Charity registration number: 1171708
Arsha Kula Foundation
Annual Report and Financial Statements for the Year Ended 31 July 2021
UHY Ross Brooke Chartered Accountants 31A Charnham Street Hungerford Berkshire RG17 0EJ
Arsha Kula Foundation
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 3 |
| Statement of Trustees' Responsibilities | 4 |
| Accountants' Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 to 11 |
Arsha Kula Foundation
Reference and Administrative Details
Trustees Dr A Banerjee P Banerjee R Banerjee S Banerjee S Svatmananda Principal Office 5 Church Close Thatcham Berkshire RG19 3PP Charity Registration Number 1171708 Accountant UHY Ross Brooke Chartered Accountants 31A Charnham Street Hungerford Berkshire RG17 0EJ
Page 1
Arsha Kula Foundation
Trustees' Report
The trustees present the annual report together with the financial statements of the Charity for the year ended 31 July 2021.
Objectives and activities
Objects and aims
The objectives of the CIO are:
To advance the education of the public in general on the ancient knowledge of India (including the 8 limbs of Yoga, Ayurveda, Jyotisha, Vaastu, Veda, Vedanta, etc.);
To counter the dilution of the yogic traditions and other ancient disciplines taking place due to the growing commercialisation and branding of ancient practices;
To revive traditional yogic knowledge in danger of being forgotten;
To improve mental, physical and spiritual health, healing and development for participants through ancient knowledge and practices;
To provide (in the longer-term) a dedicated facility to host classes and workshops promoting the charity’s objective, enhancing both public accessibility as well as the quality of education and teaching.
Public benefit
The trustees endeavour to create opportunities for a wider section of the public to have access to high quality teachers gathered from around the World, covering the totality of the ancient knowledge of India. They aim to increase recognition and awareness of the benefits of the ancient knowledge of India and support for further research into these benefits as well as dissemination of the results to the public.
The trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Achievements and performance
The Foundation successfully ran the World Yōga Festival again, after a year’s absence, at a new venue in Henley-on-Thames. Despite the lack of foreign teachers because of travel restrictions due to Covid-19, the event attracted new attendees interested in the work of the foundation. Online classes on Advaita and Bhagavad Gitā also continue to be of interest and supports the Foundation’s activities.
Financial review
Donations received during the year totalled £1,930. The charity has expenses during the year totalling £3,610, these were support costs for the 2021 World Yoga Festival. The Charity used some of the brought forward surplus to cover the costs this year.
Policy on reserves
The charity hopes to increase reserves in the next accounting period.
Page 2
Arsha Kula Foundation
Trustees' Report
Plans for future periods
Aims and key objectives for future periods
The measures taken by the trustees during the Covid-19 pandemic, allowed the Charity to survive a difficult time. The loyal support base allowed the return of the World Yōga Festival in 2021. Indications are that the Foundation has gained sufficient new supporters to grow the charity in the future and strengthen its service to the community.
Structure, governance and management
Nature of governing document
Arsha Kula Foundation is a charitable incorporated organisation and was officially registered by the Charities Commission for England and Wales on 20 February 2017. The governing document is the Constitution dated 20 February 2017.
Recruitment and appointment of trustees
The first charity trustees are as follows, and are appointed for the following terms –
Ramanuj Banerjee................................................................. for life Sonali Banerjee......................................................................for life Priya Banerjee....................................................................... for 4 years Avishek Banerjee...................................................................for 4 years Swami Svatmananda.............................................................for 4 years
Appointment of charity trustees:
1 - Apart from the first charity trustees, every trustee must be appointed by a resolution passed at a properly convened meeting of the charity trustees.
2 - In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO.
The annual report was approved by the trustees of the Charity on .................... and signed on its behalf by:
......................................... R Banerjee Trustee
Page 3
Arsha Kula Foundation
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities 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 charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements,the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees 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.
Approved by the trustees of the Charity on .................... and signed on its behalf by:
......................................... R Banerjee Trustee
Page 4
Arsha Kula Foundation
Accountants' Report to the trustees of Arsha Kula Foundation
In accordance with the engagement letter we have prepared for your approval the financial information of Arsha Kula Foundation CIO for the year ended 31 July 2020 which comprises the Statement of Financial activities, the Balance Sheet and the related notes from the charity's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook. This report is made solely to you, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial information of Arsha Kula Foundation CIO and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical release TECH08/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the trustees for our work or for this report.
You have approved the financial information for the year ended 31 July 2020 and have acknowledged your responsibility for it, for the appropriateness of the financial reporting framework adopted and for providing all information and explanations necessary for its compilation.
We have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial information.
...................................... UHY Ross Brooke Chartered Accountants
31A Charnham Street Hungerford Berkshire RG17 0EJ
Date:.............................
Page 5
Arsha Kula Foundation
Statement of Financial Activities for the Year Ended 31 July 2021
| Income and Endowments from: Donations and legacies Expenditure on: Charitable activities Total Expenditure Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward Note Income and Endowments from: Donations and legacies Expenditure on: Charitable activities Total Expenditure Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 7 |
Note 2 3 7 Unrestricted funds £ 5,344 (2,273) (2,273) 3,071 975 4,046 |
Unrestricted funds £ 1,930 (3,610) (3,610) (1,680) 4,046 2,366 Restricted funds £ - (304) (304) (304) 304 - |
Total 2021 £ 1,930 (3,610) |
|---|---|---|---|
| (3,610) | |||
| (1,680) 4,046 |
|||
| 2,366 | |||
| Total 2020 £ 5,344 (2,577) |
|||
| (2,577) | |||
| 2,767 1,279 |
|||
| 4,046 |
All of the Charity's activities derive from continuing operations during the above two periods.
Page 6
Arsha Kula Foundation
(Registration number: 1171708) Balance Sheet as at 31 July 2021
| Note Current assets Cash at bank and in hand Net current assets Funds of the Charity: Unrestricted income funds Unrestricted income funds Total funds 7 |
2021 £ 2,366 2,366 (2,366) (2,366) |
2020 £ 4,046 |
|---|---|---|
| 4,046 | ||
| (4,046) | ||
| (4,046) |
The financial statements on pages 6 to 11 were approved by the trustees, and authorised for issue on .................... and signed on their behalf by:
......................................... R Banerjee Trustee
Page 7
Arsha Kula Foundation
Notes to the Financial Statements for the Year Ended 31 July 2021
1 Accounting policies
Statement of compliance
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable 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 Charities Act 2011.
Basis of preparation
Arsha Kula Foundation 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 notes.
Going concern
The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.
Income and endowments
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the Charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
Donations and legacies
Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category.
Charitable activities
Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustee's discretion in furtherance of the objectives of the Charity.
Page 8
Arsha Kula Foundation
Notes to the Financial Statements for the Year Ended 31 July 2021
2 Income from donations and legacies
| Donations and legacies; Donations from individuals 3 Expenditure on charitable activities Website design and maintenance Support costs for 2021 World Yoga Festival Room Hire |
Unrestricted funds General £ 1,930 1,930 Unrestricted funds General £ - 3,610 - 3,610 |
Total 2021 £ 1,930 1,930 Total 2021 £ - 3,610 - 3,610 |
Total 2020 £ 5,344 |
|---|---|---|---|
| 5,344 | |||
| Total 2020 £ 995 800 782 |
|||
| 2,577 |
4 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the period.
No trustees have received any reimbursed expenses or any other benefits from the charity during the period.
5 Taxation
The Charity is a registered charity and is therefore exempt from taxation.
Page 9
Arsha Kula Foundation
Notes to the Financial Statements for the Year Ended 31 July 2021
6 Investment in subsidiaries
The charity has a wholly owned trading subsidiary whose principle purpose is to run the World Yoga Festival each year. The trading subsidiary is Arsha Kula Limited, registered company 10665716. For the year ended 31st July 2021 the reported figures for the Arsha Kula Limited were as follows:
Turnover £162,150 Expenditure (£159,537) Profit £2,613
Assets £23,256 Liabilities (£78,664) Funds (£55,408)
7 Funds
| 7 Funds |
||||
|---|---|---|---|---|
| Unrestricted funds Unrestricted general funds Unrestricted general funds Unrestricted funds Unrestricted general funds Restricted funds Restricted funds Total funds |
Balance at 1 August 2020 £ 4,046 Balance at 1 August 2019 £ 975 304 1,279 |
Incoming resources £ 1,930 Incoming resources £ 5,344 - 5,344 |
Resources expended £ (3,610) Resources expended £ (2,273) (304) (2,577) |
Balance at 31 July 2021 £ 2,366 |
| Balance at 31 July 2020 £ 4,046 - |
||||
| 4,046 |
Page 10
Arsha Kula Foundation
Notes to the Financial Statements for the Year Ended 31 July 2021
8 Analysis of net assets between funds
| Current assets | Unrestricted funds General funds £ 2,366 |
Total funds £ 2,366 |
|---|---|---|
9 Related party transactions
During the year the charity paid £2,000 (2020 - £800) on behalf of its trading subsidiary Arsha Kula Limited to provide financial assistance for the World Yoga Festival.
Arsha Kula Foundation CIO also made a donation to Arsha Kula Limited in the year of £1,610 (2020 - £nil) as a contribution towards the costs of the 2021 World Yoga Festival.
Page 11
Virtual Cabinet Portal Digital Signatures
Digital Signature Verification
You can verify that this is a genuine Virtual Cabinet Document Portal signed document by uploading it to the following secure web page:
https://www.virtualcabinetportal.com/VerifySignedDocument
Signature Dates and Times
All dates and times shown in the signatures below are expressed in Coordinated Universal Time (UTC), which is generally equivalent to GMT. You can find out more about UTC at the following web page:
http://www.virtualcabinetportal.com/WhatIsUTC
Signature 1
Signed by Ramanuj Banerjee using authentication code RGZ6Xkhick9Qa2Ys at IP address 90.247.241.79, on 2022/05/25 08:14:01 Z.
Ramanuj Banerjee's e-mail address is: ram@arshakulafoundation.org.