## **SYD UK** 

**(a Company Limited by Guarantee)** 

**Company No.: 04217305** 

**Registered Charity No.: 1090984** 

**FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] DECEMBER 2022** 



(a Company Limited by Guarantee) 

## SYD UK 

## CONTENTS 

||Page|
|---|---|
|Legal and Administrative Details|3|
|Trustee’s report|4-7|
|Independent Examiners Report|8|
|Statement of Financial Activities|9|
|Balance Sheet|10|
|Notes to the accounts|11-14|



2 



SYD UK (a Company Limited by Guarantee) 

## LEGAL AND ADMINISTRATIVE DETAILS 

|Trustees|M. Choudhary|
|---|---|
||J. Whitehorn|
||J. Smith|
||C. Overy|
||The Trustees of SYD UK Charity are also Directors in|
||accordance with Companies Act 2006.|
|Company Number|04217305 (England and Wales)|
|Charity Registered Number|1090984|
|Secretary|Power Secretaries Limited<br>C/O Power Accountax Limited|
||Mailbox 3, Solent Business Centre|
||343 Millbrook Road West|
||Southampton|
||SO15 0HW|
|Registered Office|C/O Power Accountax Limited|
||Mailbox 3, Solent Business Centre|
||343 Millbrook Road West|
||Southampton|
||SO15 0HW|
|Independent Examiners|Power Accountax Limited|
||Mailbox 3, Solent Business Centre|
||343 Millbrook Road West|
||Southampton|
||SO15 0HW|



3 



**SYD UK (A Company Limited by Guarantee) Trustees’ Report For the year ended 31[st] December 2022** 

## **Introduction** 

The trustees submit their report and the accounts for the year ended 31st December 2022. The charity was incorporated as a company limited by guarantee on 15th May 2001 and commenced its activities on 7th June 2002. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the 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 (The FRS 102 Charities SORP). 

The registered charity number is 1090984 (Company number 4217305) and the governing document is the Memorandum and Articles of Association. In August 2009, the Memorandum and Articles of Association were updated to reflect current UK law (e.g. Companies Act 2006). 

## **Trustees** 

The Trustees who served the company during the year were as follows: 

M. Choudhary 

J. Whitehorn 

J. Smith 

- C. Overy 

Trustees are appointed in accordance with the Memorandum and Articles of Association. 

## **Trustees' Responsibilities** 

The trustees (who are also directors of SYD UK for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. 

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

- select suitable accounting policies and then apply them consistently; 

- observe the 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; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. 

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



**SYD UK (A Company Limited by Guarantee) Trustees’ Report For the year ended 31[st] December 2022** 

## **Current Policy and Procedures for the Induction of New Trustees** 

When becoming a Trustee, the person is familiarised with the role of Trustee, the particular responsibilities of the Trustee they may be replacing as well as having time to study the key documents suggested by the Charity Commission in publication CC30 "Finding new trustees - what charities need to know". Applicants for Trustees are interviewed by members of the SYD UK Board members. A Criminal Records check is also carried out and the Board members complete and sign the declaration of eligibility provided on the Charity Commission website. 

## **Object, Activity and Business Review** 

SYD UK has been formed as a religious charitable trust, with the object to advance its work in accordance with the principles of the Siddha Yoga tradition, in particular through the propagation of the teachings of Swami Muktananda Paramahamsa and Swami Chidvilasananda. 

During 2022 post covid, SYD UK satisfied this charitable object through: 

- (i) Facilitating regular (weekly or monthly) satsang events for community members in its London Centre and other Chanting and Meditation groups around England and Wales to advance the principles of Siddha Yoga. 

- (ii) There was also one National event organised in Nottingham for the community. 

- (iii) The community members were guided to study and practices via relevant websites also to encourage them to delve into the teachings of Siddha Yoga. 

- (iv) Siddha Yoga teaching and learning materials (Books, CD's, DVD's, etc) were made available to the community within the UK. 

- (v) A project to make the current SYD UK website more user friendly was launched and is nearing completion. 

- (vi) Grant making in support of the international mission of Siddha Yoga Meditation (further details below in Grants Section). 

## **SYD UK’s Director’s and Employees update 2022:** 

- (i) Ms Carol Overy joined as a Trustee/Board of Directors in October 2022. 

- (ii) The administrative and financial functions were efficiently carried out by a volunteer member, supported on all fronts by volunteers who gave generously of their time and skills. 

## **Business Review 2022:** 

- (i) The level of donations has stayed similar to 2021 and includes two bequests. This has contributed to smooth running of the charity. 

- (ii) The Trustees appointed Power Secretaries as their Company Secretary, Power Accountax as their Accountants and outsourced their accounting services. 

## **Public Benefit** 

The activities described above demonstrate the public benefit of SYD UK and fit well with Charity Commission Guidance on public benefit for religious charities and the guidance contained in 'public benefit: running a charity (PB2)'. As such, the Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit. 



**SYD UK (A Company Limited by Guarantee) Trustees’ Report For the year ended 31[st] December 2022** 

## **Reserves Policy** 

The trustees have reviewed the reserve level and benchmarked the SYD UK reserve level against other national Siddha Yoga organisations with the assistance of SYDA Foundation. The reserve level is reviewed annually, the current minimum target level being £50,000, a level that is capable of meeting 12 months of operational expenditure. In 2020, a contingency reserve fund of £20,000 was added to tackle any unforeseen situations faced by the charity due to the current uncertain situation arising from covid. Post Covid, there are plans to host more events in the UK. For this reason, the Trustees have decided to keep the reserve the same. As at 31[st] December 2022, with free reserves of £78,763 (2021: £68673) the charity is in line with this policy. 

## **Grants** 

In 2022, SYD UK awarded grants totalling £24,500 (2021: £17,609). This was made solely out of unrestricted funds. A grant of £8,000 was made to SYDA Foundation to support, maintain and preserve the buildings of Shree Muktananda Ashram, maintain the main international retreat site of Siddha Yoga Meditation, and to promote Siddha Yoga worldwide, with particular emphasis on the coordination of teaching events of Siddha Yoga Swamis and Scholars. The Trustees also decided to make a Grant of £16,500 to SYSEU, UK, a charity which has similar Objects to SYD UK. 

In the year there were no additional grants. 

## **Results** 

The results for the year are stated on page 8. 

## **Risk Assessment Statement** 

The Trustees have identified the principal areas of potential risk to the charity and are engaged in an ongoing process of reviewing each potential risk area and, where appropriate, putting in place measures to mitigate such risks. Additional risk assessments relating to Covid have been put in place for all SYD UK meeting venues to be carried out before reopening venues. 

## **Related Parties** 

SYD UK is related to SYDA Foundation, the US-based, non-profit foundation that protects, preserves and disseminates the teachings of Siddha Yoga throughout the world. SYD UK makes grants in support of the international mission of SYDA and the upkeep of the residential centre in upstate New York which serves as the headquarters of SYDA. SYDA Foundation is mentioned in the Articles of Association of SYD UK and has been granted certain rights within the Articles, for example SYDA Foundation needs to approve changes to the Articles and the appointment of new Trustees. SYDA Foundation also has the right to nominate someone to solve disputes between the Trustees of SYD UK should they occur. 

## **Future Plans** 

During the coming year, we intend to continue to support the mission of Siddha Yoga Meditation in the UK in a similar manner to 2022. People will be encouraged to attend events organised in the centres that have reopened after being closed due to covid, to support their study and practices. 



## **SYD UK (A Company Limited by Guarantee) Trustees’ Report For the year ended 31[st] December 2022** 

There are plans to host more National events for the community post covid as we are now gradually reopening. 

In 2021, the Trustees launched a restructuring project as a part of their strategic plan towards sustainable working and succession planning. This project is nearing completion. 

The Trustees also launched a Mentoring Project as part of their strategic plan to mentor future leaders as their succession planning strategy. After the success of the Pilot project, this programme is now formally being embedded for new mentees to apply for the next cohort. 

## **Small Company Rules** 

These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and the 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 (The Charities SORP FRS 102). 

On behalf of the Trustees 


**----- Start of picture text -----**<br>
.................................................<br>**----- End of picture text -----**<br>


Ms Manisha Choudhary 

Trustee 

Date: .......................................... 



SYD U **K** (a **C** ompany Limited **b** y Guarantee) 

## I **N** DEPENDE **N** T EXAMIN **E** R’S REPO **R** T 

The ch **a** rity's truste **e** s are responsible for **t** he preparation of the **a** ccounts. T **h** e charity’s trustees conside **r** that an au **d** it is not re **q** uired for this year und **e** r section 144 of the Ch **a** rities Act 2 **0** 11 (“the Charitie **s** Act”) and t **h** at an independent exa **m** ination is n **e** eded. 

- It is my responsibili **t** y to: • examin **e** the accounts under se **c** tion 145 of t **h** e Charities Act, • to follo **w** the proc **e** dures laid down in the general **D** irections given by th **e** Charity Commi **s** sion (under section 145 **(** 5)(b) of the **C** harities Ac **t** , and 

- • to state whether par **t** icular matters have come to my atte **n** tion 

## Basis o **f** independe **n** t examiner’ **s** statement 

My examination w **a** s carried **o** ut in acc **o** rdance wit **h** general **D** irections g **i** ven by th **e** Charity Commi **s** sion.  An e **x** amination i **n** cludes a re **v** iew of the **a** ccounting **r** ecords kept by the cha **r** ity and a comparison of the **a** ccounts presented wit **h** those rec **o** rds.  It also includes **c** onsideration of any unusual items or di **s** closures in **t** he account **s** , and seeki **n** g explanati **o** ns from th **e** trustees c **o** ncerning any suc **h** matters. **T** he procedu **r** es underta **k** en do not p **r** ovide all th **e** evidence t **h** at would be required in an a **u** dit, and consequently n **o** opinion is **g** iven as to **w** hether the **a** ccounts pr **e** sent a ‘true and fair’ view an **d** the report is limited to those matter **s** set out in t **h** e statemen **t** below 

## Indepe **n** dent exami **n** er's statem **e** nt 

- In conn **e** ction with **m** y examina **t** ion, no mat **e** rial matter **s** have com **e** to my atte **n** tion which **g** ives me cause t **o** believe tha **t** in, any material respec **t** : • the acc **o** unting reco **r** ds were no **t** kept in acc **o** rdance wit **h** section 13 **0** of the Cha **r** ities Act; or 

   - the acc **o** unts did not accord with the accoun **t** ing records; or 

   - • the acc **o** unts did no **t** comply wit **h** the accou **n** ting requirements of se **c** tion 396 of the 2006 Act; or 

   - the acc **o** unts did n **o** t comply with the appli **c** able requir **e** ments con **c** erning the **f** orm and content of account **s** set out in **t** he Charitie **s** (Accounts and Repor **t** s) Regulati **o** ns 2008 other than any req **u** irement tha **t** the accou **n** ts give a ‘t **r** ue and fair’ view which is not a matter **c** onsidered a **s** part of an independent examinatio **n** . 

   - I ha **v** e come acr **o** ss no other matters in **c** onnection **w** ith the exa **m** ination to **w** hich attenti **o** n should be d **r** awn in this **r** eport in ord **e** r to enable **a** proper un **d** erstanding **o** f the accou **n** ts to be rea **c** hed. 

The Ind **e** pendent E **x** aminer’s Report was pr **e** pared and signed by: 




Rajesh **K** ohli (FCA, I **C** AEW) 

For and on behalf o **f** Power **A** ccountax Li **m** ited Mailbox 3, Solent B **u** siness Cen **t** re 343 Mill **b** rook Road **W** est Southa **m** pton SO15 0 **H** W 

Date: 0 **9** /05/2023 

8 



(a Company Limited by Guarantee) 

## SYD UK 

## Statement of Financial Activities For the year ended 31[st] December 2022 

|Note<br>INCOME AND EXPENDITURE<br>Income from:<br>Donations and legacies<br>Other Income<br>5<br>Total income<br>Expenditure on:<br>Bookstore Purchases<br>Charitable Activities<br>Grants made<br>6<br>Other charitable costs<br>7<br>Total expenditure<br>Net income/(expenditure)<br>Total funds brought forward<br>Total funds carried forward|Unrestricted<br>funds<br>Unrestricted<br>funds<br>2022<br>2021<br>£<br>£<br>51,021<br>37,685<br>2,166<br>1,597|
|---|---|
||53,187<br>39,282|
||1,430<br>336<br>24,500<br>17,609<br>16,847<br>29,226|
||42,777<br>47,171|
||10,410<br>(7,889)<br>68,673<br>76,562|
||79,083<br>68,673|



All income in the 2021 and 2022 financial years was unrestricted. 

All disclosures relate only to continuing operations. 

There are no recognised gains or losses other than the net incoming resources for the year. 

As separate Income and Expenditure Accounts has not been prepared as it would not materially differ from the Statement of Financial Activities. 

9 



## SYD UK 

## (a Company Limited by Guarantee) 

## Balance Sheet as at 31[st] December 2022 

|Note<br>Fixed assets<br>Tangible assets<br>2<br>Current assets<br>Stocks<br>Debtors<br>3<br>Cash at bank and in hand<br>Creditors: amounts failing due within one<br>year<br>4<br>Net Current Assets<br>Total Assets<br>Funds<br>Unrestricted funds:<br>General Fund|2022<br>£<br>2,500<br>4,473<br>73,442|2022<br>£<br>320<br>1,652|2021<br>£<br>3,257<br>5,094<br>65,087|2021<br>£<br>427<br>5192|
|---|---|---|---|---|
||80,415||73,438||
|||78,763||68,246|
|||79,083||68,673|
|||79,083||68,673|
|||79,083||68,673|



For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. 

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act with respect to accounting records and the preparation of accounts. 

These accounts have been prepared in accordance with the provisions applicable to small companies subject to the small companies regime. 

The financial statements were approved by the Trustees on………………….and signed on their behalf by: 

Ms Manisha Choudhary Trustee 

10 



SYD UK (a Company Limited by Guarantee) 

NOTES TO THE FINANCIAL STATEMENTS 

## 1 Accounting Policies 

## 1.1 Basis of preparation of financial statements 

These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. 

The accounts have been prepared in accordance with: 

- The Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 

- The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) 

- The Charities Act 2011 

## 1.2 Company status 

The company is a company limited by guarantee. The members of the company are the Trustees named on page 3. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company. If upon winding up or dissolution of the company there remain any assets, after the satisfaction of all debts and liabilities, the assets represented by the accumulated fund shall be transferred to SYDA Foundation or other charities with similar objectives at the discretion of the SYD UK Trustees in consulation with SYDA Foundation. 

## 1.3 Fund accounting 

Unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes. 

Designated funds comprise amounts which have been set aside at the discretion of the trustees for specific purposes. 

Restricted funds relate to grants and donations received for specific purposes. 

## 1.4 Incoming Resources 

All incoming resources are recognised on accrual basis including donations, which are recognized as income when there is evidence of entitlement to the income, probability of receipt and the amount can be measured with sufficient reliability. 

## 1.5 Direct Charitable Expenditure 

Direct charitable expenditure includes all expenditure incurred in pursuance of the charity’s objectives. 

Grants are included as charitable expenditure once voted for by the trustees and notified to the recipient. 

Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements. 

All resources expenses are inclusive of irrecoverable VAT. 

11 



SYD UK 

(a Company Limited by Guarantee) 

- 1.6 Going concern 

After making appropriate enquiries, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. 

## 1.7 Interest receivable 

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the Bank. 

## 1.8 Cash at bank and in hand 

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 

- 1.9 Tangible Fixed Assets and Depreciation 

Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives: 

Fixtures and fittings 25% reducing balance 

- 2 Tangible Fixed Assets 

|2<br>Tangible Fixed Assets|||
|---|---|---|
|Cost or valuation<br>At 1st January 2022<br>At 31st December 2022<br>Depreciation<br>At 1st January 2022<br>Charge for the year<br>At 31st December 2022<br>Net book value<br>At 31st December 2022<br>At 31st December 2021<br>3<br>Debtors<br>Other Debtors<br>Prepayments|2022<br>£<br>4,473<br>-|Furniture and<br>Fittings<br>£<br>2,640<br>2,640<br>2,213<br>107<br>2,320<br>320<br>427<br> <br>2021<br> <br>£<br> <br>5,051<br>43|
||4,473|<br>5,094|



12 



(a Company Limited by Guarantee) 

## SYD UK 

## 4 Creditors: amounts falling due within one year 

|Trade Creditors<br>Taxation and social security<br>Sundry creditors and accruals|2022<br>2021<br>£<br>£<br>674<br>-<br>-<br>302<br>978<br>4,890|
|---|---|
||1,652<br>5,192|



## 5 Other Income 

|Bookstore Income<br>Bank Interest|2022<br>2021<br>£<br>£<br>2,119<br>1,591<br>46<br>6|
|---|---|
||2,166<br>1,597|



## 6 Grants 

In 2022, SYD UK awarded grants totalling £8,000 (2021:£1,109) to the SYDA Foundation for the development and maintenance of Buildings and Temples in Shree Muktananda Ashram, the Siddha Yoga Website and Swami and Scholar Coordination and £16,500 (2021:£16,500) to SYSEU, UK, a charity which has similar objects to SYD UK, to support their operations. 

## 7 Other charitable costs 

|Other charitable costs||
|---|---|
|Rent and rates<br>Telephone and email<br>Hire and use of premises and equipment<br>Insurance<br>Printing, stationary and postage<br>Miscellaneous expenses<br>Depreciation<br>Database costs<br>Bank charges<br>Governance costs<br>note 8|2022<br>2021<br>£<br>£<br>1,068<br>600<br>147<br>139<br>-<br>636<br>466<br>564<br>276<br>614<br>75<br>193<br>107<br>143<br>875<br>453<br>488<br>693<br>13,345<br>25,191|
||16,847<br>29,226|



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(a Company Limited by Guarantee) 

## SYD UK 

## 8 Governance Costs 

|Governance Costs||
|---|---|
|Staff salaries<br>Legal & professional fees<br>Independent examiner's fees|2022<br>2021<br>£<br>£<br>12,457<br>20,138<br>528<br>493<br>360<br>4,560|
||13,345<br>25,191|



No employee earned more than £60,000 in the current or prior period. 

No remuneration was paid to any trustee in the current or prior year, nor were there any expenses reimbursed to trustees in the current or prior year. 

The charity does not consider any of the staff remunerated to be key management personnel. 

## 9 Related Party Transactions 

The charity's role in terms of its objects and aims is linked with SYDA Foundation, a not for profit organization incorporated in the USA, which carries out similar charitable activities in support of Siddha Yoga mission. During the year there were £ 8000 (2021: £1109) grants donated to SYDA foundation. 3 trustees (2021: 3) made unrestricted donations totalling £1169 to SYD UK in the year (2021: £992). 

## 10 Members Liability 

The number of members as at 31st December 2022 was 4 (2021: 3) and their liability in the event of winding up of the company is limited to £1 each. Trustee's indemnity insurance was purchased during the year as part of a combined policy at a cost of £466 (2021:£446) 

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