REGISTERED CHARITY NUMBER: 292011
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 July 2021
for
Life Eternal Trust (UK)
Peter Upton Bridge House 2 Bridge Avenue Maidenhead Berkshire SL6 1RR
Life Eternal Trust (UK)
Contents of the Financial Statements for the Year Ended 31 July 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 12 |
| Detailed Statement of Financial Activities | 13 | to | 14 |
Life Eternal Trust (UK)
Report of the Trustees for the Year Ended 31 July 2021
The directors of the trustee company present their report with the financial statements of the charity for the year ended 31 July 2021. 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).
Life Eternal Trust (UK) - LET(UK) - began operating in 1985. The Charity's activities involve the dissemination of knowledge promoting spiritual health and wellbeing, and in particular the techniques of Sahaja Yoga meditation and the teachings of Shri Mataji Nirmala Devi.
Life Eternal Trust (UK) Limited, a company limited by guarantee, registered in England and Wales company number 06534285, is the sole trustee of Life Eternal Trust (UK). The Directors of the company are listed below and the Company Secretary is Stephen Martin.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The aims of the charity are as set out in the trust deed and centre on the dissemination of knowledge which promotes and actualises physical, mental, emotional and spiritual health, balance and well-being. This knowledge comprises in particular the techniques of Sahaja Yoga meditation and the teachings of Shri Mataji Nirmala Devi, which constitute "Vishwa Nirmala Dharma" (Universal Pure Religion) - the synthesis and integration of the world's major religions. The charity promotes the idea and practice of "Sahaja Dharma" as a model for a tolerant and spiritually-centred way of life. The charity seeks to advance education throughout the world and fosters the understanding and practice of music, arts and crafts from different cultures.
Significant activities
It has always been one of the Charity's core activities to provide regular free classes in Sahaja Yoga techniques and the teachings of Shri Mataji Nirmala Devi. The classes are usually offered to the general public in community premises, across London and throughout the UK, and hosted by established practitioners of Sahaja Yoga (acting as unpaid volunteers). Covid-19 restrictions prevented such physical meetings and the Charity's volunteers developed a comptrehensive substitute programme of online classes.
Although online classes lack the in situ person-to-person interaction which is so important in welcoming new practitioners and sharing with them the techniques and benefits of Sahaja Yoga meditation, the Charity's volunteers did successfully adapt their individual techniques to enable virtual classes to provide a worthwhile provisional replacement for in-person meetings. One incidental benefit of online classes, compared with physical "local" meetings, has been the absence of geographical constraint on those who can attend. Increasingly in recent years the Charity has used online methods to advertise Sahaja Yoga meetings and to establish and maintain contact with people interested in Sahaja Yoga, and the techniques learned have been put to good use in managing the new type of online classes. Many of the physical local meetings are now being re-started, in London and other parts of the UK.
Whilst Covid-19 restrictions were in place, the Charity had to suspend its programme of regular and repeat attendance at exhibitions and festivals. Organisers of these events had for many years welcomed the Charity's participation, providing as it does the beneficial effects of Sahaja Yoga meditation for their show visitors, and had given the Charity favourable terms to carry forward bookings made pre-pandemic. The Charity has in the last few months re-started participation in events, in particular the London Ideal Home Show (March 2022) which has always been one of the Charity's more successful public-facing events
The Charity has secured, for the tenth consecutive year, a "Google Adwords" grant for publicising the Charity's meditation meetings. The value of the grant is $120,000.
After obtaining the certificate of lawfulness for the Charity's use of its property at Bloxham Barn Farm, the Charity has carried out comprehensive building improvements. Two significant contracts have been completed, and local tradespeople are being engaged on the various works needed to complete the project. The Charity decided that the improvements should be funded by donations raised specifically for the purpose, to avoid financial impact on the Charity's other activities. The Charity's volunteers are making a significant active contribution, thus saving costs.
The Charity's property in Cantalupo Ligure, Italy, acquired in June 2014, continues to be available for meditation and cultural events, in furtherance of the aims of the Charity. Use of the venue, and associated donation income, was much reduced owing to Covid-19 restrictions, but is now increasing following the easing of restrictions. Any shortfall after meeting maintenance and other running costs is covered by a substantial restricted reserve fund held by the Charity. The local volunteer manager of the Centre reports regularly to the Charity
The Charity has continued to provide funds for international education projects run by sister organisations in Italy and the Czech Republic, and financial support was given to the spreading of Sahaja Yoga internationally.
The Charity continues to take the necessary steps to fulfil its obligations under the General Data Protection Regulation.
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Life Eternal Trust (UK)
Report of the Trustees for the Year Ended 31 July 2021
OBJECTIVES AND ACTIVITIES
Volunteers
The charity relies solely on volunteers for its administration and its charitable work and has no paid employees.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Voluntary donation income from Sahaja Yoga practitioners, much of it as regular monthly standing orders, is used to provide the equipment and facilities necessary for Sahaja Yoga meetings and functions in the UK, and to give financial support to international activities as noted elsewhere in this report.
Charitable purposes and public benefit
The directors of Life Eternal Trust (UK) Ltd have considered the requirements of the Charity Commission in relation to charitable purposes and public benefit, and are fully satisfied that the charity meets those requirements.
FINANCIAL REVIEW
Principal Funding Sources
It is a key tenet of the Charity that the knowledge and experience of Sahaja Yoga is always provided completely free of charge. Activities are financed by voluntary donations from Sahaja Yoga practitioners as the Charity does not raise donations from the general public.
Reserves policy
At 31 July 2021 reserves totalled £2,060,610 (2020 - £1,920,025), of which £829,545 is restricted. Unrestricted reserves of £1,231,065 are to be used in line with the aims of the Charity as set down in the trust deed.
Review of the year
Total incoming resources for the year amounted to £263,379 (2020 - £290,618). During the year, direct charitable expenditure was £122,794 (2020 - £209,289).
Net incoming resources for the year amounted to £140,585 (2020- £81,329). There is an accumulated balance on unrestricted funds of £1,231065 as at 31 July 2021 (2020 - £1,193,896) and restricted funds totalled £829,545 (2020 - £726,129).
FUTURE PLANS
The charity continues to have two main areas of focus. It will continue to spread the knowledge of Sahaja Yoga meditation, promoting spiritual health and wellbeing for all, through public meetings and events. Of necessity, during a period of restrictions on social gatherings, greater emphasis will be given to online classes. Furthermore, the charity will provide the means for Sahaja Yoga practitioners to deepen their spiritual development through participation in cultural activities.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Charity is administered under a Trust deed dated 28 May 1985 as amended by further deeds dated 18 May 2000 and 29 February 2008. Life Eternal Trust (UK) is registered with the Charity Commission for England and Wales, number 292011.
Recruitment and appointment of new trustees
The directors of Life Eternal Trust (UK) Limited bring their own personal and professional skills to bear when acting as trustees of the charity. They identify the mix of skills, knowledge and experience necessary for the efficient and effective operation of the charity and ensure that all needs are met, calling on external professional help as appropriate.
Organisational structure
During the financial year reported on herein, the directors of Life Eternal Trust (UK) Ltd were responsible for setting strategies and policies for the Charity and for ensuring that these are implemented. The directors meet on a regular basis to review the work of the Charity and to deal with its detailed financial and administrative affairs. Meetings are in-person whenever possible, but, under Covid-19 restrictions, have of necessity been online. The directors of Life Eternal Trust (UK) Ltd have appointed a number of working groups to deal with the various areas of the Charity's activity such as publicity, education, social affairs, property, finance, and so on. Each working group includes at least one director of the trustee company.
Induction and training of trustees
Directors of the trustee company who have held office for many years take care to share the knowledge they have acquired. Advice from the charity's advisers is fully reported to all trustee company directors, in particular the risk assessment procedures recommended by the charity's insurance broker. The trustee directors recognise the need to assess whether any training might be required in order to improve the way they manage the charity.
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Life Eternal Trust (UK)
Report of the Trustees for the Year Ended 31 July 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT Wider network
The charity cooperates with organisations in other countries having the same aims and objectives. In particular, the charity supports the Shri Mataji Nirmala Devi Sahaja Yoga World Foundation based in Cabella Ligure, Italy, and Nirmal Intellectual Property Corporation in the USA which is responsible for the preservation and distribution of the recorded teachings of Shri Mataji Nirmala Devi.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
292011
Principal address 14 Essex Road Enfield EN2 6TZ
Trustees
Directors of the trustee company Alison Bauzys Sheng-Chia Chung John James Glover Geoffrey Godfrey Victoria Raie Halperin Raymond Philip Harris Alan Henderson Stephen James Martin Helen Ann Miller (resigned 01.03.2021) Dr Zafar Iqbal Rashid Dr Sarah Loveday Setchell
Independent Examiner
Peter Upton FCA CTA Peter Upton Bridge House 2 Bridge Avenue Maidenhead Berkshire SL6 1RR Solicitors Stone King LLP Boundary house 91 Charterhouse Street London EC1M 6HR
Bankers National Westminster Bank Plc PO Box 3AW 104 Tottenham Court Road London W1A 3AW
Approved by order of the board of trustees on 27th May 2022 and signed on its behalf by:
................................................................................ Stephen James Martin Director of the Trustee Company
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Independent Examiner 's Report to the Trustees of Life Eternal Trust (UK)
Independent examiner's report to the trustees of Life Eternal Trust (UK)
I report to the charity trustees on my examination of the accounts of Life Eternal Trust (UK) (the Trust) for the year ended 31 July 2021.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of _ which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Peter Upton FCA CTA Peter Upton Bridge House 2 Bridge Avenue Maidenhead Berkshire SL6 1RR
Date: .............................................
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Life Eternal Trust (UK)
Statement of Financial Activities for the Year Ended 31 July 2021
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Other income Total EXPENDITURE ON Charitable activities Events and meetings National Centre - Bloxham Barn Farm Sheffield Centre Italian Centre Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 155,224 16 155,240 73,723 45,166 (818) - 118,071 37,169 1,193,896 1,231,065 |
Restricted funds £ 108,137 2 108,139 - (12,708) - 17,431 4,723 103,416 726,129 829,545 |
31.7.21 Total funds £ 263,361 18 263,379 73,723 32,458 (818) 17,431 122,794 140,585 1,920,025 2,060,610 |
31.7.20 Total funds £ 288,733 1,885 290,618 106,347 75,027 (200) 28,115 209,289 81,329 1,838,696 1,920,025 |
|---|---|---|---|---|
The notes form part of these financial statements
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Life Eternal Trust (UK)
Balance Sheet
31 July 2021
| Notes FIXED ASSETS Tangible assets 4 CURRENT ASSETS Debtors 5 Cash at bank CREDITORS Amounts falling due within one year 6 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 7 NET ASSETS FUNDS 10 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted fund £ 1,725,688 93,737 50,953 144,690 (262,511) (117,821) 1,607,867 (376,802) 1,231,065 |
Restricted funds £ 589,346 - 249,469 249,469 (9,270) 240,199 829,545 - 829,545 |
31.7.21 Total funds £ 2,315,034 93,737 300,422 394,159 (271,781) 122,378 2,437,412 (376,802) 2,060,610 1,231,065 829,545 2,060,610 |
31.7.20 Total funds £ 2,145,427 62,690 205,467 268,157 (89,733) 178,424 2,323,851 (403,826) 1,920,025 1,193,896 726,129 1,920,025 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 27th May 2022 and were signed on its behalf by:
................................................................................. Dr Sarah Loveday Setchell Director of the Trustee Company
The notes form part of these financial statements
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Life Eternal Trust (UK)
Notes to the Financial Statements for the Year Ended 31 July 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, 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 Charities Act 2011. 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.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost
Freehold buildings are not depreciated as the directors believe that the estimated residual value is not materially different to the carrying value of the buildings. The directors claim exemption under the SORP from the requirement that these assets are subject to an annual impairment review, but will carry out such a review when there is some indication that the recoverable amount of the asset falls below its net book value. Land is not depreciated.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Financial instruments
The company only has financial assets and liabilities of a kind that qualify as basic financial instruments, which are initially recognised at transaction value and subsequently measured at their settlement value.
2. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 July 2021 nor for the year ended 31 July 2020.
continued...
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Life Eternal Trust (UK)
Notes to the Financial Statements - continued for the Year Ended 31 July 2021
2. TRUSTEES' REMUNERATION AND BENEFITS - continued
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 July 2021 nor for the year ended 31 July 2020.
.
| 3. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 188,545 Other income 1,885 Total 190,430 EXPENDITURE ON Charitable activities Events and meetings 106,347 National Centre - Bloxham Barn Farm 62,319 Sheffield Centre (200) Italian Centre - Total 168,466 NET INCOME 21,964 RECONCILIATION OF FUNDS Total funds brought forward 1,171,932 TOTAL FUNDS CARRIED FORWARD 1,193,896 |
Restricted funds £ 100,188 - 100,188 - 12,708 - 28,115 40,823 59,365 666,764 726,129 |
Total funds £ 288,733 1,885 290,618 106,347 75,027 (200) 28,115 209,289 81,329 1,838,696 1,920,025 |
|---|---|---|
continued...
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Life Eternal Trust (UK)
Notes to the Financial Statements - continued for the Year Ended 31 July 2021
4. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | |||
|---|---|---|---|
| COST At 1 August 2020 Additions At 31 July 2021 DEPRECIATION At 1 August 2020 Charge for year At 31 July 2021 NET BOOK VALUE At 31 July 2021 At 31 July 2020 |
Freehold property £ 2,345,693 171,946 2,517,639 214,000 - 214,000 2,303,639 2,131,693 |
Fixtures and fittings £ 19,365 1,752 21,117 5,631 4,091 9,722 11,395 13,734 |
Totals £ 2,365,058 173,698 |
| 2,538,756 | |||
| 219,631 4,091 |
|||
| 223,722 | |||
| 2,315,034 | |||
| 2,145,427 |
The last independent professional valuation of the property was carried out in March 2010 and was considered to be in the region of £1,600,000. The directors consider that in the light of improvement expenditure and current market conditions, the market value at the year end is not significantly different from net book value, and there are no indications of further impairment.
5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other debtors 6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 8) Trade creditors Other creditors |
31.7.21 £ 93,737 31.7.21 £ 21,000 48,448 202,333 271,781 |
31.7.20 £ 62,690 31.7.20 £ 21,000 23,459 45,274 |
|---|---|---|
| 89,733 |
continued...
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NotL% to the Financial StgtemeDts- continued CREDITORS: Al0[Ts FAtLtNG DiiEAFfERhlORE THAN ONE 31.7.21 31.7.20 B8llkloHD5 (stt note 81 376.802 403.826 Thc mortgagc 15 from Nati(d WcstiDitJ Bank pic for a tcrni of 5 Y¢a 3d wa5 -ll¢gotIatCd Jll 2018
aid on 8 capitsl alld interest b&5. LOANS Att ajutysis of the mattlryOf Iws is 811belov. 31.7.21 31.7.20 Baok loat]5 Otherloans- three ini4r%t-&e¢ facilities 21.Q(K> 55.1)00 21.1) 76.IIK) 21.(MX) Bth loaAs-2-5 yea[% 376.802 403.826 SECLIIEDDEFts 31.7.21 31.7.20 Baokkn 397.802 414.826 Thelltyge fiNStw<t is secuted bya leg81 Ch oTrErBIoxb8tB8rnFA[mdtCd 19Juiy2010. Net At 1.8.20 iu fiuy15 31.7.21 General fimd 1.193.896 37.IfA 1231.005 Re5trirted fullds 259.083 407.681 59.365 112.686 19,270) {112.686) 259.083 398.411 17?.051 F¥m) tnvoNThntsProi¢ Il2.080 726.129 103.416 829.545 TOTAL FttNDS 1.9?0.025 140.585 2.060.610 Pd8e 10
Life Eternal Trust (UK)
Notes to the Financial Statements - continued for the Year Ended 31 July 2021
10. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Farm mortgage initiative Italian Centre TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund Restricted funds Farm mortgage initiative Italian Centre Farm Improvements Project TOTAL FUNDS Comparative net movement in funds, included in the above are as follows: Unrestricted funds General fund Restricted funds Farm mortgage initiative Italian Centre TOTAL FUNDS |
Incoming resources £ 155,240 99,978 8,161 108,139 263,379 At 1.8.19 £ 1,171,932 199,718 407,681 59,365 666,764 1,838,696 Incoming resources £ 190,430 72,073 28,115 100,188 290,618 |
Resources expended £ (118,071) 12,708 (17,431) (4,723) (122,794) Net movement in funds £ 21,964 59,365 - - 59,365 81,329 Resources expended £ (168,466) (12,708) (28,115) (40,823) (209,289) |
Movement in funds £ 37,169 112,686 (9,270) 103,416 140,585 At 31.7.20 £ 1,193,896 259,083 407,681 59,365 726,129 1,920,025 Movement in funds £ 21,964 59,365 - 59,365 81,329 |
|---|---|---|---|
continued...
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Life Eternal Trust (UK)
Notes to the Financial Statements - continued for the Year Ended 31 July 2021
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 July 2021 or 31 July 2020.
12. ULTIMATE CONTROLLING PARTY
The ultimate controlling party of the charity is the board of directors of the trustee company.
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