Charity Registration No. 1171296 THE SCHOOL OF MEDITATION (CHARITABLE INCORPORATED ORGANISATION) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE SCHOOL OF MEDITATION (CHARITABLE INCORPORATED ORGANISATION) LEGAL AND ADMINISTRATIVE INFORMATION Trustses Mr S Adamson Mrs K Kindersley Mr D Mound Mrs D Evans Mr M McNeslry Mrs B Lees (Appointed 12 October 20231 CIO registered number 1171296 Principal address 158 Holland Park Avenue London W114UH Indopondgnt gxamlngr Ward Imlliams Belgrave House 39-43 Monument Hill Weybridge Surrey KT13 8RN KT13 8RN Cazenove Capital 1 London Vvall Place London EC2Y SAU Investment Advisors
THE SCHOOL OF MEDITATION (CHARITABLE INCORPORATED ORGANISATION) CONTENTS Page Trustees. report Independent examine¢s report statement of financial activities Balance sheet Notes lo the financial ststemenls 8-18
THE SCHOOL OF MEDITATION (CHARITABLE INCORPORATED ORGANISATION) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their report and financial statements for the year ended 31 March 2024. The financial slalements have been prepared in accordance with the accounting policies set out in note 1 to the financial slalements and comply wth the Rules of the School, the Charities Act 2011 and "Accounting and Reporting by Charities. Slalement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021" (issued in October 20191. Objectives and activities The objects of the Charity as stsled in its Rules.. lal To advance religion for the public benefit in accordan with the Holy Vedic Tradition as laught by Sri Shankara. Ibl To lIeVe poverty in India by providing". grants, items and services lo individuals in need andlor charities, or other organisations working lo prevent or relieve povety. The policies adopted in ftIrtheran of these objects are leaching and delivering meditation. The trustees have paid due regard lo guidance issued by the Charity Commission in deciding what activities the Charity should undertake. The School's principal activities are.. holding meetings to share the experience of meditation with members of the public and lo inform them of its benefits running short courses to introduce people to meditation leaching meditation lo interested persons and giving them practical guidance on a continuing basis forming and supporting groups of those meditating to gain greater insight and self-discovery advertising the activities of the sch¢)ol on a website, social media and poster displays running retreats for members twice a year offering practical sessions of working together to discover harmony in action. 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 organisalions, particularly those connected with the relief of poverty or with connections lo the Vedic tradition. The School has long supported the Sri Ramakrishna Math in Tamil Nadhu, India, which runs schools, provides health care and works lo empower women in rural India by tea¢hing them practical skills such as tailoring and typing. The School also donates lo the Jyotirnidhi Nyasa Trust which supports the meditation tradition in India. The School is run by ils members and everyone is encouraged lo tske part in the organisalion. Al 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 2024 Achievements and perforniance After several years of change and innovation, some of il voluntary. some a response lo Covid, the financial year 2023-24 has been a quiet and steady one. The School's regular activities have settled down into a pattern wilhoul the need for constant interrogation, and decisions made in recent years are so far proving appropriate or at least workable. Weekly group meetings of committed members have been held in person, online or a through a mixture of the two, and attendance numbers have generally remained steady, with 110 people attending in the spring term of 2024. We have two new groups of people who have leamed meditation during the year. A daytime group was established at 158 Holland Park Avenue for those for whom evening travel is difficult, and a regular if rather small number of attenders has formed. This group Is open to all members on a drop-in basis. Meditation support continues to be available for all members via individual guidance sessions. Both group members and members who do not attend groups have enjoyed day-long retreats held in the School's building in Holland Park, which are now held once every half term. They have been attended by betwèen 20 and 50 people each. Two have been opened lo non-members who attend Open Door sessions or meetings on meditation offered in Oxted by a School member. A Christmas meeting in the School's building, consisting of joint medilalion, reflection and a social, has bècome a regular feature of the calendar, with about 60 people attending this year. A slightly larger number attended an online event open to all members of the School together wth the two associated Schools in Holland and Greece, also in the run-up to Christmas. This meeting provides the opportLJnily lo meditsle together and listen to some readings and music, attesting again to the continuing power of meeting remotely as is also shown by daily online meditab'on sessions, held in the morning, in the middle of the day and in the evening. The main residenb'al retreat changed date from Easter to October and was held in Worth Abbey in West SLJssex, while the retreat previously held in October in Stroud moved in dale to Easter and in venue to Nanpanlan, the SPES premises near Loughborough. The change In dates was in order lo be able lo hold the main retreat in what was hoped to be an ideal venue, whose availabilty was limited. The change in venue for the other retreat was because of cost. This proved popular with members from the North of the UK because of greater proximity. Worth was found in practice lo be in many ways an excellent venue, but elements of the accommodation were a disadvantsge for some attenders. Trustees have found what they hope will prove a good solution to this for 2024. Six introductory courses werè scheduled al 158 and one on-line course for those out of London, in fact most of those who attended this course lived out of the country. One of the courses at 158 was cancelled for lack of bookings, while the others attracted between three and 12 attenders each. Most of these went ahead lo lake up the practice of meditation, tolalling 35 over the year. The cancelled Course was due to start in late July. being an experiment to discover whether there was an interest in attending courses over the summer holiday. It has sin been dropped from the schedule. The year provided some respite from the extensive work on updating the house. The biggest job was rebuilding a large section of the garden wall between 158 and 160 Holland Park Avenue. The parts that were leaning sideways are now upright and secure, and a tree that was expected in due course lo cause damage has been removed. Nevertheless, work on the house itself is far from over. Exploration showed that a substantial rewiring was required. This was commissioned lo be carried out during the Easter break 2024 las was done and currently remains lo be made good, pending agreement from Kensington and Chelsea council in line wth the listed building slatusl. Followng this the office, hallway and stairs will be redecorated. The building work puts a strain on the School's finances, but fortunately they are on a secure fooling, as explained below. Material improvements benefit from the wisdom of previous Iruslees in setting aside funds for building costs.
THE SCHOOL OF MEDITATION (CHARITABLE INCORPORATED ORGANISATION) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 A couple of years hard work by kn School members came lo a conclusion al the end of the financial year, wffh thè readiness for publication of Signposts. This is a collection of short lexls taken from all the material delivered to groups over the years, organised by lopi¢ in alphabetical order. Many of the texts were delivèred by HH Shanlananda Saraswali, bul other teachers quoted in the material are also included, and some lexls are taken directly from the scripts written by the then principal or by other conlribulors of guidance. 11 is provided as a resource for members seeking guidance on practical aspects of life and on the rich philosophical and spiritual backgroLJnd to meditation. Signposts was launched on the members, pages of the School's website at the beginning of the 2024 summer term. How best to bring meditation and the School to the attention of the public has long been a concern of the organisation. In recent times a consensus has developed that the best way of doing this is through Social media. We have used Google, FabOOk and X (formerly Twillerl but, in order lo improve our presence on the most popular channels, we hired the ServIS of a specialist company in 2022. 11 has succeeded in attracting a large number of impressions and followers on both Instagram and TikTok, and has increased the number of visits to our website. In addition it has provided useful information on the audience, which has proved lo be older than expected lone third aged 35-44, the next largest group being 45-541, and a notable proportion of which is overseas. We have also improved our own information gathering from members of the public allending the School. However, the increase of interest in the School has not produced an increase in people learning to meditate such as might have been expected. Acknowledging that there are no magic bullets, and that we are not in the business of acquiring members for the sake of it, the year ended rith trustees and Office Managers considering how lo progress. Trustees are grateful lo the two Office Managers for their own contributions of lime and ideas on these questions, and on many others. We are especially grateful to them for continuing the work of the office during what has been another year made difficult for them by health problems, both personal and family. Finally, our biggest challenge is in providing for the future. As already stated, trustees are content with the financial security of the organisation, and that this is as robust as one can reasonably wish it to be, short of the unforeseen. A bigger problem Is the ageing profile of the many volunteers who do the work of the School. As is common in organisalions such as ours, only a small proportion of those who come lo us lo learn meditation want to gel involved In the leaching and supporting of it, and of those who do, the pSSUre$ and competing claims of modern life mean that they have difficulty in commilling the lime and energy that a largely voluntsry organisalion needs. A lol of this work is therefore falling on a limited number of people that is itself dwindling because of the effects of lime. The questions arising from this situation are expected to concern trustees and interested members more over the next year and beyond. Financial raview Incoming resources were £151,911. ReSoUrS expended were £157,509 including depreciation of £30,877. The School owns one propety in London, 158 Holland Park Avenue, which includes a flat that has been let directly lo a lenanl since March 2018 and produced a rental income during 2023-24 of £18,610. Our investments managed by Cazenove Capital performed in line rith most markets in 2023, generating a revaluation surplus of £53,919, which goes some way towards the recovery of the deficit suffered in the previous year. Vve continued to wlhdraw £12,500 every quarter. Advertising expenditure was £10,707 and is mainly focused on Social media. Indications are that this form of advertising is effective at promoting interest in the School bul has resulted in few enrolments on the Inlroduclory Course. Most new members are still recruited by personal recommendation and the notice board outside the house. A review of better ways lo invest our advertising budget is currently in progress. Other funds wère spent on wages, running the offi¢e, routine repairs and maintenance of the building, professional fees and charitable donations. Detsils are given in the annual accounts.
THE SCHOOL OF MEDITATION (CHARITABLE INCORPORATED ORGANISATION) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained al a level equivalent lo 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 reived. enrolments and bequests and legacies. Expenditure meets the objects in the Constitution by providing teaching facilities, education via the website and administrative facilities to support the operations of the Charity. The trustees regulady assess the major risks lo which the Charity is exposed and are satisfied that appropriate systems are in place to mitigate exposure at this time. strUUre. govgmance and management The School of Medilatlon l.the School I was registered as a Charitable Incorporated Organisatlon 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 formerfy been a Friendly Society called The Meditation Society. The School of Meditation started rts activities in 1961 and was then incorporated in the Meditation Society. The Society changed ils name lo the School of Meditation al ils Annual General Meeting in July 2015. The governan of the School resides with a Iruslee board of befftn 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 Mr M M¢Neslry Mrs B Lees (Appointed 12 October 20231 The trustees are nominated and appointed by vote of members of the Charity at the AGM of the Charity. Trustees are elected for a thre&year term of office. None of the positions fell vacant during the year. The School is overseen by the trustees, and separate activities are run by members appointed by the trustees. The trustees, report was approved by the Board of Trustees. Mr SAdarnson Trustee Dated: .........................
THE SCHOOL OF MEDITATION (CHARITABLE INCORPORATED ORGANISATION) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SCHOOL OF MEDITATION I report lo the Iruslees on my examination of the finanaal statements of The School of Meditation Ilhe Charity) for the year ended 31 March 2024. 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 Ilhe 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 se¢tion 14515llbl of the 2011 Act. Independent examlnerfs 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 Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference lo the Accounting and Reporting by Charities". Statement of Recommended Practice Issued on 1 April 2005 which is referred lo In the extant regulations bul has now been withdrawn. l understsnd that this has been done in order for financial statements lo 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 wnnection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act,. or the financial slalements do not accord with those records., or the financial statements do not comply with the applicable requirements concerning the form and conlenl of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a rnatter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the financial slalements lo be reached. C. Hamilton ACCA Ward Imlliams Bay Lodge 36 Harefield Road Uxbridge Middlesex, UB8 1 PH Dated..
THE SCHOOL OF MEDITATION (CHARITABLE INCORPORATED ORGANISATION) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Endowment fund$ funds designated Total 2024 Total 2023 Notes Income from: Donations and legacies Charitable activities other trading activities Investments 33,145 28,888 1,439 88,439 33,145 28,888 1,439 88,439 29,562 20,680 254 75,239 Total income 151,911 151,911 125,735 Ex enditure on: Raisin funds Fundraising and publicity Trading costs Investment management 10,707 77 3,688 10,707 77 3,688 8.301 1,098 3,839 14,472 14,472 13,238 Charitable activities 113,037 30,000 143,037 118,281 Total resources expended 127,509 30,000 157,509 131,519 Net gainslllossesl on investments 12 53,919 53,919 1125,9561 Net incominglloutgoingi resources 78,321 130,0001 48,321 1131,7401 Other recognised gains and losses Revaluation of tangible fixed assets 30,000 30,000 138,4081 Net movement in funds 78,321 78,321 1170,1481 Fund balances as al 1 April 2023 339,807 5,188,316 5,528,123 5,698,271 Fund balances at 31 March 2024 418,128 5,188,316 5,608,444 5,528,123 The ststemenl of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing aclivilies.
THE SCHOOL OF MEDITATION (CHARITABLE INCORPORATED ORGANISATION) BALANCE SHEET ASAT31 MARCH 2024 2024 2023 Notes Flxed assets Tangible assets Investments 3,751,953 1,570,410 3,752,830 1,509,163 14 5,322,363 5,261,993 Current assets Stocks Debtors Cash at bank and in hand 16 17 443 7,948 300,675 443 12,461 274,184 309.066 287,088 Creditors: amounts falling due within one year 18 124,9851 120,9581 Net current assets 284,081 266,130 Total assets less current liabilities 5,606,444 5,528,123 Income funds Desi naled funds General fund Revaluation reserve 84.803 5,103,513 84,803 5,103,513 20 5,188,316 5,188,316 Unrestricted funds 418,128 339,807 5,606,444 5,528,123 The financial statements were approved by the Trustees on . Mr S Adamson Trustee Mr D Mound Trustee
THE SCHOOL OF MEDITATION (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charity inforniation The School of Meditation I'lhe School") was registered as a charitable incorporated company ICIOI on 25 January 2017. On 6 April 2017 assets were transferred, following approval from the charty 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 Ihe Meditation Society. INhen the Society for Spiritual Development registered as a charity in 1985, the School Df Meditation was transferred lo the Charity. The Society changed its name lo the School of Meditation al ils Annual General Meeting in July 2015. The unincorporated Charity's registration number was 292171, with the new CIO having a chanty number of 1171296. 1.1 Accounting convention The financial statements have been prepared in accordance w(th the Charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities." Stslemenl of Recommended Practice applicable to Charities preparing their acwunls in acwrdance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. (issued in October 20191. The Charity is a Public Benefit Entity as defined by FRS 102. The Charity has tsken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Gash Flows. The financial statements are prepared in sterfing, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. The accounts have been prepared on the historical cost convention, modified lo include the revaluation of rtain fixed assets, investment properties and certain financial instruments al fair value. The principal accounting policies adopted are sel out below. 1.2 Going concern Al the lime of approving the financial slatemenls, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees ntinue to adopt the going concern basis of accounting in preparing the financial ststemenls. 1.3 Charitable funds Unrestricted funds are available for use al 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 sel aside al the discretion of the trustees for speafic 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 reived. 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 relaty'on to donations received under GiftAid or deeds of covenant is recognised at the lime of the donation. 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 wrth reasonable rtaInlY.
THE SCHOOL OF MEDITATION (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles Icontlnuedl 1.5 Resources expended Liabilities are recognised when either a constructive or legal obligation to transfer reSoUrS exists. Costs of raising funds are those expenses related lo the generation of voluntary, fundraising or investment income. Expenditure relating to charitsble activities includes expenditure directly attributable to the delivery of charitsble activities. Other costs Indudes Independent examinab.on fees, preparation of the ststutory accounts, costs of Iruslee meetings, legal advi given lo the tiuslees and any other costs directly relating to charity govemance. Support costs comprise mainly the administrative costs and property costs relating lo the functioning assets Imainly 158 Holland Park Avenue). 1.8 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured al cost or valuation, nel of depreciation and any impaimient losses. Depreaalion is recognised so as lo write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Freehold land and buildings Fixtures and fittings 2 % straight line on buildings, OOA on18nd 250A straight line The gain or loss arising on the disposal of an asset is determined as the differen befvleen the sale proceeds and the carrying value of the asset, and is recognised in nel incomellexpendilure} for the year. Revaluation gains and losses are recognised in other recognised gains and losses and accumulated in equity, except lo the extent that a revaluation gain reverses a revaluation loss prèviously recognised in nel incomel lexpendilurel or a revaluation loss exceeds the accumulated revaluation gains recognised in equity., such gains and loss are recognised in net in¢omellexpendilurel for the year. 1.7 Fixed asset investments Fixed asset investments are initially meaSUd at transaction price excluding transaction costs, and are subsequently measured al fair value al each reporting dale. Changes in fair value are recognised in net incomellexpenditurel for the year. Transaction costs are expensed as incurred. 1.8 Impairment of fixed assets Al each reporting end dale, the Charity reviews the carrying amounts of ils 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 lif any).
THE SCHOOL OF MEDITATION (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles Icontlnuedl Recoverable amount is the higher of fair value less costs lo sell and value in use. In assessing value in use, the estimated future cash flows are discounted lo their present value using a pre-tax discount rate that reflects current market assessments of the b'me value of money and the risks speafic 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 ils carrying amount, the carrying amount of the asset is reduced to ils recoverable amount. An impairment loss is recognised immediately in incomel lexpendilure for the year, unless the relevant asset is carried al a revalued amount, in which case the impaimient loss is Irealed as a valUation decrease. Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have 8$ed to apply. Where an impairment loss subsequently reverses, the carying 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 al a revalued amount, in which case the reversal of the impairment 105S IS treated as a revaluation increase. 1.9 Stocks Stocks are slated at the lower of cost and nel realisable value. Nel realisable value is the eslimaled selling price less all eslimaled eosls 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 $hort-temi liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.11 Flnancial instrumen1$ The Charity has elected to apply the provisions of Section 11 'Basic Financial Inslrurnenls, and Section 12 'Olher Financial Instruments Issues, of FRS 102 to all of ils finanual Inslrumenls. Financial instruments are recognised when the Charity becomes paty lo the conlraclual provisions of the inslrumenl. 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 nel 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 al amortised cost using the effective interest method unless the arrangement constilules a financing transaction, where the transaction is measured at the present value of the future reip1S discounted at a market rale of interest. Financial assets classified as receivable within one year are not amortised. 10-
THE SCHOOL OF MEDITATION (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles Icontlnuedl Basic financial liabilities Basic finanaal 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 al the present value of the future payments discounted at a market rale of interest. Financial Iiabililies dassilied as payable thin one year are not amortised. Debt instruments are subsequently carried al amortised cost, using the effective interest rale 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 subsequenuy measured al amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are dèrecogni5ed when the Charty's contractual obligations expire or are discharged or cancelled. 1.12 Employee benefits The cost of any unused holiday enlitlemenl is recognised in the period in which the employee's services are received. Temiination benefits are recognised immediately as an expense when the Charity is demonstrably committed lo lerminale the employment of an employee or to provide termination benefits. 1.13 Retirement benefits The charty oper8te5 8 defined contributions pension scheme. Contributions are charged in the accounts as they become payable in accordance with the rules of the scheme. Donations and legacies 2024 2023 Donations and grfts 33,145 29,562 Donations and gifts Other donations Gift aid donations Gift aid lax 2,535 24,360 6,250 4,141 19.764 5,657 33,145 29,562
THE SCHOOL OF MEDITATION (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 Charitable activitie5 2024 2023 SOM inilialions SES inilialions Enrolmenls Retreat Ideficilllsurplus 9,470 12.272 6,759 387 8,489 7,525 5,735 11,0691 28,888 20,680 Other trading activities 2024 2023 Other trading activities 1,439 254 Invostments 2024 2023 Rental income receivable- 158 Holland Park Ave Investment fund dividendrtrusl income Interest receivable 18,610 61,016 8,813 15,609 55,365 4,265 88,439 75,239 12-
THE SCHOOL OF MEDITATION (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 Raising funds 2024 2023 Fundraisin Advertising and ublici 10.707 8,301 Tradin sts Other trading activities 77 1,098 Investment mana emenl 3,688 3,839 14,472 13,238 Charltable a1vItIeS 2024 2023 Stsff costs Depreciation and impaimienl Other costs- Activities undertaken directly Other costs- Support costs (see note 91 51.873 30,877 2,216 53,071 45.907 31,010 1,189 35,175 138.037 113,281 Grant funding of activities (see note 81 5,000 5,000 143,037 118,281 Grants payable 2024 2023 Grants lo institutions.. Sri Ramakrishna Math Jyolimidhi Nyasa Ttusl 2,000 3,000 2,000 3,000 5,000 5,000 13-
THE SCHOOL OF MEDITATION (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 Support costs Support Govemance costs costs 2024 2023 Basls of allo¢atlon Propety Maintenan and running costs Adminislralive expenses Support 36,227 13,244 36,227 13,244 20,800 10,774 Support Independent Examiners Fees 3,800 3,600 3,600 Governanee 49,471 3,600 53,071 35,174 Governance costs includes payments of £3,600 12023.. £3,600) for an independent examination and accounts preparation. Adminislralive expenses includes payments of £84212023.. £7561 paid to the independent examiners for accounting system support and review. 10 Trustoes None of the trustees lor any persons connected with them) received any remuneration or benefits from the Charty during the year. 11 Employees Numberofemployees The average monthly number employees during the year was.. 2024 Number 2023 Number Adminislralive Employment costs 2024 2023 INages and salaries Other pension costs 49,751 2,122 44,003 1,904 51,873 45,907 There were no employees whose annual Temuneralion was £60,000 or more. 14-
THE SCHOOL OF MEDITATION (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 12 Net gainslllossesl on investments 2024 2023 Revaluation of investments 53.919 1125.9561 13 Tangible fixed assets Freehold land Fixtures and and buildings fittings Total Cost Al 1 April 2023 3,750,000 24,829 3,774,829 Al 31 March 2024 3,750,000 24,829 3,774,829 Depreclatlon and Impalment Al 1 April 2023 Depreaation charged in the year Revaluation 21,999 877 21,999 30.877 130,0001 30,000 130,0001 At 31 March 2024 22,878 22,876 Carrylng amount At 31 March 2024 3,750,000 1,953 3,751,953 At 31 March 2023 3,750,000 2,830 3,752,830 Land and Buildings are included al their estimated market value of £3.750.000. The fair value of the Land and Buildings has been arrived al on the basis of information provided in May 2023 by Carter Jonas LLP, who are not conne¢ted with the charity. The valuation made by the Trustees based on this infomiation is on an open market value basis by reference to market evidence of transaction prIS for similar propetties. 15-
THE SCHOOL OF MEDITATION (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 14 Fixed asset investments Cazenove Investment Fund Cost or valuatlon At 1 April 2023 Additions Valuation changes Disposals 1,509,163 61,016 53,919 153,6881 At 31 March 2024 1,570,410 Carrylng amount At 31 March 2024 1,570,410 Al 31 March 2023 1,509,163 15 Financial instruments 2024 2023 Carrylng amount of flnanclal assots Debt instruments measured al amortised cost Equity instruments measured al cost less impaimient 1,373 1,570,410 2,994 1,509,163 Carrying amount of financial liabilities Measured al amortised Cost 24.985 20,958 16 Stocks 2024 2023 Finished goods and goods for resale 443 443 Stock of £443 includes £401 regarding the publication of 'Being Oneself, and £42 regarding the publi¢alion of 'Reflections'. 17 Debtors 2024 2023 Amounts falllng due wlthln one year: Income tsx reclaim via Gift Aid Other debtors Prepayments and accrued income 6,250 1,373 325 5,814 2,994 3,653 7,948 12,461 16-
THE SCHOOL OF MEDITATION (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 18 Creditors: amounts falling due within one year 2024 2023 Other creditors Accruals and deferred income 1,284 23,701 2,436 18,522 24,985 20,958 19 Retirement bènefit 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 profil or loss in SpeCt of defined contribution schemes was £2,12212023- £1,904). 20 Designated funds The income funds of the charity indude the following designated funds which have been sel aside out of unrestiicted funds by the Iruslees for specific putposes.. Movement in fund5 Incomlng Resources Revaluatlons, Balance at 31 resources expended galns and March 2024 losses Balance at 1 Aprll 2023 Functional Asset Propety Reserve Propety Projects Fund 5,103,513 84,803 130,0001 30,000 5,103,513 84,803 5,188,316 130,0001 30,000 5,188,316 Functional Asset Propèty Reserve The reserve reflects the value of functional assets. The value is designated by the Iruslees lo reflect the commitment of the charity's reserves reflected principally by 158 Holland Park Avenue as well as assets held to generate income. Propety Projects Fund This reserve reflects bequests made to the charity which the trustees have decided lo set aside for future property projects. 17-
THE SCHOOL OF MEDITATION (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 21 Analysis of net assets between funds Unrestrlctod Deslgnated funds funds Totsl Fund balances al 31 March 2024 are represented by.. Tangible assets Investments Current assetsllliabililiesl 1138,2871 357,137 199,278 3,890,240 1,213,273 84,803 3,751,953 1,570,410 284,081 418,128 5,188,316 5,606,444 22 Related party transactions There were no disclosable related paty transactions during the year. The remuneration lo key management personnel, who are considered lo be the Trustees of the charity was £nil12023.. £nill. 23 Controlling party The charity is controlled by the trustees. 18-