Registered number: 07933959 Charity number: 1146643
DAVID LYNCH FOUNDATION UK
(A Company Limited by Guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
DAVID LYNCH FOUNDATION UK
(A Company Limited by Guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Company, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 13 |
| Independent Examiner's Report | 14 |
| Statement of Financial Activities | 15 |
| Balance Sheet | 16 - 17 |
| Notes to the Financial Statements | 18 - 31 |
(A Company Limited by Guarantee)
DAVID LYNCH FOUNDATION UK
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 29 FEBRUARY 2024
| Trustees | Dr Peter Warburton, Chief Executive Officer |
|---|---|
| Dr Deirdre Parsons, Executive Director | |
| Norma Sullivan, Secretary and Trustee (resigned 26 April 2024) | |
| Nigel Barlow | |
| David Lynch | |
| Dr John Hagelin (resigned 18 April 2024) | |
| Dr Robert Roth | |
| Jonathan Fitzgerald (appointed 3 October 2024) | |
| Company registered number 07933959 Charity registered number 1146643 Registered office 9 Garden Square Rendlesham Woodbridge Suffolk IP12 2GW Chief executive officer Dr Peter Warburton Accountants MHA 910 The Crescent Colchester Business Park Colchester Essex CO4 9YQ Solicitors Bates Wells & Braithwaite London LLP 2 - 6 Cannon Street London EC4M 6YH |
Page 1
(A Company Limited by Guarantee)
DAVID LYNCH FOUNDATION UK
TRUSTEES' REPORT FOR THE YEAR ENDED 29 FEBRUARY 2024
The Trustees present their annual report together with the financial statements of the Company for the year 1 March 2023 to 29 February 2024. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The David Lynch Foundation UK is dedicated to helping people of all ages from all walks of life in the UK and worldwide overcome stress, suffering, and hardship, and unfold the full potential of life. We use the stressreducing programme, Transcendental Meditation, which is scientifically proven to promote creativity, happiness, success, and peace. Our methodologies transform lives from within and we especially focus on those who are suffering from chronic stress and Post-Traumatic Stress Disorder (PTSD) including the emergency services, asylum seekers, refugees, the homeless, prisoners, serving military and war veterans.
The charity also offers financial support to bring Transcendental Meditation to stressed teachers and students and the introduction of “Quiet Time with Transcendental Meditation” to schools across the UK.
The following programmes offered by the David Lynch Foundation UK promote the benefits outlined in the objectives of the Charity:
Teaching Transcendental Meditation to those experiencing traumatic and chronic stress
Transcendental Meditation is a simple, natural, effortless procedure practised for 15 to 20 minutes in the morning and evening, while sitting comfortably with the eyes closed. It is a simple mental technique, which gives a unique quality of rest to mind and body. The technique allows the activity of the mind to settle down in a natural way until it is left quiet, yet wide awake. It allows stress and tiredness to be dissolved naturally, resulting in greater energy, clarity and enjoyment of life.
Anyone can practise Transcendental Meditation. The practice does not conflict with any beliefs, religious or otherwise. Its benefits are widely validated proving benefits in every aspect of life: 600 scientific studies conducted at 250 independent universities and institutions in 33 countries, published in over 150 of the world's leading scientific journals.
The Transcendental Meditation course for our projects is conducted over a period of six months which includes the TM course of instruction and follow-up sessions. The first step to learn begins with an introductory presentation on Transcendental Meditation (1 hour) delivered online or in person.
The course of instruction consists of four sessions held over four consecutive days. The first session is a personal instruction and is conducted one to one (1 hour) in person. The subsequent three sessions are group sessions lasting 1.5 hour each session in person or remotely online.
The online sessions can be completed at home with the knowledge content streamed through a customised designed App. The course materials for the remote learning consist of pre-recorded instruction sessions including videos and interactive Q&As which take on average 1.5 hours per day.
Page 2
(A Company Limited by Guarantee)
DAVID LYNCH FOUNDATION UK
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024
Objectives and activities (continued)
Support and guidance is offered throughout the blended learning TM course of instruction. On each of the days of instruction the TM teacher is available for online check-in meditation sessions of about 20-30 minutes to ensure correct meditation practice and to answer questions.
In addition to the initial course of instruction there is a six-month follow-up, with a choice of in-person or online regular group and individual sessions, which are scheduled the following week after instruction and once a month. Additional sessions are available if needed. These sessions ensure the individual is practising Transcendental Meditation correctly, to gain the full benefits.
The following is a more detailed explanation of the areas of society where we have identified our programmes can be most effective:
Emergency services programme for the ambulance, police, and fire services
Cases of stress, poor mental health and post-traumatic stress disorder (PTSD) are on the rise in the emergency service workers. According to research conducted at MIND, the mental health charity, more than 85% of emergency services staff have experienced stress and poor mental health issues at work and are “more likely to experience a mental health problem than the general workforce but are less likely to take time off work as a result” (MIND 2019).
Results in an NHS report suggest anxiety/stress/depression/other psychiatric illnesses is consistently the most reported reason for sickness absence (NHS 2021).
Our approach – TM resilience management programme
A three phased programme including:
Phase 1: This session introduces TM as an evidence-based technique and an overview of the structure and content of the Emergency Services programme.
Phase 2: Instruction in TM - The participant is instructed by a certified TM instructor in how to meditate correctly for maximum benefit in daily life.
Phase 3: Follow-up seminars - These seminars help stabilise correct practice of TM and deepen participants’ intellectual understanding of its mechanics and effects.
Benefits:
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Research on has shown effects of TM in key areas relevant to resilience management:
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Neuroplasticity: the capacity of the brain to heal stress and trauma and forge new neural pathways for healthier behaviours and lifestyle.
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Enhancing resilience as the key to reducing the impact of stress and promoting wellness
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Impact of TM on improving cardiovascular health, strengthening immunity, and slowing the ageing process
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Growth of happiness, and development of consciousness through regular TM practice.
Working with Asylum-Seeking Populations and Refugees
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Refugees and asylum-seeking populations often experience severe trauma in their home countries and during their journey to the UK, which can be further compounded by the challenges they face upon arrival. A recent survey by the Refugee Council in England found that 61% of asylum seekers experience serious mental illness and are more likely to suffer from depression, PTSD, and other anxiety disorders.
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Urgent action is needed to support refugees and asylum seekers with their mental health, equipping them with tools to manage their stress and anxiety.
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(A Company Limited by Guarantee)
DAVID LYNCH FOUNDATION UK
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024
Objectives and activities (continued)
Our Approach:
We have been offering Transcendental Meditation courses to refugees and asylum seekers across the UK, providing them with a tool to reduce symptoms of PTSD, anxiety, and stress, increase mental resilience and enable them to rebuild their lives in the UK. Upon completing the TM course, participants are fully equipped to practise the technique independently, giving them a lifelong tool to enhance their mental health and well-being.
Benefits:
TM has been demonstrated to reduce anxiety, stress, symptoms of PTSD, insomnia, and burnout, while also improving energy levels, mental well-being, and personal relationships. In a study published in the Journal of Traumatic Stress (Reeves, B., 2003), 90% of Congolese refugees with high levels of PTSD symptoms decreased to non-symptomatic levels within 30 days of learning the TM technique. In contrast, the nonmeditating control group showed no reduction in PTSD symptoms.
Children, Young Adults, Teachers and Schools
Traumatic stress: the silent epidemic amongst the young
Escalating stress levels are a reality amongst thousands of children and young adults in the UK who grow up in a climate of fear, bullying, violence, and substance abuse— stress that impedes academic achievement and undermines physical and mental health:
Our approach - Quiet Time with Transcendental Meditation
The Quiet Time with Transcendental Meditation programme develops the potential of the brain and reduces the acute stresses that undermine learning and health. It is a practical, highly effective approach to promote learning readiness among students - thereby markedly improving their academic performance and success in life.
Benefits
Transcendental Meditation has already been incorporated into schools in the UK as well as hundreds of public, charter, and private schools throughout the United States and around the world. Supported by an extensive body of independent research verifying its benefits, students practising Transcendental Meditation score higher on intelligence tests, close the achievement gap, improve test scores, and have higher graduation rates compared to students in control groups. Meditating students also show reduced stress levels, anxiety, depression, violence, and substance abuse. This results in reduced absenteeism, dropout rates, suspensions, and expulsions.
Armed Forces Veterans and Military Personnel
Overcoming the nightmare of Post-Traumatic Stress Disorder (PTSD):
Many Armed Forces veterans find it difficult to reintegrate into society. Veterans are often loath to acknowledge to themselves or others the inner wounds of war after they return home from combat. Healing those wounds requires an approach that directly impacts the neurophysiology underlying PTSD.
The symptoms of military PTSD include flashbacks, nightmares, anger, anxiety and depression - often leading to homelessness, violence, alcohol and substance abuse, job loss, and suicide.
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(A Company Limited by Guarantee)
DAVID LYNCH FOUNDATION UK
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024
Objectives and activities (continued)
Our approach - Operation Warrior Wellness (OWW)
Operation Warrior Wellness offers Transcendental Meditation, a scientifically proven approach, which can be easily learned and practised in private, to help relieve traumatic stress and overcome the nightmare of PTSD, while simultaneously promoting resilience and wellbeing for veterans, military personnel and their families.
The TM-based Resilient Warrior Programme
An initiative already established in the USA and planned for a future launch in the UK. The OWW initiative has partnered with leading veterans service organisations, Army and Marine bases and VA medical centres within the USA to deliver the Resilient Warrior Programme to active-duty personnel and military families in need.
Benefits
Research on meditating veterans in the USA has shown that the technique significantly reduces the psychosocial symptoms of stress, anxiety, and the overall improvement in the quality of life of the veteran and serving personnel depression. The technique produces a profound state of deep rest, while enlivening the full brain. The experience of “restful alertness” gained during the practice of Transcendental Meditation is at the basis of the marked reductions in symptoms of PTSD and the overall improvement in the quality of life of the veteran and serving personnel.
The Homeless – re-entry programme
Addressing the rising tide of homelessness in the UK:
The experience of homelessness is traumatic, isolating, and destructive, and homeless people are some of the most vulnerable and excluded in our society. Many people have suffered distressing experiences that have led to homelessness, such as domestic violence; breakdown of a relationship; loss of their home; fleeing persecution from another country; drug and alcohol misuse or mental health problems.
Along with proper housing, education, job training, and a network of qualified support, these adults and children must be equipped with the tools to overcome the traumatic stresses that fuelled their descent into homelessness. These stresses, if left unchecked, often cause them to relapse.
Our approach
The David Lynch Foundation UK offers Transcendental Meditation as a re-entry programme for the homeless: a practical, highly effective approach to overcome the traumatic stresses that fuelled their descent into homelessness and enable their re- integration into society and to fulfil their potential.
Benefits
Research has shown that Transcendental Meditation can help in reducing acute and chronic stress and stressrelated disorders, including anxiety and depression. In addition, benefits from regular practice show potential to overcome addictions, an increase in self-esteem and inner calmness and improved emotional wellbeing.
Transcendental Meditation also promotes healthy, coherent brain functioning - the basis for improved decision making, judgment, and impulse control to support a healthy, productive, self-sufficient life.
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(A Company Limited by Guarantee)
DAVID LYNCH FOUNDATION UK
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024
Objectives and activities (continued)
Rehabilitation for Prisoners and Young Offenders
Breaking the cycle:
A significant proportion of crime is committed by offenders who have multiple problems. Evidence shows that drug dependency, mental illness, stress, frustration, and poor education fuel criminal behaviour.
The origins of criminal behaviour can often be traced back to the long-term impact of traumatic stress. Unless a rehabilitation programme for the men and women in prison effectively targets this disorder, the rehabilitation is often ineffective, and incarceration and reconviction rates will not be reduced and may even increase. This results in considerable pain and suffering for the victims of crime, significant expense to taxpayers, and substantial waste of the lives of those imprisoned.
Our approach - Freedom Behind Bars
For 35 years, Transcendental Meditation has been taught with significant benefit to inmates and guards in prisons in the USA, including San Quentin, Folsom, and Walpole. In 2015/16 pilot programmes were delivered to prisoners and prison personnel in two prisons in England. As part of a new research study, further UK projects are being developed in this area in the coming year.
Benefits
Transcendental Meditation brings about deep relaxation and relief from stress, anxiety, and depression. This has been found to result in fewer rule infractions as well as reduced reconviction rates. Also, the technique is easy to learn and requires no belief or change in lifestyle and can be practised individually or as part of a group.
This programme can help with the genuine rehabilitation of offenders by lifting the oppressive stress within the prison community that undermines existing rehabilitation programmes.
Families and Communities
Resolving crises in families and communities:
The health and well-being of the family is crucial to the development and strength of our communities. Many vulnerable families are affected by problems that are prevalent in their environment, such as drug and alcohol abuse, crime, mental illness, homelessness and unemployment.
Our approach - simple natural effortless meditation
Transcendental Meditation can help strengthen relationships and contribute to the stability of family life in society.
This stress-reducing meditation programme helps families and communities in difficulty, as well as educational organisations facing the deleterious effects of extreme stress.
Benefits
Scientific research shows that Transcendental Meditation reduces stress and improves general mental and physical well-being. When regularly practised morning and evening, this programme gives deep relaxation, which provides balance to mind and body. This reduces anxiety and depression, develops inner calmness, and promotes greater self esteem and increased happiness.
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DAVID LYNCH FOUNDATION UK
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024
Objectives and activities (continued)
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Activities undertaken to achieve objectives
The past financial year has been marked by significant progress and impactful initiatives in advancing DLF UK’s mission to improve lives through Transcendental Meditation. Below is a summary of our key accomplishments, programmes, partnerships, community impact, and growth, alongside our goals for the future.
1. Programmes and Initiatives
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Yorkshire Ambulance Service TM Course: In March 2023, we delivered a TM course to eight paramedics from Yorkshire Ambulance Service (YAS). Funded by the YAS Mental Health Team, this programme built on the success of previous DLF UKsupported courses and further demonstrated TM’s effectiveness in reducing stress and improving mental health among emergency responders.
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Norfolk Fire and Rescue Service Partnership: In June 2023, we delivered a TM course to ten staff members of Norfolk Fire and Rescue Service, supported by a grant from the Norfolk Community Foundation. This initiative expanded our support for frontline personnel, demonstrating our commitment to enhancing mental health and well-being within emergency services.
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Support for Military Personnel and Veterans: We offered TM courses to military personnel and veterans facing PTSD and other health challenges. In 2023, we completed our final TM teaching session with the Colchester Personnel Recovery Unit and transitioned to working with the SSAFA Colchester Veterans group, supported by a Be Well grant from Colchester Community 360. One of the participants shared their experience:
“ TM has made me feel more of an inner sense of calm and given me greater clarity and awareness—something I’ve struggled with most of my adult life. I would highly recommend it to anyone.” – Sgt Matthew, RAF
- East of England Ambulance Service Trust (EEAST): Our longstanding project with EEAST continued, with an additional five staff members learning TM, building on our earlier work with 81 participants. Research on the efficacy of TM with ambulance service personnel is underway to further validate its benefits and will be submitted for publication.
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(A Company Limited by Guarantee)
DAVID LYNCH FOUNDATION UK
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024
Objectives and activities (continued)
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Release of EEAST Project Video:
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DLF UK produced and released a new video showcasing our multi-year initiative teaching TM to ambulance staff in the East of England. This video highlights the positive effects of TM on emergency personnel: https://vimeo.com/826826760
Emma, a paramedic, described the transformative impact of practising Transcendental Meditation: “In the short time I have been practising TM, I have already begun to notice an inner stillness, clarity, and calmness returning to me. I have felt a reduction in the physical pain in my body. It’s like I’m beginning to see things clearer and with more definition. I feel happier and less fearful of what lies ahead. I guess what I’m saying is I’m beginning to feel more like me.”
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Asylum Seekers – The Future Leaders Programme: In partnership with the One to One Children’s Fund, five students aged 18-25, who were living and studying while seeking asylum in the UK, were awarded scholarships from DLF UK to learn TM. A video highlighting the benefits experienced by one of the students can be viewed here: https://m.youtube.com/watch?v=FBb2rH11QYQ.
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Collaboration with GYROS Charity: In partnership with GYROS (Great Yarmouth Refugee Outreach & Support) and funded by the Norfolk Community Trust, we initiated a project to teach TM to ten asylum seekers and refugees. To date, five administrative staff from GYROS have completed TM training, with five refugees scheduled to participate in November 2024.
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Heal the Healers Scholarships: Through the Heal the Healers initiative, we awarded full scholarships benefiting three healthcare workers and provided partial scholarships to five nurses in Suffolk, enhancing their mental health and resilience through TM
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Advancement in EEG Research:
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Our collaboration with the University of Cambridge involved measuring 38 people practising TM across Glasgow and London. This study aims to provide valuable data on TM’s impact on cognitive and neurological functioning, assessing the increase in brain coherence and greater activation of the prefrontal cortex, associated with improved decision-making and stress regulation. Publication in a peer-reviewed journal is anticipated in 2025.
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Evaluation of Transcendental Meditation (TM) for Ambulance Service Staff: This study aimed to evaluate TM as an intervention to reduce PTSD symptoms and related stress conditions among ambulance service staff. Sixty participants were recruited from a UK ambulance service trust. Results indicated that significant improvements over three time points at baseline, with post-testing conducted at 3 weeks (54 participants) and 3 months (53 participants). Standard measures were utilised for self-reporting surveys, demonstrating reductions in PTSD symptoms by 55% at 3 months.
Page 8
(A Company Limited by Guarantee)
DAVID LYNCH FOUNDATION UK
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024
Objectives and activities (continued)
Additional results showed major reductions at 3 months post-test:
Depression symptoms decreased by 59% Anxiety symptoms reduced by 60% Insomnia decreased by 47% Perceived stress reduced by 40% Burnout symptoms reduced by 42%
Mental wellbeing also showed significant improvements (32% at 3 months) further supporting TM’s efficacy for ambulance staff.
The results for PTSD symptoms indicated that 87% (14 out of 16) of TM participants who initially met the criteria for a probable PTSD diagnosis at baseline (equal to or greater than 33) no longer met the criteria three months after TM instruction.
Furthermore, a clinically significant improvement in depression symptoms (greater than 5 point reduction) was observed in 60% (32/53) of participants at 3 months
2. Fundraising Milestones
During this fiscal year, DLF UK raised £60,182 through grants and individual donations, reflecting strong support for our TM initiatives and demonstrating robust engagement and growth. (Further details on funding sources are available upon request.)
3. Partnerships and Collaborations
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2023 Emergency Services Show: Our participation at the 2023 Emergency Services Show enabled engagement with emergency services professionals across the UK, resulting in our work being featured in the October 2023 edition of Emergency Services Times. This exposure strengthened our network and enhanced our reputation in the sector.
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University of Cambridge Partnership: We are exploring funding for a dedicated three-year fellowship focused on TM-related neuroscience research, involving approximately eight studies, with an annual funding requirement of £50,000 plus £10,000 for laboratory costs.
4. Community Impact
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Supporting Emergency Services: Our targeted TM programmes and engagement at key events have allowed us to maintain a strong presence within the emergency services community, showcasing TM’s positive impact on stress reduction and resilience.
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Healthcare Professional Scholarships: Our Heal the Healers Now campaign continued to support healthcare professionals by providing scholarships, enhancing their mental health and fostering resilience within the healthcare sector.
5. Growth
- Donor Engagement and Outreach: Our mailing list grew by 102 subscribers between 2023 and 2024, enhancing our capacity for outreach and engagement. This expansion aligns with our strategic goal of increasing support and awareness.
Page 9
DAVID LYNCH FOUNDATION UK
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024
Objectives and activities (continued)
- Beneficiary Growth: DLF UK supported 32 individuals in learning TM over the past year, demonstrating both direct and research-based community impact.
Goals for the Coming Year
1. Future Initiatives
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Ambulance Service Partnership: We plan to expand TM programmes and collaborate on a potential largescale Randomised Controlled Trial (RCT) involving 150 ambulance staff across the UK.
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Refugee Support Expansion: We aim to broaden our TM initiatives to better serve the growing refugee community in the UK.
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Regular Giving Programme Launch: We will introduce a new regular giving programme in 2024 to boost unrestricted income and foster a robust community of supporters through enhanced email marketing and outreach.
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Meditate UK Campaign: Building on the success of Meditate America, we will launch Meditate UK in collaboration with the Maharishi Foundation UK to broaden awareness and engagement across the country.
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Partnerships and Collaborations
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Ambulance Services RCT: We aim to strengthen relationships with Ambulance Service trusts throughout the UK to conduct a large-scale RCT upon securing funding.
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Hospital Collaborations: We will expand our work through the Heal the Healers Now initiative, promoting research and delivering improved outcomes for healthcare workers.
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Business Engagement: We will develop a programme to collaborate with businesses, promoting workplace well-being through TM.
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University of Cambridge Fellowship: We will continue efforts to establish a TM-focused neuroscience fellowship, deepening our research collaboration.
Achievements and performance
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
Page 10
(A Company Limited by Guarantee)
DAVID LYNCH FOUNDATION UK
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024
b. Reserves policy
The Trustees are satisfied that the charity has adequate funds to carry out its day-to- day functions.
The Charity had unrestricted reserves amounting to £1,800 (2023: £33,434) and restricted reserves of £19,052 (2023: £17,224).
The charity's unrestricted reserves are held to cover course shortfalls and expenses towards the existing work of the foundation, and restricted funds are held until any ongoing projects are completed. The charity has a reserves policy of holding 3 months operating costs in cash in unrestricted reserves. Certain project requirements may require this to be less on occasion but only when further incoming funds have been committed or guaranteed.
During 2024-25, unrestricted donations were received leaving the organisation in a robust position in terms of reserves.
c. Other financial information
DLF UK acts under licence to teach TM from Maharishi Foundation (registered educational charity no. 270157), the official provider of Transcendental Meditation in the UK. In this context, DLF UK makes a small contribution to MF UK for each project and for each individual taught TM.
The DLF UK makes regular monthly payments to repay a start-up loan from the Spiritual Regeneration Movement (SRM) (registered charity no. 204025).
Income for the charity up to 29 February 2024 was £70,553 (2023: £109,712): this includes donations, teaching commission, courses and fundraising events.
Structure, governance and management
a. Constitution
David Lynch Foundation UK is a private charitable company limited by guarantee without share capital incorporated on 2 February 2012 in England and Wales and registered as a charity on 28 March 2012.
The company was established under a Memorandum of Association, which established the objects and powers of the charitable ompany and is governed under its Articles of Association. In the event of the company being wound up during the period of membership or within one year after, each member undertakes to contribute such amount, as may be required not exceeding £1.00.
Page 11
(A Company Limited by Guarantee)
DAVID LYNCH FOUNDATION UK
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024
Structure, governance and management (continued)
b. Methods of appointment or election of Trustees
The directors of the company are also the charity trustees for the purposes of charity law. As stated in the Articles here will be seven trustees including three trustees appointed by the trustees of the David Lynch Foundation US and another four trustees who are residents of the UK (each a “non-US Foundation Trustee”). The trustees are appointed and adhere to the articles of Association (Article25).
Norma Sullivan and John Hagelin resigned as trustees this year for personal reasons. To ensure continuity, Jonathan Fitzgerald was appointed as a trustee, and we are actively working to appoint another trustee.
New Trustees are recruited from supporters of the Charity who are well-known to the current Trustees. New Trustees receive training notes and undergo training sessions to brief them on their legal obligations under Charity law and introduce them to the Trust Deed, the latest accounts, current issues and future plans of the Charity.
All Trustees give their time voluntarily except Deirdre Parsons who holds the position of Executive Director. The terms of her engagement are set out in accordance to Article 4.6.5.
Any expenses reclaimed from the Charity are following the guidelines of the Articles and are recorded in the financial statements of the charity.
c. Organisational structure and decision-making policies
Policy decisions of the David Lynch Foundation UK (DLF UK) are made by the Trustees and the day to day running of the Charity is carried out by the Executive Director, with support from Transcendental Meditation teachers and volunteers for expansion, promotion and fundraising.
DLF UK partners with Maharishi Foundation (registered charity No. 270157, in England and Wales) to employ qualified teachers of Transcendental Meditation to teach individuals and groups for the duration of DLF UK projects.
All those working with DLF UK are DBS checked and suitable to work with at-risk groups.
Page 12
DAVID LYNCH FOUNDATION UK
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. 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 Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Dr Peter Warburton
Date: 24 December 2024
Page 13
(A Company Limited by Guarantee)
DAVID LYNCH FOUNDATION UK
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 29 FEBRUARY 2024
Independent Examiner's Report to the Trustees of David Lynch Foundation UK ('the Company')
I report to the charity Trustees on my examination of the accounts of the Company for the year ended 29 February 2024.
Responsibilities and Basis of Report
As the Trustees of the Company (and 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, I report in respect of my examination of the Company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) 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:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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)].
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report.
Signed: Dated: 24 December 2024 Clava MWe Cara Miller ACCA
MHA
Colchester, United Kingdom
Page 14
(A Company Limited by Guarantee)
DAVID LYNCH FOUNDATION UK
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 29 FEBRUARY 2024
| Note Income from: Donations and legacies 3 Charitable activities 4 Investments 5 Total income Expenditure on: Charitable activities 7 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £ 33,583 17,131 1,014 51,728 83,362 83,362 (31,634) 33,434 (31,634) 1,800 |
Restricted funds 2024 £ 18,825 - - 18,825 16,997 16,997 1,828 17,224 1,828 19,052 |
Total funds 2024 £ 52,408 17,131 1,014 70,553 100,359 100,359 (29,806) 50,658 (29,806) 20,852 |
Total funds 2023 £ 96,315 13,240 157 |
|---|---|---|---|---|
| 109,712 | ||||
| 86,632 | ||||
| 86,632 | ||||
| 23,080 | ||||
| 27,578 23,080 |
||||
| 50,658 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 18 to 31 form part of these financial statements.
Page 15
(A Company Limited by Guarantee) REGISTERED NUMBER: 07933959
DAVID LYNCH FOUNDATION UK
BALANCE SHEET AS AT 29 FEBRUARY 2024
| Note Fixed assets Intangible assets 11 Current assets Debtors 12 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 14 Net assets excluding pension asset Total net assets Charity funds Restricted funds 15 Unrestricted funds 15 Total funds |
- 35,087 35,087 (5,000) |
29 February 2024 £ 630 630 30,087 30,717 (9,865) 20,852 20,852 19,052 1,800 20,852 |
1,650 67,165 68,815 (6,907) |
28 February 2023 £ 810 810 61,908 62,718 (12,060) 50,658 50,658 17,224 33,434 50,658 |
|---|---|---|---|---|
Page 16
DAVID LYNCH FOUNDATION UK
(A Company Limited by Guarantee) REGISTERED NUMBER: 07933959
BALANCE SHEET (CONTINUED) AS AT 29 FEBRUARY 2024
The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Dr Peter Warburton
Date: 24 December 2024
The notes on pages 18 to 31 form part of these financial statements.
Page 17
DAVID LYNCH FOUNDATION UK
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
1. General information
David Lynch Foundation UK is a private company limited by guarantee registered in England and Wales, company number 07933959, Charity registration number 1146643.
The members of the company are the trustees named on page 1. In the event of the charity being wound up, the liability in respect f the guarantee is limited to £ 1 per member of the charity.
The registered address is 9 Garden Square, Rendlesham, Woodbridge, Suffolk, IP12 2GW.
The financial statements are rounded to the nearest pound sterling.
The significant accounting policies applied in the presentation of these financial statements are set out below.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
David Lynch Foundation UK 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.
2.2 Income
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Company has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Company, can be reliably measured.
Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Page 18
DAVID LYNCH FOUNDATION UK
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
2. Accounting policies (continued)
2.3 Going Concern
The Trustees assess whether the use of going concern is appropriate i.e. whether there are any aterial uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Charity's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both the costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include accountancy and costs linked to the strategic management of the charity.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
2.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
Page 19
DAVID LYNCH FOUNDATION UK
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
2. Accounting policies (continued)
2.6 Intangible assets and amortisation
Intangible assets costing £500 or more are capitalised and recognised when future economic benefits are probable, and the cost or value of the asset can be measured reliably.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.
Amortisation is provided on the following bases:
Trademarks - 10 % straight line Website - 33 % straight line
2.7 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.8 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.9 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
2.10 Financial instruments
The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Page 20
DAVID LYNCH FOUNDATION UK
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
2. Accounting policies (continued)
2.11 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
3. Income from donations and legacies
| Unrestricted funds 2024 £ Donations including gift aid 10,533 Legacies 23,050 Grants - 33,583 Unrestricted funds 2023 £ Donations 62,785 Grants - 62,785 |
Restricted funds 2024 £ 8,225 - 10,600 18,825 Restricted funds 2023 £ 8,530 25,000 33,530 |
Total funds 2024 £ 18,758 23,050 10,600 |
|---|---|---|
| 52,408 | ||
| Total funds 2023 £ 71,315 25,000 |
||
| 96,315 |
Page 21
DAVID LYNCH FOUNDATION UK
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
4. Income from charitable activities
| Commission from teaching Course fees Commission from teaching Course fees |
Unrestricted funds 2024 £ 1,902 15,229 17,131 Unrestricted funds 2023 Restricted funds 2023 £ £ 3,642 621 8,977 - 12,619 621 |
Total funds 2024 £ 1,902 15,229 |
|---|---|---|
| 17,131 | ||
| Total funds 2023 £ 4,263 8,977 |
||
| 13,240 |
5. Investment income
| Unrestricted funds 2024 £ Bank deposit interest 1,014 Unrestricted funds 2023 £ Bank deposit interest 157 |
Total funds 2024 £ 1,014 |
|---|---|
| Total funds 2023 £ 157 |
Page 22
(A Company Limited by Guarantee)
DAVID LYNCH FOUNDATION UK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
6. Analysis of grants
| Grants to | Total | Total | |
|---|---|---|---|
| Individuals | funds | funds | |
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Scholarships | 13,148 | 13,148 | - |
7. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2024 £ Teaching commission 83,362 Unrestricted funds 2023 £ Teaching commission 60,172 |
Restricted funds 2024 £ 16,997 Restricted funds 2023 £ 26,460 |
Total 2024 £ 100,359 |
|---|---|---|
| Total 2023 £ 86,632 |
8. Analysis of expenditure by activities
| Activities | Grant | |||
|---|---|---|---|---|
| undertaken | funding of | Support | Total | |
| directly | activities | costs | funds | |
| 2024 | 2024 | 2024 | 2024 | |
| £ | £ | £ | £ | |
| Teaching commission | 32,045 | 13,148 | 55,166 | 100,359 |
Page 23
(A Company Limited by Guarantee)
DAVID LYNCH FOUNDATION UK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
8. Analysis of expenditure by activities (continued)
| Teaching commission Analysis of direct costs Project expenses Course fees Hire of rooms Teaching commission and royalties Project expenses Course fees Teaching project expenses Hire of rooms |
Activities undertaken directly 2023 £ 52,591 |
Support costs 2023 £ 34,041 Activities 2024 £ 10,790 19,654 1,601 32,045 Activities 2023 £ 2,095 26,460 19,886 2,880 1,270 52,591 |
Total funds 2023 £ 86,632 |
|---|---|---|---|
| Total funds 2024 £ 10,790 19,654 1,601 |
|||
| 32,045 | |||
| Total funds 2023 £ 2,095 26,460 19,886 2,880 1,270 |
|||
| 52,591 |
Page 24
DAVID LYNCH FOUNDATION UK
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
8. Analysis of expenditure by activities (continued)
Analysis of support costs
| Depreciation Donations Promotional expenditure Subscriptions Travelling costs Office and computer costs Insurances Bank charges Loan interest Administration and consultancy fees Governance costs 9. Independent examiner's remuneration Fees payable to the Company's independent examiner for the independent examination of the Company's annual accounts |
Total funds 2024 £ 180 500 14,052 2,312 7,036 3,026 701 64 805 24,300 2,190 55,166 2024 £ 2,000 |
Total funds 2023 £ 180 - 7,675 210 4,181 1,480 696 99 170 18,000 1,350 |
|---|---|---|
| 34,041 | ||
| 2023 £ 1,350 |
10. Trustees' remuneration and expenses
During the year ended 29 February 2024, amounts were paid to Deirdre Parsons, a director and trustee of the charity in her role as Executive Director, in accordance with the Articles of Association. The value of Trustees' remuneration and other benefits was as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Dr Deirdre Parsons | Payment for services | 46,200 | 18,000 |
During the year ended 29 February 2024, no Trustee expenses have been incurred (2023 - £NIL) .
Page 25
(A Company Limited by Guarantee)
DAVID LYNCH FOUNDATION UK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
11. Intangible assets
| Cost At 1 March 2023 At 29 February 2024 Amortisation At 1 March 2023 Charge for the year At 29 February 2024 Net book value At 29 February 2024 At 28 February 2023 12. Debtors Due within one year Prepayments and accrued income 13. Creditors: Amounts falling due within one year Other loans Other creditors |
Trademarks £ 1,800 1,800 990 180 1,170 630 810 |
Computer software £ 971 971 971 - 971 - - 29 February 2024 £ - - 29 February 2024 £ 3,000 2,000 5,000 |
Total £ 2,771 |
|
|---|---|---|---|---|
| 2,771 | ||||
| 1,961 180 |
||||
| 2,141 | ||||
| 630 | ||||
| 810 | ||||
| 28 February 2023 £ 1,650 1,650 28 February 2023 £ 3,000 3,907 6,907 |
Page 26
(A Company Limited by Guarantee)
DAVID LYNCH FOUNDATION UK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
13. Creditors: Amounts falling due within one year (continued)
| 14. Creditors: Amounts falling due after more than one year Other loans 15. Statement of funds Statement of funds - current year |
29 February 2024 £ 29 February 2024 £ 9,865 |
28 February 2023 £ 28 February 2023 £ 12,060 |
|---|---|---|
| Unrestricted funds General Funds Restricted funds Emergency Services Resilience programme University of Cambridge Research Military project Veterans project Norfolk Fire Service Total of funds |
Balance at 1 March 2023 £ 33,434 14,398 2,826 - - - 17,224 50,658 |
Income £ 51,728 5,225 - 5,600 3,000 5,000 18,825 70,553 |
Expenditure £ (83,362) (11,103) (2,826) - - (3,068) (16,997) (100,359) |
Balance at 29 February 2024 £ 1,800 |
|---|---|---|---|---|
| 8,520 - 5,600 3,000 1,932 |
||||
| 19,052 | ||||
| 20,852 |
Page 27
(A Company Limited by Guarantee)
DAVID LYNCH FOUNDATION UK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
15. Statement of funds (continued)
Funds descriptions
Restricted funds
Emergency Services resilience programme
A further grant of £25,000 was received in the year from the Postcode Places Trust which enabled TM training to be offered to staff at the East of England Ambulance Service Trust. A contribution from Kays Medical of £8,530 contributed to support the training of an additional 21 EEAST staff members.
University of Cambridge Research project
The collaboration between David Lynch Foundation UK and the University of Cambridge continued on a research project in which EEG information complexity and EEG information flow to will be analysed during the meditative state of 40 participants practising Transcendental Meditation.
Military project & Veterans project
This project was initiated with a grant of £5,600 from the BeWell fund and is focussed on providing TM training to military personnel and veterans
Norfolk Fire service
This project is funded by a Norfolk Communities Fund grant of £5,000 and is fully focussed on providing TM training the Norfolk Fire Service.
Page 28
(A Company Limited by Guarantee)
DAVID LYNCH FOUNDATION UK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
15. Statement of funds (continued) Statement of funds - prior year
| Unrestricted funds General Funds Restricted funds Emergency Services Resilience programme University of Cambridge Research Total of funds |
Balance at 1 March 2022 £ 24,244 305 3,028 3,333 27,577 |
Income £ 75,561 34,151 - 34,151 109,712 |
Expenditure £ (60,171) (20,058) (6,402) (26,460) (86,631) |
Balance at 28 February 2023 £ 33,434 |
|---|---|---|---|---|
| 14,398 2,826 |
||||
| 17,224 | ||||
| 50,658 |
16. Summary of funds Summary of funds - current year
| General funds Restricted funds |
Balance at 1 March 2023 £ 33,434 17,224 50,658 |
Income £ 51,728 18,825 70,553 |
Expenditure £ (83,362) (16,997) (100,359) |
Balance at 29 February 2024 £ 1,800 19,052 |
|---|---|---|---|---|
| 20,852 |
Page 29
(A Company Limited by Guarantee)
DAVID LYNCH FOUNDATION UK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
16. Summary of funds (continued) Summary of funds - prior year
| General funds Restricted funds |
Balance at 1 March 2022 £ 24,244 3,333 27,577 |
Income £ 75,561 34,151 109,712 |
Expenditure £ (60,171) (26,460) (86,631) |
Balance at 28 February 2023 £ 33,434 17,224 |
|---|---|---|---|---|
| 50,658 |
17. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Unrestricted funds 29 February 2024 £ Intangible fixed assets 630 Current assets 16,035 Creditors due within one year (5,000) Creditors due in more than one year (9,865) Total 1,800 Analysis of net assets between funds - prior period Unrestricted funds 28 February 2023 £ Intangible fixed assets 810 Current assets 47,591 Creditors due within one year (6,907) Creditors due in more than one year (8,060) Total 33,434 |
Restricted funds 29 February 2024 £ - 19,052 - - 19,052 Restricted funds 28 February 2023 £ - 21,224 - (4,000) 17,224 |
Total funds 29 February 2024 £ 630 35,087 (5,000) (9,865) |
|---|---|---|
| 20,852 | ||
| Total funds 28 February 2023 £ 810 68,815 (6,907) (12,060) |
||
| 50,658 |
Page 30
DAVID LYNCH FOUNDATION UK
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
18. Related party transactions
One trustee of the David Lynch Foundation UK is also the Chief Executive of the Maharishi Foundation. In the year ended 28 February 2024 the David Lynch Foundation UK received £3,500 (2023: £1,200) in support of its promotional activities that resulted in many people taking courses offered by Maharishi Foundation. the David Lynch Foundation paid £12,541 (2023: £Nil) to Maharishi Foundation for funded course participants and course expenses.
By virtue of one common trustee and certain related objects and activities, The David Lynch Foundation UK is connected to the Spiritual Regeneration Movement of Great Britain.
The Spiritual Regeneration Movement of Great Britain lent the charity £25,000 as a start-up loan in December 2013. Interest is charged at a rate of 3 per cent above base rate. At 28 February 2024 the amount of loan outstanding was £8,865. (2023: £9,860).
19. Controlling party
The charity is controlled by the Trustees.
Page 31