**Charity number: 1172021** ## **The Zen Trust** ## **Unaudited** **Trustees' report and financial statements** **For the year ended 31 March 2022** **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 2022** |**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 2022** The Trustees present their annual report together with the financial statements of the Zen Trust CIO for the year ended 31 March 2022. ## **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, we gradually returned to holding classes in person and also hybrid classes (with attendance in person and on Zoom). With the success of classes on Zoom during the pandemic, we will continue with classes in person, on zoom and hybrid classes. The Trust had net income after expenses of £58,120 which is well above the previous year and this is mainly due to two legacies received by the Charity for which the trustees are very grateful. ## **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. ## **b. Reserves policy** The Trust owns and administers two properties where retreats and regular classes are held. These were donated to the charity by The Zen Trust (charity number 272496, which is the predecessor of the current charity) in 2017. Both properties are over 100 years old and one is grade 2 listed. The cost of maintaining and periodic repairs to these properties requires the Trust to maintain suitable reserves. At the end of the year free reserves were £791,937 (2021: £713,781). ## **c. Principal funding** The principal funding sources are from donations, subscriptions, income from retreats and the sale of publications. The trust also occasionally receives legacies. Page 2 Tho Z•n T￿￿t TN$teè•' rnport Icontlnuodl For th• y••r •nd•d 31 Mar¢h 2022 . Constitullon The Charity was reglslered as a Charltsble Inc(Ypornted (kganl$atk￿ on 13 March 2017 and tts govemlng document is its constitutirffi. b. Mtthod of appolntmMt or ￿•¢flO￿ of Trust Any n8w appolnlments are al tho of board oftrust#8s. c. Pollcl•¥ •dopt•d for th• Inductlon and tralnlng of Trust••s All new trustees arg gI￿n. In the view ol Iha t￿ar¢I of Iwslegs, suTri8nl tralnry and Iwe ￿outh knowled98 of thelr specillc field to Unde￿tand the nature crf the charity and ftAHy compty with the thariknes ￿rro￿t view5 of its progression. Th8y are r8qulred to bè awar8 ol b(th Ihwrlggal 8r•J prof886KThI resprThitsiliti8s under charity law. d. Rl•k manag•m•nl Thè truslges have 8 duty lo thitlfy revigw th? rlsks lo vknich the charity is exposed and to ensure appropriate controls are in place to WOVKle reasonatjle assurance ￿ainst fraud and effor. The trustees have infomially ass8ss8d Ihe rlsks lo th8 charity is &xposed. and are 8alisfied thal systems are in plac* to mitlgale Ihg oXPQ8ure to rna￿ ri8ks AFproved by onjer of the mèmbgT8 of the bo9￿1 of Trustee8 their beh&W by. r D•smond 8lddulph CBE Dote.. 11 10 Th TN5t ststoment of Trustsos. mponslblllll•B For year ended 31 March 2022 The TrnSt￿s ar& msponsible for propariNJ the T(UStÈ￿' repcwt and the financ*1 statamgnts in accordance with applicable law and Unrted lthryjom Ar%￿nI￿￿ StarMJards (United King￿ G8fter￿ty A￿pted Accounting Practice). Th• law applKable to c*baritI￿ in England & Walès requ1rn8 the TnJ5tees to txepare fin8rKi&l statements for each financial y8ai which give a tru8 and fair vi9w of the stale of affairs of Ihe Charity 8nd of its in￿ming resources and applicAIK)n of resources. incbjding its wKx)mo exp8ndibJre. for that WK¥J. In preparing th880 financial statgments. tt)0 Trustees are required lo: select suitat48 accounling polici88 and then aFWy them o)n$istenty,' obs8Ne the methods on(1 prtrKFples ol the Charitie5 SORP (FRS 1021; make judgments and accounting èstim8le5 that gre reasonable and ￿￿￿dent., stata vthother appli¢abl8 UK Acccwjnlirvj Slandards (FRS 102) have bg8n f￿10*￿d. slrtgecl to any mat6rfal departures dls¢losed and explair￿d In lknancaal statemonts: pTepare Ihe financbal statements on tr* g(4ng (xjncem basis unl96s it is inappropdale tD presume that the Charity WAI continue in bu5bn8ss. The Trusla88 are responslble for keepmw wlequate ￿CoUnt*￿j ree4rds th818re 8Uffic￿nt lo show and exp181n the Chbritys Irensaction$ and disclose ¥￿th reasmable accuracy at any timo tho financial position of the Charty and enable them lo onsurg Ihot Iho financial stalemènts eomply with tho Charities Act 2011. Ihe Charity {Ac¢ounts and Reports) Regulati￿$ 2008 the Pr￿640nS of the . They aro also responsible for safeguarding the a880ts of the Charity and hence for ￿n9 reasonth $1op8 thtr wevgnlion and d8toctlon of fraud and other irregularities. Approved by othr of the of thg Lh)ard of Tn￿le0$ 8nd slgn8d on tts behall by.. Dr D••mond Blddulph CBE **The Zen Trust** ## **Independent examiner's report For the year ended 31 March 2022** ## **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 2022. ## **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: 1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or 2. the accounts do not accord with those records; or 3. 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: 14 November 2022 Alison Jones, FCA Kreston Reeves LLP Chartered Accountants Brighton Page 5 **The Zen Trust** ## **Statement of financial activities For the year ended 31 March 2022** |**Note**
**Income from:**
Donations and legacies
3
Charitable activities
4
Investments
5
**Total income**
**Expenditure on:**
Charitable activities
6
**Total expenditure**
**Net income/(expenditure) before net**
**gains on investments**
Net gains on investments
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2022**
**£**
**122,304**
**6,588**
**228**
**129,120**
**71,000**
**71,000**
**58,120**
**20,036**
**78,156**
**713,781**
**78,156**
**791,937**|**Restricted**
**funds**
**2022**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**6,259,833**
**-**
**6,259,833**|**Total**
**funds**
**2022**
**£**
**122,304**
**6,588**
**228**
**129,120**
**71,000**
**71,000**
**58,120**
**20,036**
**78,156**
**6,973,614**
**78,156**
**7,051,770**|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| 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 Balafi￿ J51w•t As at 31 Mar¢h 2022 2022 2021 Flxed aM•ts Tangiblo 8ssots Invostments 11 12 6382,900 433,300 6.272,770 413.324 6.716.260 6.686,094 Currnnt aM•ts Stock8 Debtors Cash al bard( and In hand 13 14 2.555 8,555 279.650 12,476 323.991 34990 290.760 Credllors: amtyjnts falllry due ¥*ithin on8 year 15 {3,480) (3,240} Not current ••vts 335.510 287.520 Totsl n•t •••ots 7.051.770 6,973,614 Charlty fund• Rostrct•d fund8 Unrnstrfictgd furwJ8 16 16 6.259.833 791.937 6,259,833 713,781 Tot•1 funds 7.051.770 6.973,614 The fin8nct81 statoments vffjrg appro¥ed and auihori8•d wue by ts Twstees and Sigr￿d on thgir bghalf by: Dr DMmond BIOdulph CBE Date." I I io The notes on pages 6 to 19 form part of fmnd818tstements, **The Zen Trust** ## **Notes to the financial statements For the year ended 31 March 2022** ## **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 operational 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 unprecedented 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 2022** ## **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** Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, on a reducing balance basis. Motor vehicles - 20% reducing balance - Fixtures and fittings 15% reducing balance ## **2.7 Freehold properties - Temples** Freehold properties are included at valuation as at 13 March 2017. Freehold properties are not depreciated. In no case is the estimated useful life of the building less than fifty years and the estimated value is likely to be more than the amount at which the properties are carried in the balance sheet. Any depreciation would, therefore, be immaterial and no provision has been made in the financial statements. Page 9 **The Zen Trust** ## **Notes to the financial statements For the year ended 31 March 2022** ## **2. Accounting policies (continued)** ## **2.8 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. ## **2.9 Stocks** Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. ## **2.10 Debtors** Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid. ## **2.11 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. ## **2.12 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. ## **2.13 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. ## **2.14 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 2022** ## **3. Income from donations and legacies** |Donations
Legacies
Donations|**Unrestricted**
**funds**
**2022**
**£**
49,774
72,530
122,304
Unrestricted
funds
2021
£
53,914|**Total**
**funds**
**2022**
**£**
**49,774**
**72,530**| |---|---|---| |||**122,304**| |||Total
funds
2021
£
53,914| **4. Income from charitable activities** |**Unrestricted**
**funds**
**2022**
**£**
Charitable activities
6,588
Unrestricted
funds
2021
£
Charitable activities
5,493|**Total**
**funds**
**2022**
**£**
**6,588**| |---|---| ||Total
funds
2021
£
5,493| Page 11 **The Zen Trust** ## **Notes to the financial statements For the year ended 31 March 2022** ## **5. Investment income** |**Unrestricted**
**funds**
**2022**
**£**
Investment income
228
Unrestricted
funds
2021
£
Investment income
2,117|**Total**
**funds**
**2022**
**£**
**228**| |---|---| ||Total
funds
2021
£
2,117| ## **6. Analysis of expenditure on charitable activities** ## **Summary by fund type** |Marlborough Place
Fairlight
Sesshins
Publications
Support costs
Governance costs
Marlborough Place
Fairlight
Publications
Support costs
Governance costs|**Unrestricted**
**funds**
**2022**
**£**
34,963
20,500
2,374
5,773
3,664
3,726
71,000
Unrestricted
funds
2021
£
26,784
19,347
1,272
10,655
3,477
61,535|**Total**
**funds**
**2022**
**£**
**34,963**
**20,500**
**2,374**
**5,773**
**3,664**
**3,726**| |---|---|---| |||**71,000**| |||Total
funds
2021
£
26,784
19,347
1,272
10,655
3,477| |||61,535| Page 12 **The Zen Trust** ## **Notes to the financial statements For the year ended 31 March 2022** ## **7. Analysis of expenditure by activities** |Marlborough Place
Fairlight
Sesshins
Publications
Support costs
Governance costs|**Activities**
**undertaken**
**directly**
**2022**
**£**
34,963
20,500
2,374
5,773
-
-
63,610|**Support**
**costs**
**2022**
**£**
-
-
-
-
3,664
3,726
7,390|**Total**
**funds**
**2022**
**£**
**34,963**
**20,500**
**2,374**
**5,773**
**3,664**
**3,726**| |---|---|---|---| ||||**71,000**| |Marlborough Place
Fairlight
Publications
Support costs
Governance costs|Activities
undertaken
directly
2021
£
26,784
19,347
1,272
-
-
47,403|Support
costs
2021
£
-
-
-
10,655
3,477
14,132|Total
funds
2021
£
26,784
19,347
1,272
10,655
3,477| |---|---|---|---| ||||61,535| Page 13 **The Zen Trust** ## **Notes to the financial statements For the year ended 31 March 2022** ## **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
Publication costs
Sesshin 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|**Marlborough**
**Place**
**2022**
**£**
2,671
2,093
363
2,278
199
663
4,056
20,055
943
1,642
-
-
-
34,963
Marlborough
Place
2021
£
2,606
4,165
587
2,842
46
1,073
6,647
8,074
98
646
-
-
-
26,784|**Fairlight**
**2022**
**£**
3,543
2,101
970
698
-
2,496
2,487
2,722
2,378
1,081
2,024
-
-
20,500
Fairlight
2021
£
3,421
5,271
1,015
503
-
1,817
1,984
674
958
2,613
413
678
-
19,347|**Sesshins**
**2022**
**£**
-
-
-
-
-
-
-
-
-
-
-
-
2,374
2,374
Sesshins
2021
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-|**Publications**
**2022**
**Total**
**funds**
**2022**
**£**
**£**
-
**6,214**
-
**4,194**
-
**1,333**
-
**2,976**
-
**199**
-
**3,159**
-
**6,543**
-
**22,777**
-
**3,321**
-
**2,723**
-
**2,024**
5,773
**5,773**
-
**2,374**
5,773
**63,610**
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| |---|---|---|---|---| Page 14 **The Zen Trust** ## **Notes to the financial statements For the year ended 31 March 2022** ## **7. Analysis of expenditure by activities (continued)** ## **Analysis of support costs** |Insurance
Administration and office costs
Accountancy fees
(Profit) on disposal of fixed assets
Insurance
Administration and office costs
Bank charges
Accountancy fees|**Support**
**costs**
**2022**
**£**
4,096
722
-
(1,154)
3,664
Support
costs
2021
£
9,509
1,122
24
-
10,655|**Governance**
**costs**
**2022**
**£**
-
-
3,726
-
3,726
Governance
costs
2021
£
-
-
-
3,477
3,477|**Total**
**funds**
**2022**
**£**
**4,096**
**722**
**3,726**
**(1,154)**| |---|---|---|---| ||||**7,390**
Total
funds
2021
£
9,509
1,122
24
3,477| ||||14,132| ## **8. Independent examiner's remuneration** The independent examiner's remuneration amounts to an independent examiner fee of £3,480 _(_ 2021 _-_ £3,240 _)_ , and Software assistance of £246 (2021 - £237). ## **9. Staff costs** The average number of persons employed by the Charity during the year was NIL (2021 - 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 2022** ## **10. Trustees' remuneration and expenses** During the year, no Trustees received any remuneration or other benefits (2021 - £NIL). During the year ended 31 March 2022, no trustees expenses were reimbursed (2021: No expenses were reimbursed). ## **11. Tangible fixed assets** |**Cost or valuation**
At 1 April 2021
Additions
Disposals
At 31 March 2022
**Depreciation**
At 1 April 2021
Charge for the year
On disposals
At 31 March 2022
**Net book value**
At 31 March 2022
At 31 March 2021|**Freehold**
**property**
**£**
**6,267,717**
**-**
**-**
**6,267,717**
**-**
**-**
**-**
**-**
**6,267,717**
6,267,717|**Motor**
**vehicles**
**£**
**6,624**
**13,000**
**(2,066)**
**17,558**
**3,911**
**1,673**
**(1,220)**
**4,364**
**13,194**
2,713|**Fixtures and**
**fittings**
**£**
**3,855**
**-**
**-**
**3,855**
**1,515**
**351**
**-**
**1,866**
**1,989**
2,340|**Total**
**£**
**6,278,196**
**13,000**
**(2,066)**| |---|---|---|---|---| |||||**6,289,130**| |||||**5,426**
**2,024**
**(1,220)**| |||||**6,230**| |||||**6,282,900**
6,272,770| ## **12. Fixed asset investments** |**Cost or valuation**
At 1 April 2021
Revaluations
At 31 March 2022|**Other fixed**
**asset**
**investments**
**£**
**413,324**
**20,036**| |---|---| ||**433,360**| 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 2022** |**13.**
**Stocks**
Stocks
**14.**
**Debtors**
Other debtors
Prepayments and accrued income
**15.**
**Creditors: Amounts falling due within one year**
Accruals|**2022**
**£**
**2,523**
**2,523**
**2022**
**£**
**6,742**
**5,734**
**12,476**
**2022**
**£**
**3,480**|2021
£
2,555| |---|---|---| |||| |||2,555| |||2021
£
8,555
-| |||| |||8,555| |||2021
£
3,240| Page 17 **The Zen Trust** ## **Notes to the financial statements For the year ended 31 March 2022** ## **16. Statement of funds** ## **Statement of funds - current year** ||||||**Balance at**| |---|---|---|---|---|---| |**Balance at 1**||||**Gains/**|**31 March**| ||**April 2021**|**Income**|**Expenditure**|**(Losses)**|**2022**| ||**£**|**£**|**£**|**£**|**£**| |**Unrestricted funds**|||||| |General Funds - all funds|**713,781**|**129,120**|**(71,000)**|**20,036**|**791,937**| |**Restricted funds**|||||| |Revaluation Reserve|**6,259,833**|**-**|**-**|**-**|**6,259,833**| |**Total of funds**|**6,973,614**|**129,120**|**(71,000)**|**20,036**|**7,051,770**| |**Statement of funds - prior year**|||||| ||||||Balance at| ||Balance at|||Gains/|31 March| ||1 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| 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 2022** ## **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**
**2022**
**£**
23,067
433,360
338,990
(3,480)
791,937|**Restricted**
**funds**
**2022**
**£**
6,259,833
-
-
-
6,259,833|**Total**
**funds**
**2022**
**£**
**6,282,900**
**433,360**
**338,990**
**(3,480)**| |---|---|---|---| ||||**7,051,770**| ## **Analysis of net assets between funds - prior 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| ## **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 (2021 - £900). At the balance sheet date the amount due from The Zen Trust amounted to £1,681 (2021 - £3,261) Page 19