Company registration number.. 06953297 Charity registraiion numbu.. 1132794 International Society For Krishna Consciousness London (A ¢omp&ny limited by guarantee) Annual Report and Financial Statem¢rLts for the Year Ended 31 December 2023 KNAV Limited Statutory Auditors Hygeia Building Ground Floor 66-68 College Road Harrow Middl¢sex HAI IBE
International Society For Krishna Consciousness London Contents Reference and Administrative Details Trustees, Report 2to9 Statement of TTUStee8' Responsibilities 10 Indepe]xdeni Auditors. Repori I I to 14 Staltmejjt of Financial Activities 15 to 16 Balance Sheet 17 Notes lo the Financial Siatejnents 18 to34
International Society For Krishna Consciousness London Referenee and Administrative Details Trustees Mr D R Banfield Mr C R Gupla Mr R G Marks MrTSFurtg Mr B D Swanson (resigned 06.02.241 Mr L Lery (appointed 22.09.231 Secretary Mrs M Tehollkov Registered Office 10 Soho Street London WID3DL Company Regi5tr&tlon NUber 06953297 Cbarlty Regtstr&tlott Number 1132794 Bankers Lloyd5 Bank Audltor KNAV Limited Statutory Auditor5 Hygeia Building Ground Floor 66-68 College Road Harn)w Middlesex HAI IBE Page I
International Society For Krishna Conseiou5nes5 London Trustees, Report The tiustees, who air diLfCtor5 foi. the pu)Tro%es of company law, presertt the annual report together with th¢ tinancial slaiemenis and alldiiors, report of the charitable tonipany foi. the year ended 31 December 2023, which are also prepared to meet the requirements for a directors, report and aOunts for Companies Act purposes. The financial statements cotnply with the Charitieg Act 2011. the Companies Act 2006, Ihc Memorandum and Articles of Assaciation. 3tJd the Charities StaieTnent of Recomrnended Practice I'charilies SORP')12pplitable to charities preparing theii. accounts in a¢¢oTdance with the Financial RertIng Siandai"d applicable in the UK.. FRS 1021. Objectives and activities The objectives ol the cjwily arc 10 advance, transmit. spread and propaglll¢ the religion of Krislll Consciousness as revthled in the teachings of Bhagavad Gita As Il Ls and Srimad Bhagavatam as taught by Ihe Fourtder- A¢3rya A.C. Bhaktivedanta Swtmi Ptabhupada and in accordance with the tenets of the Irtlernational Sociery for KrIstU Consciouslless. ISKCON-tA)ndoll Is guided by the seven purposes thai out FoundeT-Acarya His Divine Grace A.C. Bhaktivedanta Swami Prabhupad2 established when ISKCON was inauguTaled. These pu08cS stand as our objectives for the charity. Those puryoses a as follows.. , To systematically propagate spiritual knowledg¢ to society at large alld io educate all people in the techniq$ of SPiTitual life in order to check th¢ imblnCe of values in life and to achieve real unity and peaee in the world. 2. To Propagate a consciousness of Kri8hna (Godl, as it is revealed irt the great SCTiPtures of Indi Bhagavad-gita and Srimad-Bhagavalam. 3. To btin¥ the members of the Society together with each other Hnd nearcr to Krishn4 the prime entity, thus developittg the idea within the members, and humanity at large, that each soul is pait and parcel of the quality of Godh¢Ad {KrishnR}. 4. To teach and encourage th¢ sankirtana mov¢Jn¢nL congregational chanting of the holy name of God, a$ revealed in the teachings of Lord Sri Caithnya Mahaprabhu. S. To erect for the memb*3 and for society at large a holy plate of transtendental pastitn¢s dedicated to the personality of Kri%hna. 6. To bTing the tnembers closer logethei for the purp05¢ of tuching a simpler. more natural way of life. 7. With a view towards achieving the afoT¢mentioned purposes. io publish and distribu periodicals, Tagane8 books and other writings. Itt order to achieve the above objectives we use the following strategies.. + Publicatton and disiribuiton of literature PTOTnotion thTough other media Public services, f¢5tiwa15. retrtat5 atld pilgtimages - which promote spiritual culture The distribution and promotion of sanctified vegctarian food {prasadaml Education in docknnes. training in religious prnctice.. pastoral care Encouraging positive life PTinciples and social engagement through volunteering . The opening of new centres I sangas IspiTitual gatherings) . Youth outreach * Futtdraisillg . Kirtan (congregational chantitjg of the names of the Suprenje Being) Page 2
International Society For Krishna Consciousness London Trllsteesl Report Structure governance alld Tnanagement N&tre of governlthg documellt The charity is controlled by ils governing document. a deed of trusL and constitute8 a limited cornpany. limit by guarantee, gs defined by the Companies Aci 21Xi6. Tru$te¢$ Dayal Mora Das Temple Presldent {Dale Banfieldl Radha Das (Robert Marks) Chand Robert Gupta Rupanuga Bhakti Das (Laurent Leryl DhlrodattA Das (T$z Sui Fungl Recruitrnellt Jnd ppointmeDt of trustees The power to appoint new trustees is vested ill the members of the cjwity. tll Considering the recnitment of a Tiew trustee. the mcmbcrs would look to individuals bwih experience, empathy and knowledge of the charity's work. TnISts serve for a period of 3 years, After 3 ye#TS' service, one third of the TTUStees step down with right of betng reappoLllt¢d. Induetiott gnd tr21nlng of truste New trustees und¢rgo an orientation 10 brief them on.. their legal obligations under charity and company law, the Charity Commission guidancr ort public benefit, and illfonn them of the content of the trust deed. Contirtuittg training for trusiees is undertaken through regular Tneetings, attending relevant sernin3TS, specific discussions with individuals 3nd or82nisatiorts attd briefjng papers in the areas supported by the charity. Pag¢ 3
International Society For Krishna Consciousness London Trustees, Report Publit Benefit In letting the Charity's objectives and planning the ChaTity's activities, th¢ Trustees have given careful consid¢r3tion to th¢ Chgrity Comrni&sion's general guidance on public benefit. The Tntstees aTe gatisfied that the activities undertaken by the Charity fi]rth¢r its charitable objects and aims and know of no harm QT detriment that rnay be caused as a result of these activilieg. Volunteers We strive 10 raise ttdS in a variety of ways and rely ort the gupport tsf volunteers who participate by helpin8 with cooknngy classes, book distributiorL OTganising festivals and dramas, suppontng our educatiortal events and cotnmunity fundraistng progratnmes. The number of volunteers fluetuales yearly but ihey are crncial to help spread ttiishna Consciousness. We wholeheartedly thank all of our volunteers for their time, expert15¢ and commitment which helps us celebrate nd raise awarene55 of the charity, maxiinise donations and maintsitt high standards of service. Fundraising in 2023 Tkne Trustees are aware of their r&8ponsibility and accoulltability to Cnsutt the chatity fLmdtaises l¢8211y, responsibly and effectively. We do not use professional fundraisers or commercial agencies to ndraISe and rely on voluntee. All volunteers rnust abide by the charity's policies and procedures. We offer a patrenage system which enables patrons to make monthly donations OT n]ak¢ one-off donatiens. Thes¢ donations 3Te ¢55ential to maintain the tsmple. We are very humbled and grateful by the gllppurt of OUT community members. Mally of our members participste in distributing Srila Prabhupada's books. Books weTe disttibuted ID various ways including door lo door. street fuDdTaisin& Setting up book tsbles, to schools, businesses, prisons, care hames, libraries ond hogpitals. We also had travelling sankirtan partl¢5 which visited lOwS around the UK. Complaints The chatity has a published Complaints Proce(kn available on its website. We ¢ndeavour to respood to enquiries 2nd totnplaints within 5 working days. Most tontacts tend to be requ¢s15 to opi-out of chariry communications by existillg donors. We monitor the bBsi8 on which people request this attd adapt our method of communication aly)ut our events according lo donor preferences. We art mindfijl not 10 be peTSiStent with online tommurticaiions or to give uttdue prUre lo support tss. We did not rec¢ive any complaints about our fundraising practices during the year. GDPR and Data Prntectio We ar¢ COTnmitted to PTOtecting the peTsonal irtfoTmation and pThv6cy of individuals that we engage wirh and comply with relevant legislation and code5 of practice, whilst carrying out our essentl21 WOTk of raising awareness, providing information and support and raising funds. Our privacy policy is published on our website and 5¢1s out how we captUT¢* process, m2nage and retain your personal information. S&feguardlng Polley We are committed to PToviding 4 safe enviTonment for thilth'en and young people who visit the Temple PTemises. Detsils of our Safeguarding Policy can be found oll our website. Flnancial results The charity re£orded a net income (profit) of £592,386 for the year12022'. net irteome (profit) of £391,507). Net incorne hos mostly remained in line with the previous year. Dllring the year, the charity expeiienced groffth in incotning funds, ptimatily due to an ittcrease IA foolf1 in the restaurant. Th¢re wJs also increased expenditure by the charity. particularly in carrying out its thwitable activities during the year. along with an increase in its trading activities to meet th¢ in¢r¢as¢ in footfall. Page 4
International Society For Krish]Tra Consciousness London Trustees, Report Department Updates Studio 1118 Our outreach program Swdio 108 has been opeTating for over a year and is a greai success in introducing ihe Hare t(llshna philosophy, cultUTe and practice to newcomers. We offer Ihree prograTll5 a week with an aveTage of 20-30 guests attending each prograrn. We are targeting the youth who in this day and age are under the intluence of tremendous social pressures, expectations and uncertainty about the futttre. Independent studies have ieveal¢d that 25Q/o of univtrsity students requir¢ psychological support aJ]d me41ication. There are also problems with substanc¢ abuse 2nd dysfunctional relation5hip5. Ai Studio 108 w¢ are tryin8 io offer an alternative approach lo life based upon the ancient wisdotn texts of India. In these prOaInS we otTer an introductioll into a healthy, Sustainable, clean and thoughtful lifestyle and culture for the betteTrDellt of 1. Bijok Dlstrlblltlo This yedr we achievcd an increase of nore Ihart 2/ts in LN)ok distributiott with a total of 61,891 liteTatur¢5 distributed. One of the seven PUTP05es of the International Society for Krishna Conscioumes5 15 to publish and distribute periodicals, rnagazines, books and other writings with the view lo proptgaie spiritual knowledge widely thereby aGhÈeving real unity and peace in the world Beginning with bringing awareness lo Krishna as revealed in the great literatuS of India such as the BhAg8vad Gita, Srymad Bhagavatsm and other works in PUT5uance to these works, book distribution fith¢T imprcsses upon the members of the cotnmunity aDd humanity at large that individual soul is a qualitative part artd parcel of the Supreme Personality of Godhead KrisJJn2. The method of urtdetstanding spiritual knowledge, as given through th¢ teachings of Lord Caitatiya, is Sankiriana, or the systematic lence of chantiDg the ttames of th¢ diviD¢ in congTegation and also the leaching of such thanting to others. Such cOn¢gatiOnal chanting is facilitated by the building of templeg and centralised places of WOT5hip. Book distribution largely provides the funds for such cornmunity and lifestyle centres to be built 50 that members have hubs worldwide for ltiVation of spiri#[ v2]u¢s such as humility, tol¢rance and respect in the as8ociaiion of otherpradilion¢T5. In the fast movillg attd competitive world, p¢ople may feel like they ar¢ lacking resources and purpose in life. The literatures are also ways of PTomoting th¢ naturalistic Bhakti Yoga lifestylc. coming from the Vedic perspective, which has been provell to provide a higher standard of thinknng artd a simpler way of living irt the contemporary world. Practical yogA meditation and self-help principals arc laughi within these literdreS which have been p3s5ed down through an unbroken discipli¢ Chain, culminating in the last foultr acharya, His Divine Grace STila A.C. Rhaktivedania Swami Prabhupad4 who translated and tornmented upon these books for the benefit of martkind. Govinda'5 Restsurant Our vegan and vegetarian rest&UTXnt, Govinda's. fulfils our goals of promoting healthier and k9rma free eating. Govinda'8 a]so cr¢ates illCOTne for ISKCON London so we can continue our preaching efforts. Thanks 10 a wond¢rful team of marketing students 2nd volurtleers our online presertte has gTown and is reflected in a 47/0 incre3S¢ ID Sales in 2023. Our staff have been corDmitted to customer servi¢¢ resulting in reviews that have boosted OUT rating5 online as well. Radh8'5 Bouti ue The focus for the yettr wa5 to imPTQV¢ OUT online sales. With the help of a volunteer team, we made a record number of online sales, We also succe55fully launched new entrrprise of Radha's Boutique incense, whiLh sells faster than we can pack itl We have expartded OUT heTbal tea attd body care range- offering gift packs for those sp181 occasions. We had the opportunity to apply for a pop-up shopfrollt space on Oxford streeL Our application was not suc£esgfvl but was a great lettTning CUTve and inspires us to look for other incentives offered by the Government. Page 5
Interniitiongl Society For Krishna Consciousness London Trustees, Report Ftbod For Life The Food tor Life program ts & unique free food distrihution initiattve which serves vegelariaD meals. Thc food is prepared by devotees, and then offeTed 10 LoTd knshna before distribution. This PTa5thm - blessed food contillues to be sepJtd to the D¢¢dy and homeless people irt Central London 6 days a week {Monday to SattJrday}. Each week we serve 61M) plates of prasadam. By following this principle, we aim to relieve hunger and promote peaLe and PtospIty. We &"e really grateful lo our volullle¢rs wbo dedicate Iheii piecious time lo s¢rve Food for Life,. ]nost of the volunteers are workJn8 professionals who volunteer their evenin lo render seTvi¢e. In 2024 we will plan to leatn up with Food for All which is an exciting opporlullity 10 expand our food di811'tbutioll, woik LulldbuTdlively and Offer uut guests a varied menlt of ilerns such 35 cak¢4 fruits and other goodiesl ISKCON Dllblln Loan We loantd ISKCON Dublirt money to help with emergency refurbishment of their property. The amount dlle from ISKCON Dublin as al 31st December 2022 wag £12,517 (2022.. £24,859). Annual Donatlons Jn 2021, we donated £10,008 to th¢ TOVP fvndraising campaign. Funds The trusiees regularly review the eharity's fijnts and ass¢ss how best to Use them in line with the charity's objectives. Though a rnajority of the donatlolls ar¢ received without arty Festhction£. th¢ tTuslees will gomeiimes set aside ptrt of the geneTal funds for sp¢cific purposes as outlined below. Only th¢ historic donatiojjs included in the"New Temple Fund" below. are restrtcied ft]nd5 as th¢y were received for specific PUTP05es. Reserves Balance as it Bal#nee 25 at 31.12.23 31.12.22 Comment5 Property fund £1,365,000 £310,200 This reserve represents futtds that hAve b¢¢n ring-fertced for future pDpety purchases. Nitya Sev2 £8,0(K> £8.000 B¢nevol¢nt fund £16,195 £16,195 This was set up lo assist devotees in dire need, especially our temple residents. The reserve incre25ed by £24,000 10 help with future refurbishments. R¢5tsur3nt refurt)ishment £114,000 £4Y>,IKK> Deity rerbIShrnet £115,(K)Q £91.000 The reserve increased by £24,1]QO to help with future refurbishment. This reserve represen15 fund5 that will be transferrtd 10 Atsna Lounge Subsequent lo the y¢ar end. Atma Loungt ceased to operate within ISKCON London and was e$tablish¢d as a separdte, stand_alone charity. No change frotn pr¢vious year. Alma Lounge £59,908 New temple fund Other funds £126,804 £1.673.541 £3 J97,188 £126.804 £2.162,603 £2,804.802 Tot21 reserves Pxgc 6
International Society For Krishna Consciousness London Trustees, Report Other informgtlon W¢ hold "no" assers on behalf of other individuals and aTe not affiliated with any other charities. We act as a foster parent chariry for both ISKCON Cr2wley and ISKCON Folkegtone, who has subsequently become an ittdependent ch2llty. Neither our cenire nor our trustees hold or act as custodian tStee& of other organi$ttions. We are very much dependent on donations in kind artd in monetary tenns whtch would be wortb £250,000 p¢r Owerwew of Activities Updltes on 2023 Gts$ I. tDcrBse book distribution by 200 This has been achieved. 2. Studio 108 expansion lo include a café The Studio L08 preaching cenire has 2 ground level space which we converted into a café whitb tnaximised the use during the day. In Sept 2023 we engaged Mood Café to run the cafe 2nd be involved in catering for some of our preachEng progrdms. Templ¢ and Resrauranl refurbishment and expansion. We conducted a feasibility study to se¢ the option5 of either a Temple refurbi51ellt or a corllpletc rebuild of the building, $0 we can continue lo hosi devotees alld serve Sri Sri Radha-Londonisvara. The reseBrch work i8 Still ongoing however, on the initial survey report a Temple rebuild will Dot be a viabl¢ option. Part of the refurbishment would include a new roof on the building Bnd remodel of th¢ loyout. 4. Property Invcstment Our Bury Place property was sold during the year. We are lookillg at investing these funds ill a PTOP¢rty which would be used as the Temple Prcstdent residenc¢ and a 5BnCtuary for visiting guests. Our otber investmeni piop¢rty 15 curretilly on the Jnarket and ollce sold th¢ funds will be used 10 purcha another PTop¢ty for Contemporary Vedic Ashram ICVAI. This would provide facilities to help cultivate and introduce wple lo the ashram way of life. We also aim to purchase art investment propety ill Mayapur. 2024 G041s Open Govinda's RestauraTLt for breakfast To increase our service lo both devotees gnd public we are looking at extending tbe opening hour5 of Govinda's Restaurant so that they ate open in the moTning to offer breEkfast. Thi5 would htlp utili5¢ the restaurant Space foi a longer period of time. The goal is to gerate £500k extra incotn¢. 2. Use I Consutne only Ahitns& Dairy for preaching PTogrammes The concept of ahimsa, or non-violence towards cows. is deeply rooted in Indian culture sod tradiuort. At ISKCON Londort. we would like te embiac¢ this Ahimsa collcept. We aim to purckne only Ahimsa products 10 be distributed at our prea¢h2ng progrzTnmes. Page 7
Interniitional Society For Krishna Consciousness London Trustees, Report Rlsk management Potential riskg to Ihe charity are reviewed and discussed by the Tn]ste¢s ID their meetings and where Televan¢ are documented in the Tnlee minutes. Risk managernent Is embedded at all levels, and the potential risks facing tbe orggni5alion are identified and documented. The Trustees ensure thai for each risk.. mitigation procedures 3Te dtveluped responsibilities for implementation and review are assigned • the status is monitored ort a regular and timely basis. Reference and Admlnlstrative Detai15 Trustees Mr R G Marks Mr D R Banfield Mr C R Gupta MrTSFung Mr B D Swangon {Tesigned 06.02.24) MT L Leiy {appointed 22.09.231 Principal Office.. LO Soho Street London WID3DL The charity is incoTPQTated in England 2nd Wales. Company Registration Number.. 06953297 Charity Registration Number.. 1132794 Bankers Lloyds Bank 32 Oxford Street London WID3DL Pag¢ 8
International Society For Krishna Consciousness London Trustees, Report Reference llnd Administratlve Detalls Icontlnlled) Audltor: KNA V Limited Statuioi? Allditors Hyg¢ia Building GTound Floor 66-68 College Rottd Harrow Middlesex FL41 IBE Disclosure of information to 2udltor Each trust¢¢ has taken steps that they ought to have taken as a trnstee in OTdeT to make themselve8 aW#Te of any relevant audit infomjaiion las defined by section 41813} of the CoTnpnle5 Act 20061 and lo establish that the charity's auditor is awaTe of that infoTrnation. The trustee8 confim that there is no relevartl infotmation that they know of gDd of whtch they know the auditor 15 un&w3re. Reappointment of auditor The &udilur5 KNA V Limited gre deemed to be reappoint¢d urlder section 487121 of the Co]npanies Aci 21i06. The annual report Was approved by th¢ trustees of the charity on J9;09:29nd signed on it$ behalf by.. MrCR Trustee Page 9
International SocSety For Krishna Conselousne55 London Statetllent of Trustees, Responsibilities The trustees Iwho air also the deCtOi3 of IntemLtiotYdl Society For knishna Consciones. Lonth)n for the purposes of comptny lawl are reSnsible for preparing the tru8ieeg' report aDd the financial siaiements in ac£ordattce with applicttble law and Unitrd Kingdom Accounting Stsndards (Uniied Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Siandard applicable in the UK and Republic of Ireland.. Company law requires the ErnseS to prepare financial 5ts1eTh¢nts for eath financial y&4T. Under company law the trustees must not approve the finaneial ststernents unless they are satisfied that they give a true and fatr view of the state of afftiiTS of the charitsble company and of the incorning Tt50urccs and application of resources, including ils IllLorne and expenditure, of th¢ charirable company for that period. In preparing thege financial statements. the Lrusiee8 are required to.. select suitable accounting policies and apply them consistently., observe the ethi)d$ 2nd principles En the Charities SORP; mtke judge]nents Bnd ¢stim&t¢5 that are reasonable and pNdert( state whether applicable accounting standards. comprisirtg FRS 102 have been followed, Subject to any matetial departures disclosed and explained in the financial slatemMt5; and prepaie the fiTVdncial statements on the going concetn basi5 unl¢ss it is inappropriak to presume that the charitable company will continue irt business. The truste¢5 are responsible for ketpirtg adequate accountlllg records that are suffitient 10 SILOW and explain the charitable company's Iransactiorts artd disclose with reasonable accuracy al any ti]ne the financial position of Ihe charitable cotnpany and enable thern to ¢nsuTe that the financial statements comply with the Companies A 2006. They are algo responsible for 5af¢guarding th¢ assets of the charitabl¢ company attd hence foT ttiking reasonable step8 for the preve]Jtiott and detection of fraud and other mgulariiies. The trustees are responsible for the rllainteJw)ce attd integrity of the corporate and financial infonnation included on the charitsble company's website. Legislation in the United Kingdom goveTning the Preparation and dissemtnation of firtartcial statements MRY differ from legislation itt otherjurisdictions, This report was approv¢d by the trustees of the charity onlS,os.2024and signed on its behalf by.. pta Trustee Page 10
International Soclety For Krishna Consciousness London Independent Auditor's Report to the Members of International Society For Krishna Consciousness London Opiuion We have audited the financtal statements of Intem2tional Society For Krishna Consctousness London (the 'charity'l for the year tnded 31 Dtee]nber 2Q23. which cotnprise the SLalement of Finallcial Activities. Balance Sheet, and Notes lo the Financial Stste]nenls, including a summary of significarti accounting policies. The financial teportin¥ framework that has been applied in their preparaiiott 18 United KingdoTn Accounting Stsndards. comprising Charities SORP - FRS 102 'The Fiftartcial Repotting Standard applicable in the UK attd Republic of Ireland. and applicable law Iunited Kingdom GeneTally Accepted Accounting Practice). In our opinion the fJnBncial starn¢nts'. give a true attd fa vtew of the giate of the thatity's affairs a5 at 31 December 2023 attd of its on}]ng resources and application of resources. including its income and expendithre, for the year then ettded., have b¢¢n PTop¢rly PT¢pBred in aCCOTdanc¢ with Ulljted Kingdom Generally Acc¢pied Accounting Practice. and have been prepared in accordance with the requirements of th¢ Companie8 Act 2006. Basis for opinio We conducted our audit in accordance with International SLdards on Auditing IUKI IISAS IUK)) and applicable law. Our responsibilities under Iknosc stsndards are further described in th¢ auditor responsibilities for the audit of the filn¢7[ statements section of our report. We 3r¢ ind¢pendent of the charity in accoidartce with the ethical requirements that are relevant to our audit of the financial stat¢m¢nts in the UK, includirtg the FRC'S Ethical standar and we have fijlfilled OUT other ¢thical Te8pon8ibilities in accordartce with these requir¢Tnents. We believe that the audit ¢vi(kiJce we have obtained is sufficient alld appropri2te to provid¢ a basis for OUT opinion. Conelusions relatlllg to golng eott¢ern In auditing the fittallcial slatemenls. we have concluded that the trustee5 use of th¢ goit)g conc¢rn b&8is of &ccountin8 in the preparation of the financial ststements is appropriate. Based on the WOTk we have perfoTme(L we have not identified any material uncertainties relating to events or conditions that, individually QT collectively, may cast significallt doubt on the charity's ability lo continue &5 going concern for a period of at least twelve months from when the otig]nai fina]LtiAI stat¢in¢nts wer¢ authori8ed for issue. Our responsibilities and the resJx)nsibilities of the thjstees with respect to going concern are described tn the relevant 8eciion5 Of this report. Other inforniatlon The other inforniation comprises the inforniation ittcluded irt the annual report other than the fittattcittl statrments alld our auditor's report theon. The trusttts are respoJJsible for the otheT iDformatlQll contaxned within the annual report. Our opinion on the financial statejncnts does noi eover the otheT inforniatton and, except to the extent otherwise expliciily staled irt our report, we do not express any fonn of assuran¢E coneluston Ihereott. Our respottsibility is to read the other infotmation and. in (toing so, consider whether the other infomiation is mat¢Tially inconsisnl with the financial statements or our knowledge obtained ill the course of the audit or oth¢Twise appeaTS to be n]at¢rially mis5tat¢d. If we iilentify such material in¢onsistellcies or apparent material misstatements. we are required to deormine whether this gives rise to a materi21 misstatement in ibe financial statements themselves. If. based on the work we have p¢rfornied, we concludt that theT¢ is a material misststem¢nt of this other infom]ation, we are required to report that fact. We have nothillg to report ill this regard. Page 11
International Society For Krishna Consciousness London Independent Auditor's Report to the Members of International Soclety For Krishna Consciousness London Opinion on other mthtter prtstribed by the CompaThles 2006 In our opinion, based on the work undertaken in the course ot'rhe audit., the infomlliion given in the Trusiees, Report foT the financial year for which the fjnancial 8iatementS STe prepgred is collsisteni with the fjnkntittl statements.. atsd the TnEsttts' Report has been prepared in accordance with applicble legal reqllirements. Matter5 on wILich we are required tts report by exception In the light of our knowledge and undetstanding of the charity and ils environment obtained in the Course of the audit. we have not identified material mi&8tst¢m¢JJts in the Trustees, Report. We have nothing 10 i'eport in Tespect of the following maltsTS where the Companies Att 2006 requires us to report lo yoll if. in our opinioll.. adequate accounting Tecords have noi b¢en k4)¢ or Tetun)s adequate for our audit have not beert received froln bTanch¢s noi visiied by us: or Ille financial statements are not agreement with the accourtling Tecords and retylrns. or ¢rtain disclosures of trustees r¢munerdtioll spccified by law are not llwd¢,' or we have not received all the information and expiandtions we require for our alldil. the trustees, were not entitled to prepare the fitjancial statemertts in acwrdanet with the srnAII COTnpanies Tegime and rake advantsge of th¢ small companies, exemptions in preparing the ttees, Teport and from the requii'ement to prepare a Strategie report. RespoDsibilities of trustees As explained more llY in the Ststement of Tn]stees' Responsibilities (set out on page 91, the tSteeS are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and foT such internal control as the trustees delemiine is necessary to enable the preparation of fitjancial 812kmenls that ar¢ fr¢¢ fTom tnaterial misstatement. whether due to fraud or etTOI. In preparing the financial statements, th¢ trust¢ts are responsible for a55e55ing the chaFity's ability to continue ag a going cortceTt4 disclosing. as applicable. matters related to going concem artd using th¢ going concern basis of aLcourtling unless the trustees either intend to liquidate the charity or lo cease opeTa110115. or have no realisti¢ alternative bui lo do so. Atsditor responsibilities for the audit of the fingntlAI st*tements OUT Objectiv gre to obtain reaso1ble assurance about whether (he fJn2ncial statements as a whol¢ are free frotll matwial misstatemenL whelhtr due to fraud or ¢rn)r. and lo issue an auditor's report that includ¢s our opiniort. Reasonable a55urance as 8 knigh level of assur2nce, but is not a guaranlec that an audit conducted in ae£ordance with ISAS IUKI will always deteci a material mi&stat¢nient when it exists. Misstatements call aris¢ from fraud or em)r and are cottsidcrcd matetial if, individually or in the aggregate, they could H5onablY be expected to influence the ecortotnic derision5 of users taken on the basis of these financial ststements. Page 12
International Society For Krisbna Consciousness London Independent Auditorls Report to the Members of International Soeiety For Krishna Consciousness ndOn Irregulatities, including are instances of non-COTnplianc¢ with law5 and Tegulations. We design procedures in line with our responsibilities. outlined abov¢. to detct tnaterial missraiements in respeci of irregularities, including fraud. The extent to which our procedures are capable of detectirtg irregularitles, Including fraud is detsiled below. We design ow PTOCtdurts so as lo obtain suffi¢i¢nl &ppropTiate audit evidenc¢ that the financial statements are not materially misstated due to non-compliaDC¢ with laws and Tegulations or due to fraud or error. We are noi responsible for preventing non-compliance and caonot be expecied to deieci noncompliance with all Itws and reglllations- thi% responsibility lies with tnanagerntnt th¢ oveiEight of the Trustees. Based on our understattding of the Charity. discussions with management, we iderttified Companies Act 2006, the Charities Aci and Financial ReporEing Standard 102 as having a direct effeet on the attJourtl& and disclo8iires irt the finartcial statements. As part of the engagernent team diSCIL55ion about how and where th¢ Charity's financial statements may be mRleriRlly tnLS5tsted due to fraud, we did not identify any areas with all increased risk of fraud. Our audit procedures include41.. ertquiry of management about the ChaTity'g p)licies, PToc¢dures and relattd contyols regarding compliatlce with IAWS and regulatians alld if there Bre any known instsnces of nom-compliance. cxamining sUpportng docunients for all material balances, trallsaclions and disclosures,. review of the trustee minutes., ' e]wuiry of Jnattagemeni and rcview and ittsptciion of reltwatst tottespolldence with any le¥al fThs', evaluation of the selection and application of accounting policies related to subjective measuremertts And cotnpl¢x tTansactions: ' analytic proc¢dur¢s to id¢ntify any wiusual or un¢xpect¢d r¢lation51LiPS,' . testing the appropriateness of journal elltries recorded in the general ledger and other adjusthjettts Jnade in the preparation of the financial statements., * review of accountlttg estimates for biages. Owing to the inherent liJnitations of all audit, there is gn unavoidable risk that some material mi58tatemellis of the financial stalernents may not be detected, even though the audit l5 properly planned and perfomied in accordance with the ISAS (UK). Th¢ potential effe¢ts of irtherent limitations 2Te p2rti¢ul2rly sigJ]ificant in the ¢#se of fftisstst¢m¢nt suItillg froTn fraud because fralld may involve sophssticatrd and carefi]IIy OTganized schemes desTrgned to conc¢al IL including deliberate failure to record transactions, collusion or intentional mi8representations being made to us. A fijrther degcription of our responsibilities is available ort the Fittartcial Reporting Council's website at.. www.frc.OTg.uklau(btor$respon$ibilitie$. This description ftsrtns part of our authtOT'S Teport. Page 13
International &)ciety For Krishnx Consciousness London Independent Auditor's Report to the Member5 of InternAtional Society For Krishna Consciousness London Use of our report This rey)rt is mad¢ solely io the charitable company'5 trustees. as a body, in accordartee with Chapr 3 of Part 16 of the Companies Act 26. Our audit woi'k has been undenaktn so that we might 81ate lo the charity'$ ttuslees thuse tndlterg we are required 10 slate 10 them in an auditor's ieport and for na other purpose. To the fullest extent petmitled by law, we do not accept or assume Tesponsibility to anyone other than th¢ charitable company a Irs INstees as a body, for our audit work, for this report. or for the opinions we have formed. FCA (Senior Statutory If of KNAV Limited, udilorl tutory Auditor For and o Hygeia Building Ground Floor 66-68 College RoAd Harrow iddlesex FL41 IBE Date.. UAC.. 2024-73-UK Page L4
International Society For Krishna Consclousness Londo Statement of Financial Activities for the Year Ended 31 December 2023 (Including Income and Expenditure Account) Contlmulng operatlo UnrestTiCted fuThds DISCtINUed operadons CeD¢r91 D¢51Rllgfe Funds Re5tri¢ied UDrESITi<¢ed Re51Tictsd Total fund5 flld8 run 2023 Note Income and Donations and lega¢it5 CbariEable activitics 655.549 844,565 651,428 651.428 51,879 InvestmeDt income 32,573 200 31573 other income 200 Total incotne 3,161,54¢ 240,895 3.402.4J9 Expcnditure on: Raising funds Charitable aclivili&s TrAding Rctivilies InvesmieDtproperti Total ¢xpenditure Gamsliosses orl ittvestsneot 8ss¢ts Nt¢ inctsme 199.9631 11245.4201 128.600) 136.9441 11.281J64) 123.600) 12.721.794) {136,907) 48,648 48,648 488.39È 591386 TraDsfer betweeo funds 20 Nti movemtnt in fvnd$ {570J221 1.162.708 592,386 Re£Dn£iliation of (unds Total fun& bTousht fonvard Total fuDds ca) forward 2,162,fv)3 126,8Q4 2.804.802 20 l J92,281 126,804 3.397.188 There were no other reco8nised gains or lo&Ys. The notes on pages 18 to 34 form an integral part of these fjnancial statements. Page L5
Internatlonal Society For Krishna Consciousness Londo Statement of Financial Activities for the Year Ended 31 December 2023 (Including Income and Expenditure Account) Unrestricted funds Deslgllattd Funds Restricted funds Tot91 2022 Note Ekdowm¢rtts from= Dottaiions and legacies Chaiitable activities Trading activities InVestellt itrom¢ Other income 586,888 544,105 1,320.678 35,333 6,283 2.493,287 586,888 544,105 1.320,678 35,333 6,283 2.493,287 Total income Expenditure tsn- Raising funds Charitable activiti¢s Trading activities InveStnt prop¢rties {324,160} {876,1221 (881,4521 (20,046) {2,101,780) 1324.160) {876,1221 {881,4521 (20,0461 (2,101,780) Total expenditure Gainsllosses on irtvesttnent assets Net irtcome Transfer between funds 391,507 {203,2001 188,307 391,507 20 203,2(I) 203,200 Net movetnent Ill fimd8 391,507 Recottcllladon or funds Total futtds brought fonvard 1,974,296 312.195 126,804 2,413,295 Total fvnds carried fonvard 20 2,162,603 515.395 126,804 2,804.802 All of the above results are derived from continuing activities. There weTe no oth¢T recognised gains or1088es. The notes on pag&4 18 to 34 forni att illte8rai part of these financial statements. Page 16
International Society For Krishlla Consciousness London (RegistratlOD Dumber: 069S3297} Balance Sheet as at 31 December 2023 2023 2022 Note Fixed assets Tangible assets Invegiments 210,855 584291 795.146 980,888 535 643 1,516,531 15 Current S155et5 Stock5 Debtors C3sh at bank gDd in hand 16 17 117,535 376.328 2 526,528 3.020,391 86,736 391.489 1254 289 1.732,514 Creditors: Amount5 fallillg due within year 18 418,349 444,243 Net curr¢Nt X55¢t5 2,602,042 1.288,271 Ntt Issets 3397 188 2 804,802 Fund5 of th¢ charity- Restrleted Income funds Re5trict¢d funds 20 126.804 126,804 Unrestrl¢ted income funds General fi]nds Iksignated 1,592,281 1678 103 2.162,603 515395 Totsl fund$ 20 3,397.188 2,804.802 The firtart¢ial $latem¢nts for issue o tl dirt8 the notes on pa8¢s 18 to 34 w¢r¢ approved by the trustees, and authorised 19.: og..'Jo. and signed on their behalf by.. MrCR Truste The note5 oll pages 18 to 34 forni an integral part of these financial slatemettts. Pa8e L7
International Society For Krishna Consciousness LondoD Notes to the Finaneigl Stgtements for the Year Ended 31 December 2023 I Chariry st2tU5 The charity is litnit¢d by guaTant¢e, incoryjorated in England and Wales, and consequently does not have sh3T¢ capital. Each of the trusle¢s is liabl¢ to contribute art amount not exceeding £1 towards the as8els of the tharity in Ihc evettl of liquidation. The adthe58 of its regisiered office is.. 10 Soho Street London WID3DL Authorised for issue 19 Sepkmber 2024 2 Ae¢oulltthg pollcles Sllmmary of $l¥nifint Y&ccovnting policies and key accounting estimate5 The prirtcipal accounting policies appli¢d in th¢ PTepaTation of Ihege financial stat¢rnents are set out below. These policies have been consigterttly applied to all the yeaT5 Preted, unle&s otherwise stated. statee1]t of compliance The fancIal statements have b¢¢n prepared ill accordance with C1[1(leS.. Siatemcnt of Recommeoded Praclite applicable to charities preparillg their accounts ill accordance with the Financial Reporting SLittdatd applicabl¢ in the UK and Ireland {FRS 1021 (issued in October 20191 IChariti¢s SORP {FRS 10211. the Financial Reporting Stattdtrd applicable ill the UK and Republic of Ireland {FRS 1021. They also comply with rhe Companies Act 2(K)6 gnd Charitie5 Act 2011. Basis of preparatlon International Society For Krtshna Consciousness London rneet5 th¢ definition of a public ben¢fit ¢ntity under FRS 102. Assets and liabilities are initially recogniscd at historical cost OT Eran5adion value unless otherwise statd in the relevattt accounting policy notes. The fvD¢tional and presentational CuencY is GBP Sterling (£1, being th¢ cuenCY of the primary etonoTlliC environment which the chatity operdQS iti. The atnounts are psented rounded to the ne2rest pound. Coing concern Th¢ trustees consider that there are no material uttceriainties abDt the charity'5 ability to continue as a going co#cem nor arty significant area8 of uncertainty that affect the carrying value of assets held by the charity. Summary of dtsclosure exemptlons In preparing these firtartcial gtatements, the charity h2s taken advantage of the exemplton from di$tlosing certain fInancial instrutnent disclowr¢s and the preparation of the cash flow statement #s this information is included within the COTwlidatd financial stateTn¢nts of the parent charity, InteTnation81 Society for Krislma G)ns¢iousness Limited. Page 18
International Society For Krishna Consciousness London Notes to the Flnancial Statements for the Year Ended 31 December 2023 Name of paretlt of group These financial sratemenis are consolidat¢d in the financial 5tatem¢nt8 of InteTnation21 So¢i¢ty for Krishna Consciousness LiTnited. The financial statements of International Society for Krishna Consciousness Limited may be obrained from Oak House. I Watford Road. Radlett, Hertfordshire, WD7 8LA. Incotne is recognised wben the charity has entitlement io the funds, any performance conditions attached lo the item{51 of iDcom¢ hav¢ been tJ]et, st is probable that the income will be received and the amount can be mcasured reliably. Dollttion$ and 8tallts are recognised when receivable. In the event that a donation is subject to fulfilling P¢Tf0TnnCe conditions before the charity is entitled to the fijnds, the income is de(ted and not recognised until it is probable that those conditions will be lfIlled in the reportltt8 period. Income from Gift Aid tax reclaims is recognised wheTe the donor has confirtned that gift aid can be claimed o their donation. Any amounts of Gift Aid not received by the ye3T-¢nd are accounted for in ¥cnL¢d ij)COTne. Incotne from Gov¢rntn¢nt and other grattts. whether 'c4pilal' grattt8 or'revenue, grattts. is recogttised when the charity has entitletncnl io the funds, gny perfoTmdnte tonditions attached to the grants have been tnet, it is probable tbat the illcome will be receiv¢d and the anUt can be easured TeliabLy alld is not deferred. In respect of the fijrlough grant: all conditions. with re5P¢Ct to th¢ eligible costs being claimed, need to b¢ meL For legaci¢4 entitl¢D]¢nt is tsken on a case by case basss as the earlier of the date on which.. the charity is aware that probate has been gTanled, the egtatr has been finalised and notification has been made by the executhr{sl lo the charity that a distribution will b¢ ttL4d< OT when 2 disknbution is received the estate. Receipt of a legacy. In whole or in part. is only considered probable when the aount Czn be meosured Telittbly al the charity ha5 been notified of the executor's intention lo make adistribulion. If the legacy is in the foTTll of an asset other th2ll cash or an a88el listed ott a recogttised Siock excbattge, recognition is subject to the valu¢ of the asset bejng able 10 be reliably measured and title lo the asset has passed to the charity. Wherc Icgacies have been notified to th¢ or the ¢haTity is awsre of the granting of probAte, 3nd th¢ criteria for income recogttition have not been Tnet, then the legacy is a treated as a contingent asset and disclosed if rxLateriaJ. Sponsorship from events, fundraising and evellls registration fees are retognised in income when the Incotne is received. Income received in advance foF a ndTI1S1ng everti or for a grant received relating lo the following year are defetred until the criteria for income recognition are met. Other trading activities RevetLUe frorll the sde of g¢ods is recogDised when all th¢ followillg conditions are satisfJ¢d.. the company has iransferred to the buyer the sigrtificartt riskg and rewards of ownership af the goo(L%' the comparty retains neither continuing tnanageTidl involvetnent to the degree usually a$sociated with owll¢rship noT effective control over the good5 8old. the amount of revenue be measured reliably; it is probable that th¢ econotnic benefits associated with the traosactiott will flow to the company. and the costs incU¢d or to be incutred in respect of the transitiort catt be mt&8ured rtliably. Spe¢ifLcdly, rev¢nue from the sale of goods is recognised when the goods are delivered #Dd legal litle has passed. Pag¢ 19
International &)ciety For Krishna Consciousness London Notes to the Financii)I Statements for the Year Ended 31 December 2023 Jnvestment illcome lttcojne from investsnent properties represents the rents receivable duiillg the [lod. The income is recognised on a straight-lille ba515 over the respective leage teiin. Expenditure All expenditure is recognised once there is a le8al or constructive obligation to that expendiwre, it ts probable settleent is required and the amount can be measured Teliably. All cost5 are allocated lo the applitable eXP¢llditure heading tbat aggregate similar costs to that category. Where costs cannot be directly attributed lo particular headings they have been allocated on a basis consistent with the use of resourc&8, central stsff COSIS 211ocated on the basis of time spent, and depreciation tharges Bllocated on the portion of the asset's ll8e. Other support Costs are allixated based on the Spread of st2ff costs. Ail resources exptndtd are inclusive of irr¢coverable VAT. Ralsing funds These are costs incuLTed in attracting voluntary illcom< the mall4emellt of inve$ttnents And those incurred in trading activities that raise fund8. Ch2rltible &¢tlyldes Charitsble expenditUTe tompriseg those costs incurred by th¢ charity Tn the delivery of its activities and seTvices for 115 benefici3Ties. It cludeS both cesis thai cart be allocad directly to suctl activities attd those costs of an illdirect nature neccgsary to support them. Other expenditure Other expenditure represents those items not falling into ally other he2diti8. spport ¢osts Support costs aTe those functions that a5Si$t the work of the charity but do not direcily llndertake charitable activities. Support costs include thinistration costs, fillance, personnel, payroll attd governance costs which support the chariites. These costs have been allocated between eost of raising funds and expenditure on bltable activities. Irrecoverable VAT lryecovetable VAT is char8ed against the category of resources exp¢nd¢d for which it wa5 incurred. Taxgtlon The eharity is considered 10 pS the tests set out in Par2gtaph I Schedule 6 of the Finance Act 2010 and therefore it meets Ihe defthition of a charitable comparty for UK toryjoration lax puryos¢s. Accordingly, the charity is po*ntially exetx]pt from taxation in respect of income or capital gains received withiti caiegoTleS covered by Chapter 3 Part I l of the Coryoration Tax Act 2010 or Section 256 of Ihe Taxation of Chargeable Gains Act 1992, to the extertl that stLch income or gains are applied exclusively to chaiilable purposes. Page 20
International Society For Krishna Consciousness London Notes to the FinaD¢ial Statements for the Year Ended 31 December 2023 Tangible fixÈd #$$c*$ Individual fixed assets cosiing £ 1,000 or rnore aTe initially recorded at cost, less any subsequent tc£umulaied dtpreciatiott and subsequent accumulaied impaimenl losses. Depreciation and amortisation Depreciation is provided on tangible fixed asse15 $0 as lo write off the co81 or valuation, less any estimated residual value. over Iheir expected useful economic life as follows.. As$et ¢la$$ Depre¢iAtion method and rate Over the period of the lease., charged full in year acquired attd Jjone io year of disposal 10/0 on cosL charged Ml ill year acquired and none in year of disposal 2QO/o on cost; charged full in y¢aT acquired and none in ye2r of disposal 250/0 reducing balance bosts; charged full in year a¢qUid and non¢ in year of disposal Long leasehold properties Leasehold improvements Plant and machinery Motor vehiclcs Ithvestment propertie8 Investment PTOP¢rti¢s are caryi¢d at fair value And are held lo earn renta18, capitsl appreciation or both. Fair value is deiennined annually by the trustees of the charity using available market prices for comparable rea] ¢stat¢ aJ]d by ¢xternAI valuers As Tequtred. Changes in the fair value are retognised through the Profit and loss. Stock Stock 1$ included at the lower of¢ost or net realisable vallle. Debtors Trade and other debtors are r¢cognis¢d at the teTn¢t amount due after any trade discount offered. PrepaymeAis a valued ai the amount prepaid net of any trade discoullls due. Accrued iticome ig sntluded at th¢ best estimate of the an]ounts TeceivabSe at the balance gheet dale. CA8h and tash equlvalents Cash and cash equivalenis comprise ea5h on hand attd call deposits. attd oiher short-ierm highly liquid investtnents that are readily toaveTtible to a known amount of cash and sUbJt to an insignificant risk of Change in value. Creditor5 Trade creditors are obligations to pay for gLth or s¢rvi¢es that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as CUTr¢nt liabtlities if the charity dots not have att unconditiontl tight, at the end of the repotting pcrtod. io defer setllemtni of (he creditor for ai least twelve Tnonths xfter the reportlttg date. If there is an unconditiottal righi lo defer settlement for at lexst twelve snonths after the Teporting d&t¢, they #re PTesented as nort-cuttent liabilitie$. Trade creditors are recoBni8ed initially at the iransaclion price and subsequently me&8ured at amorhsed cost usiog the effectiv¢ Inte$t m¢thod. Page 21
International Society For Krishna Consciousness London Notes to the Financial Statements for the Year Ended 31 December 2023 orrowings Inierest-bearing borrowings are initially recorded at fair value, net of transaction costg. Inter¢st-b¢aring borrowirtgs a subsequently carried at amoTlised ¢ost, with Ihe Ibffeience between Ihe proceeds, nel of tiansaction costs, and Ihc amount due on iedemplion being reeognised as a charge to the Stat¢m¢nt of Firtancial Activities over ihe peri< of the relevant bOoW1ng. Interest cxpense is rtcognis¢d on the basis of the effective interest method and 15 included in interest pRyable and similar charges. Bom)wirtgs aTe Lldssified as Qu¢t liabilities unless the chaTity has an uncotsdilional right lo defer settlement of the liability for at least tweIv¢ months after the rwrting date. Fnd structure Unrestricted illcorne fidS are general fullds that are available for use at the trL]5tces' discreiiott in fiJrth¢r3nce of the objectives of the charity. Restricted fvnds are fvnds of the charity restricted for specific purpogeg b¢itLg undertaken by th¢ charity. The cost of Taising and athninistering such ttdS ale charged against the specifi¢ fund. The aim and use of each material designated and Testiict¢d fund is set out in the notes lo the financial siate]nents. Pensions and other post retsrement obligations The thatity operates a defjned contributiort pension scheme. Fixed contributions are paid ittlo a pension fund by the chtirity. The Charity has no legal or eonstructive obligation 10 pay additional Contributions to the fund, if there is insufficient funds to pay all en]ployc¢s the benefjts relating to employee servite in the Cuent and prior periods. Contributions to defined contribution plans are recognised in the Statement of Financial Activitits when they are dlle. If contiibution payments exceed the contrbution due for service. the exccss is recognised as a prepayment. Firt#nci#l instntments Th¢ ciwity only has financial a58ets and financial liabilitie¥ of a kind that qualify as basic financial itJStruTn¢nt5. Basic financial itrlents are initially reeognised at transaction value and subsequently measured at their settleEnenl value with the exeeptiort of bank loalls which are subsequently measured at amortised cost using the effective intcrcsi melhed. 3 Income from donatlotts 2nd legacies Contlnulng opei#ion¥ Ullrestrl¢ttd lund8 Di8continued operations UThrestiieted fyDd$ Contlnulng perrfo*$ Unrtstrlttrd IuDds Total Total General 2023 Gttserll 2022 Donations 2nd legacie5- Donations 568.014 155,625 723.639 511.961 511,961 Legaci¢5 Gtft aid reclaimed 87,535 655,549 33,391 120,926 74,927 74,927 586,888 189,016 844,565 586,888 Page 22
International Society For Krishna Consciousness London Notes to the Financial Statetnents for the Year Ended 31 December 2023 4 Income from charltsble actlvities CoThtinuing operatlons Urtrestyleied rMttd$ DisCOntined peratitsk$ Uttre$tri¢t funds C4)thtlnlllJbg operHtions UDrcstri£ted fllnds Tot41 Total Gènèral GerterAI 2023 General 2022 Deity worshIp Sartkirtan. preachjng and other harilable activities Festivals and Rathaydtra Food for life 16,598 16.598 16,471 16,471 436,636 436.636 344,183 344,183 136.436 61,757 651,428 136,436 61,757 651,428 119.978 63.473 19,978 63,473 544,105 544,105 5 Income from other trading xttlvlÉles ContlnuiDg peration$ Unrtstrlcted fuDds Dlseontinued operations UurÈ$tdtthd fund5 c0htirtuig operAtions UDre5tricted funds Total Total C¢neral General 2023 Gener 2022 Re5tauTant And ¢ateTing come 1.686,065 1,686,065 ,130.519 1,130,519 Shop income Other trading ineeme 135,129 61)0 51,879 187,008 600 187,589 2,570 187.589 2.570 1.821,794 51,879 1.873,673 1.320,678 1,320,678 Restaurant and catering incoTll¢ can be fi]rther atVdlys¢d as follows.. Govinda's £1.632,359 {2022.. £1.120.226). Cafe income £20,955, (2022.. £Nill and catering income £32,751 {2022.. £10,293). Shop income cart be h]rther analysed as follow5.' Atma Lounge £51,879 12022.. £54,2), Radha's Boutique £127,96112022.. £126,678) gnd Radha Krisbna Records £7,168 {2022.. £6,909). 6 Investment inc0e Cotttlllulng operation5 Unrestricted Dds Dl¥etyTht[rted operlltions Unrestricted funds Continuing operarfon$ UTrrestYlcted ds Total To¢il GenerRI General 2023 Ceneral 2022 Interest receivable on bank deposits Property rentsl incotn¢ 5,593 5.593 88 88 26,980 26,980 32,573 35.245 35,333 35,245 35.333 32,573 P28e 23
International Society For Krishna Cons¢iousness London Notes to the Financial Statements for the Year Ended 31 December 2023 7 Other incom¢ Continyittg DperAtion8 Unrestricted ruDds DL5C0tilled operation5 Unrestricted ContlnulDg oper&d&ns Urtres*rfcted lund5 Total Tolal Genergl Genergl 2023 2022 Grant income 200 6,283 6,283 6.283 6,283 200 200 In the cutTent year, the fund8 received as grants related to enew support seheme. In the previow year, grant income pre$Cryts nionits received yants. related to rebates foT busin¢55 rates. 8 Expemdlture r21slng funds a) Costs of generJting donations legaties DlseDnllllued operatiort$ tsper&tions Uure$tri¢trd Ullre¥trictrd fullds funds oper&tion5 Unrestricted funds CellerAI Total Total GeD¢ral General 1023 2022 Bhoga Utilitie5- gas and electricity OtheT expenses PriJting. postage and 8tationery Property expenses- ren¢ rates & repairs Professional fees and support costs Telephone and illierllet Travel and oth¢r n]otor expenses Bank atld GT¢dit card fees 2.404 9,172 54,341 3.600 3,916 78,172 6,004 13,088 132,513 7,896 6,584 42,281 7.896 6,584 42,281 9,670 228 9,898 12,023 12.023 64,482 12,384 76.866 85.429 85,429 88.272 88,272 67,033 67,033 9.348 48 9,396 10,221 10,221 20.852 22,467 26,220 26.220 13,049 50,388 321,982 13,049 50,388 15,311 51,162 324,160 Depreciation 51,162 99,963 421,941 324,160 Included in Other expenses Idi5continued op¢ralion5) are dollations ajnounling to £76,896 of which £75,000 wts made to support Attna Lounge. the new charity. By the year-end, Atma Lounge ceased operdtiorts within ISKCON London and was established as a sepBTat¢, stsnd-alone charity (refer to note 13 for further details). Page 24
International Society For Krishna Consciousness London Notes to the Financial Statements for the Year Ended 31 December 2023 8 Expenditurè on r#i%ing funds bl Cost of charitable activities Discontinued operations Unrestrlcted fund5 ContJnulttE operatioTrs UrestltIed funds operntions Ullrestricted funds Total Total GeThtral General 21123 General 2022 Sankinan, preaching and other charitable tclivities Deily worthip Festivals and Rathayatra Food for life 768.929 768,929 562.993 562,993 229,328 100,674 26,861 1.125,792 229,328 100,674 26,861 1,125,792 L82.041 95,985 35,103 876,122 182,041 95,985 35.103 876.L22 e} Costs of tyadlng aetlvltIes Cfyndnlllng operation Unrestricted funds ContiDuing perAtlon$ Ullrestrf¢ted fud5 perations Unrestricted Total General Generlll 2023 General 2022 Restaurant and catenng expenses Shop expense5 Other trading expenses 1,112.653 1,112.653 708.675 708,675 132,766 36,944 169,711 162.167 10,610 881,452 162,167 10,610 881,452 1,245,420 36,944 1,282,364 d} Expenditure on Anvestment properties Dls¢onilDlled peratlons Unre$tric*d fund5 Continuing operation8 Ullrestricted fuDds operations Unreslrteted fuDds Totsl Total Gener¢1 Gener#1 2023 General 2022 Rejjt artd Courtcil T& Uii]ities- Gas and Electricity Professional Fees 26,693 191 26,693 191 19.220 326 19,220 326 1,716 28,600 1,716 28,600 500 500 20,046 20.(M6 Page 25
International &)ciety For Krishna Consciousness London Note5 to the Financial Stxtements for the Year Ended 31 December 2023 9 Net incomingloutg4Jing resource5 Net {outgoingllincoming resources for the year include.. 2023 2022 {Profit)ILoss on dispos21 of fixed asgets htld for the charity's own use Depreciaiion- owned assets Auditor5, r¢mun¢Tatio Finance chaTges payable Imort8a8e interest) 2,124 67,09L 7,(0 {6,0321 72,233 6,600 RefeT lo note 14 for details of Ibe {ProfIt)o on disposal of fJx¢d assets held for the charitys own use. 10 Trustees remunerAtlon and expense5 During 2023. the charity paid on his behRlf, Mr Dale Banfield's rent gDd other expenses of £42,286 12022.. £L7,5481. These expenses were incurred for the performance of iemple duues in his role as temple president. There wert no other tTUSte¢$' expenses paid for the year ettded 31 December 2023, nor f¢r the ye&r ¢nded 31 December 2022. 11 StAff costs The aggregate payroll costs were as follows.. 2023 2022 Staff costs during the year were.. Wages and salaries National Insurance Pe]]sion eosts Other staff costs 904,828 58,521 13,212 1.707 978,268 684.333 41,453 9,119 740,435 Th¢ monthly av¢rag¢ rturober of persorts lincludmg genior management team) employed by the charity during th¢ year exprused as full time equival¢nts was as follows: 2023 2022 Charitsble Work Administration 41 33 47 39 No employee r¢ceiv¢d ¢TDoluments of tnore tbatt £60.000 during the year. Page 26
International Society For Krishna Consciousness Lolldon Notes to the Financial Statements for the Year Ended 31 December 2023 12 Taxatlon The company i8 limited by guaronoe artd a registered charity. The charity is considered lo pasg the tests s¢t out iti Paragraph I Schedule 6 Fnance Act 2010 and therefore it meets the detitijiion of a charitable Lompany for UK Corporation tsx purposes. Accordingly, the charity is poiettiially exernpt from taxation Ill r¢sp¢ct of income or capital gains received within categori¢s covered by Chapter 3 Part I I Cotporation TBX A¢t 2010 or Section 256 of the Taxation of Chargeablc Gains Aci 1992, to the extent that such incom¢ or ga8 are applied exelusively to tharitabl¢ putposes. 13 Discorktinued Operations By the ye2r-end, Attna Lounge ceased opeT&lions within ISKCON London. It was esiablithed as a separat4 8lartd-alone tharity. Throughout these financial slat¢ments, the income alld donations received, and exp¢ns¢s by Lowige during the year end¢d 31 December 2023 bave been disclosed separately a5 Discontinued OperatsotL5 Inotably Oll the face of the Statetllellt of Fil)¢18[ Aciivity and notes 3, 4, 5, 6, 7 and S}. These will no longer be getteTated witliin ISKCON Lottdon after the year end. 14 Tllnglble llxed *ssetS Long Leayehold Plant 2nd maehinery Mothr vehicles Capital work progress Total Cost At l January 2023 Addition5 Disposals Ai 31 D¢c¢mb¢r 2023 1.169,321 5,820 {852.0261 323.115 87,475 63,098 137,6281 112.945 1,370,377 77,181 {889,6541 557.904 8,263 113,58L 8,261 DepreciatLOII At l January 2023 Chargc for the year Eliminaod ort disposals At 31 December 2023 Net book value At 31 December 2023 274,398 32,311 {74,450} 232,259 57,298 20,832 {35,080) 43,Q50 57.793 13,947 389,489 67,090 1109,5301 347,049 71,740 90,856 894.923 69,895 30,177 41,841 55.788 8.263 210,855 980,888 At 3 1 December 2022 Capitsl commitmenis as at 31 December 2023 iolalled £3,305 {2022.. £Nil). During the y¢8r the charity dispod a l¢a5¢hold propety for a llet gaiti ott disposal of £6,032. The dL5posed plarti and machinery resulted In a net Ii)sg on dispos2] of £18,156. Page 27
Interniitionxl Society For KrishnYA Consciousness London Notes to the Flnancial Statements for the Year Ended 31 December 2023 IS Fixtd &sset investments 2023 2022 Investment properties 584,291 535,643 Investment propertles Invcstment properties C05t or Valuation At l January 2023 Revaluation 535.643 48.648 At 31 DecemLr 2023 584,291 Provision At 31 Decetnber 2023 Net book vu At 31 December 2023 584,291 At 31 December 2022 535.643 During the year, the Charity's investrllenl property was revalued upwards by £48.648 12022.. no change in the value of the investment PTopety}. The revaluation was based on an assessment of rnllTket PTices for similar properties In the area where the property is located. This a88¢ssnient was undertaken by agents familiar with the local propety market. The revaluatton reflects the fair value of the pruperty al the year-end and is consistent with the value subgequeDtly obtained by the chatity when the PToperty was sold ID August 2024. 16 Stock 2023 2022 Good5 for sa]e 117,535 86,736 Page 28
InternatlODal Society For KrlshDa Consciousness London Notes to the Fingncial Statements for the Year Ended 31 Deeember 2023 17 Debtors 2023 2022 Trade debtorg Due frotn group und¢rtthng8 Other debtois 2,063 260,310 60.493 53,462 376,328 2,923 260,310 59,010 69,246 391.489 Prepayments and accrued illMe The amounts due from group undertakings are int¢r¢st-free. unsecured, and receivable after more than one year. Included within other debtors are alsu an]ounts recoverable after mure Ihtn one year. totalling £2169212022.. £15,8591. 18 Credltors.. amollnt$ falling due within one yeY4r 2023 2022 Trade ¢reditOTS to group undertakings Other taxation Social security Other creditors Accru5 74,499 92,988 114,532 105,236 75.583 160,251 86,879 87,266 418,349 444,243 The amourtt due to group undertakings are unsecured, ittterest free gnd r¢payable on demattd. 19 Pension And other schemes Defxned tontribution pension scherne The ¢harity OP¢Tales a defined contribution pension s¢h¢me. Contributions payable by th¢ ¢hgTity to the scheme during the yearettded 31 DecembeT 2023 tot21 £13,21212022.. £9.1191. Contribution8 totallin8 £3,037 {2021.. £2,041) W¢T¢ payabl¢ to the sclieme at the end ot the year and are included in creditor5. Page 29
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International Society For Krlshna Consciousness London Notes to the Fingncial Statements for the Year Ended 31 December 2023 20 Funds Icohtlnllédl A]Jalysis of movement in funds in the prevÈous year Bxlance #t i January 2022 Bilance at 31 December Ineomlng Resourfe5 resourtes expended Cains losses Transfers 2022 Unrestricted funds Gener#1 funds GtraI 2.006,796 132.5001 1,974.296 2,493,287 12,101.7801 1203,2001 2,195,103 (12,500) 2,162,603 Revaluatioo reserve TotaI general funds 2,493,287 {2,101,7801 1203.2001 Deylgnated funds Property fund Nitya Sev& Benevolent fund 155,OQO 8,000 16,195 66,000 67,WO 312,195 155,200 310,200 8.000 16,195 Restaur3Dt refvrbishrnent 24,0(KJ 24,000 203,200 90.OIX> 91,(M)O 515,395 Deity refueoTshmeht Total designated funds Tot unrestricted funds 2,286,491 2.493,287 12,101,780) 2.677,998 Restrltted New temple futtd 126,804 Total fund8 2.413,295 2.483 287 12,101.780 2,804,802 Uthre$trieted fllnds Ceneral funds GetLerg1 fulld5.' This represents flltS that eatt be fieely llsed by the charity to meet its objectiv¢s. Revaluation reserve.. This represents accumulated UTJreaJised gains and Ios8e8 Ort the thÉrity's investtnent properties. Duignkt¢d funds Property fiu]d.. This reserve represents funds that have been rtrtg-feTd for future pi'opety purch2S¢S. Benevolent furd.. This was set up with donations from Mr. Mortin Hay¢5 and Ms. Jaqueline RaymeTr to a&8iSt devotees in dire Jjeed, especially our temple residents. Restaurant refurbishment.. This fund reprtsenls monies that have been ring-fenced for th¢ r¢furbishm¢nt of the Govinda'8 restaurant irt London. Dcity refvrbishmettt.. This fimd represents tnoni¢s that have been rin8-fertced for the TefiiTbishment of the Pujari department fa¢ilities. P28e31
International Society For Krishna Consciousness London Notes to the Financial Statements for the Year Ended 31 December 2023 20 Funds IcontlThlltdl Designated funds IcoTJt.I Atma Lounge.. As deseribed in note 13 of these financial statements, by the year-end. Attna Lourtge ceased operations within ISKCON Lortdon and was established as a separate, stand.alon¢ charity. The nei fimd5 generated by the centre during the ye, atnounting to £103,988. will be retained by ISKCON Lolldoll. However, ISKCON London has designdted £59,908 of these funds to be Irattsfeed lo the new charity. This atntunt represents certain ideniified assets (net of liabilities) and net funds generated by th¢ c¢ntre over the past 8 years. This will be donated to Alma Lounge, the new charity ill 2024. Conscquently, these amounts have b¢¢n transferred 10 designated fid$. This d¢signation of funds is in addition lo the £75. that was paid by ISKCON London during the yeaT Irefer to Note 8al. Restricted funds New temple fund.. The restricted funds above relate to donation5 received specifically foT a new l¢mple. 21 Analysis of net assets between funds Current year Unrestrlctèd funds Restricted fvnds Totsl tsttd$ Tangible fixed as8ets Invcstsnenls Current assets cu¢llt liabilities Creditors over l year 210,855 584.291 2,893,587 1418,349) 210,855 584,291 3,020,391 (418,349) 126,804 Total net 855¢ts 3,270,384 [26,804 3,397,188 Prlor yegr UnrestrIcted Restrl¢ted funds Totsi funds T4ngibl¢ fixed assets InvestmenE8 980.888 535.643 1,605.710 1444,2431 980,888 535,643 1,732,514 1444.2431 Current assets Current liabilities Creditors over l ye&T 126.804 Total net assets 2 677 998 126,804 2 804,802 Page 32
International Society For Kri5bna Consclousness London Notes to the Financial Statements for the Year Ended 31 December 2023 22 Related party rrthsattiOII$ The International Sociely foT Krishna Consciousness Londoll purchased knuks for the amourti of £174,055 12022.. £140,725) fi"on] the International Society for Ktishlla Consciousness Limited, a chartty incorpor3d ill Ertgldnd and Wal£g. Further, Intematiortal Society for Krisbna Consciousness Limited reLhar8¢d affiliatiort fee5 and premises insurance to Intcmaiional Society for Krishna Consciousness London of £29,159 {2022.. £20,308). International Society foi Krishna Consciousness LondoD has also donated £10.008 to lllternatiottal Society for Krishna Consciousness Limited, which will b¢ donated 10 TOVP. Ai 31 Decejnbet 2023, the Illleinalional Society for KrishDa Consciousness London owd InLerndlional Society for Krishna CtrnsciousDess Limitcd £33,855 12022.. £20,308} for puTchDses, Intemational Society for Krishrta ConsciousD¢%s Limiied owed International Society for Ktishna Consciousttess Lo4don £260,310 12022.. £260,310) foT the payments made 10 pui"chase fr¢¢hold property. In 2020, Intematiottal Society for knshna Consciousness Litnited made a loan of £161.400 to InrnatiOnAl Society for Kris[a Consciousness London, relating 10 a propety in Crawley. The bulance remainin8* payable by the chariry on this loan at 31 December 2023 was £57,33812022.. £137,669). The International S(Kiety for Krishna Conseiousrtess Lon(knn is considered to be a subsidiary of th¢ Intem2tiorL41 Society for Krishna Consciousness Limited. Inttrngtloual Sotiety for Krishna Consclou$tt¢ss LA>ndon and International Sodety for Krishna Consciousne55 Bhaktlvedanta M2nor Limitéd The IrtQThktional Society for Krishna Consciousness London purch&s¢d BTG Magazirtes for £279 12022.. £1,535) from the Internttional Society for Krishna Consciousness Bhaktivedattia M3nor Limited, a chaTity incorporated in Englattd artd Wales. At 31 December 2023, the International Society for Krishlla Consciousness London owed £Nil12022.. £Nill to the Internatiottal Society for Krishna Consciousness Bhaktiv¢danta Manor Limited. The Internationtl Society for Krishna Consciousness Bhaktivedanta Manor Limited is cortsideTed to be a 8ubsi(tiary of the International Society for Krisima Consciousnes8 Limiied. InÉern&tlott21 Society for KrishnA Consclousness London and Bhaktlv¢danta Manor Llmlted The lrttematioTval Society for Krisljna Consciousn¢s5 London made purchascs of Goshald Milk for £8.060 (2022.. £3,700) from Bhaknivedartia ManoT Limited, a trading company incorporated irt EnglaDd and Wales. At 31 December 2023. the InteTnAtion21 Society for Krishna CortS¢iOU5ness London owed £1,79512022.. £8001 lo Bhaktivedanta Manor Limited Bhaktivedattta ManoT LiTnited 15 considered lo be a subsidiary OE IntetllAtional Society for KJishna Cottsciousnes5 Bhoktivedanta Manor Liti)iled. Page 33
International Society For Krishna Consclousness London Notes to the Financial Statements for the Year Ended 31 December 2023 23 Parent and ltiMate parekt rjdertakIE The trSt¢eS consid¢r the Intemalional Society foT Krishna Consciousness Limited (registered company number 00962009), a charity incotpurated wtthin the United Kingdom as (he ultiTnate controlling party. Copies of the consolidated financial slao]nellt5 of Inter]]atlOllal Society for Krishna Consciousne55 Limited are available upon request from.. Oak House I Warford Road Radlett HertfoTd5hire WD7 SLA Page 14