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 2023
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 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 2023
The Trustees present their report and financial statements for the year ended 30 September 2023.
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 2023
Achievements and Performance
As of April 2024, London Centre has resumed its full in-person service schedule, including meditations and
inspirational services in the evenings and on Sundays, and all regular commemoration services. Attendance
of those services is back to pre-COVID levels. Long meditations and retreats have also resumed on a monthly
or quarterly basis. Special events and services were held at offsite meeting venues to accommodate larger
turnout.
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 £291,898 (2022: £173,049). The net movement in funds for
the year amounted to a deficit of £22,066 (2022: deficit of £70,617). 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 2023 was £868,028 (2022: £877,880) of which
£334,875(2022: £356,505) is represented by cash. Restricted funds at 30 September 2023 were £3,105,890
(2022: £3,118,103). 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.
The Charity’s income has increased and is in a strong financial position with a cash balance of £618,064 at
30 September 2023. The Charity’s business plan caters for two years of business disruption assuming no
income and committed costs of approximately £140,000 per annum. As a result, the charity is confident
that it is in a strong position to see out the current situation. The Trustees continue to monitor the cash
balance and committed costs as forecasted in the business plan.
Page 2
Self-Realization Fellowship Church –UK (a company limited by guarantee)
Trustees’ annual report for the year ended 30 September 2023
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.
Page 3
Self-Realization Fellowship Church –UK (a company limited by guarantee)
Trustees’ annual report for the year ended 30 September 2023
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 companyand 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 (FRS 102);
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable 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 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 re-
appoint Saffery LLP as auditors and to authorise the Trustees to fix their remuneration.
Jill Hoerter
Secretary, Trustee and Director
10 June 2024
Page 4
Self-Realization Fellowship Church –UK (a company limited by guarantee)
Independent auditors’ report to the members for the year ended 30 September 2023
Opinion
We have audited the financial statements of Self-Realization Fellowship Church – UK for the year ended 30
September 2023 which comprise the statement of financial activities, balance sheet, cash flows 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 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
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 2023
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:
-
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
-
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:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of trustees’ remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our auditor
-
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 2023
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.
Page 7
Self-Realization Fellowship Church –UK (a company limited by guarantee)
Independent auditors’ report to the members for the year ended 30 September 2023
There are inherent limitations in the audit procedures described above and the further removed non-
compliance 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 LLP
Chartered Accountants
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
Date: 11 June 2024
Saffery 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 2023
Unrestricted
funds
Notes
£
Income from:
Donations and legacies
(including Gift Aid relief)
215,909
Charitable activities
20,581
Interest income
5,009
Total income
241,499
Total expenditure on:
Charitable activities
Advancement of religion
251,352
Total expenditure
3
251,352
Net (expenditure)/income
(9,853)
Transfers between funds
10
-
Net movement in funds
(9,853)
Total funds brought forward
at 1 October 2022
877,880
Total funds carried forward
at 30 September 2023
10
868,028 |
Unrestricted
funds
Notes
£
Income from:
Donations and legacies
(including Gift Aid relief)
215,909
Charitable activities
20,581
Interest income
5,009
Total income
241,499
Total expenditure on:
Charitable activities
Advancement of religion
251,352
Total expenditure
3
251,352
Net (expenditure)/income
(9,853)
Transfers between funds
10
-
Net movement in funds
(9,853)
Total funds brought forward
at 1 October 2022
877,880
Total funds carried forward
at 30 September 2023
10
868,028 |
Restricted
funds
£
50,399 |
2023
Total
£
266,308
20,581
5,009 |
2022
Total
£
168,054
4,995
- |
|
241,499
251,352
251,352
(9,853)
-
(9,853)
877,880
868,028 |
50,399
62,612
62,612
(12,213)
-
(12,213)
3,118,103
3,105,890 |
291,898
313,964
313,964
(22,066)
-
(22,066)
3,995,983
3,973,918 |
173,049 |
|
|
|
|
243,666 |
|
|
|
|
243,666 |
|
|
|
|
(70,617)
- |
|
|
|
|
(70,617)
4,066,600 |
|
|
|
|
3,995,983 |
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 2023
30 September
2023
Notes
£
£
Fixed assets
Tangible fixed assets
6
3,388,445
Current assets
Stock
17,267
Debtors
7
28,033
Cash at bank
619,264
664,564
Creditors: amounts falling due
within one year
8
(79,091)
Net current assets
585,473
Total assets less current
liabilities
3,973,918
Unrestricted funds
10
868,028
Restricted funds
10
3,105,890
Total Funds
3,973,918 |
30 September
2022
£
£
3,388,643
13,638
89,821
585,875
689,334
(81,994)
607,340
3,995,983
877,880
3,118,103
3,995,983 |
30 September
2022
£
£
3,388,643
13,638
89,821
585,875
689,334
(81,994)
607,340
3,995,983
877,880
3,118,103
3,995,983 |
|
|
607,340 |
|
|
3,995,983 |
|
|
877,880
3,118,103 |
|
|
3,995,983 |
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 10 June 2024
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 2023
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 |
2023
£
108,007
(74,618)
(74,618)
33,389
585,875
619,264 |
2022
£
2,967
(19,050) |
|
|
(19,050) |
|
|
(16,083) |
|
|
601,958 |
|
|
585,875 |
Note A
Reconciliation of net income to net cash flow from operating activities
Note A
Reconciliation of net income to net cash flow from operating activities |
|
2023
£
Net income for the year as per Statement
of Financial Activities
(22,066)
Depreciation
74,816
(Increase)/decrease in stock
(3,628)
(Increase)/decrease in debtors
61,788
Increase/(decrease) in creditors
(2,903)
Net cash inflow/(outflow) from operating activities
108,007
Analysis of changes in net debt
1 October
2022
Movement in
the year
£
£
Cash at bank
585,875
33,389 |
2022
£
(70,617)
74,993
359
(11,704)
9,936 |
|
2,967 |
|
At 30
September
2023
£
619,264 |
All cash flows are derived from continuing operations during the above two periods.
Page 11
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 currency 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 2023 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.
Page 12
Self-Realization Fellowship Church –UK (a company limited by guarantee)
Notes to the financial statements for the year ended 30 September 2023
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 2023 |
30 September 2022 |
|
£ |
£ |
Auditors’ remuneration: |
|
|
Audit |
18,000 |
15,000 |
Other services |
28,062 |
28,209 |
Page 13
Self-Realization Fellowship Church –UK (a company limited by guarantee)
Notes to the financial statements for the year ended 30 September 2023
3.
Expenditure
3.1
2023 Expenditure
Direct
costs
£
Charitable expenditure:
Advancement of Religion
213,506
Governance
-
213,506
Unrestricted
funds
2023
£
Donations paid to SRF (USA)
25,632
Repair and refurbishment costs
20,001
Depreciation
12,204
Insurance and other church costs
33,932
Retreats and monastic visits
59,126
Support costs
100,458
251,352
The donations paid to SRF (USA) represent the following:
Other donations |
Support
costs
£
6,471
93,987
100,458
Restricted
funds
2023
£
-
-
62,612
-
-
-
62,612
2023
£
25,632
25,632 |
2023
£
219,977
93,987 |
|
|
313,964 |
|
|
Total
funds
2023
£
25,632
20,001
74,816
33,932
59,126
100,458 |
|
|
313,964 |
|
|
2022
£
37,500 |
|
|
37,500 |
Page 14
Self-Realization Fellowship Church –UK (a company limited by guarantee)
Notes to the financial statements for the year ended 30 September 2023
3.
Expenditure
3.2
2022 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
£
148,918
-
148,918
Unrestricted
funds
2022
£
37,500
11,432
12,381
19,553
5,440
94,748
181,054 |
|
Support
costs
£
1,449
93,299
94,748
Restricted
funds
2022
£
-
-
62,612
-
-
-
62,612 |
|
2022
£
150,367
93,299
243,666
Total
funds
2022
£
37,500
11,432
74,993
19,553
5,440
94,748 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
243,666 |
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 £40,897 (2022: £37,500) 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 £47,925 were charged by SRFC to SRF-UK in the year (2022: £50,090). As at
30 September 2023 of this balance of £47,925 was owing to SRFC (2022: £50,090).
Page 15
Self-Realization Fellowship Church –UK (a company limited by guarantee)
Notes to the financial statements for the year ended 30 September 2023
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
ed assets |
|
|
|
Cost
At 1 October 2022
Additions
At 30 September 2023
Depreciation
At 1 October 2022
Charge for the year
At 30 September 2023
Net book value
At 30 September 2023
At 30 September 2022 |
Assets under
Freehold land
construction
and buildings
£
27,570
4,500,093
74,618
-
102,188
4,500,093
-
1,139,137
-
74,725
-
1,213,862
102,188
3,286,231
27,570
3,360,956 |
Fixtures
fittings and
equipment
£
116,494
-
116,494
116,377
91
116,468
26
117 |
Total
£
4,644,157
74,618 |
|
|
|
4,718,775 |
|
|
|
1,255,514
74,816 |
|
|
|
1,330,330 |
|
|
|
3,388,445 |
|
|
|
3,388,643 |
Page 16
Self-Realization Fellowship Church –UK (a company limited by guarantee)
Notes to the financial statements for the year ended 30 September 2023
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 |
2023
£
18,129
9,904
28,033
2023
£
79,091
-
79,091 |
2022
£
81,172
8,649 |
|
|
89,821 |
|
|
2022
£
31,904
50,090 |
|
|
81,994 |
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 2023
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
2022
Other
Incoming
resources
Outgoing
resources
Transfers
Balance at 30
September
2023
£
£
£
£
£
621,248
211,353
(251,352)
-
581,250
-
-
-
-
-
256,632
30,146
-
-
286,778 |
|
877,880
241,499
(251,352)
-
868,028
3,044,865
3,399
(62,376)
-
2,985,888
65,000
47,000
-
-
112,000
8,238
-
(236)
-
8,002 |
|
3,118,103
50,399
(62,612)
-
3,105,890 |
|
3,995,983
291,898
(313,964)
-
3,973,918 |
|
Balance at
1 October
2021
Other
Incoming
resources
Outgoing
resources
Transfers
Balance at 30
September
2022
£
£
£
£
£
s
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 |
Page 18
Self-Realization Fellowship Church –UK (a company limited by guarantee)
Notes to the financial statements for the year ended 30 September 2023
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 2023
represented by:-
Tangible fixed assets
566,944
Stock
17,267
Debtors
28,033
Cash at bank
334,875
Creditors
(79,091)
868,028
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 |
Restricted
funds
£
2,821,501
-
-
284,389
-
3,105,890
Restricted
funds
£
2,888,733
-
-
229,370
-
3,118,103 |
Total
funds
£
3,388,445
17,267
28,033
619,264
(79,091) |
|
|
3,973,918 |
|
|
Total
funds
£
3,388,643
13,638
89,821
585,875
(81,994) |
|
|
3,995,983 |
Page 19
Self-Realization Fellowship Church –UK (a company limited by guarantee)
Notes to the financial statements for the year ended 30 September 2023
12. Comparative information
2022 Statement of financial activities (Incorporating an Income and expenditure account)
Unrestricted
funds
Income from:
£
Donations and legacies
(including Gift Aid relief)
102,514
Charitable activities
4,995
Total income
107,509
Expenditure on:
Charitable activities
Advancement of religion
181,054
Total expenditure
181,054
Net (expenditure)/income
(73,545)
Transfers between funds
-
Net movement in funds
(73,545)
Total funds brought forward
at 30 September 2021
951,425
Total funds carried forward
at 30 September 2022
877,880 |
Restricted
Year
funds
ended
30 September
2022
Total
£
£
65,540
168,054
-
4,995
65,540
173,049
62,612
243,666
62,612
243,666
2,928
(70,617)
-
-
2,928
(70,617)
3,115,175
4,066,600
3,118,103
3,995,983 |
Restricted
Year
funds
ended
30 September
2022
Total
£
£
65,540
168,054
-
4,995
65,540
173,049
62,612
243,666
62,612
243,666
2,928
(70,617)
-
-
2,928
(70,617)
3,115,175
4,066,600
3,118,103
3,995,983 |
|
|
173,049 |
|
|
243,666 |
|
|
243,666 |
|
|
(70,617)
- |
|
|
(70,617)
4,066,600 |
|
|
3,995,983 |
Page 20