Charfty Registratlon No. 312865 {England and Wales) Company Reglstratlon No. 1055588 (England and Wales? KRISHNAMURTI FOUNDATION TRUST LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
KRISHNAMURTI FOUNDATION TRUST LIMITED CONTENTS Page Legal and adminlstrative infomialion Tfu8lees' report 2-10 ststement of trustees, re8ponsibilltle8 Independent audito¢$ report Statement of financial actlvltie8 15-16 Summary of income and expendilure 17 Balance sheet 18 Statement of cash flows 19 Notes lo the financial statements 20-37
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 Charlty number (England and Wales) 312865 Company number Reglstered offlcè 1055588 Brockwood Park Bramdean Alresford Hampshire S024 OLQ Kéy pèrsonnèl Mr. T. Lehmann Ms M. Masoumian Mr. R. Patel Mr. T. Power Mrs. K. Power Cowchair of School Management Committee Bursar and Co-chair of School Management Committee Head of Foundation and Centre Member of School Management Committee Member of School Management Committee Sollcltors Veale Wasbrough Vizards LLP IVWI) With offices in London. Walford. Brislol and Birmingham Paris Smith l London Road Southampton S015 2AE Banker Nalwesl Bank PIC Winchester Old Bank 105 High Street Winchester Hampshire S023 9AH Investment Manager Cazenove Capital Schroder & Co. Limited 1 London Wall Place London EC2Y SAU Auditor Azets Audil Services Alhenia House 10-14 Andover Road Winchester Hampshire S023 7BS Websites Main School Small School Foundation Centre Global nM.brockwood.or w.inwoods.or .uk www.kfouvTrdalion.or www.krishnamurticenlie.or hn murtl.of
KRISHNAMURTI FOUNDATION TRUST LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 JUL Y 2024 The Iruslees present their report and financial statements for the year ended 31 July 2024. The financial slatemenls have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply ¥Mth the chanly'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 l January 20191" 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.. Brockwood Park School provide5 a general education for students aged 14 years and over. 2. Inwoods Small School also provides a general education, bul for pupils up lo the age of 11 yèars. 3. The Foundation maintains the archives of the works of Jiddu Krishnamurti and disseminates Krishnamurti'$ work via print and digital mediums. 4. 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 Obje¢tiv•s Our objectives are sel up lo reflect the educational aims of our Schools, the preservation and dissemination by the Foundation of the works of Jiddu Krishnamurti and his many discussions with other philosophers, psychologists, social scientists, and religious figures and to provide a high quality study centre lo enable visitors lo study these works and other comparative, religious and psychological works available in the library and discuss and explore them. In setting our obieclives and planning our activities, the Trustees have considered the Charity Commission's general guidance on public benefit and to ils supplementary public benefit guidance on advancing education and on fee- charging. Our key objectives for the year included.. New digital campaign for the Krishnamurti Centre with the aim of bringing more people lo the Centre and various programmes it is now running, Revamping our programmes offered at the Centre in light of the successful launch of new initiatives at the Cenlre Continue our digital and social media initiatives related to the dissemination of the teachings of Krishnamurti for free and Ihe promotion of the activities of the charity. Continue creating new free podcasts for the dissemination of Krishnamurti's teachings. Continuing fundraising for the endowment fund. Continue lo place the video and audio recordings of Krishnamurti online lo enable free access to both. Automate procedures and processes in the Accounts Office. Sign new English book titles of the work of Krishnamurti with reputable publishers and also publish translated versions in other countries and terrrtories. Conlinue to improve the education of the students with a holislic approach and provide Ihe financial security lo do so.
KRISHNAMURTI FOUNDATION TRUST LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 JUL Y 2024 Our Public Benefit We endeavour to encourage all who wish lo attend our schools to do so, irrespective of their financial means (see our Bursary Policy below). We slrongty believe that our schools and our students benefit from leaming within a diverse community. Our school fees are sel al the lowest level consistent with ensuring the financial stability of our schools and at a level consistent with providing the students with a high standard of academic and personal education (our fees are currently lower than the average fees for independent secondary boarding schools in the UK). Even though we have a generous bursary fund available, in academic year 2023-2024 the bursary requests equated to 8.6Q/o of total school fees (4.90/0 in 2023). A local kindergarten I'wildflowers,) currently uses part of our grounds Iparticulady some of the woodland) free ol charge for activities with its children. Our schools have started to hold Open Days again which members of the local community are welcome lo attend. Many teachers and educators, not connected with the charity, visit the schools and the Centre lo 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 lo come and visit. The 'ObseNer' which is a school magazine is offered for free to interested individuals. The Foundation's online activities continue to make Krishnamurti's Iransformalive message freely accèssible lo a global audience. Our strategic focus on digital outreach. combined with an adaptive and agile approach lo evolving technologies and trends, ha5 significantly amplified the Impact of our work. Our Inslagram page has surpassed one million followers. a leslamenl lo the increasing relevance of Krishnamurti's message in today's world. His teachings resonate with audiences of all ages. and Increasingly so with the younger generations, providing them with insights into self-underslanding and offering guidance in facing modern crises and challenges. In a digital environment often overwhelmed by superficial content, Krishnamurti's profound message stands out, free from dogmatic Impositions. To meet people where they are. we maintain a strong presence across major platforms, diversifying our digital output. Our official YouTube channels hosts 4000 videos and is now nearing one million subscriber5, generating more than 22 million views annually, thanks lo daily releases of conlenl. Accessibility remains a lop priority, with over 5,000 sublilles available in moTe than 40 languages. We have created free directories containing links and information for the videos and audios available on official YouTube channel. In addition to Inslagram and YouTube. our growing presence on TikTok, X (formerly Twillerl. Facebook, and Threads has garnered over 500,000 combined followers, further extending our reach. Our podcast, Urgency of Change- The Krishnamurti Podcast, is now in ils sixth season, fealuring over 250 episodes and surpassing 2.5 million downloads. Our website has become a comprehensive repository of curated Krishnamurti material. With rnore than 850 pages featuring quotes, articles, photographs, free downloads, and an index of over 200 topics. the site is designed lo serve both newcomers and individuals already acquainted with Krishnamurti, and allow them to delve in the material al whatever depth they wish. We are making the transcripts, videos. audios and quotes of various talks of Krishnamurti available for free on our intemalional website lJ'krishnamurti.orgl. Over the past year, our websites have received 1 .3 million visits. With the assistance of Google's free search advertising facilities, the charity has managed to expand its reach and boost visibility and to drive traffic to its website. Across all networks, we have reached over 100 million individuals in a year. The most important proof of the impact of all this Work is the recent popularity of in-person activities dedicated to young adults, taking place at The Krishnamurti Cenlre, our retreat centre in Hampshire. Hundreds of people from all over the world come together every year lo attend retreats and look into fundamental questions of life. Most of them have heard about Krishnamurti and such retreats through our online activities and In particular social media.
KRISHNAMURTI FOUNDATION TRUST LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 JUL Y 2024 Our charges for slaying at the Krishnamurti cent are kepl as low as possible to ensure Ihat all who wish to attend can do so. All Cenlre rooms during week days have lower rates. If a guest cannot afford the full room-rate, we may make a disLretionary reduction to the cost, or allow a guesl to slay for free. For most of the year, Ihe 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 visil regularly to stltdy and research Krishnamurti's teachings and other religious, psychological and spirrtual works. We welcome many guests from the Surrounding area for day visits. a150 at no cost to them. We offer a one-time discount for students and people who may not be able lo afford the costs lo enable them to visit and stay at the Centre. We have developed programmes at Krishnamurti Cenlre which would enable wider access to interested people. We have a 24-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 galhering and young adult retreats to stay at Brockwood and visit the centre on a very low-cosl basis. We have expanded our offering of discrelionary fares for such events. We have allocated three rooms at the Centre for a lower discretionary rate enabling wider access to public. We have added 7 reduced-rate rooms for anyone who cannot afford our events to be able lo attend them. On ad hoc basis we also offer other ways for people lo have access lo the centre at discount such as extra free night for anyone slaying for al least 2 nights (such campaigns are done on ad hoc basis and gets communicated lo public via our social media channels and digilal newsleltersl. We have created small booklets meticulou51y designed and contains curated materials of Krishnamurts. and we make it available for free both in print formal and also digitally. At the Krishnamurti Centre we have brochures, bulletins, and articles available for free, which give information aboul 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 oul e-newsletters at least 6 time5 per year containing audio, video and text of the teachings of Krishnamurti to our subscribers free of charge. Bursarles and Financlal As818tan¢e As slated abovè, the Trustees believe that il is important lo make bursaries available lo students from families who may not be able lo pay all of the school fees. In assessing a family's means we take many factors into consideration, including family income. inveslmenls, savings, etc. We rely on the generosity of benefactor5 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 79/0 to an 80.10 remission of fees. Information about fee assistance through bursaries is provided lo all who request it. In the current year the school has made available 8.6'/0 of its fee income for bursaries. The fees for the main School are paid annually and before the start of the lerm. However, we understand that some families need to budget carefully, therefore. we offer the facility to pay fees in two or three inslalmenls. The lees for Inwoods Small School are paid lermly. In exceptional cases and upon request, as an additional provision of financial aid, we agree on a payment-p18n with parent5 who need this assislance to be able lo afford the fees. OUR STRATEGY The Truslees are responsible for setting strategies for achieving the objectives delemiined for the areas of operation of each section of the Charity. Key oblectlves and strategies Our key objectives of the charity are listed below with strategies adopted to achieve those also displayed.. New digital campaign for the KTi5hnamurti Cenlre with the aim of bringing more people lo the Centre and various programmes 11 is now running, Creating promotional videos for the various events and programmes at the Centre", Creatsng dislincl webpages for the various events and programmes at the Centre". Creatrng various social media posts and promoting il on OUT social media channels lo promote the Centre and its various events and programmes",
KRISHNAMURTI FOUNDATION TRUST LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 JUL Y 2024 Running paid social media campaigns on various platforms to promote the Centre and ils various programmes., Revamping our programmes offered al the Centre in light of the successful launch of new initiatives at the Centre Creating and refining Young Adult retreat, Group Retreat, Krishnamurti Summer Gathering and Volunteer Programme al the Centre and increasing the number of evenls on offer., Introducing variety of reduced rate5 for these programmes to make them accessible to the public Continue our digital and social media initiatives related to the dissemination of the teachings of Krishnamurti for free and the promotion of the activities of the charity. Releasing more than l 000 pieces of content on our social media channels currently subscribed to by more than 2 million people. These posts are carefully curated by an expenenced team and are being shared for free. Running paid campaigns to bring the work of Krishnamurti lo the altenlion of more people., Creating meticulously designed, booklets containing selected quotes of Krishnamurti for public to download for free. Focused campaign to promote bot the schools on different plalfom)s. Continue creating new podcasts for the dissemination of Krishnamurti's teachings. Carefully chosen material from the work of Krishnamurti is organised around various topics and shared free of charge on various podcast platforms. Continuing fvndraising for the endowment fund. We had a successful launch of the endowment fund and a successful first year fundraising for this important inilialive. Continue to place Ihe video and audio recordings of Krishnamurti online to enable free access lo both. Videos and audio recordings of Krishnamurti's talks and discussions continue lo be placed on our YouTube channels for free access of public. Many of these videos and audio recordings have sublilles in more than 40 languages. Automate procedures and processes in the Accounts Office. Appointing an external consultant expert in such matter to streamline our processes; Implementing new software lo streamlining many accounting processes al the charity Sign new English book titles of the work of Krishnamurti with reputable publishers and also publish translated versions In other countries and territories. This is an ongoing activity of the charity. Continue to improve the education of the students with a holistic approach and provide the financial security to do so,. This is an ongoing activity of the charity. Achievement and performance The charity continues to improve ils financial health despite facing a challenging economic and regulatory environment. The digital aclivilies of the Foundation across all of ils platforms have brought the teachings of Krishnamurti lo 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 Inslagram page having reached over 1 million followers. On our official YouTube channels - ad-free and nearing 1 million subscribers - Krishnamurti talks are now viewed more than 22 million limes annually. Thanks to carefully crafted social media activitie5, the use of a Google Ad Grant, and the recent redesign of our online platform lkfoundalion.or which now serves as an extensive repository of free curated content. the Foundation websites receives 1.3 million visits in a year. Our popular podcasl'urgency of Change The Krishnamurti Podcast, is now in its fifth season and has been downloaded over 2.5 million times. The Foundation continues lo work closely with Iwo prominent publishers in the UK, Walkins and Rider. Our latest book, How to Find Peace was published by Watkins. We have added to our new programmes at the Centre such as the 24-week volunteering programme, Young Adult retreat, Group retreat and Summer GalheTing. All have been a big success and very well attended, bringing more people from diverse backgrounds to Ihe Cenlre. Most people hear about our centre programmes as a result of our social media initiatives.
KRISHNAMURTI FOUNDATION TRUST LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 JUL Y 2024 Pupil Numbers. Vlsltors and Fees Brockwood Park School had 68 students for the academic year 2023-24. Inwoods Small School, for day students only, had 20 sludenls. The Iwo-tier fee structure, that was pul in place for the small school and the main school, was maintained for academic year 2023-24. The small school lower tier was £8,250 and the higher tier was £9,300. The main school lower tier fee was £27.700 and the higher tierwas £36,800. The number of nights for which payment was received in the Centre continued to increase compared to last year. Co<urricular Activities In addition to a full programme of academic courses. ASIA-level and non-exam courses, the main school continues to offer a wide range of co-curricular aclivilies. These range from pottery and woodwork, through 9ardening and bushcraft, to a range of music-related tuition and a good selection of sports. There is a lol of interest in the performing arts and hvo major concerts (or a concert and a playl are prepared each year. The school also organises a selection of tTiPS for students during temi-lime to museums, galleries, Ihealres. and nature reserves. The main school continued lo offer a workshop week with various workshops which students would nol othewise have access lo. At Inwoods children complete academic subjects such as English and maths but they also do activities and proiecls that have a more creative or practical focus. These projects rAn include working with clay, wood, bushcraft. sewing and art. Outside of these projects they also spend time gardening, singing and doing drama. The school has many workshops by external speakers from organisations such as WalerAid and local businesses. The school also organises lermly trips and after school clubs for two days each week. Detalls of Bursary Award•- Pollcy Into Practlce Bursaries and sponsorships awarded were 8.60/9 of our lolal expected fee income and amounted lo £163,088 This aided 15 of our students at the main school. and 7 pupils at the Small school. The Trustees review the provision of bursaries annually and delegate the responsibility of offering bursaries lo the School Management Committee. The scheme widens acce5s1o the schools lo people from all backgrounds and walks of life and allows suitable students, who would otherwise be unable lo allend, to be part of the school community. Envlronmental Incentlves- Cuttlng our"Carbon Footprlnt" Concern for the environment is al the heart of living together al Brockwood. Both schools are vegetarian and grow proportion of their own food organically in their kilchen 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'5 curriculum. Day-to-day activities such as reusing and recycling items have been standard praclice 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 heal the Centre building. The recently conslrucled student and staff accommodation, the Pavilions, is heated by ground-source heal-pumps and we have recently also installed air source heal pumps. We also have a solar array on the roof of one of our sludenl and staff accommodation5. the Cloisleis. Low energy lighting is used throughoul our buildings. Low toxicity cleaning malerials are used in the Centre, Inwoods and the main school. Along with lowering our carbon footprint we also recognise the importance of maintaining and increasing carbon sequestration in our ground5 and gardens both in the soil and in the vegetation cover. We do this by using no dig methods in the growing areas, by making otAr own compost to use in our organic gardens and by maintaining and enhancing tree cover on our 39 acres. The overall strategy towards net zero has moved on with an impact report produced by Planet Mark last year. According lo the report figures we average 3 to 4 tonnes C02 per person per year on the basis of around a hundred members in the community. The average British C02 footprint is 5.2 tonnes per person per year. We are continuing with our overall strategy towards nel zero and can better track our progress using reports such as this.
KRISHNAMURTI FOUNDATION TRUST LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 JUL Y 2024 Fundraising The charity does not use professional fundraisers. Our approach lo fundraising is light-louch and relies a lot on communicating clearty and directly with our donors about activities in Ihe charity and areas of needs within the charity. We have a dose relationship with our donors and organise events, activities. and communication strategies lo keep them very well informed of what goes on al Brockwood. In our donor cultivation cycle we place little emphasis on requesting and a lol of emphasis on clear communication. Future Plans The charity plans to conlinue lo clarify and review its long-term objectives and vision and align the internal operations with these obieclives, devising stTalegies lo achieve these objectives and vision. In light of the above, the charity intends lo initiate the following.. Creating digital campaign for the Krishnamurti Centre with the aim of bnnging more people lo the Centre and various programmes il is now running. Continue our digital and social media inilialives related to the dissemination of the teachings ol Krishnamurti for free and the promotion of the activities of the charity. Continue creating new podcasts for the dissemination of Krishnamurti's teachings. Continue lo place the video and audio recordings of Krishnamurti online lo enable free access lo bolh. Continue lo publish the work of Krishnamurti with reputable publishers and also publish translated versions in other countries and lernlones. Creating new promotional video for the school in order lo assist with our social media promotions and campaigns. Continue lo improve the education of the students with a holistic approach and provide the financial security lo do so. FINANCIAL REVIEW Our Flnances School fee income increased by £100,44110 £1 ,890,041 in the year, driven by school fee increases. One of our risk management policies is lo 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 Ihe charity increased from £3,429,368 to £4,634,068. This was due to an increase in donations and legacies, as well as an increase in charitable activities income and investment income. The amount of donations being received in the year was £1.947.056 12023 - £762,740). Legacies amounted lo £109.833 12023 £354.5581. After deducting expenses, the Nel Incoming Resources for the charity amounled to £1 ,985,617 {2023 £918,046). The Charity continued lo benefit from royalties received from the publication of ils 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 Ihe salaries of the staff regularly. Because of the ethos of the school and the way it operates, the major cosl of staff salaries is considerably lower than in other schools. Thus, we can keep our fees lower while offering a higher staff to slijdent ratio than would othefwise be the case. The staff and students are all part of a community living. working. and sharing togelher. As a charity we enjoy lax exemption slalus which means that we pay no lax on our deposit Interest which is applied lo the charity's purposes, and we can reclaim tax suffered on gift aid donations made to us. We also benefit from an 800/0 reduction in the rates on the buildings we occupy for charitable purposes. However, we are unable to reclaim VAT on purchases and expenses Ltsed for educational purposes and we pay taxes a5 an employer through the national insurance contributions we make.
KRISHNAMURTI FOUNDATION TRUST LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 JUL Y 2024 Reser4es Policy and Financial Health The Charity has a Reserve Policy and an Investment Policy which are reviewed on an annual basis by the Trustees lo ensure continuing appropnateness. The Trustees have considered the relevant factors and fisk facin9 the Charity when arriving at the Reserve Policy. The Charity's assets are sufficienl lo 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 previous year, is one of the main parts of the Reserve Policy and approach for the Charity. The funds currently in unrestricted funds will be held considering the other financial objectives of the Charity. Al least 1 OD/D of the charity's unreslricled reserves are kept in checking andlor 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 2024. the total funds of the Charity were £11 ,012,879 (2023.. £9,027,262). Of these, £1,800,76712023.' £2,077,080) are reslricled funds, £1,089,688 {2023. £536,027) are endowed funds, and £8,122,424 12023.. £6,414,155) are unreslricled funds. Of the unrestricted funds, £4,053,693 12023. £3,07S,5761 is represented by tangible fixed assets, and £1,341,460 represented by net current liabilities 12023.. £342,095 net current liabilities.) There are long-term liabilities and provisions of £76,519 12023.. £87,545). The permanent endowment fund tolals £1.089,67812023. £536,017). Investmenl poll¢y The Charity has an Inveslmenl Policy which is reviewed on an annual basis by the Trustees to ensure continuing appropriateness. The financial objective of the ChaTily is lo at least maintain the real value of the assets whilst generating a stable and sustainable return. The investment obiectsve Is lo generate a return of inflation plus 30/0 per annum over the long term, after expenses. This should allow the Charity lo al least maintain the real value of the assets. whilst funding annual expenditure in the region of 3U/o per annum. The charity ensures that il has access lo 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 impacl the operation of charity. This amount would al least cover Ihfee months of the operating cost of the Charity. The Charity's assets are invested widety and diversified by assel class. The Charity assels are invested in line with its aims. The trustees do not wish to adopt an exclusionary policy, bul individual investments may be excluded if perceived to conflict with the Foundation's Pufpose. The Charily CUTrenlly uses a sustainable mulli asset fund for ils long-lerm investments which aims to have a positive impact on people and the planet by avoiding harm through social, environmental or ethical considerations. The Charity has appointed an investment management firm lo manage the assets on a discretionary basis in line with the ChaTily's Investment Policy. At 31 July 2024, total investments were worth £6,582.144 12023 £5,175,937), of which £1,095.334 12023. £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. £479,038 of the Charity's investmenls12023 £1,204,479) are held in cash or short-lerm dep0511s. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document Krishnamurti Foundation Trust Limited is a company limited by guaranlee governed by its Memorandum and Articles of Associalion which were last altered in March 2013. It is registered as a charity with the Charity Commission. Each member agrees to conlTibule £1 in the event of the charity winding up. Governing Body The directors of the company are also charity tTUStees for the purposes of charity law and under the company's Articles are known as the Governors. Under the requiremenls of the Memorandum and Articles of Association one third of them must retire al each Annual General Meeting. The governing body consists of the persons menlioned on page 1.
KRISHNAMURTI FOUNDATION TRUST LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 JUL Y 2024 In accordance with the Articles of Association. Mr Derek Hook and Mrs Wendy Smith retire by rotstion and being eligible. offer them for re*lects'on. 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 lime volunlarity as Twstees. Recrultment and Training of Govemornrrrustees In common with charities of a similar size, it is difficult to relain a full complement of govemors covering the necessary range of skills and experience and with a keen interest in Krishnamurti's Teachings. The existing Governors seek new Governor5 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 tru5tee5 regularly attend training on school regulatory and compliance matters and keep the other trustees informed and up lo date with the18tesl updates to regulations. All the Trustees receive annual refresher safeguarding training including e-safety. Organlsatlonal Management The Governors (Trusleesl are legally responsible lor the overall management and control of the four areas of the Charity. These are the main school (referred lo as Brockwood Park School), the small school (referred lo as Inwoods Small School), the Foundation (referrèd lo as Krishnamurti Foundation Trust) and the adult Study Centre (referred lo as The Knshnamurti Cenlrel. The Members of the Management Committees have day-lo-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 Schools. For Inwoods, the cOrdinal0r who is also part of the School Management team has the day-lo-day responsibility for running the Small School The Head of the Foundation and Centre has a day-toknday oversight and responsibility for running the Centre and Foundation. Rlsk Management The Governors are responsible for the identification and management of Tisks. The major risks lo which the Trust is exposed. are identified by the Governors with the assistance and consultation of the Management Committees. These nsks have been reviewed and Systems and procedures established lo manage those nsks. Examination of the risks and eslablishmenl of controls lo miligale them is delegated to the Management Committees and the process IS overseen by the Bursar on behalf of the goveming body. The Risk Register is reviewed by the Trustees in each Trustee meeting. A review ofthe 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.. formal agendas for all Governor Meetings. formal minutes taken al all meetings. comprehensive strategic planning. budgeting, and managemenl accounting. formal written policies. clear authorisation and approval levels. clear job descriplions of all staff. vetting procedure5 as required by law for the protection of the vulnerable. crisis management procedures. legal and specialist advice. 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 thal 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.
KRISHNAMURTI FOUNDATION TRUST LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 JUL Y 2024 Dlsclosure of Informatlon to the audltor¥ In so far as the Trustees are aware at the tlme of agreeing our Trustees. Annual Report.. there is no relevant audil information of which the chantable company's auditor is unaware; and the Trustees, having made enquines of fellow Trustees and the Auditor, confirni th81 they have each taken all sleps thal they ought lo have individually taken, lo make themselves aware of any relevant audit information and to establish that the Auditor is aware of that information. Audltor Azets Audil Seplices were appointed as auditor lo the charitable company and a resolulion proposing that they be re appolnted will be put lo a General Meeting. The tru81ee8' report, including the directors, report and Strategic report, was approved by the Board of Trustees. Mr8 W Smit Date: i31 ,,12 10-
KRISHNAMURTI FOUNDATION TRUST LIMITED STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 JUL Y 2024 The trustees (who are also directors of Krishnamurti Foundation Trust Limiled for the purposes of company lawl are responsible for preparing the Trustees. Annual Report (including the Direclors, and Stralegic Report) and the financial statements in accordance with applicable law and United Kingdom Accounting Slandards {United Kingdom Generally Accepted Accounting Practicel- 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 Ihey are satisfied that they give a true and fair view of the slate of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charilable company for Ihat penod. In prepanng these financial statements, the trustees are required to.. select sultable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP 2019 IFRS 1021., make judgements and estimates that are reasonable and prudent., slate whether applicable UK Accounting Standards have been followed,. prepare the financial slalemenls on the going concern basis unless it is inappropriate lo presume that the charitable company will continue in operation. The Iruslees are responsible for keeping adequate accounting records that disdose with reasonable accuracy al any lime the financial position of the charitable company and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the chantable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware.. there is no relevant audit information of which the charitable company's auditor is unaware., and the Iruslees have taken all steps that they ought to have taken lo make themselves aware of any relevant audit information and to establish that the auditor is awar8 of that information. The Iruslees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial stalemenls may differ from legislation in other jurisdictions,
KRISHNAMURTI FOUNDATION TRUST LIMITED INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF KRISHNAMURTI FOUNDATION TRUST LIMITED Oplnion We have audited the financial statements of Krishnamurti Foundation Trust Limited Ilhe 'charitable company,) for the year ended 31 July 2024 which comprise the slatemenl of financial aclivities, the summary of income and expenditure account, the balar¢ce sheet, the statement of cash flows and the notes to the financial slatements. 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 Ihe UK and Republic of Ireland {United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the stale of the charitable company's affairs as at 31 July 2024 and of its incoming resource5 and application of resources, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for opinSon We conducted our audit in accordance with International Standards on Auditing {UKI IISAS IUK)) and applicable law. Our responsibilities under those standards are further described in the Audito¢s responsibilities for Ihe audit of the rinancial statements section of our report. We are independent of the charitable company in accordance wilh the ethical requirements that are relevant lo 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. Concluslons relatlng to golng concern In auditing the financial stalemenls, we have concluded that the Iruslees, use of thè going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties Telaling to events or conditions that, individually or collectively, may cast significant doubl on the charitable company's ability to continue as a going concem for a period of at least Imelve months from when the financial statements are authorised lor issue. Our responsibilities and the responsibilities of the Iruslees with respect lo going concem are described in the relevant sections of this report. Other Information The other information comprises the informalion included in the annual report, other than the financial statements and our auditor's report Ihereon. The trustees are responsible for the other information conlained wilhin the annual report. Our opinion on the financial statement5 does not cover the other information and, except to the extent olhernise explicitly slated, we do not express any fomi of assurance conclusion thereon. Our responsibility is lo read the other inlormalion and, in doing so, consider whether the olher 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 miss131emenls, we are required lo determine whelher this gives rise to a material misstatement In the financial slalements themselves. If. based on the work we have performed, we conclude that there is a material misslatemenl of this other information, we are required lo report that fact. We have nothing to report in this regard. Oplnions on other matters prescribed by the Companles Act 2006 In our opinion, based on the work undertaken in Ihe course of the audit.. the infomialion given in the trustees, report, which includes the strategic report and directors, report prepared for the purposes of company law, 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 included within the trustees, report have been prepared in accordance with the applicable legal requiremenls 12-
KRISHNAMURTI FOUNDATION TRUST LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF KRISHNAMURTI FOUNDATION TRUST LIMITED Matters on which we are requlrèd to report by exception In the light of the knowledge and underslanding of Ihe charitable company and its environment oblained in the course of the audit, we have not identified rnaterial misstatements in the strategic report and the directors, report included within the trustees, report. We have nothing io report in respect of the following mallers in relation lo which the Companies Act 2006 requires us lo report lo you if, In our opinion.. adequate accounting records have not been kept, or relums adequate for our audit have not been received from branches not visited by us,. or the financial slalements are not in agreement with the accounting records and relums., or certain disclosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit. 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 lawl are responsible for the preparalion of the financial slalemenls 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 misslalemenl, whether due lo fraud or error. In preparing the financial slalements, 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 Iruslees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but lo do so. Audltor's respon81bllltles for the audlt of the flnan¢ial ststements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslalement, whether due lo fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance Is a high level of assurance bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delect a material misstalernenl when il exists. Misslalements can arise from fraud or error and are considered material if. individually or in the aggregate. they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial slalemenls. Extent to which the audlt was consldered capable of detectlng Irregularities, In¢ludlng fraud Irregularilies. Including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, lo delect material misslalements in respect of irregularities. including fraud. In response lo the nsk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which Included.. Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud.. Reviewing minutes of meetings of those charged with governance". Assessing the exlenl of compliance with the laws and regulations considered to have a direct material effect on the financial slalements or the operations of the entity through enquiry and inspection". Reviewing financial statement disdosures and lesling to supporting documentation to assess compliance with applicable laws and regulations., Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adiustmenls for appropriateness, evaluating the business rationale of significant Iransaclions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. Because of the inherent limitations of an audit. there is a risk that we will not detect all irregularities, including those leading lo a material misslalemenl in the financial statements or non-compliance wilh regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transadions reflected in the financial slalements, 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. 13-
KRISHNAMURTI FOUNDATION TRUST LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF KRISHNAMURTI FOUNDATION TRUST LIMITED A further description of our responsibilities is available on the Financial Reporting Council's website at htt s.Ilwww.frc.or .uklOur-WorklAudiVAudit-and-assurancelSlandard5-and- uidancelSlandards-and- uidance-for- orslAuditors-res onsibilitie r-auditlDescri tion-of-au onsibilities-for-audil.a This description forms part of our auditor's report. Use of our report This report is made solely to the charitsble company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit WOTk has been undertaken so that we might stale lo the charitable company's members those matters we are required to slate lo them in an auditors. report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility lo anyone other than the charitable company and the charitable company's members as a body, for our audit work, for Ihis report, or for the opinions we have formed. Ala KLL icLr Jon Noble (Senlor Statutory AudStor) for and on behalf of Azets Audlt Servlcos 19 hJ,,a- 2oL(f Chartered Accountants ststutory Audltor Athenia House 10-14 Andover Road Winchester Hampshire United Kingdom S023 7BS 14-
KRISHNAMURTI FOUNDATION TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JUL Y 2024 Current financial year Unrestricted funds 2024 Restricted Endowed funds funds 2024 2024 Total Totsl 2024 2023 Notes Income Donations and legacies Investment income Charitable activities 1.409,358 219,555 2,357,624 157,336 490,195 2,056,889 1,117,298 219,555 83,184 2,357,624 2,228,886 Total Income 3,986,537 157,336 490,195 4,634.068 3,429,368 en itur isin Investment management fees 13,348 13,348 3.567 hantable activities Publicity Royalties payable (including KFAI Irrecoverable school fees and bad debts Direct cosls Food and household costs Archive costs Premises costs Support cosls DepTecialion Governance costs 88.417 16,335 88,417 16,335 40,966 22,243 6,874 995,725 266,107 4.728 569,261 447,733 233,353 156,275 6,874 3,842 997,527 1,026,029 267,801 192.125 5,008 3.972 572,910 515,751 454,357 428,064 298,246 240,072 156,275 54,206 1.802 1.694 280 3.649 6,624 64.893 Total charltable expendlture 2.784.808 78.942 2,863,750 2,527,270 Total resources expended 2,798,156 78,942 2,877,098 2,530.837 Net gains on investments 12 169,986 58,661 228.647 19,515 Net incoming resources before transfers 1,358,367 78.394 548,856 1,985,617 918,046 Gross transfers between funds 20121 349,902 1354,7071 4,805 Net movement in funds 1,708,269 1276,313) 553,661 1,985,617 918,046 Fund balances at 1 Augusl 6,414,155 2,077,080 536.027 9,027,262 8,109,216 Fund balances at 31 July 8,122,424 1,800,767 1,089,688 11,012,879 9.027.262 All income and expenditure derive from continuing activities.
KRISHNAMURTI FOUNDATION TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 Prlor financial year Unrestrlcted funds 2023 Restricted Endowed funds funds 2023 2023 Totsl Total 2023 2022 Notes Inc Donations and legacies Investment income Charilable activities 586,683 81,852 2,228,886 183,562 347,053 1,332 1,117,298 613,284 83,184 3,713 2,228.886 2,088,604 Total Income 2,897.421 183,562 348,385 3.429,368 2,705,601 Ex ndlture on: isin funds Investment managemenl fees 3,567 3,567 harilable activili Publicity Royalties payable (including KFAI Irrecoverable school fees and bad Direct costs Food and household costs Archive costs Premises costs Support costs Depreciation Governance costs 40,966 22,243 3,842 930,285 192.125 3,828 501.925 421,272 175,178 54,206 40,966 22,243 3.842 1.026,029 192,125 3,972 515,751 428,064 240,072 54,206 60,939 32,198 95,744 915.106 178.635 4,591 391,759 426,234 222,976 79,672 144 13,826 6,792 64.894 Total charltable expenditure 2,345,870 181,400 2,527,270 2,312,110 Tolal resources expended 2,349,437 181.400 2,530,837 2,312,110 Nel gains on investments 12 13.504 6,011 19,515 Net Sncoming resources before transfers 561,488 2,162 354,396 918,046 393,491 Gross transfers between funds 20121 112,032) {169,5991 181,631 Net movement In funds 549,456 {167,437) 536.027 918,046 393,491 Fund balances at 1 August 5,864,6g9 2,244,517 8.109,216 7,715,725 Fund balances at 31 July 6,414,155 2,077,080 536.027 9,027,262 8,109.216 All income and expenditure derive from continuing activities. 16-
KRISHNAMURTI FOUNDATION TRUST LIMITED SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JUL Y2024 All Incom• funds 2024 2023 Gross income Gainsl(Ios5es) on investments 4.143,873 169.986 3,080,983 13,504 Total income In the reporting period Total expenditure from income funds 4,313,859 3,094,487 {2,877,0981 (2,530,837) Net income for the year 1,436.761 563.650 17-
KRISHNAMURTI FOUNDATION TRUST LIMITED BALANCE SHEET FOR THE YEAR ENDED 31 JUL Y 2024 2024 2023 Notes Fixed assets Tangible assets Investments 10 11112 5,201,985 6,582,144 4,223,868 5,175,937 11.784,129 9,399,805 Current assets Stocks Debtors Cash al bank and in hand 13 14 31,986 201,365 265,236 33,772 342,871 582,589 498,587 959.232 Credltor8.' amounts falling due wlthln one year 15 {1,193,318) {1,244,230) Net current Ilabllltles 1694,7311 1284,9981 Total assets less current IlabSlltle8 11.089.398 9,114,807 Provlsions for Ilabllltles 17 176,5191 187,5451 Net assets 11,012,879 9,027,262 Endowed Funds 20 Permanent Endowment Expendable Endowment 1,089,678 10 536,017 10 1.089.688 538,027 Income funds Restricted funds Unrestricted funds.. General unreslricled funds Designated unreslricled funds 20 21 1,800,767 2,077,080 4,195.090 3,927,334 3.740,104 2.674,051 8,122,424 6,414,155 11,012,879 9.027,262 The financial statements were approved by the Trustees on &dll Mr. G. Primrose Trustee Company Registration No. 1055588 Mr5. W. Trustee th 18
KRISHNAMURTI FOUNDATION TRUST LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JUL Y 2024 2024 2023 Notes Cash flows from operatlng actlvltl•s Cash generated from operations Interest paid 26 837,387 {7,626) 1,109,180 (7,805) Net cash gener•t•d from operatlng *¢tlvltl•• 829,761 1,101,375 Inve8tlng aetlvltl Transfer from current asset investments lo cash at bank Purchase of langible fixed as5els Proceeds from sale of tangible fixed a$$el$ Transfer from cagh al bank to non-current investments Interest income 518,596 (148,263) 2,286 (5,100,000) 23,295 (176.363) 602 (975,000} 3,647 N•t ca•h u•ed In Inveatlnq actlvltl•• (1,147,114) 14.702,087) Flnanclng actlvltl•• Repayrnenl of loan (541,8861 Not ca•h u•ed In flnanclng actlvltlo• (541,868) N•t Increase l {decrea•ol In ca•h and ca•h •qulval•nt• 1317,3531 {4,142,3781 Cash and cash equlvalents at beginning of year S82,589 4,724,967 Cash and cash equlval•nts at •nd ol y•ar 265,238 582.589
KRISHNAMURTI FOUNDATION TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JUL Y 2024 Accounting policies Charity inforniation 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, S024 OLQ. 1.1 Accounting ¢onvention The financial statements have been prepared in accordance with the Companies Act 2006, and "Accounting and Reporting by Charities.. Slatemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)° (effective 1 January 20191. The charitable company is a Public Benefil 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 ststements have been Prepared under the historical cost convention, modified lo include the revaluation of certain properties and lisled investments at fair valve. The Principal accounting policies adopted are set out below. Preparatlon of consolldated flnanclal gtatements In the opinion of the trustees, the results of the sub51diary company are not material lo 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 IFRS 1021, not lo prepare group accounts. 1.2 Golng concern Al the time of approving the financial slalements, the Iruslees have a reasonable expectation that the charitable company has adequate resources lo continue in operational existence for the foreseeable future. Thus, the trustees continue to adopt the going concern basis of accounting in preparing Ihe financial statements. 1.3 Charltable funds UnTeslricled funds are available for use 8t the discretion of the trustees in furtherance of their chantable objectives. Designated funds comprise funds which have been sel aside at the discretion of the Iru5tees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements. Restricted lunds are subject to specific conditions by donors as lo how they may be used. The purposes and uses of the restricted funds are sel out in the notes lo the financial slatemenls. Endowment funds are subject to specific conditions by donors that the capilal must be maintained by the charity. 1.4 Income Income is recognised when the charity is legally entitled to it, Ihe 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 nolified of the donation. Legacies are recognised on receipl or otherwise if the charity has been notified of an impending distribution. the amount is known. and receipt 15 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 lch Ihey relate. School fees received before the year end relating to futufe periods are Included as deferred income al the year end. -20-
KRISHNAMURTI FOUNDATION TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JUL Y 2024 Accounting policies 1.5 Expenditure All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related lo the category. Expenditure is recognised where there is a legal or constructive obligation lo make payments lo Ihird parties, it is probable that the settlement will be required, and the amount of the obligalion can be measured reliably. Any irrecoverable element of VAT is included with the item of expense lo which it relates. All direct and indirect costs are attributed lo the areas to which they belong. All other costs are apportioned on a reasonable apportionment basis. Support costs and governance costs (note 61, which are charitable, relate lo the stewardship of the charity's assets, organisalional administration, and compliance with conslilutional and stalulory requirements. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost, nel of depreciation and any impairment IDs5es. Depreciation is recognised to wnte off the cost or valuation of assets less their residual values over Iheir useful lives on the following bases.. FTeehold buildings Freehold land Motor Vehicles Fixtures and fittings Equipment 20/0 slraighl line basis Not depreciated 25°/o straight line basis 15010 Straight line basis 25% - 33.330/0 Straight line basis The gain or loss ansing 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 nel incomellexpenditurel for the year. 1.7 Flxed asset Investments Fixed asset inveslrnents are initially measured al transaction price excluding transaction costs, and are subsequently measured al fair value at each reporting date. Changes in fair value are recognised in nel incomellexpenditurel for the year. Transaction costs are expensed as incurred. 1.8 Impairnient of flxed assets Al each reporting end dale, 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 lif any). 1.9 Stocks stocks are slated al the lower of cost and estimated Selling price less cost5 to complete and sell. 1.10 Cash and cash equlvalents Cash and cash equivalents include cash in hand, and highly liquid bank accounts. 21
KRISHNAMURTI FOUNDATION TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JUL Y 2024 Accountlng policies 1.11 Financlal Instruments The charity has elected to appty the provisions of Section 11 '8asic Financial Inslruments, and Section 12 'Other Financial Instnjments Issues, of FRS 102 to all ils financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to Ihe contractual provisions of the instrument. Financial assets and liabilities are offset, with the nel amounts presented in the financial statements, when there is a legally enforceable right to sel off the recognised amounts and there is an intention lo settle on a net basis or lo realise the asset and sellle the liability simultaneously. Basic financlal assets Basic financial assets, which include debtors and cash and bank balances. are initially measured al transaction price including transaclion costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement constilules a financing Iransaclion, where the transaction is measured al the present value of the future receipts discounted at a maTkel rale of interest. Financial assets classified as receivable within one year are not amortised. 8asi¢ Ilnancial liabilities Basic financial liabilities including creditors are initially recognised al Iransaclion price unless the arrangement conslilutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market Tale of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequenlly carried al amortised cost, using the effective interest rate method. Trade creditors are obligations lo pay for goods or seNices Ihal have been acquired in the ordinary course of operation5 from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presenled as non-currenl liabilities. Derecognitlon of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or ncelled. 1.12 Taxatlon The charity is exempt from corporation lax on its charitable aclivitses. 1.13 Irrecoverable VAT The charilable company is partially exempt for VAT on ils expenses. All of this VAT is accumulated and charged to support costs. 1.14 Employee beneflts The cost of any unused holiday entitlement is Tecognised in the period in which the employee's services are received. Temiinalion benefits are recognised immediately as an expense when the charity is demonstrably committed lo terminate the employmenl of an employee or to provide temiination benefits. 1.15 Retirement benellts Payments lo defined contribution retirement benefit schemes are charged a5 an expense as they fall due. The assets of the scheme are held separately from the charity. 22-
KRISHNAMURTI FOUNDATION TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JUL Y 2024 Accounting policies 1.16 Foreign ex¢hange Transactions in currencies other than pounds sterling are recorded al the rates of exchange prevailing at the dales of the transactions. Al each reporting end dale, monetary assets and liabilities that are denominated in foreign currencies are relranslaled al the rales prevailing on the reporting end date. Gains and losses arising on translation are included in net incomel{expenditure) for the period. 1.17 Provisions Provisions are recognised when the company has a legal or constructive present obligalion as a result of a past event, it is probable Ihat 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 Ihe present obligation al the reporting end dale, taking into account the nsks and uncertainties surrounding the obligation. Where the effect of the lime value of money is material, the amount expected lo be required lo sellle the obligation is recognised al present value. When a provision is measured al present value. the unwinding of the discount is recognised as a finance cost in the statement of financial activities in the period in which il arises. 1.18 Fund accountlng Where funds are received for a specific purpose sel 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 lo be held as capital are shown as Endowmenl Funds. Expenditure for the purpose specified is applied against the income and any amount unexpended al the balance sheet dale 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 sel aside funds lo cover specific future costs. Such funds are shown as designated fLsnd5 within Unreslricled Funds. Vvhere the Trustees decide such fund5 are no longer required for the purposes Intended, Ihey may be released by transfer to general Unrestricted Funds. Crltlcal accountlng estlmates and judgements In the application of the charity's accounting policies, the trustees are required lo make jLtdgemenls, eslimales 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 expenence and other factors that are relevant. Actual results may differ from these eslimales. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions lo 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 fulure periods. The following jvdgemenls (apart from those involving estimalesl have had the mosl Significant effect on amounts recognised in the financial slatemenls.. Depreciation Debt recoverability Legacy income recognition 23-
KRISHNAMURTI FOUNDATION TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 3 Donatlons and legacies Unrestricted Restricted Endowed funds funds funds Total Unrestrlcted Restricted Endowed funds funds fundg Total 2024 2024 2024 2024 2023 2023 2023 2023 Donations and gifts Legacie5 receivable 1,299,525 157,336 490,195 1,947,056 232,125 183.562 347,053 762,740 109,833 109,833 354.558 354,558 1,409,358 157,336 490,195 2,056,889 586.683 183,562 347,053 1,117,298 Analysed by funds Unrestricted Restrlcted Endowed funds funds funds 2024 Total Unreslrl¢ted Restrlcted Endowed funds funds Funds Total 2024 2024 2024 2023 2023 2023 2023 Donatlons and glfts Main School 1,124,859 151,556 Inwoods Small School Foundation Adult Study Centre 1,276,415 39.699 175,977 215,676 1.318 156.662 1,318 652.637 5,382 145,099 5.382 499,737 5,780 490,195 7,585 347,053 16,686 16,686 41,945 41,945 1,299,525 157,336 490,195 1,947,056 232,125 183,562 347,053 762,740 Legacles re¢elvable Main School Foundation 109,833 10g.833 354,558 354,558 1.409.358 157,336 490.195 2,056,889 586,683 183,562 347,053 1,117,298 24-
KRISHNAMURTI FOUNDATION TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 Charltable activities income Note Unrestricted funds 2Q24 Total Unrestricted funds 2023 Total 2024 2023 School fees Board and lodging Royalties Trading activities Recoveries from slaff and students Government grants Other income 1.890,041 268,590 51.016 16,106 1.890,041 268,590 51,016 16,106 1,789,600 226,702 83,490 15,299 1,789,600 226,702 83,490 15,299 47,731 29,168 54,972 47.731 29.168 54,972 61,678 32,057 20,060 61.678 32,057 20,060 18 2,357,624 2,357,624 2,228.886 2,228,886 Analysed by fund8 Unrestrlcted funds 2024 Total Unrestrl¢ted funds 2023 Total 2024 2023 Main School Inwoods Small School Foundation Adult Study Centre 1,844,435 154.733 290,984 67,472 1,844.435 154.733 290.984 67,472 1,766,056 120,452 98,889 243,489 1,766,056 120,452 98,889 243,489 2,357,624 2,357,624 2,228,886 2.228,886 S Charltable activitie8 expenditure- Unrestrlcted funds Main School Small Foundatlon School 2024 Centre Total Total 2024 2024 2024 2024 2023 Archive costs Depreciation Direct Costs Food & Household Costs Governance costs Irrecoverable school fees and bad debts Premises cosls Publicily Royalties paid Support costs 4,728 3,471 133,429 1,315 81,558 4.728 233.353 995,725 266,107 156,275 3,828 175.178 930.285 192,125 54,206 135.541 620.603 203.977 68,102 3.450 105,996 3,026 2,514 90.891 135,697 57,789 4,101 2,289 478,463 18,840 16 15,020 603 4.569 5,800 61,739 16,335 43,534 6,874 569,261 88,417 16,335 447,733 3,842 501,925 40,966 22,243 421.272 69,978 7,235 357,261 18,634 28,304 1,885,076 149,259 356,478 393.995 2,784.808 2,345,870 25-
KRISHNAMURTI FOUNDATION TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 5 Charitable activities expenditure - Restrlcted funds {continued) Main School Foundation Total Total 2024 2024 2024 2023 Archive costs Depreciation Direcl Costs Food & Household Costs Premises costs Support costs 280 280 64,893 1,802 1,694 3,649 6,624 144 64,894 95,744 64,893 1,802 1.694 3,649 13.826 6.792 6.624 72,038 6,904 78,942 181,400 Support and governance costs SupportGovernanco costs CO8t8 2024 SupportGovernance cost8 costs 2023 Staff costs Communications Travelling and motor Insurance Irrecoverable VAT Slalionery and office costs Loan interest and bank charges Other costs Audit and accountancy Legal and professional fees 186,508 29,663 9,690 52.543 101,540 49,915 186.508 29,663 9.690 52,543 101,540 49,915 172,837 11.393 5,615 44,330 85.214 69,179 172.837 11.393 5,615 44,330 85,214 69,179 7,626 16,872 7,626 16,872 22,080 134,195 7,805 31,691 7,805 31,691 19.224 34,982 22,080 134,195 19,224 34,982 454.357 156,275 610,632 428,064 54,206 482,270 Where the allocation of costs is clearly identifiable. 5UPPOrt costs are allocated to the funds lo which they relate. Where the allocation between funds is not clearly identifiable (for example, accountancy fees), costs afe allocated on a percentage basis. -26-
KRISHNAMURTI FOUNDATION TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 Net movement In lunds 2024 2023 Net movement in funds is stated after chargingllcreditingl Fees payable to the charilable company's auditor for the audit of the charitable company's financial statements Depreciation of owned tangible fixed assets Profit on disposal of tangible fixed assets 13,350 298,246 16021 12,725 240,072 12,2851 Trustees None of the Iruslees lor any persons connected wilh them) received any remuneration, or benefits from Ihe charity during the year. Trustee travel and other support expenses tolalling £857 (2023. £2,923) are included within Other Support Costs. Employees Number of employees The average monthly number of full-lime equivalent employees during the year was.. 2024 Number 2023 Number Teaching and support Management and administration 38 41 12 48 53 Employment costs 2024 2023 Wages and salaries Social security costs Other staff costs Pension costs 1,025.807 72.784 3.151 19.948 1,009,974 71,245 22,293 18,338 1,121,690 1.121.850 The average number of staff on a head count basis in the year was 5712023.. 581. The key management personnel of the charity comprise the trustees and the senior management team. The lotal employee benefits, comprising salary. pension contributions and related employers, national insurance contributions of the key management personnel of the charity were £112,288 {2023". £111,139). There were no employees whose annual remuneration was £60,000 OT more. 27-
KRISHNAMURTI FOUNDATION TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 10 Tangible Assets Land and buildings Plant and machinery Totsl Cost At 1 August 2023 Additions 7.250,764 1,094,890 8,345,654 1,100,000 176,363 1,276,363 22,882 Disposals 22,882 Al 31 July 2024 8,350,764 1.248,371 9,599,135 Depreclallon and Impalmient Al 1 August 2023 Depreciation charged in the year Depreciation eliminated 3,328,745 169.874 793,041 128,372 4,121,786 298,246 22,882 22,882 Al 31 July 2024 3,498,619 898,531 4,397,150 Carrying value Al 31 July 2024 4,852,145 349,840 5,201,985 Al 31 July 2023 3,922.019 301,849 4,223,868 The directors are of the opinion that the value of the Freehold Propety is in excèss of ils book value based on the comments in a valuation carried oul in the previous financial year. 11 Flxed asset Investments 2024 2023 Investments in subsidiaries 100 100 Details of the charity's subsidiaries at 31 July 2024 are as follows.. Name of undertaking Registered offlce Nature of business Class of •A Held shares held Direct Indirect Brockwood Park Estates Ltd England & Wales Development of building projects Ordinary 100.00 The aggregate capital and reserves and the result for the year of the subsidiary excluded from consolidation was as follows.. Name of undertaklng ProfiVILossl Capital and Reserves Brockwood Park Estates Lld (72) 11,171) 28-
KRISHNAMURTI FOUNDATION TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 12 Investm•nls 2024 2023 Listed Cash and settlements pending held as part of the investment portfolio 8.103,006 479,038 3,971,358 1,204.479 6,582,OH 5,175,837 Market value Brought forward Capital inflows Capital oufflows Return on investment Unrealised gainsl (losses) Inveglment manag8ment le88 5.175,837 1.075.000 (100,0001 215,908 228,847 (13,3481 5,100,000 59,889 19,515 13,567) Camed forward 6,582,044 5,175.837 13 Stock• 2024 2023 Stock for fuel Goods for resale 7,120 24,866 10.117 23,655 31,986 33,772 14 D•btoM 2024 2023 Amounts falllng du• wlthln on• y?•r: School fees recovèrable Trade debtors Amount owing from related paty Other debtors 25,972 27,018 502 147,873 21,721 28,612 1,158 291.380 201,365 342,871 -29-
KRISHNAMURTI FOUNDATION TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 15 Credltors.. amounts falllng due wlthln one year 2024 2023 Tfade creditors Taxes and social security School fees in advance Fee and textbook deposit5 Other creditors and accruals 179,152 80,046 782,379 86,800 64.941 66.865 49,157 947,314 95,932 84,962 1.193,318 1,244,230 16 Deferred income 2024 2023 Deferred income is included in the financial statements as follows.. Deferred income at 01 August 2023 Released from previous periods Resources deferred income year 981,394 710,597 (966,9041 {710,5971 788,186 981.394 Deferred income at 31 July 2024 800,656 981,394 17 Provlsions for Ilablllties and ¢harge8 2024 2023 rovision for taff leavin Balance at 1 August 2023 Used in the year Charge for the year 87,545 113,1961 2,170 62,739 14,1931 28,999 Balance al 31 July 2024 76.519 87,545 The Iruslees have agreed that residential members with more than 3 years of service will be entitled to receive a lump sum equivalent lo 50/0 of annual salary for each completed year, subject to a maximum service of 15 years. 18 Government grants During the year the chanly received government grants relating lo heat incentives totalling £29,168 12023 £32,057). 19 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 £19,94812023 £18,338). -30-
o ty) (D •J a) aj a> ofD In 10 ¢0 O (5) G) Ln c v (YJ
* E u> L in In D (D o In o (YJ (o Ix rfj r r+) rfj •) o) a> (fj C> Irj v Lo iri ¢ri O ILLL LU
KRISHNAMURTI FOUNDATION TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 20 Restrlcted and Endowed Funds (continued) A description of the nalure and purpose of the restricted funds is shown below.. Main School General - SmalleT donations lo be used for a specificlreslricled 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 lo be used for pavillions in BP School Foundation Archive Exchange - Donations to be used in the foundation for archive exchange between the three foundations Foundation Subtitling - Donations lo be used for subtitling the videos of Krishnamurti J K Online - Donations to be used lo pay for the cost of JKO website version 1 Alumni Bursary Fund 254/0 donations restricted lo bursary for Alumni children and 750/0 restricted to bursary In BP School Jean-michel Bursary and Teacher Recruitment - Donations lo be used for bursaries and teacher recTUitmenl IBrockwood and Inwoodsl. Elisabeth Fraser- Legacy lo be used for bursaries and repaiTS lo the school (Brockwoodl Muriel Gill - Legacy lo be used for financial 5UPPOrt for those staying al the Krishnamurti Study Cenlre. A description of the nature and purpose of the endowed funds is shown below.. Permanent Endowment- Permanent Endowment funds represent assets which musl be held permanently by the charity. The fund balance comprises donations made lo the permanent endowment fund, with any capital gains or losses arising on invested funds. Expendable Endowment- Expendable Endowment funds may be applied in promoling lo the Objects ofthe charity in such manner as the Trustees see fit. Transfer8 between funds Permanent Endowment The Iransfef of £4,805 relates to the transfer of a donation lo the Fund, as per the donor's wishes. Main cho l General The transfer of £33,832 relates lo the reallocation of a donation for energy self-sufficiency, the transfer of funds to the Unreslricled Main School Fund, and the transfer of donations Iwished by the donor to be added lo the Permanent Endowment, Main School Unreslricted, and Alumni Bursary funds). Elisabeth Fraser The transfer of £124,362 relates lo repairs to the school. Je n-mich l B and Teacher R cruilm nt The transfer of £191 .847 relates 10 school fees covered by bursaries and sponsorships from this fund. as well as teacher recruilmenl costs. Alumni Bursa The transfer of £2,013 relates to the allocation of donation5. a5 per the donors, wishes. Foundation Archive Exchan e and Found n Sublillin The transfers of £6,095 and £584 relate lo the transfer of staff salary costs. 33-
¢J> (O f CDnO ¢D (Ci ¢D CO ooo>Nn o) 0> s ff) In <0 ¢D o fQ Oi fts tr) ¢DN ¢N
7J W m ¢D O D ¢f* o) ts +¥ 7J V4
KRISHNAMURTI FOUNDATION TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 23 Contingent assets There is inherenl uncertainly in the probate valuation of estates as a result of the nature of underlying assets and liabilities, and the lime that elapses between probate and closure of other contirsgencies Ihat attend the estate. Legacies are cogniSed al the point of notification of grant of probate, when il can be measured or estimated with sufficient reliability- At the year end, the charity was entitled to multiple legacies whose value could nol be eslimaled with sufficient reliability to recognise in the year. in accordance with FRS 102 and the Chanties, SORP. 24 Related party transactlons Similar foundations exist in other countries throughout the wodd induding Spain, India and USA. These foundations have joined logelheT lo create a global website the costs of which are to be shared beeen 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 iepresented to all trade partners {publishers. literary agents, comrnittees, online channels elc.) to avoid duplication of represenlalion. The amount of royalties to be charged lo KFA amoLtnts to £16,951 {2023 - £41,993) and charged by KFA amounts to £18,300 12023 £25.6631. The amount calculated as due from KFA amounts lo £17,644 (2023 - £16,331) and due to KFA amounts lo £18,30012023 £nill. Donations frorn Trustees to the charity for various purposes amount to £29312023 - £2,145) throughout the year. 25 TNstee8' liabillty Insurance An insurance policy exists, as part of the Charity's normal insurance policy, indemnifying any insured individual for any wrongfijl act las defined in the policy) in their capacity as a governor, principal, officer or employee. 26 Cash generated from operations 2024 2023 Surplus for the year 1,985,617 918,046 Elimination of non-operaling cashflows.. Investment income Interest receivable Financing costs Investment management costs Profit on disposal of tangible fixed assels 1215,9091 13,6471 7,626 13,348 1602} (59,8891 {23,2951 7,805 3,567 (2.2851 Adiuslmenls for.. Oeprecialion and impairment of tangible fixed assets Increaselldecrease) in provision Fair value movement on investments Donation of fixed assets 298.246 {11.0261 1228.6461 11,100,000) 240,072 24,806 {19,5151 Movements in working capital.. {Increasel in slock {Increaselldecrease in debtors Increase in creditors due within one year 1,786 141,506 {50,9121 11081 {217,1211 237,097 Cash (absorbed by)Igenerated from operations 837.387 1,109,180 36-
KRISHNAMURTI FOUNDATION TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 27 Analy818 of changes In nat debt 31 July 2023 C••h Ilows 31 July 2024 Cash at bank and in hand 582,589 1317,353) 265,2 -37-