OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2020-10-31-accounts

THE BRITISH WHEEL OF YOGA LIMITED

(LIMITED BY GUARANTEE)

Registered Charity Number 1136674 Company Number 07030679

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

Wright Vigar Limited Chartered Accountants & Business Advisers Northgate House Northgate Sleaford Lincolnshire NG34 7BZ

THE BRITISH WHEEL OF YOGA LIMITED (LIMITED BY GUARANTEE)

Registered Company Number 07030679 Registered Charity Number 1136674

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

Page
Report of the trustees 1-9
Report of the auditors 10-12
Consolidated statement of financial activates 13
Consolidated and charity balance sheets 14
Consolidated statements of cashflow 15
Notes forming part of the financial statements 16-24

THE BRITISH WHEEL OF YOGA LIMITED (LIMITED BY GUARANTEE)

Registered Company Number 07030679 Registered Charity Number 1136674

Report of the trustees for the year ended 31 October 2020

The trustees who are also the directors of the Charity for the purposes of the Companies Act 2006, present their report with the Financial Statements of the Charity for the year ended 31st October 2020. As well as being a report of the trustees, it is also, for the purposes of the Companies Act a Directors’ Report. In compiling their report, the trustees have adopted the provisions of the Charities Statement of Recommended Practice (FRS 102) (effective 1st January 2015).

OBJECTIVES AND ACTIVITIES

Objects and purposes

The Charity’s Objects as detailed by its Memorandum of Association are:

To advance the education of the public in yoga and for that purpose:

To encourage and help members of the general public to have a greater knowledge and understanding of all aspects of yoga and its practice by provision of study, education and training;

To maintain and improve the standard of teaching of yoga by organising teacher training, education, and other courses in all aspects of yoga;

To promote research into the methods and effects of all forms of yoga with a view to understanding them more fully and increasing their efficiency.

Significant activities

The BWY has been established for about 56 years. Its membership is based and organised into UK regions as well as there being a region for those overseas. At 31st October 2020, there were 6,860 members.

The BWY is recognised by the Sports and Recreation Alliance and by Sports England as the national governing body for yoga. As part of our role as the governing body, we recognise and accredit other yoga teacher training organisations and teachers qualified via non BWY teacher training routes.

Each UK region is supported by a regional committee including typically a regional officer, treasurer, newsletter editor, training officer and over the UK about 60 county representatives combined with approximately 4,000 qualified teachers. Both nationally and regionally the BWY promotes yoga courses, classes, workshops, and events for our members and to the public.

Development and delivery of a broad portfolio of courses for both class based and distance learning and via remote learning platforms enables our members to learn more about yoga. Courses include both personal development and teacher training. The work of the Ofqual recognised awarding organisation, the British Wheel of Yoga Qualifications (BWYQ), the BWY’s only subsidiary, provides a route for the teacher training qualifications to be on the government’s Register of Regulated Qualifications.

The BWY produces a quarterly magazine, “Spectrum”, and a monthly email newsletter "On the Pulse", both of which are sent to all members. In addition, each UK region produces a regional newsletter. There is also a national website, with regional sections through which regional courses can be booked and a digital network covering BWY nationally and regionally.

1

THE BRITISH WHEEL OF YOGA LIMITED (LIMITED BY GUARANTEE)

Registered Company Number 07030679 Registered Charity Number 1136674

Report of the trustees for the year ended 31 October 2020

OBJECTIVES AND ACTIVITIES

Public Benefit

All the BWY’s charitable activities focus on developing routes for open access for everyone wishing to participate in the practice of yoga and are undertaken to further our charitable objectives for the public’s benefit. In addition, in line with its recognised role as the national governing body, the BWY periodically funds educational projects outside its normal activities to further the knowledge, practice and public benefit of yoga. Where relevant, the trustees have complied with due regard to the Charities Commission public guidance when exercising their power and duties.

Objectives, aims and strategies

Trustees are elected in April and trustee two-year terms are staggered to allow for a continuity of management on the

executive committee.

A forward-looking agenda is being pursued to provide more equitable, inclusive and diverse offerings as well as the ability to respond to the current global pandemic. A rebranding and revised provision of digital services for members is underway along with a comprehensive marketing strategy designed to enhance member experience and increase membership benefits. We anticipate these to take 12-24 months to be fully implemented.

A comprehensive provision of HR for BWY personnel has been implemented this year and a revision of roles and sustainable management structure is in progress. This will be completed within the next 12 months.

Volunteers

During the reported year over 165 volunteers recorded an estimated over 21,300 hours of work on behalf of the Charity. Much of this voluntary work takes place through the BWY committees (NEC, BWYT, Regional Officers Committee and Regional Committees). However, our volunteers also support us in many other ways. The trustees wish to place on record their sincere appreciation and gratitude to all volunteers (past and present) for their dedication and enthusiasm.

2

THE BRITISH WHEEL OF YOGA LIMITED (LIMITED BY GUARANTEE)

Registered Company Number 07030679 Registered Charity Number 1136674

Report of the trustees for the year ended 31 October 2020

ACHIEVEMENTS AND PERFORMANCE

All training and member offerings have been adapted for remote platforms during the pandemic which has enabled member retention.

Provision of online and live question and answer forums with trustees and a variety of professionals has enabled the delivery of excellent member information and updates, and placed BWY amongst those organisations providing exceptional membership service within the industry during a global crisis that has placed personal services amongst those who have been badly affected.

Central Office staff have been largely working remotely and the team has been increased in order to achieve the NEC objectives and provide targeted specialist support for members.

FINANCIAL REVIEW

Reserves

The level of reserves can be seen from a review of the Balance Sheet and at 31st October 2020, for the group was £1,439,493 of these £1,425,613 was for the parent company, of which £282,402 was designated. All designated funds represented those controlled by the 12 regions. There were no restricted funds.

The BWY keeps what it believes is sufficient funds, in deposits with reputable bank accounts and at short notice to meet short and medium-term losses, financial setbacks, and known projects. Apart from that invested in M&G Equities Investment Fund any remaining reserves are invested in low-risk deposits, to ensure the maximum rate of interest, whilst, as far as practical, still being covered by the FSCS guarantee. Given that BWY is a membership organisation and no income is guaranteed, the trustees believe the present level of reserves to be prudent, given the organisation’s aims and the possibility of adverse market conditions.

3

THE BRITISH WHEEL OF YOGA LIMITED (LIMITED BY GUARANTEE)

Registered Company Number 07030679 Registered Charity Number 1136674

Report of the trustees for the year ended 31 October 2020

Risk

Historically the main risks to the BWY have been avoiding getting into an accumulated loss-making situation, an aging membership demographic, competition from other yoga organisations, other market conditions, loss of reputation and unforeseen events, both financial and otherwise. There has been no need to furlough staff during the pandemic as this has generated increased work for employees not less. Competition from other organisations has also been greatly reduced by BWY taking a leading position in the pandemic through provision of information, webinars and live support sessions. These have been attended by non-members as well as by members. The organisation’s main strength lies in the enthusiasm and commitment of the volunteers, which, as the BWY is a demographic organisation, can bring its own risks.

The unparalleled support provided during the pandemic coupled with a comprehensive review of our marketing strategy and a rebranding has generated interest from a different demographic. The implementation of this marketing strategy and development of new rebranded website and published materials will take time but there is a fresh new direction which is showing a promising level of interest from sectors of the population that would not typically be representative of BWY members. We have additionally focused on specifically targeting equitable, inclusive and diverse offerings which has opened up other sectors of the population; to increase our members and reduce reliance on an ageing or otherwise restricted demographic.

PLANS FOR THE FUTURE

The future plans include

STRUCTURE, GOVERNANCE AND MANAGEMENT

The BWY was formed in 1965 as a charitable trust, incorporating the Wheel of Yoga, Wheel of British Yoga, and the Western Yoga Federation. In accordance with the Objectives set out in its 2007-2011 Four Year Development Plan, the BWY incorporated itself on the 25th September 2009 as a private company limited by guarantee and successfully reapplied for charitable status. The BWY now operates under the rules set out in its Memorandum and Articles of Association, published on the website www.bwy.org.uk . Due to a repeal in Charity legislation the Memorandum and Articles of Association are currently being redrafted and will be put to the membership by resolution in April 2021.

Organisation structure and decision-making process

The NEC is responsible for all decisions made by the Charity. Meeting monthly by remote platform the management team have been able to respond to the rapidly changing global situation. The trustees are currently seeking to fill newly created posts of a Chief Financial Officer, Compliance Manager and a training Co-Ordinator. It is believed that these roles will provide the necessary expertise to properly advise the trustees on those matters in which they may lack expertise. Much quasi legal work could be done in house with a compliance manager in post and this will also represent substantial savings to the Organisation. HR is fully outsourced and the trustees are accordingly expertly advised in this respect.

There are two sub committees: Regional Officer Committee (ROC) and the British Wheel of Yoga (BWYT). These committees report back to the NEC and many decisions from both Committee are presented to the NEC for consideration and ratification.

4

THE BRITISH WHEEL OF YOGA LIMITED (LIMITED BY GUARANTEE)

Registered Company Number 07030679 Registered Charity Number 1136674

Report of the trustees for the year ended 31 October 2020

Organisation structure and decision-making process continued

Each region has its own organisational structure in order to be able to reflect the diversity of the UK demographic. The regions are sub-divided into area/county representatives there are other members on the regional committees filling specific posts depending on the region.

The BWY’s personnel comprises a number of full and part time employees, some of whom are based at Central Office. The team provides a diverse range of support to the Charity and its members on behalf of the trustees. Central Office also provides storage and ancillary facilities for distribution of marketing and educational materials, and a venue for some meetings.

The BWY continues to monitor and update its policies and operating procedures to ensure best practice and compliance with current legislation. A compliance manager is currently being sought.

The BWY is the parent company of the British Wheel of Yoga Qualifications (BWYQ), of which it is the sole member. BWYQ is recognised by Ofqual as an Awarding Body. The BWY takes advantage of this to have its Certificate and Diploma teacher training courses recognised as BWYQ courses and therefore on the Register of Regulated Qualifications maintained by the UK government. At the moment BWYQ has no other centres outside BWY.

During the global coronavirus pandemic, we have introduced special provisions for remote learning and teaching. Adequate and revised insurance provision is in place to cover this and all relevant procedures have been updated to reflect this permanent inclusion into our teaching and learning offerings and quality assurance procedures.

Recruitment, appointment and training of new trustees

Trustee elections are handled by an outsourced electoral service provider. In the event of trustees stepping down or retiring before their elected term is complete, co-option procedures are provided for in the Memorandum and Articles.

The Chair, Vice Chair, Treasurer, BWYT Chair and BWYT Vice Chair are at present elected by postal and electronic voting of members ratified by a show of delegates’ hands at the national AGM. Their term of office was extended from one year to two years by special resolution held at an Extraordinary general meeting on the 6[th] September 2014, with reelection of posts being staggered. This is to provide greater continuity of office. The maximum term of office was also extended from five to six years. Two Regional Officer Representatives appointed from the ROC are elected by postal and/or electronic voting within their region.

A “Trustee pack” is sent out to all new directors of the NEC with relevant and essential information relating to their responsibilities to both the Charities Commission and the BWY.

Election to the BWYT for non-NEC posts is carried out by DCTs by electronic and/or postal voting at DCT weekend which is held annually in September.

Key management remuneration

The Trustees and the outsourced HR provider consider the role and responsibilities of key management personnel and review the remuneration package in line with similar entities and consider market value.

5

THE BRITISH WHEEL OF YOGA LIMITED (LIMITED BY GUARANTEE)

Registered Company Number 07030679 Registered Charity Number 1136674

Report of the trustees for the year ended 31 October 2020

REFERENCE AND ADMINISTRATIVE DETAILS

The Charity is known as the British Wheel of Yoga or BWY and no other name.

Registration numbers

Company registration numbers 0703679 (England and Wales) Charity registration numbers 1136674

Registered office

25 Jermyn Street Sleaford Lincolnshire NG34 7RU

Trustees

Richard Adamo Chair Appointed 19.05.18 Resigned 06.04.20 Gillian Osborne-Bates Vice Chair Appointed 07.08.18 Wendy Haring Appointed 02.04.19 Sally Kennedy Appointed 18.11.18 Resigned 06.04.20 Carol Price Appointed 12.06.19 Resigned 06.04.20 Appointed 22 09 20 Audrey Blow Appointed 06.04.20 Resigned 04.12.20 Michele Misgalla Appointed 06.04.20 Maria Ellerbeck Treasurer Appointed 06.04.20 Resigned 10.12.20 Sarah-Ann Hallett Appointed 06.04.20 Resigned 14.09.20

6

THE BRITISH WHEEL OF YOGA LIMITED (LIMITED BY GUARANTEE)

Registered Company Number 07030679 Registered Charity Number 1136674

Report of the trustees for the year ended 31 October 2020

REFERENCE AND ADMINISTRATIVE DETAILS Auditors

Wright Vigar Limited Registered Auditors Chartered Accountants & Business Advisers Northgate House Northgate Sleaford Lincolnshire NG34 7BZ

Bankers

Bank of Scotland, West End Office, 14/16 Cockspur Street, St James’s Gate, London, SW1Y 5BL Santander, Commercial Bank, Bootle, Merseyside, G1R 0AA HSBC, High Street, Reigate, Surrey, RH2 9BB Yorkshire Bank, James Street, Harrogate, HG1 1QU Scottish Widows, PO Box 12757, 67 Morrison Street, Edinburgh, EH3 8YJ Aldermore, 1[st] Floor, Block B Western House, Lynch Wood, Peterborough, PE2 6FZ Virgin Money, Jubilee House, Gosforth, Newcastle upon Tyne, NE3 4PL Bank of Cyprus, PO Box 17484, 87 Chase Side, London, N14 5WH Secure Trust, One Arleston Way, Solihull, B90 4LH Mansfield Building Society, 53 Portland Square, Sutton-in-Ashfield, Notts, NG17 1AZ Nationwide Building Society, PO Box 3, 5-11 St Georges Street, Douglas, Isle of Man, IM99 1AS Hampshire Trust Bank, 131 Finsbury Pavement, London, EC2A 1NT

Solicitors

JMW Solicitors LLP 1 Byrom Place Manchester M3 3HG

7

THE BRITISH WHEEL OF YOGA LIMITED (LIMITED BY GUARANTEE)

Registered Company Number 07030679 Registered Charity Number 1136674

Report of the trustees for the year ended 31 October 2020

STATEMENT OF TRUSTEES RESPONSIBILITIES

The trustees (who are also directors of The British Wheel of Yoga Limited for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure of the charitable group for the year. In preparing these financial statements, the trustees are required to:

• Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable will continue in operation.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

• The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

8

THE BRITISH WHEEL OF YOGA LIMITED (LIMITED BY GUARANTEE)

Registered Company Number 07030679 Registered Charity Number 1136674

Report of the trustees for the year ended 31 October 2020

Statement of provision of information to Auditors

So far as the trustees are aware, there is no relevant information (as defined by Section 418 of the Companies Act 2006) of which the charitable companys auditors are unaware, and each trustee has taken all the steps that they ought to have taken as a trustee in order to make them aware of any audit information and to establish that the charitable companys auditors are aware of that information.

AUDITORS

The NEC have approved the retention of the current auditors Wright Vigar.

ON BEHALF OF THE BOARD :

Gillian Osborne-Bates - BWY Chair

16 March 2021

9

THE BRITISH WHEEL OF YOGA LIMITED (LIMITED BY GUARANTEE)

Registered Company Number 07030679 Registered Charity Number 1136674

Report of the Independent Auditors to the Trustees of The British Wheel of Yoga Limited

Opinion

We have audited the financial statements of the The British Wheel of Yoga Limited (the ‘parent charitable company’) and its subsidiaries for the year ended 31 October 2020, which comprise the Consolidated Statement of Financial Activities, the Consolidated and Parent Charitable Company Balance Sheet, the Consolidated Statement of Cashflows and notes the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 (United Kingdom Generally Accepted Accounting Practice).

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.

In our opinion the financial statements:

• give a true and fair view of the state of the group's and parent charitable company's affairs as at 31 October 2020 and of the group's its incoming resources and application of resources, including its income and expenditure, for the year then ended

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusion relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

• the trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

• the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group or parent charitable company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report , other than the financial statements and our auditor’s report thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

10

THE BRITISH WHEEL OF YOGA LIMITED (LIMITED BY GUARANTEE)

Registered Company Number 07030679 Registered Charity Number 1136674

Independent Auditors' Report to the Trustees of British Wheel of Yoga Limited continued

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the trustees’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.

We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charities Act 2011 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or

• the parent charitable company’s financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors’ remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit. ;or

• the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemption in preparing the directors’ report

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page eight, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed auditor under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those Acts.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

11

THE BRITISH WHEEL OF YOGA LIMITED (LIMITED BY GUARANTEE)

Registered Company Number 07030679 Registered Charity Number 1136674

Independent Auditors' Report to the Trustees of British Wheel of Yoga Limited continued

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charitable company's trustees, as a body in accordance with the regulations made under section 154 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charitable company's members and its trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

James Sewell BA (Hons) FCA CTA (Senior Statutory Auditor) for and on behalf of Wright Vigar Limited Statutory Auditors Chartered Accountants & Business Advisers Northgate House Sleaford Lincolnshire NG34 7BZ

16 March 2021

12

THE BRITISH WHEEL OF YOGA LIMITED

(LIMITED BY GUARANTEE)

Registered Company Number 07030679 Registered Charity Number 1136674

Consolidated Statement of Financial Activities (including summary income and expenditure account) for the year ended 31 October 2020

Notes
Income and endowments from
Donations and legacies
2
Charitable activities
3
Other trading activities
4
Investments
5
Total incoming resources
Expenditure on:
Raising funds
6
Charitable activities:
7&8
Total resources expended
Gains/(losses) on investments assets
Net outgoing resources before transfers
Transfers to regions
Net incoming/(outgoing) resources
Reconciliation of funds
Fund balances brought forward at 1 November 2019
Fund balances carried forward at 31 October 2020		 General
Funds
£
502,851
108,007
3,167
6,974
620,999
-
500,713
500,713
(20,830)
99,456
-
99,456
1,054,070
1,153,526		 Designated
Funds
£
421
97,161
73
119
97,774
-
88,422
88,422
-
9,352
-
9,352
273,050
282,402		 Total
2020
£
503,272
205,168
3,240
7,093
718,773
-
589,135
589,135
(20,830)
108,808
-
108,808
1,327,120
1,435,928		 Total
2019
£
477,680
386,591
3,462
14,070
881,803
126
693,812
693,938
2,372
190,237
-
190,237
1,136,883
1,327,120

All of the above results are derived from continuing activities. All gains and losses recognised in the year are included above. The notes to the accounts give further details of changes in resources applied for fixed assets for the charity use.

13

THE BRITISH WHEEL OF YOGA LIMITED (LIMITED BY GUARANTEE)

Registered Company Number 07030679 Registered Charity Number 1136674

Consolidated and Charity Balance Sheets as at 31 October 2020

Notes
Fixed assets
Tangible assets
12
Investments
13
Current assets
Stocks
14
Debtors
15
Cash at bank and in hand
Creditors : amounts falling due
within one year
16
Net current assets
Net assets
Funds:
Designated funds
General funds
Total funds
19		 Group
2020
£
78,618
65,224
143,842
747
4,731
1,472,733
1,478,211
186,125
1,292,086
1,435,928
282,402
1,153,526
1,435,928		 Group
2019
£
84,622
76,054
160,676
1,675
45,020
1,386,927
1,433,622
267,178
1,166,444
1,327,120
273,050
1,054,070
1,327,120		 Charity
2020
£
78,618
65,224
143,842
147
25
1,472,589
1,472,761
194,555
1,278,206
1,422,048
282,402
1,139,646
1,422,048		 Charity
2019
£
84,622
76,054
160,676
667
45,020
1,384,911
1,430,598
268,878
1,161,720
1,322,396
273,050
1,049,346
1,322,396

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies.

The financial statements on pages 13 - 24 were approved by the trustees on 16 March 2021 and signed on behalf by:

16 March 2021

Gillian Osborne-Bates - BWY Chair

14

THE BRITISH WHEEL OF YOGA LIMITED (LIMITED BY GUARANTEE)

Registered Company Number 07030679 Registered Charity Number 1136674

Consolidated statement of cashflows as at 31 October 2020

Cash flows from operating activities
Net cash provided by (used in) operating activities
Cash flows from investing activities:
Interest income and rents from investments
Purchase of listed investments
Purchase of property, plant and equipment
Net cash provided by (used in) investing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting period
Cash and cash equivalents at the end of the reporting period
Net income/(expenditure) for the reporting period
(as per SOFA)
Adjusted for:
Depreciation
(Gains)/losses on investments
Interest income and rents from investments
(Increase)/decrease in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Total cash and cash equivalents		 2020
£
90,916
7,093
(10,000)
(2,203)
(5,110)
85,806
1,386,927
1,472,733
108,808
8,207
20,830
(7,093)
928
40,289
(81,053)
90,916
1,472,733		 2019
£
157,601
14,070
-
(18,785)
(4,715)
152,886
1,234,041
1,386,927
190,237
7,282
(2,372)
(14,070)
(1,225)
2,192
(24,443)
157,601
1,386,927

15

THE BRITISH WHEEL OF YOGA LIMITED (LIMITED BY GUARANTEE)

Registered Company Number 07030679 Registered Charity Number 1136674

Notes forming part of the financial statements for the year ended 31 October 2020

1 Accounting policies

(a) Basis of preparation

The financial statements of the charitable company have been prepared in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The British Wheel of Yoga meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

The financial statements consolidate the results of the charity and its subsidiary undertakings, the British Wheel of Yoga Limited and the British Wheel of Yoga Qualifications Limited on a line by line basis. A separate Statement of Financial Activities and income and expenditure account for the charity has not been presented because the charity has taken advantage of the exemption offered by section 408 of the Companies Act 2006.

(b) Company status

The charity is a company limited by guarantee and registered with Companies House in England and Wales. The members of the company are the trustees named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

(c) Incoming resources

Items of income are recognised in the accounts when all criteria are met. The charity has entitlement to the funds, any performance conditions attached to the item of income have been met or are fully within control of the charity, there is sufficient certainty that the income is considered probable and the amount can be reliably measured.

Donations and gifts

All monetary donations and gifts are included in full when receivable, provided that there are no donor imposed restrictions as to the timing of the related expenditure. If restrictions are imposed, the recognition of income is deferred until the pre-conditions have been met.

Donations in kind by virtue of voluntary help are not included as income. Donations are volunteers time which cannot be quantified with ease and therefore do not meet the recognition criteria.

Subscriptions

Subscriptions are credited in the period to which they relate. Any subscriptions received in advance are deferred.

Legacies

Legacies are accounted at the earlier of the date on which the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executors to the charity that a distribution will be made or when a distribution is received from the estate.

16

THE BRITISH WHEEL OF YOGA LIMITED (LIMITED BY GUARANTEE)

Registered Company Number 07030679

Registered Charity Number 1136674

Notes forming part of the financial statements for the year ended 31 October 2020

Incoming resources continued

Grants receivable

Revenue grants are included in full when receivable, provided that there are no imposed restrictions as to the timing of the related expenditure. If restrictions are imposed, the recognition of income is deferred until the pre-conditions have been met.

Investment income

Investment income, including associated income tax recoveries, is recognised when receivable.

(d) Resources expended

Expenditure is recognised once there is a legal or constructive obligation to make a payment as a result of a past event to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under following headings:

Costs of generating funds - costs associated with generating income from all sources other than from undertaking charitable activities.

Charitable activities - direct costs relating to delivering charitable activities.

Support costs - costs relating to the management and administration of the charity incurred to enable the charity to deliver its charitable activities.

Governance costs - costs associated with the governance arrangements of the charity. These costs are included within support costs.

Grants payable are payments made to third parties in the furtherance of the charitable objectives. Grants are accrued in full where the offer is unconditional, once the recipient and charity have entered into the agreement. Conditional or performance related grants are recognised once the conditions or the required performance have been fulfilled.

(e) Fund accounting

The charity maintains the following unrestricted income funds:

Designated funds - designated funds represent amounts under the control of regional bodies.

General funds - general funds represent income which is expendable at the discretion of the Trustees, in furtherance of the objects of the charity.

(f) Investments

Investments are valued at market value at the balance sheet date. This gives rise to unrealised gains or losses which are included in the Statement of Financial Activities. Realised gains and losses arising on the disposal of investments are separately identified in the notes to the accounts

17

THE BRITISH WHEEL OF YOGA LIMITED (LIMITED BY GUARANTEE)

Registered Company Number 07030679 Registered Charity Number 1136674

Notes forming part of the financial statements for the year ended 31 October 2020

Tangible fixed assets are stated at cost less depreciation. Tangible fixed assets are capitalised where the cost is in excess of £250. Depreciation is provided on all tangible assets at rates calculated to write off their costs less any residual value over their expected useful lives at the following rates:

Freehold buildings (excluding land) - - 50 years straight line Computer equipment - 3 years straight line Office equipment - 5 years straight line

Stocks are valued at the lower of cost and net realisable value.

(i) Taxation

As a registered charity the organisation is not liable to taxation on its income. Irrecoverable VAT is allocated to support costs.

(j) Regions

Regional income, expenditure and assets have been included in the accounts under designated funds.

(k) Pension costs

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charge to the Statement of Financial Activities in the period to which they relate.

2
Donations and legacies
Grants and donations
Subscriptions
3
Incoming resources from Charitable Activities
Registration and accreditation fees receivable
Income from events - national
Income from events - regions
Income from magazines
Other income
4
Other trading activities
Income from yoga products		 General
funds
£
12,529
490,322
502,851
General
funds
£
103,502
870
-
2,708
927
108,007
General
funds
£
3,167		 Designated
funds
£
421
421
Designated
funds
£
-
115
89,499
3,141
4,406
97,161
Designated
funds
£
73		 Total
2020
£
12,529
490,743
503,272
Total
2020
£
103,502
985
89,499
5,849
5,333
205,168
Total
2020
£
3,240		 Total
2019
£
2,803
474,877
477,680
Total
2019
£
167,969
58,999
151,186
6,767
1,670
386,591
Total
2019
£
3,462

18

THE BRITISH WHEEL OF YOGA LIMITED (LIMITED BY GUARANTEE)

Registered Company Number 07030679 Registered Charity Number 1136674

Notes forming part of the financial statements for the year ended 31 October 2020

5
Investments
Distributions from unit and investment trusts
Interest from bank and other deposits
6
Raising funds
Fundraising trading
Cost of yoga equipment for resale
7
Charitable activities
Grants and donations
7a
Magazine costs
Training and activities
Education committee costs
Members and teachers insurance
Support costs (note 8)
7a
Grants and donations
Grants to institutions
Grants to individuals		 General
funds
£
3,841
3,133
6,974
General
funds
£
-
-
General
funds
£
1,503
75,617
39,607
30,078
20,289
333,619
500,713		 Designated
funds
£
-
119
119
Designated
funds
£
-
-
Designated
funds
£
623
-
76,665
-
-
11,134
88,422		 Total
2020
£
3,841
3,252
7,093
Total
2020
£
-
-
Total
2020
£
2,126
75,617
116,272
30,078
20,289
344,753
589,135
2020
£
2,126
2,126		 Total
2019
£
3,889
10,181
14,070
Total
2019
£
126
126
Total
2019
£
574
76,786
245,663
37,092
20,736
312,961
693,812
2019
£
-
574
574

19

THE BRITISH WHEEL OF YOGA LIMITED (LIMITED BY GUARANTEE)

Registered Company Number 07030679 Registered Charity Number 1136674

Notes forming part of the financial statements for the year ended 31 October 2020

8 Support costs
Central office costs
Regional office expenses
Marketing and publicity
Bank charges
Legal and professional
Depreciation
Auditors' remuneration
Trustee and committee expenses		 General
funds
£
243,042
-
33,431
4,458
31,544
8,207
8,665
4,272
333,619		 Designated
funds
£
537
1,321
43
117
-
-
550
8,566
11,134		 Total
2020
£
243,579
1,321
33,474
4,575
31,544
8,207
9,215
12,838
344,753		 Total
2019
£
233,440
1,530
22,966
6,430
11,493
7,282
7,990
21,830
312,961

9 Trustees' expenses

During the year twelve trustees were reimbursed expenses for travel, meals and accommodation, communications, verification fees and home workers allowances totalling £5,182 (2019 : £8,997).

Trustees' remuneration

No remuneration or other benefits were paid to the trustees for the year ended 31 October 2020 (2019 : £Nil)

10 Net income/expenditure

Auditors' remuneration (including expenses and benefits in kind)
Non audit services
Depreciation
11 Staff costs
Salaries
Social security costs
Pension costs		 2020
£
6,875
2,340
8,207
2020
£
160,602
11,652
2,734
174,988		 2019
£
6,550
2,020
7,282
2019
£
148,931
10,512
2,107
161,550

Key management remuneration for the year totalled £Nil (2019: £Nil)

The average number of employees, analysed by function was:

Magazine
Education and training
Support and administration
Employees earning £60,000 or more per annum
£60,001 - £70,000		 2020
£
1
4
4
9
2020
£
-		 2019
£
1
4
4
9
2019
£
-

20

THE BRITISH WHEEL OF YOGA LIMITED (LIMITED BY GUARANTEE)

Registered Company Number 07030679 Registered Charity Number 1136674

Notes forming part of the financial statements for the year ended 31 October 2020

12 Tangible fixed assets - Charity

Cost
At 1 November 2019
Additions
Disposals
At 31 October 2020
Depreciation
At 1 November 2019
Charge for year
On disposals
At 31 October 2020
Net book value
at 31 October 2020
At 31 October 2019
Tangible fixed assets - Group
Cost
At 1 November 2019
Additions
Disposals
At 31 October 2020
Depreciation
At 1 November 2019
Charge for year
On disposals
At 31 October 2020
Net book value
at 31 October 2020
At 31 October 2019		 Freehold
land and
buildings
£
83,733
-
-
83,733
17,883
1,675
19,558
64,175
65,850
Freehold
land and
buildings
£
83,733
-
-
83,733
17,883
1,675
-
19,558
64,175
65,850		 Office
Equipment
£
19,941
-
-
19,941
3,812
5,376
9,188
10,753
16,129
Office
Equipment
£
19,941
-
-
19,941
3,812
5,376
-
9,188
10,753
16,129		 Computer
Equipment
£
20,970
2,203
-
23,173
18,327
1,156
19,483
3,690
2,643
Computer
Equipment
£
20,970
2,203
-
23,173
18,327
1,156
19,483
3,690
2,643		 Total
£
124,644
2,203
-
126,847
40,022
8,207
-
48,229
78,618
84,622
Total
£
124,644
2,203
-
126,847
40,022
8,207
-
48,229
78,618
84,622

21

THE BRITISH WHEEL OF YOGA LIMITED (LIMITED BY GUARANTEE)

Registered Company Number 07030679 Registered Charity Number 1136674

Notes forming part of the financial statements for the year ended 31 October 2020

Market value at beginning of year
Net unrealised investment gains/(losses)
Additions to investment in year
Market value at year end
The investment comprise:
M & G Equities Investment Fund for charities (Charifund)
Historic cost at end of year
14 Stocks
Regional supplies
15 Debtors
Trade debtors
Other debtors
Prepayments and accrued income
16 Creditors : amounts falling due within one year
Trade creditors
Other taxes and social security
Other creditors
Accruals and deferred income
17
Funds held as agent
Balance at 1 November 2019 (included within other creditors)
Income received during the year
Payments made during the year
Balance at 31 October 2020		 Group
2020
£
747
Group
2020
£
-
941
3,790
4,731
Group
2020
£
8,443
3,084
17,439
157,159
186,125		 Group
2019
£
1,675
Group
2019
£
352
2,983
41,685
45,020
Group
2019
£
4,318
6,373
15,236
241,251
267,178		 2020
£
76,054
(20,830)
10,000
65,224
65,224
31,000
Charity
2020
£
147
Charity
2020
£
-
25
-
25
Charity
2020
£
8,443
3,084
26,567
156,461
194,555
REPS
2020
4,192
(4,192)
-		 2019
£
73,682
2,372
-
76,054
76,054
21,000
Charity
2019
£
667
Charity
2019
£
352
2,983
41,685
45,020
Charity
2019
£
4,318
6,373
16,932
241,251
268,874

REPS - Registered exercise professionals

22

THE BRITISH WHEEL OF YOGA LIMITED (LIMITED BY GUARANTEE)

Registered Company Number 07030679 Registered Charity Number 1136674

Notes forming part of the financial statements for the year ended 31 October 2020

18 Deferred income - group and charity

Deferred income - group and charity
At 1 November 2019
Amount released to incoming resources
Amount deferred in the year
At 31 October 2020
Movement in unrestricted reserves for
At
1 November
2019
£
Designated funds
Regional funds
273,050
273,050
Undesignated funds
General funds
1,054,070
1,327,120
At
1 November
2018
£
Designated funds
Regional funds
267,094
267,094
Undesignated funds
General funds
869,789
1,136,883		 current 12 months and prior year 12
Incoming
Outgoing
resources
resources
£
£
97,774
(88,422)
97,774
(88,422)
620,999
(500,713)
718,773
(589,135)
Incoming
Outgoing
resources
resources
£
£
160,432
(154,476)
160,432
(154,476)
721,371
(539,462)
881,803
(693,938)		 Congress
£
3,780
(3,780)
-
months
Transfers
£
-
-
-
-
Transfers
£
-
-
-
-		 Subscriptions
£
185,364
(70,193)
115,171
Investment
gains/(losses)
£
-
-
(20,830)
(20,830)
Investment
gains/(losses)
£
-
-
2,372
2,372		 Total
2020
£
189,144
(73,973)
-
115,171
At
31 October
2020
£
282,402
282,402
1,153,526
1,435,928
At
31 October
2019
£
273,050
273,050
1,054,070
1,327,120

19 Movement in unrestricted reserves for current 12 months and prior year 12 months

Designated funds represent the amounts under the control of the 12 regional bodies.

20 Analysis of net assets between funds

The net assets are held for various funds as follows:

Designated funds
General funds		 Tangible
fixed assets
£
-
78,618
78,618		 Investments
£
-
65,224
65,224		 Net current
assets
£
282,402
1,013,249
1,295,651		 Total
£
282,402
1,157,091
1,439,493

21 Pension costs

The charity operates a defined contribution scheme and contributions are charged to the statement of financial activities as they accrued. The charge for the year was £2,734 (2019: £2,107).

23

23

THE BRITISH WHEEL OF YOGA LIMITED (LIMITED BY GUARANTEE) Registered Company Number 07030679 Registered Charity Number 1136674

Notes forming part of the financial statements for the year ended 31 October 2020

22 Related party transactions

The charitable company has taken advantage of exemption, under the terms of Financial Reporting Standard FRS102 'The Financial Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within in the group.

Three trustees, Audrey Blow, Wendy Haring and Dawn Wesselby registered courses with BWY or BWYQ (2019: 3 trustees).

During the year G Osborne-Bates provides services to the charity totalling £nil (2019: £1,155) for social media aministration. Subsequent to the year end but prior to approval of the accounts G OsborneBates provided services to the charity in relation to compliance advice, professional drafting services and location hire amounting to £4,998.

The British Wheel of Yoga Qualifications

The British Wheel of Yoga Limited controls the British Wheel of Yoga Qualifications, a charity and company limited by guarantee incorporated in the United Kingdom, by virtue of being the sole member of the charitable company.

A summary of the financial activities for the period and of the assets of The British Wheel of Yoga Qualifications is as follows:

Income
Provision against intercompany loan
Resources expended
Loan repayment
Net incoming resources
Assets
Liabilities
Net funds		 2020
£
28,100
-
(18,944)
-
9,156
15,300
(1,419)
13,881		 2019
£
20,400
775
(15,418)
-
5,757
4,725
-
4,725

During the year, the parent charitable company, The British Wheel of Yoga, provided a donation of £10,500 to The British Wheel of Yoga Qualifications. At the year end an amount of £9,130 was due to The British Wheel of Yoga Qualifications and is included in creditors.

In previous years, The British Wheel of Yoga Limited has made loans to The British Wheel of Yoga Qualifications which had been fully provided for. In the current year the BWY National Executive Committee decided to formally waive the balance at 31 October 2019. A formal Deed of Waiver was signed by both parties on 18 December 2020.

24

Document Activity Report

Document Sent

Tue, 16 Mar 2021 17:37:11 GMT

Document Activity History

Document history shows most recent activity first

Date

Activity

Tue, 16 Mar 2021 18:11:21 GMT

Helen Eaglen viewed the document

You can verify that this is a genuine Portal document by uploading it to the following secure web page:

https://wrightvigar.accountantspace.co.uk/messages/VerifyDocument