he
REGISTERED COMPANY NUMBER: 02994834 (England and Wales)
REGISTERED CHARITY NUMBER: 1043015
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
FOR
THE TEMENOS ACADEMY
Calcutt Matthews WBZ Ltd Chartered Accountants 19 North Street Ashford Kent TN24 8LF
_
THE TEMENOS ACADEMY
CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 December 2020
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Page
Report of the Trustees 1 to 6
Independent Examiner's Report 7
Statement of Financial Activities 8
Balance Sheet 9 to 10
Notes to the Financial Statements 11 to 17
Detailed Statement of Financial Activities 18 to 19
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THE TEMENOS ACADEMY
REPORT OF THE TRUSTEES for the Year Ended 31 December 2020
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Charitable Objects
The objects of the charity are:
To advance education by the provision of educational facilities to the public in the general context of the humanities with a particular emphasis on the study of philosophy and the arts in the context of the world's major religious and spiritual traditions.
Activities
The Activities of the charity are set out in detail in Article 4 of the Memorandum of Association. The trustees are aware of the Charities Commission Guidance on Public Benefit and have complied with their duty to have due regard to the Charities Commission's public benefit guidance, when exercising any powers or duties to which the guidance is relevant. The trustees confirm that during the year all donations received, all investment income received, and some capital, were used to fund the charity's Programme, described below.
The Impact of COVID-19
The charity was active normally from January until mid-March. All meetings in the Summer Term programme were cancelled; they will, it is hoped, be re-arranged in the future. Between September and December, a much-reduced programme was offered, comprising two seminar courses taught on Zoom and three socially-distanced lectures, two of which were live-broadcast on Zoom. The Hinduism Module of the Foundation Course was taught, socially-distanced, but was halted after five meetings. However, the charity has continued to serve its beneficiaries in other ways (as described below), through its website and newsletter, by adding archive material and publishing new research. At the time of writing, we are making plans for a resumption of meetings in the Summer, though on a limited scale. Although income from course fees has fallen, costs have too. Income from sales of publications has grown. The pandemic has not had an adverse effect on Membership subscriptions or other donations. The value of the charity's investment portfolio fell, then partially recovered, in-line with the movement in markets during the year. The charity remains financially secure and its activities fully funded for a period of several years.
The trustees will continue to monitor the COVID-19 situation closely.
Programme
During the period the Temenos Academy organized 6 public lectures, 39 seminar study sessions, a 'Young Scholars Days', a Study Day, and continued teaching the Foundation Course in the Perennial Philosophy during the Lent Term, prior to the lockdown, and for five meetings in the Michaelmas Term. All meetings were held in London.
The programme of lectures comprised ‘Conversations in Arcadia - The Forgotten English Platonists of the 18th Century’ by Andrew Baker; ‘Dante's Journey in Gothic Cathedral Design’ and 'Plotinus and the Planets' by Tom Bree; ‘Everything in Everything’ by Dr Tom Cheetham; ‘Winter Flowers: The Life and Art of Lorna Graves’ by Clare Crossman; ‘From "Smart Planet" to Sacred Earth: Technology and the Resacralization of Nature and the Human Being' by Dr Jeremy Naydler.
In February a Temenos Academy Young Scholars' Day on the theme ‘Tradition in the 21st Century’ took place at Rudolf Steiner House in London.
The Temenos Academy runs the Temenos Academy Young Scholars essay scheme open to anyone aged 18-35.
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THE TEMENOS ACADEMY
REPORT OF THE TRUSTEES for the Year Ended 31 December 2020
A highly successful Study Day on the theme ‘Creative Imagination and Personal Transfiguration: The Spiritual Vision of Henry Corbin' was held in March, with lectures by Dr Tom Cheetham, David Nieuwejaers (from Holland) and Sir Nick Pearson.
The seminar courses were ‘Jerusalem’ by William Blake, the Timaeus by Plato, and Shakespeare's King Lear and Measure for Measure.
The year saw the publication of issue 23 of the Temenos Academy Review, edited by Prof. John Carey, James Harpur and Dr Daniel Samuel. The Council wishes to acknowledge the support of Professor Kim Samuel who generously finances the publication of the Review.
From May (and continuing into 2021) the charity has published original research papers, on a broad range of themes, via its monthly email newsletter and on its website. The eleven papers published in the year were:
‘In Search of Merlin'
‘A Taste of Paradise - Designing the New Cambridge Mosque Garden'
Prof. John Carey
Emma Clark
‘The Gates of Perception - Landscape, Place and Vision in the Work of Samuel Palmer, John Clare and Stanley Spencer' Hilary Davies ‘The Quarantine Quatrains - a New Rubaiyat' Dr Malcolm Guite & Roger Wagner
'The Fresh Air of Tradition: In Praise of Dogma, Goodness and Tradition’ Aidan Hart
'A Secret Philosophy: W. B. Yeats and the Dublin Hermetic Society’
Dublin Hermetic Society’ Prof. Grevel Lindop ‘As You Like It and the Nature of Love' Jill Line ‘St Bonaventure and the Divine Order of the Creation’ Dr Joseph Milne ‘The Purpose of Yoga and What Stands in the Way' Prof. Ravi Ravindra ‘A Beginner's Guide to Sacred Geometry - an interview with Professor Michael Schneider' Christine Rhone ‘William Blake's Mythic System' Dr Susanne Sklar
The Archive section of the website has been enlarged by the addition of many more audio and video recordings of past lectures.
One person commented on the website '| have just discovered your website and | feel it has unveiled a little bit of heaven’. .
The trustees wish to remember three individuals who were instrumental in founding the Temenos Academy and who made a huge and lasting contribution to its work.
President Emeritus Professor Keith Critchlow (1933-2020) Warren Kenton (1933-2020)
Dr Kapila Vatsyayan (1928-2020).
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THE TEMENOS ACADEMY
REPORT OF THE TRUSTEES for the Year Ended 31 December 2020
FINANCIAL REVIEW
Principal funding sources
During the year the charity's principal funding came from its investment portfolio, general donations, memberships, donations for specific projects and from fees for courses, lectures and seminars.
The investment portfolio, established after the bequest from Thetis Blacker in 2008, is managed by Brewin Dolphin, who confirm that a gross yield of 3.7% was achieved during the year.
The trustees are extremely grateful for the financial support the Temenos Academy has received from Prof. Kim Samuel, and from all other donors; from Sir Alan Parker for allowing the free use of rooms at The Lincoln Centre; from those who have kindly hosted visiting speakers; and from those who have voluntarily given their time and energy to the work of the charity.
Risk Management Statement
The activities of the charity are not complex, are educational and limited to courses of study, lecture and seminar meetings, publications and a website, and the award of the Thetis Blacker Batik Scholarship. The trustees are aware that the principal risk to the Temenos Academy is financial - i.e. the need to secure enough funding for its programme and administration. The main sources of funding are from the portfolio of investments managed by Brewin Dolphin, donations, and fees for courses, lectures and seminars. The investment portfolio is managed by Brewin Dolphin on a discretionary basis and according to their Risk Category 3, which is likely to have low market volatility and reduced chance of a loss of capital. The activities of the charity are limited by an annual budget approved by the trustees. The trustees review the financial position every quarter as reported in the management accounts, and at trustee meetings.
The chief priorities are:
ji. to ensure funding of the programme and administration of the charity, by monitoring the management of the portfolio, and endeavouring to maintain and build upon its existing donor base
ii. increasing public awareness of its work and involving new members
iii, renewing and increasing the endowment to secure the long-term future of the charity.
The trustees are also aware of other potential risks and of regulatory requirements, monitor them at meetings and have them constantly in mind. The charity has a clear and efficient operating structure. The composition of the Council and of the rest of the organisation is diverse in terms of gender, ethnicity, and social background. The charity has written policies covering key areas of risk including Privacy and Safeguarding; it has controls over the use the bank accounts, the payment of fees and expenses; it conducts an annual review of financial controls. It has a detailed, regularly updated Operating Manual that describes all administrative procedures so that these are known in the event of the loss of key individuals.
FUTURE PLANS
At the time of writing the COVID-19 is still raging. Until it has run its course the pandemic will restrict the charity's activities. However, as soon as it becomes possible for people to meet in groups for educational purposes, we will begin to re-arrange lectures postponed from 2020, and to resume seminars. Larger events, like the second conference at the Lampeter Campus of the University of Wales Trinity St. David's, will be moved to 2022.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a Memorandum & Articles of Association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Recruitment and appointment of new trustees
The trustees may resolve to appoint new trustees.
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THE TEMENOS ACADEMY
REPORT OF THE TRUSTEES for the Year Ended 31 December 2020
Organisational structure
The Council controls the charity. Day to day administration is in the hands of the Administrator who attends meetings of the Council. The trustees meet pursuant to the Articles when they may think fit, with one meeting being the Annual General Meeting. The Chairman liaises closely with the Administrator to oversee the day-to-day running of the charity.
The charity is an educational charity and the planning of its educational programme of lectures, seminars and related publications is co-ordinated by its Academic Board (which is a sub-committee of the Council) and which comprises four trustees, six academics and the administrators, and which meets whenever necessary and on the same day as the trustees if that is possible. The members of the Academic Board serving during the year were as follows:
As Trustees:
Dr. John Price Carey
Ms. Emma Clark
Mrs. Julia Cleave Prof. Grevel Lindop
| Other members: | ||
|---|---|---|
| Ms. Hilary Davies | Dr. Joseph Milne | Mrs. Genevieve Overy (as Administrator) |
| Mr. Valentin Gerlier | Dr. Jeremy Naydler | Mr. Stephen Overy (as Administrator) |
| Mr.JackHerbert | Dr.DanielSamuel |
The Chairman may also attend meetings of the Academic Board.
The Chairman of the Academic Board (who must be a trustee) gives a report on the Academic programme at meetings of the trustees. Four trustees serve as members of the Academic Board, and this further strengthens reporting links between the two bodies.
| The Academic Board may call on the Fellows for advice or help in planning the programme. The Fellows comprise 33 distinguished academics and artists etc. from around the world, who are able to contribute their expertise, from a broad range of fields, to the Temenos Academy's work. The position of Fellow is entirely honorary. New Fellows are proposed and invited by the Academic Board and their appointment confirmed by The Council.
From time to time, trustees, members of the Academic Board and Fellows will be invited to teach in the Temenos Academy's programme and will be offered an honorarium (as all teachers at the Temenos Academy are) as well as travel expenses (and, where appropriate, accommodation). Travel expenses incurred by trustees and members of the Academic Board in attending meetings may be claimed, and also the cost of a meal on the day of any meeting.
Induction and training of new trustees
A new trustee will be briefed on their legal and other obligations prior to being appointed and reminded of their obligations at the first trustees meeting they attend.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number 02994834 (England and Wales)
Registered Charity number 1043015
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THE TEMENOS ACADEMY
REPORT OF THE TRUSTEES for the Year Ended 31 December 2020
III
Registered office The Brunswick Group 16 Lincolns Inn Fields London WC2A 3ED
Trustees ProfJ P Carey MsE Clark MrsJ Cleave Prof G Lindop Sir A Parker Mr VB Tailor, DL Prof K Samuel Mr | Skelly
Independent Examiner Calcutt Matthews WBZ Ltd Chartered Accountants 19 North Street Ashford Kent TN24 8LF
Bankers The Co-Operative Bank 151-155 Lewisham High Street London SE13 6AA
Lloyds Bank PLC, PO Box 1000 BX1 1LT Approved by order of tfte board of trustees on bef 8) 2021 and signed on its behalf by: \ ws | AT] | Mr | SkeJi~ Trusts 7 oN ee ea SSS
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE TEMENOS ACADEMY
Independent examiner's report to the trustees of The Temenos Academy (‘the Company') | report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2020.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, | report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act'). In carrying out my examination | have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
| have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
-
3; the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
| 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.
- .
Rosanna Turner ACA DChA Institute of Chartered Accountants in England & Wales
Calcutt Matthews WBZ Ltd Chartered Accountants 19 North Street Ashford Kent TN24 8LF
Date! siciiee2IOBZ1 cccccccscccsvevvvwveveaveives
Page 7
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THE TEMENOS ACADEMY
STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 December 2020
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|||||||||
|---|---|---|---|---|---|---|---|
|31.12.20|31.12.19|
|Unrestricted|Restricted|Total|Total|
|funds|funds|funds|funds|
|Notes|£|£|£|£|
|INCOME|AND ENDOWMENTS|FROM|
|Donations|and|legacies|2|10,627|-|10,627|40,117|
|Charitable|activities|
|Lectures|4,696|-|4,696|11,274|
|Books|and|Pamplets|1,105|-|1,105|906|
|Temenos|Academy|Review|1,101|916|2,017|517|
|Foundation|Courses|3|-|18,518|18,518|4,012|
|Investment|income|4|17,713|-|17,713|20,260|
|Total|35,242|19,434|54,676|77,086|
|EXPENDITURE|ON|
|Raising funds|5|5,450|11,200|16,650|24,971|
|Charitable|activities|
|Lectures|70,496|-|70,496|91,648|
|Books|and|Pamplets|18|-|18|113|
|Temenos Academy|Review|-|11,910|11,910|18,432|
|Other|3,581|-|3,581|4,903|
|Total|79,545|23,110|102,655|140,067|
|Net|gains/(losses)|on|investments|(8,367)|-|(8,367)|31,460|
|NET INCOME/(EXPENDITURE)|(52,670)|(3,676)|(56,346)|(31,521)|
|RECONCILIATION|OF|FUNDS|.|
|Total|funds|brought|forward|515,895|24,678|540,573|572,094|
|TOTAL FUNDS|CARRIED|FORWARD|463,225|21,002|484,227|540,573|
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The notes form part of these financial statements
Page 8
a,
THE TEMENOS ACADEMY
BALANCE SHEET
31 December 2020
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|||||||||
|---|---|---|---|---|---|---|---|
|rr|
|31.12.20|31.12.19|
|Unrestricted|Restricted|Total|Total|
|funds|funds|funds|funds|
|Notes|£|£|£|£|
|CURRENT ASSETS|-|
|Investments|10|423,078|23,567|446,645|517,389|
|Prepayments|and|accrued|income|595|-|595|40|
|Cash|at bank and|in hand|42,982|-|42,982|44,496|
|466,655|23,567|490,222|561,925|
|CREDITORS|
|Amounts|falling due within one year|11|(3,430)|-|(3,430)|(4,444)|
|NET CURRENT ASSETS|463,225|23,567|486,792|557,481|
|TOTAL ASSETS LESS CURRENT LIABILITIES|463,225|23,567|486,792|557,481|
|ACCRUALS AND DEFERRED INCOME|12|-|(2,565)|(2,565)|(16,908)|
|NET ASSETS|463,225|21,002|484,227|540,573|
|FUNDS|13|
|Unrestricted|funds|463,225|515,895|
|Restricted|funds|21,002|24,678|
|TOTAL FUNDS|484,227|540,573|
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The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.
-
The trustees acknowledge their responsibilities for (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
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THE TEMENOS ACADEMY
BALANCE SHEET - continued
31 December 2020
a These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on vveccd@) 8 J ZOZN and were signed on its behalf by: l a“ ATS rw ne OA+ aval=
The notes form part of these financial statements
Page 10
THE TEMENOS ACADEMY
NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 December 2020
- ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement | and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Allocation and apportionment of costs
Support costs are allocated pro rata to the percentage of cost of the activity.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Investments
The investment portfolio is managed by external fund managers. Gains and losses arising during the year from acquisitions and disposals of investments are taken to the income and expenditure account. The investments are stated in the accounts at market value as at the balance sheet date. Unrealised gains arising on the revaluation of the investments are are not accounted for as income in the income and expenditure account, but are included in the balance sheet as a revaluation reserve. They are also shown on the Statement of Financial Activities as Other Recognised Gains and Losses.
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THE TEMENOS ACADEMY
NOTES TO THE FINANCIAL STATEMENTS- continued for the Year Ended 31 December 2020
| 2. | DONATIONSAND LEGACIES | ||
|---|---|---|---|
| 31.12.20 | 31.12.19 | ||
| £ | £ | ||
| Donations | 10,627 | 40,117 | |
| 3. | FOUNDATION COURSES | ||
| 31.12.20 | 31.12.19 | ||
| £ | £ | ||
| Foundation Courses | 18,518 | 4,012 | |
| 4, | INVESTMENT INCOME | ||
| 31.12.20 | 31.12.19 | ||
| £ | £ | ||
| Deposit account interest | 69 | 97 | |
| Investment portfolio | 17,644 | 20,163 | |
| 17,713 | 20,260 | ||
| 5. | RAISING FUNDS | ||
| 31.12.20 | 31.12.19 | ||
| £ | £ | ||
| Portfolio Management | 5,020 | 5,545 | |
| Fundraiser | - | 495 | |
| Other | 11,480 | 8,586 | |
| 6. | SUPPORT COSTS | ||
| Management | |||
| : | 2020 | 2019 | |
| £ | £ | ||
| Administrative Services | 51,480 | 48,000 | |
| Lecturer Fees/Expenses/Accommodation | 4,416 | 6,780 | |
| Seminar Fees/Expenses/Accommodation | 4,104 | 6,141 | |
| OfficeSupplies and Photocopies | 548 | 154 | |
| 60,548 | 61,990 |
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a
THE TEMENOS ACADEMY
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2020
ee
7 NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
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||||||
|---|---|---|---|---|
|31.12.20|31.12.19|
|£|£|
|Auditors’|remuneration|2,557|3,755|
|Depreciation|- owned|assets|-|1|
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8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees’ remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019.
Trustees’ expenses
Expenses claimed are for trustee travel to and from meetings of the Trustees and Academic Board. £123 was paid in travel expenditure for the year to 31 December 2020.
- TANGIBLE FIXED ASSETS
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|||||||
|---|---|---|---|---|---|
|Fixtures|
|and|
|fittings|
|£|
|COST|
|At|1 January 2020 and|31|December 2020|1,281|
|DEPRECIATION|
|At|1 January 2020 and|31|December 2020|1,281|
|NET|BOOK VALUE|
|At|31|December|2020|-|
|At|31|December|2019|©|-|
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10. | CURRENT ASSET INVESTMENTS
Brewin Dolphin (the investment managers) manage the endowment fund in medium risk investments and according to normal investment practice.
Movements on investment portfolio
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|||||
|---|---|---|---|
|Current|Asset|Investment|
|£|
|At|01.01.20|517,389|
|Net|capital|withdrawn|(60,815)|
|Capital|appreciation|(7,717)|
|Income|received|17,644|
|At|31.12.20|446,647|
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THE TEMENOS ACADEMY
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2020
11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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||||||||||
|---|---|---|---|---|---|---|---|---|
|31.12.20|31.12.19|
|£|£|
|Trade|creditors|750|1,885|
|Accrued|expenses|2,680|2,559|
|3,430|4,444|
|12.||ACCRUALS AND DEFERRED INCOME|
|31.12.20|31.12.19|
|£|£|
|Accruals|and|deferred|income|2,565|16,908|
|13.|MOVEMENT|IN|FUNDS|
|Net|
|movement|At|
|At|1.1.20|in|funds|31.12.20|
|£|£|£|
|Unrestricted|funds|
|General|fund|490,029|(52,670)|437,359|
|Revaluation|reserve|25,866|-|25,866|
|515,895|(52,670)|463,225|
|Restricted|funds|
|Temenos Academy|Review|27,466|(10,994)|16,472|
|Foundation|Course|(2,788)|7,318|4,530|
|24,678|(3,676)|21,002|
|TOTAL FUNDS|540,573|(56,346)|484,227|
|Net movement|in|funds,|included|in the|above|are|as|follows:|
|Incoming|Resources|Gains|and|Movement|
|resources|expended|losses|in|funds|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|35,242|(79,545)|(8,367)|(52,670)|
|Restricted|funds|
|Temenos Academy|Review|916|(11,910)|-|(10,994)|
|Foundation|Course|18,518|(11,200)|-|7,318|
|19,434|(23,110)|-|(3,676)|
|TOTAL FUNDS|54,676|(102,655)|(8,367)|(56,346)|
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THE TEMENOS ACADEMY
NOTES TO THE FINANCIAL STATEMENTS- continued
for the Year Ended 31 December 2020
13. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net | Transfers | ||||
|---|---|---|---|---|---|
| movement | between | At | |||
| At 1.1.19 | in funds | funds | 31.12.19 | ||
| £ | £ | £ | £ | ||
| Unrestricted funds | |||||
| General fund | 512,494 | (26,088) | 3,623 | 490,029 | |
| Revaluation reserve | 25,866 | - | - | 25,866 | |
| 538,360 | (26,088) | 3,623 | 515,895 | ||
| Restricted funds | |||||
| Temenos Academy Review | 25,670 | 1,796 | - | 27,466 | |
| Miscellaneous Projects | 3,126 | - | (3,126) | - | |
| Lecture Sponsorships | 497 | - | (497) | - | |
| Foundation Course | 4,441 | (7,229) | - | (2,788) | |
| 33,734 | (5,433) | (3,623) | 24,678 | ||
| TOTALFUNDS | 572,094 | (31,521) | - | 540,573 | |
| Comparative net movement in funds, included in the above are as follows: | |||||
| Incoming | Resources | Gains and | Movement | ||
| resources | expended | losses | in funds | ||
| £ | £ | £ | £ | ||
| Unrestricted funds | |||||
| General fund | 62,557 | (120,105) | 31,460 | (26,088) | |
| Restricted funds | |||||
| TemenosAcademy Review | 10,517 | (8,721) | - | 1,796 | |
| Foundation Course | : | 4,012 | (11,241) | - | (7,229) |
| 14,529 | (19,962) | - | (5,433) | ||
| TOTALFUNDS | 77,086 | (140,067) | 31,460 | (31,521) |
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THE TEMENOS ACADEMY
NOTES TO THE FINANCIAL STATEMENTS- continued
for the Year Ended 31 December 2020
13. | MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
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|||||||
|---|---|---|---|---|---|
|Net|Transfers|
|movement|between|At|
|At|1.1.19|in|funds|funds|31.12.20|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|512,494|(78,758)|3,623|437,359|
|Revaluation|reserve|25,866|-|-|25,866|
|538,360|(78,758)|3,623|463,225|
|Restricted|funds|
|Temenos Academy|Review|25,670|(9,198)|-|16,472|
|Miscellaneous|Projects|3,126|-|(3,126)|-|
|Lecture|Sponsorships|497|-|(497)|-|
|Foundation|Course|4,441|89|-|4,530|
|33,734|(9,109)|(3,623)|21,002|
|TOTAL FUNDS|572,094|(87,867)|-|484,227|
----- End of picture text -----
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
----- Start of picture text -----
|||||||
|---|---|---|---|---|---|
|Incoming|Resources|Gains|and|Movement|
|resources|expended|losses|in|funds|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|97,799|(199,650)|23,093|(78,758)|
|Restricted|funds|
|Temenos Academy|Review|11,433|(20,631)|-|(9,198)|
|Foundation|Course|22,530|(22,441)|-|89|
|33,963|(43,072)|:|(9,109)|
|TOTAL|FUNDS|131,762|(242,722)|23,093|(87,867)|
----- End of picture text -----
Purposes of unrestricted funds
The General Fund covers the costs of the Academy's primary activities in the furtherance of its objects, namely lectures, publications and recordings. It also covers the Academy's management and administration costs.
Purposes of restricted funds
Temenos Academy Review
Contributions received towards the editorial and publication costs of the Temenos Academy Review journal.
Miscellaneous Projects
This represents the residual balances of restricted grants and donations on a number of projects.
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continued...
THE TEMENOS ACADEMY
NOTES TO THE FINANCIAL STATEMENTS- continued for the Year Ended 31 December 2020
13. MOVEMENT IN FUNDS - continued
Lecture Sponsorships
Contributions specifically donated towards the costs of Temenos lectures.
Foundation Course
Fees and costs specifically relating towards the foundation course operated by the Temenos Academy.
14. RELATED PARTY DISCLOSURES
During the year, a trustee was remunerated the sum of £3,175 in their role as Foundation Course Registrar.
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“aa
THE TEMENOS ACADEMY
DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 December 2020
| 31.12.20 | 31.12.19 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 10,627 | 40,117 |
| Foundation Courses | ||
| Foundation Courses | 18,518 | 4,012 |
| Investment income | ||
| Deposit account interest | 69 | 97 |
| Investment portfolio | 17,644 | 20,163 |
| 17,713 | 20,260 | |
| Charitable activities | ||
| Lectures and seminars | 4,696 | 11,274 |
| Book and pamphlet sales | 2,046 | 906 |
| TemenosAcademy Review sales | 1,076 | 517 |
| 7,818 | 12,697 | |
| Total incoming resources | 54,676 | 77,086 |
| EXPENDITURE | ||
| Raising donations and legacies | ||
| Fundraising | - | 495 |
| Website costs | 430 | 3,014 |
| Harmony Programme | - | 2,320 |
| 430 | 5,829 | |
| Other trading activities | ||
| Foundation Courses | 11,200 | 13,597 |
| Investment management costs | ||
| Portfolio management | 5,020 | 5,545 |
| Charitable activities | ||
| Purchases | - | 2,973 |
| Establishment | 2,515 | 11,431 |
| Office expenses | 4,345 | 10,623 |
| Publications. | 11,928 | 15,572 |
| Sponsorship | - | 2,000 |
| 18,788 | 42,599 |
This page does not form part of the statutory financial statements
Page 18
THE TEMENOS ACADEMY
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
for the Year Ended 31 December 2020
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|||||||
|---|---|---|---|---|---|
|31.12.20|31.12.19|
|£|£|
|Charitable|activities|
|Other|
|Travel|524|716|
|Insurance|142|972|
|Bank|charges|114|125|
|Office|expenses|123|411|
|Storage|Costs|2,678|2,678|
|Fixtures|and|fittings|-|1|
|3,581|4,903|
|Support|costs|
|Management|
|Professional|60,548|61,990|
|Governance|costs|
|Auditors'|remuneration|2,557|3,755|
|Accountancy|and|legal|fees|531|1,849|
|3,088|5,604|
|Total|resources|expended|102,655|140,067|
|Net expenditure|(47,979)|(62,981)|
----- End of picture text -----
This page does not form part of the statutory financial statements
Page 19