REGISTERED COMPANY NUMBER: 13077230 (England and Wales) REGISTERED CHARITY NUMBER: 1193276
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
FOR
THE MEDITATION TRUST
Spurling Cannon Chartered Certified Accountants 424 Margate Road Westwood Ramsgate Kent CT12 6SJ
THE MEDITATION TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 9 |
| Detailed Statement of Financial Activities | 10 |
THE MEDITATION TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of the Charity shall be for the benefit of the public through the advancement of education by offering such courses of instruction to the public as will promote the mental and creative development of the individual through meditation and any purposes which are exclusively charitable according to English law.
Significant activities
During the year, we have continued to run in-person courses in Transcendental Meditation in London and Kent, both non residentially and on retreat. We are also in the process of taking on another teacher to expand our offering into Brighton. Alongside these courses, we continue to offer free support and guidance for life to all those who have ever learnt with the Trust or subsequently joined us. This includes free online and in person meetings (meditation with Q&A) with a teacher. Although we cannot teach the actual meditation course online, the added development of these support meetings being online have proved to be a valuable addition to our portfolio of activities due to increased accessibility around the globe. Our online offering has also expanded to the general public with our free introductory talks with Q&A, which is also offered to specific groups with a specialist topic focus where requested.
Dialogue with other potential new teachers is ongoing, one of whom has specific additional educational qualifications and may help the Trust strengthen our educational offer and enable us to explore the development of new courses.
We have continued to offer bursaries for both non-residential and retreat courses as well as keeping our lowest cost room option (dormitory) on retreat at a subsidised rate (at no profit). This has ensured all courses and retreats have remained as financially accessible as possible despite our increased costs in the current climate. We also scheduled another advanced Siddhi course for 2023 again with subsidised places to help those struggling financially.
Public benefit
The trustees confirm they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission. The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the trust's aims and objectives, in particular to its supplementary public benefit guidance on advancing education and on fee-charging.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
13077230 (England and Wales)
Registered Charity number
1193276
Registered office
11 Daryngton Avenue Birchington Kent CT7 9PS
Page 1
THE MEDITATION TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
Trustees
Dr J Banatvala Theatre Director (resigned 11/8/2023) Dr G K Beckley Meditation Teacher (resigned 9/9/2022) P Smith Director, Insurance Broker (resigned 28/7/2023) D L Miller Adminstrator (resigned 9/9/2022) A Patel (resigned 12/8/2023) Ms G Buttarazzi Director
The Trustees confirm that Gemma Beckley and David Miller were NOT Trustees. They were appointed as Directors to assist with the day to day running of the charity, however this was in error as they are not Trustees. The Trustees during the period were Piers Smith, Jonathan Banatvala, Ajay Patel, Gabriella Buttarazzi and Amanda Horton and they were responsible for the decisions of the charity. Gabriella Buttarazzi and Amanda Horton's appointment as Trustees with Companies House and the Charity Commission were unfortunately overlooked. Gabriella Buttarazzi has been brought up to date but Amanda Horton subsequently resigned and so her record will not be updated.
Independent Examiner
Spurling Cannon Chartered Certified Accountants 424 Margate Road Westwood Ramsgate Kent CT12 6SJ
Approved by order of the board of trustees on 15 September 2023 and signed on its behalf by:
Ms G Buttarazzi - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MEDITATION TRUST
Independent examiner's report to the trustees of The Meditation Trust ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2022.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
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:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
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.
Mr P J Loveridge
Spurling Cannon Chartered Certified Accountants 424 Margate Road Westwood Ramsgate Kent CT12 6SJ
15 September 2023
Page 3
THE MEDITATION TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| Period | |||
|---|---|---|---|
| 11.12.20 | |||
| Year Ended | to | ||
| 31.12.22 | 31.12.21 | ||
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 3,554 | 10,837 | |
| Charitable activities | |||
| Meditation Courses | 190,830 | 143,725 | |
| Total | 194,384 | 154,562 | |
| EXPENDITURE ON | |||
| Charitable activities | |||
| Meditation Courses | 181,309 | 135,333 | |
| NET INCOME | 13,075 | 19,229 | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 19,229 | - | |
| TOTAL FUNDS CARRIED FORWARD | 32,304 | 19,229 |
The notes form part of these financial statements
Page 4
THE MEDITATION TRUST
BALANCE SHEET 31 DECEMBER 2022
| 2022 Unrestricted fund Notes £ CURRENT ASSETS Debtors 5 11,730 Cash at bank 71,192 82,922 CREDITORS Amounts falling due within one year 6 (50,618) NET CURRENT ASSETS 32,304 TOTAL ASSETS LESS CURRENT LIABILITIES 32,304 NET ASSETS 32,304 FUNDS 7 Unrestricted funds 32,304 TOTAL FUNDS 32,304 |
2021 Total funds £ 221 46,498 46,719 (27,490) 19,229 19,229 19,229 19,229 19,229 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 15 September 2023 and were signed on its behalf by:
G Buttarazzi - Trustee
The notes form part of these financial statements
Page 5
THE MEDITATION TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the period ended 31 December 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2022 nor for the period ended 31 December 2021.
Page 6
continued...
THE MEDITATION TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
3. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Period | ||||
|---|---|---|---|---|
| 11.12.20 | ||||
| Year Ended | to | |||
| 31.12.22 | 31.12.21 | |||
| Administration | 1 | 1 | ||
| No employees received emoluments in excess of £60,000. | ||||
| 4. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | |||
| Unrestricted | ||||
| fund | ||||
| £ | ||||
| INCOME AND ENDOWMENTS FROM | ||||
| Donations and legacies | 10,837 | |||
| Charitable activities | ||||
| Meditation Courses | 143,725 | |||
| Total | 154,562 | |||
| EXPENDITURE ON | ||||
| Charitable activities | ||||
| Meditation Courses | 135,333 | |||
| NET INCOME | 19,229 | |||
| TOTAL FUNDS CARRIED FORWARD | 19,229 | |||
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
| 2022 | 2021 | |||
| £ | £ | |||
| Other debtors | 198 | 221 | ||
| Prepayments and accrued income | 11,532 | - | ||
| 11,730 | 221 |
continued...
Page 7
THE MEDITATION TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Payments on account Other creditors Accruals and deferred income 7. MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS |
At 1.1.22 £ 19,229 19,229 Incoming resources £ 194,384 194,384 |
2022 2021 £ £ 49,692 25,919 86 371 840 1,200 50,618 27,490 Net movement At in funds 31.12.22 £ £ 13,075 32,304 13,075 32,304 Resources Movement expended in funds £ £ (181,309) 13,075 (181,309) 13,075 Net movement At in funds 31.12.21 £ £ 19,229 19,229 19,229 19,229 |
|---|---|---|
continued...
Page 8
THE MEDITATION TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
7. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 154,562 154,562 |
Resources Movement expended in funds £ £ (135,333) 19,229 (135,333) 19,229 |
|---|---|---|
8. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2022.
9. LIMITED BY GUARANTEE
The company is limited by guarantee and does not have share capital. Each of the members guarantees to pay to the company an amount of up to £1 if the company is wound up whilst they are a member or for up to 12 months after they have ceased to be a member.
Page 9
THE MEDITATION TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| Period | |||
|---|---|---|---|
| 11.12.2 | 0 | ||
| Year Ended | to | ||
| 31.12.22 | 31.12.21 | ||
| £ | £ | ||
| INCOME AND ENDOWMENTS | |||
| Donations and legacies | |||
| Donations | 3,554 | 10,837 | |
| Charitable activities | |||
| Grants | - | 1,675 | |
| Income | 190,830 | 142,050 | |
| 190,830 | 143,725 | ||
| Total incoming resources | 194,384 | 154,562 | |
| EXPENDITURE | |||
| Charitable activities | |||
| Insurance | 372 | 195 | |
| Telephone | 505 | 236 | |
| Advertising | 1,751 | 749 | |
| Sundries | 48 | 60 | |
| Teaching Costs | 163,423 | 117,204 | |
| Computer Costs | 143 | 258 | |
| Commission Charges | 1,694 | 2,036 | |
| Professional Fees | - | 66 | |
| 167,936 | 120,804 | ||
| Support costs | |||
| Management | |||
| Wages | 12,269 | 13,114 | |
| Governance costs | |||
| Accountancy and legal fees | 1,104 | 1,415 | |
| Total resources expended | 181,309 | 135,333 | |
| Net income | 13,075 | 19,229 |
This page does not form part of the statutory financial statements
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