## **Trustees’ Annual Report for the period** **From** 1 January 2024 **To** 31 December 2024 **Charity name:** Windhorse Publications Ltd **Charity registration number:** 1104078 ## **Objectives and Activities** |**Objectives and Activities**|**Objectives and Activities**|**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 Ltd is the advancement of the
Buddhist religion. In particular:
(a) To encourage individuals 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) 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.||| |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.| ## **Additional information (optional)** You may choose to include further statements where relevant about: ||SORP reference|| |---|---|---| |Policy on grant making|Para 1.38|Windhorse Publications Ltd does not issue
grants.| |Policy on social investment
including program related
investment|Para 1.38|Windhorse Publications Ltd does not
currently invest any of its assets or
reserves.| |Contribution made by
volunteers|Para 1.38|Windhorse Publications Ltd benefited from
the help of volunteers in relation to book
editing and production.| |Other||N/A| ## **Achievements and Performance** **----- Start of picture text -----**
SORP reference
Summary of the main Para 1.20 Our books continue to be well received,
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|**Achievements and Performance**|**Achievements and Performance**|**Achievements and Performance**| |---|---|---| |SORP reference||| |Summary of the main|Para 1.20|Our books continue to be well received,| |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.||and used in courses on Buddhism,
personal development, mindfulness and
meditation. We also continue to provide a
valuable context for Buddhists to practise
and work together as part of an ethical
‘Right Livelihood’ business.
**New books published**
Windhorse Publications Ltd published the
following three brand new Dharma books in
2024:
_This Fresh Existence: Heart Teaching_from
_Bhikkuni Dhammananda_by Cindy Rasicot
_First Aid Kit for the Mind: Breaking the_
_Cycle of Habitual Behaviors_by Vimalasara
Mason-John
_Approaching Enlightenment: A Guidebook_
_for Buddhist Ritua_l by Bodhidasa
The book themes address the role of
women in traditional Buddhist cultures,
using mindfulness to work with difficult
habits, and the positive benefits of bringing
Buddhist ritual into our daily lives.
We continued to commission and work on
new titles to be released in the coming
years.
**Completion of major project**
The 27-volume Complete Works of
Sangharakshita project, which commenced| in 2016, was successfully completed during 2024 with the publication of the final three volumes in November. This represents a very important achievement for the charity. The final volumes were: _Volume 6: The Essential Sangharakshita Volume 11: A New Buddhist Movement I Volume 27: Concordance to the Complete Works_ **Additional publications** We also published six course-supporting booklets in partnership with the Sikkha Project, for use by Triratna Buddhist Centres. **Keeping backlist books available** We continued to make backlist titles available through ebooks and, newly, via print-on-demand. We supported members of the international Triratna Sangha to publish, or otherwise make available, translations of their teacher’s work. **Podcast** Our Windhorse Publications podcast continued with 3 new episodes released during 2024 to publicise new books. These podcasts are a good way of engaging potential readers and those interested in the general subject matter of our new books. **Additional information (optional)** You may choose to include further statements where relevant about: |Achievements against
objectives set|Para 1.41|2024 was a high achievement year for us in
terms of output and changes to our way of
doing business. We met our publishing
targets, publishing six planned books,
worked in partnership with the Sikkha
Project to get their six course booklets to
market, and made several popular but out-
of-print titles available again via print-on-
demand.
In response to the spiralling costs of
printing, we commenced moving all our of
eligible titles to a print-on-demand model,
to reduce upfront printing costs. This
project will conclude in 2026, and at that
time we should fully see the benefits of this
move. Print-on-demand will be our primary
way of producing books thereafter.| |---|---|---| |Performance of fundraising
activities against objectives
set|Para 1.41|We continued to receive grant funding from
the FutureDharma Fund in 2024, to the
amount of £28,000.| **----- Start of picture text -----**
The funds for the Sangharakshita Complete
Works project are ringfenced, with this
project concluding during the year with the
publication of the final volume in November
2024. In 2024, we received £27,547 in
donations for this project.
£5,930 was donated to support other
restricted book sponsorships.
Investment performance Para 1.41 N/A
against objectives
Other N/A
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## **Financial Review** **----- Start of picture text -----**
Review of the charity’s Para 1.21 Total income in 2024 was £246,361
financial position at the end (£258,773 in 2023) representing a
of the period reduction of £12,412 (4.8%) from the
previous year. This was due to a 2.4%
reduction in the sale of publications & rights
and a 10.3% reduction in donations,
sponsorships and subscriptions.
Windhorse Publications Ltd consists of a
general publishing business (unrestricted
funds plus some restricted book
sponsorship funds) and the Sangharakshita
Complete Works project (restricted funds).
General publishing sales were down from
£155,231 in 2023 to £146,403 in 2024, but
sales and subscriptions in the restricted
SCW project increased from £22,750 in
2023 to £27,123 in 2024.
Gross Profit Margin was maintained at
43.6% (43.7% in 2023), with Net Profit
Margin improving from -16.1% in 2023 to -
13.6% in 2024 with an increased focus on
cost control.
Overall the charity recorded a loss of
£33,465 (£41,641 loss in 2023).
Statement explaining the Para 1.22 The charity reserves policy is to hold cash
policy for holding reserves reserves equivalent to approximately 3
stating why they are held months expenses. This currently equates to
£50,000. At the end of 2024, total cash
reserves were £65,686.
Amount of reserves held Para 1.22 With the completion of the Sangharakshita
Complete Works project during 2024,
£31,155 was transferred from Restricted to
Unrestricted funds at Year-End in relation
to this project.
● Unrestricted £158,812
● Restricted £0
● Total £158,812
Reasons for holding zero Para 1.22 N/A
reserves
Details of fund materially in Para 1.24 N/A
deficit
Explanation of any Para 1.23 The charity lost £33,465 in 2024, which is a
uncertainties about the matter of concern. However, a key element
charity continuing as a going of this loss was the significant reduction in
concern stock as the charity continues to transition
from warehoused stock to Print on
Demand. A total of 29,465 books were
recycled during the year.
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The marginal reduction in sales this year is disappointing, but understandable considering the ongoing cost of living crisis and challenging economic conditions in the UK where the vast majority of sales were completed. Good progress has been made to reduce distribution costs and overheads as more book titles move to print-ondemand. The financial situation is expected to improve during 2025, where we aim to break even as a result of a focus on growing sales, transitioning more titles to print-on-demand and boosting donations and book sponsorship from individuals. **----- Start of picture text -----**
Additional information (optional)
You may choose to include further statements where relevant about:
The charity’s principal Para 1.47 The majority of the charity’s income comes
sources of funds (including from the sale of books, eBooks and rights
any fundraising) to translations and other formats including
audio. This income is supplemented by
grant fundraising and individual donations.
Investment policy and Para 1.46 N/A
objectives including any
social investment policy
adopted
A description of the principal Para 1.46 Macroeconomic risks – Forecast ongoing
risks facing the charity challenging macro-economic conditions,
with rising prices of inputs and overheads.
Supply chain vulnerabilities – Heavy
reliance upon a few key suppliers as part of
the transition to print-on-demand.
Cyber risk – Potential loss or damage
resulting from failures in digital systems,
including financial loss, operational
disruption, or reputational damage.
Key persons risk – As a small charity
Windhorse Publications Ltd is heavily
reliant upon a small number of key
employees who personally hold vital
knowledge, skills and relationships.
Other N/A
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## **Structure, Governance and Management** |Description of charity’s
trusts:||| |---|---|---| |Type of governing document|Para 1.25|Memorandum and articles of association| |How is the charity
constituted?|Para 1.25|**Limited company (by guarantee)**
Windhorse Publications Ltd 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.| **----- Start of picture text -----**
Additional information (optional)
You may choose to include further statements where relevant about:
Policies and procedures Para 1.51 New trustees are inducted by the director
adopted for the induction and the chair of the Trustees in a series of
and training of trustees meetings.
The charity’s organisational Para 1.51 Windhorse Publications Ltd is governed by
structure and any wider the Trustee Board which is responsible for
network with which the setting the strategic direction of the
charity works organisation and for establishing policy.
The Board meets at least three times a
year and delegates the day-to-day
operation of the organisation to a team of
staff led by the Publishing 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.
The charity is also connected with the wider
Buddhist world, through for example the
International Network of Engaged
Buddhists and the European Buddhist
Union.
Relationship with any Para 1.51 N/A
related parties
Other N/A
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## **Reference and Administrative details** **----- Start of picture text -----**
Charity name Windhorse Publications Ltd
Other name the charity uses Windhorse Publications
Registered charity number 1104078
Charity’s principal address 38 Newmarket Road
Cambridge
CB5 8DT
United Kingdom
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## **Names of the charity trustees who manage the charity** **----- Start of picture text -----**
Trustee name Office (if any) Dates acted if Name of person
not for whole (or body entitled
year to appoint
trustee (if any)
1 Thomas Jones Chair
(Dhivan)
2 Nicholas Gray Treasurer
(Bodhiketu)
3 Rosemary Tennison
(Sagaraghosa)
4 Hippolyte Morello From 04/03/24
(Samantavajra)
5 Sanjay Poyzer From 04/03/24
(Suryanaga)
6
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## **Corporate trustees – names of the directors at the date the report was approved** ## **Director name** 1. Thomas Jones 2. Nicholas Gray 3. Rosemary Tennison 4. Sanjay Poyzer 5. Hippolyte Morello Name of trustees holding title to property belonging to the charity **----- Start of picture text -----**
Trustee name Dates acted if not for whole year
None
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## **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| ## **Exemptions from disclosure** Reason for non-disclosure of key personnel details N/A ## **Other optional information** 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:...Thomas Jones (Dhivan) Position:......Chair of Trustees Date:...........23/10/2025 Windhorse Publications Ltd Statement of Financial Activities 2024 Restricted Iscwi Unrestricted Restricted (other) Total Funds Total Funds 2024 2023 Notes Incomin Resources Voluntary income {Donations I qrants) 37,108 27,547 64,655 69,880 Charitable activities.. Sales of publications & rights sponsorships & subscriptions 148,653 27,123 175,776 5,930 180,093 8,800 5,930 Total incominq resources 185,761 54,670 5,930 246,361 258,773 Ex Production of Publications Purchased publications {Incr.)/DeGr. in stock / WIP Totsl cost of goods sold 62,002 627 18,151 80,780 49,303 5,930 117,235 627 21,201 139,063 131,849 2,032 11,752 145,633 3,050 52,353 5,930 Charitable activities 2 Sellin.0 Costs Overheads Governance Costs Total expenses Ex ense 54,498 77,210 102 131,811 5,830 3,122 60,328 80,333 102 140,763 67,172 87,458 150 154,781 8,952 Net incominqlloutqoinq) resources -26,830 .6,635 -33,465 41,641 Windhorse Publications Ltd Balance Sheet 2024 Unrestricted Restricted {scw) Restricted (other) Total Funds Total Funds 2024 2023 Notes Non.current Assets Fixed Assets 1,731 1,731 1,303 Current Assets Stock & Work in progress Debtors Cash and Bank 60,620 7,518 64,948 34,167 94,787 7,518 65,686 115,988 15,007 69,424 739 TOTAL current assets 133,086 34,906 167,991 200,420 Creditors Liabilities due in one year 10 11,520 11,520 10,056 Net current assets 123,297 34,906 158,202 191,667 Total Assets less Current Liabilities 123,297 34,906 158,202 191,667 Creditors Liabilities due after one year Funds at 31 December 2024 11 123,297 34,906 158,202 191,667 Signed by the Chair on behalf of all trustees Dhivan Jones Name Signature 20 October 2025 Date Windhorse Publications Ltd Statement of Funds 2024 Unrestricted Restricted SCW Project Restricted Other 2024 2023 Notes Transfer between funds 31,155 -31,155 Net movement in funds -26,831 -6,634 -33,466 -66,677 Funds at 1st January 2024 153,877 37,789 191,667 258,343 Funds at 31st December 2024 11 158,201 0.00 158,201 191,667 Windhorse Publications Ltd Balance Sheet as at 31st December 2024 Certification of the Directorsltrustees Audit Exemption Statement For the year ending 3111212024 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 Date.. 20th October 2025 Windhorse Publications Ltd Notes to the accounts for the period ended 31st December 2024 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 8s 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 allocaled to their activities either directly when idenlifiable 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 cosl of each asset over its estimated useful life of four years.Equipment purchased costing less than £260 has not been capitalised. i) Governance cosls 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 calculales 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 Volunta Income Unrestricted Restricted scw Restricted Other Total 2023 Grants - Future Dharma Donations 28,000 9,108 28,000 36,655 28,000 41,880 27,547 37,108 27,547 64,655 69,880 2 Sales Unrestricted Restricted scw 27,123 Restricted Other Total 2023 Book Sales Royalties and Rights Sponsorships 146,403 2,249 173,527 2,249 5,930 177,981 2,112 8,800 5,930 148,653 27,123 5,930 181,706 188,893 3 Production costs Unrestricted Restricted scw 41,303 8,000 49,303 Restricted Other 5,930 Total 2023 Production Personnel Costs 14,154 47,848 62,002 61,386 55,848 117,235 77,761 54,088 131,849 5,930 4. Sellin Costs Unrestricted Restricted scw Restricted Total Other 2023 Authorfs Royalties Cosls of sales & Marketing Distribution 9,362 5,202 39.934 9,362 5,202 45,764 9,389 4,821 52,963 5,830 54,498 5,830 60,328 67,172 5. Overheads Unrestricted Restricted scw Restricted Other Total 2023 Personnel costs, Staff support & training Team meetings Staff entertainment Computerl Software Small equipment Travel and Subsistence Rent and Rates 56,521 494 56,521 494 54,694 600 185 8,693 77 475 12,322 12,322 407 407 L iilll 2,046 257 905 2,046 257 905 2,838 214 422 11,544 631 2,056 2,792 2,237 Office Expenses Depreciation Accountancy fees Insurance Bank Charges and website transaction fees Directors expenses Misc. Expenses & Donations Complete Works- 25 % of recharge costs 861 3,087 1,129 1,126 -1,943 77,210 861 3,087 1,129 2,305 1,179 1,943 3,122 80,333 87,458 6. Governance Costs Unrestricted Restricted scw Restricted Total Other 2023 Audiulndependent Examination Trustee expenses 102 102 150 102 102 150 7 Fixed Assets: Tan ible Assets Fittin s fixtures 2024 2023 Cost 1 Jan 2024 Additions - Laptop Disposals Cost 31 Dec 2024 2,286 1,333 1,623 662 3,618 2,286 Depreciation 1 Jan 2024 Charge {0.25 straight line) On disposals Depreciation 31 Dec 2024 982 905 560 423 1,887 982 Net Book Value 1 Jan 2024 Net Book Value 31 Dec 2024 1,303 1,731 1,063 1,303 8. Stock 2024 Unrestricted Restricted scw 34,167 2023 Unrestricted Reslricted scw 31,450 Total 94,787 Total 114,183 1,805 Publications for resale wip 60,620 82,733 1,805 60,620 34,167 94,787 84,538 31,450 115,988 9. Debtors 2024 856 1,533 9,048 -4,529 611 7,518 2023 35,724 283 5,328 -1,978 688 40,044 Trade Debtors Prepayments Accrued Income Web site control VAT outstanding 10. Creditors Amounts fallin due in less than 1 ear 2024 6,255 1,026 2,922 2023 4,583 2,245 2,506 348 374 10,056 Trade Creditors Deferred income Accruals Payroll liabilities Gift cards outstanding 708 10,910 11 Restricted Funds SANGHARAKSHITA COMPLETE WORKS PROJECT 2024 2023 37,789 The project ended in 2024 and the balance transferred to unrestricted funds on 31 st Dec 24 12. Disclosure of staff and trustee renumeration The average number of employees was 4, 1 full-time, 4 part-time There were no employees earning £60,000 per annum or more. Pension costs (defined contribution plan) were £2,518.06 No trustees received renumeration for their services as trustees. No expenses were incurred in respecl of travel and subsistence for trustees attending trustee meetings.