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← The Oxford Mindfulness Foundation

2024-03-31-accounts

Company No: 06144314 Registered Charity No: 1122517

The Oxford Mindfulness Foundation

(A Charitable Company Limited by Guarantee)

Annual Report and Financial Statements

For the Year Ended 31 March 2024

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The Oxford Mindfulness Foundation

CONTENTS
Reference and Administrative Information Page 2
Trustees Report Page 3–10
Financial Review Page 11 - 14
Auditor’s Report Page 15–18
Statement of Financial Activities Page 19
Balance Sheet Page 20
Statement of Cash Flows Page 21
Notes to the Financial Statements Page 22 - 28

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Oxford Mindfulness Foundation Annual Report 2023 – 2024

The Oxford Mindfulness Foundation

Reference and Administrative Information

Charity Name: The Oxford Mindfulness Foundation

Company Registration Number: 06144314 Charity Registration Number: 1122517

Registered Office: The Wheelhouse, Angel Court, 81 St Clements, Oxford, OX4 1AW

Trustees: Mr Peter Yiangou (Chair) Mr Dylan Schlosberg (Deputy Chair) Mr John Ford (Treasurer - appointed 07.09.23) Ms Matilde Elices Ms Makeda McKenzie (appointed 02.11.23) Mrs Leonie Schell-Beelitz (appointed 02.11.23) Mrs Yvonne Keairns (appointed 22.02.24) Mr Stephen Herrmann (appointed 22.02.24)

Mr Chris Tamdjidi (resigned 02.11.23) Ms Margo Miller (resigned 02.11.23) Mr Chris Ruane (resigned 22.02.24)

Company Secretary: Ms Sharon Grace Hadley

Key Leadership Personnel:

Chief Executive Officer: Ms Sharon Grace Hadley Development Director – Curricula and Trainers: Mrs Alison Yiangou

Co-Director – Teaching and Training: Ms Claire Kelly Co-Director – Teaching and Training: Ms Marion Furr Chief Operations Officer: Mrs Alison Burton

Auditors: Hazlewoods LLP, Staverton Court, Staverton, Cheltenham, GL51 0UX

Bankers: Royal Bank of Scotland, 32 St Giles, Oxford OX1 3ND

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Oxford Mindfulness Foundation Annual Report 2023 – 2024

The Oxford Mindfulness Foundation

Trustees Report

The Trustees present their report together with the financial statements for the year ended 31 March 2024.

Structure, Governance and Management

The organisation is a charitable company limited by guarantee, incorporated on 7 March 2007 as The Oxford Mindfulness Centre (OMC) and registered as a Charity on 30 January 2008. The name of the organisation was changed to The Oxford Mindfulness Foundation on 17 November 2011.

The company was established under a Memorandum of Association which details the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up directors are required to contribute an amount not exceeding £1.

The charity was founded on a vision of a world without the damaging effects of depression. The vision has expanded (with Articles of Association updated) to include research-based education to the wider population on the potential benefits of mindfulness and the impact of mindful behaviour, via teaching, events and public engagement.

This vision is enabled by a series of collaborations with other organisations, responding to field needs and partnering to increase accessibility and broaden cultural awareness. There is a long-standing collaboration between Oxford Mindfulness Foundation and the University of Oxford which has three main aims; jointly developed curricula; research into mindfulness; and communicating the work of both organisations. A key part of Oxford Mindfulness Foundation ’ s vision is to translate research and programmes from the University of Oxford into impact on a global scale.

Recruitment and Appointment of Trustees

The directors of the Company are also Charity Trustees for the purposes of Charity law and under the C ompany’s Articles are known as Trustees. Each Trustee normally serves a four-year term and may stand for re-election. This term may be further extended when circumstances require for the retention of key skills deemed necessary for the well-being of the charity. Trustees are recruited for their ability to contribute to the achievement of the Charity’s objectives and contribute to scopes of work relevant to their area of expertise.

Trustee Induction and Training

Vacancies for trustees may be advertised on the Oxford Mindfulness Foundation’s website and other communications platforms as deemed appropriate. Alternatively, the board may invite an existing advisor with a skillset deemed necessary at board level to apply to be a trustee. Prospective candidates apply to the Charity through a formal application process and are assessed against set criteria. Suitable applicants are then invited to an interview, usually conducted with at least one Trustee and Oxford Mindfulness Foundation ’s Chief Executive Officer, the wider board of trustees are updated after interview and if successful, the applicant is formally invited to join the board of Trustees by the Chair of the Board.

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Oxford Mindfulness Foundation Annual Report 2023 – 2024

All new trustees are offered a formal induction process and required to complete a Trustee Declaration of Eligibility. On appointment, and annually thereafter, trustees are provided a copy of the Charity Commission booklet, “ The Essential Trustee: What you need to know and are required to complete ”, Trustee Code of Conduct, Anti-Money Laundering and Conflict-of-Interest forms.

Organisational Structure

The Board of Trustees is currently comprised of eight members with a variety of backgrounds relevant to the work of the Charity, there are three online meetings and one in-person meeting (combined with the AGM) each year. In addition, there are three advisory groups which advise and guide specific projects within the charity’s remit and provide feedback at board meetings : Business and Finance; Fundraising and Grant Capture and Communications.

The Oxford Mindfulness Foundation charity details its vision and work packages within its Mission Statement, the work currently focuses on the implementation and global dissemination of researchbased mindfulness. Courses offered directly from the Charity are based specifically on MindfulnessBased Cognitive Therapy (MBCT) with the majority of courses offered developed in collaboration with University of Oxford. The Oxford Mindfulness Foundation ’s vision also includes the ambition to increase accessibility to mindfulness across the broad spectrum of society with ongoing development and educational activities linked to mindfulness and improving mental health.

The Oxford Mindfulness Foundation is committed to raise funds and secure grants for the objectives of the Charity as agreed by the Trustees. The Chief Executive Officer (CEO) offers strategic leadership and works with a Chief Operating Officer (COO) who holds day-to-day responsibility for its operations. The CEO works closely with the Chair and the wider group of Trustees, the Oxford Mindfulness Foundation’s Leadership Team and other key stakeholders to deliver the Mission Statement.

The Oxford Mindfulness Foundation Board of Trustees acts as guardian of the mission and are responsible for providing the infrastructure and support for the Oxford Mindfulness Foundation. This includes:

Objectives and Activities

The 2024 – 2027 Oxford Mindfulness Foundation’s Mission Statement articulates a vision to maximise the reach and impact of the core work, recognising that MBCT and related mindfulness programmes have the potential to improve population-wide mental health, well-being and flourishing. Oxford Mindfulness Foundation works with a range of sectors to reach the wider human society both in the UK and internationally. Online programmes offer mindfulness to communities previously unable to engage with Oxford Mindfulness Foundation, increasing impact and diversity, removing geographical restrictions which were once a barrier. Collaborative working provides opportunities to accommodate diverse cultural sensitivities, supporting learning to enable informed programme adaptations and increase the accessibility and relatability of the work.

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Oxford Mindfulness Foundation Annual Report 2023 – 2024

Oxford Mindfulness Foundation Mission

Introduce research-based mindfulness to all areas of society, impacting positively on our personal and collective well-being.

Our values and ethos

To express mindful care and attention in all we do, towards others as much as to ourselves, modelling the change we would like to see.

We are committed to making Mindfulness and Mindfulness-Based Cognitive Therapy (MBCT) inclusive and accessible to everyone.

To increase ease of access, globally, by building collaborations, partnerships and networks

Summary of the objectives of the Charity

The Oxford Mindfulness Foundation webpage provides up to date information about the impact work: http://oxfordmindfulness.org. The Mission Statement articulates future objectives and activities in greater detail.

The Articles of Association of Oxford Mindfulness Foundation have been updated (amended by special resolution registered at Companies House on 15[th] August 2024) to reflect a broadening of services. The objectives are listed as:

Summary of the main activities undertaken for the public benefit

Oxford Mindfulness Foundation continues to offer the majority of its activities online with some collaboration activities in person (typically outside the UK). Hybrid (joint online and in-person) events in the UK were trialled this year but insufficient bookings meant they were not financially viable. There is a growing interest around in-person events, however the demand for online events continues to dominate activity.

Information sessions – General public info sessions for those interested in introductory level courses 406 registrations were accepted into 13 free 1-hour information sessions for those interested to find out – more about mindfulness. (2022 2023 - 157 registrations were accepted for 12 sessions).

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Oxford Mindfulness Foundation Annual Report 2023 – 2024

Practice sessions – General public practice sessions

3301 registrations were received for weekday practice sessions which were offered twice a day @ 13:00 and 19:00 – 374 sessions freely open to all. (2022 – 2023 - 5227 registrations were received over 347 sessions).

10 Introducing Mindfulness courses were offered to 166 attendees, introducing MBCT via this short highly accessible course. (2022 – 2023 – 8 courses, 153 attendees).

Mindfulness for Life 8-week course for the general public:

– 43 Mindfulness for Life courses were delivered with 548 attendees. (2022 2023 - 50 courses, 613 attendees).

MBCT 8-week course for the clinical population:

As part of a new collaboration with the NHS (in the UK), we supported 2 MBCT 8-week courses for the Talking Therapies Service for patients with recurring depression.

5 of the ‘follow - on’ Taking it Further 8 -week courses were offered to 50 attendees (2022 – 2023 – 7 courses, 53 attendees).

16 of the Deeper Mindfulness (formerly Frame by Frame) 8-week courses were offered to 228 attendees (2022 – 2023 – 15 courses, 150 attendees).

Personal Retreats – Retreats for those interested in developing their personal practice

12 retreat days (outside of the 12-month training programme) were offered for practitioners and teachers who were looking to develop their own personal practice, 140 people attended (2022 – 2023 – 1 retreat – 11 attendees).

– Training Information sessions General public info sessions for those interested in training to teach 462 registrations were accepted into 21 free 1-hour information sessions for those interested in training to teach mindfulness (2022 – 2023 – 24 sessions, 594 registrations accepted).

12- month MBCT teacher training

With 3 cohorts, 67 individuals commenced their teacher training in this financial year, excluding trainees – via international collaboration models (2022 2023 - 5 cohorts, 118 attendees).

– Branch Training Mindfulness to Finding Peace in a Frantic World

Branch Training (where trained teachers ‘branch out’ to another curriculum) was offered to mindfulness teachers to train in the Finding Peace in a Frantic World programme. 1 training was delivered with 14 – attendees (2022 2023 - 1 training course, 24 attendees).

Branch Training – MBCT to Mindfulness for Life

Branch Training was offered to MBCT teachers to train in the Mindfulness for Life programme. 1 training – was delivered with 18 attendees (2022 2023 - 3 training courses, 43 attendees).

– Branch Training Mindfulness to Introducing Mindfulness

Branch Training was offered to mindfulness teachers to train in the Introducing Mindfulness programme. 3 trainings were delivered with 35 attendees (2022 – 2023 – not offered in previous years).

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Oxford Mindfulness Foundation Annual Report 2023 – 2024

Workshops and guest events

29 CPD events supporting 1493 attendees to engage with leading mindfulness trainers, teachers and – researchers were delivered with a range of topics (2022 2023 - 18 CPD events, 346 attendees).

Teaching in the Workplace

1 programme was offered to 15 trained teachers to develop their skills and competencies to offer mindfulness into the workplace (2022 – 2023 – 1 programme, 22 attendees).

Annual Gatherings

1 Annual Gathering was offered in the UK with 86 attendees who joined the 3-day event to connect, learn from field leaders and feedback to Oxford Mindfulness Foundation on their support needs for the next 12-months.

Competency Assessment

Oxford Mindfulness Foundation provides the competency assessment element of the NHS Talking – Therapies Mindfulness programme. In 2023 2024 Oxford Mindfulness Foundation processed 43 new applications plus an additional 6 applications for Competency Assessment from the general public (2022 – 2023 – 53 applications processed).

Trained Teacher Certificate

74 applications were processed from previously trained Oxford Mindfulness Foundation teachers to formally recognise their training and skills with a Trained Teacher Certificate (2022 – 2023 – 35 applications processed).

Teacher training collaborations

Oxford Mindfulness Foundation supported and collaborated with organisations such as universities and hospitals in 20 different countries in this financial year with the vision to introduce and teach mindfulness across all areas of society (2022 – 2023 – 19 countries).

Master of Studies

The University of Oxford offer a Master of Studies in MBCT. Oxford Mindfulness Foundation supports the University of Oxford Master of Studies with organisational and logistical processing for a smooth delivery and integration with the wider MBCT field work.

Summary of the performance and achievements

Personal Learning

During the year, Oxford Mindfulness Foundation experienced a continued growth in public engagement, with an 88% increase in the number of people joining formal information sessions for personal learning courses. However, this increase in interest did not translate into bookings on courses. A more recently introduced course (Deeper Mindfulness) inflated the figures with an initial spike in demand, skewing the trends. With the new course removed overall bookings on courses linked to these information sessions decreased by 6.9% compared to last financial year. With the new course included, the overall bookings increased by just 2.3% this financial year.

Whilst the daily attendance numbers remain stable (approx. 100 each session), the number of people registering for the free daily meditation sessions fell by 45.2% this year.

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Oxford Mindfulness Foundation Annual Report 2023 – 2024

Training to Teach

In contrast to the personal learning areas, the number of registrants for information sessions to train to teach fell by 25% this year which was reflected in a 55.1% drop in bookings onto the core teacher training programme. Branch training levels remained the same as the previous year. Engagement in workshops increased by 124.7% indicating a growth in ongoing CPD for trained teachers.

In reviewing the figures above, Oxford Mindfulness Foundation concludes that although interest from those new to mindfulness continues to grow, there are factors influencing decisions to engage in courses, and potentially barriers to access. The interest in training to teach the flagship 12-month teacher training programme (via direct engagement with Oxford Mindfulness Foundation) is declining. However, engagement from trained teachers seeking to advance their skills is increasing.

Despite having removed geographical barriers with online training, Oxford Mindfulness Foundation concludes that numbers remain variable due to a variety of factors:

Mindfulness in its many forms has been widely reported in multiple international media, especially in the last 15 years. Although this has helped to raise awareness it has also highlighted areas of harm in less regulated area and potentially inhibited engagement.

Collaborations

Oxford Mindfulness Foundation continues to collaborate with and support organisations in 19 countries outside the UK to increase awareness and access to mindfulness. In this financial year new connections were fostered with teams in Hong Kong and Japan which broadened access to populations in the hospitality and leadership sectors. In the USA a new collaboration was formed to increase access to Oxford Mindfulness Foundation ’ s teacher training programmes. In Korea support was offered to clinicians in a hospital where mindfulness had been researched and proven to support insomnia and in Beijing a mental health hospital has collaborated with Oxford Mindfulness Foundation and is now providing Oxford Mindfulness Foundation teacher training programmes to clinicians in China.

Oxford Mindfulness Foundation in-person Annual Gathering Days were held in Beijing and Hong Kong as part of a vision to bring mindfulness to parts of the world where there is increasing engagement from online communities.

Support has been offered to establish associations in Japan, Korea and Latin America which will help their communities develop and communicate standards for those working in the mindfulness field, this work directly contributes to a key objective in the Oxford Mindfulness Foundation Mission Statement to make courses accessible to all, being sensitive to cultural, geographical and financial differences.

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Oxford Mindfulness Foundation Annual Report 2023 – 2024

In collaboration with the University of Oxford Department of Experimental Psychology, Oxford Mindfulness Foundation is supporting a PhD project to review the mechanisms of the Mindfulness for Life course. The first objective is to assess the impact of mindfulness training on emotion regulation and prosocial behaviours. The second objective is to investigate the relation between changes in emotion states and prosocial behaviours.

In collaboration with colleagues at the University of Wisconsin, USA, Oxford Mindfulness Foundation is reviewing a Mindful Climate Action course with the intention of offering this as a new course in the future as an eco-wellness behavioural health programme. This course aims to educate on the co-benefits of personal health and ecological sustainability.

Future

Addressing the factors which may be reducing engagement, Oxford Mindfulness Foundation has reviewed current offerings, paying particular attention to market trends and the requests for engagement. As the methods of engagement change in a maturing field, Oxford Mindfulness Foundation aims to be agile whilst remaining true to its objectives. The next phase of work addresses the changing field to ensure the Charity remains a field leader and continues to increase impact in the field of improved mental health via mindfulness:

During this financial year, Oxford Mindfulness Foundation has developed a new collaboration with a non-profit organisation in the USA which has sponsored the build of a new app. The Oxford Mindfulness app will be launched in the Autum of 2024 and provide a range of functions:

As part of the collaboration with the University of Oxford, Oxford Mindfulness Foundation continues to support the Ritblat Professor of Mindfulness and Psychological Science who is publishing a trilogy of books which will provide easier access to mindfulness and communicate its potential to improve everyday lives.

Match funding has been secured from a donor for a new Oxford Mindfulness Foundation website and branding which will increase internet presence and improve user experience when accessing the Oxford Mindfulness Foundation website. The new website will include new branding, logo, colours and review of content on the site. The website will be launched in Autum of 2024.

A new Trustee was appointed this financial year with specific skills in fundraising. The Fundraising and Grant Capture Group is active and meeting bi-weekly to identify and apply for funding which would support access via financial support.

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Oxford Mindfulness Foundation Annual Report 2023 – 2024

• Mindfulness fatigue

A new Trustee was appointed this financial year with specific skills in communications. The communications strategy is being updated with support from the new Trustee and the Communications group. There is a programme of work under way to review communications, how mindfulness is communicated to the general public - with a vision for Oxford Mindfulness Foundation to be a trusted source of information for members of the public who are confused or curious about mindfulness but find themselves overwhelmed by information in the public domain.

More trained teachers are looking to Oxford Mindfulness Foundation for engagement, an area of work which will be increased in future. A new members programme will be introduced early in 2025, with inperson Annual Gatherings scheduled for UK, Hong Kong, Taiwan, Beijing and Singapore to build communities and connections to Oxford Mindfulness Foundation. New geographical areas and new populations will be approached to collaborate with the app and the website enhancing the offerings available from Oxford Mindfulness Foundation.

The Oxford Mindfulness Foundation’s 2024 - 2027 Mission Statement remains focused on:

1. Training mindfulness teachers

Directly with the public, and through international collaborations, Oxford Mindfulness Foundation will offer a range of comprehensive mindfulness teacher training programmes. Flexible training options increase the ability to engage with many sectors, offering support and context-specific training for those who have already trained to teach mindfulness.

2. Providing the opportunity to experience and learn mindfulness

Through free sessions, podcasts, courses and other resources, Oxford Mindfulness Foundation will support beginners as well as those with experience to learn and develop their understanding of mindfulness and how mindful behaviours can be supportive and incorporated into daily life. This will also be offered both directly and through international partnerships, working to make mindfulness accessible to all, being sensitive to cultural, geographical and financial differences.

3. World class innovation and programme design

Oxford Mindfulness Foundation will collaborate with world leading experts to support new knowledge and research, asking important questions about how programmes are delivered, measuring effectiveness and how best to implement programmes in different environments.

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Oxford Mindfulness Foundation Annual Report 2023 – 2024

Financial Review

Statement of Financial Affairs

The reserves of the Charity at 31 March 2024 stand at £343,121 (2023 - £397,083). Of this, £341,868 (2023 - £395,830) is unrestricted reserves. This represents four to five months of unrestricted expenditure budgeted for the year to 31[st] March 2025. This level of reserves is within the Trustees’ policy on reserves as detailed below.

Reviewing the finances and the risks associated with income stream, trustees continue to recognise the majority of the income is attributed to courses and training activities which they offer directly or via collaborative arrangements as part of the charitable work. As the demand for this work has become less predictable as the field develops, Oxford Mindfulness Foundation has adopted ways of working with agile teams and closely monitors demand to enable appropriate business responses. Trends remain difficult to predict with levels of both decline and growth in different sectors expected in the next few years. The focus is on adapting offerings and developing the growth areas.

Growth is expected with the introduction of an expanded communications team, their expert vision and the new Oxford Mindfulness app which opens the door to collaboration with individuals and businesses on a much wider scale. Inevitably when the app is launched and operations diversify, there will be some uncertainty in the 2024 - 2025 financial year. Beyond the initial phase of uncertainty, a steady increase in income is expected as the new activities are introduced and become known. Oxford Mindfulness Foundation has committed to utilize some of the reserves (if required) to manage this period of app and website launch.

Review of Financial Statements for the year to 31 March 2024

As the Statement of Financial Activities for the year ended 31 March 2024 shows, the deficit for this year was £53,962 (2023 - £14,683 surplus). A surplus had been predicted this year but not met due to the number of events being postponed or cancelled due to low numbers. This was followed by an urgent review of offerings and encouraged the introduction of new programmes, including the new app and website which have been enabled by securing outside financial support. The changing mindfulness landscape and global economy has been a confounding factor and challenged modelling for events and finances. As with previous years, Oxford Mindfulness Foundation operates a structure which can flex with demand, however fixed operational costs are slower to adjust when there is change.

Total revenue for the year ended 31 March 2024 was £948,609 (2023 - £1,152,722), a decrease from last year. Whilst not expected at the outset, this was monitored during year and activities adjusted to mitigate loss.

Donations of £25,066 (2023 - £35,403) are down from last year. Fundraising and grant capture work has been increased with the new Trustees in post, a new communications officer will also support initiatives to engage the field and encourage donations.

Income from charitable activities, courses, teaching and particularly teacher training decreased to £919,761 (2023 - £1,116,803). This reflects the changes in engagement noted throughout the year.

Costs have decreased to £1,002,571 (2023 - £1,138,039) during the year to 31 March 2024. Teachers are mainly self-employed and therefore a decrease in costs would be expected with a decrease in income,

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Oxford Mindfulness Foundation Annual Report 2023 – 2024

although not a direct correlation (in terms of percentage) as the fixed costs remain fairly static irrelevant of activity levels.

The current projections for the year ended 2025 show that the Charity’s expenditure will exceed income by £52k which excludes spend from restricted funds. The shortfall of in-year income will be met by reserves to support the charity’s work whilst the app, the new website / branding and communications strategy become established and contribute financially. Due to the variable economic position impacting existing activity, finances for year ending 31 March 2025 are difficult to accurately predict. The new website and app have already generated a number of new potential collaborations, some are developing with limited financial contribution to the charity however they are considered as part of our charitable work, raising the profile of mindfulness and potentially having large global impact. Other collaborations in discussion include a financial model which will contribute to the fixed cost expenditure and may alter the projected bottom-line.

The CEO and COO are meeting regularly through the next 12 months to monitor finances closely, reporting to the Board of Directors and ensuring variances are carefully tracked to ensure Oxford Mindfulness Foundation ’ s sustainability moving forward in a changing landscape.

Reserves Policy

In reviewing financial risk, the trustees noted that the majority of income is currently generated from courses offered both directly and through collaborations, as part of its charitable work. It is anticipated that this will be supplemented by the app and new collaborations using the app as a platform to have a wide global impact.

As detailed previously, should revenues decline the impact on reserves is being carefully monitored to reduce, cancel or reassess the mix of activities being provided. Although the build of the app has been sponsored there will be ongoing monthly maintenance costs once launched. Oxford Mindfulness Foundation is well adapted to respond to changing field demands and confident that the new programme of works, including investment into communications capability, which comes into effect from the latter part of 2024 will position the Charity to respond to a changing field and provide future sustainability. 2024-2025 has been identified as an investment and diversification year (in terms of new ways of offering existing curricula).

Whilst there will be a window of uncertainty after the app and new website are launched, this will be monitored and is expected to be limited. Work is under way to maximise the impact and communicate the new offerings. As these new developments have been funded externally there are no immediate financial concerns. Furthermore, because public engagement is via booking and payment in advance it is possible to track trends of long-standing activities, enabling planned responses to any downward movement in the particular area to mitigate financial risk. Oxford Mindfulness Foundation continues to have sufficient cash available to meet immediate liabilities in the event of a reduction in activity.

An unrestricted reserve of £140,035 would allow circa four months cost coverage (fixed salaries) if all income ceased. Oxford Mindfulness Foundation consider a policy to retain a minimum reserve of three months fixed cost coverage adequate as this enables appropriate winding down of the charity if income ceased. The operational structure remains as agile as possible in response to global economic uncertainties, with structures designed to allow for fluctuating demand. Oxford Mindfulness Foundation remains committed to offering its existing programmes via online teaching with the introduction of a new app and website to increase engagement in new areas and populations.

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Oxford Mindfulness Foundation Annual Report 2023 – 2024

Given the level of unrestricted reserves set out above and the current level of customer engagement (evidenced by bookings in advance), plus the securing of sponsorship for the app, the Trustees are satisfied that the current level of unrestricted reserves is adequate for the potential risks the Charity faces.

With the deficit budget predicted for the year to 31 March 2025, reserves would decrease by circa £54k (although this is expected to change) and unless, as mentioned above, there is a marked change in the level of risks faced by the Charity, the level of reserves will remain appropriate going forward. There is a plan in place to utilize some of the reserves in the near future to:

  1. Upgrade the booking and online training systems

  2. Manage the period of introduction to the new app - i.e cover maintenance costs prior to sufficient app income being received

Investment Powers and Policy

Under the Memorandum and Articles of Association, there are no restrictions of the powers of the Trustees to invest its funds. The Trustees are aware of the liquidity needs of the organisation and operate a policy of keeping available funds in interest bearing deposit accounts (either instant access or with a 1 or 2-year Term), ensuring a market return on their investment while keeping risk to a minimum. The Trustees now have two deposit accounts plus a Charity deposit account. This year the Trustees transferred cash from the Virgin account into a higher interest account and closed the Virgin account. – The amount held or available for deposit has decreased to £641,655 (2023 £668,282).

Risk Management

The Trustees recognise and accept their responsibility for ensuring that risks to which the charitable company is exposed are reviewed and steps taken to mitigate potential damage by the use of appropriate preventative controls and corrective action. The Trustees are aware of the requirement under the Statement of Recommended Practice 2005 to regularly assess operating strengths and weaknesses. The Charity has a risk management matrix that is updated regularly. This matrix is presented to the Board of Trustees for their review.

The principal risks currently facing the Charity are:

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Oxford Mindfulness Foundation Annual Report 2023 – 2024

Statement of Trustees’ Responsibilities

The Trustees are responsible for preparing the Annual Report and financial statements in accordance with applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including the income and expenditure, of the Charity for that period. In preparing those financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity’s transactions and disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are also responsible for ensuring that the assets are properly applied in accordance with charity law.

Auditors

Hazlewoods LLP were re-appointed as auditors at the Annual General meeting held on 4[th] November 2023.

Statement of disclosure to auditors

In so far as the Trustees are aware:

Signed on Behalf of the Trustees

Peter Yiangou Chair

DATE: 3[rd] December 2024

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Oxford Mindfulness Foundation Annual Report 2023 – 2024

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE OXFORD MINDFULNESS FOUNDATION

Opinion

We have audited the financial statements of The Oxford Mindfulness Foundation for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charitable Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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Oxford Mindfulness Foundation Annual Report 2023 – 2024

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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Oxford Mindfulness Foundation Annual Report 2023 – 2024

Responsibilities of Trustees

The Trustees are responsible for the other information. As explained more fully in the Trustees’ Responsibilities statement set out on page 14 the Trustees (who are also the Directors of the company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Charitable Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We considered the nature of the company’s industry and its control environment and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory framework that the company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgments made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

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Oxford Mindfulness Foundation Annual Report 2023 – 2024

In addition to the above, our procedures to respond to the risks identified included the following:

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Charitable C ompany’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charitable C ompany’s members and trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charitable Company, the Charitable C ompany’s members as a body and the Charitable C ompany’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

…………………………………………………….

Scott Lawrence FCA DChA (Senior Statutory Auditor) for and on behalf of Hazlewoods LLP, Statutory Auditor Staverton Court Staverton Cheltenham GL51 0UX

Date………………………

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Oxford Mindfulness Foundation Annual Report 2023 – 2024

The Oxford Mindfulness Foundation Statement of Financial Activities

For the Year Ended 31 March 2024

INCOME
Note
INCOME
Donations
2
Charitable Activities
3
Investment Income
4
Total
EXPENDITURE
Charitable Activities
6
Total
Net (Expenditure)/Income
Transfer between funds
Net Movement in Funds
Reconciliation of Funds
Total Funds Brought Forward
Total Funds Carried Forward
16		 Unrestricted
Funds
Restricted
Funds
Total
Funds
2024
2024
2024
£
£
£
25,066
-
25,066
919,761
-
919,761
3,782
-
3,782		 Unrestricted
Funds
Restricted
Funds
2023
2023
£
£
35,403
-
1,116,803
-
516
-		 Total
Funds
2023
£
35,403
1,116,803
516
948,609
-
948,609		 1,152,722
-		 1,152,722
1,002,571
-
1,002,571		 1,137,061
978		 1,138,039
1,002,571
1,002,571		 1,137,061
978		 1,138,039
(53,962)
-
(53,962)
-
-
-		 15,661
(978)
-
-		 14,683
-
(53,962)
-
(53,962)
395,830
1,253
397,083		 15,661
(978)
380,169
2,231		 14,683
382,400
341,868
1,253
343,121		 395,830
1,253		 397,083

The Statement of Financial Activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 22 to 28 form an integral part of these accounts.

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Oxford Mindfulness Foundation Annual Report 2023 – 2024

The Oxford Mindfulness Foundation

Balance Sheet

For the Year Ended 31 March 2024

Note
Fixed Assets
Intangible Assets
10
Tangible Assets
10
Current Assets
Debtors
11
Funds on Deposit
12
Cash at Bank and In Hand
Liabilities
Creditors falling due withing one year
13
Net Current Assets
Net Assets
Funds
Restricted
14
Unrestricted
15
Total Funds
16		 2024
£
-
2,670		 2024
£
2,670
340,451		 2023
£
-
3,657		 2023
£
3,657
393,426
125,554
285,637
356,018		 113,977
92,159
576,123
767,209
(426,758)		 782,259
(388,833)
343,121 397,083
1,253
341,868		 1,253
395,830
343,121 397,083

These financial statements were approved by the members of the Board of Trustees on 3[rd] December 2024 and are signed on their behalf by:

………………………………………………………… Peter Yiangou Chair Company No: 06144314

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Oxford Mindfulness Foundation Annual Report 2023 – 2024

The Oxford Mindfulness Foundation

Statement of Cash Flows

For the Year Ended 31 March 2024

2024
Note
£
Cash used in operating activities
A
(29,309)
Cash flows from investing activities
Investment income received
3,782
Purchase of tangible assets
(1,100)
Cash provided by investing activities
2,682
Decrease in cash and cash equivalents in the year
(26,627)
Cash and cash equivalents at beginning of the year
668,282
Total cash and cash equivalents at end of the year
641,655
A. Reconciliation of net movement in funds to net cash flow from operating activities
£
Net movement in funds
(53,962)
Add back amortisation and depreciation
2,087
(Increase)/Decrease in debtors
(11,577)
Increase/(Decrease) in creditors
37,925
Investment income receivable
(3,782)
Net cash generated in operating activities
(29,309)		 2023
£
(153,934)
516
(3,315)
(2,799)
(156,733)
825,015
668,282
£
14,683
1,653
20,585
(190,339)
(516)
(153,934)

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Oxford Mindfulness Foundation Annual Report 2023 – 2024

The Oxford Mindfulness Foundation

Notes to the Financial Statements

For the Year Ended 31 March 2024

1 Accounting Policies

Basis of accounting

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting of Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Oxford Mindfulness Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Going concern

Oxford Mindfulness Foundation ’s teaching and training is delivered via two main routes; selling to the public and working with collaborators. There is a steady decline in the public bookings which is being replicated in the field, with colleagues across the globe reporting similar conditions. Having closely monitored this trend, a strategy was developed to diversify and invest in alternative revenue streams, this has included sponsorship and match funding to invest in a new website, branding and the launch of a new app.

The new website and branding (plus increase capacity in communications personnel) has increased professionalism and visibility on an international scale with the intention to increase the public bookings and enhance the reputation to secure further collaborations. The app has several income generating streams, with in-app purchases and partnering routes for workplaces. These new ways of working and initiatives will take some time to contribute to the finances, the trustees have committed to utilising some of the reserves to support the charity whilst closely monitoring the developments. Fundraising and grant capture efforts have been increased to further contribute to the running costs of the charity, in addition, high profile ambassadors are being recruited to communicate the work of Oxford Mindfulness Foundation.

The landscape of mindfulness is changing, with access no longer heavily weighted on established centres (such as Oxford Mindfulness Foundation) as self-help books, apps and more teachers / trainers enter the field. However, the Oxford Mindfulness Foundation remains a field leader, with world class programmes, teachers and business acumen, implementing strategies to respond to the changing landscape. Therefore, the Trustees are confident with Oxford Mindfulness Foundation ’ s ability to continue as a going concern, increasing impact , charitable activities and diversifying the offerings to continue to meet the charity’s objectives.

Intangible fixed assets

Intangible fixed assets are stated at cost less accumulated amortisation. Amortisation is provided at rates calculated to write off the cost of each intangible asset over its expected useful life, as follows:

Software development costs

33.33% straight line

Tangible fixed assets

Tangible fixed assets are capitalised at cost and are depreciated over their estimated useful economic lives on a straight line basis, as follows:

Computer equipment

33.33% straight line

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Oxford Mindfulness Foundation Annual Report 2023 – 2024

Income recognition

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Donations and grants are recognised when the charity has been notified of both the amount and settlement date.

Interest on funds held on deposit is included when receivable and the amount can be reliably measured by the charity; this is normally upon notification of the interest paid or payable by the bank or deposit-taking institution.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Creditors

Creditors are recognised where the Charitable Company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.

Taxation

The charity is a charitable institution with exemption from UK taxation under Chapter 3 of Part 11 of the Corporation Taxes Act 2010.

Expenditure Recognition

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 settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. The allocation of support and governance costs is analysed in note 7.

Irrecoverable VAT

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

Cost of Raising Funds

Costs of generating funds comprises travel and subsistence costs.

Volunteer Time

The value of services donated by volunteers is not reflected in the accounts.

Fund Accounting

Unrestricted Income Funds

Unrestricted Funds are funds which the trustees are free to use for any purpose in furtherance of the charitable objects. These comprise a general fund plus designated funds set aside out of the unrestricted funds by the Trustees to provide for planned projects and other known contingencies.

Restricted Income Funds

These are funds which are to be used in accordance with specific restrictions imposed by the donor or grantor.

Further details of each fund are disclosed in notes 14 and 15.

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Oxford Mindfulness Foundation Annual Report 2023 – 2024

2 Donations

2
Donations
Donations from Groups and Individuals
3
Charitable Activities
Education, Training and Public Teaching
4
Investment Income
Interest on deposits
5
Net Incoming Resources
This is stated after charging:
Auditor’s remuneration
6
Analysis of Expenditure on Charitable Activities
Staff costs
Teachers and trainers
Other direct costs
Building costs
Catering and hospitality
Travel and accommodation
Grants
Other overheads and audit fee		 2024
£
25,066
2024
£
919,761
2024
£
3,782
2024
£
7,000
Education,
Training
and
Teaching

2024
£
395,373
423,829
53,721
2,832
2,495
23,203
-
101,118
1,002,571		 2023
£
35,403
2023
£
1,116,803
2023
£
516
2023
£
6,600
Education,
Training
and
Teaching
2023
£
403,099
534,888
29,819
(476)
-
17,287
3,600
149,822
1,138,039

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Oxford Mindfulness Foundation Annual Report 2023 – 2024

7 Analysis of Governance and Support Costs

Staff costs
Building
Other overheads
Auditor’s remuneration
8
Governance costs
Auditor’s remuneration
Other professional fees and charges
9
Staff costs
Salaries and wages
Social security costs
Employers pension contribution		 General
Support
£
395,373
2,832
73,405
-		 Governance
Total
£
£
-
395,373

-
2,832

20,712
94,118
7,000
7,000		 Allocated as a %
based on time
Allocated as a %
based on usage
and staff
support costs
Allocated as a %
based on
income
contribution
level

2023
£
6,600
36,682
471,611 27,712
499,323
2024
£
7,000
20,712
27,712
2024
£
358,843
29,556
6,974
395,373
43,282
2023
£
326,864
29,373
6,470
362,707

At 31 March 2024 the charity has 10 employees (2023 - 10 employees).

The charity continues to be recharged for the cost of some employees from the University of Oxford Department of Psychiatry who provide services to the Oxford Mindfulness Foundation. This amounted to £18,019 (2023 - £57,673), net of recoveries from third parties for the year ended 31 March 2024.

The total cost to the charity of the services of the key management personnel as set out on page 2 was £193,528 (2023 - £161,140).

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Oxford Mindfulness Foundation Annual Report 2023 – 2024

10 Fixed assets

Cost
Balance brought forward at 1 April 2023
Additions in the year
Balance carried forward at 31 March 2024
Depreciation
Balance brought forward at 1 April 2023
Charge for year
Balance carried forward at 31 March 2024
Net book value 31 March 2024
Net book value 31 March 2023
11
Debtors
Trade debtors
Other debtors
12
Funds on deposit
Virgin Charity Deposit Account
RBS Reserve Account		 Intangible
Assets
Tangible
Assets
£
£
49,145
11,837
-
1,100		 Total
£
60,982
1,100
49,145
12,937		 62,082
49,145
8,180
-
2,087		 57,325
2,087
49,145
10,267		 59,412
-
2,670		 2,670
-
3,657		 3,657
2024
£
79,796
45,758
125,554
2024
£
-
285,637
285,637		 2023
£
98,442
15,535
113,977
2023
£
92,159
-
92,159

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Oxford Mindfulness Foundation Annual Report 2023 – 2024

13 Creditors: Amounts falling due within one year

Trade creditors
Other creditors
Deferred income
Deferred income
Deferred income brought forward
Deferred in the year
Released to Statement of Financial Activities		 2024
£
45,085
9,050
372,623
426,758
2024
£
352,317
372,623
(352,317)
372,623		 2023
£
29,668
6,848
352,317
388,833
2023
£
487,734
352,317
(487,734)
352,317

Deferred income comprises fees received at 31 March 2024 relating to courses taking place during the financial year ended 31 March 2025.

14
Restricted Funds
Research Funding		 At
1 April
2023
Received
in year
Expended
in year
Transfers
From / (To)
Unrestricted
Reserves
At
31
March
2024
£
£
£
£
£
1,253
-
-
-
1,253
1,253
-
-
-
1,253

Research Funding comprises funds made available for research into the effectiveness of Mindfulness in helping those suffering from depression and/or at risk from suicide relapse. The balance as at 31 March 2024 is £1,253 and has been set aside to be spent on research activities going forward.

15
Unrestricted Funds
Balance at 1 April 2023
Received in year
Expended in year
Transfer from /(to) Restricted Funds
Balance at 31 March 2024		 2024
£
395,830
948,609
(1,002,571)

-
341,868		 2023
£
380,169
1,152,722
(1,137,061)
-
395,830

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Oxford Mindfulness Foundation Annual Report 2023 – 2024

16 Analysis of Net Assets between Funds

Fund balances at 31 March 2024 are represented by:
Fixed assets
Current assets
Current liabilities
Fund balance at 31 March 2023 are represented by:
Fixed assets
Current assets
Current liabilities		 Restricted
Funds
Unrestricted
Funds
Total
£
£
£
-
2,670
2,670
1,253
765,956
767,209
-
(426,758)
(426,758)
1,253
341,868
343,121
-
3,657
3,657
1,253
781,006
782,259
-
(388,833)
(388,833)
1,253
395,830
397,083

17 Trustee's remuneration

During the year £1,803 (2023 - £2,100) was paid to Peter Yiangou as a teaching fee.

Matilde Elices a trustee was paid £238 (2023 - £nil) as a teaching fee

Makeda McKenzie and Leonie Schell, newly appointed trustees are also teachers and received – payment for their teaching services (Makeda McKenzie - £9,670 (2023 nil), Leonie Schell - £2,893 (2023 - £nil)).

Allocation of teaching is carried out by the Leadership Team to ensure no conflict between allocation of work and trustees commissioned.

18 Operating lease commitments

As at 31 March 2024 there were no annual commitments under an operating lease.

19 Control

The charity is controlled by the Board of Trustees/Directors.

20 Related party transactions

The composition of the Board of Trustees is such that it is drawn from amongst individuals and organisations.

In the year Mrs Alison Yiangou, wife of Mr Peter Yiangou (Trustee) received £42,124 (2023 - £35,719) for teaching and project work undertaken.

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Oxford Mindfulness Foundation Annual Report 2023 – 2024