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2020-12-31-accounts

Charity Registration No. 1185740

YOG FOUNDATION

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

YOG FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Mr N R Hirani

Mr B Pathak Mr M K Chhabhadia

(Appointed 1 September 2020)

(Appointed 1 September 2020)

Mr C Halai Mr P Bhudia

Charity number 1185740 Principal address 53 Pickford Bexleyheath DA7 4AG

Independent examiner

FinSol Tax Advisors Limited Vision House 31 Kenton Park Avenue Harrow Middlesex HA3 8DS

YOG FOUNDATION

CONTENTS

Page
report 1 - 2
Independent examiner's report 3
Statement of financial activities 4
Statement of financial position 5
Notes to the financial statements 6 - 9

YOG FOUNDATION

REPORT

FOR THE YEAR ENDED 31 DECEMBER 2020

The trustees present their report and financial statements for the year ended 31 December 2020.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's constitution, the Charities Act 2011 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)".

Objectives and activities

The charity's objectives are:

1) The advancement of the Vedic Dharma (religion) in accordance with the teachings of the Founding Member of Shree NarNarayan Dev Temple, Kalupur, Ahmedabad, India, and the promotion of the cultural, and spiritual and educational needs of the community

2) To provide or assist in the provision of facilities in the interests of social welfare for recreation or other leisure time occupation of individuals who have need of such facilities by reason of their youth, age, infirmity or disability, financial hardship or social circumstances with the object of improving their conditions of life.

3) To advance the education of the community by the establishment of centres and the provision of classes in languages, the Vedic religion, yoga and IT

The policies adopted in furtherance of these objectives are as above and there has been no change in these during the year.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

Financial review

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The trustees has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The charity is a charitable incorporated organisation (CIO).

The trustees who served during the year and up to the date of signature of the financial statements were:

Mr N R Hirani (Appointed 1 September 2020) Mr B Pathak Mr M K Chhabhadia (Appointed 1 September 2020) Mr C Halai Mr P Bhudia

Appointments of a trustee will be made by the Member from candidates recommended by the trustees of the Charity.

None of the trustees has any beneficial interest in the charity.

YOG FOUNDATION

REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

The r eport was approved by the Board of Trustees.

Mr C Halai Trustee Dated: 15 October 2021

YOG FOUNDATION

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF YOG FOUNDATION

I report to the trustees on my examination of the financial statements of Yog Foundation (the charity) for the year ended 31 December 2020.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Rajesh Vekaria FMAAT FFA FIPA FTA FinSol Tax Advisors Limited

Vision House 31 Kenton Park Avenue Harrow Middlesex HA3 8DS

Dated: 15 October 2021

YOG FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020

Unrestricted
Restricted
funds
funds
2020
2020
Notes
£
£
Income from:
Donations and legacies
3
21,317
3,886
Expenditure on:
Charitable activities
4
12,960
-
Net income for the year/
Net movement in funds
8,357
3,886
Fund balances at 10 October 2019
-
-
Fund balances at 31 December 2020
8,357
3,886		 Total
2020
£
25,203
12,960
12,243
-
12,243

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

YOG FOUNDATION

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2020

Notes
Current assets
Cash at bank and in hand
Net current assets
Income funds
Restricted funds
Unrestricted funds
The financial statements were approved by the Trustees on 15 October 2021
Mr C Halai
Trustee		 2020
£
12,243		 £
12,243
3,886
8,357
12,243

YOG FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

Charity information

Yog Foundation is a Charitable Incorporated Organisation (CIO ). Charity number 1185740

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Charities Act 2011 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)". The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling , which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

These financial statements for the year ended 31 December 2020 are the first financial statements of Yog Foundation prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was . The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

YOG FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

1.5 Expenditure

1.6 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including trade and other payables and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

2 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 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.

YOG FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

3 Donations and legacies

Unrestricted Restricted Total
funds funds
2020 2020 2020
£ £ £
Donations and gifts 21,317 3,886 25,203

4 Charitable activities

Charitable
Expenditure
2020
£
Event cost 3,973
Printing & Stationary 2,425
Advertising 1,228
Travelling 188
Insurance 163
Hall Hire 1,470
Charitable Donations 2,817
Sundry 696
12,960
12,960

5 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

6 Employees

The average monthly number of employees during the year was:

Total -

2020 Number

YOG FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

7
Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
2020
2020
£
£
Fund balances at 31 December 2020 are represented by:
Current assets/(liabilities)
8,357
3,886
8,357
3,886		 Total
2020
£
12,243
12,243

8 Related party transactions

There were no disclosable related party transactions during the year.