Company Registration No. 04591453 (England and Wales) Charity No. 1097070 (England and Wales)
Self-Realization Fellowship Church -UK
(a company limited by guarantee)
Trustees’ report and financial statements For the year ended 30 September 2022
Self-Realization Fellowship Church –UK (a company limited by guarantee)
Company information
| Trustees | Christopher Bagley |
|---|---|
| Ronald Eisele | |
| Jill Hoerter | |
| Joseph Bouchard | |
| Secretary | Jill Hoerter |
| Company number | 04591453 |
| Charity number | 1097070 |
| Registered office | 48 Chancery Lane |
| London | |
| WC2A 1JF | |
| Independent auditors | Saffery Champness LLP |
| 71 Queen Victoria Street | |
| London | |
| EC4V 4BE | |
| Solicitors | Keystone Law |
| 48 Chancery Lane | |
| London WC2A 1JF |
Self-Realization Fellowship Church –UK (a company limited by guarantee)
Contents
| Page | |
|---|---|
| Trustees’ annual report | 1 |
| Independent auditors’ report | 5 |
| Statement of financial activities | 9 |
| Balance sheet | 10 |
| Cash flow statement | 11 |
| Notes to the financial statements | 12 |
Self-Realization Fellowship Church –UK (a company limited by guarantee)
Trustees’ annual report for the year ended 30 September 2022
The Trustees present their report and financial statements for the year ended 30 September 2022.
The financial statements have been prepared in accordance with the Charities Act 2011, the Memorandum and Articles of Association, and 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) (second edition).
Constitution and objects
Self-Realization Fellowship Church - UK (“SRF-UK”) is a registered charity and a company limited by guarantee and is governed by its Memorandum and Articles of Association.
The principal objects of SRF-UK are the advancement of religion through the promotion of the principles and doctrines of the Self-Realization Fellowship Church (a non-profit religious entity incorporated under the law of the State of California, USA (“SRFC”)) contained in SRFC Aims and Ideals formulated by Paramahansa Yogananda, the founder of SRFC. SRFC is an international church headquartered in Los Angeles, USA.
Objects and activities for public benefit
The object of the charity, as defined in the governing document, is the advancement of religion. This is done through the promotion of the principles and doctrines of the Self-Realization Fellowship Church. The charity provides and maintains a church building and strives to support the spiritual and religious works of the Church.
The Trustees see these objects as being one charitable activity for public benefit and confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities.
Membership
Corporate membership of SRF-UK is open to any individual interested in promoting the objects of the Church who applies to SRF-UK and is approved by the Board of Trustees.
Structure, governance and management
The Trustees of SRF-UK are its directors for the purpose of company law and throughout this report are collectively referred to as the Trustees. Each Trustee holds office for a term of three years and thereafter is eligible for re-election for a further such term or terms. All Trustees are required to be corporate members of SRF-UK. All key decisions are taken by the Board of Trustees which consists of at least three members, but this number may be increased to meet its needs and requirements. The Board of Trustees may co-opt a person as a member of the Board of Trustees. A co-opted member holds office until the next Annual General Meeting when he/she may be elected by the members.
The present Trustees are all residents of the USA and are all directors-Trustees of SRFC. The Trustees are responsible for other SRFC entities around the world and bring that extensive experience to their role as Trustees of SRF-UK. They rely on their legal and other professional advisors, who work closely with SRFC’s in house legal counsel, to ensure that the charity meets all its regulatory requirements. The Trustees believe that the arrangements in place are sufficient to enable them to fulfil their duties.
The Trustees are considered to be the key management personnel of the charity. No remuneration is paid to Trustees.
Page 1
Self-Realization Fellowship Church –UK (a company limited by guarantee)
Trustees’ annual report for the year ended 30 September 2022
Achievements and Performance
From 1 October 2019 until the middle of March 2020 the charity continued to provide teachings and support to disseminate the scientific method of Kriya Yoga Meditation through services and retreats at the London Centre and around the country. From March 2020 the London Centre was closed and the charity closely followed the advice of the UK government in its response to the Covid-19 pandemic, supporting its beneficiaries virtually wherever possible. The London Centre re-opened in April 2022. As of May 2023, attendance for Sunday services have reached 80% of the pre-COVID level.
Volunteers
SRF-UK is reliant on the involvement of its volunteers, and benefits greatly from the support provided. In accordance with FRS 102 and the Charities SORP (FRS 102), the economic contribution of general volunteers is not recognised in the financial statements.
Investment powers
The Trustees have powers under the Memorandum of Association to deposit or invest funds in any manner but to invest only after obtaining advice from a financial expert and having regard to the suitability of investments and the need for diversification.
Financial review of the year
The total incoming resources for the year were £173,049 (2021: £175,968). The net movement in funds for the year amounted to a deficit of £70,617 (2021: deficit of £111,966). This is considered to be satisfactory in view of the level of reserves and cash during the year.
Reserves policy
The Trustees have power under the Memorandum of Association to set aside funds for special purposes or as reserves against future expenditure.
The level of reserves in unrestricted funds at 30 September 2022 was £877,880 (2021: £951,425) of which £356,505 (2021: £429,448) is represented by cash. Restricted funds at 30 September 2022 were £3,118,103 (2021: £3,115,175). The Trustees do not target a particular level of reserves but the reserves are reviewed regularly to ensure that they are sufficient but not excessive to meet SRF-UK’s current needs. The charity aims to hold sufficient reserves to enable it to maintain the church building and meet other needs of the Church.
Fundraising policy
The Trustees take their responsibility under the Charities (Protection and Social Investment) Act 2016 seriously and have considered the implications on their fundraising activities.
The Charity receives donations from members of the public and individuals involved with the Church. It does not work with any third party commercial fundraiser. Any donations given to the charity will only be accepted and used if they are within its aims. The Trustees are not aware of any fundraising complaints made in respect of the financial year.
Future plans
The charity will use its resources to maintain the church building and support the activities of the Church both in the UK and elsewhere in the world.
Due to the COVID-19 outbreak, the London Centre was closed from 14 March 2020 to 19 April 2022. The centre re-opened on 20 April 2022 for Sunday services.
In January 2023, the Centre held an in-person membership meeting during which those present voted to resume all services gradually. Those who could not attend the meeting voted to resume services by survey.
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Self-Realization Fellowship Church –UK (a company limited by guarantee)
Trustees’ annual report for the year ended 30 September 2022
Since the January 2023 meeting, the Centre has been gradually adding services to the weekly schedule. Tuesday meditations, Sunday meditations and inspirational services, young adults group and commemoration services are all taking place. Thursday services are planned to resume from July, and lessons readings groups before the end of the year.
Attendance levels are at approximately 80% of pre-Covid levels for those services that are taking place, with 25 to 35 on Tuesday services and 55 to 65 for Sunday inspirational services. Commemoration services draw a higher attendance for of 70 to 80.
Quarterly retreats have also resumed and a special Convocation residential retreat is planned again for this year at a retreat centre in South England.
With the gradual return to normalcy for in-person attendance at meditations, inspirational and commemorations services as well as monastic tours, the Charity’s receipt of revenue at its London Centre have also gradually increased to a little higher than pre-pandemic level, in spite of the fact that attendance is at approximately 80% of pre-Covid levels. For FY 2019, the revenue was at £113,461, £88,498 for FY 2020, £72,799 for FY 2021, and £118,504 for FY 2022.
Risk management
The Trustees have reviewed the major risks faced by SRF-UK and are satisfied that steps have been taken to mitigate those risks. The risk management policy and procedures will be reviewed and amended as necessary as the operations of SRF-UK develop.
Trustees
The following Trustees held office during the year, or since the year end:
Christopher Bagley Ronald Eisele Jill Hoerter Joseph Bouchard
The Trustees comprise the members of SRF-UK.
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Self-Realization Fellowship Church –UK (a company limited by guarantee)
Trustees’ annual report for the year ended 30 September 2022
Trustees responsibilities in relation to the financial statements
The Trustees (who are also directors of SRF-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 (FRS 102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable 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 that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. 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.
In so far as the Trustees are aware:
-
there is no relevant audit information of which the charitable company’s auditor is unaware; and
-
the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Auditors
In accordance with the Companies Act, a resolution will be proposed at the Annual General Meeting to reappoint Saffery Champness LLP as auditors and to authorise the Trustees to fix their remuneration.
Jill Hoerter
Secretary, Trustee and Director
14/6/2023
Page 4
Self-Realization Fellowship Church –UK (a company limited by guarantee)
Independent auditors’ report to the members for the year ended 30 September 2022
Opinion
We have audited the financial statements of Self-Realization Fellowship Church – UK for the year ended 30 September 2022 which comprise the statement of financial activities, balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the charitable company’s state of affairs as at 30 September 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit
Page 5
Self-Realization Fellowship Church –UK (a company limited by guarantee)
Independent auditors’ report to the members for the year ended 30 September 2022
or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Trustees’ Annual Report which includes the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Trustees’ Annual Report which includes the Directors’ Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees’ remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our auditor
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the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and to take advantage of the small companies exemption in preparing the Trustees’ Annual Report and the Strategic Report.
Responsibilities of trustees
As explained more fully in the Trustees’ Responsibilities Statement set out on page 4, the trustees (who are also directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative to do so.
Page 6
Self-Realization Fellowship Church –UK (a company limited by guarantee)
Independent auditors’ report to the members for the year ended 30 September 2022
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charitable company by discussions with trustees and updating our understanding of the sector in which the charitable company operates.
Laws and regulations of direct significance in the context of the charitable company include The Companies Act 2006, and guidance issued by the Charity Commission for England and Wales .
Audit response to risks identified:
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
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Self-Realization Fellowship Church –UK (a company limited by guarantee)
Independent auditors’ report to the members for the year ended 30 September 2022
There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Cara Turtington (Senior Statutory Auditor) For and on behalf of Saffery Champness LLP
Chartered Accountants Statutory Auditors 71 Queen Victoria Street London EC4V 4BE
Date: 16 June 2023
Saffery Champness LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
Page 8
Self-Realization Fellowship Church –UK (a company limited by guarantee)
Statement of financial activities (Incorporating an Income and expenditure account) for the year ended 30 September 2022
| Unrestricted funds Notes £ Income from: Donations and legacies (including Gift Aid relief) 102,514 Charitable activities 4,995 Total income 107,509 Total expenditure on: Charitable activities Advancement of religion 181,054 Total expenditure 3 181,054 Net (expenditure)/income (73,545) Transfers between funds 10 - Net movement in funds (73,545) Total funds brought forward at 1 October 2021 951,425 Total funds carried forward at 30 September 2022 10 877,880 |
Restricted funds £ 65,540 - 65,540 62,612 62,612 2,928 - 2,928 3,115,175 3,118,103 |
2022 Total £ 168,054 4,995 173,049 243,666 243,666 (70,617) - (70,617) 4,066,600 3,995,983 |
2021 Total £ 175,312 656 |
|---|---|---|---|
| 175,968 | |||
| 287,934 | |||
| 287,934 | |||
| (111,966) - |
|||
| (111,966) 4,178,566 |
|||
| 4,066,600 |
All incoming resources and resources expended derive from continuing activities.
There were no other recognised gains or losses in the year.
The notes on pages 12 to 20 form part of these financial statements.
Page 9
Self-Realization Fellowship Church –UK (a company limited by guarantee)
Balance sheet as at 30 September 2022
| 30 September 2022 Notes £ £ Fixed assets Tangible fixed assets 6 3,388,643 Current assets Stock 13,638 Debtors 7 89,821 Cash at bank 585,875 689,334 Creditors: amounts falling due within one year 8 (81,994) Net current assets 607,340 Total assets less current liabilities 3,995,983 Unrestricted funds 10 877,880 Restricted funds 10 3,118,103 Total Funds 3,995,983 |
30 September 2021 £ £ 3,444,586 13,997 78,117 601,958 694,072 (72,058) 622,014 4,066,600 951,425 3,115,175 4,066,600 |
30 September 2021 £ £ 3,444,586 13,997 78,117 601,958 694,072 (72,058) 622,014 4,066,600 951,425 3,115,175 4,066,600 |
|---|---|---|
| 622,014 | ||
| 4,066,600 | ||
| 951,425 3,115,175 |
||
| 4,066,600 |
These financial statements have been prepared in accordance with special provisions relating to small companies within Part 15 of the Companies Act 2006.
The notes on pages 12 to 20 form part of these financial statements.
The financial statements were approved by the Board on 14/6/2023
Jill Hoerter
Secretary, Trustee and Director
Company Registration No: 4591453
Page 10
Self-Realization Fellowship Church –UK (a company limited by guarantee)
Statement of cash flows for the year ended 30 September 2022
| Notes Cash flows from operating activities: A Cash flows from investing activities Purchase of tangible fixed assets Net cash used in investing activities Change in cash in the year Cash at the beginning of the year Cash at the end of the year |
2022 £ 2,967 (19,050) (19,050) (16,083) 601,958 585,875 |
2021 £ (21,369) (19,189) |
|---|---|---|
| (19,189) | ||
| (40,558) | ||
| 642,516 | ||
| 601,958 |
Note A
Reconciliation of net income to net cash flow from operating activities
| 2022 £ Net income for the year as per Statement of Financial Activities (70,617) Depreciation 74,993 (Increase)/decrease in stock 359 (Increase)/decrease in debtors (11,704) Increase/(decrease) in creditors 9,936 Net cash inflow/(outflow) from operating activities 2,967 Analysis of changes in net debt 1 October 2021 Movement in the year £ £ Cash at bank 601,958 (16,083) |
2021 £ (111,966) 75,148 (51) (5,274) 20,774 |
|---|---|
| (21,369) | |
| At 30 September 2022 £ 585,875 |
All cash flows are derived from continuing operations during the above two periods.
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Self-Realization Fellowship Church –UK (a company limited by guarantee)
Notes to the financial statements for the year ended 30 September 2022
1 Accounting policies
The financial statements have been prepared in accordance with the Second Edition of 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) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The particular accounting policies are described below.
1.1 Accounting convention
The financial statements are prepared in sterling, which is the functional currently of the charitable company. Monetary amounts in these financial statements are rounded to the nearest pound.
The financial statements are prepared under the historical cost convention.
The Charity constitutes a public benefit entity as defined by FRS 102.
These financial statements for the year ended 30 September 2022 are prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
1.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Income
Income from donations and legacies is recognised when these are received or when collected by others on behalf of the charity during the period. Gift Aid relief is accrued, where applicable, at the time when the donation is received.
1.4 Interest receivable
Interest is recognised when receivable by the company.
1.5 Expenditure
Resources expended are recognised on an accruals basis, inclusive of any VAT which cannot be recovered. Governance and support costs have been allocated to the charitable activity and analysed in note 3. Governance costs relate to compliance with statutory requirements.
1.6 Fund accounting
The charity held the following funds during the year:
1.6.1 Unrestricted general funds
These are funds which can be used in accordance with the charitable objects at the discretion of the Trustees.
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Self-Realization Fellowship Church –UK (a company limited by guarantee)
Notes to the financial statements for the year ended 30 September 2022
1.6.2 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.
1.7 Tangible fixed assets
Depreciation is provided on the fixed assets (other than freehold land) at rates calculated to write off the cost over its expected useful life on a straight-line basis as follows:
Buildings 50 years Fixtures, fittings and equipment 5 years
1.8 Stock
Stock is valued at the lower of cost and net realisable value.
1.9 Financial instruments
The charity has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised initially in the accounts at transaction price, including any transaction costs. At the end of each accounting period, basic financial instruments are recognised at amortised cost. For debt instruments, this is calculated using the effective interest rate method.
1.10 Key judgements and assumptions
The key judgements and assumptions made by the Trustees in the preparation of the financial statements include the rates of depreciation used on the charity’s fixed assets and the expected recovery of Gift Aid from HMRC on eligible donations made to the charity.
2. Net income/(expenditure)
| Net income/(expenditure) | ||
|---|---|---|
| Year ended | Year ended | |
| This is stated after charging: | 30 September 2022 | 30 September 2021 |
| £ | £ | |
| Auditors’ remuneration: | ||
| Audit | 17,644 | 12,000 |
| Other services | 25,565 | 17,137 |
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Self-Realization Fellowship Church –UK (a company limited by guarantee)
Notes to the financial statements for the year ended 30 September 2022
| 3. Expenditure 3.1 2022 Expenditure Direct costs £ Charitable expenditure: Advancement of Religion 148,918 Governance - 148,918 Unrestricted funds 2022 £ Donations paid to SRF (USA) 37,500 Repair and refurbishment costs 11,432 Depreciation 12,381 Insurance and other church costs 19,553 Retreats and monastic visits 5,440 Support costs 94,748 181,054 The donations paid to SRF (USA) represent the following: Other donations |
Support costs £ 1,449 93,299 94,748 Restricted funds 2022 £ - - 62,612 - - - 62,612 2022 £ 37,500 37,500 |
2022 £ 150,367 93,299 |
|---|---|---|
| 243,666 | ||
| Total funds 2022 £ 37,500 11,432 74,993 19,553 5,440 94,748 |
||
| 243,666 | ||
| 2021 £ 110,194 |
||
| 110,194 |
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Self-Realization Fellowship Church –UK (a company limited by guarantee)
Notes to the financial statements for the year ended 30 September 2022
| 3. Expenditure 3.2 2021 Expenditure Charitable expenditure: Advancement of Religion Governance Donations paid to SRF (USA) Repair and refurbishment costs Depreciation Insurance and other church costs Retreats and monastic visits Support costs |
Direct costs £ 212,561 - 212,561 Unrestricted funds 2021 £ 110,194 15,325 12,558 11,894 - 75,373 225,344 |
Support costs £ 4,455 70,918 75,373 Restricted funds 2021 £ - - 62,590 - - - 62,590 |
2021 £ 217,016 70,918 287,934 Total funds 2021 £ 110,194 15,325 75,148 11,894 - 75,373 |
||
|---|---|---|---|---|---|
| 287,934 |
Support costs comprise legal, accountancy and administrative costs.
4. Related party transactions
The Trustees, who are key management personnel, were not paid any remuneration nor reimbursed for any expenses during the current or the previous year.
Donations of £37,500 (2021: £110,694) were made in the year to Self-Realization Fellowship Church (a non-profit religious entity incorporated under the law of the State of California, USA (“SRFC”)). SRFC has Trustees in common with Self-Realization Fellowship Church – UK (SRF-UK). SRFC also provides administrative support to SRF-UK.
Administrative costs of £50,090 were charged by SRFC to SRF-UK in the year (2021: £37,460). As at 30 September 2022 of this balance of £50,090 was owing to SRFC (2021: £37,460)
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Self-Realization Fellowship Church –UK (a company limited by guarantee)
Notes to the financial statements for the year ended 30 September 2022
5. Staff costs and emoluments
The company employed no staff during the current year or the previous year. Management of the charity is administered from Self-Realization Fellowship Church in the United States as well as by volunteers at the London Centre.
6. Fixed assets
| Cost At 1 October 2021 Additions At 30 September 2022 Depreciation At 1 October 2021 Charge for the year At 30 September 2022 Net book value At 30 September 2022 At 30 September 2021 |
Assets under Freehold land construction and buildings £ 8,520 4,500,093 19,050 - 27,570 4,500,093 - 1,064,412 - 74,725 - 1,139,137 27,570 3,360,956 8,520 3,435,681 |
Fixtures fittings and equipment £ 116,494 - 116,494 116,109 268 116,377 117 385 |
Total £ 4,625,107 19,050 |
|---|---|---|---|
| 4,644,157 | |||
| 1,180,521 74,993 |
|||
| 1,255,514 | |||
| 3,388,643 | |||
| 3,444,586 |
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Self-Realization Fellowship Church –UK (a company limited by guarantee)
Notes to the financial statements for the year ended 30 September 2022
| 7. Debtors Gift Aid tax reclaim Prepayments and other debtors 8. Creditors: amounts falling due within one year Other creditors and accruals Amounts owing to SRFC |
2022 £ 81,172 8,649 89,821 2022 £ 31,904 50,090 81,994 |
2021 £ 70,307 7,810 |
|---|---|---|
| 78,117 | ||
| 2021 £ 34,598 37,460 |
||
| 72,058 |
9. Charity status
The charity is a charitable company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the charitable company in the event of liquidation.
Page 17
Self-Realization Fellowship Church –UK (a company limited by guarantee)
Notes to the financial statements for the year ended 30 September 2022
| 10. Funds Current year Prior year Unrestricted funds General fund Designated Refurbishment fund Total Restricted funds London Centre Refurbishment fund Glass roof project Muriel Clark Total Total funds Unrestricted funds General fund Designated Refurbishment fund Total Restricted funds London Centre Refurbishment fund Glass roof project Muriel Clark Total Total funds |
Balance at 1 October 2021 Other Incoming resources Outgoing resources Transfers Balance at 30 September 2022 £ £ £ £ £ 712,524 89,778 (181,054) - 621,248 - - - - - 238,901 17,731 - - 256,632 |
|---|---|
| 951,425 107,509 (181,054) - 877,880 3,091,701 15,540 (62,376) - 3,044,865 15,000 50,000 - 65,000 8,474 - (236) - 8,238 |
|
| 3,115,175 65,540 (62,612) - 3,118,103 |
|
| 4,066,600 173,049 (243,666) - 3,995,983 |
|
| Balance at 1 October 2020 Other Incoming resources Outgoing resources Transfers Balance at 30 September 2021 £ £ £ £ £ 813,142 124,726 (225,344) - 712,524 - - - - - 221,174 17,727 - - 238,901 |
|
| 1,034,316 142,494 (225,344) - 951,425 3,135,540 18,515 (62,354) - 3,091,701 - 15,000 - 15,000 8,710 - (236) - 8,474 |
|
| 3,144,250 33,515 (62,590) - 3,115,175 |
|
| 4,178,566 175,968 (287,934) - 4,066,600 |
Page 18
Self-Realization Fellowship Church –UK (a company limited by guarantee)
Notes to the financial statements for the year ended 30 September 2022
10. Funds (continued)
The designated Refurbishment Fund represents monastic visit offerings to be used towards the future refurbishment of the London Church Building.
The restricted Refurbishment Fund represents donations which can only be used in connection with the purchase and refurbishment of the London Church Building.
The restricted Glass Roof Project Fund represents donations which can only be spent on the roof project at the London Centre.
The Muriel Clark Legacy represents receipt of funds for the benefit of the London Centre.
Transfers between funds represent expenditure in relation to these projects in previous years.
11. Analysis of net assets between funds
| Analysis of net assets between funds | ||
|---|---|---|
| Unrestricted funds £ Fund balances at 30 September 2022 represented by:- Tangible fixed assets 499,910 Stock 13,638 Debtors 89,821 Cash at bank 356,505 Creditors (81,994) 877,880 Unrestricted funds £ Fund balances at 30 September 2021 represented by:- Tangible fixed assets 501,921 Stock 13,997 Debtors 78,117 Cash at bank 429,448 Creditors (72,058) 951,425 |
Restricted funds £ 2,888,733 - - 229,370 - 3,118,103 Restricted funds £ 2,924,665 - - 172,510 3,115,175 |
Total funds £ 3,388,643 13,638 89,821 585,875 (81,994) |
| 3,995,983 | ||
| Total funds £ 3,444,586 13,997 78,117 601,958 (72,058) |
||
| 4,066,600 |
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Self-Realization Fellowship Church –UK (a company limited by guarantee)
Notes to the financial statements for the year ended 30 September 2022
12. Comparative information
2021 Statement of financial activities (Incorporating an Income and expenditure account)
| Unrestricted funds Income from: £ Donations and legacies (including Gift Aid relief) 141,797 Charitable activities 656 Total income 142,453 Expenditure on: Charitable activities Advancement of religion 225,344 Total expenditure 225,344 Net (expenditure) (82,891) Transfers between funds - Net movement in funds (82,891) Total funds brought forward at 30 September 2020 1,034,316 Total funds carried forward at 30 September 2021 921,425 |
Restricted Year funds ended 30 September 2021 Total £ £ 33,515 175,312 - 656 33,515 175,968 62,590 287,934 62,590 287,934 (29,075) (111,966) - - (29,075) (111,966) 3,144,250 4,178,566 3,115,175 4,066,600 |
Restricted Year funds ended 30 September 2021 Total £ £ 33,515 175,312 - 656 33,515 175,968 62,590 287,934 62,590 287,934 (29,075) (111,966) - - (29,075) (111,966) 3,144,250 4,178,566 3,115,175 4,066,600 |
|---|---|---|
| 175,968 | ||
| 287,934 | ||
| 287,934 | ||
| (111,966) - |
||
| (111,966) 4,178,566 |
||
| 4,066,600 |
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