REGISTERED CHARITY NUMBER: 1185740
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 31 December 2022
for
Yog Foundation
KBMD Limited Chartered Certified Accountants Maple House 382 Kenton Road Harrow Middlesex HA3 9DP
Yog Foundation
Contents of the Financial Statements for the year ended 31 December 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Statement of Financial Position | 5 | ||
| Notes to the Financial Statements | 6 | to | 9 |
| Detailed Statement of Financial Activities | 10 |
Yog Foundation
Report of the Trustees for the year ended 31 December 2022
The trustees present their report and financial statements for the year ended 31 December 2022.
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 Dharma, 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.
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
Mr B Pathak MBE Mr M K Chhabhadia 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.
Page 1
Yog Foundation
Report of the Trustees for the year ended 31 December 2022
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1185740
Principal address
53 Pickford Road Bexleyheath DA7 4AG
Trustees
Mr N R Hirani Mr B Pathak MBE Mr M K Chhabhadia Mr C Halai Mr P Bhudia
Independent Examiner
K. K. Patel, B.Com (Hons), FCCA, ARA KBMD Limited Chartered Certified Accountants Maple House 382 Kenton Road Harrow Middlesex HA3 9DP
Approved by order of the board of trustees on 21/10/2023 and signed on its behalf by:
Chetan Halai Trustee
Page 2
IndepeJ)dent Examiner's Report to the Triistees of Yog f4oundAtIoii lii(leptii¢letil exAlliliiei"s rei)oi't to tlie tiwstees of Yog li I ii)ori to the chJrity liustees on my ¢xaminatiun of Ihe accoiiii15 01- Yog Fouiidalion Ith¢ 'frust} for Ihe yeai. cndcd 31 Dcwmb¢r 2022. Resi)oiiyibililie5 and bHsi5 of i'ei)ort As lh¢ Lharit> tiusices ot. thL .1 rust yoii IYspotL%ibl¢ foi. the pyeparalion of the aCLouiils iii accordancc with Ihc IEquirenicnls ut'lhc Chai'iltLS Acl 2011 ¢ihe Act). I report in rospcGt Dlii)y cxainialion ofthe T1%1,% accouiits caii'icd out under Se¢iioth 145 of Ihe Aci and in Ldiyyiiig oul niy Lxaniination I have follthived all applicable Dii'LLiioiis given by the Charity Coi)Imis5ion ut]d¥i' Seriion 14515llbl of Iht Acl. lii(lepElllteiit eXAMir, 5tRttrnent L havc cornplelEd IKY rkaiiiiDaiion, I confiiyn Ih21 no maierial malleys have come to iny attentioii in Gonne¢tion with Ilie examinatio grving mc Lviise 10 b¢li¢ve Ihal iji any Inaterial i'espect.. ccouniing Ircoimls weir not kcpt in respLLI ot the TI'LISI as itqYid by Seciioii 130 ot the ALI,. ur Ihe aceounis do noi aLLoi6 iviih those record%. oi. Ihe &cEount5 do iiol tyomply wilh the applicable Èrqiiiirmcnt5 conLci'ning Ihe forin and conieni of aecouiils 5tt1 oul In IbL Cli<irili¢s IA¢¢()uni8 attd Reparis) IILgJlaiions 2008 other Ih8n any requitrmciit Ih(It Il)¢ J¢¢ounis give a Irue and fail. vieiv ivhich is nol o Inait¢i' ¢on.4ideiEd pait of an indepondclll ex7]1]111atIO. I h&v¢ iio concei'I18 )d have conic aLrus5 no oihei. m&iter8 in ¢oniietlion with the Lxatt)in&tion to iyhich atlentlon should be diawn in Ihis IEpoit in order lo enable a prop¢r undei3tanding of the awounis 10 be IEached. K. K. P&tcl, B.C.om (Honql, FCCA, ARA KBMD Liniiled Chartcred Ceililied Accounianls Maple Hou8e 3¥2 Kcnloii Road Middle8ex FIA3 CJDP Dale.. Page 3
Yog Foundation
Statement of Financial Activities
for the year ended 31 December 2022
| Unrestricted Restricted fund fund Notes £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 224,200 - Charitable activities Support costs 100 - Investment income 2 16 - Total 224,316 - EXPENDITURE ON Charitable activities Support costs 214,901 - NET INCOME 9,415 - RECONCILIATION OF FUNDS Total funds brought forward 21,086 - TOTAL FUNDS CARRIED FORWARD 30,501 - |
31.12.22 Total funds £ 224,200 100 16 224,316 214,901 9,415 21,086 30,501 |
31.12.21 Total funds £ 36,012 - - |
|---|---|---|
| 36,012 | ||
| 27,169 | ||
| 8,843 12,243 |
||
| 21,086 |
The notes form part of these financial statements
Page 4
Yog Foundation
Statement of Financial Position 31 December 2022
| 31.12.22 | 31.12.21 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |||
| fund | fund | funds | funds | |||
| Notes | £ | £ | £ | £ | ||
| CURRENT ASSETS | ||||||
| Cash at bank | 31,611 | - | 31,611 | 22,142 | ||
| CREDITORS | ||||||
| Amounts falling due within one year | 5 | (1,110) | - | (1,110) | (1,056) | |
| NET CURRENT ASSETS | 30,501 | - | 30,501 | 21,086 | ||
| TOTAL ASSETS LESS CURRENT | ||||||
| LIABILITIES | 30,501 | - | 30,501 | 21,086 | ||
| NET ASSETS | 30,501 | - | 30,501 | 21,086 | ||
| FUNDS | 6 | |||||
| Unrestricted funds | 30,501 | 21,086 | ||||
| TOTAL FUNDS | 30,501 | 21,086 |
The financial statements were approved by the Board of Trustees and authorised for issue on 23/10/2023 and were signed on its behalf by:
Chetan Halai Trustee
The notes form part of these financial statements
Page 5
Yog Foundation
Notes to the Financial Statements for the year ended 31 December 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for when paid and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 31.12.22 | 31.12.21 | |
| £ | £ | |
| Deposit account interest | 16 | - |
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.
Page 6
continued...
Yog Foundation
Notes to the Financial Statements - continued
for the year ended 31 December 2022
| 4. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | ||||
|---|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | ||||||
| fund | fund | funds | ||||||
| £ | £ | £ | ||||||
| INCOME AND ENDOWMENTS FROM | ||||||||
| Donations and legacies | 36,012 | - | 36,012 | |||||
| EXPENDITURE ON | ||||||||
| Charitable activities | ||||||||
| Support costs | 27,169 | - | 27,169 | |||||
| NET INCOME | 8,843 | - | 8,843 | |||||
| Transfers between funds | 3,886 | (3,886) | - | |||||
| Net movement in funds | 12,729 | (3,886) | 8,843 | |||||
| RECONCILIATION OF FUNDS | ||||||||
| Total funds brought forward | 8,357 | 3,886 | 12,243 | |||||
| TOTAL FUNDS CARRIED FORWARD | 21,086 | - | 21,086 | |||||
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE | YEAR | ||||||
| 31.12.22 | 31.12.21 | |||||||
| £ | £ | |||||||
| Other creditors | 1,110 | 1,056 | ||||||
| 6. | MOVEMENT IN FUNDS | |||||||
| Net | ||||||||
| movement | At | |||||||
| At 1.1.22 | in funds | 31.12.22 | ||||||
| £ | £ | £ | ||||||
| Unrestricted funds | ||||||||
| General fund | 21,086 | 9,415 | 30,501 | |||||
| TOTAL FUNDS | 21,086 | 9,415 | 30,501 | |||||
| Net movement in funds, included in the above are as follows: | ||||||||
| Incoming | Resources | Movement | ||||||
| resources | expended | in funds | ||||||
| £ | £ | £ | ||||||
| Unrestricted funds | ||||||||
| General fund | 224,316 | (214,901) | 9,415 | |||||
| TOTAL FUNDS | 224,316 | (214,901) | 9,415 |
continued...
Page 7
Yog Foundation
Notes to the Financial Statements - continued
for the year ended 31 December 2022
6. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net | Transfers | |||
|---|---|---|---|---|
| movement | between | At | ||
| At 1.1.21 | in funds | funds | 31.12.21 | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 8,357 | 8,843 | 3,886 | 21,086 |
| Restricted funds | ||||
| General fund 1 | 3,886 | - | (3,886) | - |
| TOTAL FUNDS | 12,243 | 8,843 | - | 21,086 |
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 36,012 | (27,169) | 8,843 |
| TOTAL FUNDS | 36,012 | (27,169) | 8,843 |
A current year 12 months and prior year 12 months combined position is as follows:
| Net | Transfers | |||
|---|---|---|---|---|
| movement | between | At | ||
| At 1.1.21 | in funds | funds | 31.12.22 | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 8,357 | 18,258 | 3,886 | 30,501 |
| Restricted funds | ||||
| General fund 1 | 3,886 | - | (3,886) | - |
| TOTAL FUNDS | 12,243 | 18,258 | - | 30,501 |
continued...
Page 8
Yog Foundation
Notes to the Financial Statements - continued
for the year ended 31 December 2022
6. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 260,328 | (242,070) | 18,258 |
| TOTAL FUNDS | 260,328 | (242,070) | 18,258 |
7. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2022.
Page 9
Yog Foundation
Detailed Statement of Financial Activities
for the year ended 31 December 2022
| INCOME AND ENDOWMENTS Donations and legacies Donations Gift aid Investment income Deposit account interest Charitable activities Grants Total incoming resources EXPENDITURE Charitable activities Insurance Postage and stationery Advertising Sundries Event cost Travelling Hall Hire Charitable donations Subscriptions Repairs and renewals Equipment cost Paypal fees Accountancy Outings Total resources expended Net income |
31.12.22 £ 222,660 1,540 224,200 16 100 224,316 140 4,103 926 1,957 7,228 5,288 360 180,090 820 10,698 978 17 1,110 1,186 214,901 214,901 9,415 |
31.12.21 £ 35,786 226 |
|---|---|---|
| 36,012 - - |
||
| 36,012 140 179 2,973 1,029 9,104 1,307 1,713 3,413 616 2,065 3,550 24 1,056 - |
||
| 27,169 | ||
| 27,169 | ||
| 8,843 |
This page does not form part of the statutory financial statements
Page 10