IYIMV Registered Number 04431832 {ErKJland and Wales) Charity Number 1092322 (A company limited by guarantee and reglslered charity) Unaudited Financial Statements for theyear ended 31 December 2024 IYIMV Company Information Chairfs Annual Statement ExecutNe Committe8 ReFK)rt Independent Examinefs Report to th8 Trustees ￿ IYIMV Profrt and LossAccoLnt Balance Sheet Notes to the Financial Ststements 11 12 13 14 IYIMV Company Information for the year from 1 January 2024 to 31 December 2024 D1￿CtorS AGARWARD, Rrchard H￿eY AMBROSErri. Giorgio CESAR, Diana GOLDEN. Pamela Ruth HAHN. Peter Drew PUNSHI, Sidharth WAINSTEI N, Andrew Evan WITr￿ER, Lucy, M& Reg6st8r8d Address 223a Randolph Avenue London W9 1NL A¢countant Numbers R Us Harben House Harben Parade Finchky Road Lonth)n NWJ 6LH Registered Number 1)4431832 (England and Wales) IYIMV Chairfs Annual Statement Dear Members, As we look back on 2024, it rs clear that it ha5 been a year of transf0matic￿. resilience, and renewed purpose for lyengar Yoga London Maida Vale (IYL). We have faced challenges - from rising costs to leadership changes - but throughout, we have remained true to our mission.. to preserve and promote lyengar Yoga for generations to come. Inflation and OFerath)nal costs have tested us. Our pre-pandemic resenies have helped. but they are not a long-term solution. fvlembership numbers had been declining, and we must continue to act decisivety to grow and strengthen our ccrnmunty. Yet 2024 has given us much to celebrate. In May, we marked IYL'S 401h anniversary with a visit from Abhijata lyengar, which reconnected us with the gk)bal lyengar communty. In September. we welcomed Luw Morris as our new CEO, following Alan Reynolds. remarkable 15 years of service. We (Y4Ye Alan deep thanks, and the Board stands fully behind Lucy as she leads us into the next chapter. Lucy has already contributed signifi(xntly by steering us towards financial recovery. sin￿ D8C8mber 2024. sales have increased by over 23 percenl (at the time of writing) compared to the previous year. and we are on track to bounce bath from last yearfs deficil Strong attendan￿ and careful budgeting give us confidence for the year ahead. The membership fee will increase in the autumn which will be the first arfiuslment since 2012. We are also improving how we welcome and retain members, with clearer communication and better pathways into regular practice. This reflects inflation and aligns us with other London yoga cenlres. We are also improving how we Y￿1coMe 8nd retain members, clearer communication and better pathways into regular practice. We are upgrading our facilities with new lighting. radiator replacemenls. and making the accessible toilet fully accessible. We are also Optimising Mind Body Online (MBO), our business management syst￿. Sarah is taknng cn marketing and MBO tasks, while Melissa is f￿Using on building partnerships and bringing in new members. W8 are aware of risks. including the ageing of our membership and teaching team, and the need to remain fully compliant wilh safety standards. We are addressing these challenges and investing in the next generation of teachers and students. We have also said farewell to trustees Liz Galbrarth. Tim Greenhalgh and Kristyan Robinson and welcomed Diana Cesar. Pete Hahn stepped down in March 2025, we thank him wamily for his contribution. In March. we started the recruitment of three new trustees to repla￿ Andrew Wainstein, Sid Punshi. and myselF. We have Concluded this process in May and l am delighted lo welcome H8mann Deres. Richard Broadley and Daniel Ciarrc¢ch( who have joined us as Truste& They all bring a strong professional expertise in finance, law and media that will strengthen and keep our journey to professionalise our Board. I have also begun handing over my Chair duties to Diana Cesar. and for the first time in our history. IYL will be led by I￿0 women, reflecting our membership. where over 80 per￿nt are women. Looking ahead, our greatest challengè remains building I￿g-tem7 financial sustainability. Once our reseNes 8re restored, we can prcceed with our fully approved expansion: two new practi￿ r￿rn8 and a larger home for our communty. IYL is more than a place to practise: it is a communty. Your passion and commitment keep it strong. As .K.S. lyengar said:°Change is not something we should fear. It is something we should welcome. For without Ghange, nothing would evergrow orblossom.. brosetti Chair, 27 June 2025 Trustees IYIMV Executive Committee Report The trustees, who are also directors of the company for the purposes of the Companies Act 2006. present th8ir report with the financial statements of the charity for the year ended 31 De￿mber 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charittes preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and the Republic ol Ireland (FRS 102) (effective 1 January 2015). A vision for the future We are committed to building on the work and influence of BKS lyengar, who died in 2014, as a master yoga teacher, practitioner and innovator recognised across the world. We are dedicated to maintaining his legacy by providing a centre of èxcellence offerirg leadership. best practice, research. support and training for lyengar yoga students and teachers. lyengar yoga remains ck)sÉ lo ils Indian roots. many of our teachers travel to Pune to enhance their understanding and to reinforce the rigorous training all lyengar yoga leachers receive in the UK and elsewhere. We aim to make teaching available to all at our studios and are working to increase diversity and inclusion in everything we do. Objects and Activities To advance public education in the classical teachings of the scienc8 of yoga based upon the principles of the highest standards of personal conduct and service to others. To promote and advance for the public benefit the study and practice of and research into the therapeutic effects of yoga as a means of improving mental, physical and spiritual health of the community, and to publish the useful results of any such research. OveNlew Turnover for 2024 remained broadly conssstenl with the previous year. The rang8 of concessionary benerrts available to members and visitors was enhanced, including the introduction of concessionary membershps for older studenfs and others. and wider availability of WOTkshop concessions. The uptake of concessionary memberships and attendance at concessionary rates increased lo cover 8.130/ of all visits. Most of the buikling costs remained stable. though utility costs, equipment, Maintenan￿ and s￿￿[ty charges increased substantially. The organisation continued to ben8frt from reductions in business rates during the year. The increase in the Employers. Allowance from £5K to £10.5K introduced in the autumn budget and coming into effect in April 2025. which is set against Employets. Nat￿nal Insurance contributions will prove a benefrt to the organisation in 2025-26. The annual membership fee of £55 has remained unchan￿￿ since 2012 and give5 substanlial discounls per class against standard pricing. A standard 90-minute class cost £14.25 for members against £18.50 for visitors. Concessions members paid £8.50. Further discounts are available to rn￿nber$ who buy 11 classes for the price crf 10 Y￿Ja Cards. Membership numbers teached a post-pandemic low point of 599 in August 2022 but stands at 769 at the time of writing. WoTk is continuing to increase engagement and promote membership. including the provision of a wider range of classes and more workshops. During the year we continued to ac4ust studio class and workshop provision. We currently provide 14 livestream (including hybrid} and 33 studio classes on average each week, making fuller use of both studios. Monthly Friday aftemoon workshops. also available online. were also provided. In 2024 we provided 2.373 classes and workshops in the year (2023: 2.087) attracting 27.657 students {2023'. 27.404), an average of just over 12 per session. Addilional equipment in studio 1 has allowed the enhanced provision of livestr&wning from the sludio, gNing further opporiunities to attend hybrid classes and workshops. Livestream classes are directed towards more experienced students at General and Intermediate level. while studio classes give greater opportunities for newer students, including Intr(xluclory Course provision. In 2024 there were 17 Introductory Courses. each of six weeks. duration plus an addttional 8-week course with Megan on Tuesday lunchtimes" 230 course places. induding 20 at the concessionary pThce of £25, were sold. Classes wer8 facilitated by Stuart Miller. Hazel Sainsbury. Rita di Tano, Paul Jackson and Janette Browne. Forty-lhree workshop sessions (2023: 35) were also held during the year together with special events to mark th8 40th anniversary year of lyengar yoga at Maida Vale. We were particularly honoured to host Abhijata lyengar in May and marked Guruji's birth anniversary in December with special events and a workshop facililated by Lois Steinberg. An average of 24 students attended each workshop. Overseas teachers Garth McLean and Pixie Lillas exh gave a series of workshops, while Lois Steinberg gave a single workshop in De￿Mber. We also welcomed back Jayne Orton and Uday Bhosale. Helen Ayling hosted a lQrtan on 14 December. Twelve regular teachers Ainhoa Acosta, Marco Cannavo. Penny Chaplin. Khaled Kendsi. Judy Lynn, Alaric Newcombe, Korinna Pilafidis-williams. Kate Rathod. Judy Smith. Judy Waldman. Rthard Ward, and Harshini Wkramanayake provided one or more workshops during the year. Penny Chaplin provided two Exchange of Leaming (ex PDD) sessions for teachers in February and September, and 7 sessions for teachers on the level 2 & 3 syllabus. while Judy Lynn facilitated four Heartstart Emergency First Aid courses in February. April, June and December. These include instruction and practice in the use of an automated external defibrillator (AED). Heartstart sessions are provided free of charge to teachers, staff and members. Judy Lynn is an accredited London Ambulance Service Heartstart trainer. Satisfactory attendance at these courses is accepted by IY(UK) towards teachers. First Aid accreditation. Our livestream classes continued to provide access to practi￿ with regular teachers for those outside London and overseas; many fomier UK students who have moved away from London or who flnd it difficult to travel to Maida Vale regularly were accommodated in INestream classes_ Similarly. we were able to welcome former and new members from overseas. Full planning pemiission for the expansKJn of Ihe Centre was granted by Westrninster City Council late in 2021. Piling works by way of commencement of the project were carried out in 2024. The board agreed to defer any decision on taking the building project forward pending further consultation on ways and means. The 2024 speGial edition of Dipika ￿lebrating 40 years of lyengar yoga in Maida Vale was created by Korinna Pilafidis-williams and her team of williry assistants. A burglary took plac8 at the end of August. resulling in the theft of laptop computers and a camera. Police enquiries are continuing. and it is understood thal the F£rpetrator is currently imprisoned on another charge. A review of systems and wocess was carried out in the aftermalh of the event, and additions made to the CCTV, alann and security monitoring. There were also changes to the class schedule to reduce, so far as possible. lone working al the studios during the evening sessions. Promotion Photography and filming commissioned for the 40th annivet5ary evenls will enhan￿ the website. S(￿la1 media and in house publicity. Improved street level signage to the building was installed during the year in the fomi of Transport for London map entries outside Maida Vale tube station and finger px)sts on Maida Vale at the junctions with Elgin Avenue and the comer of Cartton Vale and Randolph Avenu Publlc Benefit For the purposes of the Charities Act 21J06. all charities must show that through their activities they provide a public benefit. This must be identif￿ble. ￿lated to the aims of the charity. and balanced against any detriment. They must benefit the public or a section of ihe public and must not be unreasonably restricted by the ability to pay. Any private LEnefts musl be incidental. The Introduction to lyengar Y¢)ga Courses continue to provide an ideal foundalion for a longer-temi lyengar yoga practi￿. They comprk88 a 3-month membership. six 75-minute Course dasses taken sequentially over six weeks, and further standard 9￿MinUte Beginners. dasses to be used after the course. Members. prices are available during the three months of membership. starting at the close of the course. The £85 cost therefore provides 10.5 hours of dedicat&J introductory training along with the option to continue leaming at members, prices. The Introductory Course offer to Weslminster residents via their City Save scheme was extended again in 2024 to allow a £25 discount. bringing the cost of the course down to £60 with a City Save Card. A special concessionary price of £25 is also available to those claiming benefits. Free taster classes and Iow-COSt Introducicry Courses, Remedial and Pregnancy classes were again provided. 287 students registered for the Flee Tast8r sessions preceding Introductory Courses. We also financed the provision of Outreach classes at the West Hampstead Women's Centre, facilitated by Kristyan Robinson. Addit￿nallY. fwe regular daYl￿e dasses are op8n to non-members in recept of benefits at the Con￿SSiOnary rate of £5 per class. Work continues to reach out to individuals and groups within minorty ethnic communities, currentty under- represented in the profile of regular students. Issues of dNersity and inclusion are also examined and brought before the board by the Div8rsity Advisory Group (see bel(wi). We are working closely with local community groups such as the Granville in Carlton Vale (currently temporarily closed for reconstruction) to provide free classes for their regular attenders. We also hope to resume occasional outreach provision at their centre as soon as their building works are complete. A total of 617 free dasses (2.24% of total vistis) were provided online and in the studio, including 291 to staff and teachers for their continuing professional development Teachers are encouraged to attend classes with more s8nior teachers and by Ihe provision of dedicated dasses and Workshops, some of which are available to IYIMV regular teachers fr& of charge. Concassionary pri￿ for members conts-nue to allow substantial discounts (60% of full member rates) for livestream and studio classes, and workshops. 2.245 (8.13%) of all visits (2023: 8.88%) were at concessionary rates during 2024. Studio space is made available fre8 of charge to members for private practice and to IY{UlQ for Mentors and Assessors meetings. There are limrted private benefits available in the provision d free lessons to staff (allocated on a pro rala basis according to hours work&d) and teachers. and one free special workshop per year for teachers. Staff and teachers are also eligible to receive a small disC￿nt on yoga goods. while all goods sold are priced at extremely low margins. making them corrpetitive with any other supplier and providing a convenient source of supply. Sub-committees The board has been continuously engaged in the day-to-day operations in 2024. including 401h anniv8rsary events and the appointmenl of a new Manager. Lucy Morris. who replaced Alan Reynolds on his retirement after 15 years in the post. The main subnal development to serve our community of members. The Teachers, Representatives on the Board of Trustees in 2024 were Richard Agar Ward and Kristyan Robin50n. Three other sub-committees are mre fulty described above. 10 IYIMV Independent Examinerfs Report to the Trustees of IYIMV I report to the Charity Trustees on my exanination of the accounls of the Company for the year ended 31 December 2024. Responsibilities and Basis of Report As Ihe Charity's Trustees (who are also the directors of the Cunpany for thè 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 rK>t required to be audited for this year 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 Ihe Charities Act 2011 (the 2011 Act). In carying out my examination, I have followed the directions given by the Charity Commission (under section 145{5)(b)) of the 2011Acl Independent Examinerfs Statement I h8V8 completed my examination. I confinn that no material matters have come to my attention which gives me cause to believe that: Accounling records were not kept in accordance with seciion 386 of the Companies Act 20LI8 or The accounts do not accord with such recoTds or The accounts do not comply with the relevant aGcounting requirements under section 396 of the Companies Act other than any requirement that the accounts give a Irue and fairf view which is nol a matter considered as part of an independent examination or The accounts have not been prepared in accordance with the Charitie5 SORP (FRS102). I have no concems and have come across no other matters in connection with Ihe examination to which attention should be drawn Tn this report in order to enable a proper understanding of the accounts to be reached. Howard Sherbourne Accountant 23 INhite House Drive. Stanmore HA7 4NQ 27 June 2025 11 IYIMV Profit and Loss Account for the year from 1 January 2024 to 31 December 2024 Notes 2024 2023 Tumover 434,508 433,739 (245.026) {226,625) 189,482 207,114 (252,016) (231,038) 4,911 1.372 (1,470) (9.428) (59,093) (31,980) (59,093) (31.980) Cost of sales Gross proflt Administrative expenses Other operating inccme Interest payable and similar charges Loss b8fora taxation Loss for the year 12 IYIMV Balance Sheet as at 31 December 2024 Notes 2024 2023 Flxed assets Tangible assets 309,077 309,077 303,321 303,321 Current assets Stocks 18.541 5.717 409,902 434.160 5.081 17.787 458.290 481,158 Debtors Cash at bank and on hand Credttors amounts falllng due within one y8ar Net Current assets (liabilities) Total assets less current liabilities Net assets (71.038) (70.841) 363,122 672.199 672,199 410,317 713.638 713.638 Capital and reserves Profrt and loss account 672.199 672.199 713.638 713,638 ReseNes The company was entitled to exemption from audit for this repcffling period under section 477 of the Companies Act 2006 telating to srnall ccynpanies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 20(￿. The Directors acknowledge their responsibilities for comFtying with the requirements of the Act with Tespect to accounting records and the preparation of accounts. These accounts have been prepared in ￿}rdan￿ with the provisions applicable to companies subject to the small companies regime. The directors hwie chosen to not file a copy of the company's profrt and loss account under sectton 444 {5A) Companies Act 2006. The and Inancial statements were approved and aulhorised for issue by the Board of Directors on 27 June 2025. re signed on its behalf by: RO DI ctor Registered Company No. l)4431832 l. Giorg 13 IYIMV Notes to the Financial Statements for the year ended 31 December 2024 Accounting policies Statutory infonnation The company is a private company fimited by guaran￿ and registered in England and Wales. The ompany's registered number and regislered Offi￿ address can be found on the Company Infonnation page. statement of compliance The financial statements have been prepared in acc