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2023-07-31-accounts

Charity Registration No. 312865 (England and Wales)

Company Registration No. 1055588 (England and Wales)

KRISHNAMURTI FOUNDATION TRUST LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

KRISHNAMURTI FOUNDATION TRUST LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr. D. A. Hook
Mr. G. Primrose
Mrs. W. Smith
Mr. A. C. Herron
Ms. M Kuyper
Secretary Mr. G. Primrose
Charity number 312865
(England and Wales)
Company number 1055588
Registered office Brockwood Park
Bramdean
Alresford
Hampshire
$024 0LQ
Key personnel Mr. T. Lehmann Co-Chair ofSchool Management Committee
Ms M. Masoumian Bursar and Co-Chair of School Management Committee
Mr. B. Taylor Member ofCentre and Foundation Management Committee
Mr. R. Patel Member ofCentre and Foundation Management Committee
Mr. T. Power Member ofSchool Management Committee
Mrs. K. Power Member ofSchool Management Committee
Solicitors VealeWasbrough Vizards LLP (VWV)
With offices in London, Watford, Bristol and Birmingham
Paris Smith
1 London Road
Southampton :
S015 2AE
Banker NatWest Bank Pic Investment Manager Cazenove Capital
Winchester Old Bank Schroder& Co. Limited
105 High Street 1 London Wall Place
Winchester London
Hampshire EC2Y5AU
$023 9AH
Auditor Azets Audit Services
Athenia House
10-14 Andover Road
Winchester
Hampshire
$023 7BS
Websites Main School www.brockwood.org.uk
Small School www.inwoods.org.uk
Foundation www.kfoundation.org.uk
Centre www.krishnamurticentre.org.uk
Global www.jkrishnamurti.org

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KRISHNAMURTI FOUNDATION TRUST LIMITED TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 JULY 2023

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The trustees present their report and financial statements for the year ended 31 July 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006, and "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)".

OUR PURPOSES, ACTIVITES, AIMS AND OBJECTIVES

Our Charity’s purposes, as set out in the objects contained in the company’s Memorandum of Association, are to advance the education of the public in philosophy, sociology, psychology, and comparative religion and to promote in those fields the study of the teachings of Jiddu Krishnamurti.

The Charity operates in four areas:

  1. Brockwood Park School provides a general education for students aged 14 years and over. 2. Inwoods Small School also provides a general education, but for pupils up to the age of 11 years.

  2. The Foundation maintains the archives of the works of Jiddu Krishnamurti and disseminates Krishnamurti's work via print and digital mediums.

  3. The Krishnamurti Centre provides opportunities for the study of philosophy, sociology, comparative religion, and in particular the study of the teachings of Krishnamurti, for adult members of the public.

Our Objectives

Our objectives are set up to reflect the educational aims of our Schools, the preservation and dissemination of the works of Jiddu Krishnamurti and his many discussions with other philosophers, psychologists, social scientists, and religious figures by the Foundation and to provide a high quality study centre to enable visitors to study these works and other comparative, religious and psychological works available in the library and discuss and explore them.

In setting our objectives and planning our activities, the Trustees have considered the Charity Commission's general guidance on public benefit and to its supplementary public benefit guidance on advancing education and on feecharging.

Our key objectives for the year included:

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KRISHNAMURTI FOUNDATION TRUST LIMITED TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 JULY 2023

Our Public Benefit

We wish to encourage all who wish to attend our schools to do so, irrespective of their financial means (see our Bursary Policy below). We believe that our schools and our students benefit from learning within a diverse community. Our school fees are set at the lowest level consistent with ensuring the financial stability of the schools and at a level consistent with providing the students with a high standard of academic and personal education (our fees are currently some £10,000 less than the average fees for independent secondary boarding schools in the UK). Even though we have a generous bursary fund available, in academic year 2022-2023 the bursary requests remained relatively static, equating to 4.94% of total school fees. This may reflect our very low fees, compared with other international boarding schools around the world, and the weaker pound.

A local kindergarten (‘Wildflowers’) currently uses part of our grounds (particularly some of the woodland) free of charge for activities with its children.

The schools have started to hold Open Days again which members of the local community are welcome to attend. These had stopped for a couple of years due to the pandemic.

The newsletter of Brockwood Park School, The Brockwood Observer, containing articles written by staff, students and trustees and information about items of interest at the school, is sent out to the many individuals and groups on our mailing list free of charge. Brockwood Park School offers classical concerts organised and performed by award winning musicians which are free to the public.

Many teachers and educators, not connected with the charity, visit the schools and the Centre to view and discuss the unique educational approach on offer. From time-to-time, the schools are approached by PhD and research students in education asking to come and visit.

More than 2,000 videos of Krishnamurti, meticulously subtitled in various languages, are available free of charge on our YouTube Channel: we are progressively releasing short video extracts and audio recordings of Krishnamurti for free on our official YouTube channel and intend to continue to produce and make the remaining audio recordings of Krishnamurti also available for free. We are making the transcripts of various talks of Krishnamurti available for free on our international website (jkrishnamurti.org). We have also created free access to the work of Krishnamurti on two new platforms, The Krishnamurti Podcast, and Instagram. We have conducted paid social media campaigns to bring to the public the teachings of Krishnamurti free of charge. We have created elegantly designed booklets and made them available free to the public. We have revamped the foundation's website and created an extensive repository of curated materials organised in various topics available for free for all interested individuals or organisations.

Our charges for staying at the Krishnamurti Centre are kept as low as possible to ensure that all who wish to attend can do so. If a guest cannot afford the full room-rate, we may makea discretionary reduction to the cost, or allow a guest to stay for free. For most of the year, the Centre is open to any day visitor, free of charge, who wishes to make use of the facilities (library, video-room, audio and video players) thereby encouraging people to visit regularly to study and research Krishnamurti’s teachings and other religious, psychological and spiritual works. We welcome many guests from the surrounding area for day visits, also at no cost to them. We offer a one-time discount for students and people who may not be able to afford the costs to enable them to visit and stay at the Centre. We have developed programmes at Krishnamurti Centre which would enable wider access to interested people. We have a 2-4 week volunteer programme allowing individuals to stay at the centre free of charge. We have expanded our choices of accommodation allowing participants in our newly designed summer gathering and young adult retreats to stay at Brockwood and visit the centre on a very low-cost basis. We have expanded our offering of discretionary fares for such events. We have allocated two rooms at the Centre for a lower discretionary rate enabling wider access to public.

At the Krishnamurti Centre we have brochures, bulletins, and articles available for free, which give information about Krishnamurti’s teachings and the intentions of the Centre and which we send to anyone who contacts us and wishes to know more.

The Foundation sends out e-newsletters at least 6 times per year containing audio, video and text of the teachings of Krishnamurti to our subscribers free of charge.

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KRISHNAMURTI FOUNDATION TRUST LIMITED TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 JULY 2023

Bursaries and Financial Assistance

As stated above, the Trustees believe that it is important to make bursaries available to students from families who may not be able to pay all of the school fees. In assessing a family's means we take many factors into consideration, including family income, investments, savings, etc. We rely on the generosity of benefactors to offer any kind of bursary. We must ensure that a balance is struck between fee-paying parents and those benefiting from the bursaries. Bursaries range from a 7% to an 80% remission of fees. Information about fee assistance through bursaries is provided to all who request it. In the current year the school has made available 4.70% of its fee income for bursaries.

The fees for the main school are paid annually and before the start of the term. However, we understand that some families need to budget carefully, therefore, we offer the facility to pay fees on a termly basis. In exceptional cases and upon request, as an additional provision of financial aid, we agree on a payment-plan with parents who need this assistance to be able to afford the fees.

OUR STRATEGY

The Trustees are responsible for setting strategies for achieving the objectives determined for the areas of operation of each section of the Charity.

Key objectives and strategies Our key objectives of the charity are listed below with strategies adopted to achieve those also displayed:

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KRISHNAMURTI FOUNDATION TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 JULY 2023

Achievement and performance

The number of applicants for Brockwood Park School continues to be close to an all-time high. The school continues to receive most of its new applicants via word of mouth. The feedback from parents and students continues to be positive and supportive which seems to be the main contributor to the increase in the number of applicants.

The charity continues to improve its financial health despite facing the challenge of a high inflation rate.

The digital activities of the Foundation across all of its platforms have brought the teachings of Krishnamurti to the attention of millions of people free of charge. New social media campaigns have reached millions of people and increased our social media engagement greatly, with our Instagram page having reached over 650.000 followers. On our official YouTube channels — ad-free and totalling over 850,000 subscribers — Krishnamurti talks are now viewed more than 2 million times per month. Thanks to carefully crafted social media activities, the use of a Google Ad Grant, and the recent redesign of our online platform (kfoundation.org), which now serves as an extensive repository of free curated content, the Foundation website receives more than 45,000 visits per month. Our popular podcast 'Urgency of Change — The Krishnamurti Podcast’ is now in its fifth season and has been downloaded over two million times. Accessibility is ensured globally by providing, completely for free, over 4000 videos and extracts with translated subtitles in more than 40 languages.

The Foundation continues to work closely with two prominent publishers in the UK, Watkins and Rider. These are currently our main English publishers of Krishnamurti’s teachings. We are working on publishing two new titles for the coming year, one with each of these publishers.

New programmes have been initiated at the Centre such as the 2-4-week volunteering programme, Young Adult retreat and Summer Gathering. All have been a big success and very well attended, bringing more people from diverse backgrounds to the Centre.

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KRISHNAMURTI FOUNDATION TRUST LIMITED TRUSTEES' REPORT (INCLUDING DIRECTORS’ REPORT AND STRATEGIC REPORT)

FOR THE YEAR ENDED 31 JULY 2023

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Pupil Numbers, Visitors and Fees

Brockwood Park School, for the academic year 2022-23, had over 100 applicants for about 30 places available and finished the year with 69 students. Inwoods Small School, for day students only, finished the year with 15 students. This school had to restart from scratch following its closure due to the pandemic and restructuring, however, this number has increased to 20 for this academic year.

The two-tier fee structure, that was put in place for the small school and the main school, was maintained for academic year 2022-23. The small school lower tier was £7,177 and the higher tier was £8,103. The main school lower tier fee was £24,400 and the higher tier was £32,200.

The number of nights for which payment was received in the Centre increased considerably compared to last year and are now in line with pre-pandemic levels.

Co-curricular Activities

In addition to a full programme of academic courses, AS/A-level and non-exam courses, the main school continues to offer a wide range of co-curricular activities. These range from pottery and woodwork, through gardening and bushcraft, to a range of music-related tuition and a good selection of sports. There is a lot of interest in the performing arts and two major concerts (or a concert and a play) are prepared each year. The school also organises a selection of trips for students during term-time to museums, galleries, theatres, and nature reserves. The main school continued to offer a workshop week with various workshops which students would not otherwise have access to.

Details of Bursary Awards — Policy into Practice

Bursaries and sponsorships awarded were 4.70% of our total expected fee income and amounted to £88,200. This aided 11 of our students at the main school, and 3 pupils at the small school.

The Trustees review the provision of bursaries annually and delegate the responsibility of offering bursaries to the School Management Committee. The scheme widens access to the schools to people from all backgrounds and walks of life and allows suitable students, who would otherwise be unable to attend, to be part of the school community.

Environmental Incentives — Cutting our “Carbon Footprint”

Concern for the environment is at the heart of living together at Brockwood. Both schools are vegetarian and grow a proportion of their own food organically in their kitchen gardens. A central part of the high school curriculum is Human Ecology, addressing environmental issues both practically and academically and Nature Study is a central part of the Inwood's curriculum.

Day-to-day activities such as reusing and recycling items have been standard practice for many years. Our buildings are now being upgraded with better insulation and more environmentally friendly heating systems. As part of our planned increase in the use of energy from renewable sources, we have invested in a wood-chip boiler to heat the Centre building. The recently constructed student and staff accommodation, the Pavilions, is heated by ground-source heat-pumps. We have recently installed solar panels onto the roof of one of our student and staff houses, the Cloisters.

The overall strategy towards net zero has moved on with an impact report produced by Planet Mark. According to the report figures we average 3 to 4 tonnes CO2 per person per year on the basis of around a hundred members in the community. The average British CO2 footprint is 5.2 tonnes per person per year. We are continuing with our overall strategy towards net zero and can better track our progress using reports such as this.

Fundraising

The charity does not use professional fundraisers. Our approach to fundraising is light-touch and relies a lot on communicating clearly and directly with our donors about activities in the charity and areas of needs within the charity. We have a close relationship with our donors and organise events, activities, and communication strategies to keep them very well informed of what goes on at Brockwood. In our donor cultivation cycle we place little emphasis on requesting and a lot of emphasis on clear communication.

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KRISHNAMURTI FOUNDATION TRUST LIMITED TRUSTEES’ REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 JULY 2023

Future Plans

The charity plans to continue to clarify and review its long-term objectives and vision and align the internal operations with these objectives, devising strategies to achieve these objectives and vision.

In light of the above, the charity intends to initiate the following:

FINANCIAL REVIEW

Our Finances

In the year to 31 July 2023 the charity received more donations and legacies compared to the year before. School fee income increased by £113,742 to £1,789,600 in the year, driven by an increase in pupil numbers.

One of our risk management policies is to create a budget each year for the coming year. Quarterly reports are created comparing the actual income and expenditure with the budgets and forecasting the result for the year based upon the actual items. The Trustees consider these and act if necessary.

Total income of the charity increased from £2,705,601 to £3,429,368. This was due to an increase in donations and legacies, as well as an increase in charitable activities income. The amount of donations being received in the year was £762,740 (2022 - £403,503). Legacies amounted to £354,558 (2022 - £209,781). After deducting expenses, the Net Incoming Resources for the charity amounted to £918,046 (2022 - £393,491).

The Charity continued to benefit from royalties received from the publication of its books around the world, and from the surplus on the sale of books. The Charity appealed for funds for various purposes, some specific and others general.

The Trustees review the salaries of the staff regularly. Because of the ethos of the school and the way it operates, the major cost of staff salaries is considerably lower than in other schools. Thus, we can keep our fees lower while offering a higher staff to student ratio than would otherwise be the case. The staff and students are all part of a community living, working, and sharing together

As a charity we enjoy tax exemption status which means that we pay no tax on our deposit interest which is applied to the charity's purposes, and we can reclaim tax suffered on gift aid donations made to us. We also benefit from an 80% reduction in the rates on the buildings we occupy for charitable purposes. However, we are unable to reclaim VAT on purchases and expenses used for educational purposes and we pay taxes as an employer through the national insurance contributions we make.

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KRISHNAMURTI FOUNDATION TRUST LIMITED TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 JULY 2023

Reserves Policy and Financial Health

The Charity has a Reserve Policy and an Investment Policy which are reviewed on an annual basis by the Trustees to ensure continuing appropriateness. The Trustees have considered the relevant factors and risk facing the Charity when arriving at the Reserve Policy. The Charity's assets are sufficient to meet its obligations and are all held for use by the four departments in the Charity. The endowment fund, which was set up in the year, is one of the main parts of the Reserve Policy and approach for the Charity. The funds currently in unrestricted fund will be held considering the other financial objectives of the Charity. At least 10% of the charity's unrestricted reserves are kept in checking and/or short notice deposit which can be withdrawn with notice of not more than 30 days. This is sufficient to cover 3 months of charity's expenses.

As of 31 July 2023, the total funds of the Charity were £9,027,262 (2022: £8,109,216). Of these, £2,077,080 (2022: £2,244,517) are restricted funds, £536,027 (2022: £nil) are endowed funds, and £6,414,155 (2022: £5,864,699) are unrestricted funds. Of the unrestricted funds, £3,075,576 (2022: £3,104,591) is represented by tangible fixed assets, and £342,095 represented by net current liabilities (2022: £3,234,513 net current assets.) There are long-term liabilities and provisions of £87,545 (2022: £474,405). Following the creation of a new endowment fund in the year, the permanent endowment fund totals £536,027.

Investment policy

The Charity has an Investment Policy which is reviewed on an annual basis by the Trustees to ensure continuing appropriateness. The financial objective of the Charity is to at least maintain the real value of the assets whilst generating a stable and sustainable return. The investment objective is to generate a return of inflation plus 3% per annum over the long term, after expenses. This should allow the Charity to at least maintain the real value of the assets, whilst funding annual expenditure in the region of 3% per annum. The charity ensures that it has access to liquid investment assets in a short period of time to cover ongoing expenses should the ongoing income not meet the expenses or the unforeseen events impact the operation of charity. This amount would at least cover three months of the operating cost of the charity.

The Charity’s assets are invested widely and diversified by asset class. The Charity assets are invested in line with its aims. The trustees do not wish to adopt an exclusionary policy, but individual investments may be excluded if perceived to conflict with the Foundation's purpose. The Charity currently uses a sustainable multi asset fund for its long-term investments which aims to have a positive impact on people and the planet by avoiding harm through social, environmental or ethical considerations.

During the year, the Charity appointed an investment management firm to manage the assets on a discretionary basis in line with the Charity’s Investment Policy. At 31 July 2023, total investments were worth £5,175,937, of which £524,204 comprises a permanent endowment. The Charity follows the standard rules and any increase in the value of an investment is kept as permanent endowment and invested. £1,204,479 of the Charity’s investment investments are held in cash or short-term deposits.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

Krishnamurti Foundation Trust Limited is a company limited by guarantee governed by its Memorandum and Articles of Association which were last altered in March 2013.

It is registered as a charity with the Charity Commission.

Each member agrees to contribute £1 in the event of the charity winding up.

Governing Body

The directors of the company are also charity trustees for the purposes of charity law and under the company’s Articles are known as the Governors. Under the requirements of the Memorandum and Articles of Association one third of them must retire at each Annual General Meeting.

The governing body consists of the persons mentioned on page 1.

In accordance with the Articles of Association, Mr G Primrose and Mr Alastair Herron retire by rotation and being eligible, offer them for re-election. aepn a we

KRISHNAMURTI FOUNDATION TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS’ REPORT AND STRATEGIC REPORT)

FOR THE YEAR ENDED 31 JULY 2023

The Governors meet as a body on at least three occasions in each year, the duration of each meeting being about four days. In addition, there are various committees and working groups which meet more regularly throughout the year.

All Governors give their time voluntarily as Trustees.

Recruitment and Training of Governors/Trustees

In common with charities of a similar size, it is difficult to retain a full complement of governors covering the necessary range of skills and experience and with a keen interest in Krishnamurti's Teachings. The existing Governors seek new Governors through contacts with international committees and personal contacts. New Governors are mentored by more experienced Governors in the workings of the Charity and its procedures.

The two Safeguarding Liaison trustees regularly attend training on school regulatory and compliance matters and keep the other trustees informed and up to date with the latest updates to regulations. All the Trustees receive annual refresher safeguarding training including e-Safety.

Organisational Management

The Governors (Trustees) are legally responsible for the overall management and control of the four areas of the Charity. These are the main school (referred to as Brockwood Park School), the small school (referred to as Inwoods Small School), the Foundation (referred to as Krishnamurti Foundation Trust) and the adult Study Centre (referred to as The Krishnamurti Centre).

The Members of the Management Committees have day-to-day responsibility for the running of their respective areas and for implementing the policies set by the Governors. The School Management Committee has a day-to-day oversight and responsibility for running the School and the Centre and Foundation Management Committee has a day-to-day oversight and responsibility for running the Centre and Foundation.

Risk Management

The Governors are responsible for the identification and management of risks. The major risks to which the Trust is exposed, are identified by the Governors with the assistance and consultation of the Management Committees. These risks have been reviewed and systems and procedures established to manage those risks. Examination of the risks and establishment of controls to mitigate them is delegated to the Management Committees and the process is overseen by the Bursar on behalf of the governing body. The Risk Register is reviewed by the Trustees in each Trustee meeting. A review of the risk management processes is undertaken annually at the November Trustee meeting. They monitor the risk and take appropriate mitigating action when required.

The key controls used by the charity include:

Included within these controls are considerations of price, credit, liquidity, and cash-flow risks.

Through the risk management processes established for the charity the Governors are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable, but not absolute, assurance that major risks have been adequately managed.

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KRISHNAMURTI FOUNDATION TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT)

FOR THE YEAR ENDED 31 JULY 2023

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Disclosure of information to the auditors

Auditor

Azets Audit Services were appointed as auditor to the charitable company and a resolution proposing that they be reappointed will be put at a General Meeting.

The trustees’ report, including the directors’ report and strategic report, was approved by the Board of Trustees.

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KRISHNAMURTI FOUNDATION TRUST LIMITED

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

FOR THE YEAR ENDED 31 JULY 2023

The trustees, who are also the directors of Krishnamurti Foundation Trust Limited for the purpose of company law, are responsible for preparing the Trustees' Annual Report (including the Directors’ Report and the Strategic Report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's websites. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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KRISHNAMURTI FOUNDATION TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF KRISHNAMURTI FOUNDATION TRUST LIMITED SS

Opinion

We have audited the financial statements of Krishnamurti Foundation Trust Limited (the ‘charitable company’) for the year ended 31 July 2023 which comprise the statement of financial activities, the summary of income and expenditure account, the balance sheet, the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsibie for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit: - the information given in the trustees’ report (incorporating the strategic report and directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements, and - the strategic report and the directors’ report have been prepared in accordance with the applicable legal requirements

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KRISHNAMURTI FOUNDATION TRUST LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF KRISHNAMURTI FOUNDATION TRUST LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts And Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees (who are also the directors of the charitable company for the purpose of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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KRISHNAMURTI FOUNDATION TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF KRISHNAMURTI FOUNDATION TRUST LIMITED

IeS A further description of our responsibilities is available on the Financial Reporting Council's website at https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-quidance/Standards-and-quidance-forauditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx.

This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Jon Noble (Senior Statutory Auditor) for and on behalf of Azets Audit Services

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Chartered Accountants

Statutory Auditor

Athenia House 10-14 Andover Road Winchester Hampshire United Kingdom $023 7BS

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KRISHNAMURTI FOUNDATION TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 JULY 2023

Current financial year

Unrestricted Restricted Endowed Total Total
funds funds funds
2023 2023 2023 2023 2022
Notes £ £ £ £ £
Income
Donations and legacies 3 586,683 183,562 347,053 1,117,298 613,284
Investment income 81,852 - 1,332 83,184 3713
Charitable activities 4 2,228,886 - - 2,228,886 2,088,604
Total income 2,897,421 183,562 348,385 3,429,368 2,705,601
Expenditure on:
Raising funds
Investment management fees 3,567 - = 3,567 -
Charitable activities
Publicity 40,966 - - 40,966 60,939
Royalties payable (including KFA) 22,243 - = 22,243 32,198
Irrecoverable school fees and bad 3,842 2 - 3,842 _
Direct costs 930,285 95,744 - 1,026,029 915,106
Food and household costs 192,125 - - 192,125 178,635
Archive costs 3,828 144 - 3,972 4,591
Premises costs 501,925 13,826 - 515,751 391,759
Support costs 6 421,272 6,792 - 428,064 426,234
Depreciation 175,178 64,894 - 240,072 222,976
Governance costs 6 54,206 - - 54,206 79,672
Total charitable expenditure 5 2,345,870 181,400 - 2,527,270 2,312,110
Total resources expended 2,349,437 181,400 - 2,530,837 2,312,110
Net gains on investments 12 13,504 - 6,011 19,515 -
Net incoming resources before
transfers 561,488 2,162 354,396 918,046 393,491
Gross transfers between funds 22/23 (12,032) (169,599) 181,631 - -
Netmovement in funds 549,456 (167,437) 536,027 918,046 393,491
Fund balances at1August 5,864,699 2,244,517 - 8,109,216 7,715,725
Fundbalancesat31July 6,414,155 2,077,080 536,027 9,027,262 8,109,216

All income and expenditure derive from continuing activities.

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KRISHNAMURTI FOUNDATION TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

eeeeeeS eee Prior financial year

Unrestricted Restricted Total Total
funds funds
2022 2022 2022 2021
Notes £ £ £ £
Income from:
Donations and legacies 3 449,606 163,678 613,284 1,075,957
Deposit account interest 3,713 - 3,713 4,617
Income from charitable activities 4 2,088,604 - 2,088,604 1,651,071
Total income 2,541,923 163,678 2,705,601 2,731,645
Expenditure on:
Charitable activities
Publicity 60,939 - 60,939 42,610
Royalties payable (including KFA) 32,198 - 32,198 31,641
Irrecoverable school fees and bad debts - - - 36,566
Direct costs 882,010 33,096 915,106 789,222
Food and household costs 178,635 - 178,635 149,385
Archive costs 4,275 316 4,591 3,377
Premises costs 351,150 40,609 391,759 349,661
Support costs 6 420,641 5,593 426,234 330,255
Depreciation 158,082 64,894 222,976 204,344
Governance costs 6 79,672 . 79,672 48,063
Total charitable expenditure 5 2,167,602 144,508 2312110 1,985,124
Total resources expended 2,167,602 144,508 2,312,110 1,985,124
Net incoming resources before
transfers		 374,321 19,170 393,491 746,521
Gross transfers between funds 22/23 99,471 (99,471) - -
Net movement in funds 473,792 (80,301) 393,491 746,521
Fund balances at 1 August 5,390,907 2,324,818 7,715,725 6,969,204
Fundbalancesat31July 5,864,699 2,244,517 8,109,216 7,715,725

All income and expenditure derive from continuing activities.

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KRISHNAMURTI FOUNDATION TRUST LIMITED

SUMMARY INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 JULY 2023

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||||||||| |---|---|---|---|---|---|---|---| |All|income|funds| |2023|2022| |£|£| |Gross|income|3,080,983|2,705,601| |Gains/(losses)|on|investments|13,504|fe| |Total|income|in|the|reporting|period|3,094,486|2,705,601| |Total|expenditure|from|income funds|(2,530,837)|(2,312,110)| |Net|income|for the year|563,649|393,491|

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SAP's

KRISHNAMURTI FOUNDATION TRUST LIMITED

BALANCE SHEET

FOR THE YEAR ENDED 31 JULY 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 10 4,223,868 4,317,676
Investments 11/12 5,175,937 100
9,399,805 4,317,776
Current assets
Stocks 13 33,772 33,664
Debtors 14 342,871 125,750
Investments 15 - 518,596
Cash at bank and in hand 582,589 4,724,967
959,232 5,402,977
Creditors: amounts falling due within
one year 16 (1,244,230) (1,137,132)
Netcurrent assets (284 998) 4,265,845
Tota! assets less current liabilities 9,114,807 8,583,621
Creditors: amounts falling due after
more than one year 18 - (411,666)
Provisions for liabilities 19 (87,545) (62,739)
Net assets 9,027,262 8,109,216
Endowed Funds 22
°
Permanent Endowment 536,027
-
Expendable Endowment 7 -
536,027 =
Income funds
Restricted funds 22 2,077,080 2,244,517
Unrestricted funds: 23
General unrestricted funds 3,740,104 3,459,381
Designated unrestricted funds 2,674,051 2,405,318
6,414,155 5,864,699
9,027,262 8,109,216
ThefinancialstatementswereapprovedbytheTrusteesonAl Aleeka
Mr. G. Primrose Mrs. W. Smith
Trustee Trustee
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CompanyRegistrationNo.1055588

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KRISHNAMURTI FOUNDATION TRUST LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JULY 2023

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|||||||||| |---|---|---|---|---|---|---|---|---| |2023|2022| |Notes|£|£|£|£| |Cash|flows|from|operating|activities| |Cash|generated|from|operations|28|1,109,180|1,191,393| |Interest|paid|(7,805)|(19,183)| |Net cash generated from operating activities|4,101,375|1,172,210| |Investing|activities| |Transfer from|current|asset|investments|to cash|at bank|518,596|(1,998)| |Purchase|of tangible|fixed|assets|(146,264)|(198,818)| |Proceeds|from|sale|of tangible|fixed|assets|2,285|7,500| |Transfer from|cash|at|bank|to|non-current|investments|(5,100,000)|-| |Interest income|23,296|3,713| |Net cash used|in|investing|activities|(4,702,087)|(189,603)| |Financing|activities| |Repayment|of loan|(541,666)|(108,334)| |Net cash|used|in|financing|activities|(541,666)|(108,334)| |Net increase|/|(decrease)|in|cash|and|cash| |equivalents|(4,142,378)|874,273| |Cash|and|cash|equivalents|at|beginning|of year|4,724,967|3,850,694| |Cash|and|cash|equivalents|at end|of year|582,589|4,724,967|

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219°

KRISHNAMURTI FOUNDATION TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

a

1Accounting policies

Charity information

Krishnamurti Foundation Trust Limited is a private charitable company limited by guarantee incorporated in England and Wales. The registered office is Brockwood Park, Bramdean, Alresford, Hampshire, SO24 OLQ.

1.1. Accounting convention The financial statements have been prepared in accordance with the Companies Act 2006, and “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 charitable company is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Preparation of consolidated financial statements

In the opinion of the trustees, the results of the subsidiary company are not material to the group. The charitable company has therefore taken advantage of the exemption provided by Companies Act 2006, Financial Reporting Standard 102 and the Charities SORP (FRS 102), not to prepare group accounts.

1.2. Going concern At the time of approving the financial statements, the trustees have a reasonable expectation that the charitable company 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.

Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income Income is recognised when the charity is legally entitled to it, the amounts can be measured reliably, and it is probable that income will be received.

Income from general donations is recognised on receipt or once the charity has been notified of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Income from school fees is recognised in the period to which they relate. School fees received before the year end relating to future periods are included as deferred income at the year end.

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KRISHNAMURTI FOUNDATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably. Any irrecoverable element of VAT is included with the item of expense to which it relates. All direct and indirect costs are attributed to the areas to which they belong. All other costs are apportioned on a reasonable apportionment basis. Support costs and governance costs (note 6), which are charitable, relate to the stewardship of the charity's assets, organisational administration, and compliance with constitutional and statutory requirements.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings 2% straight line basis
Freehold land Not depreciated
Motor Vehicles 25% straight line
Fixtures and fittings 15% straight line basis
Equipment 25%-33.33%straightline

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in net income/(expenditure) for the year.

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment loss (if any).

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, and highly liquid bank accounts. Cash held in deposit accounts with a maturity of more than 90 days held for investment purposes rather than to meet short-term cash commitments as they fall due are included in current asset investments.

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KRISHNAMURTI FOUNDATION TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

1 Accounting policies

1.11 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.

1.12 Taxation

The charity is exempt from corporation tax on its charitable activities.

1.13 Irrecoverable VAT The charitable company is partially exempt for VAT on its expenses. All of this VAT is accumulated and charged to support costs.

1.14 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. The assets of the scheme are held separately from the charity.

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KRISHNAMURTI FOUNDATION TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

1.16 Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in net income/(expenditure) for the period.

1.17 Provisions Provisions are recognised when the company hasa legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in the statement of financial activities in the period in which it arises.

1.18 Fund accounting

Where funds are received for a specific purpose set out by the donor, or implied by the terms of appeal, these are shown a restricted income in the Statement of Financial Activities. Funds donated to be held as capital are shown as Endowment Funds. Expenditure for the purpose specified is applied against the income and any amount unexpended at the balance sheet date is shown within Restricted Funds.

General fund 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.

The Trustees, at their discretion, may set aside funds to cover specific future costs. Such funds are shown as designated funds within Unrestricted Funds. Where the Trustees decide such funds are no longer required for the purposes intended, they may be released by transfer to general Unrestricted Funds.

2 Critical accounting estimates and judgements

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:

= 93:5

,

KRISHNAMURTI FOUNDATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

NN

3 Donations and legacies

Unrestricted Restricted Endowed Total Unrestricted Restricted Total
funds funds funds funds funds
2023 2023 2023 2023 2022 2022 2022
£ £ £ £ £ £ £
Donations and gifts 232,125 183,562 347,053 762,740 239,825 163,678 403,503
enna 354,558 . - 354,558 —«-209,781 - 209,781
586,683 183,562 347,053 1,117,298 449,606 163,678 613,284
Analysed by funds
Unrestricted Restricted Endowed Total Unrestricted Restricted Total
funds funds funds funds funds
2023 2023 2023 2023 2022 2022 2022
£ £ £ £ £ £ £
Donations and gifts
Main School 39,699 175,977 - 215,676 48,718 155,577 204,295
Inwoods Small School 5,382 - = 5,382 1,328 200 1,528
Foundation
Adult Study Centre		 145,099
41,945		 7,585
-		 347,053
:		 499,737
41,945		 139,156
50,623		 7,901
:		 147,057
50,623
232,125 183,562 347,053 762,740 239,825 163,678 403,503
Legacies receivable
Main School - - = - 200,409 - 200,409
Foundation 354,558 - ; 354,558 9,372 - 9,372
354,558 - 7 354,558 209,781 - 209,781

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KRISHNAMURTI FOUNDATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

4 Charitable activities income
Note Unrestricted Total Unrestricted Total
funds funds
2023 2023 2022 2022
£ £ £
School fees 1,789,600 1,789,600 1,675,858 1,675,858
Board and lodging 226,702 226,702 169,068 169,068
Royalties 83,490 83,490 107,674 107,674
Trading activities 15,299 15,299 14,851 14,851
Recoveries from staffand
students 61,678 61,678 60,418 60,418
Government grants 21 32,057 32,057 39,753 39,753
Other income 20,060 20,060 20,982 20,982
2,228,886 2,228,886 2,088,604 2,088,604
Analysed by funds
Unrestricted Total Unrestricted Total
funds funds
2023 2023 2022 2022
£ £ £ £
Main School 1,766,056 1,766,056 1,695,782 1,695,782
Inwoods Small School 120,452 120,452 76,912 76,912
Foundation 98,889 98,889 125,702 125,702
Adult Study Centre 243,489 243,489 190,208 190,208
2,228,886 2,228,886 2,088,604 2,088,604

5 Charitable activities expenditure analysed by funds

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2023 2023 2023 2022 2022 2022
£ £ £ £ £ £
Main School 1,619,778 165,043 1,784,821 1,483,312 127,826 1,611,138
Inwoods Small School 128,534 - 128,534 104,116 2,102 106,218
Foundation 241,365 16,357 257,722 266,557 14,580 281,137
Adult Study Centre 356,193 - 356,193 313,617 - 313,617
2,345,870 181,400 2,527,270 2,167,602 144,508 2,312,110

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KRISHNAMURTI FOUNDATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

a

6Support and governance costs

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |Support|Governance|2023|Support|Governance|2022| |costs|costs|costs|costs| |£|£|£|£|£|x| |Staff|costs|172,837|-|172,837|165,280|.|165,280| |Communications|11,393|-|11,393|9,981|-|9,981| |Travelling|and|motor|5,615|-|5,615|7,076|-|7,076| |Insurance|44,330|-|44,330|32,552|-|32,552| |Irrecoverable|VAT|85,214|-|85,214|107,732|-|107,732| |Stationery|and|office|costs|69,179|-|69,179|56,117|-|56,117| |Loan|interest|and|bank|7,805|-|7,805|19,183|-|19,183| |Other|costs|31,691|-|31,691|28,313|-|28,313| |Audit and|accountancy|-|19,224|19,224|-|16,405|16,405| |Legal|and|professional|fees|-|34,982|34,982|-|63,267|63,267| |428,064|54,206|482,270|426,234|79,672|505,906|

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Where the allocation of costs is clearly identifiable, support costs are allocated to the funds to which they relate. Where the allocation between funds is not clearly identifiable (for example, accountancy fees), costs are allocated on a percentage basis.

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |r|Net movement|in|funds|2023|2022| |£|£| |Net|movement|in|funds|is|stated|after|charging/(crediting)| |Fees|payable|to|the|charitable|company's|auditor|for the|audit|of the| |charitable|company's|financial|statements|12,725|10,500| |Depreciation|of owned|tangible|fixed|assets|240,072|222,975| |Profit|on|disposal|of tangible|fixed|assets|(2,258)|(6,964)|

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8 Trustees

None of the trustees (or any persons connected with them) received any remuneration, or benefits from the charity during the year. Trustee travel and other support expenses totalling £2,923 (2022: £nil) are included within Other Support Costs.

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KRISHNAMURTI FOUNDATION TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

9 Employees

Number of employees

The average monthly number of full-time equivalent employees during the year was:

2023 2022
Number Number
Teaching and support 41 45
Managementand administration 12 9
53 54
Employment costs 2023 2022
£ £
Wages and salaries 1,009,974 909,988
Social security costs 71,245 62,485
Other staff costs 22,293 17,060
Pension costs 18,338 16,007
1,121,850 1,005,540

The average number of staff on a head count basis in the year was 58 (2022: 55).

The key management personnel of the charity comprise the trustees and the senior management team. The total employee benefits, comprising salary, pension contributions and related employers’ national insurance contributions of the key management personnel of the charity were £103,485 (2022: £83,012).

There were no employees whose annual remuneration was £60,000 or more.

There were no termination payments made to employees during the year, nor are there any outstanding to be paid at the year end date.

227 -

KRISHNAMURTI FOUNDATION TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

10 Tangible Assets
Land and Plant and Total
buildings machinery
£ £ £
Cost
At 1 August2022 7,240,583 1,083,443 8,324,026
Additions 10,181 136,083 146,264
Disposals . (124,636) (124,636)
At 31 July 2023 7,250,764 1,094,890 8,345,654
Depreciation and impairment
At1August2022 3,184,801 821,549 4,006,350
Depreciation charged in the year 143,944 96,128 240,072
Depreciation eliminated - (124,636) (124,636)
At 31 July2023 3,328,745 793,041 4,121,786
Carrying value
At 31 July2023 3,922,019 301,849 4,223,868
At31July2022 4,055,782 261,894 4,317,676

The directors are of the opinion that the value of the Freehold Property is in excess of its book value based on the comments in a valuation carried out in the year.

11. Fixed asset investments

Fixed asset investments
2023 2022
£ £
Investments in subsidiaries 100 100
Details ofthe charity's subsidiaries at 31 July 2023 are as follows:
Name ofundertaking Registered Nature ofbusiness Class of % Held
office shares held Direct Indirect
Brockwood Park Estates Ltd England &Wales Development of Ordinary 100.00 -
buildingprojects

The aggregate capital and reserves and the result for the year of the subsidiary excluded from consolidation was as follows:

----- Start of picture text -----
Name of undertaking Profit/(Loss) Capital and
Reserves
£ £
Brockwood Park Estates Ltd (72) (1,099)
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KRISHNAMURTI FOUNDATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

12 Investments

Investments
2023 2022
£ £
Listed 3,971,358 -
Cash and settlements pending held as part ofthe investment portfolio 1,204,479 z
5,175,837 -
£ £
Market value
Brought forward = ‘.
Additions at cost 5,100,000 -
Return on investment 59,889 -
Unrealised gains/ (losses) 19,515 -
Investmentmanagement fees (3,567) -
Carriedforward 5,175,837 -

390 .<

KRISHNAMURTI FOUNDATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

13 Stocks
2023 2022
£ £
Stock for fuel 10,117 10,009
Goods for resale 23,655 23,655
33,772 33,664
14 Debtors
2023 2022
Amounts falling due within one year: £ £
School fees recoverable 21,721 32,583
Trade debtors 28,612 33,653
Amount owing from subsidiary 1,158 1,158
Other debtors 291,380 58,356
342,871 125,750
15 Current asset investments
2023 2022
£ £
Cash held in deposit accounts with maturity over90 days - 518,596
16 Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 66,865 88,671
Taxes and social security 49,157 64,194
School fees in advance 947,314 710,597
Fee and textbook deposits 95,932 104,427
Other creditors and accruals 84,962 39,243
Coronavirus interruption loan i 130,000
1,244,230 1,137,132
17 Deferred income
2023 2022
Deferred income is included in the financial statements as follows: £ £
Deferred income at 01 August 2022 710,597 573,021
Released from previous periods (710,597) (573,021)
Resources deferred income year 981,394 710,597
Deferredincomeat31July2023 981,394 710,597

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KRISHNAMURTI FOUNDATION TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

18 Creditors: amounts falling due after more than one year

2023 2022
Coronavirus interruption loan . 411,666

The CBIL loan was secured by a fixed and floating charge over the properties and undertakings of the charitable company. The loan was fully repaid in the year. 19 Provisions for liabilities and charges

Provisions for liabilities and charges
2023 2022
£ £
Provision for staff leaving
Balance at 1 August 2022 62,739 43,780
Used in the year (4,193) (19,898)
Charge for the year 28,999 38,857
Balanceat31July2023 87,545 62,739

The trustees have agreed that when a residential member of staff leaves with more than 3 years’ service, they will be entitled to receive a lump sum equivalent to 5% of annual salary for each completed year, subject to a maximum service of 15 years.

20 Government grants

During the year the charity received government grants totalling £32,057 (2022: £39,753). This total related to furloughed staff of £nil (2022: £7,659), heat incentives £32,057 (2022: £31,094) and apprenticeship grant of Enil (2022: £1,000).

21 Retirement benefit schemes

Defined contribution schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £18,338 (2022: £16,007).

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22 ~Restricted funds (continued)

A description of the nature and purpose of the restricted funds are shown below:

----- Start of picture text -----
||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Main|School|General|-|Smaller|donations|to|be|used|for|a|specific/restricted|purpose|in|BP|School| |Main|School|Bursary|-|Donations|to|be|used|for|bursary|in|BP|School| |Main|School|Music|-|Donations|to|be|used|for|music|in|BP|School| |Main|School|Pavillions|-|Donations|to|be|used|for|pavillions|in|BP|School| |Main|School|Infrastructure|-|Donations|to|be|used|for|upgrading|the|infrastructure|of the|Main|School| |Small|School|Bursary|-|Donations|to|be|used|for|bursary|in|Inwoods|S|School| |Foundation|Archive|Exchange|-|Donations|to|be|used|in|the|foundation|for|archive|exchange|between|the| |three|foundations| |Foundation|Subtitling|-|Donations|to|be|used|for|subtitling|the|videos|of|Krishnamurti| |JK|Online|-|Donations|to|be|used|to|pay|for|the|cost|of JKO|website|version|1| |Alumni|Bursary|Fund|- 25%|donations|restricted|to|bursary|for Alumni|children|and|75%|restricted|to| |bursary|in|BP|School| |Jean-Michel|Bursary|and|Teacher|Recruitment|-|Donations|to|be|used|for|bursaries|and|teacher|recruitment| |(Brockwood|and|Inwoods).| |Elisabeth|Fraser|-|Legacy|to|be|used|for|bursaries|and|repairs|to the|school|(Brockwood)| |Muriel|Gill|-|Legacy|to|be|used|for financial|support|for those|staying|at the|Krishnamurti|Study|Centre.| |Permanent|Endowment|-|Donations|to|go|to|permanent|endowment|fund|

----- End of picture text -----

Transfers between funds

Permanent Endowment

The transfer of £181,621 relates to the matching of donations received for the permanent endowment, and the initial transfer of funds on the commencement of this new endowment fund.

Expendable Endowment The transfer of £10 relates to the initial transfer of funds on the commencement of this new endowment fund.

Main School General The transfer of £17,560 relates to the transfer of donations held in the fund (retrospectively wished by the donor to be added to the endowment fund), and the purchase of equipment for the school.

Elisabeth Fraser

The transfer of £72,740 relates to school fees covered by bursaries from this fund, and repairs to the school.

Jean-Michel Bursary and Teacher Recruitment

The transfer of £61,400 relates to school fees covered by bursaries and sponsorships from this fund.

Main School Bursary

The transfer of £7,000 relates to school fees covered by sponsorship from this fund.

Muriel Gill

The transfer of £10,899 relates to financial support provided to adults staying at the Krishnamurti Study Centre.

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25 Contingent assets

There is inherent uncertainty in the probate valuation of estates as a result of the nature of underlying assets and liabilities, and the time that elapses between probate and closure of other contingencies that attend the estate. Legacies are recognised at the point of notification of grant of probate, when it can be measured or estimated with sufficient reliability.

At the year end, the charity was entitled to three legacies whose value could not be estimated with sufficient reliability to recognise in the year, in accordance with FRS 102 and the Charities’ SORP. All three are expected to be received by the charity in the year to 31 July 2024.

26 = Related party transactions

Similar foundations exist in other countries throughout the world including Spain, India and USA. These foundations have joined together to create a global website the costs of which are to be shared between them. The charity and the American foundation (KFA) have made a Joint Representation Agreement whereby all royalties receivable on books by the two organisations are shared equally between them and they will be jointly represented to all trade partners (publishers, literary agents, committees, online channels etc.) to avoid duplication of representation. The amount of royalties to be charged to KFA amounts to £41,993 (2022 - £42,565) and charged by KFA amounts to £25,663 (2022 — £29,527). The amount calculated as due from KFA amounts to £16,331 (2022 - £13,002) and due to KFA amounts to £nil (2022 - £nil).

Donations from Trustees to the charity for various purposes amount to £2,145 (2022 - £292) throughout the year.

27 _~—«*Trustees’ liability insurance An insurance policy exists, as part of the Charity’s normal insurance policy, indemnifying any insured individual for any wrongful act (as defined in the policy) in their capacity as a governor, principal, officer or employee.

28 Cash generated from operations

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Cash|generated|from|operations|2023|2022| |£|£| |Surplus|for the|year|918,046|393,491| |Elimination|of|non-operating|cashflows:| |Investment|income|(59,889)|-| |Interest|receivable|(23,295)|(3,713)| |Financing|costs|7,805|(19,183)| |Investment|management|costs|3,567|-| |Profit on|disposal|of tangible|fixed|assets|(2,258)|(7,372)| |Adjustments|for:| |Depreciation|and|impairment|of tangible|fixed|assets|240,072|222,976| |Increase/(decrease)|in|provision|24,806|18,959| |Fair value|movement on|investments|(19,515)|zs| |Movements|in|working|capital:| |(Increase)|in|stock|(108)|(1,029)| |(Increase)/decrease|in|debtors|(217,121)|363,854| |Increase|in|creditors|due|within|one|year|(excluding|loans)|237,097|185,044| |Cash|(absorbed|by)/generated from|operations|1,109,180|1,191,393|

----- End of picture text -----

a37's

KRISHNAMURTI FOUNDATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

NN NN NN NN NN NN
29 Analysis ofchanges in net debt 1 August2022 Cash flows 31 July2023
£ £ £
Cash atbank and in hand 4,724,967 (4,142,378) 582,589
Borrowings including Coronavirus interruption loan (541,666) 541,666 -
4,183,301 (3,600,712) 582,589

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