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 2024
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 - 15 |
Sivananda Yoga Vedanta Centre Reference and administrative information For the year ended 31 December 2024
| Charity name | Sivananda Yoga Vedanta Centre |
|---|---|
| (A Charitable Company Limited by Guarantee) | |
| Nature of governing document | Articles of Association |
| Registered company number | 5091856 |
| Registered charity number | 1103746 |
| Directors / Trustees | |
| President - | Brigitte Fletcher ( Swami Durgananda) |
| Vice President - | Florence Aillot ( Swami Kailasananda) |
| Treasurer - | Jonas Müeller ( Swami Sivadasananda) |
| Rony Magazanic ( Swami Swaroopananda) | |
| Mark Ashley ( Srinivasan) | |
| Maria Guagliano (Kanti Devi) | |
| Swami Sitaramananda | |
| Maartje Johanna Onderwater (Swami Jyotirmayananda) | |
| Hedwig Selmeier (Swami Ramapriyananda) | |
| Sabine Margarethe Malecek (Swami Gokulananda) | |
| Secretary | Florence Aillot ( Swami Kailasananda) |
| Accountants/ | |
| Independent Examiner | Monika Hazelton |
| Winston Hazelton & Co Ltd | |
| Certified Chartered Accountants | |
| 34 Arlington Road | |
| London | |
| NW1 7HU | |
| Bankers | Royal Bank of Scotland |
| 36 New Bridge Street | |
| London | |
| EC4V 6BJ | |
| Solicitors | Russell-Cooke |
| 2 Putney Hill | |
| London | |
| SW15 6AB | |
| Registered office/ | |
| Operational address | 45 - 51 Felsham Road |
| London | |
| SW15 1AZ |
1
Sivananda Yoga Vedanta Centre Trustees' annual report For the year ended 31 December 2024
The trustees who are also directors under company law. present their report and financial statements for the year ended 31 December 2024. 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 Articles of Association.
During the year the Charity updated its Articles of Association which were adopted by Written Special Resolution dated 26 September 2024.
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 (2023: 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 Müeller (Swami Sivadasananda) Rony Magazanic (Swami Swaroopananda) Mark Ashley (Srinivasan) Maria Guagliano (Kanti Devi) Swami Sitaramananda Maartje Johanna Onderwater (Swami Jyotirmayananda) Hedwig Selmeier (Swami Ramapriyananda) Sabine Margarethe Malecek (Swami Gokulananda)
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, Swami Sivadasananda and Swami Jyotirmayananda - who are experienced in the operational and financial issues of the centre - 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, Swami Jyotirmayananda who is responsible for all the activities of the centre.
2
Sivananda Yoga Vedanta Centre Trustees' annual report For the year ended 31 December 2024
Trustee induction and training
The trustees are already familiar with the practical work of the charity being practising Yogis themselves. All are sympathetic to the teachings of Sri Swami Sivananda Maharaj. Most trustees are active in the annual budgeting process and are very familiar with the objectives of the Centre. Information regarding the duties of trustees is 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 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.
Objectives, activities and public benefit
The Centre's principal activity during the year remains to advance the Hindu religion as a way of life 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, Rishikesh, India, who taught the yoga of synthesis as a means to reach physical and mental wellbeing and ultimately Self-realisation.
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, yoga and relaxation are offered. The five basic principles of yoga promoted by Swami Vishnudevananda are taught as part of the classes. Certificate courses, 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.
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
3
Sivananda Yoga Vedanta Centre Trustees' annual report For the year ended 31 December 2024
Achievements and performance
The main area of charitable activity is the running of classes, courses, workshops, residential certificate courses held at the centre and retreats to achieve the charitable objectives of the centre. There are also online yoga classes and courses. 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, these are available for sale in the boutique. The charity has rights to Royalties.
In April 2024, the Centre hosted the Executive Board Members from all over the world, who have flown in to the UK for the first in-person meeting since the pandemic. The London Centre was honoured to host the meeting.
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 2024 numbers increased from 107 to 121. As in the past years there was good attendance for the annual Easter retreat and the residential certificate courses in the centre.
Financial review
Principal funding sources
Income from charitable activities in the year comprised £120,111 (2023: £103,133). The trustees are satisfied with the level of income given the exceptional situation with the ongoing cost of living crisis. This income is derived from yoga classes, courses (including online courses), teacher training, workshops, retreats and other programs.
Other trading activities include income from sales in the boutique of related yoga and meditation products of £11,127 (2023: £8,589), Royalties £Nil (2023: £Nil).
Donations received have decreased in the year, down to £12,359 (2023: £13,108). Gift aid income of £713 (2023: £2,131) is included in total donations.
Costs are incurred in running the classes, courses and residential certificate courses 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 £62,466 (2023: £80,699) is stated after depreciation of £99,278 (2023: £90,270).
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 2024
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 £20,837 and net current liabilities of £9,004 at the year end (2023: cash balances of £36,006 and net current liabilities of £447,857).
Annual expenditure was circa £206,000 which means circa £51,500-£103,000 of free reserves are required.
The trustees are aware that the current reserves policy has not been met since Covid 19, throughout the cost of living crisis and the recent changes in global geopolitical set up. The Centre acknowledges that the recovery is moderate but is keen to increase the available net assets and it is working to achieve this over a period of time as referred in the Plans for future periods section.
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 2024 there is a foreign exchange gain of £45,708 (2023: £12,172).
Plans for future periods
The Retreat income forms a substantial part of the income from charitable activities and has increased by 21% compared to 2023. There is especially much interest in retreats in the UK countryside. Apart from the well-attended Easter Retreat in Kent, a first retreat will be held in a new venue in Hampshire over the August Bank Holiday in 2025. There will also be a one-day country-side retreat in another new venue in East Sussex on the Spring Bank Holiday Monday 2025. We trust that these additional retreats will help to share the teachings to a broader audience as well as provide the centre with additional income.
Extensive kitchen renovations concluded in February. The kitchen is a vital hub of the centre and has, after three months of renovations, been transformed into a practical, hardwearing and beautiful space.
In March 2025, a new website was launched. It is has an improved on-line visibility as the Charity recognises that this is one of the most critical indicators of a successful search engine optimization (SEO) strategy.
The free taster class that was reintroduced on Saturday afternoons to sample the Sivananda class without obligation, has been very fruitful. Although the number of participants is mostly modest, participants regularly enrol for beginners’ yoga courses after having attended the taster class.
Students of the London Centre participate in Sivananda Teachers’ Training Courses in the various course venues in Europe as well as in the Himalayas in India. The infrastructure supporting the teachings in the London Centre is in the last phase of improvement. The graphic office will be transformed into a bedroom and access to the public showers in the basement will be improved. We look forward to resuming the training of future yoga teachers in the London Centre once our facilities are ready to welcome bigger groups of residents for a one-month training programme.
5
Sivananda Yoga Vedanta Centre Trustees. annual report For the year ended 31 December 2024 Respon51bllltles of the board of management Statement of Directors, and Tru5tee5' Responsibilities Charity Law and the Companie5 Acts require the Board to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charitable company as at the end of the financial year and of its incoming resourcgs and application of resources. including income and axpenditure for that parlod. In pr8paring those accounts the Board is required to select sultable accountlng polleles and then apply them consistenlly, make judgements and eSrnateS that are reasonable and prudent., prepare the financial slalements on the going concern basls unless11 Is InapproprlBle to presum8 th81 the charity will continue in buslness. state whether applicable accounting standards and slatemenls of recommended praclirp have been follow8d Subject to any Material departures disclos8d and explained in the financial slalements. - observ6 the methods and principles of the Charitss SORP The trustaes are also responsibl8 for maintaining proper accounting records lch disclose wth reasonable accuracy al any lime the financial position of the charity and which are sufficient to show and explain the charitvs transactions and 8nabla them to ensure that the accounts comply wilh the Companies Act 2006. They are also responsible for safeguardlng the assets of the ch8rlty and hence for laklng roasonable steps for the prevention and detection of fraud and oiher irregularities, This reKX)rt was approv8d by the board on . ¥r .2025. Maartje Johanna Onderwater (Swami Jyotirmayanandal Trustee and member of the Board of Manggement
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Sivananda Yoga Vedanta Centre (Limited by guarantee) Statement of financial activities
(Including Income & Expenditure Account) for the year ended 31 December 2024
| for the year ended 31 December 2024 | |||
|---|---|---|---|
| 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 2024 Total funds as at 31 December 2024 |
General unrestricted Restricted funds funds £ £ 12,359 - 120,111 - 11,127 - 296 - 143,893 - 18,601 - 187,758 - 206,359 - (62,466) - 648,157 - 585,691 - |
2024 £ 12,359 120,111 11,127 296 143,893 18,601 187,758 206,359 (62,466) 648,157 585,691 |
2023 £ 13,108 103,133 8,589 457 |
| 125,287 | |||
| 17,808 188,178 |
|||
| 205,986 | |||
| (80,699) 728,856 |
|||
| 648,157 |
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 Decembar 2024 Registered Company Number 5091856 Notes 2024 2023 Flxed assels Tanglble assets 10 1,541,805 1.640,456 Current assets Stocks Deblors Cash at bank and in hand 8,750 8,288 20,837 37,875 8,750 3,707 36,006 48,463 Credltors: amount5 falllng duo wlthln on• yoar 12 146,8791 1496.320) Net curront Ilabllltles 19,004) {447.857) Total 48sets loss current Ilablllllas 1,532,801 1,192,599 Credltors: amounts falllng duo after more than one year 13 1947,110) {544.442) Net asgets 585,691 Unrnstrlcted funds General funds 14 585,691 648.157 Total charlty funds - all unrestrlcted - 31 Decèmber 2024 585,691 648.157 For the flnanclal year in questlon the company was entitled to exempiion from the requirement lo obtain an audit under seckn'on 477 of the Companies Act 2006 relating lo small companies. No members have required the company to obtain an audit of its accounts for the year In question In accordance with section 476 of the Act. The directors 8cknowledg8 their responsibilities for complying with th8 requirernents of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These accounts have been pr8P8red and delivered in accordance with Ihe special provisions applicable lo companies subject to the small compani8s' regime. Maartje Johanna Onderwater jswami Jyotirmayanandal Trustee and member of the Board of Management Approved by the board of management on . ..2025
Sivananda Yoga Vedanta Centre Notes to the Accounts
for the year ended 31 December 2024
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 second edition October 2019), 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. 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, cost of living crisis continued to impacted the speed of the post Covid - 19 recovery of the Charity's net incoming resources. In addition it is noted that there are global geopolitical changes that affect organisations throughout the world.
As indicated in the trustees report the Charity is adding new ways of generating income and a moderate increase in income was noted. The Centre loans are friendly loans between supportive Sivananda Centres. The accounts have therefore 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 2024
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 2024
- 2 Income from donations, grants and legacies
| 2 Income from donations, grants and legacies Unrestricted £ Donations 12,359 Grants from local authority - 12,359 3 Income from charitable activities Unrestricted £ Yoga activities income 120,111 4 Income from other trading activities Other trading activities 11,127 5 Income from investments Bank interest received 296 |
2 Income from donations, grants and legacies Unrestricted £ Donations 12,359 Grants from local authority - 12,359 3 Income from charitable activities Unrestricted £ Yoga activities income 120,111 4 Income from other trading activities Other trading activities 11,127 5 Income from investments Bank interest received 296 |
Restricted £ - - |
2024 Total £ 12,359 - |
2023 Total £ 13,108 - |
|---|---|---|---|---|
| 12,359 | - | 12,359 | 13,108 | |
| Restricted £ - |
2024 Total £ 120,111 |
2023 Total £ 103,133 |
||
| 11,127 | - | 11,127 | 8,589 | |
| 296 | - | 296 | 457 |
| 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 Foreign exchange loss/(profit) Bank charges and interest Governance costs Total expenditure 2024 Total expenditure 2023 |
Charitable activities £ - 13,629 3,733 10,569 4,051 8,443 |
Raising funds £ 6,194 - - - - - |
Governance £ - - - - - - |
2024 Total £ 6,194 13,629 3,733 10,569 4,051 8,443 |
2023 Total £ 4,167 4,281 3,044 11,303 2,486 5,713 |
|---|---|---|---|---|---|
| 40,425 | 6,194 | - | 46,619 | 30,994 | |
| 59,602 7,199 609 6,440 - 91,336 4,645 (42,051) 18,863 |
5,183 626 53 560 - 7,942 - (3,657) 1,640 |
- - - - 750 - - - - |
64,785 7,825 662 7,000 750 99,278 4,645 (45,708) 20,503 |
56,531 9,146 1,415 6,250 750 90,270 4,852 (12,172) 17,950 |
|
| 146,643 | 12,347 | 750 | 159,740 | 174,992 | |
| 690 | 60 | (750) | - | ||
| 187,758 | 18,601 | - | 206,359 | ||
| 188,178 | 17,808 | - | 205,986 |
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 2024
| 7 Net incoming resources This is stated after charging: Depreciation of owned fixed assets Independent Examiner's fees |
2024 £ 99,278 750 |
2023 £ 90,270 750 |
|---|---|---|
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 (2023: £Nil) were paid on behalf of any members of the board in their roles as trustees. The charity paid medical expenses of £Nil (2023: £2,321) for one trustee.
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 2024 Additions At 31 December 2024 Depreciation At 1 January 2024 Charge for the year At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023 |
Freehold land and buildings £ 3,109,485 627 |
Equipment, furniture and fittings £ 118,354 - |
Total £ 3,227,839 627 |
|---|---|---|---|
| 3,110,112 | 118,354 | 3,228,466 | |
| 1,472,128 98,658 |
115,255 620 |
1,587,383 99,278 |
|
| 1,570,786 | 115,875 | 1,686,661 | |
| 1,539,326 | 2,479 | 1,541,805 | |
| 1,637,357 | 3,099 | 1,640,456 |
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 2024.
11 Debtors
| Debtors Other debtors and prepayments |
2024 £ 8,288 |
2023 £ 3,707 |
|---|---|---|
13
Sivananda Yoga Vedanta Centre Notes to the Accounts for the year ended 31 December 2024
| Sivananda Yoga Vedanta Centre Notes to the Accounts for the year ended 31 December 2024 |
||
|---|---|---|
| 12 Creditors: amounts falling due within one year Bank loans and overdrafts (secured) Trade creditors Other loans Other taxes and social security costs Accruals and deferred income |
2024 £ 20 5,538 33,556 15 7,750 |
2023 £ 1,763 5,408 423,581 314 65,254 |
| 46,879 | 496,320 |
Overdrafts are secured by a first charge over the land and buildings.
The loans from other centres are shown above as other loans.
During the year the Charity renegotiated the terms of certain loans extending the periods of repayment as well as interest rates.
From 2024 1.5% interest rates are charged on all the loans (2023: 1.5% - 3.0%)
The Charity has not met its annual repayments and interest for some of these loans. The internal loan agreements between four European Sivananda Yoga Centres and the London Sivananda Yoga Centre are friendly loans between supportive Sivananda Centres. There is no pressure on repayment dates, the Sivananda Yoga Centre London is allowed to pay loan instalments when the financial position allow the Centre to do so.
Based on the above the Charity has reclassified most of its loans that has fallen due withing 1 year as falling due over 1 year.
Unpaid accrued interest has now been also reclassified to accruals over 1 year (2023: within 1 year). The loans have not been discounted to their present value.
| **13 ** | Creditors: amounts falling due after one year Other loans Accruals over 1 year Total loans commitments Loans falling due within one year Loans falling due between 1 and 2 years Loans falling due between 2 and 5 years Loans falling due after 5 years |
2024 £ 876,387 70,723 |
2023 £ 544,442 - |
|---|---|---|---|
| 947,110 | 544,442 | ||
| 33,576 33,556 100,668 742,163 |
425,344 43,487 117,971 382,985 |
||
| 909,963 | 969,787 |
| 14 Movements in funds At 1 January Incoming resources Resources expended At 31 December |
2024 £ 648,157 143,893 (206,359) |
2023 £ 728,856 125,287 (205,986) |
|---|---|---|
| 585,691 | 648,157 |
14
Sivananda Yoga Vedanta Centre Notes to the Accounts for the year ended 31 December 2024
15 Related party transactions
The affiliated centres' loans that are stated in notes 12 and 13 were received based on arm's length agreements.
Over the last few years, and since the outset of Covid - 19 and throughout the cost of living crisis, the terms of repayment on these loans have not been adhered to, by mutual consent.
16 Company information
Sivananda Yoga Vedanta Centre is a private company limited by guarantee incorporated in England and Wales. The registered office is 45 - 51 Felsham Road, London, SW15 1AZ.
17 Presentation currency
The financial statements are presented in Sterling.
18 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.
15