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TRUSTEES’ REPORT AND

CONSOLIDATED FINANCIAL

STATEMENTSfor year ended 31 January 2015

Spiritual Community

Ecovillage

Learning Centre

F I N D H O R Nf O U N D A T I O N

The Findhorn FoundationScottish Charity Number SC007233

THE FINDHORN FOUNDATION (Charity Number: SC007233)

CHARITY INFORMATION

Trustees

Lisette Schuitemaker (Chairperson from 24 November 2014)

Robin Alfred (resigned 24 November 2014)

Clive Kitson

Lady Diana Whitmore (resigned 24 November 2014)

Mari Hollander

Roger Collis

Paul Dickinson

Mark Anderson

Nicola Coombe (appointed 25 April 2014)

Judith Bone (resigned 15 May 2014)

Helen Wildsmith (appointed 6 May 2015)

Chair of Management Camilla Bredal-Pedersen

The Management Group

Martin Roche-Nishimori (Finance)

Paul Johnson (Assets)

Chris Brown (Communications - resigned 13 April 2015)

Michael Mitton (Communications - appointed 1 April 2015)

Judith Bone (Education)

Joern Fiebig (Education)

Caroline Matters (Spiritual and Personal Development)

Pete Finch (Park Campus)

India Brown (Cluny Campus - resigned 15 May)

Kicky Anderberg (Cluny Campus - appointed 15 May)

Rossana Bonanno (The Park Living Education and Service)

Micaela Aminoff (Cluny Campus, Living Education and Service)

General Secretary John Lowe

Principal Address The Park, Findhorn, Forres, IV36 3TZ

Auditors Mazars LLP, Chartered Accountants and Statutory Auditors,

Apex 2, 97 Haymarket Terrace, Edinburgh, EH12 5HD

Bankers Bank of Scotland, Forres Branch, 102 High Street, Forres, IV36 1PA

Triodos Bank, 24 Hanover Street, Edinburgh, EH2 2EN

Solicitors Shepherd & Wedderburn LLP, Solicitors, 66 Queen Street, Edinburgh, EH2 4NE

R & R Urquhart WS, Solicitors, 117-121 High Street, Forres, IV36 0AB

2 Annual Report and Financial Statements year end 31 January 2015

CONTENTS

Charity Information 2

Introduction 4

Highlights 6

Trustees’ Report 9

Auditors’ Report 22

Statement of Financial Activities 24

Balance Sheet 25

Cash Flow Statement 27

Notes to the Financial Statements 28

“The essence for me has been the personal enrichment coming from

living in a diverse yet focused community, with an underlying spirituality

centred on universe, creation, nature and the oneness of all creation.”

Applied Ecovillage Learning Participant

Annual Report and Financial Statements year end 31 January 2015 3

Dear Friends,

A man came in the door of Traigh Bhan, our retreat house on the

island of Iona that was given to the Findhorn Foundation many

years ago, when we Trustees happened to be meeting there. He

came to thank the Foundation, he said, for being there. For doing

what we are doing. For continuing to be an inspiration to so many

around the world. Some of us recognised him immediately as a

former congressman from the United States. With courage and

foresight, and often alone in his views, in his sixteen years in office

this man worked tirelessly for peace, human rights and social

justice. And he came to thank the Findhorn Foundation for being

an inspiration to him through the years.

We don’t always know who it is we touch with the work that we

do, with the way that we live, in striving to create a new story for

humanity. We know it when we see the eyes of first timers light up

or when we felt the buzz of the world come together at the New

Story Summit in September 2014. We know it when children from

nearby schools come for a day and when we talk to young people

who want to make their life within our community. Consciousness,

however, has its own methods of reaching out to those who are

ready to wake up to the reality of life as partnership with all that is.

That, in essence, is the new story.

In the Findhorn Foundation we, like so many around the world,

make the choice to be participants in the new story. Every day we

choose to see the potential of co-creating life in harmony with

nature, each other and the divine in each moment. As the new

Chair of Trustees, I feel honoured to serve that purpose. I thank

those who have come before us and all who dedicate themselves to

this promising way of life. After 52 years, the Findhorn Foundation

is still a vital, vibrant organisation. Always changing, growing,

adapting to new circumstances and shaping them by our intention,

attention and actions.

Lisette Schuitemaker

Chair of Trustees

Lisette Schuitemaker, from

the Netherlands, first came

to the Findhorn Foundation

in 1998 and recognised the

Foundation and community

as the outer manifestation

of her inner world. Having

recently sold her PR &

Communications agency,

she volunteered to do PR

and fundraising for the

Foundation and was asked

to be a Trustee in 2001. She

has served on the Board

of Social Venture Network

Europe, has chaired a

number of charities in the

Netherlands and is currently

chair of the Centre for

Human Emergence NL. She

is also an author of three

books on personal and

spiritual development, one

of which has been published

in English.


The Findhorn Foundation is a spiritual

community, an ecovillage and an international

centre for holistic learning, helping to unfold a

new human consciousness and create a positive

and sustainable future.

Founded in 1962, this community and centre

is built on courageously partnering with all of

life, each and every day. Through being a living

demonstration of the integration of spiritual

principles into everyday life, we seek to foster

with others a world based on the essential truths

common to all religions and spiritual teachings.

As a centre of service, we work to create new

models for individuals and communities that

seek to embody inspired forms of ecology,

economy, culture and spirituality.

VISIONSTATEMENT


The New Story Summit, our hugely successful

and inspiring autumn special event, was

attended by 335 people from 50 countries

on six continents and viewed by hundreds of

people online from 31 countries. Every person

part of a growing movement for positive

change, a new story for life on this planet.

Our Building Bridges and Outreach

Departments collaborated to deliver a successful

‘Taste of Findhorn’ for 20 Chinese people

creating the first ecovillage in southwest China.

Their positive experience here led them to invite

three Foundation staff members to participate

in a ceremony in Beijing and work with their

emerging project in China. Our staff members

were warmly welcomed and this reciprocal visit

to China has cemented a strong relationship

between the two bodies.

SO

CIA

L

To ensure its status as conservation land in

perpetuity, the Foundation purchased 33.96

hectares of wild land adjacent to The Park

from Duneland Ltd, to become the guardian of

Wilkies Wood and the surrounding area titled

the Hinterland. The purchase was made possible

with the help of a generous donation.

EN

VIR

ON

ME

NTA

L

Funding received for our Building Bridges

department to deliver the Youth Empowerment

Programme (YEP) for another three years (two

programmes per year). YEP is a three-month-

long opportunity for disadvantaged young

people in our local area to join our community,

learn life skills, garden, gain confidence and see

the possibilities of life.

EC

ON

OM

ICHIGHLIGHTS 2014/2015

33.96Hectares

Youth Empowerment Programme3 more years

2 programmes per year

3 months long each


Caroline Myss, Jeddah Mali, Michael Roads

and Robert Holden, spiritual teachers known

worldwide, made return visits this year to

present three- or four-day events. In addition

to those participants physically attending the

events, many more people around the world

joined online through our web-streaming

facility.

The ongoing collaboration and visioning

between the Foundation and the community

within which it sits to form new structures in

which our different paths can be celebrated

and yet made productive for the good of the

whole.

Climate Finance Advance, an invitation only

event, brought together a select group

of experts in climate finance to discuss

underpinning and supporting key global

agreements on climate change. This gathering

was a unique opportunity for the Findhorn

Foundation to support the development of a

global agreement on climate change.

In close collaboration with the Global

Ecovillage Network (GEN), the Findhorn

Foundation was awarded European Erasmus

Plus funding of 450,000 Euros as co-ordinator

of a Sustainable Innovation for Resilient

Communities (SIRCle) project. We recognise

that partnering and networking with like-

minded organisations is becoming increasingly

significant in order to work actively with

the funds available for the benefit of the

evolutionary process of the world as a whole.

HIGHLIGHTS 2014/2015

450 000 Euros

Supporting a global agreement on climate change


OBJECTIVES ANDACTIVITIES

The Findhorn Foundation recognises that

we are all part of an interconnected web of

life. As each individual begins to integrate

this knowledge, our behaviour will naturally

evolve in consciousness and the world

will change. To facilitate this evolution

the Foundation offers a wide range of

programmes, workshops and events, and a

variety of ways to participate, with the aim of

creating an environment that enables each

person to deepen his or her connection with

all of life.

Visitor Programmes

This year the Findhorn Foundation

welcomed over 2,000 residential guests

from 66 countries and over 5,000 day or

short-term visitors. Through the holistic

learning experiences our programmes offer,

guests are provided with concrete tools

that help them to relate to each other and

the world in new ways. Central to this is

the application in everyday life of spiritual

principles common to all religions and

ecological practices designed to promote

sustainability.

We run approximately 300 programmes

per year (including workshops, conferences

and events) and produce a brochure once

a year detailing all that is on offer. These

programmes are also published on our

website at www.findhorn.org where ample

information about our vision, aims, and

partnerships is also available. In recent years,

social media is also being used to engage

with and inspire people, mainly through our

Facebook pages, the popularity of which

continues to grow year on year.

The Trustees present their report and the financial statements for the year ended

31 January 2015. This report is prepared in accordance with the recommendations of the

Statement of Recommended Practice – Accounting and Reporting by Charities issued in

April 2005 and complies with applicable law.

THE FINDHORN FOUNDATION TRUSTEES’ REPORT

For the year ended 31 January 2015


The Findhorn Foundation is grateful for the

ongoing support of our Resource People

(RPs), a group of currently 180 people in 33

countries who help us further our aims by

organising events in their home countries.

To help support and strengthen this global

network, every two years the Foundation

hosts a gathering for the RPs and has set

up a Facebook group which the RPs use

for mutual support and information sharing.

The Foundation also enjoys a dynamic

relationship with 122 Fellows across the

world - thinkers, authors, speakers and wise

ones who help us fulfil our mission through

their networks and expertise. The support of

these Fellows in advancing the Foundation’s

work is invaluable.

Global Network

The Findhorn Foundation is part of a

spiritual community and ecovillage and

this environment enriches our educational

and ecological work. This community has

evolved to incorporate many like-minded

organisations and includes people of all

ages and from all walks of life. Together we

pioneer living and working the new story

into being.

Community 180 Resource People

33 Countries

122 Fellows


The Findhorn Foundation works in

partnership with a number of organisations

and public bodies globally and locally to

offer inspiration and together showcase

practical applications for sustainable living.

The Findhorn Foundation is:

a founding member of Global Ecovillage

Network, a well-established worldwide

network of sustainable communities

and initiatives, which in July of 2015

celebrated its 20th anniversary here at the

Foundation, where it began

a member of the New Findhorn

Association (NFA), the umbrella

organisation for the Findhorn Foundation

Community, founded in 1999 and now in

the next phase of its maturity, re-visioning

how best to organise, facilitate and hold

the increased growth and diversity of the

expanding wider community

a member of tsiMORAY, an organisation

which assists and supports social

enterprises to become more sustainable in

relation to a triple bottom line for people,

places and planet

Through our Building Bridges initiative,

we work closely with Action for Children

and the Moray Council to deliver the Youth

Empowerment Programme, a three-month

opportunity for disadvantaged young

people in our local area. In 2014 we also

delivered seven pilot ‘Creative Breaks’ for

local unpaid carers and those they care for,

funded by the Big Lottery in partnership

with Quarriers and the Moray Council.

The Findhorn Foundation also works in close

partnership with our sister organisation

the Findhorn Foundation College, which

develops and delivers accredited courses

in further and higher education and

professional development such as the

Permaculture Design Course, Ecovillage

Design Education and a College semester

for university students in collaboration

with Antioch University which has five

campuses in the USA. Established in 2001,

the College offers experiential education

for personal transformation and sustainable

living. The College’s Board of Trustees is

appointed in conjunction with the Trustees

and Management group of the Findhorn

Foundation. The College is in its second

year of a three year EU funded FP 7

project to optimise the use of renewable

energies generated at The Park. An

ecovillage in Portugal and one in Italy are

also demonstration sites for the ORIGIN

partnership, led by Heriot Watt University.

Partner Organisations


Along with the Findhorn Foundation College,

our other partners in the design and delivery

of sustainable development programmes are:

CIFAL Scotland - the part of the Local

Development Programme of the United

Nations Institute of Training and Research

(UNITAR) covering Northern Europe, and

one of a global network of training centres.

Founded and first based in The Park,

Findhorn, it is now located in Edinburgh

Gaia Education - in July 2015 celebrating

10 years of developing curricula for

sustainable community design drawing

from good practice within ecovillages

worldwide. Gaia Education’s innovative

curriculum for Ecovillage Design Education

was launched during the 10th anniversary

conference of the Global Ecovillage

Network at the Findhorn Ecovillage in

October 2005. Their registered office is in

The Park, Findhorn

In 1997, the Findhorn Foundation was

approved for formal association with the

United Nations, through the Department of

Public Information, as a recognised Non-

Governmental Organisation. Since then, we

are represented regularly in UN briefing

sessions by Frances Edwards and John

Clausen at the UN headquarters in New York.

We are grateful for their dedication as both

are also on the Spiritual Caucus Coordinating

Council, of which Frances is co-convenor.

Frances is also on the Values Caucus Council.

While serving on these councils, Frances

and John organise meditations, workshops,

talks and various meetings and events at the

UN Headquarters. They are also members

of the Conference of NGOs Committee

on Sustainable Development in New York

(NGOCSD).

Through our Applied Ecovillage Living and

Gaia Education Design for Sustainability

programmes, the latter in association with

Findhorn Foundation College, the Foundation

has for the past ten years supported the

UN Decade of Education for Sustainable

Development (UNDESD), 2005-2014.

UNDESD closed at the end of 2014 and the

Foundation, from a position of continuing

to serve the advancement of sustainability

by transforming lives and protecting the

planet, is preparing to align its Education for

Sustainable Development programmes with

the forthcoming Sustainable Development

Goals.

The trading activities related to the Findhorn

Foundation are carried out through a wholly-

owned subsidiary, New Findhorn Directions

Limited. With a high level of professionalism



it provides accommodation, infrastructure

and other site services in the context of

the Findhorn Ecovillage, and manages a

holiday caravan park also located in The Park,

Findhorn, one of the Findhorn Foundation’s

two sites.

The Universal Hall Company runs artistic

shows, dance, theatre and music in the

Universal Hall in The Park when this is

not being used for Findhorn Foundation

conferences or events. The performances

are usually well attended by people from the

local area and form a valued addition to the

cultural life in this part of Moray which is a

reason the Company attracts support and

funding from Creative Scotland.

For related party transactions please see note 20.

Achievements and Performance

The Findhorn Foundation was able to

maintain a good level of trading income

despite the continuing financial challenges in

the world.

Our major event for 2014 was the New Story

Summit, which generated an unprecedented

amount of interest, with record numbers of

attendance and hundreds of people viewing

online through our relatively new web-

streaming facility. The event was attended by

a multicultural group of individuals of diverse

ages. It was also a successful experiment

in gift economy where participants were

invited to decide how much they would like

to contribute rather than pay a set fee. A

report which outlines the way we went about

this and the results of this experiment is

available for download to anyone interested

in gift economy at http://bit.ly/ffger. As a

consequence of the interest and success of

the event, the Findhorn Foundation is playing

a key role in supporting New Story Follow

On initiatives, for instance through the New

Story Hub (www.newstoryhub.com).

The 450,000 Euros European Erasmus Plus

funding awarded to the Findhorn Foundation

as the coordinator of a Sustainable

Innovation for Resilient Communities

(SIRCle) project, is spread over three years

and will be distributed between ten partner

organisations, including GEN, University of

Lisbon, Aeidl, Altekio and Transition Romania.

The project uses adult education to address

one of the most pressing needs of our time,

namely how to marry effective grassroots

responses to climate and social change with

the capacity to make a sustainable living in a

challenging economic climate. This funding

was secured in close collaboration with the

Global Ecovillage Network (GEN).

We completed the purchase of 33.96

hectares of wild land, which added £100,000

worth of land to our balance sheet.

Surrounding the Park settlement and titled

the Hinterland, we are happy to keep this land

in conservation in perpetuity.

In general, our aims for the future are to

continue the development of new services in

order to reach a wider audience globally and

locally; to continue to connect with people

and provide them with tools to increase the

quality of their inner and outer lives; and to

continue to lighten our ecological footprint,

for instance by the replacement of caravans

and energy inefficient buildings with

permanent buildings or mobile ecological

alternatives.

The Findhorn Foundation also continues

to make a substantial number of its public

facilities accessible for all in order to reach a

wider audience and will continue to develop

a welcoming and inclusive environment for all.

At the time of this report, the Findhorn

Foundation collective of co-workers,

Management and Trustees have embarked on

a change process which will unfold over the

next six to twelve months. This is in response

to a recognition across our organisation and

community over the last year and a half that

in order to move into our next phase, shifts

and movements related to purpose, culture,

structure and governance are required. We

are asking the questions, ‘What is needed in

the world now?’ and ‘How can we best serve

that?’

We are also enquiring into how we can

attract more young people and make it

possible financially for them to stay on

and eventually move into positions of

responsibility. A number of initiatives are

under discussion and will be implemented in

the coming year.

The energy of the new story is alive within

our whole community as we find our change

process is organically happening in parallel

to that of the wider community and its core

organisation, the NFA. This feels timely

and there is readiness to engage as part of

a planned NFA working group from June

2015 in support of clearer collaboration and

governance across the whole community.

PLANS FOR FUTURE PERIODS


‘What is needed in the world now?’

‘How can we best serve that?’

FINANCIAL REVIEW

There was a surplus for the year of £219,847.

Overall income for the year showed a small

increase to £2,585,046 (from £2,535,182),

however programme income, which has been

the Findhorn Foundation’s principal funding

source for many years, decreased to £1,391,575

(from £1,489,730). Costs decreased to

£2,568,854 (from £2,666,105) largely through a

decrease in project and other expenditure. Full

details of income and expenditure are noted

below in this report.

General reserves are mostly held in land

and buildings on a long-term basis. This is

necessary to fulfil the Findhorn Foundation’s

charitable aims by providing accommodation

and teaching facilities.

New Findhorn Directions Limited is the

Findhorn Foundation’s wholly owned trading

company. Total income increased from

£651,675 to £701,716, resulting in a final pre-

tax profit for the year of £7,525 compared to

£43,792 for 2014.

The group net worth increased by £219,847

(4.5%) to £5,135,519. This is primarily due to

property revaluation of The Park Building

during the year.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Policy on Reserves

The aim of the Foundation’s Financial Reserves

Policy is to cover the fixed element of its

operational expenditure for four months, using

overdraft facilities and/or cash. The current

fixed element is approximately one third of

total operational expenditure. This policy

was adopted by the trustees in May 2013 and

will be reviewed at intervals, in relation to

perceived risks to the Foundation.

Reserves

The amount and purpose of the reserves are

set out in note 18. The Development Reserve

represents donations received for a number of

different projects as specified by the donors.

All other reserves are held in order to further

the general aims of the Findhorn Foundation

as described above.

Governing Document

The Findhorn Foundation is a Charitable Trust

constituted by the original Trust Deed dated 9

May 1972, as amended 10 December 1998, and

is registered and regulated by the Office of the

Scottish Charity Regulator.


Recruitment and Appointment of

Trustees

The appointment of new Trustees is the

responsibility of the Board of Trustees and

is carried out in close consultation with The

Findhorn Foundation management team and

the Co-workers’ Council.

Trustee Induction and Training

New Trustees are appointed bearing in mind

their familiarity with the mission and vision of

the Findhorn Foundation and their expertise

and experience in the field of spirituality,

finance, management and other appropriate

areas. Induction takes place through a number

of meetings with Trustees, the Chair of

Management, relevant managers and others

within the organisation.

Organisational Structure

The Board of Trustees has overall responsibility

for managing the charity and appoints the

Chair of Management in close consultation

with the Management group and co-workers.

The Board meets twice a year with the

Management group and has regular conference

calls and further informal meetings if deemed

necessary. Responsibility for the day-to-

day running of the Findhorn Foundation is

delegated to the Management group, in close

consultation with the Co-workers’ Council. Any

co-worker who has worked for the Findhorn

Foundation for more than one year can join

the Council as long as they commit to attend

meetings and inform themselves about the

background of topics.

Trustees benefit from trustee indemnity

insurance arranged by and at the expense of

the Findhorn Foundation. None of the Trustees

has a beneficial interest in the charity and

any other interests are clearly declared and

reviewed annually.

Risk Management

A risk register is maintained by the

Management group and reviewed by Trustees

and Managers annually. The Trustees have

assessed the major risks to which the charity

is exposed, in particular those related to

the operations and finances of the Findhorn

Foundation, and are satisfied that systems,

including the risk register, are in place to

mitigate exposure to the major risks.


Statement of Trustees’

Responsibilities

The Trustees are responsible for preparing

the financial statements in accordance with

applicable law and United Kingdom Generally

Accepted Accounting Practice. Law applicable

to charities in Scotland requires the Trustees to

prepare financial statements for each financial

year which give a true and fair view of the

state of affairs of the charity and of the net

incoming/(outgoing) resources for the financial

year. In preparing financial statements giving a

true and fair view, the trustees are required to:

select suitable accounting policies and then

apply them consistently

observe the methods and principles in the

Charity SORP

make judgements and estimates that are

reasonable and prudent

prepare the financial statements on the

going concern basis unless it is inappropriate

to presume that the charity will continue in

operation

The Trustees are responsible for keeping

proper accounting records which disclose with

reasonable accuracy at any time the financial

position of the charity and which enable them

to ensure that the financial statements comply

with the Trustees and Investment (Scotland)

Act 2005, The Charities Accounts (Scotland)

Regulations 2006 and the constitution of

the charity. 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.

Statement as to Disclosure of

Information to Auditors

So far as the Trustees are aware, there is no

relevant audit information of which the Trust’s

auditors are unaware, and each Trustee has

taken all steps that he or she ought to have

taken as a Trustee in order to make himself/

herself aware of any relevant audit information

and establish that the Trust’s auditors are

aware of that information.

This report was approved by the trustees on

20th October 2015 and signed on its behalf by

Mari Hollander

Trustee

Mark Anderson

Trustee


We have audited the financial statements of

The Findhorn Foundation for the year ended

31 January 2015 which comprise the Statement

of Financial Activities, the Balance Sheet, the

Cash Flow Statement and the related notes.

The financial reporting framework that has

been applied in their preparation is applicable

law and United Kingdom Accounting Standards

(United Kingdom Generally Accepted

Accounting Practice).

Respective Responsibilities of

Trustees and Auditor

As explained more fully in the Trustees’

Responsibilities Statement set out on page 20,

the trustees are responsible for the preparation

of the financial statements which give a true

and fair view.

We have been appointed as auditor under

section 44(1)(c) of the Charities and Trustee

Investment (Scotland) Act 2005 and report in

accordance with regulations made under that

Act.

Our responsibility is to audit and express

an opinion on the financial statements

in accordance with applicable law and

International Standards on Auditing (UK and

Ireland). Those standards require us to comply

with the Auditing Practices Board’s (APB’s)

Ethical Standards for Auditors. This report is

made solely to the charity’s trustees as a body.

Our audit work has been undertaken so that

we might state to the charity’s trustees those

matters we are required to state to them in

an auditor’s report and for no other purpose.

To the fullest extent permitted by law, we

do not accept or assume responsibility to

anyone other than the charity and the charity’s

trustees as a body for our audit work, for this

report, or for the opinions we have formed.

Scope of the Audit of the

Financial Statements

A description of the scope of an audit of

financial statements is provided on the

Financial Reporting Council’s website at

www.frc.org.uk/apb/scope/private.cfm.

Basis for Qualified Opinion on

Financial Statements

As set out in Note 11 to the financial

statements, the buildings shown on the

balance sheet at valuation have not been

valued in accordance with Financial Reporting

Standard 15, as reflected in Accounting

and Reporting by Charities: Statement of

Recommended Practice (revised 2005) (“the


INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE FINDHORN FOUNDATION For the year ended 31 January 2015

SORP”). It is a requirement of the SORP that

classes of fixed assets included in financial

statements at valuation, should be revalued

every 5 years with an interim valuation after

3 years, Note 11 sets out the valuation dates

by asset. Without more up to date valuations

having been carried out, we are unable to

determine what, if any, adjustment to the

carrying value is required.

Qualified Opinion on the Financial

Statements

In our opinion, except for the possible effects

of the matter described in the Basis for

Qualified Opinion paragraph, the financial

statements:

give a true and fair view of the state of the

charity’s and the consolidated affairs as at

31 January 2015 and of the consolidated

incoming resources 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 Charities and

Trustee Investment (Scotland) Act 2005

and regulation 8 of the Charities Accounts

(Scotland) Regulations 2006 (as amended).

Matters on which we are Required

to Report by Exception

We have nothing to report in respect of the

following matters where the Charities Accounts

(Scotland) Regulations 2006 (as amended)

requires us to report to you if, in our opinion:

the information given in the Trustees’

Report is inconsistent in any material

respect with the financial statements; or

proper accounting records have not been

kept; or

the financial statements are not in

agreement with the accounting records and

returns; or

we have not received all the information

and explanations we require for our audit.

Mazars LLP, Chartered Accountants and

Statutory Auditor

Apex 2

97 Haymarket Terrace

Edinburgh

EH12 5HD

Date

Mazars LLP is eligible to act as an auditor in terms of

section 1212 of the Companies Act 2006



THE FINDHORN FOUNDATION (Charity Number: SC007233) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 January 2015

Property General Development Revaluation Restricted Total Total Notes Reserve Reserve Reserve Funds 2015 2014 £ £ £ £ £ £ Incoming resources Incoming resources from generated funds Donations and grants 266,688 191,676 - - 458,364 150,245 Investment income 3 2,033 - - - 2,033 3,052

Commercial trading operations 548,193 - - - 548,193 475,672

Incoming resources from charitable activities 4 1,391,575 - - - 1,391,575 1,489,730

Other incoming resources Other income 5 184,881 - - - 184,881 416,483

Total incoming resources 2,393,370 191,676 - - 2,585,046 2,535,182 Resources expended Costs of generating funds Costs of generating voluntary income 1,766 - - - 1,766 14,126

Commercial trading operations 669,507 - - - 669,507 587,089

Charitable activities 6 1,719,181 138,804 1,857,985 2,027,504

Governance costs 7 39,190 - - - 39,190 28,002

Other resources expended - taxation 406 - - - 406 9,384 Total resources expended 2,430,050 138,804 - - 2,568,854 2,666,105 Net incoming/ (outgoing) resources before transfers c/fwd 2 (36,680) 52,872 - - 16,192 (130,923)

Transfers 46,988 (46,988) - - - - Net incoming/ (outgoing) resources for the year

10,308 5,884 16,192 (130,923)

Other recognised gains and losses

Unrealised gains and losses - - 203,655 - 203,655 - 10,308 5,884 203,655 - 219,847 (130,923) Total funds b/fwd at 1 February 2014 2,889,806 103,930 1,710,696 211,240 4,915,672 5,046,595 Total funds c/fwd at 31 January 2015

2,900,114 109,814 1,914,351 211,240 5,135,519 4,915,672

There were no acquisitions or discontinued operations during the year. The charity had incoming resources of £2,083,051 and a surplus of £219,846.


THE FINDHORN FOUNDATION (Charity Number: SC007233) BALANCE SHEET As at 31 January 2015 Group

2015 Group

2014 Charity

2015 Charity

2014 Notes £ £ £ £ Fixed Assets Tangible assets 11 4,970,625 4,847,711 4,634,389 4,487,953 Investments 12 88,002 88,002 440,270 455,806 ────── ────── ────── ────── 5,058,627 4,935,713 5,074,659 4,943,759 Current Assets Stocks 78,145 51,344 72,238 43,665 Debtors 13 152,508 264,983 119,081 231,535 Cash at bank and in hand 478,413 135,176 399,991 95,849 ────── ────── ────── ────── 709,066 451,503 591,310 371,049 Creditors: amounts falling due within one year 14 (398,774) (363,000) (317,517) (311,767)

────── ────── ─────── ─────── Net Current Assets 310,292 88,503 273,793 59,282 ────── ────── ─────── ─────── Total Assets Less Current Liabilities 5,368,919 5,024,216 5,348,452 5,003,041

Creditors: amounts falling due after more than one year 16 (212,933) (87,368) (212,933) (87,368)

Provisions for liabilities and charges 17 (20,467) (21,176) - -

────── ────── ────── ────── Net Assets 5,135,519 4,915,672 5,135,519 4,915,673 ══════ ══════ ══════ ══════


THE FINDHORN FOUNDATION (Charity Number: SC007233) BALANCE SHEET As at 31 January 2015

Group 2015

Group 2014

Charity 2015

Charity 2014

Notes £ £ £ £ Financed by: General reserve 18 2,900,114 2,889,806 2,556,362 2,530,519 Development reserve 18 109,814 103,930 109,814 103,930 Funds retained within a non-charitable subsidiary

18 96,516 96,516 - -

Property revaluation reserve 18 1,914,351 1,710,696 1,914,351 1,710,696 Investments revaluation reserve 18 - - 440,268 455,804 Restricted funds 18 114,724 114,724 114,724 114,724 ────── ────── ────── ────── 5,135,519 4,915,672 5,135,519 4,915,673 ══════ ══════ ══════ ══════

The financial statements were approved by the Board of Trustees on 20 October 2015 and signed on its behalf by Mari Hollander Mark Anderson Trustee Trustee


THE FINDHORN FOUNDATION (Charity Number: SC007233) CONSOLIDATED CASH FLOW STATEMENT For the year ended 31 January 2015

Group 2015

Group 2014

Charity 2015

Charity 2014

Notes £ £ £ £ Reconciliation of operating (loss)/profit to net cash inflow from operating activities Operating (deficit)/surplus (prior to taxation and returns on investments and servicing of finance)

48,629 (104,689) 63,884 (146,291)

Depreciation and loss on sale of fixed assets 240,616 240,528 208,498 207,224 Decrease/(increase) in stocks (26,801) 10,609 (28,573) 12,623 (Increase)/decrease in debtors 112,475 (7,926) 111,357 23,294 (Decrease)/increase in creditors 17,470 (57,916) (15,324) 3,531 ────── ────── ────── ────── Net cash inflow from operating activities 392,389 80,606 339,842 100,381 ══════ ══════ ══════ ══════ CASH FLOW STATEMENT Net cash inflow from operating activities 392,389 80,606 339,842 100,381 Returns on investments and servicing of finance 8 (32,028) (16,850) (32,157) (16,804) Taxation paid (4,985) (13,221) - - Capital expenditure and financial investment 8 (159,875) (276,567) (151,279) (275,412) Financing 8 147,736 21,220 147,736 15,692 ────── ────── ────── ────── Increase/(decrease) in cash in the year 343,237 (204,812) 304,142 (176,143) ══════ ══════ ══════ ══════ Reconciliation of net cash flow to movement in net funds/(debt) (Note 9)

Decrease in cash in the year 343,237 (204,812) 304,142 (176,143) Repayment of interest free loans 14,076 (18,500) 14,076 - Increase in Savings and Loan Scheme (17,797) (15,692) (17,797) (15,692) New Bank Loan secured (145,000) - (145,000) - Repayment of bank loan 985 - 985 - ────── ────── ────── ────── Movement in net (debt)/funds in the year 195,501 (239,004) 156,406 (191,835) Net funds at 1 February 2014 9 (91,976) 147,028 (102,803) 89,032 ────── ────── ────── ────── Net funds/(debt) at 31 January 2015 9 103,525 (91,976) 53,603 (102,803) ══════ ══════ ══════ ══════


THE FINDHORN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 January 2015 1. Accounting Policies 1.1 Accounting convention

The financial statements are prepared under the historical cost convention, as modified by the revaluation of certain fixed assets, and are in accordance with applicable accounting standards, the Charities Accounts (Scotland) Regulations 2006, Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) issued in March 2005.

1.2 Group financial statements

These financial statements consolidate the results of the charity and its wholly owned subsidiary New Findhorn Directions Limited on a line by line basis. A separate statement of financial activities is not presented within the group financial statements for the charity itself, following the exemptions afforded by paragraph 397 of the SORP.

1.3 Depreciation Depreciation is provided on tangible fixed assets at rates calculated to write off the cost of each asset over its expected useful life, as follows:

Caravans (second hand) - Over six years Caravans (new caravans) - Over twelve years Buildings - 2%-10% straight line Eco-mobile homes - 7% - 10% reducing balance Tenant’s Improvements - 10% reducing balance Wind Park - 5% reducing balance Computers - 33.33% reducing balance Plant and machinery - 10% - 15% reducing balance Tools and equipment - 15% - 33% reducing balance Fixtures and fittings - 10% - 15% reducing balance Motor vehicles - 25% reducing balance

All assets costing more than £500 are capitalised except for motor vehicles, where assets in excess of £1,000 are capitalised.

1.4 Taxation With the exception of the surplus derived from the activities of the subsidiary New Findhorn Directions Limited, all income is applicable and applied to charitable purposes and relief is given to the Trust under section 505 Income and Corporation Taxes Act 1988.


THE FINDHORN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 January 2015 (continued) 1.5 Hire Purchase and leasing commitments

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.6 Investments The investment in the subsidiary undertaking is stated at net asset value of the company and any unrealised or realised gains or losses are taken to the Statement of Financial Activities. Unlisted investments by the subsidiary, New Findhorn Directions Limited, are stated at cost, which is appropriate under the Companies Acts whilst the treatment for charity investments should be at valuation. The trustees consider that valuation is similar to cost.

1.7 Stocks

Stocks are valued at the lower of cost and net realisable value. 1.8 Reserves

The general reserve consists of amounts received which have yet to be committed or designated to a specific use by the Trust. The development reserve comprises grants and donations received for development projects which have been restricted by the donor.

1.9 Income Donations are included as they are received whilst all other income is included in the year to which it relates.

1.10 Expenditure

All expenditure is included on an accruals basis, inclusive of any VAT which cannot be recovered, and is recognised when there is a legal or constructive obligation to pay for expenditure. All costs have been directly attributed to one of the functional categories of resources expenses in the SOFA.

1.11 Deferred taxation Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the subsidiary company’s accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when timing differences reverse, based on current tax rates and laws. Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset. Deferred tax assets and liabilities are not discounted.


THE FINDHORN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 January 2015 (continued)

1.12 Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transactions. Exchange differences are taken into account in arriving at the (deficit)/surplus for the year.

1.13 Residuary legacies Legacies are included in voluntary income when the amount is known.

1.14 Fund accounting Funds held by the charity are either:

Unrestricted general funds – these are funds which can be used in accordance with the charitable objects at the discretion of the trustees. Designated funds – these are funds set aside out of unrestricted general funds for specific future purposes or projects. Restricted funds – these are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in note 18.

2. Net incoming/ (outgoing) resources for the year

Group Charity 2015 2014 2015 2014 £ £ £ £ The (deficit)/surplus arises after charging: Depreciation of tangible fixed assets:

- Owned 223,681 231,373 191,586 207,224 - Held under finance leases - 9,155 - -

Loss on disposal of tangible fixed assets 16,935 - 16,912 - Auditors’ remuneration 11,750 10,500 8,500 7,500 Auditors’ remuneration from non-audit work 9,500 9,260 7,000 7,360 ═════ ═════ ═════ ═════



3. Income from investments

Group Charity 2015 2014 2015 2014 £ £ £ £ Interest received 2,033 3,052 134 1,557 ───── ───── ───── ───── 2,033 3,052 134 1,557 ═════ ═════ ═════ ═════

4. Incoming resources from charitable activities

Group Charity 2015 2014 2015 2014 £ £ £ £ Core programme course income 471,186 410,264 471,186 410,264 Workshop course income 384,545 290,750 384,545 290,750 Conferences and events income 103,579 279,794 103,579 279,794 Long term programme income 156,673 240,879 156,673 240,879 Other educational income 275,592 268,043 275,592 268,043 ────── ────── ────── ────── 1,391,575 1,489,730 1,391,575 1,489,730 ══════ ══════ ══════ ══════

5. Other income

Group Charity 2015 2014 2015 2014 £ £ £ £ Rental income 88,908 82,474 102,256 95,822 Other income 95,973 334,009 107,661 343,875 ───── ───── ───── ───── 184,881 416,483 209,917 439,697 ═════ ═════ ═════ ═════



6. Charitable activities

Group Charity 2015 2014 2015 2014 £ £ £ £ Staffing costs 589,376 597,776 589,376 597,776 Direct programme costs 215,217 192,104 215,217 192,104 Projects expenses 28,584 314,367 28,584 314,367 Development fund expenses 138,804 12,605 138,804 12,605 Food and domestic 256,813 254,393 256,813 254,393 Rent, fuel and maintenance 157,781 172,646 311,304 348,649 IT and office expenses 45,015 45,525 45,015 45,525 Marketing 29,224 36,685 29,224 36,685 Other expenditure 185,536 167,752 185,536 167,982 Depreciation 191,586 207,224 191,586 207,224 Loss on sale of fixed assets 16,912 - 16,912 - Finance costs 34,061 19,902 32,921 18,361 Trading deficit/(surplus) (30,924) 6,525 (30,924) 6,525 ────── ────── ────── ────── 1,857,985 2,027,504 2,010,368 2,202,196 ══════ ══════ ══════ ══════

7. Governance costs Group Charity 2015 2014 2015 2014 £ £ £ £ Audit fees 8,500 7,500 8,500 7,500 Accountancy fees 7,000 7,360 7,000 7,360 Legal fees 23,690 11,292 23,690 11,292 Meeting expenses - 1,850 - 1,850 ───── ───── ───── ───── 39,190 28,002 39,190 28,002 ═════ ═════ ═════ ═════



8. Gross Cash Flows Group Charity 2015 2014 2015 2014 £ £ £ £ Returns on investments and servicing of finance

Interest received 2,033 3,052 134 1,557 Finance costs (34,061) (19,902) (32,291) (18,361) ───── ───── ───── ───── (32,028) (16,850) (32,157) (16,804) ═════ ═════ ═════ ═════ Capital expenditure Payments to acquire tangible assets (159,875) (301,567) (151,279) (275,412) Proceeds from disposal of investment - 25,000 - - ───── ───── ───── ───── (159,875) 276,567 (151,279) (275,412) ═════ ═════ ═════ ═════ Financing Debt due within 1 year Repayment of interest free loans (14,076) - (14,076) - New interest free loan - 18,500 - - Increase in Savings and Loan Scheme 17,797 15,692 17,797 15,692 Debt due after 1 year New secured loan repayable by 2024 145,000 - 145,000 - Bank loan repayments (985) - (985) - Capital element of hire purchase - (12,972) - - ───── ───── ───── ───── 147,736 21,220 147,736 15,692 ═════ ═════ ═════ ═════



9. Analysis of changes in net funds Group Opening

Balance Cash flows Non-cash

changes Closing balance

£ £ £ £ Cash at bank and in hand 135,176 343,237 - 478,413 Debts due within 1 year (139,784) (3,721) (18,450) (161,955) Debts due after 1 year (87,368) (144,015) 18,450 (212,933) ──────

(91,976) ══════

────── 195,501

══════

────── -

══════

────── 103,525

══════ Charity Opening

balance Cash flows Non-cash

changes Closing balance

£ £ £ £ Cash at bank and in hand 95,849 304,142 - 399,991 Debts due within 1 year (111,284) (3,721) (18,450) (133,455) Debts due after 1 year (87,368) (144,015) 18,450 (212,933) ──────

(102,803) ══════

────── 156,406

══════

────── -

══════

────── 53,603

══════

10. Staff costs Total group staff costs amount to £726,665 (2014 - £717,845) which includes employers national insurance £23,188 (2014 - £21,454). The average number of people employed during the year was 119 (2014 -128).

Total staff costs of the charity amount to £552,272 (2014 - £548,278) which includes employers national insurance £11,910 (2014 - £11,430). Payments to self-employed persons amount to £37,105 (2014 - £43,803). The average number of people employed during the year was 106 (2014 – 115). Of these 64 (2014 – 73) were paid a staff allowance and 42 (2014 – 42) were salaried.

No employee received remuneration of more than £60,000.

2 trustees, who are employees, received remuneration totalling £6,262 (2014 – 2 totalling £8,069) with employers national insurance £nil (2014 - £nil) for work done on behalf of the charity. 2 trustees received payment through self-employment, £11,214 (2014 – 2 totalling £11,734) and 3 trustees received travel expenses and other expenses totalling £6,624 (2014 – 3 totalling £1,772).



11. Tangible fixed assets – group and charity Group

Land and Motor Plant and Fixtures and

buildings Vehicles Equipment Machinery fittings Caravans Total

£ £ £ £ £ £ £

Cost or valuation At 1 February 2014 5,349,635 208,599 554,231 611,333 327,750 447,830 7,499,378 Additions 119,323 - 20,640 19,912 - - 159,875 Disposals (15,463) - (6,756) (1,029) - - (23,248) Surplus on revaluations 170,329 - - - - - 170,239 At 31 January 2015 ──────

5,623,824 ──────

────── 208,599

──────

────── 568,115

──────

────── 630,216

──────

────── 327,750

──────

────── 447,830

──────

────── 7,806,334 ──────

Depreciation At 1 February 2014 1,277,351 173,478 394,293 197,936 217,611 390,998 2,651,667 Charge for the year 114,166 10,509 35,522 35,493 13,051 14,940 223,681 On disposals (4,545) - (1,573) (195) - - (6,313) Surplus on revaluations (33,326) - - - - - (33,326) At 31 January 2015 ──────

1,353,646 ──────

────── 183,987

──────

────── 428,242

──────

────── 233,234

──────

────── 230,662

──────

────── 405,938

──────

────── 2,835,709 ──────

Net book values At 31 January 2015 4,270,178

══════ 24,612

══════ 139,873

══════ 396,982

══════ 97,088

══════ 41,892

══════ 4,970,625 ══════

At 31 January 2014 4,072,284 ══════

35,121 ══════

159,938 ══════

413,397 ══════

110,139 ══════

56,832 ══════

4,847,711 ══════

Land and buildings is further analysed below.

Tenant’s Wind Buildings and Eco-mobile

Improvements Park Caravans homes

£ £ £ £

Cost or valuation At 1 February 2014 247,786 112,290 4,450,572 538,987 Additions - - 109,320 10,003 Disposals - - (15,463) - Surplus on revaluations - - 170,329 - At 31 January 2015 ──────

247,786 ──────

────── 112,290

──────

────── 4,714,758 ──────

────── 548,990

────── Depreciation At 1 February 2014 57,314 30,766 1,046,906 142,365 Charge for the year 6,660 4,080 70,596 32,830 On disposals - - (4,545) - Surplus on revaluations - - (33,326) - At 31 January 2015 ──────

63,974 ──────

────── 34,846

──────

────── 1,079,631 ──────

────── 175,195

──────

Net book values At 31 January 2015 183,812

══════ 77,444

══════ 3,635,127 ══════

373,795 ══════

At 31 January 2014 190,472 ══════

81,524 ══════

3,403,666 ══════

396,622 ══════



11. Tangible fixed assets – group and charity (continued) Charity

Buildings and Eco-mobile Plant and Tools and Fixtures and Motor

Caravans homes machinery equipment fittings vehicles Total

£ £ £ £ £ £ £

Cost or valuation At 1 February 2014 4,450,572 538,987 566,880 540,968 296,479 208,599 6,602,485 Additions 109,320 10,003 12,762 19,194 - - 151,279 Disposals (15,463) - (1,029) (5,630) - - (22,122) Surplus on revaluations 170,329 - - - - - 170,329 At 31 January 2015 ──────

4,714,758 ──────

────── 548,990

──────

────── 578,613

──────

────── 554,532

──────

────── 296,479

──────

────── 208,599

──────

────── 6,901,971 ──────

Depreciation At 1 February 2014 1,046,906 142,365 174,054 382,224 195,505 173,478 2,114,532 Charge for the year 70,596 32,830 31,336 34,644 11,671 10,509 191,586 On disposals (4,545) - (195) (470) - - (5,210) Surplus on revaluations (33,326) - - - - - (33,326) At 31 January 2015 ──────

1,079,631 ──────

────── 175,195

──────

────── 205,195

──────

────── 416,398

──────

────── 207,176

──────

────── 183,987

──────

────── 2,267,582 ──────

Net book values At 31 January 2015 3,635,127

══════ 373,795

══════ 373,418

══════ 139,132

══════ 89,303

══════ 24,612

══════ 4,634,389 ══════

At 31 January 2014 3,403,666 ══════

396,622 ══════

392,826 ══════

158,744 ══════

100,974 ══════

35,301 ══════

4,487,953 ══════

Properties have not been revalued in line with Financial Reporting Standard 15, where valuation is required every 5 years. However it is the trustees’ opinion that properties are held at a valuation that is lower than current market value. This is due to valuations being carried out in 2001, 2008 and 2009 and properties being depreciated over 10-50 years. The trustees have not carried out valuations on the properties due to significant cost of valuing the charity’s extensive portfolio. Noted below are the latest valuations of the properties. At 31 January 2001 the trustees revalued land owned by The Findhorn Foundation at £500,000, with an original cost of £250,000.

During the year ended 31 January 2008, the property, Treya, was revalued by Harvey, Donaldson and Gibson, Chartered Surveyors, on the basis of vacant possession and in accordance with RICS Specification for Residential Mortgage Valuations, at £225,000 with an original cost of £51,731.

During the year ended 31 January 2009, the properties, Bag End 2, Bag End 3, Bag End 5, Bag End 9, The Park Building, Santiago, Guest Lodge and The Youth Building, were revalued by Harvey, Donaldson and Gibson, Chartered Surveyors, on the basis of vacant possession and in accordance with RICS Specification for Residential Mortgage Valuations, at £1,816,840, in total. The original cost of these properties was £544,597.

During the year ended 31 January 2015, the property, The Park Building, was revalued by Harvey, Donaldson and Gibson, Chartered Surveyors, on the basis of vacant possession and in accordance with RICS specification for Residential Mortgage Valuations, at £375,000 with an original cost of £204,672.



12. Fixed Asset Investments Group Cost At

31/01/14 Additions Disposals At

31/01/15 £ £ £ £ Phoenix Community Stores Limited 15,001 - - 15,001 Duneland Limited 11,000 - - 11,000 Ekobay 1 - - 1 Findhorn Wind Park Limited 62,000 - - 62,000 ────── ────── ────── ────── 88,002 - - 88,002 ══════ ══════ ══════ ══════

The investments held by the group are stated at cost less provision and are held by the subsidiary, New Findhorn Directions Limited, which values them for limited company accounts. Because these are all unquoted, it is impractical to value them at market value. During the year the subsidiary continued to provide a loan of £35,000 (2014: £35,000) which is included in the investment of £62,000 to Findhorn Wind Park Limited. £15,000 was repaid in April 2015. The investment in Phoenix Community Stores Limited is stated at a cost of £25,001 less a provision of £10,000.

Charity Trading subsidiary

The trading subsidiary, New Findhorn Directions Limited is wholly owned by the charity, is registered in Scotland, operates a caravan site, and maintains energy supplies and infrastructure for The Park. The investment is revalued every year based on the net assets in the subsidiary at the year end.



12. Fixed Asset Investments (continued) COST OR VALUATION £ At 1 February 2014 455,806 Revaluation during the year (15,536) At 31 January 2015 ──────

440,270 ──────

NET BOOK VALUE At 31 January 2015 440,270 ══════ At 31 January 2014 455,806 ══════

13. Debtors

Group Charity 2015 2014 2015 2014 £ £ £ £ Trade debtors 55,356 46,100 26,203 18,001 Amounts due to subsidiary undertaking (note 20)

- - - 1,096

Amounts owed by connected charity 19,388 45,028 19,388 45,028 Other debtors 114 2,307 - - Prepayments and accrued income 77,650 171,548 73,490 167,410 ───── ───── ───── ───── 152,508 264,983 119,081 231,535 ═════ ═════ ═════ ═════



14. Creditors: amounts falling due within one year

Group Charity 2015 2014 2015 2014 £ £ £ £ Trade creditors 73,790 68,593 63,270 53,077 Accruals 41,141 26,231 20,258 9,835 Tax and social security 9,839 14,492 6,196 8,210 Deferred income 77,005 90,431 77,005 81,169 Amounts owed to related undertaking (note 20)

19,695 17,601 17,333 48,192

Other creditors 15,345 5,868 - - Interest free loans 15,298 23,000 15,298 23,000 Ekopia loan 28,500 28,500 - - Savings and Loan Scheme (note 15) 106,081 88,284 106,081 88,284 Bank loan 12,076 - 12,076 - ───── ───── ───── ───── 398,770 363,000 317,517 311,767 ═════ ═════ ═════ ═════

15. Savings and Loan Scheme The scheme relates to money borrowed from the Foundation’s co-workers and supporters to assist in the financing of its activities. Statements are issued to participants recording receipts and withdrawals. No interest is paid to members of the scheme.

16. Creditors: amounts falling due after one year

Group Charity 2015 2014 2015 2014 £ £ £ £ Interest free loans 80,994 87,368 80,994 87,368 Bank loan 131,939 - 131,939 - ───── ───── ───── ───── 212,933 87,368 212,933 87,368

═════ ═════ ═════ ═════

The Bank loan is repayable in monthly instalments with the last instalment due in December 2024. Interest is charged on the loan at 3.5% over base rate. The Loan is secured over the Park Building, The Park, Findhorn, Moray, IV36 3TZ and Treya, 224 Pineridge, The Park, Findhorn, Moray, IV36 3TZ.



17. Provisions for liabilities and charges

Deferred tax is analysed over the following timing differences: Group

Provided Charity

Provided

2015 2014 2015 2014 £ £ £ £ Accelerated capital allowances 20,467 21,176 - - ════ ════ ════ ═════

Movements on the provision for deferred taxation are: 2015 2014 2015 2014 £ £ £ £ At 1 February 2014 21,176 20,257 - - (Release)/ charge for year (709) 919 - - ───── ───── ──── ───── At 31 January 2015 20,467 21,176 - - ═════ ═════ ════ ═════

18. Analysis of net assets between funds

General Reserve

Development Reserve

Property Revaluation

Reserve

Funds retained within a non-

charitable subsidiary

Restricted Funds

Total 2015

Total 2014

£ £ £ £ £ £ £ Tangible fixed assets 2,941,550 - 1,914,351 - 114,724 4,970,625 4,847,711 Investments 88,002 - - - - 88,002 88,002 Cash at bank and in hand 272,083 109,814 - 96,516 - 478,413 135,176 Other net current liabilities (168,121) - - - - (168,121) (46,673) Other liabilities (212,933) - - - - (212,933) (87,368) Provisions for liabilities and charges

(20,467) - - - - (20,467) (21,176)

────── ────── ────── ────── ────── ────── ────── 2,900,114 109,814 1,914,351 96,516 114,724 5,135,519 4,915,672 ══════ ══════ ══════ ══════ ══════ ══════ ══════

Purposes of reserves Funds retained within a non-charitable subsidiary This represents the capital redemption reserve which is not distributable. Property revaluation reserve This represents the excess of the value of the property in the financial statements over its original cost.


THE FINDHORN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 January 2015 (continued) 18. Analysis of net assets between funds (continued) Development reserve This represents amounts restricted by the donor for specific development projects. General reserve This represents unrestricted funds which can be used for general purposes. Restricted funds This represents a grant for the Biomass boiler which will be released to unrestricted funds over the life of the asset.

19. Contingent liabilities The Findhorn Foundation has provided a letter of guarantee for Findhorn Foundation College for £30,000. In addition, New Findhorn Directions Limited has borrowed £28,500 from Ekopia Resource Exchange and this loan is guaranteed by The Findhorn Foundation using the property “Traigh Bhan”, on Iona.

20. Related party transactions Included in debtors at the year end is a balance of £19,388 (2014 - £45,029) relating to Findhorn Foundation College, whose board are appointed in conjunction with the Trustees and Management Group of The Findhorn Foundation. During the year, £49,354 (2014 - £103,136) of the income came from the College. During the year, £345 (2014 - £286) was received from CIFAL Scotland Limited for goods and services supplied, at the year end a balance of £15 (2014 - £13) was included in debtors. Universal Hall is an independent company formed in 2009 that promotes artistic performances in The Findhorn Foundation’s Universal Hall. The company pays the Foundation for food, accommodation, space and equipment rental and internet services. Universal Hall paid £17,567 to The Findhorn Foundation in the year ending 31 January 2015 (2014 - £155,539) and owed The Findhorn Foundation £5,037 (2014 - £1,414) at the year end.



20. Related party transactions (continued) During the year the subsidiary paid £2,944 (2014 - £2,005) to a business run by A L Walker, a director. The amount due to the related party at the year end is £178 (2014 - £450). The subsidiary purchases electricity supplies from Findhorn Wind Park Limited, an associated undertaking, amounting to £142,236 (2014 - £136,363) from Findhorn Wind Park Limited. These transactions were conducted at an open market value. At the year end the company owes Findhorn Wind Park Limited £19,695 (2014 - £17,601).

The subsidiary also provided a loan to Findhorn Wind Park Limited of £35,000 (2014 - £35,000). This loan is unsecured and has no fixed terms of repayment. During the year ending 31 January 2015, interest receivable on this loan amounted to £1,899 (2013 - £2,591). During the year there were the following transactions with the Trustees and businesses associated with them –

Outstanding at Received year end £ £ Mari Hollander Rent £4,750 £nil (2014 - £5,250) (2014 - £450) Nicola Coombe Donation £200 £nil (2014 - £nil) (2014 - £nil) Nicola Coombe Course income £779 £nil (2014 - £nil) (2014 - £nil) Lisette Schuitemaker Donation £91,279 £nil (2014 - £66,125) (2014 - £nil) Mark Anderson Donation £1,205 £nil (2014 - £441) (2014 - £nil) Paul Dickinson Donation £535 £nil (2014 - £900) (2014 - £nil) Judith Bone Donation £350 £nil (2014 - £225) (2014 - £nil)


THE FINDHORN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 January 2015 (continued) 20. Related party transactions (continued)

Owed at Paid year end £ £ Judith Bone Educational Services £2,400 £nil (2014 - £2,400) (2014 - £nil) Clive Kitson Educational Services £3,863 £nil (2014 - £5,669) (2014 - £nil) Robin Alfred Trustees dinner, etc £nil £nil (2014 - £225) (2014 - £nil) Robin Alfred as Findhorn Educational Services £7,243 £1,766 Consultancy (2014 - £5,704) (2014 - £nil) Lady Diana Whitmore Travel £264 £nil (2014 - £546) (2014 - £nil) Roger Collis Travel £1,753 £nil (2014 - £934) (2014 - £nil) Mark Anderson IT Consultancy £3,971 £1,003 (2014 - £6,030) (2014 - £320) Kosha Joubert Educational services £nil £nil (2014 - £9,838) (2014 - £nil)

All of the above transactions were at market value. 21. Ultimate controlling party The ultimate controlling party is considered to be the Board of Trustees.

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trustees’ report and consolidated financial … · 2016-11-08 · foresight, and often alone in...

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