Charity number: 1172021
The Zen Trust
Unaudited
Trustees' report and financial statements
For the year ended 31 March 2021
The Zen Trust
Contents
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 3 |
| Trustees' responsibilities statement | 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 19 |
The Zen Trust
Reference and administrative details of the Charity, its Trustees and advisers For the year ended 31 March 2021
| Trustees | Dr Desmond Biddulph CBE, Trustee |
|---|---|
| Dr Garry Gelade M.A. (Cantab.) Phd, Trustee (passed 5 July 2020) | |
| Miss Judith Clark, Trustee | |
| Mr Rohit Shah, Trustee | |
| Mr Eifion Thomas, Trustee (appointed 10 December 2020) | |
| Charity registered number 1172021 Principal office 58 Marlborough Place London NW8 0PL Accountants Kreston Reeves LLP Chartered Accountants Plus X Innovation Hub Lewes Road Brighton East Sussex BN2 4GL Bankers Barclays Bank PLC 1 Churchill Place London E14 5HP |
Page 1
The Zen Trust
Trustees' report For the year ended 31 March 2021
The Trustees present their annual report together with the financial statements of the Zen Trust CIO for the year ended 31 March 2021.
Objectives and Activities
a. Policies and objectives
The objectives of the charity is to advance the Zen Buddhist religion and to promote instruction and teaching thereof for the benefit of the public.
b. Main activities undertaken to further the charity's purposes for the public benefit
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. The main activities of the charity are publishing, the holding of classes for both beginners and advanced students, and the provision of opportunities for both sets of individuals to undergo periods of retreat and residential training at our two properties and at other places. The Trust owns two properties where both these and regular classes take place.
c. Volunteers
The charity has no employees and is run by volunteers. The trustees would like to thank all volunteers for the time they have devoted to the charity during the year.
Achievements and performance
a. Review of activities
During the year, the charity held classes over Zoom and these were well attended. Retreats were also offered over Zoom, with participants following a set timetable at home and coming together over Zoom for meditation and talks. The online retreats worked surprisingly well.
Income for the period has remained consistent with the previous year, whereas expenditure has fallen largely because the roof repairs at Shoboan are now complete.
The balance sheet has also remained consistent with last year, the only real change being an increase in the investment portfolio of just under £70,000. However, the value of the investment portfolio is only on paper and it can still go up and down, so caution is necessary in looking at the increase in value.
As we gradually return to classes held in person, it is clear that we will still have to cater for our members who are too distant to attend classes in person in London but have benefited from classes held on Zoom. The trustees anticipate some expenditure will be necessary in equipment to do so effectively over the longer term.
Sadly, our long standing trustee and one of the senior teachers, Garry Gelade, passed away on 5 July 2020. The trustees are grateful for the long and dedicated service that Garry provided to the Trust.
A new trustee, Eifion Thomas, was appointed on 10 December 2020.
b. Investment policy and performance
The Trust aims to invest in such a way as to minimise risk while making the maximum returns available with this conservative investment approach.
Financial review
a. Going concern
After making appropriate enquiries and having given due consideration to the impact of COVID-19, the trustees have a reasonable expectation that the charity 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.
Page 2
Trustses. r•port leonttnu8dl Forthe y•arendod 31 March 21>21 b. R05•rvw4 poli Th9 Trust owns and admlnL8ters two propertte5 wh8r8 retr88ts 8nd regular dasses ore held. Thesè wer donèt6d to th• ch8rty by The Zen TTUSt (charity number 272496. which 15 the predecessor of the ujrrent chwityl in 2017. B(th PTOPerts are over tcil c1 and one is grado 2 listed. The eost of maintaining and period o%r8 to these [Pert$ requiS the Trnst to maintain Suita r8serves. At the end of the year free r858rv8s e £773.781 {2020.. £643,999). Prin¢ipal funding The principal funding sources afa trom donat8. SubpIlOns. incon from Tetreats and tt)e salè 01 public8ttons. The trust oc1Y recerves legacs. d. cov119 The trust Stopped all f8C8 to fac£ activiig8 during the ¢Ewtent pandam. This ha5 bBen [aed by m88th'n95 on Zoom as lar as possibl•. Fdlowing r8laxations tn gov8mment guidelines. peOe ar& aLe to visit our temp18S on indival basis by app)¢ntment. Both tamp185 h8Vè tak8n Tn88suf8¥ to Fninimise risk of spread of infdK)n. Structsre. 91)vernonce and management Constiivtion Tha Chartty was registered as a Cheritabla Incorporatsd Or9onL8eOon on 13 Mah 2017 8ELd its govgminq docttmont is lis trJnstilution. b. m8th£ of appoirytrnwrtOT eleclion of Tn c. Poli5 adoptsd for1he Induclion and tiwning of Trustses All n8W trust888 are given, in the view of the tM)8rd of Irustees. gjfficitinttraining and hav8 enough knedge of their speufiefield to tslend the natLtTe ofthe charity and fully compty WTiti th8 (tharibes curnt views of its progre88ThJ. They are required to b& aware of both the Iwl and p[of8Ssh rgsp)n¥ibiiitw charity law. d. Risk martagemont Th6 trLtstes have a duty to identify and rgVt8W the risks to which th& charity is exposed ond lo or appropriate controls are In 8c6 to providè ma%)nab]8 Ès5ur8n ag8in8t fr8ud and error. The Irustses hav8 inforrn81ty a$s8ssed the risks to whioh the charity is exposed, and are sakn"sfied ttTrat 5y5tems are in place to mrtjgats th& oxposurèto rnaior )ed by orderofthe men)6rs dthe board ofTntstéès and slgned on thgir bghair ty. Dr Oesmond Biddulph CBE IS 0(h6t/ 1021 xL3
Statom•nt ol Tru$. rfjsponsibitities For thg year onded 31 March 2021 The TS are respons) for prepaTing the TfUStees' rort BThJ the finatxial ststements in a¢xx)rdance with 8pplicab18 law 8nd Unit8d Kingdom Accountry Standarrls (United Kingdom Generally Aepted Accounting Tha L4w 8PFIic8bKg to charths in England & W8ks raquires th8 Trustees to wepare firw(xal statements for 62ch finanal year which give a true and f8¥ yiew of the $talg of affairs of the chlty and of its rne<Kning re60urces and applNtron of resotyces. including ils incoTn$ and expenditLTr. for that In PTep8ring these fjnenry81 sts1•fits, the Trn$t ala raqulred to.. setect suitable accounting [11¢ and then apply th8m (x)nsist8nty, obseNa the mothods and princ¢¢$ ofthe Chantios SORP {FRS 102}: makè judgmtrnts and 8ecounting estimales that are re8son8b18 and Ident,. state wh81her applKxble UK AccouTrb"ng Standards IFRS 1021 have been fdlrpA*d, sutlect to any matsrial departu disclosed 8nd expl8in&l in th8 financ statements: prepaFe the fmanual ststements on the going concem basis unEg56 it 16 inapproprtate to presume that th Ch{ will cujtinue in busin8S5. The Trustees are resporsibie for k88pirvJ 8d8W8te accwnling fecofds that are sufficient to show explain th8 ChaTitrfs ttansactus and disclose wth reasonable accuracy at any the fin8nci81 of thg Charity 8nd onabie them to ensure that the financr81 statements comply wlh lh8 Chatilies Act 2011. th8 Charily IAccounts arKI Reports) R8gulations 2008 and the provisions of the CIO FryJThlabon. Th8y ate a150 r95ponsibl 58fegu8TrJlng assets of the Charity and hence r805orwble stgps proventk)n and detecthjn 01 fraud and oth8r irwularilies. Approved ty c¥derofth8 ¥rmrS oflh8 t ofTru$tsas and signed on its behair ty. Dr D8smond 8iddulph CBE
The Zen Trust
Independent examiner's report For the year ended 31 March 2021
Independent examiner's report to the Trustees of The Zen Trust ('the Charity')
I report to the charity Trustees on my examination of the accounts of 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 accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed 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 the accounts in accordance with 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) 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 been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the 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:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set 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 matter considered as part of an independent examination.
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 Charity'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 Charity'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 Charity and the Charity's Trustees as a body, for my work or for this report.
Signed:
Dated: 29 October 2021
Alison Jones, FCA
Kreston Reeves LLP Chartered Accountants Brighton
Page 5
The Zen Trust
Statement of financial activities For the year ended 31 March 2021
| Note Income from: Donations and legacies 3 Charitable activities 4 Investments 5 Total income Expenditure on: Charitable activities 6 Total expenditure Net expenditure before net gains/(losses) on investments Net gains/(losses) on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2021 £ 53,914 5,493 2,117 61,524 61,535 61,535 (11) 69,793 69,782 643,999 69,782 713,781 |
Restricted funds 2021 £ - - - - - - - - - 6,259,833 - 6,259,833 |
Total funds 2021 £ 53,914 5,493 2,117 61,524 61,535 61,535 (11) 69,793 69,782 6,903,832 69,782 6,973,614 |
Total funds 2020 £ 48,932 12,521 2,845 |
|---|---|---|---|---|
| 64,298 90,748 |
||||
| 90,748 (26,450) (26,135) |
||||
| (52,585) 6,956,417 (52,585) |
||||
| 6,903,832 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 8 to 19 form part of these financial statements.
Page 6
The Zen Thist As at 31 March 2021 2021 2020 Fixed assets Tangible assets Investrnents 11 6272.770 413.324 e,273,861 343,531 12 6.686.094 6.617.392 Cun0 assets Stocks DebtOTS C*h at bank aNI in hand 13 14 2,674 7,862 283,273 856 279,650 290,760 293.609 (knditors.. amounts fding wittsn on8 15 13.240} (7.1691 Net current assets 287.520 286.440 Total not assots 6,973,614 6.903.832 Charlty funds Restrieled funds 16 16 6.259.833 713,781 6,259,833 643.999 UnF85tn"cl8d funds Totsl fvnds 6.973,614 6.9)3.832 The finar18 statements appro1 and aUtIlSd for issu8 bythe TNst88S and swjnI thow betrdf by: Or L>•smond 8iddulph CBE Dale.. 2dl/ The notes on pages 810 19 fcTh part ofllw finandd statem8nts.
The Zen Trust
Notes to the financial statements For the year ended 31 March 2021
1. General information
The charity is a charitable incorporated organisation registered in England and Wales.
The registered office and principal place of business of the charity is:
58 Marlborough Place London NW8 0PL
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 Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Zen Trust 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.
The accounts have been prepared in Sterling and are rounded to the nearest £1.
2.2 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 opertional existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Whilst the impact of the COVID-19 pandemic has been assessed by the trustees, so far as is reasonably possible, due to its unprecendented impact on the worldwide economy it is difficult to evaluate with any certainty the potential outcomes on the charity's future activities. However, taking into consideration the charity's level of reserves, the trustees believe that the charity will be able to continue in operational existence for the foreseeable future.
Page 8
The Zen Trust
Notes to the financial statements For the year ended 31 March 2021
2. Accounting policies (continued)
2.3 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
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.
Charitable activities and Governance costs are costs incurred on the charity's operations, including support costs and costs relating to the governance of the charity.
2.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.6 Tangible fixed assets and depreciation
A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities.
Freehold property is carried at fair value determined annually by either external valuers or the trustees and derived from the current market values for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of financial activities under income from fixed asset investments.
Tangible fixed assets are carried at cost or estimated market value at the date of donation from the Zen Trust, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor vehicles - 20% reducing balance - Fixtures and fittings 15% reducing balance
Page 9
The Zen Trust
Notes to the financial statements For the year ended 31 March 2021
2. Accounting policies (continued)
2.7 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
2.8 Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
2.9 Debtors
Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid.
2.10 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.
2.11 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 Charity 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.
2.12 Financial instruments
The Charity 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.
2.13 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 Charity 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 Charity 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.
Page 10
The Zen Trust
Notes to the financial statements For the year ended 31 March 2021
3. Income from donations and legacies
| Unrestricted funds 2021 £ Donations 53,914 Unrestricted funds 2020 £ Donations 48,932 |
Total funds 2021 £ 53,914 |
|---|---|
| Total funds 2020 £ 48,932 |
4. Income from charitable activities
| Unrestricted funds 2021 £ Charitable activities 5,493 Unrestricted funds 2020 £ Charitable activities 12,521 |
Total funds 2021 £ 5,493 |
|---|---|
| Total funds 2020 £ 12,521 |
Page 11
The Zen Trust
Notes to the financial statements For the year ended 31 March 2021
5. Investment income
| Unrestricted funds 2021 £ Investment income 2,117 Unrestricted funds 2020 £ Investment income 2,845 |
Total funds 2021 £ 2,117 |
|---|---|
| Total funds 2020 £ 2,845 |
6. Analysis of expenditure on charitable activities
Summary by fund type
| Marlborough Place Fairlight Publications Support costs Governance costs Marlborough Place Fairlight Sesshins Publications Support costs Governance costs |
Unrestricted funds 2021 £ 26,784 19,347 1,272 10,655 3,477 61,535 Unrestricted funds 2020 £ 44,562 19,272 8,768 2,464 12,414 3,268 90,748 |
Total funds 2021 £ 26,784 19,347 1,272 10,655 3,477 |
|---|---|---|
| 61,535 | ||
| Total funds 2020 £ 44,562 19,272 8,768 2,464 12,414 3,268 |
||
| 90,748 |
Page 12
The Zen Trust
Notes to the financial statements For the year ended 31 March 2021
7. Analysis of expenditure by activities
| Marlborough Place Fairlight Publications Support costs Governance costs Marlborough Place Fairlight Sesshins Publications Support costs Governance costs |
Activities undertaken directly 2021 £ 26,784 19,347 1,272 - - 47,403 Activities undertaken directly 2020 £ 44,562 19,272 8,768 2,464 - - 75,066 |
Support costs 2021 £ - - - 10,655 3,477 14,132 Support costs 2020 £ - - - - 12,414 3,268 15,682 |
Total funds 2021 £ 26,784 19,347 1,272 10,655 3,477 |
|---|---|---|---|
| 61,535 | |||
| Total funds 2020 £ 44,562 19,272 8,768 2,464 12,414 3,268 |
|||
| 90,748 |
Page 13
The Zen Trust
Notes to the financial statements For the year ended 31 March 2021
7. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Rates and water Light and heat Telephone and internet Administration and office costs Additions to equipment Sundries and consumables Food Repairs and maintenance Garden Motor expenses and travel Depreciation of fixtures and fittings Depreciation of motor vehicles Publication costs Rates and water Light and heat Telephone and internet Administration and office costs Additions to equipment Sundries and consumables Food Repairs and maintenance Garden Motor expenses and travel Depreciation of fixtures and fittings Depreciation of motor vehicles Publication costs Sesshins costs |
Marlborough Place 2021 £ 2,606 4,165 587 2,842 46 1,073 6,647 8,074 98 646 - - - 26,784 Marlborough Place 2020 £ 2,732 3,792 719 1,548 404 3,288 4,647 24,913 175 2,344 - - - - 44,562 |
Fairlight 2021 £ 3,421 5,271 1,015 503 - 1,817 1,984 674 958 2,613 413 678 - 19,347 Fairlight 2020 £ 3,324 4,806 1,180 434 89 2,093 3,011 809 497 1,695 486 848 - - 19,272 |
Sesshins 2021 £ - - - - - - - - - - - - - - Sesshins 2020 £ - - - - - - - - - - - - - 8,768 8,768 |
Publications 2021 Total funds 2021 £ £ - 6,027 - 9,436 - 1,602 - 3,345 - 46 - 2,890 - 8,631 - 8,748 - 1,056 - 3,259 - 413 - 678 1,272 1,272 1,272 47,403 Publications 2020 Total funds 2020 £ £ - 6,056 - 8,598 - 1,899 - 1,982 - 493 - 5,381 - 7,658 - 25,722 - 672 - 4,039 - 486 - 848 2,464 2,464 - 8,768 2,464 75,066 |
|---|---|---|---|---|
Page 14
The Zen Trust
Notes to the financial statements For the year ended 31 March 2021
7. Analysis of expenditure by activities (continued)
Analysis of support costs
| Insurance Administration and office costs Bank charges Accountancy fees Insurance Administration and office costs Investment management fees Publication costs Legal & professional fees Bank charges Accountancy fees |
Support costs 2021 £ 9,509 1,122 24 - 10,655 Support costs 2020 £ 8,858 454 908 1,960 228 6 - 12,414 |
Goverance costs 2021 £ - - - 3,477 3,477 Governance costs 2020 £ - - - - - - 3,268 3,268 |
Total funds 2021 £ 9,509 1,122 24 3,477 |
|---|---|---|---|
| 14,132 | |||
| Total funds 2020 £ 8,858 454 908 1,960 228 6 3,268 |
|||
| 15,682 |
8. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £3,240 ( 2020 - £3,150 ) , and Software assistance of £237 (2020 - £118).
9. Staff costs
The average number of persons employed by the Charity during the year was NIL (2020 - NIL).
No employee received remuneration amounting to more than £60,000 in either year.
No key management personnel received remuneration amounting to more than £60,000 in either year.
Page 15
The Zen Trust
Notes to the financial statements For the year ended 31 March 2021
10. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2020 - £NIL).
During the year ended 31 March 2021, expenses totalling £11 were reimbursed to Dr Desmond Biddulph for expenses incurred on behalf of the charity. (2020: No expenses were reimbursed).
11. Tangible fixed assets
| Cost or valuation At 1 April 2020 At 31 March 2021 Depreciation At 1 April 2020 Charge for the year At 31 March 2021 Net book value At 31 March 2021 At 31 March 2020 |
Freehold property £ 6,267,717 6,267,717 - - - 6,267,717 6,267,717 |
Motor vehicles £ 6,624 6,624 3,233 678 3,911 2,713 3,391 |
Fixtures and fittings £ 3,855 3,855 1,102 413 1,515 2,340 2,753 |
Total £ 6,278,196 |
|---|---|---|---|---|
| 6,278,196 | ||||
| 4,335 1,091 |
||||
| 5,426 | ||||
| 6,272,770 6,273,861 |
12. Fixed asset investments
| Cost or valuation At 1 April 2020 Revaluations At 31 March 2021 |
Other fixed asset investments £ 343,531 69,793 |
|---|---|
| 413,324 |
All the fixed asset investments are held in the UK.
Page 16
The Zen Trust
Notes to the financial statements For the year ended 31 March 2021
| 13. Stocks Stocks 14. Debtors Other debtors 15. Creditors: Amounts falling due within one year |
2021 £ 2,555 2,555 2021 £ 8,555 8,555 |
2020 £ 2,674 |
|---|---|---|
| 2,674 | ||
| 2020 £ 7,662 |
||
| 7,662 | ||
| Other creditors Accruals |
2021 £ - 3,240 3,240 |
2020 £ 4,019 3,150 |
|---|---|---|
| 7,169 |
Page 17
The Zen Trust
Notes to the financial statements For the year ended 31 March 2021
16. Statement of funds
Statement of funds - current year
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at 1 | Gains/ | 31 March | |||
| April 2020 | Income | Expenditure | (Losses) | 2021 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds - all funds | 643,999 | 61,524 | (61,535) | 69,793 | 713,781 |
| Restricted funds | |||||
| Revaluation Reserve | 6,259,833 | - | - | - | 6,259,833 |
| Total of funds | 6,903,832 | 61,524 | (61,535) | 69,793 | 6,973,614 |
| Statement of funds - prior year | |||||
| Balance at | |||||
| Balance at | Gains/ | 31 March | |||
| 1 April 2019 | Income | Expenditure | (Losses) | 2020 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Fund | 696,584 | 64,298 | (90,748) | (26,135) | 643,999 |
| Restricted funds | |||||
| Revaluation Reserve | 6,259,833 | - | - | - | 6,259,833 |
| Total of funds | 6,956,417 | - | (90,748) | (26,135) | 6,903,832 |
The restricted reserve fund represents the valuations of the Freehold Properties donated from The Zen Trust on 30 June 2017. There has been no movement on this fund since this date.
Page 18
The Zen Trust
Notes to the financial statements For the year ended 31 March 2021
17. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2021 £ 12,937 413,324 290,760 (3,240) 713,781 |
Restricted funds 2021 £ 6,259,833 - - - 6,259,833 |
Total funds 2021 £ 6,272,770 413,324 290,760 (3,240) |
|---|---|---|---|
| 6,973,614 |
Analysis of net assets between funds - prior year
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2020 £ 14,028 343,531 293,609 (7,169) 643,999 |
Restricted funds 2020 £ 6,259,833 - - - 6,259,833 |
Total funds 2020 £ 6,273,861 343,531 293,609 (7,169) |
|---|---|---|---|
| 6,903,832 |
18. Related party transactions
The Zen Trust
(A charity controlled by the trustees of The Zen Trust CIO)
During the year the charity paid expenses on behalf of The Zen Trust totalling £238 (2020 - £900). At the balance sheet date the amount due from The Zen Trust amounted to £3,261 (2020 - £3,023)
Page 19