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2021-03-31-accounts

Charity Registration No. 1171296

THE SCHOOL OF MEDITATION

(CHARITABLE INCORPORATED ORGANISATION) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

THE SCHOOL OF MEDITATION (CHARITABLE INCORPORATED ORGANISATION) LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr S Adamson Mrs K Kindersley Mr D Mound Mrs D Evans Miss A Hackett CIO registered number 1171296 Principal address 158 Holland Park Avenue London W11 4UH Independent examiner Ward Williams Belgrave House 39-43 Monument Hill Weybridge Surrey KT13 8RN Investment Advisors Cazenove Capital 1 London Wall Place London EC2Y 5AU

THE SCHOOL OF MEDITATION (CHARITABLE INCORPORATED ORGANISATION) CONTENTS

Page
Trustees' report 1 - 6
Independent examiner's report 7
Statement of financial activities 8
Balance sheet 9
Notes to the financial statements 10 - 21

THE SCHOOL OF MEDITATION (CHARITABLE INCORPORATED ORGANISATION) TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2021

The trustees present their report and financial statements for the year ended 31 March 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Rules of the School, the Charities Act 2011 and “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)” (issued in October 2019).

Objectives and activities

The objects of the Charity as stated in its Rules:

(a) To advance religion for the public benefit in accordance with the Holy Vedic Tradition as taught by Sri Shankara.

(b) To relieve poverty in India by providing: grants, items and services to individuals in need and/or charities, or other organisations working to prevent or relieve poverty.

The policies adopted in furtherance of these objects are teaching and delivering meditation.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.

The School’s principal activities are:

The School is based in west London and has groups in various parts of the country. The School also provides support for groups in Greece and Holland through visits and written material.

If surplus funds allow, donations are made each year to other charitable organisations, particularly those connected with the relief of poverty or with connections to the Vedic tradition. The School has long supported the Sri Ramakrishna Math in Tamil Nadhu, India, which runs schools, provides health care and works to empower women in rural India by teaching them practical skills such as tailoring and typing. The School also donates to the Jyotirnidhi Nyasa Trust which supports the meditation tradition in India.

The School is run by its members and everyone is encouraged to take part in the organisation. All are volunteers apart from two office managers who job-share.

THE SCHOOL OF MEDITATION (CHARITABLE INCORPORATED ORGANISATION) TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

The pandemic year

The first Covid-19 lockdown started a week before the beginning of the financial year, and at the end of the year the full restrictions of the third lockdown were still in place. Apart from a short break between the first and second lockdowns, the School has operated almost entirely online during the year. Live gatherings were forbidden for most of that time, or highly restricted during a brief partial easing. Modern technology has however meant that we have only had to close our doors in a literal sense. Many activities moved online while new online ones were generated. Many initiatives came from individual members, who also took on the responsibility for organising them. Although we would not want a similar health crisis to emerge again, it has uncovered a deep strength and unity among School members and seen the teachings of the meditation tradition being absorbed and experienced as part of the reality of our normal lives.

Half-hour meditation sessions have been held each day throughout the year at 7 am, at mid-day, and at 6 pm (UK times). These have been well attended, with normal numbers between 20 and 50, usually at the higher end of the range. Groups have met at the time of their regular group weekly sessions to meditate, reflect on words of guidance and share their responses. Some members have even been able to attend their groups more frequently where distance from London or other obstacles prevented their joining in person. The daily half-hour sessions have included members from Holland and Greece, who have also participated actively in running the sessions. Overall, the pandemic has therefore had many beneficial effects in joining together School members and enabling us to know better people we would not otherwise see.

The School is however also aware that some members do not wish to use online methods or are not equipped to do so. Weekly group material has been made available to these people, and they have also been sent general communications from the School. All were specially written to in early January giving further support and guidance.

Open Door (a guided meditation session for the public held in the daytime) moved online on 13 April 2020 and from a modest start quickly grew in strength. The essence of Open Door is that any member of the public can join it, through a link from the public pages of the School’s website. It is also publicised online in the social media site Meet-Up.

One-to-one support for the practice of meditation, especially that of new meditators, has been provided through online face-to-face contacts.

One member has emailed interested parties throughout the year with a daily quotation that illuminates the practice and philosophy of meditation.

The School’s long-serving administrator retired in July and was replaced by two other School members working as office managers on a job share. They have been able to attend the office on a regular basis when they can travel safely, and have worked from home the rest of the time. The building has been closed throughout the year to members of the public other than those providing cleaning, maintenance and building services.

Achievements and performance

The School has been unable to teach the mantra-based method of meditation to members of the public for most of the year. The Trustees and Principal consider that it is essential to keep the traditional way of giving the method, which does not lend itself to being taught remotely. However, two Welcome Ceremonies (previously known as Initiation Ceremonies) were held in September and October, in a period when restrictions were eased, and, although outside of the period covered by this report, it should be noted that further ceremonies were provided for those waiting for the method as soon as government restrictions allowed limited indoor meetings, in late May 2021. Nevertheless, we have continued to run introductory courses online, and those who have indicated at the end of the courses that they would like to take up the meditation have been offered continuing online group meetings with material on meditation and guided meditation sessions.

THE SCHOOL OF MEDITATION (CHARITABLE INCORPORATED ORGANISATION) TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Hence, during the year the School of Meditation only taught the technique of meditation to 5 people, all in London.

Fourteen sessions of Evening Stillness were held online in the first half of the year, with 97 attenders. It was decided at the end of 2020 that as these had moved online it was anomalous to charge for these sessions as they had become more similar to the free Open Door ones. Moreover, the aim of Evening Stillness to point people to taking up the method of meditation was blunted by not being able to attend the welcome ceremonies where meditation is taught. It was therefore decided to suspend Evening Stillness until it could be held in person, and to offer Open Door sessions on line in the evenings.

Three online introductory courses were held, in the second half of the autumn term and in both halves of the spring term, attended in total by 35 people. These were thought worthwhile, although the numbers going through to take up the meditation were low.

The School also held 188 online Open Door meetings. A core of regular attenders established itself, with one or two new people joining most meetings; average attendance is 18. Although most attenders live in the UK, others have come from around the world, including the USA, Finland, Ireland, France and India. In the autumn two evening sessions were added to the three morning ones. The meetings are hosted by a rota of 10 presenters.

Headline figures show the School giving guidance to fewer people than in previous years. These figures have been tempered by the pandemic. Forty-eight people were given meditation guidance online, as against 76 in 2019-20, but this drop is to be expected as so few were taught the method. One hundred and sixty-five regularly attended groups, as opposed to 229 in the previous year, but this figure is for online meetings, and does not include those who did not join online but remain in contact with their groups. Eighty-two attended groups in Greece and 90 in the Netherlands.

It was not possible to hold retreats in the year.

Improvement of the website has continued, with further development of the members’ section where information about School activities is available, new blogs are regularly posted, talks by the School’s first principal can be heard, and where members can post texts or thoughts that they wish to share. The changing pattern of government regulations in response to the pandemic meant that the website has required regular updates and has become the main channel of communication with the membership.

A commemorative bench in memory of Mr F W Whiting (the School’s first Principal) was commissioned and now sits in the School’s garden, awaiting the time when members can come along and make use of it.

Investments

The AGM for 2019-20, which was held online in September 2020, was addressed by two managers from the charities division of Cazenove Capital where the School invested the proceeds of the sale of 16 Hugh Street.

THE SCHOOL OF MEDITATION (CHARITABLE INCORPORATED ORGANISATION) TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

Financial review

Incoming resources were £82,485. Resources expended were £138,264 including depreciation of £29,193. The School owns one property in London, 158 Holland Park Avenue, which includes a flat that has been let directly to tenants since March 2018 and produced a rental income of £16,572.

At the beginning of the financial year the charity invested £1.4million with a professional wealth manager, Cazenove Capital. By the end of 2020-21 our investment had grown in value by £78,341 and earned £29,106 in income compared to the rent earned from 16 Hugh Street of £20,770 net of costs in the last full year of letting.

Advertising expenditure at £6,096 included web site advertising, poster advertising and press advertising. Other funds were spent on wages, running the office, repairs and maintenance of the building, professional fees and charitable donations. Details are given in the annual accounts.

It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to about twelve months' expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity's current activities while consideration is given to ways in which additional funds may be raised.

The principal sources of income are the Charity's investments, donations received, and bequests and legacies. Expenditure meets the objects by providing teaching facilities, education via the website and administrative facilities to support the operations of the Charity.

The trustees has assessed the major risks to which the Charity is exposed, and are satisfied that appropriate systems are in place to mitigate exposure to the major risks.

Plans for the future

The pandemic has shown both new methods for members to meet and share meditation and the importance of being able to join together in person. It was decided by the Trustees not to reopen the School’s premises for full activities until September 2021, assuming that the government’s “roadmap” allows it. At this time groups will resume, together with Evening Stillness sessions for the public, introductory courses, in-person Open Door sessions and regular welcome ceremonies. However, we will continue to offer both Open Door online and the three daily meditation sessions. Trustees are also considering whether to hold occasional introductory courses online for those who live away from London but might be willing to visit London to be taught the method. Members who are unable to regularly attend 158 Holland Park Avenue or their nearest regional group will be offered a weekly online group.

The biggest constraint on activities continues to be the availability of individuals to run them, but the responses of members during the pandemic has instilled the Trustees with confidence that the needs will be met.

Work will continue in refining how the School offers meditation to the public. Our two new office managers both have expertise in marketing, from which the School has already benefited. Information about the School is now available on Meet-Up, the Facebook page is regularly refreshed, tweets are issued regularly on Twitter and the website is constantly updated. In addition, the School will be endeavouring to engage more with the local community with a view to drawing in a more diverse membership.

At the start of December 2021 the School will become 60 years old. This date will be used to try to attract national and local publicity. A special publication for use by existing and would-be meditators is to be published at some time during the anniversary year, and a special event is planned to mark the end of the celebrations in summer 2022.

THE SCHOOL OF MEDITATION (CHARITABLE INCORPORATED ORGANISATION) TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

It is hoped to restart retreats, starting with the regular October weekend at Hawkwood College in Gloucestershire. A spring retreat had been booked for April 2020 at Worth Abbey in West Sussex which had to be cancelled. When pandemic restrictions were easing in spring 2021 we held discussions with Worth to make a booking around Easter 2022 but were unable to secure a suitable date. We have therefore booked a long weekend from 7 to 10 April at Queen Anne College, Caversham, where we have held three previous retreats.

Trustees are also planning now to institute a calendar of London-based activities that was drawn up before the

pandemic. There will be one event each half term.

Lastly, the Annual Report last year stated that Trustees were planning the redevelopment of the kitchen and refectory area in the basement of the School’s house, benefitting from a generous bequest from a deceased member. At one point in the summer of 2020 it looked as if we were enjoying fair winds and that the work could be done while the building was closed. This optimism was dashed when we unexpectedly had planning permission refused on the basis of preservation of architectural heritage. This initiated a long process of seeking specialist advice and ascertaining from the local council what might be permitted. At the time of writing a revised planning application is being submitted, which, while not giving us everything we had hoped for, will still achieve substantial improvements to the space while simultaneously opening up access to our garden.

Structure, governance and management

The School of Meditation (“the School") was registered as a Charitable Incorporated Organisation on 25 January 2017. Assets were transferred into the charity, following Charity Commission approval, from an unincorporated charity called The Society of Spiritual Development which had been registered in 1985 having formerly been a Friendly Society called The Meditation Society. The School of Meditation started its activities in 1961 and was then incorporated in the Meditation Society. The Society changed its name to the School of Meditation at its Annual General Meeting in July 2015. Following an Extraordinary General Meeting in January 2017 the status of the charity was changed to that of Charitable Incorporated Organisation , and the assets were transferred to the organisation following the completion of legal procedures.

The governance of the School resides with a trustee board of between five and eight members , while a number of individuals are responsible for running different areas of the School's activities.

The trustees, who served during the year were: Mr S Adamson Mrs K Kindersley Mr D Mound Mrs D Evans Miss A Hackett

Mrs Kindersley was re-elected by the 2020 AGM.

The trustees are nominated and appointed by vote of members of the Charity at the AGM of the Charity.

THE SCHOOL OF MEDITATION (CHARITABLE INCORPORATED ORGANISATION) TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

Trust board meetings are attended ex officio in a non-voting capacity by the Principal (currently Mr Tony Crouch) and Activities Co-ordinator (currently Mrs Angela Jackman).

The main centre of the School is in West London, where the practice of meditation is given and cared for, and where groups meet to take guidance focused on the teachings of Sri Shantananda Saraswati, the former head of the tradition in Northern India from which the School’s particular method of meditation came. There are currently nine active regional groups throughout the UK (in Barnstaple, Basingstoke [two groups], Boston, Bournemouth/New Forest, Chelmsford, Reading, Sheffield and Winchester).

Groups in the Netherlands and Greece sought guidance from the School on the practice of meditation and the teachings. Every year, the Principal of the School, or another senior teacher, visits School members, teaches new members meditation and gives further guidance to groups.

The trustees regularly assess the major risks to which the Charity is exposed, and are satisfied that systems

are in place to mitigate exposure to the major risks.

The School is overseen by the trustees, and separate activities are run by members appointed by the trustees.

The trustees' r eport was approved by the Board of Trustees.

.............................. Mr S Adamson Trustee Dated: .........................

THE SCHOOL OF MEDITATION (CHARITABLE INCORPORATED ORGANISATION) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SCHOOL OF MEDITATION

I report to the trustees on my examination of the financial statements of The School of Meditation (the Charity) for the year ended 31 March 2021.

Responsibilities and basis of report

As the trustees of the Charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

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 that in any material respect:

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 financial statements to be reached.

C. Hamilton ACCA Ward Williams

Bay Lodge 36 Harefield Road Uxbridge Middlesex, UB8 1PH

Dated: .........................

THE SCHOOL OF MEDITATION (CHARITABLE INCORPORATED ORGANISATION) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2021

Unrestricted Endowment
funds
funds
d esignated
Notes
£
£
Income from:
Donations and legacies
2
26,457
-
Charitable activities
3
8,277
-
Other trading activities
4
675
-
Investments
5
47,076
-
Total income
82,485
-
Expenditure on:
Raising funds
Fundraising and publicity
6
6,096
-
Trading costs
6
61
-
Investment management
6
2,339
-
8,496
-
Charitable activities
7
101,768
28,000
Total resources expended
110,264
28,000
Net gains/(losses) on investments
12
78,341
-
Net incoming/(outgoing) resources before
transfers
50,562
(28,000)
Gross transfers between funds
(100,000)
100,000
Net outgoing resources
(49,438)
72,000
Other recognised gains and losses
Revaluation of tangible fixed assets
-
128,000
Net movement in funds
(49,438)
200,000
Fund balances as at 6 April 2019
376,642
4,921,561
Fund balances at 31 March 2021
327,204
5,121,561		 Total
2021
£
26,457
8,277
675
47,076
82,485
6,096
61
2,339
8,496
129,768
138,264
78,341
22,562
-
22,562
128,000
150,562
5,298,203
5,448,765		 Total
2020
£
128,685
28,104
6,680
20,965
184,434
15,877
6,266
607
22,750
145,658
168,408
(150,000)
(133,974)
-
(133,974)
27,200
(106,774)
5,404,977
5,298,203

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

THE SCHOOL OF MEDITATION (CHARITABLE INCORPORATED ORGANISATION) BALANCE SHEET

AS AT 31 MARCH 2021

2021
Notes
£
£
Fixed assets
Tangible assets
13
3,501,376
Investments
14
1,505,108
5,006,484
Current assets
Stocks
16
529
Debtors
17
14,002
Cash at bank and in hand
443,291
457,822
Creditors: amounts falling due within
one year
18
(15,541)
Net current assets
442,281
Total assets less current liabilities
5,448,765
Income funds
Designated funds
General fund
229,976
Revaluation reserve
4,891,585
20
5,121,561
Unrestricted funds
327,204
5,448,765
The financial statements were approved by the Trustees on .........................
..............................
..............................
Mr S Adamson
Mr D Mound
Trustee
Trustee		 2020
£
£
3,402,473
-
3,402,473
535
14,380
1,894,336
1,909,251
(13,521)
1,895,730
5,298,203
129,976
4,791,585
4,921,561
376,642
5,298,203

THE SCHOOL OF MEDITATION (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

Charity information

The School of Meditation ('the School") was registered as a charitable incorporated company (CIO) on 25 January 2017. On 6 April 2017 assets were transferred, following approval from the charity commission, from an unincorporated charity called The Society of Spiritual Development which had been registered in 1985 having formerly been a Friendly Society called The Meditation Society. The School of Meditation started its activities in 1961 and was incorporated in the Meditation Society. When the Society for Spiritual Development registered as a charity in 1985, the School of Meditation was transferred to the Charity. The Society changed its name to the School of Meditation at its Annual General Meeting in July 2015. The unincorporated Charity's registration number was 292171, with the new CIO having a charity number of 1171296.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charity's governing document, the Charities Act 2011 and “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)” (issued in October 2019). The Charity is a Public Benefit Entity as defined by FRS 102.

The Charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling , which is the functional currency of the Charity. Monetary a mounts in these financial statements are rounded to the nearest £.

The accounts have been prepared on the historical cost convention, modified to include the revaluation of certain fixed assets, investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

Designated funds comprise of funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the accounts.

1.4 Incoming resources

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Rental income and bank interest is recognised when receivable.

Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

THE SCHOOL OF MEDITATION (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

(Continued)

Legacies are recognised when they can be measured and their receipt is reasonably certain. For pecuniary legacies this is on receipt of notification from the executor, for residuary legacies this is usually when the amount can be predicted with reasonable certainty.

1.5 Resources expended

Liabilities are recognised when either a constructive or legal obligation to transfer resources exists.

Costs of raising funds are those expenses related to the generation of voluntary, fundraising or investment income.

Expenditure relating to charitable activities includes expenditure directly attributable to the delivery of charitable activities.

Other costs includes independent examination fees, preparation of the statutory accounts, costs of trustee meetings, legal advice given to the trustees and any other costs directly relating to charity governance.

Support costs comprise mainly the administrative costs and property costs relating to the functioning assets (mainly 158 Holland Park Avenue).

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings 2% straight line on buildings, 0% on land Fixtures and fittings 25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

Revaluation gains and losses are recognised in other recognised gains and losses and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in net income/(expenditure) or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and loss are recognised in net income/(expenditure) for the year.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred.

1.8 Impairment of fixed assets

At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .

THE SCHOOL OF MEDITATION (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

(Continued)

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/ (expenditure for the year , unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9 Stocks

Stocks are stated at the lower of cost and net realisable value .

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11 Financial instruments

The C harity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the Charity becomes party to the contractual provisions of the instrument.

Financial assets are offset, with the net amounts presented in the accounts when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

THE SCHOOL OF MEDITATION (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity ’s contractual obligations expire or are discharged or cancelled.

1.12 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13 Retirement benefits

The charity operates a defined contributions pension scheme. Contributions are charged in the accounts as they become payable in accordance with the rules of the scheme.

2 Donations and legacies

Donations and gifts
Donations and gifts
Other donations
Gift aid donations
Gift aid tax
Bequests and legacies		 2021
£
26,457
3,604
17,460
5,393
-
26,457		 2020
£
128,685
2,400
20,993
5,292
100,000
128,685

THE SCHOOL OF MEDITATION (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

3 Charitable activities

SOM initiations
SES initiations
Enrolments
Other (retreat surplus/deficit)
Help Counselling Centre
4
Other trading activities
Other trading activities
5
Investments
Rental income receivable - 158 Holland Park Ave
Rental income receivable - 16 Hugh Street
Investment fund dividend/trust income
Interest receivable		 2021
£
325
180
7,515
257
-







2021
£
675
2021
£
16,572
-
28,869
1,635
47,076		 2020
£
5,776
11,843
8,418
1,251
816
28,104
2020
£
6,680
2020
£
16,150
2,860
-
1,955
20,965
8,277

The property at 16 Hugh Street was sold by the charity in the previous year. Proceeds were invested during the current year in a Cazenove Investment Fund.

THE SCHOOL OF MEDITATION (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

6 Raising funds

7
8		 Fundraising and publicity
Advertising
Trading costs
Other trading activities
Investment management
Charitable activities
Staff costs
Depreciation and impairment
Other costs - Activities undertaken directly
Other costs - Support costs (see note 9)
Grant funding of activities (see note 8)
Grants payable
Grants to institutions:
Sri Ramakrishna Math
Jyotirnidhi Nyasa Trust		 2021
£
6,096
61
2,339
8,496
2021
£
41,569
29,193
608
53,398
124,768
5,000
129,768
2021
£
2,000
3,000
5,000		 2020
£
15,877
6,266
607
22,750
2020
£
28,453
29,603
2,440
80,162
140,658
5,000
145,658
2020
£
2,000
3,000
5,000

THE SCHOOL OF MEDITATION (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

9 Support costs

Support
costs
Governance
costs
£
£
Property maintenance and
running costs
25,176
-
Administrative expenses
16,159
-
Independant Examiners Fees
-
3,420
Legal and professional
-
8,643
41,335
12,063		 2021
£
25,176
16,159
3,420
8,643
53,398		 2020 Basis of
allocation
£
35,786
Support
11,842 Support
3,420 Governance
29,114 Governance
80,162

Governance costs includes payments of £ 3,420 (2020: £3,420) for an independent examination and accounts preparation.

Administrative expenses includes payments of £2,460 (2020: £nil) paid to the independent examiners for accounting system support.

10 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.

11 Employees

Number of employees

The average monthly number employees during the year was:

2021 2020
Number Number
Administrative 2 1
Employment costs 2021 2020
£ £
Wages and salaries 39,066 27,125
Other pension costs 2,503 1,328
41,569 28,453

There were no employees whose annual remuneration was £60,000 or more.

THE SCHOOL OF MEDITATION (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

12 Net gains/(losses) on investments

Unrestricted Endowment
Total
funds
funds
2021
d esignated
£
£
£
Revaluation of investments
78,341
-
78,341
Gain/(loss) on sale of investments
-
-
-
78,341
-
78,341
For the year ended 5 April
2020
-
(150,000)
13
Tangible fixed assets
Freehold land
and buildings
Fixtures and
fittings
£
£
Cost
At 6 April 2020
3,400,000
23,391
Additions
-
96
Revaluation
100,000
-
At 31 March 2021
3,500,000
23,487
Depreciation and impairment
At 6 April 2020
-
20,918
Depreciation charged in the year
28,000
1,193
Revaluation
(28,000)
-
At 31 March 2021
-
22,111
Carrying amount
At 31 March 2021
3,500,000
1,376
At 5 April 2020
3,400,000
2,473		 Total
2020
£
-
(150,000)
(150,000)
(150,000)
Total
£
3,423,391
96
100,000
3,523,487
20,918
29,193
(28,000)
22,111
3,501,376
3,402,473

Land and Buildings are included at their estimated market value of £3, 5 00,000. The fair value of the Land and Buildings has been arrived at on the basis of information provided in April 2021 by Carter Jonas LLP, who are not connected with the charity. The valuation made by the Trustees based on this information is on an open market value basis by reference to market evidence of transaction prices for similar properties.

THE SCHOOL OF MEDITATION (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

14 Fixed asset investments

Cazenove
Investment
Fund
£
Cost or valuation
At 6 April 2020 -
Additions 1,429,106
Valuation changes 78,341
Disposals (2,339)
At 31 March 2021 1,505,108
Carrying amount
At 31 March 2021 1,505,108
At 05 April 2020 -
Included within the above Cazenove Investment Fund was cash held at the year-end totalling £26,897.
15 Financial instruments 2021 2020
£ £
Carrying amount of financial assets
Debt instruments measured at amortised cost 1,980 1,200
Equity instruments measured at cost less impairment 1,505,108 -
Carrying amount of financial liabilities
Measured at amortised cost 15,541 13,521
16 Stocks
2021 2020
£ £
Finished goods and goods for resale 529 535

Stock of £5 2 9 includes £4 8 7 regarding the publication of 'Being Oneself', and £42 regarding the publication of 'Reflections'.

THE SCHOOL OF MEDITATION (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

17 Debtors

Amounts falling due within one year:
Income tax reclaim via Gift Aid
Other debtors
Prepayments and accrued income
Creditors: amounts falling due within one year
Other creditors
Accruals and deferred income		 2021
£
5,390
1,980
6,632
14,002
2021
£
1,928
13,613
15,541		 2020
£
5,269
1,200
7,911
14,380
2020
£
1,300
12,221
13,521

18 Creditors: amounts falling due within one year

19 Retirement benefit schemes

Defined contribution schemes

The Charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charity in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £2,503 (2020 - £1,328).

THE SCHOOL OF MEDITATION (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

20 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Movement in funds Movement in funds
Balance at 6 Incoming Resources Transfers Revaluations, Balance at 31
April 2020 resources expended gains and March 2021
losses
£ £ £ £
£		 £
Functional Asset
Property Reserve 4,791,585 - (28,000) -
128,000		 4,891,585
Property Projects
Fund 129,976 - - 100,000
-		 229,976
4,921,561 - (28,000) 100,000
128,000		 5,121,561

Functional Asset Property Reserve

The reserve reflects the value of functional assets. The value is designated by the trustees to reflect the commitment of the charity's reserves reflected principally by 158 Holland Park Avenue as well as assets held to generate income.

Property Projects Fund

This reserve reflects bequests made to the charity which the trustees have decided to set aside for future property projects. A further £100,000 has been transferred to this fund during the year, relating to a bequest that was received in the previous year from a long-time School member. The Trustees have decided this bequest should be used for a special project, namely the redevelopment of the kitchen and refectory area in the basement of the School's house.

21 Analysis of net assets between funds

Unrestricted
funds
Designated
funds
£
£
Fund balances at 31 March 2021 are represented by:
Tangible assets
(138,864)
3,640,240
Investments
253,763
1,251,345
Current assets/(liabilities)
212,305
229,976
327,204
5,121,561		 Total
£
3,501,376
1,505,108
442,281
5,448,765

22 Related party transactions

There were no disclosable related party transactions during the year .

The remuneration to key management personnel, who are considered to be the Trustees of the charity was £nil.

THE SCHOOL OF MEDITATION (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

23 Controlling party

The charity is controlled by the trustees.