Registered Charity Number 1103746 Registered Company Number 5091856 Sivananda Yoga Vedanta Centre (A Charitable Company Limited By Guarantee) ## Unaudited Accounts For the year ended 31 December 2020 ## **Sivananda Yoga Vedanta Centre Report and accounts** |**Contents**|**Page**| |---|---| |Reference and administrative information|1| |Trustees' annual report|2 - 6| |Independent examiner's report|7| |Statement of financial activities|8| |(Incorporating an income and expenditure account)|| |Balance sheet|9| |Notes to the financial statements|10 - 14| ## **Sivananda Yoga Vedanta Centre Reference and administrative information For the year ended 31 December 2020** |**Charity name**|Sivananda Yoga Vedanta Centre| |---|---| ||(A Charitable Company Limited by Guarantee)| |**Nature of governing document**|Memorandum and Articles of Association| |**Registered company number**|5091856| |**Registered charity number**|1103746| |**Directors / Trustees**|Brigitte Fletcher ( Swami Durgananda)| ||Florence Aillot ( Swami Kailasananda)| ||Jonas Mueller ( Swami Sivadasananda)| ||Rony Magazanic ( Swami Swaroopananda)| ||Mark Ashley ( Srinivasan)| ||Maria Guagliano| ||Swami Sitaramananda| ||Chandrashekhar Prince| ||Ms Maartje Johanna Onderwater (Swami Jyotirmayananda)| ||Ms Hedwig Selmeier (Swami Ramapriyananda)| |**Secretary**|Florence Aillot ( Swami Kailasananda)| |**Accountants/**|| |**Independent Examiner**|Bernard Gross| ||Winston Gross & Co| ||Chartered Accountants| ||34 Arlington Road| ||London| ||NW1 7HU| |**Bankers**|Royal Bank of Scotland| ||36 New Bridge Street| ||London| ||EC4| |**Solicitors**|Russell-Cooke| ||2 Putney Hill| ||London| ||SW15 6AB| |**Registered office/**|| |**Operational address**|51 Felsham Road| ||London| ||SW15 1 AZ| 1 ## **Sivananda Yoga Vedanta Centre Trustees' annual report For the year ended 31 December 2020** The trustees who are also directors under company law. present their report and financial statements for the year ended 31 December 2020. The trustees confirm that the financial statements comply with current statutory requirements, the memorandum and articles of association and the Charities Statement of Recommended Practice (SORP) - Accounting and Reporting by Charities SORP applicable to charities preparing their accounts in accordance with FRS 102 effective 1 January 2019. ## **Structure, Governance and Management** ## Governing document Sivananda Yoga Vedanta Centre is a company limited by guarantee, number 5091856 incorporated on 2 April 2004 and a charity registered with the Charity Commission on 13 May 2004, number 1103746. The charity is governed by its Memorandum and Articles of Association. The company has no share capital but under the terms of its Memorandum of Association every member is liable to contribute a sum not exceeding £1 in the event that the company is wound up whilst they are a member or for one year thereafter. The number of trustees shall not be less than six members nor more than ten. The number of trustees at present is ten (2019: ten). ## Recruitment and appointment of board of management The members of the Board of Management are the members in accordance with the Articles of Association. Under the requirements of the Memorandum and Articles of Association the members of the Board of Management are elected by the Board of Management to serve for a period of 3 years after which they may be re-appointed for one or more further terms of three years. All officers must be sympathetic to the teachings of Sri Swami Sivananda Maharaj. ## The trustees are: Brigitte Fletcher (Swami Durgananda) Florence Aillot (Swami Kailasananda) Jonas Mueller (Swami Sivadasananda) Rony Magazanic (Swami Swaroopananda) Mark Ashley (Srinivasan) Maria Guagliano Swami Sitaramananda Chandrashekhar Prince Ms Maartje Johanna Onderwater(Swami Jyotirmayananda) - (Appointed 6 March 2020) Ms Hedwig Selmeier (Swami Ramapriyananda) - (Appointed 6 March 2020) Thamatam Reddy - (Resigned 6 March 2020) ## Organisational structure The business of the Centre is managed by the Board of Management as a whole and they are responsible for the strategic direction and policy of the charity. Certain trustees - Swami Kailasananda, Swami Durgananda and Swami Jyotirmayananda - who are experienced in the operational and financial issues of associated centres which are part of the Sivananda Yoga Vedanta worldwide movement - play a more active role as trustees of the centre . Responsibility for the day to day management of the Centre was delegated to the Centre Director, Olivier Eyheramendy who is responsible for all the spiritual activities of the centre. 2 ## **Sivananda Yoga Vedanta Centre Trustees' annual report For the year ended 31 December 2020** ## Trustee induction and training The trustees are already familiar with the practical work of the charity being practicing Yogis themselves. All are sympathetic to the teachings of Sri Swami Sivananda Maharaj and generally are active in other associated non profit making centres which are part of the Sivananda Yoga Vedanta Centre movement worldwide. Trustees are active in the annual budgeting process and are very familiar with the objectives of the Centre. Information regarding the duties of trustees are circulated to and discussed with all trustees. ## Risk management The board of management regularly conducts a review of the major risks to which the charity is exposed. Regular reporting to the board of management helps minimise financial and operational risks and certain trustees regularly visit the centre. Individuals involved in running any classes are required to have the appropriate qualifications. Insurance is in place to protect against operational risks. The charity's risk assessment has been updated and fine-tuned further under the guidance of a professional risk consultant. ## Related parties The Centre is affiliated in spirit to the extent permitted by applicable laws and the objects of the Centre, in aim and activity with the Sivananda Yoga Vedanta Centre, Val Morin ,Quebec, Canada, which was registered as a non-profit corporation in the Province of Quebec, Canada in conformity with Article 2, Chapter 271, Statutes 1964 of Canadian legislation on 29 November 1965. There are affiliated Centres throughout the world. ## **Objectives, activities and public benefit** The company's principal activity during the year remains to advance the Hindu religion by the propagation, practice and dissemination of the spiritual teachings and doctrines of the Indian saint, mystic and sage His Holiness Sri Swami Sivananda, founder of the Divine Life society, Rishekesh, India. The trustees have had due regard to the guidance issued by the Charity Commissioners including public benefit guidance and they consider that the work carried out by the centre is for the public benefit. In furtherance of these objects the Centre brings together persons interested in the discipline of Yoga and promotes the knowledge of such discipline. This is achieved by running a centre at its operational address to promote the theory and practice of such a discipline. Projects are occasionally undertaken at other venues. Classes in meditation and relaxation are offered. The five basic principles of yoga promoted by Swami Vishnudevananda are taught as part of the classes. Teacher training, retreats and special programmes take place at the centre and occasionally at other venues. Invited guests visit the centre to assist in providing some of the special programmes. ## **Investment and funding** The trustees confirm that all the income and expenditure is for the sole purpose of meeting these objectives. 3 ## **Sivananda Yoga Vedanta Centre Trustees' annual report For the year ended 31 December 2020** ## **Achievements and performance** The main area of charitable activity is the running of classes, courses and teacher training held at the centre and also taught online during Covid times and retreats to achieve the charitable objectives of the centre. The centre also runs a boutique shop located at its operational address where products promoting the activities of the centre are for sale. The range of products are regularly reviewed and stock levels are carefully monitored. The centre has written various books promoting the objects of the charity, Royalties are received from these books which are also available for sale in the boutique. The centre is dependent on and grateful for the contributions rendered by its unpaid volunteers who play an essential role in helping to achieve the objectives of the centre. Achieving these goals is dependent on the number of people attending the classes and courses organised by the Centre. These numbers are affected by general economic trends and the income does vary each year. During 2020 numbers dropped significantly due to the pandemic. The Centre was closed from March to September 2020 and from the beginning of November to the beginning of December. ## **Members of the centre** Members of the Centre, as distinct from members of the board of management, are entitled to a discount on classes, courses, workshops and retreats. The Centre has an active membership scheme. There are currently 51 members of the centre who pay a subscription, to be members. ## **Financial review** ## Principal funding sources Income from charitable activities in the year comprised £97,642 (2019: £247,102). The trustees are satisfied with the level of income given the exceptional situation with the pandemic. This income is derived from yoga classes, courses and teacher training of £83,648 (2019: £203,665) and Income from retreats and other programs which promote the objects of the charity. Other trading activities include income from sales in the boutique of related yoga and meditation products of £5,399, (2019: £22,575). Donations have decreased in the year, down to £11,685 (2019: £28,142) and include an amount of £Nil from an individual donor (2019: £20,000). Gift aid tax has not been claimed in the year amounting to £Nil (2019: £586). Covid related grants were received from Wandsworth Borough Council of £27,000 (2019: £Nil) Costs are incurred in running the classes, courses and teachers training at the centre's premises and at other locations. The expenditure has been apportioned between these different charitable headings. No fundraising is undertaken directly and no costs are incurred in that regard. The deficit in funds for the year of £93,371 is stated after depreciation of £99,309. ## **Investment policy** The Board has the power to make investments under the Articles and can appoint a professional investment manager if deemed appropriate. No such appointment has been made. The Board takes a very prudent view regarding the investment of surplus funds which are invested in bank balances as funds are required to meet the centre's ongoing needs and to build up reserves. 4 ## **Sivananda Yoga Vedanta Centre Trustees' annual report For the year ended 31 December 2020** ## **Financial position at year end and reserves policy** The charity has a reserves policy that unrestricted funds in the form of free reserves not committed or invested in tangible fixed assets should represent between 3-6 months of expenditure. The board recognise that this is important as a significant proportion of the reserves are invested in the freehold property owned by the charity. The centre has cash balances of £65,472 and net current liabilities of £143,813 at the year end (2019: cash balances of £63,530 and net current liabilities of £110,866). Annual expenditure was circa £235,000 which means circa £58,750-£117,500 of reserves are required. The Centre is keen to increase the available net assets and is working to achieve this over a period of time. The charity has loans from other centres. These loans are denominated in a foreign currency. The charities functional currency is £ Sterling. Foreign exchange differences arise on these outstanding loans at the year end. In 2020 there is a foreign exchange loss of £28,246 (2019: £23,564 gain). ## **Plans for future periods and impact of Covid 19** The Covid-19 pandemic has continued through and beyond the year end. The charity has been running classes online since the very beginning of the first lock-down and also offers UK based students the possibility to participate in international, online Teacher Training Courses (TTC's). Despite these online activities, Covid has resulted in a significant drop in income in 2020 and there is uncertaintity regarding a major recovery in income in 2021. The Centre received financial support from Wandsworth Council and the RBS. Under the qualifying criteria for the Retail, Hospitality and Leisure Grant Fund, the Centre was granted and received £27,000 in the year. RBS initially granted the charity a 6 month capital repayment holiday, which was afterwards, extended to one year. In 2021, a further 6 month capital repayment holiday was granted. The duration and impact of the Covid-19 pandemic, as well as the effectiveness of government and central bank responses, remains unclear at this time. It is not possible to reliably estimate the duration and severity of the consequences as well as their impact on the financial position and results of the Company for future periods. 5 Sivananda Yoga Vedanta Centre Trustees. annual report For the year ended 31 Oecember 2020 Responsibilities of the boattl of management Statement of Directors. and Trustees, Responsibilities Charity Law and the Companies Acts require the Board to prepare accounls for each financial year which give a true and faif view of the slate of affairs of the charitable company as at the end of the financial year and of its incoming resources and applicab.on ol resources_ including income and expenditure for that peiiod. In preparing those accounts the Board required to select suitable accounting poliues and then appty them consistenly.. wnake judgements and estimates that are reasonable and prudent., prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the charity wll continue in business. state vthethef appli¢able accounting standards and statements of recommended practice have been followed subiecl to any material departures disclosed and explained in the financial statements. - observe the methods and piinciples ol the Charites SORP The trijstees are also responsible for maintaining proper accounting records Ythich rfisclose with reasonable accuracy at any knme the financial POS￿0￿ ol the ¢harity and vA)ich are sufficient lo show and explain the charity's transactions and enable them to ensure that the accounts comply with the Companies Act 2006. They ale also responsible for safeguaiding the assets ol the charity and hence for takipg reasonable steps for Ihe prevention and detection of fraud and other irtegularities. This report was approved by the board on October 2021. Florence ￿.110t I Swami Kailasanandal Trustee and member of the Board of Management Slvananda Yoga Vedanta Centre (LIMITED BY GUARANTEEI Accountants, Report Independont Examlnerfs report on th• unaudlled accounts to the dlrectorsltrustees of Slvananda Yoga Vedanta Centre I report lo th8 Companys Board of Directors are 81s0 Ihe Trustees ol SNanarKla Yoga Vedanla Centre (the Charity) on Ihe accounts for the year ended 31 De￿rnber 2020. comprise the Slalerr*nl Of Flnandal Activitie5. Ihe 8alance Shèet and the rKAes. This report is made 501ety to the Companys Board of Diredors are akn the Chari(Vs Trustees, as a Wy. My lwrk h85 been und8Ftak8n so that I mTgM slale to the trustees those matters l am required to slate lo Ihern in an Ind8pendÈnt Examlner's report and for no other purp￿. To the fUl￿t exlenl pertriitted tsy law. I do not attepl or a55Utne ￿sPOnsIbl11ty lo anyone other than the Charity atKI Charivs tWStees as 8 body. for my rk. for this report or for oplnk)n I have forrneil. Respectlve re5ponsibllltl&s of trustees and Independent examlnpr As described in the statement of Irustees, resp0Th5ibilibe5 on pa98 6. the Chaws tFuste8s are res[m￿blE foT thè preparatlon of the accounls and they conshser that tht Charity ts exempi from an audil undei sedK>n 144 of the Charities Act 2011 Ilhe Acll alld exempl Part 16 01 th8 c{wan￿ kl 2¢M)6 and thai an independent exarDinatlOn 15 required. Havlng satiSf￿d my5eW that th8 charity 15 nol sutiecl lo audit under tvnpany law and i8 elwJible lor ind8p8ndenl Èxaminalk)n. 1¢ is my reswsbllity to exawninp IhE accounts under 5eclion 145 of the Act and to follow procedures laid dobfrn in the general DIrect￿nS given by the Charity Commission under settion 14515101 the Act and slate wfiether particular matters havÈ tome to my attention. Ba818 of Independent Examln•rf$ rel￿rt My examination was rAmed out In accordante %%ith ts Genetal Direc1KH￿ giwen by the Charity Commission. My examlnalion indude5 3 rev￿ of Ihe accounting records kept by the tharily and a ¢x>mpanson of the accounts presented wth those records. It also Intludes consideraiK)n of any unusual ilerns w di%105ure5 in the accounts, and SèEking explanatians trorn the ttvstees ronceming &ny such fflatters. The procedures undertaken tjo not provide &ll the evidence that b8 required in an audit. and conSequen￿Y no op1nK)n is gwen as lo Ythelh8r the accounts prèsent a arknl fairf ￿e￿ arKI Ihe tekmyl ￿ I￿lled lo those matters Sel oul In Ihe slaletnenl bEh)w. Indtrpendent pxamlnet'5 5tstement I h8V8 completed my examination_ In conn8dlon ￿th my exatnitTatK)n. matter has ￿rne to ffly allenlion: 1. which gives me rÈasonable tause to belpve Ihal in. any material respecl. requirernents.. . to keep accounting records in accordance bmlh seclKJn 386 of the Companies Act 2(￿.. and . to prepare atrx>unls which accord %Mlh Ihe at￿nting ￿CordS atyl c(Jvnpty with the accounti requiremen15 of Section 396 of the Companies Acl 2(M)6 and Ihe methods and prinCip￿S of the Stalemfrnt of Recommended Praelice.. Atcounting and Re￿[ting by Charities appk"cablÈ to Finantial Reportlng stantsard apNlcable lo UK and Repul￿ts¢ of Iretsnd IFRS 1021 leNeclNe 1 January 20191- (Cha￿eS SORP FRS 10211.. have not b8en m81., or 2. to *thich. in my opinion, attentKlll should b8 dra￿ in ord8r to en8blÈ a r￿0￿r understandry of the *thunl$ lo ched. Bem ross FCA Indep nl examiner Winst ross & Co Chartered Accounlants 34 ArlingloTh Road London NW17HU Octob8r 2021 ## **Sivananda Yoga Vedanta Centre (Limited by guarantee) Statement of financial activities (Including Income & Expenditure Account) for the year ended 31 December 2020** |**Notes**
**Income from:**
Donations, grants and legacies
2
Charitable activities
3
Other trading activities
4
Income from investments
5
**Total income**
**Expenditure on:**
Raising funds
6
Charitable activities
6
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds**
**Total funds as at 1 January 2020**
Prior year adjustment
10
**Total funds as at 31 December 2020**
**Re-stated1 January 2019**|**General**
**unrestricted**
**Restricted**
**funds**
**funds**
**£**
**£**
38,685
-
97,642
-
5,730
-
32
-
142,089
-
14,673
-
220,787
-
235,460
-
(93,371)
-
1,002,242
-
-
-
908,871
-|**2020**
**£**
38,685
97,642
5,730
32
142,089
14,673
220,787
235,460
(93,371)
1,002,242
-
908,871|**Restated**
**2019**
**£**
28,142
247,102
23,576
57| |---|---|---|---| ||||298,877| ||||26,689
247,294| ||||273,983| ||||24,894
963,269
14,079| ||||977,348| ||||| ||||1,002,242| The statement of financial activities includes all gains and losses. All income and expenditure derives from continuing activities. 8 Sivananda Yoga Vedanta Centre Balance Sheet as at 31 December 2020 Registered Company Number 5091856 Restated 2019 Notes 2020 Fixed assets Tangible assets 10 1,910.581 2,009,101 Current assets Stocks Debtors Cash at bank and in hand 13,000 6,788 65,472 85.260 15,000 9.986 63.530 88.516 Creditors: amounts falling due within one year 12 (229.0731 (199.382) Net current liabilities (143,8131 1110,8661 Total assets less cu￿ent 1.766.768 1,898,235 Creditors: amounts falling due after more than one year 1857,8971 1895,9931 Net assets 908,871 1,002,242 UnrÈstri¢ted funds Geneial ￿ndS 14 908.871 1,002,242 Total charty funds - all unrestricted - 31 December 2020 908,871 1,002,242 For the financial year in question the company wa5 enkn.lled lo exemption from the iequiiement lo obtain an audit undet section 477 of the Companies A¢t 2006 relab'ng to small companies. No members have required the company to obtain an audit of its a¢¢ounts for the year in question in accordance with se¢lion 476 01 the Act. The dIre￿or¥ a¢knoYAedge their responsibilibes for comptying thfjth Ihe requirements of the Companies Act 2006 wih respect to accounting records and the pieparats.on of accounts. These a¢eounts have been prepafed and delwered in accordance y￿h the special provisions applicable lo companies subject to the small companies. regime. Floren¢e ￿lIot I Swami Kailasanandal Trustee and member of the Board of Management pioved by the board of management on > October 2021 ## **Sivananda Yoga Vedanta Centre Notes to the Accounts** **for the year ended 31 December 2020** ## **1 Accounting policies** ## a) _**Basis of preparation**_ The financial statements have been prepared under historical cost convention in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP FRS 102), the financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note. ## b) _**Public benefit entity**_ The charitable company meets the definition of a public entity under FRS 102. Concessionary loans The centre has received loans from other centres and from a trustee. These are at rates below the prevailing market rates of interest of a similar commercial loan . The loans have been treated as public benefit concessionary loans under the definition in the Financial Reporting Standard FRS 102. These loans are reported at the amount received adjusted for any unpaid accrued interest. The loans have not been discounted to their present value and the liability in subsequent years is not recognised at amortised cost using the effective interest rate method. c) _**Going concern**_ At the date of these accounts, the Coronavirus (COVID-19) continues to be a significant international event with the impact being felt in the UK and the rest of the world. As indicated in the trustees report steps have been taken to try and minimise such risks with the help of Government grants and support from the Company's bankers and other centres.As such the accounts have been prepared on a going concern basis. The trustees do not consider that there are any sources of uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period. d) _**Income**_ All income is included in the statement of financial activities when the charity is entitled to the income, it is probable that the income will be received and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income: - Voluntary income is received by way of donations and gifts and is included in full in the Statement of Financial Activities - when receivable. - Donated services and facilities are included at the value to the charity where this can be quantified. The value of services - provided by volunteers has not been included in these accounts. - Investment income is included when receivable. - Books and other items donated for resale through the charity's boutique are included as other trading activities when they - are sold. - Yoga classes, courses and teacher training income is treated as charitable activities and are accounted for when earned. - Subscription income is treated as part of income from charitable activities as it is for a service received. Subscriptions paid - in advance are deferred to future periods. ## e) _**Interest receivable**_ Interest on funds held in bank accounts is included when receivable and the amount can be measured reliably by the charity, this is normally upon notification of the interest paid or payable by the bank. - f) _**Fund accounting**_ Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes. Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund. 10 ## **Sivananda Yoga Vedanta Centre Notes to the Accounts for the year ended 31 December 2020** ## **1 Accounting policies - continued** ## g) **Expenditure** - Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure is stated net of Vat. Any irrecoverable VAT is reported separately: - Costs of raising funds comprise the cost associated with attracting voluntary income. - Charitable activities expenditure comprises those costs incurred by the charity in the delivery of its activities and services - for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. - All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resources. Costs relating to a particular activity are allocated directly , others are apportioned on an appropriate basis per floor areas, per capita or estimated usage as set out in note 6. h) _**Allocation of support costs**_ Resources expended are allocated to the particular activity where the cost relates to that activity. The cost of overall direction and administration of each activity, comprising the overhead costs of the central function, are apportioned based on the amount attributable to each activity. - i) _**Tangible fixed assets**_ Fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the Freehold buildings 2% on building-straight line Improvements to land and buildings 5% straight line Equipment, furniture and fittings 20% reducing balance basis The estimated value of the land is not depreciated. ## j) _**Stocks**_ Stock is valued at the estimated lower of cost and net realisable value. k) _**Debtors**_ Debtors are recognised at the settlement amount due after any discounts offered. Prepayments are valued at the amount prepaid net of any discounts due. - l) _**Cash at bank and in hand**_ Cash at bank and in hand includes bank balance kept in current accounts. ## m) _**Creditors and provisions**_ Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any discounts due. The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments which are initially recognised at transaction value and subsequently measured at their settlement value. - n) _**Leasing and hire purchase commitments**_ Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the Statement of Financial Activities as incurred. - o) _**Foreign currencies**_ Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account. 11 ## **Sivananda Yoga Vedanta Centre Notes to the Accounts for the year ended 31 December 2020** |**2**
**Income from donations, grants and legacies**
Donations
Grants from local authority
**3**
**Income from charitable activities**
Yoga activities income
**4**
**Income from other trading activities**
Other trading activities
**5**
**Income from investments**
Bank interest received
**6**
**Analysis of expenditure**
Boutique costs
Special programmes
Retreat expenses
Direct yoga supplies
Brochure cost, design and distribution
Motor and travel
**Support costs allocated to activities**
Establishment expenses
General office expenses
Legal and professional
Accountancy
Independent examination fee
Depreciation
Irrecoverable input VAT
Credit card charges
Foreign exchange loss/(profit)
Bank charges and interest
**Governance costs**
**Total expenditure 2020**
**Total expenditure 2019**
Contribution
to
Headquarters'
&
overseas
Ashram donation|**Unrestricted**
**£**
11,685
27,000
38,685
**Unrestricted**
**£**
97,642
5,730
32
**Charitable**
**Raising**
**activities**
**funds**
**£**
**£**
-
3,911
3,976
-
-
-
6,914
-
5,844
-
1,073
-|**Unrestricted**
**£**
11,685
27,000
38,685
**Unrestricted**
**£**
97,642
5,730
32
**Charitable**
**Raising**
**activities**
**funds**
**£**
**£**
-
3,911
3,976
-
-
-
6,914
-
5,844
-
1,073
-|**Restricted**
**£**
-
-|**2020**
**Total**
**£**
11,685
27,000|**2019**
**Total**
**£**
28,142
-| |---|---|---|---|---|---| |||38,685|-|38,685|28,142| ||||**Restricted**
**£**
-|**2020**
**Total**
**£**
97,642|**2019**
**Total**
**£**
247,102| |||5,730|-|5,730|23,576| |||32|-|32|57| |||**Raising**
**funds**
**£**
3,911
-
-
-
-
-|**Governance**
**£**
-
-
-
-
-
-|**2020**
**Total**
**£**
3,911
3,976
-
6,914
5,844
1,073|**Restated**
**2019**
**Total**
**£**
11,881
5,460
13,155
38,296
20,347
1,994| ||17,807|3,911|-|21,718|91,133| ||30,888
13,544
7,899
5,404
-
94,344
1,441
3,874
95
26,834
17,944|1,626
713
416
284
-
4,965
360
-
5
1,412
944|-
-
-
-
750
-
-
-
-
-
-|32,514
14,257
8,315
5,688
750
99,309
1,801
3,874
100
28,246
18,888|46,238
7,293
10,854
9,082
750
99,973
1,402
6,885
116
(23,564)
23,821| ||202,267|10,725|750|213,742|182,850| ||713|37|(750)|-|-| ||220,787|14,673|-|235,460|273,983| ||247,294|26,689|-|-|| The support costs are allocated between the yoga activities and boutique pro rata to their turnover. 12 ## **Sivananda Yoga Vedanta Centre Notes to the Accounts for the year ended 31 December 2020** |**7**
**Net incoming resources**
This is stated after charging:
Depreciation of owned fixed assets
Independent Examiner's fees|**2020**
**£**
99,309
750|**Restated**
**2019**
**£**
99,973
750| |---|---|---| ## **8 Analysis of staff costs, trustee remuneration and expenses and the cost of key management personnel** No members of the board of management received any remuneration during the year. Travel costs amounting to £Nil (2019: £Nil) were paid on behalf of any members of the board. No amounts are included in the financial statements for services donated by key management personnel and volunteers as these cannot be quantified. ## **9 Taxation** As a charity, Sivananda Yoga Vedanta Centre is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the Charity. The company is exempt from levying VAT on certain of its income and can therefore only recover input tax on a proportion of goods and services purchased. ## **10 Tangible fixed assets** |**Cost**
At 1 January 2020
Additions
At 31 December 2020
**Depreciation**
At 1 January 2020
Prior year adjustment
**Restated at 31 December 2019**
Charge for the year
At 31 December 2020
**Net book value**
At 31 December 2020
At 31 December 2019 as restated|**Freehold land**
**and buildings**
**£**
3,105,801
789|**Equipment,**
**furniture**
**and fittings**
**£**
118,022
-|**Total**
**£**
3,223,823
789| |---|---|---|---| ||3,106,590|118,022|3,224,612| ||1,124,573
(21,119)
1,103,454
97,958|111,268
-|1,235,841
(21,119)| |||111,268
1,351|1,214,722
99,309| ||1,201,412|112,619|1,314,031| ||1,905,178|5,403|1,910,581| ||2,002,347|6,754|2,009,101| The Executive Committee are of the opinion that the market values of the freehold functional properties are not less than their book value at 31 December 2020. The depreciation brought forward on building improvements included certain assets which had been fully depreciated, thus overstating depreciation by £21,119. This was adjusted in these accounts as a prior year adjustment ## **11 Debtors** |**Debtors**
Other debtors and prepayments|**2020**
**£**
6,788|**2019**
**£**
9,986| |---|---|---| 13 ## **Sivananda Yoga Vedanta Centre Notes to the Accounts for the year ended 31 December 2020** |**12 Creditors: amounts falling due within one year**
Bank loans and overdrafts (secured)
Trade creditors
Other loans (secured as below)
Other taxes and social security costs
Accruals and deferred income|**2020**
**£**
33,993
657
148,059
343
46,021|**2019**
**£**
35,865
1,236
115,434
382
46,465| |---|---|---| ||229,073|199,382| The bank loans and overdrafts are secured by a first charge over the land and buildings. Certain of the other loans are secured by a fixed charge over Freehold land and buildings owned by the company. In 2013 and 2015 the centre received loans from other centres and from a trustee. These are shown above as other loans. The rates charged on these loans vary from 0% to 3%. Loans totalling £175,386 (2019:165,376) are secured .The loans are repayable over years ranging from 5-12 years from the date of the agreement. These loans are reported at the amount received adjusted for any unpaid accrued interest. The loans have not been discounted to their present value. |**13 Creditors: amounts falling due after one year**
Bank loans (secured)
Other loans (secured as below)
Loans falling due within one year
Loans falling due after one year|**2020**
**£**
465,644
392,253|**2019**
**£**
473,662
422,331| |---|---|---| ||857,897|895,993| ||182,052
857,897|151,299
895,993| ||1,039,949|1,047,292| These loans are repayable in instalments. The bank loans and overdrafts are secured by a first charge over the land and buildings. Certain of the other loans are secured by a fixed charge over Freehold land and buildings owned by the company. |**14 Movements in funds**
At 1 January
Prior year adjustment - depreciation overprovision
Incoming resources
Resources expended
At 31 December|**2020**
**£**
1,002,242
-
142,089
(235,460)|**Restated**
**2019**
**£**
963,269
14,079
298,877
(273,983)| |---|---|---| ||908,871|1,002,242| ## **15 Contingent liabilitiesContingent liabilities** An amount of $4,358CDN (2019: $4,358 CDN) may be contributed by the Centre, as a share of costs that will be incurred by the International Centre in Canada, in defending a legal case. ## **16 Related parties** At the end of the year an interest free loan of £36,408 (2019: £62,108) was owing to an ex trustee, who resigned in 2019. ## **17 Company information** Sivananda Yoga Vedanta Centre is a private company limited by guarantee incorporated in England and Wales. The registered office is 51 Felsham Road, London, SW15 1AZ. . ## **18 Presentation currency** The financial statements are presented in Sterling. ## **19 Liabilities of members** The company has no share capital but under the terms of its memorandum and articles of association every member is liable to contribute a sum not exceeding £1 in the event the company is wound up whilst they are a member or for one year thereafter. 14