REGISTERED COMPANY NUMBER: 02994834 (England and Wale5) REGISTERED C71ARrrY NUMBER.. 1043015 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 FOR ITrIE TEMENOS ACADEMY
THE TEMENOS ACADEMY CONTEN75 OF THE FINANCIAL STATEMENTS for the Year Ended 31 December 2023 Page Report of the Trustees Independent Examiner's Report Statement of Financlal ArtNities Balance Sheet 9 to 10 Notes to the Financial Statements 11 to 17 Detailed Statement of Ftnancial Activities 18 to 19
THE TEMENOS ACADEMY REPORT OF THE TRUSTEES for the Year Ended 31 December 21J23 The trustees who are also dlrectors of the charity for the purposes of the Companies Act 21X)6, present their report wSth the financial statements of the tharfty for the year ended 31 Dernber 2023. The trustees have adopted the provislons of Accounting and Reporting by Charitie5: Statement of Recommended Practlce appllcabte to charities preparing their accounts in aecordance with the Financlal Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} {effective l January 2019). OBJEcnvES AND ACtIVTTIES Charltsble Objects The Dbjects of the charity are: To adnCe education by the provision of educational fadlities to the public in the general context of the hurnanities with emph35is on the study of philosophy and the arts in the context of the world'5 major religious and 5pirttual traditions. Artivlties The Attivities of the char-rty 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 WFth their duty to have due regard to the Chartties Commisslon's public benefit guidance, when exercssing any powers or dutles to which the guidance is relevant. The trustees confirm that during the year all donations received. all investment income reived. and some capital, were used to fund the charlty's prograrnme, described below. Durlng the period of 2023 the Temenos Academy organised 18 publlc lettures, includlng a serles on 'Love and the Ima8in?tion'. 36 seminar Study sesslons a Temenos Academy Young Scholars Study Dayi a Study Day at the iampeter Campus of the University of Wales Trinity Salnt David in association with the unlverslty's Hamony Programme the fifth John Mlchell Study Day, and continued teaching the Foundation Course in the Perennlal Phllosophy. The programme of lectures comprised 'Fi5hernian and Crofters: A Pattern and a Harmonv by Hllary Davies; 'Christopher Wood: Talent and Confllct, by Frances Spaldin& 'Reynolds Stone: Engraver, Lecturer and Painter, by Humphrey Stone." 'Art of Mandala. by Daniel Docherty; 'Craft Practlce as an Expression of the Perennlal Philosophy, by Dr David Cranswick. The Cosmos in Stone: 'On Earth as it is In Heaven, by Tom Bree", 'Kathleen Ralne: Archltert of Paradise, by Professor Claire Garnier-Tardieu; The Transforrning Power of Love in Islamlc Mystical Thought, by Jane Clark.. 'A SurprEsed Whole: Loving the Dust of the Universe. by Dr Tom theetham; 'Shake5peare and Astrology. by Priscilla Costello; 'The Llon and the Nightingale: A Defence of Romantlc Love, bv Dr Martin Shaw A Quest for Wlsdom how do we craft a philosophy for lrfe?I by David Lorimer,; 'Love as a Cosmological For, by Professor Ravi Ravindra. 'Orallty and Symbolism as Repositories of African Knowledge of the Self by Dr Elvis Imafidon: 'Every Thing That Lives 15 Holy: William Blake. Imaginatlon and the Love of the World, by Dr Valentin Gerlier. The Journey After Death, by Sandra Hlll,- 'Art and Enchantm¢nV by Dr Patrick Curry: 'Faces of the Infinite: Neoplatonism and Poety at the Confluence of Africa, Asia and Europe, by Professor Stefan Sperl. Four lecturer5 were invited from abroad: Ravi Ravindra (Canada). Priscilla Costello (Canada). Claire Garnler-Tardieu (Frnnce) and Tom Cheetham (USA). The Temenos Academy Young Scholars Day, for 18-35-ye3r-olds was on the theme of 'Attention and Ritual.. The Keynote speakers were Dr Elizabeth Powell and Dr Rupert Sheldrnke. The very su¢ce&5ful Study Day, In collaboration wilh the Harmony Programme of The University of Wales Trinity Saint David. was on the theme 'fime and ride: VoyaBin£ in Enchanted Land5cape5'. The talks were 'St. Columba and the Poetlc Imaglnation. by James Harpur, Twelve-Fold Harmony: Symbol and Place. by a)ri5tine Rhone. and as serie5 of storles under the title 'A Consolation of Star5, by Hu8h Lupton. The fsfth John Mlchell Study Day at the Art Workers Guild was an excellent event. We would Ilke ts¥ thank Chrlstine Rhone for her efforts in helping organe the day. The speakers were Tom Bree, Guy Hayward, Profe550r Ronald Hutton, Chrlstlne Rhone & Adam Tetlow. and Cheryl Straffon. The seminar courses th*ere Shakespeare's Juliu5 Caesar taught by Dr Joseph Mllne (30 seminars),. and Wi1Siam Blakes'5 Songs of InnnCe and Experien taught by Dr Susanne Sklar. Page 2
THE TEMENOS ACADEMY REPORT OF THE TRUSfEES for the Year Ended 31 December 2023 The year Saw the publication oflssue 26 of Temenos Academy Review, edlted by Professor John Careyi Jame5 Narpur and Dr Donlel Samuel. The Review 15 4 journal of Just under 300 pages. It contains articles, poems, book reviews, obituarles and colour illustrations. The Council wr5hes to acknowledge the 5UPPQrt of Professor Klm Samuel vtho genÈrou51y finances the publication of the Review. In 2023, Temenos alsD published the first Temenos Academy Dissertation Dante, Love and the Divine Feminine. This was authored by Rob2rt Harris who completed the Study Year of the Foundation Course and whose dissertation constituted the inaugural IUe of the planned series. The Archive settton of the website was further enlarged by the addition of more audlo and vldeo recordings of the past lectures. The Temenos Academy runs the Temenos Academy Young Sthlars essay Scheme open to anyone aged 18-35. The 2023 Thetis Blacker Temen05 Batlk Scholarshlp, an award of £2.000 made everytwo year5 in assoclatlon with the Batik Guild, wa5 won by Umml Junld for her research irto batik-making uslng natural and waste materlals In Kelantsn. Malaysia. The trustees would also like to thank Mr Stephen Overy and Mrs Genevieve Overy for thelr administration of the Temenos Academy from tt5 foundation until June 2023 when they both retired. A party w35 held in June to mark the event. PATRONAGE On the death of Her Majesty The Queen and the accession of His Majesty King Charles 111 to the throne. the former prin of Wales ceased to be Patron of the Temen05 Academy. The charty has been Informed that st will be contacted On the Royal Household has Conducted a review of Royal Patronage. HNANCIAL REVIEW Prfncipal funding sources During the year the charity'5 principal funding Lame from its investment wrtfolio. general donations memberships donations for specific projects, and frorn fees for courses. lertures, and seminar5. The investment porrfolio was established after the bequest from Thetis Blacker In 2008 and has been managed by RBC Brewin Dolphin. After suffering financial losses in 2022 and the first half of 2023 the decision was made by the Council to withdraw our investments with 8rewin Dolphin. In October 2023 we wrthdrew our investments with Brewln Dolphin and transferred the moneyto our regu5ar bank accounL In September 2023 we launched a fundraising appeal. Thi5 conslsted of 3 fundraising appeal newsletter to the IOOC members of our newsletter mailing list, a letter to all Fellows of the Temenos Acaderny, and a public appeal to an audience gathered for a celebration of the ten-year anniversary of the running of the Foundatlon Course. The trustees are extremely grateful for the financial 5UPPOrt the Temenos Academy recelves from prOfeOr Kim Samuel, and from all other donors," from Sir Alan Parker for allowing the free use of rooms at The Llncoln Centre at Brunswick Group• from those who have klndly hosted vlsiting speakers: and from those who have voluntarlly gtven theirtirne and every to the work of the charity. Page 3
THE TEMENOS ACADEMY REPORT OF THE TRusfEES forthe Year Ended 31 December 2023 RNANaAL REVIEW RISK MANAGEMENT sfATEMEKr The activltles of the charlty are not complex: they are educatlonal, limEted to courses of Studyi lecture and semlnar mÉetin£s. publications and a website, and the award of the Theti5 Blacker Batik Scholarship. The trustees are aware that the prtntipal rlsk to the Temenos Academy is finantlal - l.e. the need to secure enough fundlng for its programrne and adminlstratlon. The maln sources of fundln8 have been from the portfollo of Investments managed by Brewln Dolphin, membership. donation5, and fees for courses lecture5 and seminars. The investment portFolio Nvas managed by Brewin Dolphin on a discretlonary basis and according to their Risk Category 3. whlch Is likely to have low market volatllity and reduced rlsk of capital eroslon. The artivities of the tharlty are limited by an annual bud8et approved by the trustees. The trustee5 review the financial position every quarter as reported in the management accounts and at trustee meetlngs. The chief priorftles are: i. to ensure fijndlng of the programme and adminlstration of the charity, by monltoring the management of the portfolio, and ende3vourin8 tts rnaintaTn and build upon its existing donor base ii. Increasing publlc awarene55 of Its work and Involvlng new members 111. renewlng and increasing Èndovrnent to secure the long-term future of the charity The trustees are also aware of thÈ other potential risks and of regulatory requirements, monitor thern at meetings and have them constsndy in mind. The charity ha5 a dear and efficient operating strutrture. The composttion of the Council and the rest of the organisation is diverse in terms of gender, ethnicity, and soclal background. The charlty has written pollcSes coverlng key areas of risk including PrNacy and Safeguardin& it has controls over the use of bank accounts and the payment of fee5 and expenses" It conducts an annual review of financial contrvts. It has a detsiled, regularfy updated Operatlng Manual that describes all admlnlstratlve ProdureS so that these are known In the event of a change In key personnel. FufuRE PLANS The trustees look forward to continuing with a full pro8ramme of lectures. semlnars and study days• to fiirther collaboratlons with other organisations. and to maximizing the public benefrt of the chartty. srRUCIURE. GOVERNANCE AND MANAGEMEKr Governing documert The charlty Is controlled by its governing document, a Memordndum & Artides of Assoclation, arbd constitutes a limited companyi limited by guarantee, as defined by the Companies Art 2006. Remiitinent and appolnknent ol new trustee5 The trustees may resolve ta appolnt new trustees. Page 4
THE TEMENOS ACADEMY REPORT OF THE TRUSfEES forthe Year Ended 31 December 2023 STRUCTURE, GOVERNANCE AND MANAGEMEKr Organtsational strurture The Council controls the charity. Day-to-day administration is in the hands of the adminlstrators, one of whom attends meetings of the Council. The trustees meet pursuant to the Artides, with one meeting being the Annual General Meeting. The Chair lia1 with the admlnistrators to oversee the day-to-day running of the charity. The charlty is an educatlonal chaiity. and the planning of its programme of lectures, seminars and related The council controls the charity. Day-to-day admlnlstration is in the hands of the admlnlstrator who attends meetlngs of the Councll. The trustees meet pursuant to the Articles, with one meetlng belng the Annual General Meetlng. The Chalr liaises with the administrator to oversee the day-to-day runnlng of the charity. The charity Is an educational charlty. and the planning of its programme of lectures, seminars and related publications Is c<Fordinated by It5 Academic Board, a sub-committee of the Council. The Academic Board comprises fwe trustees and four academic5 one of whom Is also the administrator. The members of the Academic Board who senied during the year are: As trustees: Professorjohn Carey Ms. Emma Clark Mrs. Julia Cleave M& Hilary Davies Professor Grevel Llndop (Chalr of the Ardd¢mic Board) Other member5: DrJ05eph Milne Drjeremy Naydler Drvalentin Gerlier Dr Daniel Samuel (who Is also the administrator) The chair of the Academic Board (who must be a trustee) glves a report of the programme at meetings of the Council. Five trustee5 are also members of the Academic Board. whlch further strengthens reporting links between the two bodie5. The Academlc Board May call on the Fellows for advice or help in planntng the pro8ramme. The Fellows are 33 academlcs. artlst5, etc. from around the world, with a broad range of knowledge and experffien who may contrlbute to the charity's work The position of Fellow 15 honorary. New Fellows are proposed by the Academic Board and conflrmed by the Council. Trustees, members of the Academlc Board, and Fellows may be invited to teach in the charity'5 programme. Like other teachers they will be offered an honorarium. travel expenses, sUbsIsten and rf appropriate, accommodation. publication5 is Cordinated by its Academic Board, a sub-mmmlttee of the Council. The kndemTC Boord compri5e5 Inductlon and trnlnlng of new trnstees A new trustee will be briefed on their legal and other obl@atlons prlor to being appointed and reminded of their obllgatlons at the firsttrustee meeting they attend. Page S
THE TEMENOS ACADEMY REPORT OF THE TRUSTEES luf the Yehr Ended 31 December 2023 8ÉQÉRENCE AND ADMINlStKATIVf DETA115 Reslstettd Comp¥ny Number 02994834 IEn8laftd Wales) Re8lsl•red Chaflty Number 1093015 ftt¢istered Office The Brunswicl GTOIJP 16 Llncolrn's Inn Fitld5 London WC2A 3EO Tn•s¢es Pfole55o1 John Carey •A% Emrn3 Clèrk Mr& JvlFa Cleave ProlssL)r Gr(yel Lindop Sir Alan Parker Mr. Vinod B. Tailor. OL M8E Profèssor Kim Samuel Mr. lan Skelly Independent Emamln Xeinadin Souih East Ltd 19 North Street Ashfoid Keni TN24 SLF 8ankeis The Co-Qporaiive Bank 151-155 Lewisham High Street Lonoon SE13 6AA Uoyds gank pl P O aox ICI)O BXI ILT Approved rde I the board of trvsteÉS on and Signed on its behalf by. sleè Page 6
INDEPENDENT EXAMINER'S REPORTTO THE TRUSTEES OF THE TEMENOS ACADEMY Independent examlner's report to the trustees of The Temenos Academy I'the Company'l I report to the charity trustees on my examination of the account5 of the Company for the year ended 31 December 2023. Responslbllltles and basis of report As the charity'5 tru5tee5 of the Company (and also its director5 for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companie5 Act 20061'the 2006 Act'l. Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Art and are eligible for independent examination, I report in respect of my examination of your charity's account5 a5 carried out under Section 145 of the Charities Act 2011 I'the 2011 Act'l. In carryinB Out my examination I have followed the Directions given by the Charity Commission under Section 145{51 Ibl of the 2011 Act. Independent examiner's statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: attounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or the accounts do not accord with those records; or the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give 3 true and fair view which 15 not a matter consideied 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 preparine their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)). 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 ofthe accounts to be reached. Rosanna Turner ACA DChA The Institute of Chartered Accountants in England and Wale5 Calcutt Matthews WBZ Ltd 19 North Street Ashford Kent TN24 8LF Date., Page 7
THE TEMENOS ACADEMY srATEMENT OF FINANCIALAcfiviTIES forthe Year Ended 31 December 2023 31.12.23 Totsl funds 31.12.22 Totsl funds Unrestrlcted funds Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacles 45,893 35,025 80,918 11,643 Charitable actmtles 1ctureS Books and Pamplets Temenos Academy Revfew Foundation Courses Investment income 8,839 1,218 794 8.839 1.757 829 4.994 11,204 5.751 964 1,136 10.475 12.752 539 35 4,994 11,204 Total 67,948 40.593 108541 42,721 EXPENDITURE ON RaisinB funds 5,186 12,119 17,305 22,554 charitable artlvltles Lectures Book5 and Pamphlets Temenos Academy Review Other 90,497 90A97 1538 16266 90,940 232 21229 5.288 538 16.266 Total 105.027 28,923 133,950 140243 Net gainslOos5es) on investments (19.355) 119,3551 153,892) NEf INCOME/(EXPENDITURE) Transfers between fund5 (56,434) 16,039) 11,670 6,039 144,764) {151,414) 13 Net movement In funds (62,473) 17.709 (44,764) (151.414) RECONaLIATION OF FUNDS Totsl funds brought fonard 321,340 1297) 321,043 472,457 TOTAL FUNDS CARRIED FORWARD 258,867 17,412 276,279 321.043 The notes form part of these financial ststements Pa8e 8
THE TEMENOS ACADEMY BAtANCE SHEET 31 D2rnber 2023 31.1223 Total funds 31.12.22 Totsl fvnds Unre5trict¢d funds Restricted funds Notes CURRENT ASSErs Investments Prepayments and accrued income Cash at bankand in hand io 298,186 322 37,873 267 262,505 75 36,546 342 299,051 262,772 36,621 299,393 336,381 CREDITORS Amountsfalllng due within oneyear li {3,905) 13,905) 112,5381 NEf CURREKf A55Ers 258,867 36,621 295,488 323W3 TOTAL ASSET5 LESS CUIIREKf UABILMES 258,867 36,621 295.488 323,843 ACCRUALS AND DEFERRED INCOME 12 (19,2091 {19,2091 (2,800) NET ASSETS 258A67 17.412 276,279 321,043 FUNDS Unrestricted funds Restricted funds 258,867 17,412 321,340 {297) TOTAL FUNDS 276,279 321,043 The charltable company Is entitled to exemption from audit under Section 477 of the Companles Act 2006 for the year ended 31 Dember 2023. The member5 have not required the company to obtain an audit of its finanual ststements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2(Kl6. The trustees acknowledge their responsibilities for {a) ensuring that the charltable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2CNJ6 and preparing finanLial statements whFch give a true and fair view of the state of affalrs of the charltable company as at the end of each financial year and of its surplus or deficit for each flnanaal year in am)Tdance with the requirements of Section5 394 and 395 and whlch otheTwise comply with the requirements of the Companies Act 2006 relating to financial Statements, so far as applicable to the charitsble company. {b) The notes form part of these financial statements Page 9 continued...
THE TEM£NOS ACADEMY BALANCE SHEET- continued 310Ecerftber 2023 Thcse financial statemertts have beet) Pfepared in accordance with iho provisions appllcable to charitable companies subjecl to Ihe smoll cornpanios reiime. 51dl me715 wore Bpproved by the Board of fiuszees and ivihoLise¢l Ior issue cn nd weio SiRned on it5 b¢hdlf by., N4t I Skell IUs1 The notes form part ol ihese Einanci31 $teMentS Page 10
THETEMENOS ACADEMY NOTES TO THE FINANCIAL sfATEMENTS for the Year ErKled 31 DecÈmber 2023 ACCOUNTING POUCIES Basls of preparing the financial statement5 The financial statements Df the charitable company, which b a public benefit entity under FRS 102. have been prepared in accordance with the Charlties SORP IFRS 1021 'Accounting and Reporting by Charitie5: Ststement of Recommended Practice applicable to tharitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic Df Ireland IFRS 102) {effettive l January 2019)., Financial fieporting Standard 102 'The Financial Reporting Standard applicable In the UK and Republic of Ireland, and the Companies Art 2006. The financial statements have been prepared under the historical cost convention. Intome All Income is recogn15ed In the Statement of Financial Activities On the charity has entitlement to the funds, it is probable that the Income will be received and the amount ran be measured reliably. ExpendIre Liabilitie5 are recognised as expenditure as soon as there is a le1 or constructive obligation committing the charity to that expenditure it is probable that a transFer of econotyiic benefits will be requiTed in settlement and the amount Df the obligation can be measured reliably. Expenditure is accounted for on an accruals basls and has been cla55tfied under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headTng5 they have been allocated to activities on a basis consistent with the use of resources. Allo&ition and apportlonment of costs Support costs are allocated pro rata to the percentsge of wst Of the artivity. Tangible fixed assets Depreaation Is provided at the following annual rates in order to write off each asset over Its esttmated useful life. Fixtures and frttings 25% on cost Taxatlon The chaTity Is exempt from corporation tax on Its charitable actmtles. Fund aetounting Unrestrirted fund5 can be used In accordance with the charitable objertive5 at the discretion of the trustees. Restricted funds can only be used for partlcular restricted purposes within the objerts of the charlty. Restrictlons arise when speclfied by the donor or when funds are raised for partleular restricted purposes. Further explanation of the nature and purpose of each fund 15 included in the notes to the financial Statements. Investments The investment portfollo Is managed by external fund managers. Gains and losse5 ¥ri5ing durrnB the year from acquisitions and dlsposals 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. Unreallsed 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 Flnanclal Attivities as Other Recogni5ed Fains and Losses. Page 11 continued...
THE TEMENOS ACADEMY NOTES TO THE FINANCIAL¥fATEMENTS- continued for the Year Ended 31 December 2023 DONATIONS ANCI LEGACIES 31.12.23 31.12.22 DDnation5 80,918 11,643 FOUNDATION COURSES 31.12.23 31.12.22 Foundation Cour5e5 4,994 10,475 INVESTMENT INCOME 31.12.23 31.12.22 Deposit account interest Investment portfollo 176 11,028 24 12,728 11.204 12,752 RAISING FUNDS 31.12.21 31.12.2020 Portfollo Management Fundralser Other 4,654 5.020 15.016 IIA80 suppoKr COSTS Management 2023 2022 AdmintiVe Ser4ice5 Lecturer Fees/Expenses/Accommodation Seminar F/EXpenses/ACCOrnM0datIon Office Supplles and Photocopies 50,536 6,788 2,050 482 5L480 5,834 3,437 905 59,856 6L656 Page 12 contlnued...
THETEMENOS ACADEMY NOTES TO THE FINANCIAL STATEMENTS- contlnued for the Year Ended 31 December 2023 INCOMEI(EXPENDITURE) Net income/{expenditure) Is stated after chargingJ(crediting): 31.12.23 31.12.22 Auditors, remuneration 3,S62 2,898 TRUSTEES, REMUNERATION AND BENEFITS There were no tru5tees' remuneratlon or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022. Trustees. èxpense5 Expenses clalmed are for tTUStee travel to and from meetings of the Trustees and Academic Board. £925 {2021' £1,333) was paid in travel expenditure for the yearto 31 December 2023. TANGIBLE FIXED ASSETS Flxtures and fittin85 Cosr At l January 2023 and 31 December 2023 1,281 I>EPRECIATION At l January 2023 and 31 December 2023 1,281 NE[ BOOKVALUE At 31 December 2023 At31 December2022 io. CURREMf ASSEf INVESTMENTS Brewin Dolphin {the investment managers) manage the er0mnt fund in medium risk Investments and according to noThal investment practi. During the year, the trustees wlthdrew all funds and closed the portfolio. Movements on invostment portfolio Current Asset Investment At 01.01.23 Net capital added / withdrawn Capitsl appreciation I depreciation Income recelved At 31.12.23 298.186 (291,078) 118,1361 11,028 Page 13 contlnued...
THE TEMENOS ACADEMI NOTES TO THE FINANCIALSTATEMENTS- continued forthe Year Ended 31 December 2023 ii. CREDm)RS: AMOUMt5 FAWNG DUE WH1N ONE YEAR 31.1223 31.12.22 Trade creditors Acciued expenses 520 3,385 9,762 2,776 3,905 12,538 12. ACCRUAL5 AND DEFERRED INCOME 31.12.23 31.1222 Accruals and deferred Income 19,209 2,800 MOVEMEpif IN FUNDS Net movement in funds Transfers between funds At 31.12.23 At 1.1.23 Unrestrirted funds General fund Revaluation reserve 295,474 25.866 {56,434) (6.0391 233,001 25,866 321,340 156.434 16,039) 258,867 Restricted funds Temenos Academy Review Foundation Course 5,742 (6,0391 L8,760 17,090) 24.502 {7,090) 6,039 {297) 6,039 17,412 TOTAL FUND5 321,043 {44,764} 276.279 Net movement in funds included In the above are as follows.. Incoming resources Resources expended Gains and losses Movement in funds Unrestritted funds Generdl fund 67,948 {105,027l {19,355} (56,434) Restricted funds Temenos ArAdemy Review Foundation Course 35,564 5,029 116,8041 I2,1) 18,760 17,090) 40,593 128,923) TOTAL FUNDS 108,541 (133,9501 (19 355) (44,764) Page 14 contlnued...
THE TEMENOS ACADEMY NOTES TO THE FINANCIALSTATEMENTS- continued for the Year Ended 31 December 2023 13. MOVEME1 IN FUNDS- continued Comparati¥e5 for movement In funds Net movement in funds At 31,12.22 At 1.1.22 Unrestricted funds General fund Revaluatioh reserve 421,632 25.866 {126,158J 295,474 25,866 447,498 1126,158} 321340 Restrlcted funds Temenos Academy Review Foundation Course 26.714 {1,755) (20.9721 14,284) 5.742 16,039) 24,959 {25,256) {297} TOTAL FUNDS 472,457 151,4141 321,043 Comparative net rnovÈmÈnt in funds, Induded in the above are as follows: Incoming resources Resources expended Gains and 1055es Movement in funds Unre5trlcted funds General fund 31,757 1104,0231 153,8921 1126,158) Restricted fund5 Temenos Academy Review Foundation Course 121,461) 114,7591 120,9721 {4,2841 10,475 10,964 (36,220J (25,256) TOTAL FUNDS 42,721 1140,2431 (53,8921 (151,414) Page 15 continued...
THE TEMENOS ACADEMY NOTES TO THE FINANCIALSTATEMENTS- continued for the Year Ended 31 December 2023 13. MOVEMEMf IN FUN05- contlnued A current year 12 months and prior year 12 months combined position is as follow5: Net rnovernent in funds Transfers between fund5 At 31.12.23 At 1.1.22 Unr¢5trl¢ted funds General fund Revaluation reserve 421,632 2566 {182.S921 {6,039) 233,001 25.866 447,498 (182,592) (6,039} 258.867 Restricted funds Temenos Academy Revlew FoundatSon Course 26,714 11,7551 (2,2121 (11,374) 24.502 (7.090) 6,039 24959 13,586) 6,039 17,412 TOTAL FUNDS 472A57 {196,178} 276279 A current year 12 months and prior year 12 months comblned net movement in funds, included in the above are as follows: Incoming resources Resour5 expended Gains and losse5 Movement in fund5 Unrestricted fvnds General fund 99.705 {209,050) {73,2471 {182,5921 Restricted funds Ternenos Academy Review Fotsndation Course 36,053 15,504 {38,2651 26,878) (2.212) (IL374) SI57 (65,143) 113.586) TOTAL FUNDS 151,262 {274,193) 173,247) 1196,178) Purposes of unrestricted funds The General Fund covers the costs of the Academy's primary activtties In the furtherdn¢e of its obJects, namely lectures. publlcations and recordlngs. rt also covers the Academy's management and administr*ion costs. Purposes of restricted funds Temenos Academy Revlew Contrlbutions recelved towards the editorlal and publitatlon costs of the Temenos Academy Review joumal. Misollaneous Projects This represents the residual balances of restricted grants and donation5 on a number of projects. Page 16 continued...
THE TEMENOS ACADEMY NOTES TO THE FINANCSALSTATEMENTS- contlnued fprthe Year Ended 31 December 2023 MOVEMEMf IN FUNDS- contlnued Lecture Sponsoh1pS Contributions specifically donated towards the costs of Temenos lectures. Foundatlon Course Fees and costs 5pectfically relating towaTd5 the foundation course operated by the Temenos Academv. RELATED PAlttY DISCLOSURES During the year to 31 Dember 2023, Ms E Clark received £4,028 for her role as Foundation Course Registrar (2022; £4,012). Page 17
THE TEMENOS ACADEMY DETAILED SrATEmE OF FINANCIAL A1VITIEs fDrthe Year Ended 31 December 2023 31.12.23 31.12.22 INCOME AND ENDOWMENT5 Donatlons and legacies Donatlons 80,918 11,643 Foundation Courses Foundation Courses 4.994 10,475 Investment income Deposlt account interest In¥e5tment portfolio 176 11,028 12,728 11204 12.752 Chavitable attlvities Ledures and seminars Book and pamphlet sale5 Temenos Academy Review sales 8,839 1,877 709 5,751 1,384 716 11,425 7,851 Total incoming resources 108,541 42,721 EXPENDITURE Ralslns donatlons and legarles Website costs Harmony Programme 410 2,109 458 2,519 3,452 Other trndiT* activities Foundation Courses 12,119 14,759 Investment management costs Portfolio management 2,667 4,343 Charitable acti¥ities Estsblishment Office expenses Publication5 Sponsorship 12,511 11,643 16,804 2,000 11,605 11,415 21,461 42,958 44,481 This page does not form part of the statutory financial statements Page 18
THE TEMENOS ACADEMY DAlLED sfATEMENT OF FINANCIAL A1VlEs for the Year Ended 31 December 2023 31.12.23 31.12.22 Charltable artivlties Other Travel Insurance Bank charges Office expen5e5 Estsbllshment- rent 463 411 347 925 5,198 1,333 696 iii 470 2,678 5,288 Support costs Mana8ement Professtonal 60.505 63,075 Governance costs Auditor5, remuneration Sundrie5 Accountancy and legal fees 3,562 2,898 241 1.706 2,276 5,838 4.845 Total resources expended 133,950 140.243 Net expffiditure before 8ain5 and1055es 125,4091 (97,522) Realised recognlsed gains and losse5 Reali5ed 8ains/(1055es) on red asset Investrnents {19,355) Net expendlture 144,764) 197,522) This page does not form part of the statutory financial ststements Page 19