The Company Registration Number is:- 07259502 The Charity Registration Number is:- 1152417
ISHA FOUNDATION
(A company limited by guarantee)
DIRECTORS’ AND TRUSTEES’ GROUP ANNUAL REPORT AND FINANCIAL STATEMENTS
31 May 2024
ISHA FOUNDATION
Report and accounts for the year ended 31 May 2024
Contents
| Page | |
|---|---|
| Reference and administrative details | 1 |
| Directors' and Trustees' Group Annual Report | 2 |
| Independent auditor's report | 8 |
| Consolidated Statement of Financial Activities | 11 |
| Consolidated Balance sheet | 12 |
| Charity Statement of Financial Activities | 13 |
| Charity Balance sheet | 14 |
| Consolidated Cash flow statement | 15 |
| Charity Cash flow statement | 16 |
| Notes to the consolidated accounts | 17-29 |
ISHA FOUNDATION
Reference and administrative details
Company registration number Charity registration number Principal office Registered Office Website Trustees Banker Senior Statutory Auditor Auditor Firm
07259502 1152417
Big Yellow Self Storage, 149-153 Farnham Road, Slough, England SL1 4XP Big Yellow Self Storage, 149-153 Farnham Road, Slough, England SL1 4XP www.isha.sadhguru.org Rahul Prakash Vinod Rao Moumita Sen Sarma Nathalie Theme Ellie Zabbal Barclays Bank 1 Churchill Place London E14 5HP Jeffrey Bor SCB (Accountants) Limited 31 Sackville street Manchester M1 3LZ
Page 1
ISHA FOUNDATION
Directors' and Trustees' Group Annual Report for the year ended 31 May 2024
The Trustees, who are also the directors of the company, present their report and the financial statements for the year ended 31 May 2024.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the financial statements and comply with the charity's Memorandum and Articles of Association, the Charities Act 2011, the Companies Act 2006 and "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 2019).
Reference and Administrative Information
Isha Foundation was formed in 2010 and is a company limited by guarantee (registration number 7259502). It is also a registered charity (charity number 1152417) and commenced its operations on 1 September 2014. IshaLife Ltd was set-up on 14th June 2021, as a fully owned subsidiary of Isha Foundation Charitable Organisation (Charity number: 1152417). It became operational from 1st November 2021. IshaLife Ltd buys and sells yoga-accessories and wellbeing items to customers across the UK & Europe. Any surplus earned from these trading activities is mainly donated to Isha Foundation for the charitable activities.
Directors and Trustees
The trustees who served during the year are as stated below:
Mr Rahul Prakash Mr Vinod Rao Mr Elie Khoury Zabbal Mrs Nathalie Zabbal
Ms Moumita Sen Sarma
Trustees are briefed on their duties, responsibilities and obligations by reference to the guidelines published by the Charity Commission. Trustees are governed by the Charity’s Articles of Association, and are appointed by fellow Trustees based on their demonstrated knowledge of Isha, its goals, and its activities.
Objectives and Activities
The objectives of the charity is to advance the education of the public in the art and practise of yoga and meditation, in particular but not exclusively in Kriya Yoga, Pranayama and Hatha Yoga, as well as to advance any purpose that is charitable under the laws of England and Wales. The Trustees are satisfied that company has achieved its objectives in the year under review.
The objectives of the Charity were amended by the fresh Articles dated 11.6.21 to include any purpose that is considered charitable under the laws of England and Wales. This was reflected in significant expansion of our activities that became apparent during the year under review per details below.
Achievements and Performance
The Charity was very active during 2023-2024, and its activities covered: the propagation of Yoga and Meditation; the propagation of soil health through its global, signature Save Soil movement – which also signalled a significant surge in media coverage for our activities; active donor appeals across Europe; a large number of engagements through and with Influencers across Europe to advance the Charity’s causes; and the sale of yoga and wellness merchandise through its subsidiary Isha Life. Each of these activities is covered in requisite detail below.
Yoga and Meditation
We had a very busy year which was reflected in the active participation of our meditators with Isha as well as the thousands of new entrants to Isha Yoga and Meditation programmes.
We conducted free offerings of yoga across various cities in Europe – in London, Bristol, Birmingham, Sheffield, Leeds, Milton Keynes, Leicester, Cardiff, Luton, Woking, Peterborough, Derby, Colchester, Swindon, Liverpool, Reading, Manchester, Plymouth, Orpington, Munich, Brusells, Copenhagen, Sophia, Gothenburg, Rome, Dublin, Paris, Budapest, Vilnius, Eindhoven, Athens, Milano, Porto, Barcelona, Helsinki, Stockholm, Ljubljana, Oslo, Zagreb, Frankfurt, The Hague, Cluj, Geneva, Dusseldorf, Prague, Tel Aviv (Israel), Timisoara, Vienna, Plovdiv, Jena, Tallinn, Boeblingen, Oslo, Breda, Rishon Lezion (Israel), Basel, Stuttgart, Darmstadt, Berlin, Limena, Rimini, Utrecht, Graz, Skopje, Varna, Desio, Wurzburg, Ericeira, Perugia, Florence, Ancona, Catania, Medecina, Torino, Casal Borsetti, Bologna, Madonna di Campiglio, Locarno, Hamburg, Brno, Bra, Fulda, Limena, Linz, Imola, Agliate, Bergamo, Rotterdam, Locarno – over 50,000 people attended our free offerings, where they learned new yogic practices by expert teachers.
Page 2
ISHA FOUNDATION
Directors' and Trustees' Group Annual Report for the year ended 31 May 2024
We held monthly in person Satsangs for existing meditators and 7473 meditators attended these Satsangs. Many of the in person Satsangs were available live, online, in English and various European languages.
There were several other online live events, such as Mahashivratri. Over 19500 participants attended these online, live, sessions.
We also opened up the opportunity for new meditators to experience yoga and meditation through free webinars and over 45,000 participants signed up for these webinars. Additionally, our Yogaveeras also offered these free training sessions to over 5,000 participants throughout the year.
Trained Hatha Yoga teachers conducted 117 in person training programmes for: Surya Kriya, Yogasanas, Angamardana and Bhuta Shuddhi – all of which comprise our Hatha Yoga offering. Almost 2100 participants completed these programmes.
Inner Engineering – a programme that is based on ancient yogic sciences that help individuals to take charge of their body, mind, emotions and energies, and live a joyful, fulfilling life, was conducted both online and in-person.
-
26 in-person programmes were conducted during the course of the year and 867 participants completed these sessions titled Inner
-
2086 participants completed the Inner Engineering Online programme.
These are record numbers for Inner Engineering participation and it is clear that the online version has facilitated greater uptake of this programme.
In summary, over 126,000 participants engaged with Isha, primarily in-person, but also online, for its various offerings.
Finally, on the International Day of Yoga, during June 2023, the Charity participated in 20 sessions across 15 European countries, including the UK.
Save Soil
Following the launch of the Save Soil movement in 2022, this year saw a significant upsurge in activities that the Charity facilitated and supported.
Save Soil actively participated in UNFCCC COP 28 in Dubai, the largest of its kind, with over 85,000 participants, where Sadhguru attended the plenary session for the Heads of Government. Further:
-
Save Soil sponsored a stall in the prestigious Blue Zone which was attended by world leaders, heads of state, accredited press, and
-
As part of its participation in COP, Save Soil sponsored a number of panel discussions on soil health, where 16 leading European Soil - Save Soil’s participation was covered extensively by the Regional press through 101 articles, featuring interviews with Sadhguru, and
Save Soil also actively collaborated with the EU in discussions around the soil law. The team actively participated in advocacy/ consultation for EU’s new Soil Monitoring Law:
-
Save Soil gave an official response to the public consultation in Oct ’22;
-
On the release of the Soil directive on June 5th, Save Soil submitted an official response and input to the Commission;
-
The team attended the EU Agri Conference in June 2023, which Sadhguru closed at its plenary on the last day of the Conference;
-
The team had an in person meeting in Brussels in October 23 with EU Agriculture and Environment departments;
-
The team along with other leading European scientists, engaged with the rapporteur (Member of European Parliament) leading the new EU soil monitoring law. The trialogue gave us an opportunity to present our perspective on the draft law to the EU rapporteur;
-
The Save Soil team attended the first EU Mission Soil Week in November 2023 in Madrid, where Save Soil was mentioned as a commendable effort in spreading awareness about the crisis facing soil and in galvanising citizens to action, for soil;
-
The Consortium for Soil Carbon, working with the EU Commission, have asked Save Soil to be a part of their working group, and this is being explored further; and finally
-
Save Soil has joined the Advisory Committee of the Soils4Med project, an EU Commission funded project, that focuses on analysing soil health in the Mediterranean region.
Page 3
ISHA FOUNDATION
Directors' and Trustees' Group Annual Report for the year ended 31 May 2024
Isha Life
Difficult trading conditions prevailed in Europe for the period under review and this impacted Isha Life’s performance.
Whilst inflation rates fell, interest rates climbed to 4.5% by 15 September 2023 in the Eurozone, where it remained till May 2024.
In the UK, interest rates climbed to 5.25% for the period under review, and whilst inflation fell from 7.8% in April 2023 to 3% in April 2024, it was still well above target of 2%.
For the period under review, Isha Life continued to operate two online stores – one in the UK, and the second through its Agent – Indian Import Services, in the Netherlands.
Isha Life customers, like the rest of the market, faced a cost-of-living crisis and excluded non-essentials from their purchase basket. Whilst the number of customers buying our products increased by 12% in 2023/24, this was mainly on account of two mega events in 2023/2024, where circa 1750 customers bought Isha Life products. If these extraordinary sales are excluded, the number of active customers actually decreased, and the average sales value also decreased by 6%.
Isha Life sales were also impacted by the effects of parallel trade, with several online channels selling Isha Life products at a discount to Isha Life UK and EU prices. These Channels procure Isha Life products at a cheaper rate in India through their own supply networks
Irrespective of the above, Isha Life revenues increased by 5% for the year. During the year under review, Isha Life repaid a loan of £10,000 to the Charity, and it also donated £213,710 to the Charity.
Life is preparing a strategic plan to expand its product range from the current circa 500 SKUs by injecting excitement around its portfolio through the addition of new categories – particularly organic cosmetics and food supplements and items that promote wellness. Isha Life UK relies upon its Indian Suppliers to meet import restrictions in the UK and EU.
Donation
The Charity made considerable strides in collecting donations through its regular activities, however the Trustees felt that there was need to enhance the effort to collect donations for the various appeals that the Charity wishes to sponsor. Accordingly, a 2-member volunteer team was created to lead this effort for seeking donations from the public. The team identified several options for ongoing support and are strategizing ways and means to strengthen Isha Foundation UK’s approach to them. These donations are sourced primarily through the Charity’s online donations appeal.
Part of the donations are treated as restricted funds in the Charity’s books, and currently these cover:
-
Ishanga 7% - a partnership opportunity with Sadhguru;
-
Raising Human Consciousness – an opportunity to a recurring donation to Isha Sangamitra; - Annadanam – a sacred offering of food to the thousands of volunteers, sanyasis, brahmacharis – people who have dedicated their lives to Isha;
-
Rudraksha Diksha – the sacred offering of energised beads;
-
Conscious Planet – to support several projects that revitalise the human spirit, rebuild communities and restore the environment. These include Education (Isha Vidya), Tree planting to restore the Cauvery River – Cauvery Calling; and Action for Rural Rejuvenation.
There is also an effort to raise unrestricted funds for the Charity through the Just Giving platform.
Our experience thus far has been positive as the results that follow indicate, and the Trustees are optimistic that the Donor team with provide the right impetus to this activity.
To govern the transfer of funds from the Charity to its various recipients, the Charity has entered into a Memorandum of Understanding with the receiving charities to track the effective usage and utilisation of these funds.
Page 4
ISHA FOUNDATION
Directors' and Trustees' Group Annual Report for the year ended 31 May 2024
Advancing the Charity’s purposes
The Charity engaged with several well-known non-controversial public figures, to inform the public about the Charity’s activities, and through this forum, to advance the Charity’s activities.
To this end several public figures in Europe engaged with Sadhguru, Isha’s Founder, individually, and in groups, in interviews, talks, and public broadcasts – in London, Madrid, Mallorca, Milan and Paris.
The Charity estimates that the impact of these efforts reached 114 million individuals from the public, and resulted in an upsurge in positive information about the Charity and its activities.
Financial Review
The Consolidated Statement of Financial Activities shows a net surplus of £2,483,481 (2023 – net surplus of £1,322,663) for the year and reserves stand at £8,998,138 (2023 £6,514,657). The increase in surplus is largely due to the scaling up of various programmes that have been described in the earlier sections. The financial position at year end as per the Consolidated Balance Sheet shows net current assets or working capital of £8,984,746 (2023 – £6,498,210). The net book value of fixed assets held, all of which are used directly for charitable purposes, amounts to £13,392 (2023 – £18,246).
Reserves Policy
The Charity expects to continue growing at an accelerated pace over a three-year horizon and given the current volatility & uncertainty in the environment combined with the diverse nature of the activities of the Charity run by a Volunteer led organisation, the trustees would prefer to be conservative in ensuring adequate reserves are in place to cater to the expansion plans- which reflects in the financial statements.
The Trustees plan to undertake, during the current year, a review of the reserves required keeping in mind the factors discussed above, and come up with an updated reserves policy. Reserves are held to fund the charity’s future growth plans and to ensure that the programmes would run without any financial challenges for a minimum of twelve months during these uncertain times.
Going Concern
In preparing these financial statements, the Trustees are responsible for assessing the Charity’s ability to continue as a going concern. In assessing the going concern status of the charity, the trustees have reviewed cashflow forecast for the12 months from the date of approval of the financial statements, considered the relevant assumptions that underpin the forecast, the pipeline of new income from new events. The consolidated statement of financial activities shows a net surplus of £2,483,481 for the year and free reserves of £8,927,101. Based on the information above, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operation for the foreseeable future and will remain in surplus in future periods. Therefore, the trustees have adopted the going concern basis in preparing these accounts.
Structure, Governance and Management
Governing Document
Isha Foundation is registered under the Companies Act 2006 as a company limited by guarantee and not having a capital divided by shares. The company was incorporated on 20 May 2010 and is a registered charity constituted as a limited company under the Memorandum and Articles of Association. The charity registration number is 1152417 and the company registration number is 07259502.
Recruitment and appointment of Trustees
As set out in the Articles of Association the chair of the Trustees is nominated by Isha Foundation. The Directors of the organisation are also the charity Trustees for the purposes of charity law. The Board of Trustees has power to appoint additional Trustees as it considers fit to do so.
The Trustees in office in the year are set out on legal and administration page. The Trustees have no beneficial interest in the company.
Page 5
ISHA FOUNDATION
Directors' and Trustees' Group Annual Report for the year ended 31 May 2024
Organisation
The Organisation is governed by its Memorandum and Articles of Association.
All the activities of the Isha Foundation are run by dedicated volunteers and a few fulltime employees. These include programme promotion, registrations, programme planning, coordination, communication and supporting yoga practices of the participants etc.
Mr Rahul Prakash and Mr Vinod Rao continue to act as active Trustees and Directors since March-2021. Mr Senthil Kaniappan is the representative for Isha Foundation Inc USA, the sole member of the Charity, and with his extensive experience of almost three decades in ISHA , supports the Trustees as required, this group together working on the strategy and medium term plans for the Charity.
The Charity’s day to day activities are planned and managed by the trained co-ordinators and volunteers, There is regular interaction between the Trustees, co-ordinators, employees, part timers and volunteers.
Risk Assessment and Monitoring
During February and March 2024, the Charity reviewed its risks, and that of its subsidiary, Isha Life. This Register details each risk, the owner of the risk, its likely impact, the controls in place, and the resultant net risk. For each risk a specific action was detailed.
A few major risks were identified relating to participants safety at our programmes, legal compliance relating to our advertising, and some risks primarily relating to IT related issues, and warehouse storage are even more pressing and these are being addressed.
Whilst all of these risks are under active review a fuller review of the Risk Register will be carried out in 2025.
Statement of Trustees’ responsibilities
The Trustees (who are also the directors of Isha Foundation for the purposes of Company law) are responsible for preparing the Trustees’ Group Annual Report and the consolidated financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
Company law requires the Trustees to prepare financial statements for each financial year which gives a true and fair view of the affairs of the charity and the incoming resources and application of the resources, including the net income or expenditure, of the charity for the year. In preparing these financial statements, the Trustees are required to:
-select suitable accounting policies and apply them consistently
-make judgements and estimates that are reasonable and prudent
- -observe the methods and principles in the Charities SORP
-state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements.
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website.
Statement of disclosure to auditor
In so far as the trustees are aware:
-
there is no relevant audit information of which the charity's auditors are unaware; and
-
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 auditors are aware of that information.
Page 6
ISHA FOUNDATION
Directors' and Trustees' Group Annual Report for the year ended 31 May 2024
Related Parties
Isha Foundation UK’s sole Member is Isha Foundation Inc USA. Isha Foundation India, the first Isha Charity anywhere in the world, also collaborates with the Charity from time to time. There is an active proposal on the table to sign Collaboration Agreements with our closest partners - Isha Foundation USA, and Isha Foundation India. To govern the usage and tracking of funds, there is also a MOU signed with Isha entities in India who receive grants from the Isha Foundation UK. There are also agreements in place for Isha Foundation (UK) to work with Isha Foundation India, Isha Education (Isha Vidhya) India and IshaLife Private Limited India.
Public Benefit
Isha Foundation continues to support the wellbeing of the general public through yoga and meditation and did so even more intensely during the challenging times of the coronavirus pandemic and after. Free Inner Engineering Online programmes for healthcare workers, heavily discounted online programmes for the general public, free webinar sessions, practice support sessions with trained teachers, increased social media presence, Sadhguru’s free offerings and monthly Satsangs have all touched the lives of many thousands of people and supported them to enhance their physical, mental and inner well-being.
The Trustees confirm that they have complied with the duty in Section 4 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit.
Small company provisions
The report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.
This report was approved by the board of Trustees on 21/02/2025 and signed on its behalf by
Rahul Prakash Trustee
Page 7
ISHA FOUNDATION
Independent auditor’s report to the members and trustees of Isha Foundation
Opinion
We have audited the financial statements of Isha Foundation (the charity) (the parent entity) and its subsidiaries (the group) for the year ended 31 May 2024 which comprise the Consolidated Statement of Financial Activities (Summary Income and Expenditure Account), Statement of Financial Activities (Summary Income and Expenditure Account), the Balance Sheet and the Consolidated Balance Sheet, the Statement of Cash Flows and Consolidated Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102.The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
-give a true and fair view of the state of the groups and charitable company’s affairs as at 31 May 2024 and of the group’s and charitable company’s incoming resources and application of resources, including the group’s and charitable company’s income and expenditure, for the period then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
-have been prepared in accordance with the requirements of the Companies Act 2006.
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 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.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed; we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Other Information
The Trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors 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 this gives rise to a material misstatement in the financial statements themselves. 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.
Opinions 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 Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the Report of the Trustees has been prepared in accordance with applicable legal requirements.
Page 8
ISHA FOUNDATION
Independent auditor’s report to the members and trustees of Isha Foundation
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the Trustees’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept or returns adequate for our audit have not been 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 trustees’ 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’ and Trustees’ Report.
Responsibilities of trustees
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, 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 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 charitable company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
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 an auditor’s report 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We discussed with the Directors the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance.
During the audit we focussed on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, UK tax legislation, Charity Act 2011, SORP 2019. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.
Our procedures in relation to fraud included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and appropriateness of other entries in the nominal ledger; reviewing transactions around the end of the reporting period; and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
Page 9
ISHA FOUNDATION Independent auditor’s report to the members and trustees of Isha Foundation
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.
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. Our audit work has been undertaken so that we might state to the charitable company's members 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 members as a body, for our audit work, for this report, or for the opinions we have formed.
Jeffrey Bor FCA (Senior Statutory Auditor)
for and on behalf of SCB (Accountants) Limited
31 Sackville street Manchester M1 3LZ
Date: 24/02/2025
Page 10
ISHA Foundation - Consolidated Statement of Financial Activities Including Consolidated Income and Expenditure account for the year ended 31 May 2024
| Income Donations 12 Charitable activities 13 Investment 14 Total income Expenditures on Raising fund 15 Charitable activities Promoting yoga 15 Total expenditure Net income/(expenditure) for the year Transfer between funds Net movement in funds Fund inflow from merger 16 Reconciliation of funds:- Total funds brought forward Total funds carried forward |
Group Unrestricted Funds 2024 £ 951,000 5,260,366 43,338 6,254,704 40,408 3,608,444 3,648,852 2,605,852 - 2,605,852 - 6,334,641 8,940,493 |
Group Restricted Funds 2024 £ 147,908 - - 147,908 133 270,146 270,279 (122,371) - (122,371) - 180,016 57,645 |
Group Total Funds 2024 £ 1,098,908 5,260,366 43,338 6,402,612 40,541 3,878,590 3,919,131 2,483,481 - 2,483,481 - 6,514,657 8,998,138 |
Group Unrestricted Funds 2023 £ 221,888 3,223,678 996 3,446,562 47,570 2,130,475 2,178,045 1,268,517 - 1,268,517 1,274,711 3,791,413 6,334,641 |
Group Restricted Funds 2023 £ 56,989 - - 56,989 110 2,733 2,843 54,146 - 54,146 125,870 - 180,016 |
Group Total Funds 2023 £ 278,877 3,223,678 996 3,503,551 47,680 2,133,208 2,180,888 1,322,663 - 1,322,663 1,400,581 3,791,413 6,514,657 |
|---|---|---|---|---|---|---|
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
Continuing Operations
None of the charity’s activities were acquired or discontinued during the two financial years.
Total recognized gains and losses
The charity has no recognised gains or losses other than the above movements in funds during the two financial years.
The notes attached on pages 17 to 29 form an integral part of these accounts.
Page 11
ISHA FOUNDATION - Consolidated Balance Sheet as at 31 May 2024
| Group | Group | ||||
|---|---|---|---|---|---|
| Notes | 2024 | 2023 | |||
| £ | £ | ||||
| Fixed assets | |||||
| Tangible assets | 5 | 13,392 | 18,246 | ||
| Current assets | |||||
| Debtors | 7 | 111,481 | 190,768 | ||
| Stock | 364,956 | 343,157 | |||
| Cash at bank and in hand | 8,691,876 | 7,151,277 | |||
| Total current assets | 9,168,313 | 7,685,202 | |||
| Creditors: amounts falling due within one year | 8 | (183,567) | (1,186,992) | ||
| Net Current Assets | 8,984,746 | 6,498,210 | |||
| Total assets less current Liabilities | |||||
| Creditors: amounts falling due after more than one Year | 9 | - | (1,799) | ||
| The total of net assets of charity | 8,998,138 | 6,514,657 | |||
| The total of net assets of charity is funded by the fund of charity as follows :- | |||||
| Restricted funds | |||||
| Restricted Funds | 11 | 57,645 | 180,016 | ||
| Unrestricted Funds | |||||
| Unrestricted Funds | 11 | 8,940,493 | 6,334,641 | ||
| 8,998,138 | 6,514,657 | ||||
| Total charity funds | 8,998,138 | 6,514,657 |
The Trustees have prepared financial statements in accordance with Section 398 of the Companies Act 2006 and Section 138 of the Charities Act 2011. These financial statements are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual financial statements required by the Companies Act 2006 and are for circulation to members of the company.
Approved by the board of trustees on 21/02/2025
Rahul Prakash
Trustee
The notes attached on pages 17 to 29 form an integral part of these accounts.
Page 12
ISHA Foundation - Charity's Statement of Financial Activities Including Income and Expenditure account for the year ended 31 May 2024
| Income Donations 12 Charitable activities 13 Investment 14 Total income Expenditures on Raising fund 15 Charitable activities Promoting yoga 15 Total expenditure Net income/(expenditure) for the year Transfer between funds Net movement in funds Fund inflow from merger 16 Reconciliation of funds:- Total funds brought forward Total funds carried forward |
Charity Unrestricted Funds 2024 £ 1,164,710 4,005,801 74,171 5,244,682 40,787 2,598,043 2,638,830 2,605,852 - 2,605,852 - 6,334,641 8,940,493 |
Charity Restricted Funds 2024 £ 147,908 - - 147,908 191 270,088 270,279 (122,371) - (122,371) - 180,016 57,645 |
Charity Total Funds 2024 £ 1,312,618 4,005,801 74,171 5,392,590 40,978 2,868,131 2,909,109 2,483,481 - 2,483,481 - 6,514,657 8,998,138 |
Charity Unrestricted Funds 2023 £ 329,037 2,430,931 23,079 2,783,047 47,296 1,467,234 1,514,530 1,268,517 - 1,268,517 1,274,711 3,791,413 6,334,641 |
Charity Restricted Funds 2023 £ 56,989 - - 56,989 110 2,733 2,843 54,146 - 54,146 125,870 - 180,016 |
Charity Total Funds 2023 £ 386,026 2,430,931 23,079 2,840,036 47,406 1,469,967 1,517,373 1,322,663 - 1,322,663 1,400,581 3,791,413 6,514,657 |
|---|---|---|---|---|---|---|
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
Continuing Operations
None of the charity’s activities were acquired or discontinued during the two financial years.
Total recognized gains and losses
The charity has no recognised gains or losses other than the above movements in funds during the two financial years.
The notes attached on pages 17 to 29 form an integral part of these accounts.
Page 13
ISHA FOUNDATION - Charity's Balance Sheet as at 31 May 2024
| Charity | Charity | ||||
|---|---|---|---|---|---|
| Notes | 2024 | 2023 | |||
| £ | £ | ||||
| Fixed assets | |||||
| Tangible assets | 5 | 13,392 | 18,246 | ||
| Investments | 6 | 1 | 1 | ||
| Current assets | |||||
| Debtors | 7 | 792,188 | 692,801 | ||
| Stock | 33,035 | 2,933 | |||
| Cash at bank and in hand | 8,368,445 | 6,983,491 | |||
| Total current assets | 9,193,668 | 7,679,225 | |||
| Creditors: amounts falling due within one year | 8 | (208,923) | (1,181,016) | ||
| Net Current Assets | 8,984,745 | 6,498,209 | |||
| Total assets less current Liabilities | |||||
| Creditors: amounts falling due after more than one Year | 9 | - | (1,799) | ||
| The total of net assets of charity | 8,998,138 | 6,514,657 | |||
| The total of net assets of charity is funded by the fund of charity as follows :- | |||||
| Restricted funds | |||||
| Restricted funds | 11 | 57,645 | 180,016 | ||
| Unrestricted funds | |||||
| Unrestricted funds | 11 | 8,940,493 | 6,334,641 | ||
| 8,998,138 | 6,514,657 | ||||
| Total charity funds | 8,998,138 | 6,514,657 |
The Trustees have prepared financial statements in accordance with Section 398 of the Companies Act 2006 and Section 138 of the Charities Act 2011. These financial statements are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual financial statements required by the Companies Act 2006 and are for circulation to members of the company.
Approved by the board of trustees on 21/02/2025
Rahul Prakash Trustee
The notes attached on pages 17 to 29 form an integral part of these accounts.
Page 14
ISHA FOUNDATION
Consolidated Cash Flow Statement for the year ended 31 May 2024
| Cash flows from operating activities Net cash provided by operating activities as shown below Net cash used in investing activities Net cash provided by financing activities Net increase in cash and cash equivalents Net cash inflow in merger (refer note 16) Cash and cash equivalents at 1st June Reconciliation of net income to net cash flow from operating activities Net income as shown in the Statement of Financial Activities Adjustments for :- Depreciation Charges Loss on disposal of fixed assets (Increase)/decrease in stocks Decrease in debtors (Decrease)/increase in creditors excluding loans Net cash provided by operating activities Analysis of cash and cash equivalents Cash in hand at the year end 31 May Total cash and cash equivalents Cash and cash equivalents at 31 May |
Group 2024 £ 1,540,598 - - 1,540,598 - 7,151,277 8,691,876 Group 2024 £ 2,483,481 3,409 1,445 (21,799) 79,287 (1,005,224) 1,540,598 2023 £ 8,691,876 8,691,876 |
Group 2023 £ 2,290,720 - - 2,290,720 1,400,581 3,459,976 7,151,277 Group 2023 £ 1,322,663 4,561 - 29,724 79,224 854,548 2,290,720 2023 £ 7,151,277 7,151,277 |
||
|---|---|---|---|---|
Page 15
ISHA FOUNDATION
Charity's Cash Flow Statement for the year ended 31 May 2024
| Cash flows from operating activities Net cash provided by operating activities as shown below Cash flows from investing activities Loan repayment received during year Interest Income on loans to subsidiary company Net cash used in investing activities Net cash provided by financing activities Net increase in cash and cash equivalents Net cash inflow in merger (refer note 16) Cash and cash equivalents at 1st June Reconciliation of net income to net cash flow from operating activities Net income as shown in the Statement of Financial Activities Adjustments for :- Depreciation Charges Loss on disposal of fixed assets Interest Income on loans to subsidiary company Increase in stocks (Increase)/decrease in debtors (Decrease)/increase in creditors excluding loans Net cash provided by operating activities Analysis of cash and cash equivalents Cash in hand at the year end 31 May Total cash and cash equivalents Cash and cash equivalents at 31 May |
Charity 2024 £ 1,344,121 10,000 30,833 40,833 - 1,384,954 - 6,983,491 8,368,445 Charity 2024 £ 2,483,481 3,409 1,445 (30,833) (30,102) (99,387) (983,892) 1,344,121 2024 £ 8,368,445 8,368,445 |
Charity 2023 £ 2,359,908 - 22,083 22,083 - 2,381,991 1,400,581 3,200,919 6,983,491 Charity 2023 £ 1,322,663 4,561 - (22,083) (2,933) 174,397 883,303 2,359,908 2023 £ 6,983,491 6,983,491 |
||
|---|---|---|---|---|
Page 16
ISHA FOUNDATION
Notes to the Consolidated Accounts for the year ended 31 May 2024
1 Accounting policies
Isha Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is at 111, Whitby Road, Big Yellow Storage Co. Ltd., Slough, England, SL1 3DR. IshaLife Ltd was set-up on 14th June 2021, as a fully owned subsidiary of Isha Foundation Charitable Organisation (Charity number: 1152417). It became operational from 1st November 2021.
Basis of preparation and accounting convention
The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity and its subsidiary. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
Basis of consolidation
The group financial statements consolidate the financial statements of the Charity and its subsidiary undertakings drawn up to 31 May 2024.
A subsidiary is an entity controlled by the charity. Control is achieved where the charity has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the consolidated statement of financial activities from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of the subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to accounts for business combinations that result from the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired, and liabilities and contingent liabilities assumed, in a business combination are measured initially at fair value at the acquisition date. Any excess between the cost of business combination over the net fair value of the identifiable assets, liabilities and contingent liabilities, is recorded as goodwill.
Intergroup transactions and balances between the charity and its subsidiaries are eliminated in full on consolidation.
Going Concern
The trustees are required to prepare financial statements on the going concern basis unless there is uncertainty as to the ability of the entity to meet its liabilities as they fall due within the twelve months after the financial statements are approved for signature. In assessing the going concern status of the charity, the trustees have reviewed cashflow forecast for the12 months from the date of approval of the financial statements, considered the relevant assumptions that underpin the forecast, the pipeline of new income from new events. The consolidated statement of financial activities shows a net surplus of £2,483,481 for the year (2023 – £1,322,663) and free reserves of £8,927,101 (2023 - £6,318,194). Based on the information above, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operation for the foreseeable future and will remain in surplus in future periods. Therefore, the trustees have adopted the going concern basis in preparing these accounts.
Income
Donations
Donations are recognised where there is entitlement, certainty of receipt and the amount can be measured with Sufficient reliability.
Donations from subsidiary is recognised in the charity's financial statements when the donation is payable under Deeds of Covenant. The income is accrued in the year in which the profits arise in the subsidiary company with the payment is being made to the parent charity in the following financial year.
Investment income
Investment income is recognised on a receivable basis
Income from chartable activities
Income from chartable activities include Income recognised as earned (as the related goods or services are provided) under contract, and recognised where there is entitlement, certainty of receipt and the amount can be manured with sufficient reliability.
All income is accounted for gross, before deducting any related fees or costs.
Page 17
ISHA FOUNDATION
Notes to the Consolidated Accounts for the year ended 31 May 2024
1 Accounting policies
Expenditure
The SOFA has been presented on an activity basis. Costs have been distinguished between charitable activities and those incurred to raise funds. Expenditure and liabilities are recognised when a legal or constructive obligation exists to make payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.
Charitable expenditures comprise those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be directly allocated to such activities and those costs of an Indirect nature necessary to support them.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
Allocation of support and governance costs
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the Charity’s programmes and activities. The basis of allocation of support and governance costs is specified in note 16A, 16B and 16C.
Tangible fixed asset and depreciation
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
The cost of minor additions or those costing less than £3000 are not capitalised.
All gains on fixed asset revaluations, whether realised or unrealised, are included in of the Statement of Financial Activities.
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost less any estimated residual value, over their expected useful economic life as follows:
Plant and Machinery 20% on reducing balance method Motor Vehicle 20% on reducing balance method
Stock
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.
Debtors
Trade debtors are recognised initially at the transaction prices. They are subsequently measured at amortised cost using the effective interest method, less provision for Impairment. A provision for Impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amount due according to the original terms of receivables.
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term liquid investments
Creditors
Trade creditors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method. Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured at fair value, net of transaction costs, and are measured subsequently at amortised cost using effective interest method.
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction 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.
Taxation
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
The Charity's subsidiary undertakings are non-charitable subsidiaries and are subject to taxation, but do not generally pay UK Corporation Tax because their policy is to pay taxable profits as donation to the Charity.
Foreign tax incurred by subsidiaries operating overseas is charged as it is incurred.
Pension
The Charity operates a defined contribution pension scheme on behalf of its employees. Contributions are charged to the Statement of Financial Activities in the period in which they are payable.
Page 18
ISHA FOUNDATION
Notes to the Consolidated Accounts for the year ended 31 May 2024
1 Accounting policies
Hire purchase
Assets obtained under hire purchase contracts are capitalised in the balance sheet and are depreciated over their estimated useful lives.
The interest element of these obligation is charged to the statement of financial activities over the relevant period. The Capital element of the future payments is treated as a liability.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the Charity.
Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an Appeal or as implied by law.
Volunteers and donated services and facilities
Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time is not recognised and refers to the trustees’ annual report for more information about their contribution.
On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
Foreign currency transactions
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the Statement of Financial Activities.
Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, be definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying a mounts of assets and liabilities within the next financial year are addressed below.
(i) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets are sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. (ii) Allocation of shared cost between multiple activities
Support costs relate to those functions that assist the work of the charity but do not directly relate to charitable activities. Support costs include backoffice costs, finance, personnel, payroll and governance costs which support the charity’s programmes and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. All the general support and governance costs are allocated to activities at different percentages, on the basis of staff time relating to each activity.
Page 19
ISHA FOUNDATION
Notes to the Consolidated Accounts for the year ended 31 May 2024
2 Net surplus before tax in the financial year
| 2 Net surplus before tax in the financial year | |||
|---|---|---|---|
| Group Group 2024 2023 £ £ The net surplus before tax in the financial year is stated after charging:- Depreciation of the owned Assets 1,260 1,876 Depreciation of assets held under finance Lease and hire purchases contracts 2,149 2,686 Auditor's remuneration 25,000 27,600 3 Interest Payable Group Group 2024 2023 £ £ Hire Purchase interest 888 888 888 888 4 Staff costs and emoluments Group Group 2024 2023 Salary costs £ £ Salaries 359,593 393,116 Social Security Costs 35,567 38,979 Pension costs 9,944 7,749 Total staff costs 405,104 439,844 Average number of Employee 10 10 The Number of employee whose employee benefit(excluding employer Pension costs) exceeded £60,000 was: Group Group 2024 2023 70,001-80,000 1 2 80,001- 90,000 1 - Total 2 2 |
Charity 2024 £ 1,260 2,149 15,000 Charity 2024 £ 888 888 Charity 2024 £ 252,836 32,280 7,978 293,094 7 Charity 2024 1 1 2 |
Charity 2023 £ 1,876 2,686 18,600 Charity 2023 £ 888 888 Charity 2023 £ 279,153 30,549 5,372 315,074 7 Charity 2023 2 - 2 |
Charity |
| 2023 £ 1,876 2,686 18,600 Charity |
|||
| 2023 £ 888 888 Charity |
|||
| 2023 2 - 2 |
The key management personnel of the charity include the Directors. The total employee benefits of the key management personnel of the charity were Nil (2023 - Nil).
5 Tangible fixed Assets
| Group and Charity Cost At 1 June 2023 Additions Disposals At 31 May 2024 Depreciation At 1 June 2023 Charges for the Year Disposals At 31 May 2024 Net book Value At 31 May 2024 At 31 May 2023 |
Plant & Machinery £ 27,197 - (4,942) 22,255 19,694 1,260 (3,497) 17,457 4,798 7,503 |
Motor Vehicles £ 26,229 - - 26,229 15,486 2,149 - 17,635 8,594 10,743 |
Total £ 53,426 - (4,942) 48,484 35,180 3,409 (3,497) 35,092 13,392 18,246 |
|---|---|---|---|
Page 20
ISHA FOUNDATION
Notes to the Consolidated Accounts for the year ended 31 May 2024
6 Investments
Charity
Shares in company (limited by shares)
| Cost or valuation At 1 June 2023 At 31 May 2024 Carrying amount At 31 May 2023 At 31 May 2024 The company's investment at the Balance Sheet date in the share capital of company includes the following: Details of company IshaLife Limited Registered Office: England Nature of Business: Other service activities not elsewhere classified (Trading of Yoga Items) Class of shares: Ordinary |
£ 1 1 1 1 % holding 100 |
|---|---|
Page 21
ISHA FOUNDATION
Notes to the Consolidated Accounts for the year ended 31 May 2024
7 Debtors
| Trade debtors Loan receivables Other debtors Payments and Accrued Income |
Group 2024 £ 6,176 - 85,685 19,620 111,481 |
Group 2023 £ 16,527 - 128,997 45,244 190,768 |
Charity 2024 £ - 390,000 382,568 19,620 792,188 |
Charity 2023 £ 34,553 400,000 213,004 45,244 692,801 |
||||
|---|---|---|---|---|---|---|---|---|
8 Creditors: amounts falling due within one year
| Accruals Trade Creditors Other Creditors Deferred Income* Finance Lease and HP Contracts Social security and taxes |
Group 2024 £ 98,711 7,604 3,982 44,837 1,799 26,634 183,567 |
Group 2023 £ 139,577 8,586 26,777 976,344 4,319 31,389 1,186,992 |
Charity 2024 £ 88,711 63,051 - 44,837 1,799 10,525 208,923 |
Charity 2023 £ 130,577 33,775 26,777 976,344 4,319 9,224 1,181,016 |
||||
|---|---|---|---|---|---|---|---|---|
- The deferred income represents cash received from donors prior to entitlement under our income recognition policy. Below is details of deferred income:
| Opening Balance at the beginning of year Add: Income arose during the year Less: Income recognised during the year Closing Balance at end of year |
Group 2024 £ 976,344 914,415 1,845,922 44,837 |
Group 2023 £ 128,780 1,934,227 1,086,663 976,344 |
Charity 2024 £ 976,344 914,415 1,845,922 44,837 |
Charity 2023 £ 128,780 1,934,227 1,086,663 976,344 |
||||
|---|---|---|---|---|---|---|---|---|
9 Creditors: amounts falling due after one Year
| Finance Lease and HP Contractors | Group 2024 £ - - |
Group 2023 £ 1,799 1,799 |
Charity 2024 £ - - |
Charity 2023 £ 1,799 1,799 |
||||
|---|---|---|---|---|---|---|---|---|
10 Analysis of net assets between funds
Group
| At 31 May 2024 Tangible fixed assets Net current assets At 31 May 2023 Tangible fixed assets Net current assets Creditors falling dues after more than one year |
Unrestricted Fund £ 13,392 8,927,101 8,940,493 Unrestricted Fund £ 18,246 6,318,194 (1,799) 6,334,641 |
Restricted Funds £ - 57,645 57,645 Restricted Funds £ - 180,016 - 180,016 |
Total Funds £ 13,392 8,984,746 8,998,138 Total Funds £ 18,246 6,498,210 (1,799) 6,514,657 |
|---|---|---|---|
Page 22
ISHA FOUNDATION
Notes to the Consolidated Accounts for the year ended 31 May 2024
Charity
10 Analysis of net assets between funds
| At 31 May 2024 Tangible fixed assets Investments Net current assets At 31 May 2023 Tangible fixed assets Investments Net current assets Creditors falling dues after more than one year |
Unrestricted Fund £ 13,392 1 8,927,100 8,940,493 Unrestricted Fund £ 18,246 1 6,318,193 (1,799) 6,334,641 |
Restricted Funds £ - - 57,645 57,645 Restricted Funds £ - - 180,016 - 180,016 |
Total Funds £ 13,392 1 8,984,745 8,998,138 Total Funds £ 18,246 1 6,498,209 (1,799) 6,514,657 |
|---|---|---|---|
Page 23
ISHA FOUNDATION
Notes to the Consolidated Accounts for the year ended 31 May 2024
11 Movement in funds
Group
| Unrestricted funds Unrestricted Funds Total Unrestricted funds Restricted Funds Cauvery Calling Project Green Hand Isha Vidhya Bangalore IYC APR Mobile Health Save the Soil/COP28 Annadanam Total Restricted funds Total Charity Funds |
Balance at 1st June 2023 |
Income | Expenditure £ (3,648,852) (3,648,852) (125,869) - (38,443) (37,952) (1,178) (33) (66,804) (270,279) (3,919,131) |
Fund In/(Out) Flow from merger |
Balance at 31st May 2024 |
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| 6,334,641 6,334,641 123,189 6,182 16,870 33,775 - - - 180,016 6,514,657 |
6,254,704 6,254,704 27,182 - 42,623 10,088 1,178 33 66,804 147,908 6,402,612 |
- - - - - - - - - - - |
8,940,493 8,940,493 24,502 6,182 21,050 5,911 - - - 57,645 8,998,138 |
Movements in funds - previous year
| Unrestricted funds Unrestricted Funds Total Unrestricted funds Restricted Funds Cauvery Calling Project Green Hand Isha Vidhya Bangalore IYC Conscious Planet Total Restricted funds Total Charity Funds |
Balance at 1st June 2022 |
Income | Expenditure £ (2,178,045) (2,178,045) - - - - (2,843) (2,843) (2,180,888) |
Fund In/(Out) Flow from merger |
Balance at 31st May 2023 |
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| 3,791,413 3,791,413 - - - - - - 3,791,413 |
3,446,562 3,446,562 3,501 - 16,870 33,775 2,843 56,989 3,503,551 |
1,274,711 1,274,711 119,688 6,182 - - - 125,870 1,400,581 |
6,334,641 6,334,641 123,189 6,182 16,870 33,775 - 180,016 6,514,657 |
*Details of Restricted Funds
Name of project
Purpose and timelines
Cauvery Calling
Project Green Hand
Isha Vidhya Bangalore IYC
For supporting a campaign that provides farmers to plant trees and revitalise the river Cauvery in South India. Balance amount to be spent in year 2025.
For supporting a campaign that provides farmers to plant trees and revitalise the river Cauvery in South India. Balance amount to be spent in year 2025.
For supporting Isha Vidhya school, providing underprivileged children in India. Balance amount to be spent in year 2025.
For supporting fundraising for the new Isha Yoga Centre being built in Bangalore, India. Balance amount to be spent in year 2025.
Page 24
ISHA FOUNDATION
Notes to the Consolidated Accounts for the year ended 31 May 2024
11 Movement in funds (Continued)
| Charity Unrestricted funds Unrestricted funds Total Unrestricted funds Restricted funds Cauvery Calling Project Green Hand Isha Vidhya Bangalore IYC APR Mobile Health Save the Soil/COP28 Annadanam Total Restricted funds Total Charity Funds Movements in funds - previous year Unrestricted funds Unrestricted Funds Total Unrestricted funds Restricted Funds Cauvery Calling Project Green Hand Isha Vidhya Bangalore IYC Conscious Planet Total Restricted funds Total Charity Funds |
Balance at 1st June 2023 |
Income | Expenditure £ (2,638,830) -2,638,830 (125,869) - (38,443) (37,952) (1,178) (33) (66,804) (270,279) (2,909,109) Expenditure £ (1,514,530) (1,514,530) - - - - (2,843) (2,843) (1,517,373) |
Fund In/(Out) Flow from merger |
Balance at 31st May 2024 |
|---|---|---|---|---|---|
| £ | £ | £ |
£ | ||
| 6,334,641 6,334,641 123,189 6,182 16,870 33,775 - - - 180,016 6,514,657 Balance at 1st June 2022 |
5,244,682 5,244,682 27,182 - 42,623 10,088 1,178 33 66,804 147,908 5,392,590 Income |
- - - - - - - - - - - Fund In/(Out) Flow from merger |
8,940,493 8,940,493 24,502 6,182 21,050 5,911 - - - 57,645 8,998,138 Balance at 31st May 2023 |
||
| £ | £ | £ |
£ | ||
| 3,791,413 3,791,413 - - - - - - 3,791,413 |
2,783,047 2,783,047 3,501 - 16,870 33,775 2,843 56,989 2,840,036 |
1,274,711 1,274,711 119,688 6,182 - - - 125,870 1,400,581 |
6,334,641 6,334,641 123,189 6,182 16,870 33,775 - 180,016 6,514,657 |
*Details of Restricted Funds
Name of project
Purpose and timelines
Cauvery Calling
Project Green Hand
Isha Vidhya Bangalore IYC
For supporting a campaign that provides farmers to plant trees and revitalise the river Cauvery in South India. Balance amount to be spent in year 2025.
For supporting a campaign that provides farmers to plant trees and revitalise the river Cauvery in South India. Balance amount to be spent in year 2025.
For supporting Isha Vidhya school, providing underprivileged children in India. Balance amount to be spent in year 2025.
For supporting fundraising for the new Isha Yoga Centre being built in Bangalore, India. Balance amount to be spent in year 2025.
Page 25
ISHA FOUNDATION
Notes to the Consolidated Accounts for the year ended 31 May 2024
12 Income from donations
| Donation and gifts Donation and gifts from Individuals Total Income from donation Donation and gifts Donation and gifts from Individuals Donation from subsidiary company Total Income from donation Income from charitable activities Primary purpose and ancillary trading Promoting yoga Books and merchandise sales Other operating Income Total from charitable activities Primary purpose and ancillary trading Promoting yoga Books and merchandise sales Total from charitable activities Investment Income Bank Interest receivable Total Investment Income Bank Interest receivable Interest Income on loans to subsidiary company Total Investment Income |
Unrestricted Funds 2024 £ 951,000 951,000 Unrestricted Funds 2024 £ 951,000 213,710 1,164,710 Unrestricted Funds 2024 £ 4,453,770 802,582 4014 5,260,366 Unrestricted Funds 2024 £ 4,005,801 - 4,005,801 Unrestricted Funds 2024 £ 43,338 43,338 Unrestricted Funds 2024 £ 43,338 30,833 74,171 |
Restricted Funds 2024 £ 147,908 147,908 Restricted Funds 2024 £ 147,908 - 147,908 Restricted Funds 2024 £ - - - - Restricted Funds 2024 £ - - - Restricted Funds 2024 £ - - Restricted Funds 2024 £ - - - |
Total Funds Unrestricted Funds 2024 2023 £ £ 1,098,908 221,888 1,098,908 221,888 Total Funds Unrestricted Funds 2024 2023 £ £ 1,098,908 221,888 213,710 107,150 1,312,618 329,038 Total Funds Unrestricted Funds 2024 2023 £ £ 4,453,770 2,429,117 802,582 794,561 4,014 - 5,260,366 3,223,678 Total Funds Unrestricted Funds 2024 2023 £ £ 4,005,801 2,430,111 - 820 4,005,801 2,430,931 Total Funds Unrestricted Funds 2024 2023 £ £ 43,338 996 43,338 996 Total Funds Unrestricted Funds 2024 2023 £ £ 43,338 996 30,833 22,083 74,171 23,079 Charity Group Charity Group Charity Group |
Restricted Funds 2023 £ 56,989 56,989 Restricted Funds 2023 £ 56,989 - 56,989 Restricted Funds 2023 £ - - - - Restricted Funds 2023 £ - - - Restricted Funds 2023 £ - - Restricted Funds 2023 £ - - - |
Total Funds 2023 £ 278,877 278,877 Total Funds 2023 £ 278,877 107,150 386,027 Total Funds 2023 £ 2,429,117 794,561 - 3,223,678 Total Funds 2023 £ 2,430,111 820 2,430,931 Total Funds 2023 £ 996 996 Total Funds 2023 £ 996 22,083 23,079 |
|---|---|---|---|---|---|
13 Income from charitable activities
14 Investment Income
Page 26
ISHA FOUNDATION
Notes to the Consolidated Accounts for the year ended 31 May 2024
15 Expenditure
| Staff costs (Note 15C) Program costs Other direct Costs Grant expenses Support costs (Note 15A) Governance costs (Note 15B) Utilization of: Restricted funds Unrestricted funds Staff costs (Note 15C) Program costs Other direct costs Grant expenses Support costs (Note 15A) Governance costs (Note 15B) Utilization of: Restricted funds Unrestricted funds |
Expenditure on raising funds 2024 £ 33,193 - - - 6,356 992 40,541 133 40,408 40,541 Expenditure on raising funds 2024 £ 33,193 - - - 6,987 798 40,978 191 40,787 40,978 |
Expenditure on Charitable Activities 2024 £ 132,772 2,025,128 491,133 500,687 649,650 79,220 3,878,590 270,146 3,608,444 3,878,590 Expenditure on Charitable Activities 2024 £ 132,772 1,628,678 82,637 500,687 479,035 44,322 2,868,131 270,088 2,598,043 2,868,131 |
Total 2024 £ 165,965 2,025,128 491,133 500,687 656,006 80,212 3,919,131 270,279 3,648,852 3,919,131 Total 2024 £ 165,965 1,628,678 82,637 500,687 486,022 45,120 2,909,109 270,279 2,638,830 2,909,109 Gr Ch |
Expenditure on raising funds 2023 £ 36,642 - - - 9,922 1,116 47,680 110 47,570 47,680 Expenditure on raising funds 2023 £ 36,642 - - - 9,900 864 47,406 110 47,296 47,406 oup arity |
Expenditure on Charitable Activities 2023 £ 146,568 609,880 789,410 - 540,290 47,060 2,133,208 2,733 2,130,475 2,133,208 Expenditure on Charitable Activities 2023 £ 146,568 609,880 321,968 - 366,142 25,409 1,469,967 2,733 1,467,234 1,469,967 |
Total 2023 £ 183,210 609,880 789,410 - 550,212 48,176 2,180,888 2,843 2,178,045 2,180,888 Total 2023 £ 183,210 609,880 321,968 - 376,042 26,273 1,517,373 2,843 1,514,530 1,517,373 |
|---|---|---|---|---|---|---|
| 15A Support Costs Basis of apportionment Bank charges Nature of expense Office and administration staff (Note 15C) Pro-rata by expenditure Exchange loss Nature of expense Depreciation On the basis of use Loss on disposal of fixed assets On the basis of use Equipment repair expenses On the basis of use Hire prchase interest On the basis of use Insurance Pro-rata by expenditure IT and communication costs Pro-rata by expenditure |
Expenditure on raising funds 2024 £ - 2,959 - - - - - 206 3,191 6,356 |
Expenditure on Charitable Activities 2024 £ 128,185 236,180 3,067 3,409 1,445 5,374 888 16,452 254,650 649,650 |
Total 2024 £ 128,185 239,139 3,067 3,409 1,445 5,374 888 16,658 257,841 656,006 Gr |
Expenditure on raising funds 2023 £ - 5,942 - - - - - 331 3,649 9,922 oup |
Expenditure on Charitable Activities 2023 £ 110,759 250,692 4,819 4,561 - 658 888 13,983 153,929 540,289 |
Total 2023 £ 110,759 256,634 4,819 4,561 - 658 888 14,314 157,578 550,211 |
|---|---|---|---|---|---|---|
| Basis of apportionment Bank charges Nature of expense Office and administration staff (Note 15C) Pro-rata by expenditure Exchange loss Nature of expense Depreciation On the basis of use Loss on disposal of fixed assets On the basis of use Equipment repair expenses On the basis of use Hire purchase interest On the basis of use Insurance Pro-rata by expenditure IT and communication costs Pro-rata by expenditure |
Expenditure on raising funds 2024 £ - 2,248 - - - - - 295 4,444 6,987 |
Expenditure on Charitable Activities 2024 £ 78,742 124,881 1,645 3,409 1,445 4,781 888 16,363 246,881 479,035 |
Total 2024 £ 78,742 127,129 1,645 3,409 1,445 4,781 888 16,658 251,325 486,022 Ch |
Expenditure on raising funds 2023 £ - 4,333 - - - - - 470 5,097 9,900 arity |
Expenditure on Charitable Activities 2023 £ 64,509 127,531 4,158 4,561 - 658 888 13,845 149,992 366,142 |
Total 2023 £ 64,509 131,864 4,158 4,561 - 658 888 14,315 155,089 376,042 |
|---|---|---|---|---|---|---|
Page 27
ISHA FOUNDATION
Notes to the Consolidated Accounts for the year ended 31 May 2024
15B Governance Costs
| Basis of apportionment Auditor's Fees Pro-rata by expenditure Accountancy fees Pro-rata by expenditure Legal and Professional Fee Pro-rata by expenditure Basis of apportionment Auditor's Fees Pro-rata by expenditure Legal and Professional Fee Pro-rata by expenditure |
Expenditure on raising funds 2024 £ 309 168 515 992 Expenditure on raising funds 2024 £ 265 533 798 |
Expenditure on Charitable Activities 2024 £ 24,691 13,446 41,083 79,220 Expenditure on Charitable Activities 2024 £ 14,735 29,587 44,322 |
Total 2024 £ 25,000 13,614 41,598 80,212 Total 2024 £ 15,000 30,120 45,120 Ch Gr |
Expenditure on raising funds 2023 £ 639 286 190 1,115 Expenditure on raising funds 2023 £ 611 252 863 arity oup |
Expenditure on Charitable Activities 2023 £ 26,961 12,077 8,023 47,061 Expenditure on Charitable Activities 2023 £ 17,989 7,421 25,410 |
Total 2023 £ 27,600 12,363 8,213 48,176 Total 2023 £ 18,600 7,673 26,273 |
|---|---|---|---|---|---|---|
15C Staff Costs
| Basis of apportionment Salaries On the basis of time spent Social Security Costs On the basis of time spent Pension costs On the basis of time spent Total Basis of apportionment Salaries On the basis of time spent Social Security Costs On the basis of time spent Pension costs On the basis of time spent Total |
Expenditure on raising funds 2024 £ 28,665 3,551 977 33,193 Expenditure on raising funds 2024 £ 28,665 3,551 977 33,193 |
Expenditure on Charitable Activities 2024 £ 114,660 14,202 3,910 132,772 Expenditure on Charitable Activities 2024 £ 114,660 14,202 3,910 132,772 Gr Cha |
Allocable to support costs 2024 £ 216,268 17,814 5,057 239,139 Allocable to support costs 2024 £ 109,511 14,527 3,091 127,129 oup rity |
Total 2024 £ 359,593 35,567 9,944 405,104 Total 2024 £ 252,836 32,280 7,978 293,094 |
Expenditure on raising funds 2023 £ 32,762 3,306 574 36,642 Expenditure on raising funds 2023 £ 32,762 3,306 574 36,642 |
Expenditure on Charitable Activities 2023 £ 131,048 13,224 2,296 146,568 Expenditure on Charitable Activities 2023 £ 131,048 13,224 2,296 146,568 Gr Ch |
Allocable to support costs 2023 £ 229,306 22,449 4,879 256,634 Allocable to support costs 2023 £ 115,343 14,019 2,502 131,864 oup arity |
Total 2023 £ 393,116 38,979 7,749 439,844 Total 2023 £ 279,153 30,549 5,372 315,074 |
|---|---|---|---|---|---|---|---|---|
16 Merger with Isha Institute of Inner Sciences
Pursuant of s105 of the Charities Act 2011, order dated 28 March 2022 received from the Charity Commission, and the broadening of objectives, Isha Institute of Inner Sciences (UK charity- 1116816) is merged with the Isha Foundation with effect from 6th April 2023.
As a consequence, following assets, liabilities and funds are merged:
£ Total assets merged 1,417,565 Total liabilities merged (16,984) Net assets merged 1,400,581 £ Fund merged- unrestricted fund 1,274,711 Fund merged- restricted fund 125,870 Total fund merged 1,400,581
Page 28
ISHA FOUNDATION
Notes to the Consolidated Accounts for the year ended 31 May 2024
17 Related parties
Name of related party and relationship Name Isha Foundation Inc, USA IshaLife Private Limited, India Transactions during the year Isha Foundation Inc Support cost (Software maintenance)
Balance Outstanding Isha Foundation Inc Amount payable for support cost Transactions during the year IshaLife Private Limited License costs Balance Outstanding IshaLife Private Limited Other debtors
Relationship
Sole member of charity Having significant influence over operation of the subsidiary company
----- Start of picture text -----
2024 2023
£ £
58,400 66,232
2024 2023
£ £
58,400 66,232
2024 2023
£ £
39,748 161,389
2024 2023
£ £
Nil 20,983
----- End of picture text -----
18 Trustees' remuneration and expenses
There are no trustees remunerated or paid expenses during the year. (2023:Nil)
19 Ultimate controlling party
For the whole of the year, the charity was under the control of the Directors and Trustees as shown on page 1.
Page 29