Company registrdtion number.. 06953297 Charity registration number". 1132794 International Society For Krishna Consciousness London (A ¢ompally limited by guardntee) ADnual Report and Financial Ststements for the Year Ended 31 December 2024 KNAV Limited Statutory Auditors Hygeia Building Gmund Floor 66-68 College Road HatTOW Middlesex HAI IBE
International Society For Krishna Consciousness London Contents Reference and Athninistrative De12ils Trustees, Report 2109 Statement of TTUStees' Responsibilittes 10 Independent Auditors. Rewrt Ilto14 Statement of Financial Activities 15to 16 Balance Sheet 17 Notes to the Financial StAtements 18to35
International Society For Krishna Consciousness London Reference 2nd Administrative Details Trustees Mr D R Banfield MrCRGupts Mr R G Marks MrTSFung MrLLery Secretary MTS M Tchoukov Registered 0]ce 10 Soho Street London WID 3DL Company Registration Number 06953297 Charity Reglstration Number 1132794 Bankers Lloyds Bank Auditor KNAV Limited Statutory Auditors Hygeia Building Ground Floor 66-68 College Road Harrow Middlesex HAI IBE Page I
International Society For Krishna Consciousness London Trustees, Report The trustees, who are directors for the purposes of company law, present the annual report together with the fllwi¢ial statements and audiiors, report of the charitsble company for the year ended 31 tkcetnber 2023, whicb are also prepared lo meet the requircments for a directors, report and accounts for Companies Act PUTposes. The financial statemetits comply wtth the crItieS Act 2011, the Companies Act 26. the Memorandum and Articles of Association, and th¢ Charities Sthtement of Recommcndcd Practice ("'Charities SORP") (applicable to charities preparing their accounts in accordance with the Fin¢11 Reporting Standard applicablc in the UK. FRS 102). ObJectlves #Dd activities The objectives of thc charity are to advance, transrnit. spread and PTopagate the religion of Krishna Consciousness as revealed in the teachings of Bh*gavad Gita As It ts and Srimad Bhagavatam as taught by the Founder- Acarya A.C. Bhaktivedanta Swami Prabhupada and in accordance with the tenets of the Intemational Society for Krishna Consciousne&s. ISKCON-London is guided by the seven putposes that our Founder-Acarya His Divin¢ Grnce A.C. Bhaktivedanta Sw4)rni Prabhupada establisbed when ISKCON was inaugurated. These putyoses stand as our objectives for the charity. Those purposes are as follows.. l. To systematically propagate sptritual knowlcdgc lo society at large and to educate all people in the techniques of spiritual life in ordeT to check the imbalance of vueS in life and to achieve real unity and peace in the world. 2. To propagate a ¢ons¢iousness of Krisbna (God). as it is revealed ith the great 5CriPtures of Indi Bhagav&d-gtta and Srimad-Bhagavatkm. 3. To bring the members of the Socidy together with each other and nearer to Krishna, the prime entity, thus developing th¢ idea within the members. and humanity at large. that each soul is part and parcel of the quality of Godhead (Krishna). 4. To teach and encourage the saDkirtaoa movemen( congregational chanting of the boly naTne of God, as revealed in the teachings of Lord Sri Caitanya Mahaprabh 5. To erect for the members and for society at large a holy ploce of transcendental pastimes dedicated to the personality of KrisIa. 6. To bring the members eloser together for thc puTse of teaching a simpler, more natural way of life. 7. With a view towards achieving the aforementioned purposes. to publish and distribute periodicals. magaztnes. book5 and other writings. In ordei to achieve the above objectives we use the following strdtegies.. Publication and distribution of litcrature • Promotion through other media . Public services. festivals. retr¢ats and pilgrimages - which promote spiritual culture - The distribution and promotion of sanctified vegetsrian food Iprasadam) Education in doctrines, training in religious practice= pastorAI care Encouraging posÈtive life principles and social engagement thmugh volunteering . The op¢ning of Dew centres I sangas (spiritual gatherings) . Youth outreach Fundraising . Kirtan (congregational Chanting of the names of the Supremc Bcing) Page 2
International Society For Krishna Consciousness London Trustees, Report Structure> governance and management Nature of governing document The ¢barity is controlled by its governing documenL a deed of trus( and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. Trustees Day81 Mora Das Temple President (Dale Banfield) R*dha R2man Das (Robert Marks) Chand Robert Gupta Rupanuga Bhakt5 Das (Laurent Lery) Dhirodatta D2S (Tsz Sui Fung) Retruitment and appointment of trustees The pow¢r lo appoint new trustees is vested in the mcmbers of the ¢lwity. tn considering the recruitment of a ncw trustee, the member5 would IcM)k to individuals with experience. empathy and knowlcdgc of th¢ charity's work. Trnstees serve for a period of 3 years. After 3 years. service. one third of the Tntstees step down with a right of being reapFrf)inted. Induction and training of trnstees New trustees widergo an orientxtion to brief them on: thelr legaI obligations under eharity and company Iiw, the Charity Commission guidance on public bcnefiL and inforni them of the content of thc tntst deed. Continuing training for trustees is undertaken through regular meettngs. attenditkg relevant s¢min2rs, SpIfiC discussions with individuals and organisations alld briefing papers in the areas supN)rted by the charity. Page 3
International Society For Krishna Consciousness London Trustees, Report Public Benefit In setting the Charity's objectives and planning the Charity's activities, the Trustees have given careful consideration to the Chariiy Comvnission's general guidance on public benefit. The Trustees are satisficd that the activities undertaken by the Charity further its charitsble objccts and aims and know of no harni or detriment that Tnay be caused as a result of these activities. Volunteers Wc strive to ra2se ndS in a variety of ways and rely on the support of volunteers who participate by helping with cooking, classes. book distribution, organising festiva]s attd dramas, supporting our cducational evettts and community fundraising programmes. Tbe Dumber of volunteers fluctuates yearly but they ate CTucial to help us spread lshlla Consciousness. We wholeheartedly thank all of our volunteers for their time, expertise and cotnmitment which helps u5 celebrate and raise awareness of the charity, maximise donations and maintaiTt high standards of setvic¢. Fundraising ill 2024 The Trustees ar¢ aware of their responsibility and accowitabilTty to ensure the charity fvndraises legally, resporjsibly and effectively. We do not use professional fijndraisers or comtnercial agencies to fundraise and rely on voluntccrs. All volunteers must abide by the cknty's policies ond procedures. We offer a patronage system which enables patrons to make monthly donations or make one-off donations. These donations are essential to maintain the temple. We are very FLumbled and gratefjjl by the support of our community members. Many of our members participate in distributing Srila Prnbhupada's books. Books were distributed ID various ways including door to door, street fundraising, setting up book tables. to schools. businesses, prisons, carc homes, libraries and hospitals. We also had travelling sankirtan parties which visited tOWDS around the UK. Complaints Thc charity has a published Complaints Procedu available on its websitc. We endeavour to r¢spond to enquiries and complaints within 5 working days. Most contacts tend to be requcsts to optOut of charity communications by existitig donors. Wc monitor the basis on which people request this aDd adapt our method of communication about our events accordtng to donor prcfcrences. We are mindful not to be persistent with online communications or to give undue pressure to stwport us. We did not receive aY complaints about our fundraising practices during thc yrar. GDPR 2nd Data Protection We are committed to protecting the personal infornwtion and privacy of individuals that we engage with and eomply with relevant legislation and codes of prdctice, whilst carying out our e5senttal work of raising awareness, providing infom]Ation and support and raising fid$. Our privacy policy is published on OUT website and sets out bow we ¢apttwe> process. manage and retain your personal infonnation. Safeguarding Policy We are cornmitted to providing a safe environment for children and youllg peopl¢ who visit the Temple premlses. Details of our Safeguarding Policy can be found on our wcbsitc. Financial results The charity recorded L net income Iprofit) of £149,(M)9 for th¢ year (2023-. net income IProfit) of £592,386) a rcduction of £443,377 on th¢ prcvious year. DonatioÉJs to the charity dropped significantly during the yvdr bcing £190k less than th¢ previous year. This was offset by growth in incoming funds primarily due to an increasc in footfall itL the restaurdllt and also book distribution. There was in¢reased expeLditure of £115k by the charity in PUTchasing bhoga and items for the rcstaurdnt and temple, increased salary costs of £165k, incr¢as¢d utility costs of £70L and an additional expendttttre of £90k relating to the mortgage and depreciation oo the property acquircd during the yfdr. P2g¢ 4
International Society For Krishna Consciousness London Trustees, Report ISKCON Dublin Loan We loaned ISKCON Dublin money to help with emergency refurbisbment of their property. The amount due from ISKCON Dublin as at 3 I December 2024 was £7,260 (2023.. £12.517)- AnDual Donations In 2024, wc donated £5,0(M) to Ncw M2yapur for repair5. Department Updates SttLdio 108 Studio 108 has been nllllLing for 3 years and is stronger than ever. Our aim this past y¢ar was to focus on community building, with an emphasis on building relationships with our regular guests, as well as bctwcen team members. In order to achieve this goal we have teamed up with the Ahimsa Eco Village to conduct rctreats every month. These retreats help us to show people Srila Prabbupada's vision for natural livitlg, and devote¢ communities. We have also implemented the Bhakti Steps mentorship Syste where smaller groupslsangas are fomed for people lo go deeper into their Krlshna CoDscious endeavours. and find out more about the philosoplLy. Wc've made great progress this year and have had many young mcn and women take up the regular chanting of the Maha Mantra, and some have even MOV into our CVA {Contemporary Vedic Ashram). Book Distribution Onc of the seven PUTposes of the International Society for Krishna Cons¢iousness is to publish and distribute spirial periodicals. magazines, books and other writings with the view to pmpagate spiritual knowledge widely ther¢by achieving real unity and peac¢ in the world. The distribution of Srila PrabhuP'S books is the life and soul of OUT Spirituat movemcnt. We are happy to 8nnoun¢e that book distribution is increasing more and more in London. In 2024 we distributed 99,066 books and collected £504.263. We marked the highest record for book distribution An London for the last 25 years. We pray that we can continue to distribute this literature far and wide and bring more and more souls to tbe loius fect of Sri Sri Radha-Londonisvard. Cornpared to 2023. Ill 2024 we increased our 0k distribution by 45/0. increased book distribution points by 524/0, and we increased book donations by 40 /0. In the table below you can find exact figures of what w&8 distributed and collected each month. MONTH SM1 bk AlediumW¢BI8Book MTabl¢S xicMB CCSet 5B5et Ttstsi Bts0 BookPolnts ithhml Jan-24 747 li Z6n 1857 Fe24 Mar-24 Apr-74 Mar24 JU24 Jul- Aug-24 1415 5ep-24 1399 Oct-24 739 Now24 L641 Dee.24 523 4736 L725 14 16 L241 LP)2 L385 L5Y L617 L624 7.761 37.n8 1.270 1927 3.493 3.618 422 244 8.356 11.636 11456 11.3B 513 43,978 315 L632 1618 4037 149,•)7 4.1(6 41473 Total .635 278 355 -17% 41Z4 Page 5
International Soeiety For Krishn2 Consciousness London Trustees, Report ovinda's Restaurdnt Our vegan and vegetarian restaurant. Govind2's. fulfils our goals of promoting healthier and karma free eating. Govinda's also Creates income for ISKCON London so we can continue our preaching efforts. Thanks to a wonder1 team of tRarketin¢F students and volunteers our online presence has grown and is reflected in a 120/0 incrcase in Sales in 2024. Our staff h2ve been committcd lo customer service rcsulting in reviews that have boosted our ratings online as well. Food For Life The Food for Life program is a unique free food distribution initilltive which serves vegetarian meals. The food is prepared by devotees. and then offered to Lord Krishna before distribution. This prasadam - blessed food- continues to be served to the needy and homeless people in Central London 6 days a week (Monday to Saturday). Each week we servc 600 plates of prasadam. By following ttlis principle. we aim to reliev¢ hunger and promote peace and prosperity. We are really grate1 to our volunteers who dedicate their precious time to serve Food for Life. most of the volunteers are working professionAls who volunteer thcir evenings to rendcr service. This year we arned up with Food for All, who distribute prasadam in the day time. Thts has been an exciting change and has allowed us to expaod our food distribution and offer a varied menu to our gLts including fnLits. cakes, snacks and other goodies! We are looking forward to further collaborntion with Food for All in the fuwre. Funds The ttwt¢es regularly review the charity's funds and a&%ess how b¢st to use thern in line with the charity, objectives. Though a majority of the donations are received without any restrictions, the trnstees will sometimes set aside part of the general funds for specific putposes as outlined below. Only the historic donations included in the "New Temple Fulld. below. are restricted funds as they were received for spccific PULyoses. Reserves Balanee as at 31.12.24 B*lance as at 31.12.23 Commellts Property fund £640.000 £1.365.1XKI This reserve rcprc5cnts funds that have been ring-fenced for property purchases. Nttya Seva £8.(K>O £8,0 Benevolent fid £16.195 £16.195 This was set up to assirt devotees in dire ne ¢spttiaUy our temple residents. Thc rcserve increased by £24,0 to help with ture refurbis])ments. Restaurant refurbishment £138.0( £114.0(Kl Deity refurbislkment The reserv¢ increased by £24,0(Kl to help with future refurbisbment, with the balance of the funds beitkg used to replace Pujari flooring. The reservc rq)resents funds that will be transferred to the Atma Lounge subsequent to th¢ year end. which ceased to operate within ISKCON London and established as a separate, stsnd-alone charity as of l January 2024. The reserve was set up to ettsure donations are U5cd to purchase iKsoks from ISKCON Ltd - BBT. £60.552 was received and utilised during the period. No change frotn previous year. £126.927 £115.IKIO Atma Louoge £904 £59,8 Sastra Dhan £0 New temple fund Other funds £I26,804 £2.484,981 £341,811 £126,804 £1.592281 £3J97.188 Totgl reserves PAg¢ 6
International Society For Krishna Consciousness London Trnstees, Report Other Information Wc hold "no" assets on behalf of other individuals and ate not aftfiliated with any other charities. We act as a foster parent charity for ISKCON Crnwley. Neither our centre Dor our tnJsl hold or act as custodian tntstees of other organisaiions. We arc v¢ry much dependent on donations in kind and in monctary tern which would be worth £250,0(M) per annum. Overview of Aetivities Updates on 2024 Goals Temple ond Restaurant rcfiwbishment and expansion We conducted a feasibility study last year which helped us to decide on a Temple refilltjishment rather than a rebuild. The rst stage of the refutbisljment is a new roof for thc building. We have submitted planning pemiissions and hope to start work next year. 2. Propety knvestment In 2023 we sold the Bury Pl property. W¢ inv&sted these funds in a pmperty whieh is used as the Temple President residence and a sanctuory for visiting guests. We sold our Coburg Crescent investrnent property this year. The funds from the sale will be used to purchase another property for Contcmporary Vedlc Asljram (CVA). This would provide facilities to help ¢ultivate and introduce people lo the ashram way of life. Use I Consume only Ahimsa Dairy for preaehing programrnes This was achieved. 2025 Goals l. Open Govinda's Restaurant for breakfast (Carried over from 2024) To increase our service to EM)th devotees and public we are looking at extending the opening hours of Govinda's Restaurant so that they are open in the morning to offer breakfast. This would help uiilise the restaurant space for a longer peri(MJ of time. The goal is to generate £SOOk in income. Page 7
International Society For Krishna Consciousness London Trustees, Report Risk management Potential risks to the charity are reviewed and discussed by the Ttustces in their meetings 2nd where relevant, are documented in the Truslce rninutes. Risk management is embedded at all levels, and the potential risks facing the orgauisation are identified and documented. The Trustees ensutc tbat for each risk.. mitigation proccdures are developed responsibilities for implementation and review are assigned the status is monilorcd on a regular and timely basis. Reference and Administratlve Details Trustees Mr R G Marks Mr D R Banfield Mr C R Gupta MrTSFung MrLLery Principal Office: 10 Soho Street L(JndoD WID3DL The charity is Rncotyornted ill England and Wales. Company Registration Number. 06953297 Charity RegistralioD Number. l E32794 Bankers Lloyds Bank 32 Oxford Street London WID 3DL Page 8
International Society For Krishna Consciousness London Trustees, Report RefereDee and Administrative Details (continlled) Auditor: KNAV Limited Statutory AuditOT5 Hygeia Building Ground Floor 66-68 College Road Harrow Middlesex HAI IBE Disclosure of information to auditor Each trustee has taken slepè that they ought to bave taken as a tnjstee tn order to make themselves aware of any relevant audit infortnation (as defincd by section 418(3) of the Companie5 Act 2006) and to establish that the charity's auditor is awar¢ of that information. The trustees confirni that there is no relevant information that they know of and of which they know the auditor 15 unaware. Reappointment of auditor The auditors KNAV Limited are deemed to be teappointed under sectiou 487(2) of the Cotnpanies Act 2006. The annual report was approved by the trustee5 of the clwity on .. MrCR Tntee upta Page 9
International Society For Krishna Consciousness London Statement of Trustees, Responsibilities The tnisiees (who are also the directors of International Society For Krishna Consciousness Londoll for the pUoSeS of con)pany law) are responsible for preparing the ttustc¢s' report and the financtal statements in accordance with applicable law and Unilcd Kingdom Accounting Standards (United Kingdom Generally Accepted Accouftting Practice}. including FRS 102 'The Financial Reporting Standard applicable in the UK and Rcpublic of Ireland" Company law requires the trustees to pr¢parc fanCIal statements for each financial year. Under company law the trustees must not approve the financial staternellts unless they are satisfied that they give a true and fa?r vicw of the stale of affairs of thc charitable company AEKI of tbe incoming resouiccs and application of resources, including its income 2nd expenditure, of the charitsble company for that peri(d. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and apply them consistently. observe the methods and principl ID the Charities SORP. make judgements 2nd estimates that are reasonable and prudent" state whether applicable accounting standards. comprising FRS 102 have been followe& subjeet to any rnaterial departures disclosed and explained iu the fancial Staments. and prepare the finatLcial slatements on tbc going concern basis ullless it is inappropriat to presume that the cbaritable company will continue in busTness. The tntstees are responsible for keeping adequate accounting records that are sutricient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the fu¢1&1 position of the charitable company and enable them to ensure that the finaticial ststements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitsble compaTEy alld hence for taking reasonable steps for th¢ prevention and detectioll of fraud and other Irrell2r1tiC$. The trustees are respousible for the n)aifjtenxnce and integrity of the corporate 8lld fwancial infornlalion included on the charitable colnpany's website. Legislation in the United Kingdom governing the preparation and dissemination of financial ststements may differ from legislation in other jurisdictions. This repoit was approved by the trustees of the charity on 1.3:L£Jgand signed on its behalf by: Mr C R bupta Trustee Page 10
International Society For Krishna Consciousness London Independent Auditor's Report to the Members of International Society For Krishna Consciousness London Opinion We have audited the ftnancial ststements of International Society For Krishna Consciousness London (the 'ch8rity) for the year ended 31 D¢¢ember 2024. which comprise the Statemeni of Financial Activities, Balan¢e Sheet, and Noles to the Financial Statements, includsng a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is Ut)ited Kingdom A¢counting Standards, comprising Charities SORP - FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicable law (United Kingdom Generally Accepted Accounting Practice). In our opinion thc financial statemcnts.. give a twe and fair view of the statc of the charity'5 affaiTS as at 31 December 2024 and of its incoming resources and application of resources. including its income and expenditure, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted A¢¢ounting Practice. ad have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conductcd our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the fuJan¢ial ststements section of our repoTL We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the fanCIal statements in th¢ UK Including the FRC'S Ethical Standard, and we have fulfilled our other ethieal responsibilities in accordance with these rcquiren)ents. We believe that the audit eviden¢¢ we have obtained is sufficient and oppropriate to provide a basis for our opinion. Conelusions relating to going cott¢ern In auditiAg the fU[Lc1j statements, we have concluded that the tswtees use of the going concern basi5 of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfonned. we have not identified any material uncertainties relating to events or conditions that, individually or collectively, tnay cast significant doubt on the charity's ability to continue as a going concern for a pcriod of at least twelve months from when the original financial statements were authorised for issue. Our responsibilities and the responsibilities of the tsustees with respect to going concern are des¢ribed in the relevant sections of this report Other information The other inforniation comprises the ]nforntion included in the annual report other than the funCIal statements and our auditor's report thereoll. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements doe5 tLOi cover the otber inforniation and, except to the extent otherwise explicitly stated in our reporL we do not express any form of assurance con¢lusiotJ thercon. Our responsibility is to rcad thc other Anforniation an<L in doing so. consider whether the other inforniation is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be miterially mi&slated. If we identify such EDateriAI in¢onsistencies or apparent material missiatements, we are required to detemine whether this giv¢s rise to a matcrial misstatement in the financial ststements themselves. If. based on the work we have perfonned. we conclude that there is a material misst&lement of this other InfornO we are required to report that fact. W¢ have nothing to report in this gard. Pagell
International Society For Krishna Consciousness London Independent Auditor's Report to the Members of International Society For Krishna Consciousness London Opinion OD Other matter prescribed by the Companies Act 2006 In our opinion, based on the work undertsken in the course of the audTL" the information given in the Trustees, Report for the financial year for which the funCIal statements are prepared is consistent with tbe financial statements. the Trustees, Report has bccD prepared in accordance with applicable leg21 requirements. Matters wbieb we are required to report by eIceptio In the light of our knowledge and understanding of thc charity and its environment obtained in the COUTse of the audit, we have not identified matcrial misststen)ents in the Trustees, Report. We hovc llothing to report in respect of th¢ following matters where the Cotnpanies Act 2006 requires us to report to you if, in our opinion.. adequate accountin8 records have not been kepL or relurns adequate for our audit have not b¢cn received from branches not visited by us- or the financial statements are not in agreement with the accounting records and returns. or certain disclosures of trSte¢S remuneration specified by law are Dot made. or we have not received all thc InforntiOn and explanations we requir¢ for our audit. the tStees, were not entitled to prepare the fanCIal statements in accordance with the small cotnpanies regitne and take advantage of the smatl companies. exemptions io preparing the trustees. report and from tbe requirement to prepare a strategic report. Responsibilities of trustees As explained more llY in the St2tement of Trustees, Responsibilities (set out OD page 9), the tnlstees are responsible for the preparation of the financial statements and for beiDg satisfied that they give a true and fair view, and for such internal control as the trust¢cs detei'mine is necessary lo cllable the preparation of fu]cial statements that are free from material mi&statemenL whcther due to fraud or eTror. In preparing the financial statements. the trustees are responsibl¢ for asse&8ing the charity's ability to continue as a going concern, disclosing. as applicable, mxttcrs related to going ¢onccrn ar using the going concctn basis of a¢counting unless the trnstees eithcr intend to liquida* the clwity or to ce8se operations. or have no realistic alternative but to do so. Auditor responsibilities for the audit of the financial Statements Our objectives arc to obtain reasonable assurance about whetber the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to i&sue an auditor's report that includes our opinion. Rcasonable assurance is a high Icvel of assurance, but is not a guarantee that an audit conducted i accordan¢e with ISAS (UK) will always detect a material misstatement when it ex2sts. Misstatements can arise from fraud or error 2nd are CODsidered n)ateri8] if, individually or in the oggregate, they could reasollably be expected to influence the economic decisions of users taken on the basis of these financial statements. Page 12
International Society For Krishna Consciousness London Independent Auditor's Report to the Members of International Society For Krishna Consciousness London Extent to ivhich the •udit ivas capable of detecting irregularities, incl)Jdillg fraud ItTegul8rities, including frau4 ore instances of non-COTttpliance with laws and regulations. We design procedures in lillc with our responsibilities, outlined above, to detect material misstatcmcnts in respect of irregularities, including fraud. The extent to wbich our PTocedures are capable of detecting irregularities. including fraud is detxiled below. We design OUT procedures so as to obtain suificient appropriate audit evidence that the finan¢iil statements are not materially misstated due to non-complkance with laws and regulations or duc to fraud or error. We are not rcsponsible for preventing non-compliance and cannot be expected to detect non¢omplia])ce with all laws and regulations - this respoDsibility lies with maThagement with the oversigbl of the Trtte¢s. Based on our understanding of the Charity, discussions with ma1Cen¢ we identified Companies Act 2006. the Charities Act and Finan¢ial Rewrting Standard 102 &8 havillg a direct effect on the amounts aud disclosures in the financial statrments. As part of the engagement team discussion about how and where the Charity's financial statements may be materially misstated due to fraud, we did not identify any areas with an incrcased risk of fraud. Our audit procedures included. enquiry of managetnent lbout the Clwity's potic1, procedures alld relat¢d controls regarding compliance with laws and regulations and if there are any known instances of non-compliance" • examining supporting documents for all material balances. transactions and di5closures' • review of th¢ tsustee tninutes. • enquiry of management and review and inspection of relevant correspondcnce with arty legal fThs" evaluation of the selection and application of accounting policies related to subjective measurcments and complex transactions. - analytical procedures to identify any unusual or unexpectcd rclationships. . testing the appropriateness of journal entries recorded in the general ledger and other adjustments made in the prepardtion of the financial statcm¢nts' review of accounting estirna*s for biases. Owing to the inherent limitations of an audiL there is an unavoidable risk that some material misstatements of tb¢ financial statements may not be detected, even though the audit is properly planned and performed in a¢cordatJce with the ISAS (UK). The potential effects of inherent lin)itations are particularly significant in the case of mASStatement resulting from fraud because fraud may involve sophisticatcd 2nd carefvlly organized scheTnes designed to conceal it, including deliberate failure to record transactiODS. collusion or intentional misrepresentations being made to us. A further description of our r¢sponsibiliti¢s is available on the Financial Reporting Council'5 wcb5itc al: www.fr¢.org.uklauditorsrcsponsibiliti&8. This description fonns part of our auditor's repo Page 13
International Society For Krishnx Consciousness London Independent Auditor's Report to the Members of International Society For Krishna Consciousness London Use of our report This report is made solely to the charitsble company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate to the charity's Irustces thosc matters we are required to state to theEn in an auditor's report and for no othcr purpose. To the Ilest extent perniitted by law, wc do not accept or assume responsibility to anyone other than the charitable company d its trustees as a body, for our audit worK for this ieporL or for the opinions w¢ have fotmed. FCA (Senior Sta For and on behalf of KNAV Lim ory Auditor) ed. Statutory Auditor Hygeia Building Ground Floor 66-68 College Road Harrow Middlesex HAI IBE Date.. 2025-76-UK Page 14
International Society For Krishna Consciousness London Statement of Financial Activities for the Year Ended 31 December 2024 (Including Income and Expenditure Account) Unrestricted funds Designated Funds Restrieted funds Total 2024 Note Income and Endowments from: Donations aud legacies Charitabl¢ activities Trading activities Investment itLcome Other income 680,834 762.317 2,111.925 8.560 680,834 822,870 2.111,925 8.560 60,553 Total income 3,563.636 60.553 3.624,189 Expenditure on: Raising fimds Charitable activities Trading activities Investment properties (460.558) (1.365.911) (1.578,079) (14,465) (3.419,013) (460.558) (1,426,464) (I,578,079) {14.465) (3,479,566) (60,553) Total expenditure Gainsnosses on investhient assets Net i]Icome Transfer between funds (60.553) 15 144.623 748,077 892.700 144,623 21 (748,077) (748.077) Net movement in funds 144,623 Reconciliation of funds Total fullds brought forward 1.592281 1.678.103 I26,804 3,397,188 Total funds carried forward 21 2,484,981 930,026 126.804 3,541,81 I All of the above results gre derived from ¢ontinuing activities. There were no other re¢ognis¢d gains or105ses. The notes on paoes 18 to 35 forni an integral part of these financial sta*ments. Page 15
International Society For Krishna Consciousness London Statement of Financial Activities for the Year Ended 31 December 2024 (Including Income and Expenditure Account) Contlnulng operations Unrestricted (uud5 DistoBIiDued Operati$ Gentral Designated Funds Restri¢ted U#re$tricted Re$trlcted Totsl fuDd5 fulld5 Note funds funds 2023 Income and EndoiYmeDt$ from: Donations and legaeies Cbarit2ble activities Trading activities Investment incoll 655549 651,427 1.821.794 189,016 844,565 651,427 ,873,673 32.573 51.879 32573 Other income 2W Total iDcome 3.161.543 240,895 3,402.438 Expendilthre ott: Raising fill Charitable activities rrading activities InYestTnent properties Totsl expenditure GainsAosse5 On invesftnent assds (321.9821 11.125.792) {1245.419) I28,() 199.9631 (421,945) {1.125,792) {1,282J63} (28,6001 (369M) (2.721.793) {13W71 12,858.71)01 15 48.(A8 48.648 Net income 488 J98 103988 592,386 Transfer between fimd5 21 {1.058.720} 1.162.708 (103.9881 Net movement in fijnds {570J22) 1.162.708 592,386 Reconciliation of funds Total funds brought forward Total funds carried fotivard 1162,003 515J95 126,804 1804,802 1,592.281 .678.103 126.804 3.397,188 There were no other recogniscd gains or losses. The notes on pages 18 to 35 forrn an integrdl part of these financial stafrments. Page 16
International Society For Krishna Consciousness London (Reoistration number: 06953297) Balance Sheet as at 31 December 2024 21124 2023 Note Fixed assets Taagibl¢ assets Investments 14 15 2.505,664 210,855 2 564.955 795 146 Current assets Stocks tkbtor5 Cash at bank and in hand. 16 17 60,483 557,773 21 2,369,477 117,535 376,328 2 526 528 3,020,391 Credits>rs: Amounts falling due within one year 18 418349 Net curreDt Lssets 1.909.1SI Tot41355ets less eurrent liAbilities 4,474.106 3.397,188 Creditors: Amounts talling due after mfjre than one year 19 932295 Net assets 3 541.811 3 397 188 Funds of the cbarity: RtStricted kncome funds Restricted funds 21 126.804 126.804 URrestricted RncozDe funds General fill Designated 2.484983 930 026 1,592.281 1678 103 Total funds 21 3,541.811 3 397.188 The f5nancial statements, includinj the llot tsD pages 18 to 34 were approved by the InLStees, and authorised for issue on ..J.3.: c.g..Aoy..X...... aod Si8ed otl their b¢batf by: Mr C R Gupta TrllSt¢e The notes on pagcs 18 to 35 forni an tntegral part of these financial ststcments. Page 17
International Society For Krishna Consciousness Londo Notes to the Financial Statements for the Year Ended 31 December 2024 I Charity status The charity is limited by guzntte. incorporated in EnglaE]d alld Wales, and consequently does noi have s'e capital. Each of the tnw¢Es 15 liable to contribute an amount not excttdtng £1 towards the assets of the charity in the event of liquidation. The address of its registered office is- 10 Soho Street Londo WID 3DL Authorised for i&sue 13 Allgusi 202) 2 Aceotsntlng polici¢s SummAry of significant actourtting Polici gnd key accounting estiTn*tes The PLincipai a¢counlin8 polici¢s applied in the pttpatation of these financtal statements are set out below. These policie5 hav¢ been COEtsiStenLiy applied to ail the years presentcd, unless otherwise sthtcd. StatEty¢nt ol eornpliance The financiaj attineThts have been prewed in ac£ordallce wtth CThaTities.. sement of ReMmended Practice applicable to charities preparing th¢ir accounts ITh accordance with the Financial Rewrtillg Staodard applicable in the UK and lyeiand (FRS 102) (issued in October 2019) - (Charitie5 SORF (FRS 1021), the Financial Reporting stand applicable the UK and Republic of IrBtand (FRS 102). They th comply wlth the Companics Act 2006 and Ctwities Act 2011. Basu of preparntion International Society For Krithna Consciousness London tneets th¢ defmition of a public benefjl entity und¢r FRS 102. Assets and liabilitt¢s are iDitiaity recognised at historical cost 01 traCtio vallle unless otherwis¢ stated itl the relevant accouutiThg policy note The functional ond presentational cuuency is GBP Strrllng 1£), being the currency of the primary economtc cnvironment in which the chatity operates irn The amounts are pi¢s¢nted rounded to the nearest pound. Going conce The trustees consider that there are no [nateri uncenainties about the thatrity's ability to continue as a going concern noi. any signiticant are&s of uncertainty that affect the c3rryiDg Val of assets beld by the ¢harity. Summary of disclosure exernptioTrs In preparing these financial ststeTncnts, the charity h&s taken advantsge of the exemption ftom disc105ing ¢ertaiti financial instrulnent disclosures atld the prepa]ztioll of the cash flow staletllent &s this infornmiion is included within the ¢onsolidated fuwL¢ial Matements of the parent ehaTity, tntemational Society for Krishna consciou¢ Lim5ted. Page 18
International Society For Krishn2 Consciousness IA)ndon Notes to the Financial Statements for the Year Ended 31 December 2024 Name of parent of group These financial staiements are conso11dcd in the financial statements of EnternatioThal Society for Krishna Consciousness Limited. The financial statements of International Society for Krishna Consciousness Limited may be obtsined from Oak House, I Watford RoJd, RadletL Hertfordshirc. WD7 SLA. Income Income is recognised when the charity has entitlement to the funds. Any performance cooditions attached to the item{s) of iacome have been mel, it is probable that the income will be received and the amount can be measured reliably. Donations and grants are r¢cognised when receivable. In the event that a donation is subject to fulfllling perfonnance conditions before the charity is entitlcd to the funds. the income is defetred and not re¢ognised until it is probable that those conditions will be fulfilled in the reporting period. Income from Gift Aid tsx reclaims is recognised wbere the donor hLS CODfJTmed that gift aid can be claimed on their donation. Any amounts of Gift Aid not received by th¢ year-end arc accounted for in in¢ome and accrued ineome in debwrs. Income from Government and other grnnts. whether 'capital' grdnts or 'revenue' grants, is recognised when the charity I5 cnlttlement to the funds, any fOlance conditions attached io thc grants have been met, it is probable that the illcome will be received and the amount can be r[Sured reliably and is not deferred. In respect of the furlough grdnt- all conditions, with respect to the eligible costs being claimed, need to be mct. For legacies, CDtiilement is token on a case by case basis as the earlier of the date on which: the cb&ity is aware that probate has beeTh gran tbe estate has been finalised and notificatÈon has been made by the cxecworfs) to the charity that a distribution will b¢ Dde, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount catt be me&sured reliably and the charity has b¢¢n notified of the executor's intention to make a distribution. If the legacy is in the fonn of an asset other than cash or an asset listed on a recognised stock exchange, recognition is subject to the value of the oSS¢t being able to be reliably measured and title to tbe asset has passed to the charity. Where legacies have bcen notified to the or the charity is aware of thc granting of probate, and the criteria for kncome recognition have not been meL then the legacy is a treated as a contingellt asset and disclosed ilmaterial. Sponsorship from events, fi]ndraising and events registration f¢¢s are recognised in income when the income is re¢eived. Income received in advance for a future fundraising event or for a lt received relating to the following year are deferred until the criteria for incon)e recognition are meL Other trading activitfies Revenue from the sale of goods is recogllised when all the following conditions are satisfied.. . the company has transferred to the buyer the significant risks and rcwards of ownership of the goods. the company retains neither continuing managerial involvement to the degree wlly associated with ownership nor effectivc control over the goods sold. the amount of revenue can be measured reliably. ' it is probable that thc e¢onomic benefit5 associated witb the transaction will flow to the company. alld . the costs incurred or lo be incurred in respect of the trdnsition can be measured reliably. Specifically. revenue from the sale of goods is recognised when the g¢Jods are delivered and legal title has passed. Page 19
International Society For Krishna Consciousness London Notes to the FAnancial Statements for the Ye2r Ended 31 December 2024 Investment ineome Income from investment properties represents ihe rents receivable during the period. The income is recognised on a straight-line basis over the respective lease term. Expenditure All expenditure is recognised once there is a Icgal or constructive obligation to that Cxpenditure, it is probable settlement is required and the amount can be measured rcliably. All costs are allocated to the applicable expenditute heading that aggregate SiTnilar costs to that category. Where costs cannot be directly attributed to porticular headings they have been allocated on a basis consistcnt with the use of resources. with central staff costs allocated on the basis of time speDL and depreciation charges allocated OD the portion of the asset's use. Other support costs are allo¢atcd based on the spread of staff costs. All resources expended are inclusive of irrecoverdble VAT. Raising funds These are cosls incutTed in attracting voluntary income. the management of investsnents and those inCued in trading activities that rd(se funds. Charitable activities Charitable expenditure comprises those costs inCued by the cbarity in the delivery of its activities and services for its bcneficiaries. It includes both cosls that can be allocated ditlY lo such activities and those costs of an indirect nature necessary to support them. Other expenditure Other expenditure represents those items not falliDg into any other heading. Support eo$ts Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support ¢osis includ¢ administration costs. fioance, personnel. payroll and governance costs which support the charities. Thcse costs have been allocated between cost of rdisillg fimds and expenditure on charitable activities. Irrecoverable VAT ItTecoverable VAT is charged against the category of resources expendcd for which it was in¢vrred. Taxlltion The charity is considered to pass the tests 5Ct out in Paragraph I Schedule 6 of the Financc Act 2010 and therefore it tneets the defmition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation ITh respect of income or capital gains received within categories covered by Chapter 3 Part I l of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extcnt that such income or gains are applied exclusively to charitable purposes. Page 20
International Society For Krishna Consciousness London Notes to the Financial Statements for the Year Ended 31 December 2024 Tangible red assets Individual fixed assets costing £500.LKJ or more are initially recorded at cost, Icss any wbsequent accumulated depreciation and subscquent accumulaied impairment losses. Depreciation and amortisation Dcpreciation is provided on tangible fixed assets so as to write off thc cost or valuation. Icss any estimated residual value, ovcr tbetr expected useful ecoDOtnic life as follows-. Asset class Depreclation meth4)d and rite 211/0 on cost; charged fvll in year acquired and none in year of disposal 10 /0 on cost. charged full in year acquired and none in year of disposal 20 % on cos( charged full in year acquired and none in year of disposal 2511/y reducing balan¢¢ basis. charged 11 in year acquired and none in year of disposal Long leasehold properties Leasehold improvements Plant and machinery Motor vehicles Investment properties Investtncnt properties are carried at fair value and are held to earn rentals. capital appreciation or both. Fair value is deterniined arallY by the Intstees of the charity using available ttwket prices for comparabl¢ real estatc and by external valuers as require& Clwiges in the fair value are recognised through the pmfit and loss. Stock Stock is included at the lower of cost or net realisabl¢ value. Debtors Trade and other debtors are recognised at the s¢ttleD]ent amount due after any trade discount offered. Prepaymcnts are valued at the amount prepaid net of any trade discounts due. Accrued income is included at the best estimate of the amounts receivable at the balance sheet date. Cash And cash equivalents Cash and cash equivalents comprise cash on hand and Call deSIts, and other short-tcrm highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of cIwLge irk Value. Creditor5 Trade creditors are obligations to pay for goods or services that havc been acquired in the ordinary course of business from suppliers. Accoullts payable are clxssified as cutrcDt liabilities if the charity does not have an unconditiooal right, at the end of the rcporting period. to defer settlement of tbe creditor for at least twelv¢ months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date. thcy are presented as nOn•Cucnt liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised Cost using the effectiv¢ interest method. Page21
International Society For Krishna Consciousness London Notes to the Financial Statements for the Year Ended 31 December 2024 BorroiviD2S nierest-bcaring borrowings are initially recorded at fair valuc, net of transaction costs. Enterest-bearing bOowing$ are subsequ¢ntly carried at amortised cost, with the dtfference between the proceeds. net of transa¢tion costs, and the amount due on Tedcmption being re¢ogniscd as a ebarge to the SLilemcnt of Financial Activities over the peri of the relevant borrowing. Interest expense is recognised on the basis of the effettive interest rnethod and 15 IDcluded in inteFest payable and similar charges. Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. Fund strueture Unrestricted income funds are general fimds that are available for use at the trustees, discretion in furtherance of the objectives of the charity. Restri¢ted fidS are funds of tbe charity restricted for specific pUoSeS being undertaken by the charity. The cost of raising and administering such fimds are Charged against the specific fund. The aim and use of ea¢h material designated and restricted fithd is set out in the notes to the financial statements. Pension$ and other post retirement obligations The charity operates a defined contribution pension s¢heTnc. Fixed contributions are paid into a pension fund by the clwity. The charity has no legal or collslDJctive obligatloll to pay addition&l contributions to the fulld, if there is irLsufficieat funds to pay all ¢mployccs the benefits relAting to employee service in the cutTent alld prior piOds. Contributions to defined contribution plans are recognised in the Statement of Financial Activities whcn they are due. If contribution payments exceed the contribution due for seryice, the excess is recognised as a prepayment. Finaneial instruments The charity only has financial assets and financial liabilities of & kind that qualify as basic financial insttuments. Basi¢ financial instnllnents are initially recognised at tra[CtIOn value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 3 Income from donations alld legacies 2024 2023 Continuing Diseontinued operations operatfions Unrestricted Unrestrleted funds funds Geer*I General Continuing operations Unrestricted funds General Restricted funds Totsl Total 2024 2023 DonattODS 593,565 593,565 568,014 155,625 723,639 Legacies Gift aid Teclaimed 85,269 85.269 680,834 87,535 655,549 33.391 189,016 120,926 680,834 844,565 Page 22
International Society For Krishna Consciousness London Notes to the Financial Statements for the Year Ended 31 December 2024 4 Income from ch2ritgble activities 2024 2023 ContinuiDg Diseontinued operations operations Unrestricted Unrestricted funds funds General Continuing operations Unrestricted funds Genernl Total Total Restricted funds 2024 General 1023 Deity worship Sankirtan, preaching and other charitsble activities Festivals and Rathayatra Food for life 16.018 16.018 16,598 16,598 554.770 60.553 615.323 436,636 436,636 147,125 147,125 136,436 136,436 44.403 44,403 61,757 61,757 762,317 60,553 822,870 651,427 651,427 Sankirtan, preaching and other charitable activities income rclates to Book distribution, s*0 108. Preachirtg programs. LCVS course income, Sunday feJst donations and Tulasi Devi worship. 5 Income from other Éradillg activities 2024 2023 Continuing Diseontinued operations operations Unrestricted UDrestrleted funds funds General Gener21 Continuing operations Ullrestrlcted funds Gellergl TotAI Total Restricted fullds 21b24 2023 Restaurxnt and catering income Shop income Other trading iJ)¢ome 1.991.857 1.991.857 1,686.065 1.686,065 120,068 120.068 135,129 600 51,879 187,008 600 2,111.925 2,111,925 1,821,794 51,879 1,873,673 Restaurant and catering income can be fvrther analysed as follows: Govinda's £1,888.392 (2023: £1,632.359), Café incom¢ £66.940, {2023.. £20,955) and catering income £36,525 (2023.. £32.751)- Shop tncotlle can be fillther analysed a5 follows: Atma Loung¢, wbicb is Dow a scporatr charity, £NIL (2023.. £51.879). Radha's Boutique £113,565 {2023.. £127.961) and Radha Krishna Records £6,503 (2023.. £7,168). 6 lllve$tmeDt ineome 2024 2023 Continuing Discolltinued operations operations Unrestricted Unrestricted funds funds General General Corttinuing operatlons Unrestricted funds Totgl Total Restricted funds General 2024 2023 Interest receivable on bank deposits Property rental income 8.560 8,560 5.593 5,593 26,980 32,573 26,980 32,573 8,560 8.560 Pe 23
International Society For Krishna Consciousness London Notes to the Finaneial Statements for the Year Ended 31 December 2024 7 Other income 2024 2023 DiseoDtinued operations Unrestricted funds General Continuing operations Continuing operations Unrestricted funds General Unrestrieted funds General Restricted funds Total Total 2024 2023 Grant income 200 200 2(N) 200 In the cutTent year, no grant income was received. In the previous year, grant incom¢ represents funds received towards energy support scheme. 8 Expenditure on raising funds *) Costs of generating donations and legacies 2024 2023 Continuing Discontinued operations operations Unrestricted Unrestricted funds funds General CoDtinuin2 operations Unrestricted funds General Total Restricted funds Total 2024 General 2023 Bhoga Utilities - gas and electricity Other expenses Printing, postage and stationery Property expeneses - rent, rates & rq)airs Professional fees and support costs Telephone and internet Travel and other motor expenses Bank knd credit card fees Depreciation 4,674 4,674 2.404 3,600 6,004 13,458 13,458 9.172 3,916 13,088 82.406 82.406 54.341 78.172 132,513 12.129 12.129 9,670 228 9.898 88.102 88.102 64.482 12.384 76,866 123.855 123,855 88,273 88.273 8,448 8,448 9,348 48 9,396 52.451 52.451 20.852 1.615 22,467 11.809 11.809 13,052 13,052 63.226 460,558 63,226 50,388 321,982 50,388 421,945 460,558 99,963 Included within other expenses for the year ended 31 December 2024 are donations totslling £53.473, which were made in support of the Atma Loungc ccntre. In the PTior year, other expcnscs under dis¢ontinucd operations included similar donations amountlllg to £76.896. These donations related to the Atma Loung¢ centre. which ceased operations within ISKCON London on 31 De¢embeT 2023 and was established as a separate clwity from l January 2024 (see Note 13). Page 24
International Society For Krishna Consciousness London Notes to the Financial Statements for the Year Ended 31 Deeember 2024 b) Cost of charitable 2ctivities 2024 2023 Discontinued operations Unrestricted funds General Continuing operations Unrestricted funds General Continuing operations Unrestricted funds General Total Total Restrlcted funds 2024 2023 Sankirtan, preaching and other charitable ctivities Deity worship Festiva15 and Rathayatra Food for life 920,123 60.553 980.676 768.929 768,929 265,401 265,401 229,328 229,328 129.433 129.433 100,674 100,674 50,954 50.954 26.861 26,861 1,365.911 60,553 1,426,464 1.125.792 1,125,792 Sankirtan, preaching and other charitable activities relites to Book distribution, Studio 108. CVA and ashrarn expenses, LCVS courses, preaching progrdrns and Tulasi Devi worship. ¢) Costs of trading activities 2024 2023 Discontinued operadons Unrestricted fvnds General Contittuing operations Unrestricted funds General CoDtiDuing oper8tions Ullrestricted funds General Totsl Total Restrleted funds 2024 2023 Restaurant and catering cxpenses Shop expenses Other trading expenses 1.392,598 1,392.598 1.112.653 1,112,653 185.481 185,481 132.766 36,944 169,710 1,578,079 1,578,079 1,245.419 36,944 1,282,363 d) Expenditllre on investment properties 2024 2023 Continuing operations Continuing operations Unrestricted funds Discontinued operations Unrestricted funds Unres¢rlcted funds Genernl Total Total Restiicted funds 2024 Genergl General 2023 Property Utilities - Gas and Electricity Professional Fees Other 3.135 3.135 26.693 26,693 191 191 23 23 11.307 11.307 1,716 1,716 14,465 14,465 28,600 28,600 Page 25
International Society For Krishna Consciousness London Notes to the Financial Statements for the Year Ended 31 December 2024 9 Net incomingloutgoing resources Ncl (outgoing)/incoming resources for the year include- 2024 2024 (Profit)/Loss on disposal of fixed assets held for the charity's own use Dcpreciation- owned assets Auditors, remuneration Finance charges payable (mortgage interest) 48,112 107,418 8,(K)O 57,531 1,214 67,091 7,000 Refer to note 14 for d¢tails of the (Profit)ILo&s on disposal of fixcd assets held for the charity's own usc. 10 Trustees remuneration lld expenses During 2024, the charity paid on his behalf, Mr Dale Banfield's rent and other expenses of £31,354 {2023: £42,286). These expenses were incurred for the perfornnCe of temple duties in his role as teEnple president. There were no other ttustees, expenses paid for the year ended 31 December 2024. nor for tbe year ended 31 December 2023. 11 Staff costs The aggregate payroll costs were &$ follows: 2024 2023 Staff costs during the year were". Wages and salaries National Insurance Pension costs Oth¢r stsff costs 1.054,851 70,927 16,447 904,828 58,521 13,212 1,707 978,268 1,144,315 The monthly avcrage number of persons (including senior management team) employed by the charity during the year expressed as full time equivalents was as follows: 2024 No 2023 No Charitsble wot Administration 37 41 43 47 No employee received emoluments of motr than £60,} during the year. Page 26
International Society For Krishna Consciousness London Notes to the Financial Statements for the Year Ended 31 December 2024 12 Tax2ti4Jn The company is limited by guarantee and a registered charity. The chlty is cotjsidered to pass the tests set out in Paragraph I Schedule 6 Finance Act 2010 and therefore it mects the definition of a charitable company for UK Corporation tax putvoscs. Accordingly, the charity is potentially exempt fmm taxation in respect of income or capital gains received within categorics covered by Chapter 3 Part I I Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992. to the extent that such income or gains are applied exclusively to clwitable purposes. 13 Dlscontinued Operations Effective l January 2024. the Atn Loullge centre ce&sed its operations lthIll ISKCON London alld transitioned to operdte as a separate, indepcndenl charity. Accordingly. in these fmancial staiements, the income and expenditure relating to the Atma Lounge centre for thc comparative year ended 31 December 2023 hav¢ bcen presented as discontinued opcrntions. This classification is reflected ill the Statement of Financi21 Activities and detailed in not&s 3, 4, 5, 6. 7 and 8. For the current year ended 31 December 2024, all reported ineoTne and expenditure rclate sol¢ly to continuing operations. No assets or liabilities relating to the Atma Lounge were transfetTed durillg the year. 14 TaDgible fixed assets Long leasehold buildings Plant and macbinery Motor vehicles Capital work in progress Total Cost At l January 2024 Additions Transfers Disposals At 31 December 2024 323,115 2.367,092 112.945 50246 8.263 (15.115) 156,339 113.581 33,0(J) 8,263 557,904 2.450,338 {8,263) (208,131) 2.481076 {223,246} 2,784,996 146.581 Depreclation At l January 2024 Charge for the year Elimina*d on disposals Al 31 December 2024 Net book value At 31 December 2024 232.259 59.441 (165.240) 126.460 43.050 29,266 (9.894) 62,422 71,740 18,710 347,049 107,418 {175,134) 279,332 90,450 2,355.616 90,856 93.917 69,895 56,131 41,841 2,505.664 At 31 DeCeber 2023 8,263 210,855 Capital commitments as at the year end totalled £1,256,551 (2023= £3,305), relating to the pla[ed 8¢qUlSltion of an additional property. which is eXpeCd to complete in the following financial year. A deposit 01 £125.0 had been paid by th¢ Charity as at the reporting dale and is included within other debtors (see Note 17). Refer lo Note 19 for fijrther details regardin the acquisition of the long leasehold property. The disposal in the year relates to certain leasehold improvements. resulting in a net loss on dispos&l of £42,890. Additionally, the disposal of plant and m8¢hinery gave Tise to a net loss of £5,221. All tangible fJx¢d assels are stated at cost less accumulated depreciation, and no assets were held under fllw)¢e leascs. The cbarity does not ¢apitalise borrowing costs. Page 27
International Society For Krishna Consciousness London Notes to the Financial Statements for the Year Ended 31 December 2024 IS Fixed Asset investments 2024 2023 Investmcnt properties 584,291 Investment propertles Investment properties Cost or Valuation At l January 2024 Disposals Revaluation 584,291 (525,000) At 31 December 2024 59,291 Provisio At 31 December 2024 Net book valve At 31 December 2024 59,291 At 31 December 2023 584,291 During the year, the charity disposed of an inveslment property for proceeds 01£525,000, which had previously been revalued lo fair value at the prior year end. The upward revaluation of £48.648 had been recogniscd in the prevsous year and was consistent with the eventyal sale price. The remainiDg investment propety at 31 DecenJb¢r 2024 is carried at fair value of £59.291, based on a valuation pcrfomied by the trLTStees. 16 Stock 2024 2023 Goods for resale 60,483 l L7,535 Page 28
Intern94tional Society For KrRshn2 Consciousness London Notes to the Financial Statement5 for the Year Ended 31 December 2024 17 Debtors 2024 2023 Trade debtors Due from group undertakings Other debtors Prepayments and accrued in¢ome 360 2,063 260,310 60,493 53,462 376,328 260,310 189,110 107,993 557,773 The amounts due from group undertakings are interest-free, unsecured, and receivable after more than one year. Other debtors includes amounts recoverable after more than one year of £14,875 (2023.. £22,692) and a £125,000 deposit paid by the charity in respect of a propcrty acquisitiotk. which completed subsequent to the year end. 18 Creditors: amounts falling due within one year 2024 2023 Bank loans Trade creditors Due to group undertakings Other taxation and social security Other Creditors Aeeruals 41,378 117,094 70,128 133,556 71,460 26.710 460 326 74,499 92,988 114.532 105,236 31,094 418.349 The amounts due to group undertakings are unsecured, interest free and repayable on dernand. 19 Creditors: amounts falling due after one year 2024 2023 Bank loans 932,295 932,295 During the year, the charity entered into a new bank loati facility to help finance the acquisition of a property (see Dote 14). The loan bears a floating interest rate equal to the Bank of England base rate plus 1.59/0 and is repayable ovcr five years, with 51 months remaining at the reporting date. Thc loan is secured by a legal charge over the leasehold propety at 116 Bedford Court Mansions, which was acquired for £2.35 million. The tUrity profile of the outstanding principal at the repong date is as follows.. Within one year.. £36.991, (with & fijrther £4.387 in accrued interest- 5cc notc 18) Later than one year atkd not later than five years: £932295 The repayment profilc includes a balliM)n rcpaymcnt of approximately £793.908 due as part of the final inslalment on the loan. The interest expense recognised tn the statement of financial activities during th¢ year was £54,256, calculated using the effe¢tiv¢ interest metho(L Page 29
International Society For Krishna Consciousness London Notes to the Financial Staternents for the Year Ended 31 December 2024 20 Pension and other schemes Defiued contribution pension scheme The charity operates a defined contribution pension scheme. Contributions payable by the charity to the scheme during the year ended 31 December 2024 total £16.447 (2023= £13.312)- Contributions totalling £3,256 (2023.. £3.037) were payable to the scheme at the end of the year and orc included in creditors. 21 Funds Analysis of movement in funds Bglance at I Janu9ry 2024 Balanee gt 31 December 2024 Incoming resources Resources expended Gains and losses Transfers Unrestricted fund5 General funds General 1,576.133 16,148 1,592,281 3,563.636 (3.419.013) 764,225 (16,148) 748,077 2,484,981 RevaluAtion rcsetve Total general funds 3.563,636 (3,419,013) 2,484,981 Designated funds Atma lounge Propety fimd Nity& Seva Benevolent fund 59,908 1,365,000 (59,004} (725,000) 904 640.000 8,(K)O 16.195 138,000 126,927 930,026 3,415,007 16,195 114.000 115,000 1,678.103 3270.384 Restaurant refibIshmet 24.1N)O 11.927 (748.077) Deity refurbishment Tot#1 designated funds Total unrestricted fndS 3,563,636 {3,419.013) Restricted funds Sastra Dhan 60.553 (60.553) New temple fvnd 126,804 Total funds 3397 188 3,624.188 3.479,565) 3 541811 Page 30
International Society For Krishna Consciousness London Notes to the Financial Statements for the Year Ended 31 December 2024 21 Funds (continued) Unrestricted funds General funds General funds.. This represents funds that can k freely used by the charity to meet its objectives. Revaluation reserve". This represents a¢¢umulated unrealised gains and losses on the charity's investment properti&s. Designated funds Property fund.. This reserve represents funds that have been ring-fenced for future property purchases. Benevolent fund: This was sei up with donations from Mr. Martin Hayes and Ms. Jaqueline Raymen to assist devotees in dire need. especially our temple residents. Restaurant refvrbishment: This fund represents tnonies that have beeTh ring-fenced for the refurbishment of the Govinda's restaurant An Loodon. Deity refurbishment: This fund reprcscnts monics that have becn Ting-fenced for the refurbis]llnent of the Pujari department facilities. Atma Lounge.. As described in note 13 of these financial statements, in the prior year, the Atma Loungc ccntre ceased operations within ISKCON Londou and was established as a separate. stand-alone cbarity. The net funds generated by the centre during the prior year. amounting to £103.988. were retained by ISKCON London. However, ISKCON London had designated £59.908 of thesc funds to be transferred to the new cbarity. This amount represents certain identified assets (net of liabilities) and net fimds genernted by the ccntre over the past few years, which will be donated to the new charity in the next financial year. Consequently, these amounts have been transferred to designated funds. This designation of fimds is in addition to the £76,896 that was donated by ISKCON London during thc prior year {refer to Note 8a). Restricted funds New temple fund.. The restricted funds above relate to donations received specifically for a new temple. Sastra Dban.. The restricted donations are received and utilised towards the purchase and distribution of books. Page 32
International Society For Krishna Consciousness London Notes to the Financi21 Statements for the Year Ended 31 December 2024 22 Analysis of net assets behveen fllnds Current )eAr Ullrestricted fullds Restricted funds Total funds Tangibl¢ fixed assets Investments 2,505.664 59.291 2,242,673 (460.326) 932 95 2,505,664 59,291 2,369,477 {460,326) 932 95 Current &ssets Cvrrent liabilities Creditors over l year 126,804 Total net assets 3.415.007 126,804 3,541,811 Prior year Unrestricted funds Restricted funds Total funds Tangible fixed assets Investments 210.855 584291 2,893,587 {418,349) 210,855 584,291 3.020,391 (418,349) Current assets Current liabilities Cr¢ditors over l year 126,804 Total net assets 3 270 384 126 804 3397 188 Page 33
International Society For Krishna Consciousness London Notes to the Financial Statements for the Year Ended 31 December 2024 22 Related party transactions The International Society for Kr&shna Consciousness London purchased books for the amount of £254,762 {2023= £174,055) from the International Society for Krishna Consciousness Limited, a charity incoTporated in England and Wales. Further, International Society for Krishna Consciousness Limited recharged affiliation fees and prcmiscs insurance to Illternational Society for Krishna Consckousness London of £41,627 (2023: £29,159). At 31 Dccember 2024, the International Society for Krishna Consciousness London owed International Society for Krishna Consciousness LiMid £26.436 {2023.. £33.855) for purchases. Intcrnational Society for Krishna Consciousness LiMid owed IDternatiODal Society for Krislll Consciousness LondoTh £260,310 (2023.. £260,310) for the payments Ttiade to purchase freehold property. In 2020, Internatiollal Society for Krishtka Consciousn&ss Limited nde a loan of £161,4(K) to International Society for Krishn& Consciousness London. relating to a property in Crawley. The balance remaining, payable by the charity on this loan at 31 De¢ember 2024 was £42.613 (2023: £57,338). The International Society for Krisbna Consciousness tndOll is considered to be a subsidiary of the International Society for Krishna Consciousness Limited. International Society for Krishna Consciouskness iA)ndoD and International Soclety for Krishna Consciousness Bhaktivedanta Manor Limited The International Society for Krishna Consciousness London purchased BTG Mag2zines for £357 {2023'. £279) from the International Society for KriSIa Consciousness Bbaktivedanta Manor Limited, a charity in¢orporated in England and Wales. Further, International Society for Krishna Consciousncss London charged retreat costs of £4.671 (2023: £Nil) to International Society for Krishna Consciousness Bhaktivedanta Manor Limited. At 31 De¢ember 2024, the International Society for KJishna Consciousness London owed £Nil (2023.. £Nil) to the International Society for Kn'shna Consciousness Bhaktivedanta Manor Limite¢l International Soeiety for Krishna Cons¢iousn¢ss Bhaktivedanta Manor Limited owed Inlern&tionil Socieiy foT Krishna Collsciousncss London £72 (2023.. £Nil). The International Society for Krisbna CoDsciousne&s B1lVedanta Manor Limited is consid¢r¢d to be subsidiary of the International Society for Kn"shna Consciousness Limited. International Society for Krishna Consclouslle tAbndon aDd Bhaktivedantg Manor Limited The International Society for Krishna Cotwiousness London made Purchases of Goshala Milk for £11,275 (2023: £8.060) from Bhaktivedanta Manor Limite a trading company incorporated in England and Wales. Further. International Society for Krislma Consciousness tA)ndon charged wedding catering costs of £7.583 (2023.. £Nill to Bhaktivedata Manor LIlted. At 31 December 2024, the International Society for Krishna Consciousness London owed £1.150 (2023.. £1,795) to Bkaktivedanta Manor Litnited. Bhaktivedanta Manor Limited is considered to be a subsidiary of International Society for Kris]ma Consciousness Bhaktivedanta Manor Limited. Page 34
International Society For Krishna Consciousness London Notes to the Financial Statements for the Year Ended 31 December 2024 23 Parent and ultimate parent undertaking The trustees consider the International Society for Krisltna Consciousness Limited (regtstered company number 00962009), a charity incorporated within the United Kingdom as the ultimate controlling party. Copies of the consolidated fjnancial 51atements of International Society for Krishna Consciousness Limited are available upon request from: Oak House I Watford Road Radlett Hertfordshire WD7 8LA Pxge 35