# **REGISTERED COMPANY NUMBER: 03859127 (England and Wales) REGISTERED CHARITY NUMBER: 1080466** ## Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 December 2023 ## for Sri Chaitanya Saraswat Math. Sri Chaitanya Saraswat Math. for the Year Ended 31 December 2023 ## Report of the Trustees The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ## **INCORPORATION** The charitable company was incorporated on 14 October 1999 and commenced trading on the same date. ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** Sri Chaitanya Saraswat Math is committed to supporting and promoting the Vaishnava faith for the benefit of the public generally, and in particular, by promoting the philosophy and practice of Bhakti Yoga through: 1. The advancement of education in the philosophy and teachings of Bhakti Yoga; 2. The promotion of the mental and spiritual well-being of the community; 3. The relief of poverty and provision of support services, as well as offering free food to those in need. Additionally, we provide voluntary positions and skills development. During 2024, we continued to deliver these objectives through various programs, including our weekly community gatherings, food distribution relief work, free workshops, and training for volunteers. ## **ACHIEVEMENT AND PERFORMANCE** ## **Charitable activities** Key Highlights from 2023: **Food Distribution:** Provided over 7,650 meals to those in need. **Employment Support:** Provided 25 people with training. **Volunteer Engagement:** Over 53 volunteers contributed their time and skills. In response to the cost-of-living crisis, we expanded our outreach services and partnered with local businesses to provide food donations. ## **FINANCIAL REVIEW** ## **Financial position** The charity ended the year with a deficit of £5,443. ## **Reserves policy** The trustees have agreed to maintain a minimum reserve of £20,000 to cover 4 months of operating costs in case of unforeseen challenges. Page 1 Sri Chaitanya Saraswat Math. Report of the Trustees for the Year Ended 31 December 2023 ## **FUTURE PLANS** In 2024, we plan to: 1. Expand our operations by 15 %. 2. Create 5 more volunteering positions 3. Expand corporate partnerships to increase funding by 20 per cent. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. ## **Risk management** The board has identified key risks, including funding instability and rising operational costs, and is actively developing a fundraising diversification strategy to mitigate these risks. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number** 03859127 (England and Wales) ## **Registered Charity number** 1080466 ## **Registered office** Bhakti Yoga Institute Greville House Hazelmere Close Feltham Middlesex TW14 9PX ## **Trustees** Mrs Zulay Cederberg (Chair) Ms Elisabeth A. Clifford (Fundraising Manager) Alexander Dragilev (HR) David W. Ewins (Secretary) (appointed 09.10.23) Pandita G. C. M. Geary (Treasurer) Robert H. Lindberg Lucian Wong (Legal and Compliance Officer) ## **Company Secretary** Approved by order of the board of trustees on 15 April 2025 and signed on its behalf by: Page 2 Sri Chaitanya Saraswat Math. ## Report of the Trustees for the Year Ended 31 December 2023 Ms Z Cederberg - Trustee Page 3 Independent Examiner's Report to the Trustees of Sri Chaitanya Saraswat Math. ## **Independent examiner's report to the trustees of Sri Chaitanya Saraswat Math. ('the Company')** I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2023. ## **Responsibilities and basis of report** As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Jamshaid Aslam (FCCA, ACA, ATT) The Institute of Chartered Accountants in England and Wales 15 April 2025 Page 4 Sri Chaitanya Saraswat Math. ## Statement of Financial Activities for the Year Ended 31 December 2023 |Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Investment income
2
**Total**
**EXPENDITURE ON**
Raising funds
**Charitable activities**
Food Distribution
Other
**Total**
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestrict
fund
£
196,270
218
196,488
88,629
104,155
9,148
201,932
(5,444)
721,257
715,813| |---|---| The notes form part of these financial statements Page 5 Sri Chaitanya Saraswat Math. ## Balance Sheet 31 December 2023 |Notes
**FIXED ASSETS**
Tangible assets
5
**CURRENT ASSETS**
Debtors
6
Investments
7
Cash in hand
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
8
Unrestricted funds
**TOTAL FUNDS**|Unrestrict
fund
£
684,445
(1,440)
40
32,768
31,368
31,368
715,813
715,813
715,813
715,813| |---|---| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023. The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for - (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and - (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. The notes form part of these financial statements Page 6 continued... Sri Chaitanya Saraswat Math. ## Balance Sheet - continued ## 31 December 2023 These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 15 April 2025 and were signed on its behalf by: Z Cederberg - Trustee The notes form part of these financial statements Page 7 Sri Chaitanya Saraswat Math. Notes to the Financial Statements for the Year Ended 31 December 2023 ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **Tangible fixed assets** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. ## **Taxation** The charity is exempt from corporation tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds 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 the notes to the financial statements. Page 8 continued... Sri Chaitanya Saraswat Math. Notes to the Financial Statements - continued for the Year Ended 31 December 2023 ## **2. INVESTMENT INCOME** Interest receivable - trading £ 218 ## **3. NET INCOME/(EXPENDITURE)** Net income/(expenditure) is stated after charging/(crediting): £ Depreciation - owned assets 9,148 ## **4. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 December 2023. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 December 2023. ## **5. TANGIBLE FIXED ASSETS** |**COST**
At 1 January 2023
Additions
At 31 December 2023
**DEPRECIATION**
At 1 January 2023
Charge for year
At 31 December 2023
**NET BOOK VALUE**
At 31 December 2023|Freehold
property
£
668,895
-
668,895
-
-
-
668,895|Plant and
machinery
£
35,523
-
35,523
22,093
6,514
28,607
6,916|Motor
vehicles
£
20,304
5,950
26,254
14,986
2,634
17,620
8,634|Totals
£
724,722
5,950
730,672
37,079
9,148
46,227
684,445| |---|---|---|---|---| Page 9 continued... Sri Chaitanya Saraswat Math. Notes to the Financial Statements - continued for the Year Ended 31 December 2023 ## **6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** £ Accruals (1,440) ## **7. CURRENT ASSET INVESTMENTS** £ Own shares 40 ## **8. MOVEMENT IN FUNDS** |At 1.1.23
£
**Unrestricted funds**
General fund
721,257
**TOTAL FUNDS**
721,257
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
196,488
**TOTAL FUNDS**
196,488|Net
movement
in funds
£
(5,444)
(5,444)
Resources
expended
£
(201,932)
(201,932)|At
31.12.23
£
715,813
715,813
Movement
in funds
£
(5,444)
(5,444)| |---|---|---| ## **9. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 31 December 2023. Page 10 Sri Chaitanya Saraswat Math. Detailed Statement of Financial Activities for the Year Ended 31 December 2023 |**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
Grants
**Investment income**
Interest receivable - trading
**Total incoming resources**
**EXPENDITURE**
**Raising donations and legacies**
Training and Welfare
**Other trading activities**
Purchases
Donations
Travelling
Motor Expenses
Household and Cleaning
Subcontractor
**Charitable activities**
Rates and water
Insurance
Light and heat
Telephone
Postage and stationery
Advertising
Sundries
**Other**
Depreciation of tangible fixed assets|£
156,971
39,299
196,270
218
196,488
130
59,962
1,159
21,194
3,904
515
1,765
88,499
506
4,230
18,886
1,269
1,063
730
19,171
45,855
9,148| |---|---| This page does not form part of the statutory financial statements Page 11 Sri Chaitanya Saraswat Math. |Detailed Statement of Financial Activities
for the Year Ended 31 December 2023
**Support costs**
**Finance**
Bank charges
**Information technology**
Repairs and renewals
**Human resources**
Software licences
**Governance costs**
Accountancy and legal fees
Total resources expended
**Net expenditure**|£
175
51,064
334
6,727
201,932
(5,444)| |---|---| This page does not form part of the statutory financial statements Page 12 Sri Chaitanya Saraswat Math. Contents of the Financial Statements for the Year Ended 31 December 2023 ||Page| |---|---| |Report of the Trustees|1 to 3| |Independent Examiner's Report|4| |Statement of Financial Activities|5| |Balance Sheet|6 to 7| |Notes to the Financial Statements|8 to 10| |Detailed Statement of Financial Activities|11 to 12|