**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• ch8r*ty by The Zen TTUSt (charity number 272496. which 15 the predecessor of the ujrrent chwityl in 2017. B(th PTOPert*s are over tcil c*1 and one is grado 2 listed. The eost of maintaining and period o%r8 to these [￿Pert￿$ requi￿S 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 donat￿8. Sub￿pIlOns. incon* from Tetreats and tt)e salè 01 public8ttons. The trust oc￿1￿Y recerves legac￿s. d. cov1￿19 The trust Stopped all f8C8 to fac£ activi*ig8 during the ¢Ewtent pandam￿. This ha5 bBen [￿a￿ed by m88th'n95 on Zoom as lar as possibl•. Fdlowing r8laxations tn gov8mment guidelines. peO￿e ar& aL￿e to visit our temp18S on indiv￿￿al basis by app)¢ntment. Both tamp185 h8Vè tak8n Tn88suf8¥ to Fninimise risk of spread of inf*dK)n. Structsre. 91)vernonce and management Constiivtion Tha Chartty was registered as a Cheritabla Incorporatsd Or9onL8eOon on 13 Ma￿h 2017 8ELd its govgminq docttmont is lis trJnstilution. b. m8th£￿ of appoirytrnwrtOT eleclion of Tn c. Poli￿5 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 kn￿edge of their speufiefield to ts￿le￿nd the natLtTe ofthe charity and fully compty WTiti th8 (tharibes cur￿nt 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 trLtst*es 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 T￿￿S are respons￿)￿ for prepaTing the TfUStees' r￿ort BThJ the finatxial ststements in a¢xx)rdance with 8pplicab18 law 8nd Unit8d Kingdom Accountry Standarrls (United Kingdom Generally A￿epted Accounting Tha L4w 8PFIic8bKg to charths in England & W8ks raquires th8 Trustees to wepare firw(xal statements for 62ch finan￿al year which give a true and f8¥ yiew of the $talg of affairs of the ch￿lty and of its rne**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 8￿56 279,650 290,760 293.609 (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 finar￿18￿ statements appro￿1 and aUtI￿lS￿d for issu8 bythe TNst88S and swjn￿I 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