Charity reglstratlon number 900339 Company registration number 02459323 (England and Wales) GAIA HOUSE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
GAIA HOUSE TRUST LEGALAND ADMINISTRATIVE INFORMATION Trust8e$ T Blanch A Lacey H Higginson P Sutherland P Stevenson A Rodogovsky S Alyce (Appointed 26 March 2023) (Appointed 26 March 2023} (Appointed 26 March 2023) Secretary T Blanch Charlty number 900339 Company number 02459323 Principal address Gaia House West Ogwell Newton Abbot Devon TQ12 6EW Registered office Gaia House West Ogwell Newton Abbol Devon TQ12 6EW Auditor Rupp & Fraser Chartered Accountsnts and Statutory Auditor 7 St Paul's Road Newton Abbot Devon TQ12 2HP Bankers HSBC Newton Abbot 42 Courtenay Street Newton Abbot Devon TQ12 2EB Sollcilors Tozers Broadwalk House Southernhay West Exeter Devon EX11UA
GAIA HOUSE TRUST CONTENTS Pag8 Trustees. report Slatement of trustees, responsibilities 10 Independent audilols report Statement of financial activities 14 Balance sheet 15-16 Statement of cash flows 17 Notes to the financial statements 18-30
GAIA HOUSE TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The Irustèes present their report and financial slatements for the year ended 31 Decembér 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 governing document, the Companies Act 2006 and 'Accounling and Reporting by Charities= Slatement 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)" (as amended for accounting periods commencing from 1 January 2016) Objectlves and a¢tlvlties Our purposes are set out in the objects within our memorandum of association, and are: To preserve, protecl and enhance physical, menlal, emolional and spiritual health by the provision of a centre for the instruclion and practice ol meditation., and To Provide education and instruclion in meditation. In pursuit of these purposes. we aim to provide a year-round programme of residential medilation retreats of varying length led by teachers from different backgrounds. The meditation and instruction are all drawn from the Buddhist tradition. We are not sectarian. but primarily draw upon teachings that are compatible with the contemporary Vipassana or Insight Meditation tradition and its focus on meditation as a beneficial transformative process, with our retreats concentrating on silent meditalion rather than a ritual-based or liturgical content. To maintain an inspiring and reflective environment for our retreats, we also aim to support the resident coordinators who care for those who stay with us and do the day-to-day work of running the house; we aim io look after the grounds and fabric of the retreat ntre. and lo maintain silence within the house and gardens. We aim to make retreats and other activilies accessible to all, subsidising and offering financial assistance with the cost of. retreats for people for whom the cost is too high. Ensuring ourwork deliveT5 its aims Each year we review the successes and otherwise of the previous year's programme as we embark upon compiling Ihe nexi yearfs programme. After each retreat we ask retreatants lo complete feedback fomis, and we note comments on our administfation, facilities. the quality of leaching, and the types of retreat on offer. Our resident staff are central to the success of our centre, so they have regular supervision sessions from department managers which provide opportunities for feedback from them. The Teacher Council members provide advice and feedback on our slrategic development, the quality of the programme and the quality of the environment offered by our buildings and grounds. Truslees, leachers. the director and staff work closely together lo ensure that our activities are aligned with our objects and that we comply with the Charity Commission's guidance on public benefit. The focus of our work We continue to develop our medilation programrne. we are working to make our offerings available to people of all backgrounds- and to care for our buildings and grounds. We work in a way that embodies our ethical principles, based on compassion and non-harming. Alongside the intention to enhan wellbeing we bring into the instruction of meditation an awareness of our impact upon others by taking care to lessen our environmental impact. We aim to offer a balanced residential Retreat Programme that caters for thos8 new to meditation as well as Ihose who are more experienced. Residential retrealants are normally accommodated in a range of single, double and dormitory Style rooms. One wing of the house is sot aside for individuals to come on self-direcled meditatlon retreats of one week or more whilst receiving instruction from our teacher in residence. We also offer a variety of online and livestreamed retreats.
GAIA HOUSE TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 We are committed to enhancing our offerlng and making it more widely available to a more diverse population and moving our events online has contributed lo this significantly. Gaia House has a Diversiiy and Inclusion Working Group Ihat explores the ways we might put up unintentional barriers to people who may benefit from what Gaia House offers. This working group has developed reSoUrS and explored training opportunities to raise our colleclive awareness of prejudice and prlvlleg8, and ways that unconscious communication and action might18av8 people excluded from our offerings. We support new teachers by inviting them to lead short retreats as well as working alongside experienced teachers on longer retreals. This ensures that there are sufficient teachers available to lead retreats and provide us with support in the longer term. In addition to our policies and procedures that help to safeguard vulnerable adults who might come to Gaia House, our induction and training offers staff and teachers support in taking appropriate care of everyone who visits as well as our responsibilities to prevent and respond lo safeguarding issues. We use a variety of media to communicate wilh those who use our services to ensure that their needs are met and Ihat they have a sense of being well looked-after. Our website is regularly updaled and contains clear infomiation about our prices and the subsidies we offer in order to support those for whom standard prices are too high. We use email newsletters and social media alongside our website to ensure that those who wish to keep in touch with our offerings and activities are kept up to date during the year. We publish our yeady programme on our website in two parts. the first quarter is published in the summer of the preceding year and the remainder of the programme in autumn. We circulate a printed programme to our mailing list. and on request, to other meditation centres and meditation sitting groups in the UK. We continue to maintain the Grade 2 listed building, which we occupy. and manage the grounds using organic gardening methods. Our ieam of resident slaff play a key role in supporting those who slay at Gaia House on retreat and taking care of the building. We provide them with a support package to ensure that they are able to live and work here whilst still finding it a rewarding and fulfilling experience that contributes to their own well-being. In accordance with the tradition of insight meditation our teachers offer their services free of charge. At the end of retreats the relreatants are invited to make donations to the teachers to help Ihem with their living costs. This helps us keep our prices low whilst still being able to offer retreats led by eXperIend and well-known teachers. Public benefit The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. Slgnlficant Activities In 2023 we experienced a settling period after the disruption of the Coronavirus pandemic. Our retreats are mostly full again, but we are no longer seeing the long waiting-lists to como to Gaia House that we had grown to expect pre-pandemic. The varied programme of online retreats and events throughoul the year has evolved and become more integrated with our in-person retreats. Although in-person retreats provide the majority of the charity's income, our onlina events are now attended by more people. Vvhile we are largely at capacity with how many people we can accommodate in our premises in West Ogwell, the potential for growth in online, streaming and on-demand services is practically unlimited. therefore in addition to our newly recruited Online Events Coordinator, we are soon to enhance this team with additional part-time support from an assistant. Online events are especially accessible, both for people that are physically unable to attend the Gaia House premises, but also, the flexible fee struclure is set so that no-one need be put off by lack of finances. Online events also offer flexibilily in the formats of delivery Ihat can be explored. Outside of the context of a silenl retreat environmont, talks, discussion and other inleractiV8 modalities can b8 explored. Additionally, Ihe low cost of offering online services has allowed us to provide a number of free events, including talks from teachers in the Online Dharma Hall three times a week. and a daily morning meditation.
GAIA HOUSE TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Developing the housè and grounds Durlng 2023 malntenance shut-down and biannual Work Retreat, many smaller Jobs were carried out to Improvè the general appearance, including painting rooms and window frames both inside and out as well as deep cleaning the Hermitage and main house bedrooms. Time was spènt to make create the Kuli. which is now a fully fun¢lioning cabin for FST holders and teachers to usè in comfort. We have a regular volunteer who comes between retréats to paint, $0 2023 saw him begin this never*nding lask. Some of the 1n bedrooms have now become singles due to opening up the Dartmoor wing offices and time was spent by the Household leam to make these more appealing and comfortable. The Dartmoor wing offices continued to be tweaked too, with better storage options for Maintenance and Household. Room 32 has become a triple bedroom, with the old Teacher wing retaining the use by teachers only including the Hemitage teacher plus three interview rooms, allowing fflore flexibility for Group, Hemitage and Staff Support teachers. Liam and his team worked wonders on the walled garden after several fallow years. The garden began producing fairly quickly and is hugely appreciated by all retreatants. both for the pleasurable work tasks and the calm, bountiful space to be in. Developing our Human Resources Our HR & Facilities Manager, Maintenance Manager and our Team Support Officer resigned during 2023, prompting a reorganisation of our non-residential staff team. The existing Retreat Manager role was expanded and repositioned as an Operation Lead with overall responsibility for the day-to-day running of the House. We recruited a new HR & Admin Officer. One of the two Administrator roles was expanded and renamed to Admin & Household Supervisor. The Kitchen and Household Manager role changed to become Kitchen and Garden Manager. Our Building Engineer was promoted to fill Ihe vacancy left by the previous Maintenance Manager, but instead of replacing the Building Engineer role, we are supporting them with an additional residential staff Caretaker now that reception roles are now covered by non-residential staff. The net effect of this reorganization was to slightly reduce totsl non-residential staff hours and create a more etficient stwcture.
GAIA HOUSE TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Devèloping our technologlcal resources The meditstion hall has been adapted to liveslream events. Due to price rises in BT telephone calls using ISDN lines, we have moved to receiving and sending phone calls over Ihe internet {VOIP). This change has not been noticeable to the users of the phone system and our internet seTvice has been a lot more reliable. Discussions are ongoing regarding the possibillty of having intemel provided by fibre cable and how thls will bé delivered to the house. Groundwork ha8 been made to redevelop the website. Suggestions regarding the layout of the webp8ges for retreats has been put in place and in 2024, hopefully the whole site will be redeveloped. The online forum site has been used for two programmes, the latest is the CDL Programme, initially thought to be hosted by a learning plattorm but we developed our own solution with sharing files and recordings. Malntalnlng financial stabillty and resourcing OUT future plans 2023 started with soaring inflation rates. Bookings for residential retreats early in the year were slower than hoped for, likely because of the cost-of-living crisis. In response to these challenges. we.. Increased investment in advertising and promotion. Targeted personalised eTnails to people who have l)ooked on similar retreats in the past to invite Ihem to book again. Updated our website to guide visitors more directly to booking pages. Made the Financial Assistance and Bursaries IFAB) Fund freely available on under-booked retreats. Planned the 2024 programme with greater attention to what is likely to optimise income. Planned to release the first few months of the 2024 group retreat programme earlier than in the past, so these have more time to book up. Continued to develop online events and fundraising activities. Reduced expenditure where possible. Bookings rebounded later in the year while fundraising and online retrgat bookings remained strong throughout. leaving us in a healthy financial position. The charity Contlnued to operate a Financial Assistsnce and Bursaries IFAB) Fund, providing financial help with retreat costs for people for whom our standard prices are too high. The Trust decided to slop fundraising specifically for the FAB fund in 2023, but instead emphasise the charilable nalure of the whole organisation whose mission is to improve financial accessibility to all. Supporting the FAB Fund with general donations gives us more flexibilty and allowed us to increase FAB grants awarded In 2023 to £98,202 from £75,319 in 2022. We began fundraising for projects which will decrease our energy costs and carbon foolprlnt, including adding solar panels and connecting the Hermitage Wing showers and sinks to our biomass boiler.
GAIA HOUSE TRUST TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 How our activitlos dellver public benefit The main activities In support of our charitable obje¢tiv6s are described in earlièr sections of this report. Informatlon about the number of people who have attended our programme and the financlal support with costs that they have recelved Is detailed in the section on "Achlevement and Performance" below. Voluntètsrs Gaia House is supported throughout the year by the dedicated work of a community of volunteers who help to take care ofthe running of the house. and mainlenance of ils grounds. During 2023 25 volunteers offered 1.315 hours of Se1. Slrateglc report The description under the headings "Achievements and performance" and "Financial review" meet the company law requirements for the trustees to present a strategic report. A¢hlevements and performance Charitable a¢tivities Key facts (figures in brackets relate to year ending 31112122 where this information is available)= 39 (38) in-house residential group retreats from 1 to 28 days long were attended by 1693 {1070) people for a total of 8203 (5554) nights. 198 (65) people stayed on personal retreat for a total of 3450 (1057} nights. 36 {31) online events were attended by 2261 (2032) people. The charity's Financial Assistance and Bursaries Fund made grants of £98,202 (£75,319) to 428 (323) relreatants. This includes £20,135 {£15,755) to 68 (61) young people. And £12.469 (£9.183) to help 167 (126) people to pay our lower supported rates. Our charitable activities are also described in the sections on 'Focus of our work. and 'SignificantActivities'. General Data Protection Regulation (GDPR) In line with our commitment to best practice around data protection, we continue to meet the requiremenls of the GDPR which came into effect in May 2018 across all areas of Gaia House including the newly offered online activities. We will continue to review and monitor in this area. Fundraising actlvities Fundraising income continued to grow during 2023. The main areas of fundraising were.. A Spring Appeal in April to help ensure that Gaia House can continue offering subsidised retreat places. An end-of year Appeal in December focused on reducing Gaia House's carbon footprint by converting the showers in the Hermitage and Coordinator wings to run off our biomass boiler. A steady increase in the number of supporters making monthly donations to Gaia House. Investment Perforfflance Investmenls are held In Epworth Investment Management Company and were valued at £85,002 on the 31 December 202312022, £184,276) a decrease of £99,274. Investments valued at £110,282 were sold during 2023.
GAIA HOUSE TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Flnanclal rovlew Flnanclal Posltlon The charity made a surplus In 2023 of £171,575 comparéd with a loss in 2022 of £82,512. Total incoming resources In 2023 were £1,152,109 compared to £751,127 In 2022, an increase of £400,982. Retreat incom6 increased in 2023 from £503,039 to £875,128 as the in-house retreat programme returned to normal after covid-related disruptions. Expenditure increased from £805,458 to £987.410. an increase of £181,952. Reserves policy The turt)ulence of the last four years has shown the importance of maintaining healthy levels of reserves. The Trust agreed to update our reserves policy and to target holding six months of estimated expenditure (up from three months), plus the value of the Cyclical Maintenance fund. We aim to meet Ihi5 target during 2024. Investment policy and objectives We have, in line with our ethical principles, chosen lo invest with Epworth Investrnent Management Company and in 2023 they yielded dividends of £4.132 {2022 £5,917). Risk management The trustees have assessed the major risks to which the charity is exposed and are satisfied that there are systems are in place to mitigate exposure to the major risks. The Gaia House risk register is reviewed annually by the Trusl. It is also updated as required in response to new events or changes in legislation which need to be reflected and managed by Gaia House. Appropriate actions are tsken to minimise the impact of risks to acceptable levels, whilst taking into account the size of our organisalion. Plans for future periods Our work to make what we offer more universally accessible. both financially and culturally has bome fruit. and continues to bo develop8d. We have arranged a number of retreats for 2025 that will be offered purely on the basis of people's generosity, and if this goes well it may be extended furlher. Dharma teachings are always freely offered on the basis of mulual generosity by the teachers, but the generosity of our community is now allowing us to sustain the running costs of some retreats this way also. Gaia House would like to continue to extend this model. This emphasis not only embraces and nurtures a cullure of generosity, which is very much in-line with the meditation teachings Gaia House promoles. but additionally, makes events that are offered on a 'Dana' or generosityldonation basis accessible to anyone, no matter their financial circumstances. Our contlnulng commitmgnt to diversity and inclusion has developed in our communications practices, training and. policy development. We are currently arranging staff training to support greater awareness and sensitivity within our team for supporting people of non-confomiing gender. We are also putting in place further training in awareness of whiteness as a racial identity and the privileges and responsibilities that this may attract. Our Community Dharma Leaders tralnlng programme successfully recruited a diverse range of students. Thls training is now in full swing and will prepare people to support meditation teaching and practice in their local and Identity communitie5. The first graduates should complete in September 2025.
GAIA HOUSE TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Structure, governance and management Governing document Gaia House Trust is a company limited by guarantee, and registered as a charlty in 1990. The company was eslablished under a Memorandum of Association which established the objects and powers of the charitable company, and Is govemed under ils Arti¢les of Association. The trustees, who are also the directors for the purpose of company law, and who seNed during the year and up to the date of signature of the financial statements were= K Malleson (Resigned 26 March 2023) S Wood (Resigned 23 July 2023) T Blanch A Lacey A Goraya H Higginson V Brett P Sutherland p stevenson A Rodogovsky S Alyce S Brand (Resigned 20 November 2023) (Resignèd 30 May 2023} (Appointed 26 March 2023> (Appointed 26 March 2023) (Appointed 26 March 2023} (Resigned 26 March 2023} Recruitment and appointment of new trustees All trustees give their time voluntarily and receive no benefits from the charity. Expenses are reclaimed by some. and this is noted in the accounts. The Trust continues to develop, recruiting people with a diversity of perspective and breadth of social location, skills and professional experience amongst its members. New trustees are recruited via Gaia House's email newsletler, the website and by personal approaches. It is important for trustees to have an understanding of and sympathy with the work of the charity, SO it is nonnally necessary for potential trustees to have attended retreats at Gaia House before they can be seriously considered for this role.
GAIA HOUSE TRUST TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Organlsatlonal Structurè and Daclslon Maklng The Trust, consisting of 7 trustees at 3111212023, develop the slrateglc dlrection and policies for the charity with the support of a Strategic Steering Group comprised or experienced Trustees. Senior Staff and representatives from the Teacher Council. This body has representalion across the organisation lo ensure recommendations and decisions are joined up and grounded in practicable logistics, The Director also attends the Trust meetings along with other staff as appropriate. The Trust prefers to make declsions based on consensus, allowing individual views and ¢on¢ems on partlcular issues to be addressed as thoroughly as possible. The Trust met three times in 2023. The Finance and General Purposes Committee met th8 times during 2023. This group has a quorum of three Trustees, is also att6nded by the director and makes operational and strategic recommendations to the Trust. The Gaia House Teacher Council conlinues to offer the essential role of offering expert advice to the board of trustees. The Teacher Council offer guidance on how the Dharma (the teachings of the Buddha) is best offered and by whom at Gaia House. This operates through the Strategic Steering Group. representation at Trust meetings and a system of Committees thal indude teachers and trustees. supported by relevant staff mernbers. Membership of our Advisory Commitlees that support a range of operational areas comprises at least one Trustee and one Teacher, Ihe Director and other management staff support as appropriate. Specific areas covered by Committees and Working Groups are Programme Planning, Retreatsnt Financial Supporv Financial Assistance and Bursaries Fund, Retreat Environment, Communications, Diversity & Inclusion and Strategic Steering. Day to day responsibility for operations is delegated to the Director, supported by the Operations Lead, Staff Support Teacher and a team of 6 department managers (Finance. Development. Programme, Maintenance. Communications and Kitchen & Garden,) as well as 9 other non-residential slaff, and the team of 8 resident staff. The Directo¢s responsibility covers the following operational areas.. . To help the Trust to develop its short-temi sutvival strategy as well as its longer-term vision. To deliver an effective programme of online and in-house activities in consultstion wilh representatives of Ihe Teacher Council. To develop a strategy for the long-term sustainability and development of Gaia House building, minimising its carbon footprint as much as is praclicable. To ensure that staff and volunteers achieve their full potenlial by means of mentoring, support and relevant training. . To implement effective fund-raising and marketing strategies. . To oversee flnancial and resource planning and to ensure compliance with relevant legislation and regulation. To develop as an organisalion that challenges prejudice and ignorance of all kinds. including being actively anti- racist in support of the Trust's commitmenl to diversity, equality and inclusion. . To ensure that retreats are culturally and financially accessible to all. Induction and tralnlng of new trustees Attendance on retreats over a number of years is an effective introductlon to the work of the charity. New trustees follow an Induction programme that includes Spending time with staff in order to become fully famillar with the work of Gaia House. They now attend two Trust meetings as provlsional trustees in order to gain a thorough understanding of their roles and responsibilities. This gives the Trusl an opportunity to assess the applicant's suitability for the role and gives the applicant an opportunity to understand the role they are applying for. New trustees are formally appointed only after they have successfully completed the recruitmenl process. We welcome requests to join the Gaia House Trust through our website.
GAIA HOUSE TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Wlder nètwork Gaia Housa has links with a wlde neOrk of mindfulness and meditation organisations throughout the UK. Through ils teachers it maintains close links with Mindfulness Programmes at Oxford, Exeter and Bangor universities as w611 as Bodhi College and similar centres such as Sharpham Trust. Via its webslte, Gaia House also facililates networking bee&n meditation sitting groups throughout the UK. Gaia House also operates within a western tradilion of Insight Meditation cenlres, and links are maintained with similar centres in the USA and Europè- the Insight Meditation Society in Barre, Massachusetts., Spiril Rock in Califomia. Dharmagiri in South Africa- and the Beatenberg Centre in Switzerlarsd. Related parties Any related party interests are declared by trustees and other participants in meetings. None of our trustee5 receive remuneration or other benefits from their work as trustees other Ihan the reimbursement of expenses. All new members of Trust, its Committees and Advisory and Working Groups are made aware of the Charity Commission guidance and definition of related paty interests and the need to declare any interest either at the start of a meeting or when an item becomes relevant to make a declaration. Depending on the item appropriate action is then taken regarding that item and the trustee's involvement. AudStor So far as the trustees are aware, there is no relevant information (as defined by Section 418 of the Companie5 Act 2006) of which the charitable companys auditors are unaware, and each trustee has taken all the steps that they ought to have taken as a trustee in order to make theTll aware of any audil information and to establish that the charitable cofflpanys auditors are aware of that information. Small company provisions This report has been prepared in accordance with the provisions applicable to companies enlitled to the small companies exemption. The trustees, annual report was approved and signed on behalf of the board of trustees by: T Blanch Trustee 28 July 2024
GAIA HOUSE TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees, who are also thè directors of Gaia House Trust for the purpose of company law, are résponsible ft)r preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praotice). Company Law requires the Iruslees to prepare financial ststem8nts for èach financial year which glve a tru& and falr view of the state of affairs of the charily and of Ihe incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statamonts, tho trustees are required to: select suilable accounting policies and then apply them consistently; obseNe Ihe methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and ,prepare the financial statements on the going concern basis unless it Is inappropriate to presume that the charity will continue in operation. The tTUStees are responsible for keeping adequate accounling records thal disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 10-
GAIA HOUSE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF GAIA HOUSE TRUST Opinion We have audited the financial statements of Gaia Housè Trust (the 'charity'l for the year ended 31 De¢amber 2023 which comprise the statement of financial aclivilies, the balance sheet, the statement of cash flows and noles to Ihe financlal statements, including significant accounting policies. The financial reporting framework thal has been applied in their preparation is applicable law and United Kingdom A¢¢ounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicab16 In the UK and Republic of Ireland (Unlted Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state of Ihe charitable company's affaifs as at 31 December 2023 and of its incoming resources and applicalion of resources, for the year Ihen ended.. have been properly prepared in accordance with United Kingdom Generally A¢¢epted Accounting Practice,. and have been prepared in accordance wilh the requirements of the Companies Act 2006. Basis for opinlon We conducted our audit in accordance with International Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in Ihe Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with Ihe ethical requirements that are relevanl to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other elhical responsibilities in accordance with Ihese 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 Ihe 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 thal, individually or collectively. may casl significant doubt on the charity'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 th8 financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial ststements does not cover the other information and 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 slatements or our knowledge obtained in the course of th8 audit, or otherwise appears to be materially rnisslated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material rnisststement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other infomiation, we are required to report that fact. We have nothing to report in this regard. Matters on which we are requlred to report by exceptlon We have nothing to report in respect of the following malters in relation to which the Charltles (Accounts and Reports) Regulations 2008 requir8 US to report to you if. in our opinion: tho infomiation given in the financial statements is inconsistent In any material respect with thè trustees, report- or sufficient accounting records have not been kept., or the financial statements are not in agreement with the accounting records., or we have not received all the Infomiation and explanations we require for our audit. 11
GAIA HOUSE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF GAIA HOUSE TRUST Responslbllltlos of trustees As explained more fully in th6 Statement of trustees, responsibilities. the trustees, who are also the director8 of the charity 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 inlernal 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 slatements, the trustees are responsible for assessing the charity's ability to conllnue as a going concern, disclosing, as applicable, matters related to going concem and using the going concern basis of accounting unless the trustees either intend to liquidate the charitsble company or to cease operations. or hav6 no realistic alternative but to do so. Auditorfs responsibilities for the audlt of the flnanclal statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objedives 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 auditorfs 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 il exists. Misstatements can arise from fraud or efror 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. The exient to which our procedures are capable of detecting irregularities. including fraud. is detailed below. We obtained an understanding of the legal and regulatory frameworks applicable to the charity and the sector in which it operates. We identify the areas of those legal and regulatory frameworks which could reasonably be expected to have a material effect on the financial statements, based on our experience and Ihrough discussion with the director. We assessed compliance with these laws and regulations through enquiry with the director. and review of the companvs intemal reporting with respect to compliance with laws and regulations. We assessed the susceptibility of the charivs financial statements to material misstatement, induding how fraud might oc(yJr. In addressing the risk of fraud including in relalion to revenue recognition and management override of controls. we have performed journals testing based on a set of risk crileria and tesfed journals to supporting documentation where applicable. Audit procedures also included detsiled transactional testing with a particular focus on the year-end cut off procedures. Because of the inherent limitations of an audil, 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 wilh regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transaclions reflected in the financial statements, as we will be less likely to become aware of instanTrs of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than eThor. as fraud involves intentional concealm6nt, forgery, collusion, omission, or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https'.11 w.frc.org.ukjauditorsfesponsibilities. This description forms part of our auditorfs report. Use of our report This report is made solely to the charity's trustees, as a body, In accordance with part 4 of the Charities {Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state lo them in an auditorfs report and for no olher purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charity and th6 charitys trustees as a body. for our audit work, for this report. or for the opinions we hav6 fomied. 12-
GAIA HOUSE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF GAIA HOUSE TRUST Ru Fra 28 July 2024 Chartered Accountants statutory Audltor Chartered Accountants and Statutory Auditor 7 St Paul's Road Newton Abbot Devon TQ12 2HP Rupp & Fraser is eligible for appointment as audilor of Ihe charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. 13-
GAIA HOUSE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrlcted Restricted funds funds 2023 2023 Total Unrestricted Restricted funds funds 2022 2022 Total 2023 2022 Notes Income from: Donations and legacies Charitable activities Investments 223,715 882,762 8,589 34,546 2,497 258,261 885.259 8,589 191,660 508.833 7,399 41,442 1.793 233,102 510,626 7.399 Total Income 1,115.066 37,043 1.152,109 707.892 43,235 751,127 Expendilure on: Raising funds Charitable activities Other expenditure 240 912,505 779 240 986.391 779 73,886 757.753 47.705 805.458 13 Total expenditure 913,524 73,886 987,410 757,753 47,705 805,458 Net gainslllosses} on investments 14 6,876 6,876 (28,1811 (28.181) Net in¢omel(expenditure) 208,418 {36,843} 171,575 178.042) (4,470) (82,512) Transfers between funds 139.792 (139.792) Net movement In funds 10 208,418 (36.843) 171.575 61.750 (144.262) (82,512) Recon¢Éliation of funds: Fund balances at 1 January 2023 1,181.783 72,283 1.254,066 1.120.033 216.545 1,336,578 Fund balances at 31 December 2023 1.390.201 35.440 1.425.641 1,181,783 72,283 1,254,066 The statement of financial actlvitles Includes all galns and losses recognlsed in the year. All income and expenditure derive from continuing activities. 14-
GAIA HOUSE TRUST BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Notes Fixed assets Tangible assets Investm8nts 16 17 938,897 85,002 967,958 184,276 1,023,899 1,152,234 Current assets Debtors Cash at bank and In hand 18 35,663 658,097 33.854 278,555 693.760 312,409 Creditors: amounts falling due within one year 20 (292,018) (201,126) Net current assets 401,742 111.283 Total assets less current liabilitie5 1,425,641 1,263.517 Creditors: amounts falling due after more than one year 21 (9.451) Net a55et5 excluding penslon Ilability 1.425.641 1,254,066 Net assets 1,425,641 1.254.066 The funds of the charity Restricted income funds Unrestricted funds 23 35,440 1.390.201 72.283 1.181,783 1,425,641 1,254.066 The company is entitled to the exemption from the audit requirement conlained in section 477 of the Companies Act 2006, for the year ended 31 December 2023, although an audit has been carried out under seclion 144 of tho Charities Act 2011. The directors acknowledge Ih&ir r6sponsibilitios for complying with the requirements of the Companies Act 2006 with respect to aocounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476. These financlal stalements have been prepared in accordance with the provisions applicable to companies subject to the small companies regim8.
GAIA HOUSE TRUST BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2023 Th6 financial staloments W6re approved by the trustees on 28 July 2024 T Blanch Trustee Company registration number 02459323 (England and Wales) 16
GAIA HOUSE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Note$ Cash flows from operating activltles Cash generated from operations 28 282,756 48,111 Investing activities Purchase of langible fixed assets Purchase of investments Proceeds from disposal of investments Investment income reiVed (8.502) (4,132) 110.282 8,589 (206,746) (5,917) 7.399 Net cash generated froml(used in) investing activities 106.237 (205,264) Financing activities Repaymenl of borrowings 19,451 } 284 Net cash (used in)Igenerated from financlng activltles (9,451) Net increasel(decrease) In cash and cash equSvalents 379,542 (156,869) Cash and cash equivalents al beginning of year 278,555 435,424 Cash and cash equivalents at end of year 658,097 278,555 17-
GAIA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Charlty Information Gaia House Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Gaia House, West Ogwell, Newton Abbot, Devon, TQ12 6EW. 1.1 Accounting conventlon The financial ststements have been prepar8d in accordance with the charitys governlng document, the Companies Act 2006 and °Accounting and Reporting by Charities= Stat8ment of Recommended Practice applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" las amended for accounting periods commencing from 1 January 2016). The charily is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling. which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The fsnancial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set oul below. 1.2 Going ¢on¢ern At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concem basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the reslricted 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 charily is legally entitled lo it after any performance conditions have been met. the amounts can be measured reliably, and it is probable Ihat income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performan conditions require deferral of the amount. Income tsx recoverable In relation to donations received under GiftAid or deeds of covonant is recognised at the time of th8 donation. Legacles are recognised on receipt or otheTwise 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. 1.5 Expenditure Expenditur6 is recognlsed on an accruals basls as a liability is incurred. Expenditurè includes any VAT which cannol be fully recovered, and is classified under headings of the statement of financial activities to which it relates: Expenditure on raising funds includes tho costs of all fundraising activities, events, non-charilable trading activities and the sale of donated goods. 18-
GAIA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting pollcles (Contlnued) Expendilure on charitable activities includes all costs incurred by the charity in undertaking activ1ti6S that further its charitable aims for the benefit of its beneficiaries, including those support costs and cosls relating to the governance of the charily apportioned to the charitable activities. Olher expenditure includes all expenditure that is neither related to ralsing funds for the charlty nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of Ihe resource, Direct cots attributable to a single aclivity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable. justifiable and consistent basis. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequenlly measured at cost or valuation, net of depreciation and any impaimient Sosses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Freehold land and buildings Plant and equipment Motor vehicles 10/0 Straight line 20 /0 reducing balance 25 /0 Straight line 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 the statement of financial activities. 1.7 Fixed asset investments Fixed asset investments are initially measured at transaction pri excluding transaction cost5, and are subsequently measured at fair value at each reporting date. Changes fair value are recognised in net incomel(expenditurel for the year. Transaclion 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 delermine whether there is any indication that those assets have suffered an impairment loss. If any such indicalion exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand, doposits held at call with banks. other short-term liquid investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within bomwings in current liabilities. 1.10 Financlal 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 of its financial instruments. Financial inslruments are recognised in the charity's balance sheet when the charity becoffles party to the contractual provlslons of the instrumont. Financial assets and liabilities arg offsel, wlth the net amounls presented in the financial stalements. when there is a legally enforceable right to set off Ihe recognised amounts and there is an intention to setue on a net basis or to realise the asset and settle the liabllity simultaneously. 19-
GAIA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Ac¢ountlng policies (Contlnued) Baslc flnan¢ial assets Basic financial assets, which include deblors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using Ihe effective Interest melhod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipls discounted at a market rate of in16r6St. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financi81 liabilities, including credltors and bank loans are in5tlally recognlsed at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the luture 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 amortlsed 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 rf payment is due within one year or less. If not, Ihey are presented as non-currenl liabilities. Trade creditors are recognised initially at transaclion price and subsequently measured at amortised cost using the effective interest method. Dere¢ognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.11 Employee benefits The cost of any unused holiday entillement is recognised in the period in which Ihe employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonslrably committed to leminate the employment of an employee or to provide termination benefits. 1.12 Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Critical accounting estimates and judgements In the application of the charivs arKounling 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 SOU$. The estimates and associated assumptions are based on historical experience and other factors that are ffinsidered to be 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 Ihe revision and future periods where the revision affects both current and future periods. -20-
GAIA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Income from donations and legacies Unrestrlct6d Restrlcted funds funds 2023 2023 Total Unroslrlcted Restricted funds funds 2022 2022 Total 2023 2022 Donations and gifts Government grants receivable 223,565 34,546 258,111 187,660 41,442 229,102 150 150 4,000 4,000 223,715 34,546 258,261 191,660 41.442 233.102 Income from ¢haTitable actlvities Unrestricted Restricted funds funds 2023 2023 Total Unrestricted Restricted funds funds 2022 2022 Total 2023 2022 Charilable activities Retreat income - personal and online Retreat income - groups Book sales Dharma talks Administration fee income Miscellaneous income 295,679 579,449 150 295,679 579,449 150 102,553 400,486 102,553 400,486 60 4,413 1.321 60 4,413 3,114 5.929 1.555 5.929 4,052 2,497 1,793 882,762 2,497 885,259 508,833 1,793 510,626 Income from investments Unrestricted Unrestrictod funds funds 2023 2022 Income from listed investments Interest recglvable 4.132 4,457 5,916 1.483 8,589 7,399 21
GAIA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Expenditur8 on ralslng funds Unrestrlcted Unraslricted funds funds 2023 2022 Fundralsing and publlclty Other fundraising costs 240 Expenditure on charitable activities Charitable activltles 2023 Charitable activities 2022 Dire¢t costs staff costs Rates, water, insLSrance & light and heat Food costs Kitchen costs Household costs Garden costs General maintenance costs Direct and offsite retreat costs Coordinalor costs Teacher costs IT & office costs Travel and vehicle costs Publicity, newsletter and communications Book & library costs other charitable expenditure 492,086 79.318 95.152 5,969 24.645 7.105 21.128 2,039 3.773 17.634 11,834 16,102 16.378 150 6.667 417.595 62,732 69.599 6,332 22,451 11,720 48.287 2.622 3,802 10.112 15.399 15.546 5,793 5,334 799,980 697.324 Grant funding of activilies (see note 8) 98.202 43,040 Share of support and governance costs (see note g) Support Govemance 79.453 8,756 56,154 8,940 986,391 805.458 Analysis by fund Unrestricted funds Restricled funds 912,505 73,886 757.753 47.705 986,391 805.458 22
GAIA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Grants payable Charitable actlvltles 2023 Charilable activities 2022 Grants to individuals 98,202 43,040 Support costs allocated to aotivities 2023 2022 Depreciation Legal and professional fees Telephone Tnjstee training Bank and credit card charges Governance costs 36.784 3,757 3,892 31,651 572 3.976 50 19,905 8,940 35.020 8,756 88.209 65.094 Analysed between: Charitable activities 88.209 65.094 10 Net movement in funds 2D23 2022 The net movemenl in funds is staled after chargingl(crediting)'. Depreciation of owned tangible fixed assets Loss on disposal of tangible fixed assets 36,784 779 31.651 11 Trustèes None of the trustees (or any persons connected with them) received any remuneratlon or benefits from the harity during the year. -23-
GAIA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 12 Employees The average monthly number of employee8 during the year was: 2023 Number 2022 Number Director Administrator Finance IT & Communication Building Staff support teaoher Retreat operations Coordinators Garden Total 27 27 Employment costs 2023 2022 Wages and salaries other pension costs 475.333 16.753 400,774 16,821 492,086 417.595 There were no employees whose annual remuneration was more than £60,000. Remuneration of key management personnel The remuneration of key management personnel was as follows: 2023 2022 Aggregal8 compensation 134,094 123,548 13 Other oxpendlturo Unrestrlcted Unrestrlcted funds funds 2023 2022 Net loss on disposal of tangible fixed assets 779 24-
GAIA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 14 Gains and lossès on invostments Unrestrlcted Unrestricted funds funds 2023 2022 Gainsl(losses) arislng on: Revaluation of investments 6,876 (28.181) 15 Taxation The charity is exempt from tax on irjcome and gains falling within section 505 of the Taxes Aot 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its chariiable objects. 16 Tangible fixed assets Freehold land and buildings Plant and equipment MotOT v¢hicl•s Total Cost At 1 January 2023 Additions Disposals 968,810 2,417 300,429 6.085 (7,112) 12,523 1.281,762 8,502 (7.112) At 31 December 2023 971,227 299.402 12,523 1,283,152 Depreciation and impairment At 1 January 2023 Depreciation charged in the year Eliminated in respect of disposals 100.833 15,415 202,851 20,742 (6.333) 10.120 627 313,804 36,784 {6,333) At 31 December 2023 116.248 217.260 10.747 344.255 Carrying amount At 31 December 2023 854,979 82,142 1,776 938,897 At 31 December 2022 867.977 97,578 2,403 967,958 Freehold land and buildings are held at cost less accumulated depreciation, although the Trustees are of the opinion thal the markel value of freehold property is significanlly in excess of the book value. The Twstees have opted not to revalue freehold land and buildings to avoid the necessity and cost of then having to undertake valuations on a regular basis by a professionally qualified valuer as required by tho Charltles SORP (FRS102). -25-
GAIA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 17 Fixed asset invostments Listed investments Cost or valuatlon At 1 January 2023 Additions Valuation changes Disposals 184,276 4,132 6,878 (110.282) At 31 December 2023 85,002 Carrying amount At 31 December 2023 85.002 At 31 December 2022 184.276 18 Debtors 2023 2022 Amounts falllng due within one year: Olher debtors Prepayments and accrued income 16,801 18,862 15,188 18.666 35.663 33,854 19 Loans and overdrafts 2023 2022 Other loans 9.451 Payable after one year 9,451 The original loan was for £10.000 repayable in two tranches: the first repayment being for £2,500 three years after receipt with a final payment of £7,500 five years after receipt. The loan is interest-free and unsecured but has been recognised at the present value of the final settlement value using a notional discount rate of 30/.. The loan was due for redemption on 30 June 2025. During the year, the trustees decided to settle the loan earty, and did so on 22 June 2023.
GAIA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 20 Creditors: amounts falling due wlthin on8 year 2023 2022 other laxatlon and social security Paymenls received on account Trade creditors Other creditors Accruals and deferd in¢ome 7.639 194.542 40,588 25,209 24,040 5,843 123.905 37,879 15,594 17,905 292,018 201,126 21 Creditors" amounts falling due after more than one year 2023 2022 Borrowings 9,451 22 Retirement benefit schemes 2023 2022 Defined contribution schemes Charge to profil or loss in respect of defined contribution schemes 16.753 16,821 The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately fmm those of the charity in an independently admlnistered fund. 23 Reslilcled funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific condition5 by donor5 as to how they may be used. At 1 January 2023 Incomlng resources Resources expènded Transfers At31 December 2023 Green environment development Save water project Flnance assistance and bursaries fund eBike appeal 15,000 670 15,000 20,201 19,531 52,476 276 21.373 173,849) 137) 239 72,283 37,043 (73,886) 35.440 -27-
GAIA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 23 Restrlcted funds (Continued) Prevlous year: At 1 January 2022 Incoming resources Resources expended Transfers At31 December 2022 Save water project Finance assistance and bursaries fund Building appeal Garage Development Fund Hermera grant eBike appeal 18.523 1,007 19,530 56.144 52,339 84,289 5,250 39,374 (43,040) 52,478 (52,339) {84,289) (656) {2,508) (4,594) 171) 2,854 275 216.545 43,235 (47.705) (139.792) 72.283 Transfers from the restricted funds during the year represent funds expended on Tangible Fixed Assets. The restricted funds in question were raised for the purpose of acquisition of an asset. and transfer to the unrestricted fund was completed when the asset was brought inlo use. As the funds were raised for the purposes of acquiring Ihe asset and Ihere is no requirement for the charity to hold the assel for a specific purpose, the trustees feel that the asset became unrestricted upon acquisition in accordance with Charities SORP.. 2.12. 24 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and granls which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 January 2023 Incoming Resources resources expended Transfers Gains and losses At31 December 2023 General fvnd Building cyclical maintenance fund 1,157,184 1.115.066 {913,524) {20,000) 6.876 1,345,602 24,599 20,000 44,599 1,181,783 1.115.066 (913.524) 6,876 1.390.201 -28-
GAIA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted funds (Contlnued) Prevlous year: At 1 January 2022 Incoming Resour¢es resources expended Transfers Galns and losses At31 December 2022 General fund Building restoration and development fund Strategic development fund Building cyclical maintenance fund 862.998 707,892 (757,753) 372,228 (28,181) 1.157,184 30,619 (30.619) 201,817 (201,817) 24.599 24,599 1,120,033 707,892 {757,753) 139,792 (28.181) 1.181,783 25 Analysls of net assets between funds Unrestricted funds 2023 Restricted funds 2023 Total 2023 At 31 December 2023. Tangible assets Investments Current assetsl(liabilitie5) 938,897 85,002 366,302 938,897 85,002 401,742 35,440 1,390,201 35.440 1,425,641 Unrestrl¢ted funds 2022 Restrlcted funds 2022 Total 2022 At 31 December 2022: Tangible assets Investments Currént assetsllliabilities} Long term liabilities 967,958 184,276 39,000 19.451) 967.958 184,276 111,283 (9,451) 72.283 1.181,783 72,283 1,254,066 -29-
GAIA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 26 Flnanclal commltments, guarantees and contlngent liabllltles At 31 December 2023 there is a contingent liability in the amount of £30,000. This amount will only become repayable should the property from which the charity operates ceases to be used for the primary charitable purpose. The Trustees consider this to be unllkely and, as such, do not f661 that a provision is necessary. 27 Relaled party transactions There were no disclosable rèlated party transactions during the year other than reimbursed travel expenses. (2022 - none). A total amount of £457 (2022.. £196) was reimbursed to two trustees for travel expenses for attendance at Trustee Meetings during the year. 28 Cash generated from operations 2023 2022 Surplusl(deficit) for the year 171,575 (82,512) Adjustments for.. Investment income recognised in statement of financial activities Loss on disposal of tangible fixed assels Fair value gains and losses on investments Depreciation and impairment of tangible fixed assets (8.589) 779 16.876) 36.784 (7,399) 28.181 31,652 Movements in working capital= (Increaseydecrease in debtors Increase in credilors (1.809> 90,892 6.894 71,295 Cash generated from operations 282.756 48,111 29 Analysis of changes in net funds At 1 January 2023 Cash flows At 31 Dec•mbèr 2023 Cash at bank and in hand 278.555 379.542 658.097 Loans falling duè after more than one year (9.451) 9,451 269,104 388,993 658.097 30-