2022-09-30-accounts - The Meridian Trust

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Charity Registration No. 326903

THE MERIDIAN TRUST TRUSTEES REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDING 30 SEPTEMBER 2022

THE MERIDIAN TRUST

TRUSTEES' REPORT For The Year Ended 30 September 2022

CONTENTS
	Page
Legal & administrative information	1
Trustees' Report	2-5
Independent examiner's report	6
Statement of financial activities	7
Balance sheet	8
Notes to the accounts	9- 12

THE MERIDIAN TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees	Marie Beresford
	Greta Jensen
	Janet Millar
	Jane Moore
	Tahlia Lin (joined 3rdFeb 2023)
Secretary and Chair:	Janet Millar
Charity number:	326903
Principal address:	The Thicket,
	Gare Hill,
	Near FROME
	BA11 5EY
	Somerset
Independent Examiner	Kathleen MossACMA, CGMA
	Kathleen Moss Ltd.
	48 Lawn Terrace
	London SE3 9LP

THE MERIDIAN TRUST

TRUSTEES' REPORT

For The Year Ended 30 September 2022

The Trustees of the Charity present their Annual Report and Accounts for the year ended 30 September 2022

OBJECTIVES

The principal activity of The Meridian Trust is the preservation and dissemination of Buddhist thought and culture. Our goal is to be an online resource and hub through which the insights of Tibetan Buddhism are available to all.

CHARITABLE ACTIVITIES

A main focus for our work was finishing the collaborative work we did with The Library of Tibetan Works and Archives (LTWA) in Dharamsala, India.

We no longer employ the two Tibetan editors who completed a huge amount of work for us but there were protracted discussions around copyright and modes of sharing. Although the signing of the contract between Meridian Trust and LTWA was in November 2022, much of the preliminary work was done before that.

Project Delivery - Bringing the Archive Home

To briefly recap, we worked closely with LTWA and they now hold a digital archive of much of the archive pre-2016. This includes the extraordinary footage of the great teachers who left Tibet in the 20[th] century.

The historical archive programme started almost 40 years ago when His Holiness the Dalai Lama requested that we record aspects of Tibetan cultural heritage and spiritual traditions. The aim was to create a resource 'bank' that could be studied, added to and utilised by future generations of Tibetans living in exile and all interested in Tibetan Buddhist thought and practice. The original historical archive documents the development of Tibetan Buddhism from east to west. Integrating it into our contemporary materials online gives due homage and regard to the venerable masters of Tibetan Buddhism.

The extension ensured that 95% of the 2,000 plus clips in the archive were quality enhanced, edited and titled.

THE MERIDIAN TRUST

TRUSTEES' REPORT (Continued) For The Year Ended 30 September 2022

During the first year of Bringing the Archive Home, 16 collections (283 film clips) were fully processed, and one collection (Kalachakra, 1985, Rikon) was part edited, with 45 clips completed. Clips are between 20 minutes and 3 hours in length.

In total, 546 clips have been fully edited and titled. There are now just 5 collections from Meridian’s Historical to be edited.

A copy of these materials are now safely housed on Meridian's QNAP Raid storage system, with a safety copy online, in Dropbox.

Website Development

Development meetings with We Add Motion (Copenhagen Web Developers) sought to resolve how to improve the website experience for our beneficiaries. After working through the best choice of software (a combination of open-source, plug-ins and essential bespoke coding - e.g. for the search.

First, we examined our search function, going through all materials to identify keywords, initially to be picked up in order of title, then description and finally (for documentaries, etc., where the title didn’t always contain obvious search keywords) in the tags. All 4000+ pieces of content had multiple tags manually created and new, more in-depth descriptions crafted. The team then developed a categorisation that would work for all current and future materials. We created an architecture that would enable materials to be browsed by the teacher, by type of teaching, by date and also contained areas for documentaries, interviews and Tibetan cultural content. We jointly designed a new identity (logo, font, colours) to be carried across all aspects of Meridian Trust. The next stage will be the coding of forms, donations area and restricted content. Then the curation of all images; a vital element that completed the brief.

We look to our trustee, Jane Moore, who has a huge amount of experience in copyright issues. Our need to comply with international and local copyright law has been highlighted through our work on the website and making sure that correct copyright is assigned and acknowledged whenever possible. Even up until January 2022 we were working on the final titles, images and functionality of the website. At that time we agreed a contract with web developer Ashhab Mubashir in Sri Lanka to do our website maintenance in the long term.

THE MERIDIAN TRUST

TRUSTEES' REPORT (Continued)

For The Year Ended 30 September 2022

We launched the new website in February 2022 to widespread acclaim of the enormity of the site, its ease of use, beauty and simplicity. Very sadly the launch party had to be cancelled due to Covid-19.

Film Production

Although public gatherings were allowed to return after the Covid-19 restrictions were lifted, very few Tibetan teachers came to the UK during the reporting period. There were no films produced between October 1[st] 2021 and September 30[th] 2022.

Collaboration with other Buddhist Organisations

In acknowledgement of our close relationship with the official office of HH Dalai Lama in the UK, The Office of Tibet (London), we met in early 2022 to explore ways to share the precious material we hold of HH Dalai Lama. The Office of Tibet were often sponsors of HH Dalai Lama’s official visits to the UK over the decades. We have agreed to share all of our material through a page on their website with a link to our website.

We have are collaborating with the Contemplative Consciousness Network (CCN) in London and they have not only offered guidance and support of our team but we have also been looking towards future projects together. For example, we have planned to run the Buddhist Film Club (hybrid) which makes Buddhist film events accessible both online and in person at Colet House, London (another one of our partners).

Film Footage Requests

As a film footage archive, we are sometimes approached with requests from commercial entities requesting the right to purchase film footage for their projects. This involves a lot of work on the part of The Meridian Trust to prepare contracts and deal with copyright issues arising on a case by case basis. Any monies raised commercially are used entirely within the charitable framework to fund our projects. In this financial year we had one payment from a French production company for the use of some of our footage.

THE MERIDIAN TRUST

TRUSTEES' REPORT (Continued) For The Year Ended 30 September 2022

GOVERNANCE

The Trustees meet regularly with each other to develop policy and practice and to provide financial oversight. Regular meetings are held with team/staff, either collectively or individually to provide support and direction.

Financial Review

Incoming Resources for the year amounted to £49,044 (2021: £42,443) of which £9,254 related to project restricted activities (2021: nil).

The surplus for the year was £2,176 (2021: deficit £5,532). On 30 September 2022 total funds amounted to £19,061 (2021: £16,885) of which nil represented restricted funds (2021: nil).

This report was approved by the trustees on 23rd June 2023 and signed on their behalf by

Dr Janet Millar, Chair

Independent Examiner's Report

To the Trustees of The Meridian Trust

I report on the accounts of The Meridian Trust for the year ended 30[th] September 2022, which are set out on pages 7 to 12.

Responsibilities and basis of report

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.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination (other than that disclosed below *) which gives me cause to believe that in, any material respect:

the accounting records were not kept in accordance with section 130 of the Charities Act; or
the accounts did not accord with the accounting records; or
the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.

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.

Kathleen Moss ACMA, CGMA Kathleen Moss Ltd 48 Lawn Terrace London SE3 9LP

Date: 23rd June 2023

THE MERIDIAN TRUST STATEMENT OF FINANCIAL ACTIVITIES (Incorporating Income and Expenditure Account) For the year ended 30 September 2022

Notes Unrestricted £ Incoming resources from generated funds Voluntary income 2 44,131 Incoming resources from charitable activities 3 4,920 Other incoming resources 4 - Total incoming resources 49,051 Resources expended Cost of generating funds 5 - Cost of charitable activities 5 46,875 Total resources expended 46,875 Net incoming resources before transfers 2,176 Transfers between funds - Total funds brought forward 16,885 Total funds carried forward 19,061	Restricted £ - - -	*Unrestricted* £ 41,249 1,194 -	*Restricted* £ - - -	*Total 2021* £ 41,249 1,194 -
49,051	-	42,443	-	42,443
- 46,875	- -	- 47,975	- -	- 47,975
46,875	-	47,975	-	47,975
2,176 - 16,885	- - -	(5,532) 1,683 20,734	- (1,683) 1,683	(5,532) - 22,417
19,061	-	*16,885*	-	*16,885*

THE MERIDIAN TRUST BALANCE SHEET As at 30 September 2022

Notes Fixed assets Tangible assets 9 Current assets Stock Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total assets less current liabilities Funds of the charity Restricted funds 12 Unrestricted funds 12	2022 £ £ 14,928 - - 5,133 5,133 (1,000) 4,133 19,061 - 19,061 19,061	£ - - 80	*2021* £ 17,605 720 -
		80 (800)

			16,885
			- 16,885
			16,885

The financial statements, which include the notes set out on pages 9 to 12, were approved by the Trustees on 23rd June 2023 and signed on their behalf by

Dr Janet Millar Trustee

THE MERIDIAN TRUST

NOTES TO THE ACCOUNTS For The Year Ended 30 September 2022

Accounting policies

1 Basis of preparation

The accounts (financial statements) have been prepared under the historical cost convention. The functional currency of the Charity is sterling. The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and in the preceding year.

1.1

The accounts (financial statements) have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) 1 January 2019 and the Charities Act 2011 and UK Generally Accepted Practice. The accounts (financial statements) have been prepared to give a 'true and fair' view.

1.2 Incoming resources

Donations, legacies and other forms of voluntary income are recognised as incoming resources when receivable, except insofar as they are incapable of financial measurement. The sale of videos represents the amounts receivable for goods.

1.3 Resources expended

Management, administration and governance comprise costs for the running of the charity itself as an organisation.

Expenditure is included on an accrual basis.

1.4 Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Film footage Fixtures, fittings & equipment

15% reducing balance method 15% reducing balance method

THE MERIDIAN TRUST NOTES TO THE ACCOUNTS (continued) For the year ended 30 September 2022

2. Voluntary income Unrestricted Restricted £ £ Donations 34,877 - Legacies - - Grants 9,254 - 44,131 - 3. Incoming resources from charitable activities Unrestricted Restricted £ £ Sales - films and filming services 4,920 - 4. Other incoming resources Unrestricted Restricted £ £ - - 5. Total resources expended Costs of generating funds 2022 Publicity and events Direct - Film Archive Management Direct Consultancy Direct Camera Direct Computer Costs Usage Travel & Subsistence Usage Staff Training & Welfare Staff time Accountancy Governance Independent Examination Governance Miscellaneous Expenses Usage Bank charges and interest Usage Depreciation Usage 2022 *2021* Restricted - - Unrestricted 46,875 47,975	Restricted £ - - -	Total 2022 £ 34,877 - 9,254	Charitable	*Unrestricted* £ 41,249 - -	*Restricted* £ - - -	*Total 2021* £ 41,249 - -	Total £ - 40,750 - 160 1,178 34 - 515 800 - 761 2,677
44,131	-	44,131		41,249	-	41,249
	Restricted £ -	Total 2022 £ 4,920		*Unrestricted* £ 1,194	*Restricted* £ -	*Total 2021* £ 1,194
	Restricted £ -	Total 2022 £ -		*Unrestricted* £ -	*Restricted* £ -	*Total 2021* £ -
				Activities		Governance £ - - - - - - - 515 800 - - -
		£ - 4,075 - - 470 9 - - - 190 2,142 Dissemination & education	~~Project~~ development & management £ - 4,075 - - 236 7 - - - 152 535	Open the Vaults £ - 8,150 - - 236 15 - - - 305 -	Film production & distribution £ - 24,450 - 160 236 3 - - - 114 -
		6,886	5,005	8,706	24,963	1,315	46,875

THE MERIDIAN TRUST NOTES TO THE ACCOUNTS (continued) For the year ended 30 September 2022

5. Total resources expended - continued

Total resources expended - continued
*Prior year comparator: 2021* *Costs of* *generating* *funds* Publicity and events - Film Archive Management Direct Consultancy Direct Camera Direct Computer Costs Usage Travel & Subsistence Usage Staff Training & Welfare Staff time Accountancy Governance Independent Examination Governance Miscellaneous Expenses Usage Bank charges and interest Usage Depreciation Usage		*Charitable*	*Activities*		*Governance* - - - - - - - - - 781 - - -	*Total* £ - 43,366 - - - - - - 781 35 646 3,147
	£ - 4,336 - - - - - - - 9 162 2,518 *Dissemination* *& education*	*Project* *development* & *management* £ - 4,337 - - - - - - - 7 129 629	*Open the* *Vaults* £ - 8,673 - - - - - - - 14 258 -	*Film* *production &* *distribution* £ - 26,020 - - - - - - - 5 97 -
	7,025	5,102	8,945	26,122	781	47,975

6. Surplus for the year

The surplus for the year is after charging: Depreciation Independent Examination	Unrestricted £ 2,677 800	Restricted £ - -	Total 2022 £ 2,677 800	*Unrestricted* £ 3,147 600	*Restricted* *Total 2021* £ - 3,147 - 600

7. Trustees None of the trustees (or any persons connected with them) received any remuneration during the year.

8. Employees

The number of employees during the year was Nil (2021: Nil).

Employees The number of employees during the year was Nil (2021: Nil).
Employment costs: Wages and salaries There were no employees earning over £60,000 per annum.	2022 £ -	2021 £ -

9. Tangible fixed assets

Film equipment & footage £ 38,024 - -	Office furniture & equipment £ 17,669 - -	Total £ 55,693 - -
38,024	17,669	55,693
21,528 2,475 -	16,560 202 -	38,088 2,677 -
24,003	16,762	40,765
14,021	907	14,928
16,496	1,109	17,605

THE MERIDIAN TRUST NOTES TO THE ACCOUNTS (continued) For the year ended 30 September 2022

10. Creditors: amounts falling due within one year

Unrestricted £ 14,928 5,133 (1,000)	2022 £ - 1,000	2021 £ 81 648	*Unrestricted* £ 17,605 80 (800)	*Restricted* £ - - -	*2021* *Total* £ 17,605 80 (800)
	1,000	729
	Restricted £ - - -	2022 Total £ 14,928 5,133 (1,000)
19,061	-	19,061	16,885	-	16,885

12. Funds

The income funds of the charity include restricted and unrestricted funds comprising the following unexpended balances of donations and grants held on trust:

At 01-Oct 2021 £ 16,885	Incoming £ 49,051	Outgoing £ ( 46,875)	Transfer between funds £ -	At 30-Sep 2022 £ 19,061
16,885	49,051	( 46,875)	-	19,061
At 01-Oct 2020 £ 1,683	Incoming £ -	Outgoing £ -	Transfer between funds £ ( 1,683)	At 30-Sep 2021 £ -
1,683	-	-	( 1,683)	-
20,734	42,443	( 47,975)	1,683	16,885
22,417	42,443	( 47,975)	-	16,885

13. Taxation

The charitable company is registered as a charity and all of its income falls within the exemptions under Part 11 of the Corporation Tax Act 2010.

14. Related parties

Trustees Dr Janet Millar donated £320 (2021: £320) and Greta Jensen donated £60 (2021: £60) for general purposes. There are no other donations from related parties. No donations are outside the normal course of business and no restricted donations are from related parties.

15. Contingent assets or liabilities

There are no contingent assets or liabilities at September 2022 (2021:Nil).