SYD UK
(a Company Limited by Guarantee)
Company No.: 04217305
Registered Charity No.: 1090984
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] DECEMBER 2024
SYD UK (a Company Limited by Guarantee)
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 |
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SYD UK (a Company Limited by Guarantee)
LEGAL AND ADMINISTRATIVE DETAILS
| Trustees | J. Whitehorn |
|---|---|
| C. Overy | |
| R. Selli | |
| J. Smith | |
| 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 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 |
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SYD UK (a Company Limited by Guarantee)
SYD UK
(A Company Limited by Guarantee)
Trustees’ Report For the year ended 31st December 2024
Introduction
The trustees submit their report and the accounts for the year ended 31st December 2024. 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:
J. Whitehorn
J. Smith
C. Overy
R. Selli
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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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SYD UK (a Company Limited by Guarantee)
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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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.
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 2024, 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) National events were organised in London and Cardiff for the community.
(iii) The community members were guided to study and participate in the practices via relevant
websites encouraging 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) 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 2024:
(i) Ms Josie Smith resigned as a Trustee in March 2024
(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.
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SYD UK
(a Company Limited by Guarantee)
Business Review 2024:
(i) The level of donations has stayed similar to 2023 and includes one bequest. This has contributed to the smooth running of the charity.
(ii) The Trustees continued to use Power Secretaries as their Company Secretary, Power Accountax as their Accountants and their accounting services continued to be outsourced.
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.
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 the 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. As of 31st December 2024 with free reserves of £50,000 the charity is in line with this policy.
Grants
In 2024, SYD UK awarded grants of £66,984 (2023: £73,525). This was made solely out of unrestricted funds. A grant of £50,484 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, a charity which has similar Objectives 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.
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SYD UK (a Company Limited by Guarantee)
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 2024. People will be encouraged to attend events organised in the London Centre and in chanting and meditation groups to support their study and practices.
After successful national events in 2024 there are plans to host more national events for the community in 2025.
In 2021, the Trustees launched a restructuring project as a part of their strategic plan towards sustainable working and succession planning. This project has been completed and the revised structure is now operational.
The Trustees also launched a Mentoring Project as part of their strategic plan to mentor future leaders as their succession planning strategy. This project continues to be part of future planning for the organisation but has been suspended until such time as suitable volunteers can be recruited to fully support the project.
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).
E Silke
R. Selli
On behalf of the Trustees
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SYD UK
(a Company Limited by Guarantee)
INDEPENDENT EXAMINER’S REPORT
The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (“the Charities Act”) and that an independent examination is needed.
It is my responsibility to:
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examine the accounts under section 145 of the Charities Act,
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to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
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to state whether particular matters have come to my attention
Basis of independent examiner’s statement
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below
Independent examiner's statement
In connection with my examination, no material matters have come to my attention which gives me cause to believe that in, any material respect:
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the accounting records were not kept in accordance with section 130 of the Charities Act; or
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the accounts did not accord with the accounting records; or
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the accounts did not comply with the accounting requirements of section 396 of the 2006 Act; or
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the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
I 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.
The Independent Examiner’s Report was prepared and signed by:
Rajesh Kohli (FCA, ICAEW)
For and on behalf of Power Accountax Limited Mailbox 3, Solent Business Centre 343 Millbrook Road West Southampton SO15 0HW
Date: 30/05/2025
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(a Company Limited by Guarantee)
SYD UK
Statement of Financial Activities For the year ended 31[st] December 2024
| Note INCOME AND EXPENDITURE Income from: Donations and legacies Other Income 5 Total income Expenditure on: Bookstore Purchases Amrit Charitable Activities Grants made 6 Other charitable costs 7 Total expenditure Net income/(expenditure) Total funds brought forward Total funds carried forward |
Unrestricted funds Unrestricted funds 2024 2023 £ £ 42,067 46,349 40,797 44,761 82,864 91,110 |
|---|---|
| 210 187 329 287 66,984 73,525 14,847 11,147 |
|
| 82,369 85,146 |
|
| 495 5,964 85,047 79,083 |
|
| 85,543 85,047 |
All income in the 2024 and 2023 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.
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SYD UK
(a Company Limited by Guarantee)
Balance Sheet as at 31[st] December 2024
| 2024 | 2024 | 2023 | 2023 | ||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Fixed assets | |||||
| Tangible assets | 2 | 340 | 321 | ||
| Current assets | |||||
| Stocks | 5,342 | 4,054 | |||
| Debtors | 3 | 4,595 | 3,931 | ||
| Cash at bank and in hand | 125,749 | 77,593 | |||
| Total current assets | 135,687 | 85,578 | |||
| Creditors: amounts failing due within one year |
4 | 50,484 | 852 | ||
| Net Current Assets | 85,203 | 84,726 | |||
| Total Assets | 85,543 | 85,047 | |||
| Funds | |||||
| Unrestricted funds: | |||||
| General Fund | 85,543 | 85,047 | |||
| 85,543 | 85,047 |
For the year ending 31 December 2024 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: 29/05/2025
R. Selli Trustee
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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:
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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
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The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102)
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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.
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(a Company Limited by Guarantee)
SYD UK
- 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
| Tangible fixed assets | ||
|---|---|---|
| Cost or valuation At 1st January 2024 Additions during the year At 31st December 2024 Depreciation At 1st January 2024 Charge for the year At 31st December 2024 Net book value At 31st December 2024 At 31st December 2023 tors Other Debtors |
2024 £ 4,595 |
Furniture and Fittings £ 2,722 133 |
| 2,855 | ||
| 2401 113 |
||
| 2514 | ||
| 340 | ||
| 321 | ||
| 2023 £ 3,931 3,931 |
||
| 4,595 |
3 Debtors
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SYD UK
(a Company Limited by Guarantee)
4 Creditors: amounts falling due within one year
| Trade Creditors Sundry creditors and accruals |
2024 2023 £ £ - 852 50,484 - |
|---|---|
| 50,484 852 |
5 Other Income
| Bookstore Income Paid Event Income Amrit Bank Interest |
2024 2023 £ £ 3,087 2,299 34,688 40,870 980 1,087 2,043 505 |
|---|---|
| 40,797 44,761 |
6 Grants
In 2024, SYD UK awarded grants totalling £50,484 (2023:£57,025) 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 (2023:£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 Telephone and email Hire and use of premises and equipment Insurance Printing, stationary and postage Miscellaneous expenses Depreciation Database costs Bank charges Governance costs note 8 |
2024 2023 £ £ 4,290 3,120 163 154 6,464 3,720 446 442 566 506 - 80 113 81 1,147 1,056 983 1,070 675 918 |
| 14,847 11,147 |
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SYD UK (a Company Limited by Guarantee)
8 Governance Costs
| Governance Costs | |
|---|---|
| Staff salaries Legal & professional fees Independent examiner's fees |
2024 2023 £ £ - - 15 288 660 630 |
| 675 918 |
SYD UK has not employed any staff in the current year, all work is undertaken by volunteers. 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.
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 £ 50,484 (2023: £57,025) grants donated to SYDA foundation.
4 trustees (2023: 4) made unrestricted donations totalling £1897 to SYD UK in the year (2023: £1164).
10 Members Liability
The number of members as at 31st December 2024 was 3 (2023: 4) 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 £446 (2023:£442)
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