**Registered number: Charity number: 1172021** ## **The Zen Trust** ## **Unaudited** **Trustees' Report and Financial Statements** **For the Year Ended 31 March 2023** **The Zen Trust** ## **Contents** ||Page| |---|---| |**Reference and Administrative Details of the Charity, its Trustees and Advisers**|1| |**Trustees' Report**|2 - 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 2023** |**Trustees**|Mr Eifion Thomas, Trustee| |---|---| ||Mr Rohit Shah, Trustee| ||Dr Desmond Biddulph CBE, Trustee| ||Miss Judith Clark, Trustee| |**Charity registered**
**number**
1172021
**Registered 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 2023** The Trustees present their annual report together with the financial statements of the The Zen Trust for the year 1 April 2022 to 31 March 2023. ## **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 held 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 £19,990. After adjusting for a fall in valuation of the investment portfolio of £15,378, the charity had a net surplus of £4,612 for the year. ## **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 £796,549 (2022: £791,937). Page 2 The Zen Tn￿t TrustÈ•s' Report Ictsntinuedl For th• Y•ar Ended 31 March 2023 c. Prfnclpal fundlng Th8 prlnupal fundlng sources are from donats"ons, SUb￿pb)nS, Inc¥)mB trom retraats 8nd tho T￿le of publications. The trust also octasv)naty rwewes le9aaes. Strueturo. gov•m4n¢g and manag¢mont Constitutlon Th• Charity was reglsterod as 8 Ch#rft¥bkn Inco￿or9t9d Organisalion on 13 March 2017 and rts 90￿mIng dO￿jn￿nI 1$ ts consbtubm. b. M•thod• o14ppolntm•nt or •1gcilon ol Tru#t••¥ Any now apwntrnwts are al th8 recomnwndat¥)n of the board of trustees. ¢. Pollcle8 adopted lorth• Indu¢tlon and tralnlnu olTnMt• All new tNsteès are gfven, In the vlvw of the t￿rd of trustee8. suffldènl tra￿1￿9 and havè enough knovhedge of their specific field to understand the nature of Ihe L*anty and compty with lh$ thanhes current views of its progr8881on. They are rpquired lo bg of bjth th8lr19gal and prof888lonfjl r•spon￿bIlItI&S undar thartty kni. d. Rl•k man•g•m•nt Thè tru$lee8 have a duty lo kkntify and rev￿ tht ￿kS to th• tharity 18 extM)sad and to enswe approprfal8 controls are In pLqf* to p￿￿de reasonabl¥ a56uranc* agalnst fraud and error. Thè trustees have Infomwlty assessed the risks to whth the charty 1$ gxpos¢d. and are sab"sflgd thal 5yStem5 in pla¢e lo bgate the 8xpo$ur• to major rlsks Approved by of1￿ members of IhB boArd of Twstoos and sbned on Ihelr l)ehdl by: Dr Ommorid 81¢idulph C8E &7 Page 3 The Zen Trust Trust￿$, Raport {conlinu8dl For the Year Ended 31 March 2023 stat•rn￿t of TrustO05' mp¢)n¥llAIItI•* The Trustee5 Ivtho are 9150 th• dW8CtO￿ of th& Chaity for Ihe purp)se6 of cLwpany lawl ar& respM)nsible for prepanng the Tru5tees' Report and the financial ststements in a¢Gordance ￿ apph'cabl& law and Unrt&J Kingdom Accwntuig Standartls {Unrt8d Kingdom Gènèralty Accepied Arxountmg Pr*Jicel. Company ￿ requlrwa thg Tw8te8S to prepare Statements for each )In8neial year. Under company law, Ihe Trustees must not appfove Ihe finanri81 statemènts unless they are satisf*d that thèy give a tfue and fair vlew of Ihe stsle of affairs of the Chanty arKI of its Incomlng resources and awication of resources. Includlng tts In¢orne and 8x￿ndItUre, th91 pei*)d. In prvparing thesg finanryal ststaments. the Truste•5 are required to.. 5eSect suhable accounllng polKbes and Ihen appty thÈm conslstenty.. observe the methods and p￿ntip￿s of Ihe Charibes SORP IFRS 102}'. mak8 judgments and accounty"n9 estThates thai are ￿sOnable aThJ prLthrt', State %thethgr appkC•b￿ UK Accounting Standards IFRS 1021 havg tjoen folow8d. subj￿* to any mat•rl81 dèpartures disdosed and expLglned in the financwl statemsnts; prepare th$ financd stat8ments on the 0)n￿rn basis unlMs M o iw)pmpri8t• ￿ pre8um& that th• Charfty conbnu& In l￿￿neSs. The Tntst8es are responslbkn lor keeWrwJ adequale ac£￿nting records that are 8ulfi￿1 to 51)ow and explain the Charitys transactlons and disclose vthh reasonab￿ awr8cy at any l*me the financlal pDsttion of Ihe Charlty and enable Iham lo ensure that the finanual ststemenls compty vlth the Companies Act 2008. They are also responsible for $afeguarding the 055ets ol Ihg and h8ncg for taking wwiabl8 steps lor the Preventlon and dat•¢tion of fraud and other irrtrguknrilies. Apprnvad by order of thè ofth• board of Trust￿ *KI 8iwi6d ort ￿hall by.. Dr Dèsmond alddulph ceE (Chair of Tru5teesl Dale.. Page 4 **The Zen Trust** ## **Independent Examiner's Report For the Year Ended 31 March 2023** ## **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 2023. ## **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: 23 November 2023 Alison Jones, FCA **Kreston Reeves LLP** Chartered Accountants Plus X Innovation Hub Lewes Road Brighton East Sussex BN2 4GL Page 5 **The Zen Trust** ## **Statement of financial activities (incorporating income and expenditure account) For the Year Ended 31 March 2023** |**Note**
**Income from:**
Donations and legacies
3
Charitable activities
4
Investments
5
**Total income**
**Expenditure on:**
Charitable activities
6
**Total expenditure**
**Net income before net (losses)/gains**
**on investments**
Net (losses)/gains on investments
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Restricted**
**funds**
**2023**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**6,259,833**
**-**
**6,259,833**|**Unrestricted**
**funds**
**2023**
**£**
**89,528**
**9,239**
**1,069**
**99,836**
**79,846**
**79,846**
**19,990**
**(15,378)**
**4,612**
**791,937**
**4,612**
**796,549**|**Total**
**funds**
**2023**
**£**
**89,528**
**9,239**
**1,069**
**99,836**
**79,846**
**79,846**
**19,990**
**(15,378)**
**4,612**
**7,051,770**
**4,612**
**7,056,382**|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| 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 Tnmt R•9i•t•rnd number. Balaneè Sh•gt As at 31 M?￿h 2023 2023 2022 Flxed aM•ts Tangibl8 assèts Inv•stmènts 11 12 627&768 417,982 6,282,900 433,360 6,W750 6,716,260 Curr•nt ag8•ts Stocks 13 14 2.$23 12,478 323,991 D•btorB Cash at bank And in hand 13.437 347.435 363.472 338,990 Crodknr8: arT￿nts fal￿ du• wlthln on8 yèar 15 13.840) 13.4801 N•t curr•nt 3S9,632 335,510 Total n•t a*8•ts 7.056.382 7.051.770 Charlty fund• Re8tridod funds Unrethcaed funds 16 6.259.833 796,549 6,259,833 791,937 16 Tolal funth 7.056.382 7,051.770 T￿ Charitywas enllled to •x•nykn from ￿di1 undw 477 of Ihe Compan188 Ad 2Cth. The memt*rs hav• not rgquired Ihg (x¥npany to obl8￿ an aud￿ for Iho y￿r in qu•Jlon in ac£ordAnco wlth Bectton 478 of Corry)8nles Aci 2C*J6. The Trust¢es ocknty•knlge thelr r88ponslbllths for Com￿y￿9 the requirements of the Act wlh raspact to 0￿untIng recL¥d8 and of finandal statgmgnts. The finandal statements have prepared In a¢xordwce tha provtsknns appI￿¥ble to ?nbfj¢¥ wblgct to the small companie8 regNno. Tha financial Atat•m￿we1O approv￿1 a￿1 atit1￿￿ for Asu• ty th¢ Trnstoes al￿ signed on theSr behaw ty.. Dr Dèsmond 81ddulph C8E Dale-. The not¥$ on pages 8 to 19 form part ofthese fI￿d81 slateM￿. Page 7 **The Zen Trust** ## **Notes to the Financial Statements For the Year Ended 31 March 2023** ## **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 Companies Act 2006. 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. ## **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 Page 8 **The Zen Trust** ## **Notes to the Financial Statements For the Year Ended 31 March 2023** ## **2. Accounting policies (continued)** ## **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. Depreciation is provided on the following 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 which the trustees also consider to be the current market value. 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. ## **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, unless the value cannot be measured reliably in which case it is measured at cost less impairment. 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 after any trade discount offered. Prepayments are valued at the amount prepaid. Page 9 **The Zen Trust** ## **Notes to the Financial Statements For the Year Ended 31 March 2023** ## **2. Accounting policies (continued)** ## **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. ## **3. Income from donations and legacies** |Donations
Legacies|**Unrestricted**
**funds**
**2023**
**£**
63,528
26,000
89,528
Unrestricted
funds
2022
£|**Total**
**funds**
**2023**
**£**
**63,528**
**26,000**| |---|---|---| |||**89,528**| |||Total
funds
2022
£| Page 10 **The Zen Trust** ## **Notes to the Financial Statements For the Year Ended 31 March 2023** ## **3. Income from donations and legacies (continued)** |Donations
Legacies|Unrestricted
funds
2022
£
49,774
72,530
122,304|Total
funds
2022
£
49,774
72,530| |---|---|---| |||122,304| **4. Income from charitable activities** |**Unrestricted**
**funds**
**2023**
**£**
Charitable activities
9,239
Unrestricted
funds
2022
£
Charitable activities
6,588|**Total**
**funds**
**2023**
**£**
**9,239**| |---|---| ||Total
funds
2022
£
6,588| Page 11 **The Zen Trust** ## **Notes to the Financial Statements For the Year Ended 31 March 2023** ## **5. Investment income** |**Unrestricted**
**funds**
**2023**
**£**
Investment income
1,069
Unrestricted
funds
2022
£
Investment income
228|**Total**
**funds**
**2023**
**£**
**1,069**| |---|---| ||Total
funds
2022
£
228| ## **6. Analysis of expenditure on charitable activities** ## **Summary by fund type** |Marlborough Place
Fairlight
Sesshins
Publications
Support costs
Governance costs
Marlborough Place
Fairlight
Sesshins
Publications
Support costs
Governance costs|**Unrestricted**
**funds**
**2023**
**£**
42,221
18,061
5,059
848
9,461
4,196
79,846
Unrestricted
funds
2022
£
34,963
20,500
2,374
5,773
3,664
3,726
71,000|**Total**
**2023**
**£**
**42,221**
**18,061**
**5,059**
**848**
**9,461**
**4,196**| |---|---|---| |||**79,846**| |||Total
2022
£
34,963
20,500
2,374
5,773
3,664
3,726| |||71,000| Page 12 **The Zen Trust** ## **Notes to the Financial Statements For the Year Ended 31 March 2023** ## **7. Analysis of expenditure by activities** |Marlborough Place
Fairlight
Sesshins
Publications
Support costs
Governance costs|**Activities**
**undertaken**
**directly**
**2023**
**£**
42,221
18,061
5,059
848
-
-
66,189|**Support**
**costs**
**2023**
**£**
-
-
-
-
9,461
4,196
13,657|**Total**
**funds**
**2023**
**£**
**42,221**
**18,061**
**5,059**
**848**
**9,461**
**4,196**| |---|---|---|---| ||||**79,846**| |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| Page 13 **The Zen Trust** ## **Notes to the Financial Statements For the Year Ended 31 March 2023** ## **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
Publication costs
Sesshin costs|**Marlborough**
**Place**
**2023**
**£**
2,338
1,226
209
1,404
79
802
4,393
29,492
265
2,013
-
-
-
42,221
Marlborough
Place
2022
£
2,671
2,093
363
2,278
199
663
4,056
20,055
943
1,642
-
-
-
34,963|**Fairlight**
**2023**
**£**
3,719
1,175
971
367
-
2,381
3,251
1,288
181
1,891
2,837
-
-
18,061
Fairlight
2022
£
3,543
2,101
970
698
-
2,496
2,487
2,722
2,378
1,081
2,024
-
-
20,500|**Sesshins**
**2023**
**£**
-
-
-
-
-
-
-
-
-
-
-
-
5,059
5,059
Sesshins
2022
£
-
-
-
-
-
-
-
-
-
-
-
-
2,374
2,374|**Publications**
**2023**
**£**
-
-
-
-
-
-
-
-
-
-
-
848
-
848
Publications
2022
£
-
-
-
-
-
-
-
-
-
-
-
5,773
-
5,773|**Total**
**funds**
**2023**
**£**
**6,057**
**2,401**
**1,180**
**1,771**
**79**
**3,183**
**7,644**
**30,780**
**446**
**3,904**
**2,837**
**848**
**5,059**
**66,189**
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
2,374
63,610| |---|---|---|---|---|---| Page 14 **The Zen Trust** ## **Notes to the Financial Statements For the Year Ended 31 March 2023** ## **7. Analysis of expenditure by activities (continued)** ## **Analysis of support costs** |Insurance
Administration and office costs
Accountancy fees
(Profit) on disposal of fixed assets|**Support**
**costs**
**2023**
**£**
10,480
786
-
(1,805)
9,461|**Governance**
**costs**
**2023**
**£**
-
-
4,196
-
4,196|**Total**
**funds**
**2023**
**£**
**10,480**
**786**
**4,196**
**(1,805)**| |---|---|---|---| ||||**13,657**| |Insurance
Administration and office costs
Accountancy fees
(Profit) on disposal of fixed assets|Support
costs
2022
£
4,096
722
-
(1,154)
3,664|Governance
costs
2022
£
-
-
3,726
-
3,726|Total
funds
2022
£
4,096
722
3,726
(1,154)| |---|---|---|---| ||||7,390| ## **8. Independent examiner's remuneration** The independent examiner's remuneration amounts to an independent examiner fee of £3,840 (2022 - £3,480), and Software assistance of £262 (2022 - £246). ## **9. Staff costs** The average number of persons employed by the Charity during the year was NIL (2022 - 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 2023** ## **10. Trustees' remuneration and expenses** During the year, no Trustees received any remuneration or other benefits (2022 - £NIL). During the year ended 31 March 2023, no Trustee expenses have been incurred (2022 - £NIL). ## **11. Tangible fixed assets** |**Cost or valuation**
At 1 April 2022
Disposals
At 31 March 2023
**Depreciation**
At 1 April 2022
Charge for the year
On disposals
At 31 March 2023
**Net book value**
At 31 March 2023|**Freehold**
**property**
**£**
**6,267,717**
**-**
**6,267,717**
**-**
**-**
**-**
**-**
**6,267,717**|**Motor**
**vehicles**
**£**
**17,558**
**(4,558)**
**13,000**
**4,364**
**2,539**
**(3,263)**
**3,640**
**9,360**|**Fixtures and**
**fittings**
**£**
**3,855**
**-**
**3,855**
**1,866**
**298**
**-**
**2,164**
**1,691**|**Total**
**£**
**6,289,130**
**(4,558)**| |---|---|---|---|---| |||||**6,284,572**| |||||**6,230**
**2,837**
**(3,263)**| |||||**5,804**| |||||**6,278,768**| ## **12. Fixed asset investments** |**Cost or valuation**
At 1 April 2022
Revaluations
At 31 March 2023
**Stocks**
**2023**
**£**
Stocks
**2,600**|**Other fixed**
**asset**
**investments**
**£**
**433,360**
**(15,378)**| |---|---| ||**417,982**
2022
£
2,523| ## **13. Stocks** Page 16 **The Zen Trust** ## **Notes to the Financial Statements For the Year Ended 31 March 2023** |**14.**
**Debtors**
**Due within one year**
Other debtors
Prepayments and accrued income
**15.**
**Creditors: Amounts falling due within one year**
Accruals and deferred income|**2023**
**£**
**6,792**
**6,645**
**13,437**
**2023**
**£**
**3,840**|2022
£
6,742
5,734| |---|---|---| |||| |||12,476| |||2022
£
3,480| Page 17 **The Zen Trust** ## **Notes to the Financial Statements For the Year Ended 31 March 2023** ## **16. Statement of funds** ## **Statement of funds - current year** ||||||**Balance at**| |---|---|---|---|---|---| |**Balance at 1**||||**Gains/**|**31 March**| ||**April 2022**|**Income**|**Expenditure**|**(Losses)**|**2023**| ||**£**|**£**|**£**|**£**|**£**| |**Unrestricted funds**|||||| |General Funds|**791,937**|**99,836**|**(79,846)**|**(15,378)**|**796,549**| |**Restricted funds**|||||| |Revaluation reserve|**6,259,833**|**-**|**-**|**-**|**6,259,833**| |**Total of funds**|**7,051,770**|**99,836**|**(79,846)**|**(15,378)**|**7,056,382**| |**Statement of funds - prior year**|||||| ||||||Balance at| ||Balance at|||Gains/|31 March| ||1 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| 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 2023** ## **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**|**Restricted**
**funds**
**2023**
**£**
6,259,833
-
-
-
6,259,833|**Unrestricted**
**funds**
**2023**
**£**
18,935
417,982
363,472
(3,840)
796,549|**Total**
**funds**
**2023**
**£**
**6,278,768**
**417,982**
**363,472**
**(3,840)**| |---|---|---|---| ||||**7,056,382**| ## **Analysis of net assets between funds - prior year** |Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
**Total**|Restricted
funds
2022
£
6,259,833
-
-
-
6,259,833|Unrestricted
funds
2022
£
23,067
433,360
338,990
(3,480)
791,937|Total
funds
2022
£
6,282,900
433,360
338,990
(3,480)| |---|---|---|---| ||||7,051,770| ## **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 £Nil (2022 - £238). At the balance sheet date the amount due from The Zen Trust amounted to £1,681 (2022 - £1,681) Page 19