trustees’ Annual Report for the period

From 1 January 2023 To 31 December 2023

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		 Para 1.18 The trustees have had regard to the
guidance issued by the Charity Commission
on public benefit (PB1, PB2, PB3)

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 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

SORP reference

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 the following new dharma
books in 2023:
Sangharakshita: The Boy, the Monk, the
Man_by Nagabodhi
_Starting on the Buddhist Path: An Invitation
by Sagaraghosa
The Subtle Art of Caring_by River Wolton and
Emma Burleigh (illustrator)
We were able to bring one book out in a new
edition:
_Teachers of Enlightenment, by Kulananda.
And we continued to commission and work
on new titles to be released in 2024.
We released three new volumes of the 27
volume_Complete Works of Sangharakshita_
●
Vol 17:Wisdom Teachings of the
Mahayana
●
Vol 8:Beating the Dharma Drum:
India Writings II
●
Vol 15:Pali Canon Teachings and
Translations
And we continued to make backlist titles
available through short run digital printing.
Podcast and new formats
The podcast we began in 2022 continued
strongly with 7 new episodes, reaching on
average 1,000 listeners per episode. It is a
way of getting the human story of the
authors out.
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 2023, we
extended the themes to include books on
loving kindness and wise ways of dealing
with overwhelm and trauma.

You may choose to include further statements where relevant about:

Additional information (optional)

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 for a second year in a row. The
main reason for this was the significant
increase in printing costs, and the impact of
high inflation on the overall spending power.
Buddhist Centres to which we are linked,
and which are a major part of our sales,
were slow to recover their in-person activities
post pandemic. By the end of 2023, this was
beginning to shift and we could see new
growth.
Half way through the year we had already
spent our budget for doing reprints, so at that
point we suspended any further reprinting as
we explored new options for Print on
Demand to meet future need for managing
the backlist. However some of our titles went
out of print in the meantime, affecting sales.
Performance of fundraising
activities against objectives
set
Para 1.41
We continued to receive grant funding from
the FutureDharma Fund in 2023, to the
amount of £28,000.
The funds for the Sangharakshita Complete
Works project are ringfenced, and another
round of fundraising made it possible to
continue with this ambitious publishing
project - the last volumes of which will be
published in late 2024. In 2023, we received
£32,363 in donations for the project.
Investment performance
against objectives
Para 1.41
N/A
Other

Financial Review

Financial Review
Review of the charity’s
financial position at the end
of the period		 Para 1.21 The total income received in 2023 was
£258,773. (£201,505 in 2022) which is an
increase of £57,268 from the previous year.
Some of this was a result of good sales early
in the year, due to a series of books
published late in 2022.
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 up from
£140,08 in 2022 to £157,343 in 2023, and
we saw a similar drop of nearly £5,000 in
sales and subscriptions in the restricted
SCW project.
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 £50,000. At the end of 2023,
totalcash reserveswere £69,424.
Amount of reserves held Para 1.22 Unrestricted £153,877
Restricted £37,789
Total 191,666
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 The charity lost £66.677 in 2023, and this is
a matter of concern.
Some of this is a result of a planned
reduction in stock as we move from
warehoused stock to Print on Demand. This
will continue into 2024 as we reduce stock,
which is both an asset and a liability. £25K
was written off from the balance sheet. This
was an unknown Debtors balance which has
been carried forward from pre-2018
Sales increased in this year, and the loss in
cash terms was a result of unanticipated
increases in sector-wide printing costs, and a
realisation that our team did not have some
of the necessary skills to meet changing
needs in the publishing industry.
As a result we made one post redundant,
moved tasks between the team, appointed a
new operations manager at the end of the
year, and reduced the number of days work
of the director. This, plus a necessary 5%
increase in pay because of the inflationary
situation, meant substantially increased
payroll costs.
We are confident in the fundraising and
finances for the ringfenced Complete Works
of Sangharakshita project, which expects
more fundraised funds in 2024.
The situation for the company’s core
business will require careful attention, and
we forecast a much lower level of loss and
coming closer to breaking even in 2024, as
we operate with the new team, continue to
destock, and invest in moving our business
model to include a substantial portion of Print
on Demand, which should reduce risk.
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 n/a
A description of the principal
risks facing the charity		 Para 1.46 The principal risks lie in the impact of the
overall economic situation and rising prices
of inputs, combined with the need to invest in
marketing and digital formats, advertising
and print technologies.
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 inducted 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 three 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 n/a

Reference and Administrative details

Charity name Windhorse Publications Ltd.
Other name the charity uses

Registered charitynumber		 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
Rosemary Tennison (Sagaraghosa)
Ksantikara Green

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

Director name
1. Dhivan Thoma Jones (Dhivan)
2. Nicholas Gray (Bodhiketu)
3. RosemaryTennison(Sagaraghosa)
4. SanjayPoyzer(Suryanaga)
5. Hippolyte Morello (Samantavajra)

Name of Chief Executive:

Ann-Marie Joy Leatt (Dhammamegha), Publishing Director

Name of trustees holding title to property belonging to the charit y- n/a

Funds held as custodian trustees on behalf of others

Description of the assets
held in this capacity		 n/a
Name and objects of the
charity on whose behalf the
assets are held and how this
falls within the custodian
charity’s objects		 n/a
Details of arrangements for
safe custody and
segregation of such assets
from the charity’s own assets		 n/a

Declarations

The trustees declare that they have approved the trustees’ report above.

Signed on behalf of the charity’s trustees

Signature:........................................... Full Name:........................................... Dhivan Thomas Jones

Position (e.g chair, secretary)................................................. Chair of Trustees

Date:.......................... 24 September 2024

Windhorse Publications Ltd
Statement of Financial Activities 2023		 Windhorse Publications Ltd
Statement of Financial Activities 2023		 Windhorse Publications Ltd
Statement of Financial Activities 2023		 Windhorse Publications Ltd
Statement of Financial Activities 2023		 Windhorse Publications Ltd
Statement of Financial Activities 2023		 Windhorse Publications Ltd
Statement of Financial Activities 2023		 Windhorse Publications Ltd
Statement of Financial Activities 2023		 Windhorse Publications Ltd
Statement of Financial Activities 2023
Unrestricted Restricted
(SCW)		 Restricted
(other)		 Total Funds Total Funds
2023 2022
Notes £ £ £ £ £
Incoming Resources

Voluntary income (Donations / grants)		 1 32,804 32,363 4,713 69,880 26,169
Charitable activities:
Sales of publications & rights 2 157,343 22,750 0 180,093 167,161
sponsorships & subscriptions 0 0 8,800 8,800 8,185
Total incoming resources 190,147 55,113 13,513 258,773 201,515
Resources Expended
Charitable activities 1
(Cost of Goods Sold):

Production of Publications		 3 77,850 46,128 13,513 137,491 122,381
Purchased publications 2,032 0 0 2,032 1,813
(Incr.)/Decr. in stock / WIP 9,129 -3,019 0 6,110 8,063
Total cost of goods sold 89,010 43,109 13,513 145,633 132,257
Charitable activities 2 (Expenses):

Selling Costs		 4 62,616 4,556 0 67,172 58,178
Overheads 5 84,227 3,231 0 87,458 76,988
Governance Costs 6 150 0 0 150 241
Total expenses 146,994 7,787 0 154,781 125,408
Net incoming/
(outgoing) resources		 -45,857 4,216 0 -41,641 -66,150
Extraordinary item -25,037
Net movement in funds -70,894 4,216 0 -66,677 -66,150
Windhorse Publications Ltd
Balance Sheet 2023		 Windhorse Publications Ltd
Balance Sheet 2023		 Windhorse Publications Ltd
Balance Sheet 2023		 Windhorse Publications Ltd
Balance Sheet 2023		 Windhorse Publications Ltd
Balance Sheet 2023		 Windhorse Publications Ltd
Balance Sheet 2023		 Windhorse Publications Ltd
Balance Sheet 2023		 Windhorse Publications Ltd
Balance Sheet 2023
Unrestricted Restricted
(SCW)		 Restricted
(other)		 Total Funds Total Funds
2023 2022
Notes £ £ £ £
Non-current Assets Fixed Assets 7 1,303 0 0 1,303 1,063
Current Assets
Stock & Work in progress 8 78,771 37,217 0 115,988 125,860
Debtors 9 15,007 0 0 15,007 49,127
Cash and Bank 68,853 572 0 69,424 97,894
TOTAL current assets 162,631 37,789 0 200,420 272,881
Creditors Liabilities due in one year 10 10,056 0 0 10,056 15,600
Net current assets 153,878 37,789 0 191,667 258,344
Total Assets less Current Liabilities 153,878 37,789 0 191,667 258,344
Creditors Liabilities due after one year 0 0 0 0 0
Funds at 31 December 2023 11 153,878 37,789 0 191,667 258,344

Signed by the Chair on behalf of all trustees ......................................................Dhivan Thomas Jones Name .................................................... Signature .....................................................24 September 2024 Date

Windhorse Publications Ltd Statement of Funds 2023

Unrestricted Restricted Restricted
SCW Project Other
2023 2022
Notes £ £ £ £
Transfer between funds 21,326 -21,326 0 0
Net movement in funds -70,894 4,216 -66,677 -66,150
Funds at 1st January 2022 203,445 33,572 21,326 258,343 324,494
Funds at 31st December 2023 11 153,877 37,789 0 191,666 258,444

Windhorse Publications Ltd Balance Sheet as at 31st December 2023

Certification of the Directors/trustees

Audit Exemption Statement

For the year ending 31/12/2023 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: 05/09/2024

Windhorse Publications Ltd Notes to the accounts for the period ended 31st December 2023

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
Grants - Future Dharma
Donations		 Unrestricted
Restricted
Restricted
Total
2022
SCW
Other
28,000
0
0
28,000
21,500
4,804
32,363
4,713
41,880
4,669
32,804
32,363
4,713
69,880
26,169

2. Sales

2. Sales
Book Sales
Royalties and Rights
Sponsorships		 Unrestricted
Restricted
Restricted
Total
2022
SCW
Other
155,231
22,750
177,981
164,344
2,112
2,112
2,817
8,800
8,800
8,185
157,343
22,750
8,800
188,893
175,346

3. Production costs

3. Production costs
Production
Personnel Costs		 Unrestricted
Restricted
Restricted
Total
2022
SCW
Other
43,761
26,129
13,513
83,403
71,932
34,088
20,000
0
54,088
50,449
77,850
46,128
13,513
137,491
122,381
4. Selling Costs
Author's Royalties
Costs of sales & marketing
Distribution		 Unrestricted
Restricted
Restricted
Total
2022
SCW
Other
9,389
0
0
9,389
5,710
4,821
0
0
4,821
6,529
48,407
4,556
0
52,963
45,939
62,616
4,556
0
67,172
58,178

5. Overheads

5. Overheads
Personnel costs, Staff support & training
Team meetings
Staff entertainment
Computer/ Software
Small equipment
Travel and Subsistence
Rent and Rates
Office Expenses
Depreciation
Accountancy fees
Insurance
Bank Charges and website transaction fees
Directors expenses
Misc. Expenses & Donations
Complete Works – 25% of recharge costs		 Unrestricted
Restricted
Restricted
Total
2022
SCW
Other
54,694
0
0
54,694
50448.53
600
0
0
600
0
185
0
0
185
304
8,693
0
0
8,693
7946.45
77
0
0
77
295
475
0
0
475
0
1,470
1,368
0
2,838
3448
214
0
0
214
404
422
0
0
422
406
11,544
0
0
11,544
8457
631
0
0
631
599
2,056
0
0
2,056
1281
2,792
0
0
2,792
2094
1,892
344
0
2,237
1305
-1,519
1,519
0
0
0
84,227
3,231
0
87,458
76,988

6. Governance Costs

6. Governance Costs
Audit/Independent Examination
Trustee expenses		 Unrestricted
Restricted
Restricted
Total
2022
SCW
Other
150
0
0
150
150
0
0
0
0
91
150
0
0
150
241

7 Fixed Assets: Tangible Assets Fittings fixtures

Fixed Assets: Tangible Assets Fittings fixtures
Cost 1 Jan 2023
Additions - Laptop
Disposals
Cost 31 Dec 2023
Depreciation 1 Jan 2023
Charge (0.25 straight line)
On disposals
Depreciation 31 Dec 2023
Net Book Value 31 Dec 2023
Net Book Value 1 Jan 2023		 2023
2022
1623
1623
662
0
0
0
2286
1623
560
154
423
406
0
0
982
560
1303
1063
1063
1469
8. Stock
Publications for resale
WIP		 2023
Unrestricted
Restricted
SCW
Total
76,966
37,217
114,183
1,805
0
1,805
78,771
37,217
115,988		 2022
Total
123,148
2,712
125,860

9. Debtors

9. Debtors
Trade Debtors
Prepayments
Accrued Income
Web site control
VAT outstanding		 2023
2022
10,687
40,593
283
324
5,328
10,085
-1,978
-2,379
688
504
15,007
49,127

10. Creditors Amounts falling due in less than 1 year

Trade Creditors
Deferred income
Accruals
Payroll liabilities
Gift cards outstanding		 2023
2022
4,583
3,327
2,245
7,596
2,506
3,814
348
0
374
863
10,056
15,600
11 Restricted Funds 2023 2022
SANGHARAKSHITA COMPLETE WORKS PROJECT 37,789 33,572

12. Disclosure of staff and trustee renumeration

Aspire Accountancy & Bookkeeping Services Limited 11667197

23rd September 2024

Ref: Windhorse Publications Ltd-05074437

Dear Sir/Madam

I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 31[st] December 2023 .

As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).

I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

The charity’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of The Association of Accounting Technicians.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:

Incorporated in England and Wales 41 Moreton Crescent Belle Vue Shrewsbury SY3 7BY

01743 651345 aspireaccountancy@mail.com

07931 070623 https://aspireaccountancyshrewsbury.com

Aspire Accountancy & Bookkeeping Services Limited 11667197

I have no concerns 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 accounts to be reached.

Yours faithfully

Suzanne Campbell FMAAT

Aspire Accountancy and Bookkeeping services Limited

Incorporated in England and Wales 41 Moreton Crescent Belle Vue Shrewsbury SY3 7BY

01743 651345 aspireaccountancy@mail.com

07931 070623 https://aspireaccountancyshrewsbury.com