**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|
1
## **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.
2
## **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.
3
## **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.
4
## **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
5
## **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
6
## **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**|**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**
£
-
-
-|**Total 2022**
£
44,131
4,920
-
49,051
-
46,875
46,875
_2,176_
-
16,885
**19,061**|**_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_**|
7
**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
8
## **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
9
## **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_|**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|
||||||||||
10
**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**
|**Cost**
At 1 October 2021
Additions
Disposals
At 30 September 2022
**Depreciation**
At 1 October 2021
Charge for the year
Disposals
At 30 September 2022
**Net book value**
At 30 September 2022
At 30 September 2021|**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|
11
## **THE MERIDIAN TRUST NOTES TO THE ACCOUNTS (continued) For the year ended 30 September 2022**
**10. Creditors:** amounts falling due within one year
|Trade Creditors
Accruals and other creditors
**11. Analysis of net assets between funds**
Tangible fixed assets
Current assets
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:
|**Unrestricted funds:**
**General funds**
**Total funds**
_Prior year comparator: 2021_
_Restricted Funds_
_Total Restricted Funds_
_Unrestricted funds:_
_General funds_
_Total funds_|**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).
12