Thursday, June 1, 2023 3:23 PM ## Printout FAR Revision Day 4 Page 1 Charity Number.. 1185941 THE GURUKULA TRUST Annual Report and financial statements for the year ended 31 August 2022 FAR Re￿.iSion Day 4 Page 2 Table of Contents Reference and adminlstratlve inforjnatlon Trustees. annual report Structure, governance & management Statement of responsibilities of the trustees Independent examlner's report Statement of Financial Position as at 31st August 2022 Notes to the Financial Statements FAR Re￿.iSion Day 4 Page 3 Reference and administrative information Charity number 1185941 Operational address Hart Sprlng Cottage Elton W2y Watford WD25 8HB at the time ofapproving the report and accounts Country of registration Eng]and & Wales Country of incorporation United Kingdom Trustees Details of the trustees at the date of this report were as lollows: Mohan Luthra halr Kunal Kotecha Trustee Nina Patel Trustee Tonmoy Mukharjee Trustee Baiikers MetsD Bank One Southatnpton Row, London WCIB SHA Independent Examiner Flexi Consultanry Limited 46 Sudbury Court Road, Harrow, England, HAI 3SH FAR Re￿.iSion Day 4 Page 4 Trustees, annual report The trustees present their report and the independently examined financial statements for theyear ended 31 August2022. Referen¢e and adTninisfrafive information setout on pagc I forms part of ihis report. The financial stsrements comply wlth current statutory reqEJlrements. the memorandum and artScles of assoc52tlon, the requiretnents of a Trustees, report as required under trust law, 2nd the Statement of Recommended Practice Accounting and Reporting by Charities". SORP applirable to charities preparingtheiraccounts in accordance with FRS 102. Strurture. governance & management The organization is a charitable trust, incorporated 2nd registered as a charity on 22 October 2019. The trust W3s est3bli5hed under 3 Memor3ndum and Article5 of A$59ciation which established the object5 and power5 of the charitable trustand is governed under its article5 of association. All Trustees give their time voluntarily and receive no benefits from the charity. The Trustee5 review the aiJn5, objectives. and activities of the charity eafjh year. The report looks at what the charity has achieved and the outcomes of its work forthe year ending 31 August 2022. The Trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the Trustees ensure the charity aims, objectives and activitieE remain focused Dn its ststed purpO.￿e￿. The trustees commenced their ongoing review ofthe Charity Governance Code in 2020121. Objectives and activities Purposes and aims Vision: ThatGurukula retains a person21 and unique environment that should always be culturally rich, diverse and creative. We strive to foster a spirit of devotion, expression and kindness to one and all, where a child ¢reate5 bond5 Wlth both their teacher5 and fellow Students that last a lifetitne. Through the rigorou5 and broad education, the Gurukula provides a student gains the ability to pursue their ambition5 in all aspects of Mission.. To provide an environment where everychild can awaken their loving devotion to Krishna in a natiiral and spontaneous way thus connecting with the Supreme in a manner, which is neither forced or imposed, and allowingchildren to discovertheir true identity by being joyful and knowledgeable. In our small classes, children are challenged in rheir academics to attain excepiion21 progress so that they can fulfill Iheir potential. and continue their journey a5 bright. confident. kind and raring individuals who are eager to 5eNe and caD integrate ir)to modern Britain. Achievements and performance Summary of Key changes in 202112022.. Afterno reception intake forthe 20201212cademicye2r (due to COVID and other reasonsl, the reception class FAR Re￿.iSion Day 4 Page 5 resurned ill September 2021 with 10 pupils on roll. The school arranged a vi51t from an Early Year5 Specialist Leader in Education in November 2021 to observe and support the new Early Years te2cher, and the report from the vlsir was shared wlth the Trustees. The Trustees continued to work closely with the School's Senior Leadership to ensure statutory Standards were being meL Further improvements were made in the areas of quality of education and leadership and management In March 2022, the School undenventa full standard OFSTED inspection. DurinRthe inspertion, meetIn￿S were held with the Trustees, governors, head teacher, teachers and other staff members. Inspectors checked school policies and a range of other documents. including fire and health and safety checks, risk assessments, safeguarding recordsand pre-employmentchecks made on the suiiabiliry ofsr2ff to work with children. An in- depth review of early readin& tn3thernatics, science 3nd history was C3rried out. The inspectors concluded that all the independent schoo15' Standards were being met, and the School wa5 awarded a"Good" rating for overall effectiv¢nes5 and was rated Good in all areas Iquality ol education, behaTrior, and athtude5, personal development, leade￿￿1p and managementand earlyyears prowsionl. This ha5 been a keyachievernentfor the school. Training and events for 202212023 Training will cover the following topics: Key documents such as School Development Plan ISDP) and Self Evaluation Form ISEF) Safeguarding Safer recruitment Independent Schools Standards 202112022 Event and training & attendees Three ofthe Trustees serve on the School's Governing Body and have attended training on.. Safeguarding and changes to Keeping Children Safe in Education refresher {Autumn 20211 School Development Plan (Autumn 2021} Preparation for Ofsted and understanding the role ofproprietors and governors (March 2022) In addition, the following courses were completed by the Trustees: Mohan Luthra.. Ofsted Inspections of Independentschools.. Insights- an online course run by The National College {completed on 15 March 2022) Other a¢hievemenls and aclivitie5 Tnoving in 202112022 The Trustees have worked closely with the School'5 Senior Leadership and together have achieved the following.. Admissions.. The reception class w2s resumed in 2021 at fvll capacity. Admissions in otheryear groups were also increased. Currlculum.. Extenslve work was carrled out by staff 2nd sublect leaders to dr2w up a comprehenslve currlculum. 2nd cycle B ofthe currlculum was rolled out successfully the 2021/22 2cademlcyear. Stafflng.. Quallflcd rcachlng %talf5 were rc¢rult¢d In 311 ¢las5fooTn* An ECT ha5 been supported by the School and successfully signed her first year as an ECT. Staff5 have tsken on subject leadership roles in core 5ubj¢cts and sorne foundation 5ubjert5, and this has now been d¢velop¢d turther to roY¢roth¢r 5ubj¢cts too. FAR Re￿.iSion Day 4 Page 6 Learning lourney of the trust The Trustees have ensured that they have a clear understanding of their role and re5pon5ibilities. Thi5 has resulted in the role ofTrustees and Governors focusing more on strategic rather than operational issues over the years. The addition oran experienced Primary School Teacher on the Board of Governors has enhanced the Governing Bodls ability to carry out it5 role,and the Board receive5 re8u13r tr3ining and leedback. The School has Tnade Improvernents across all areas, and regular comrnunlcatlon and feedback between parents and the Trustees (through open forums, emails and surveys) showthat parents are valuing the School and all the work being done. A rnaior achievement in the Tru5t'5 journey ha5 been the result of the Of5ted iD5pectioD ol March 2022. The report state5,"Th¢ r¢formed governance and trust teaTn are skilled and experienced. They u5¢ theirtraining well to ensure that they offer the right level Of challenge and support to school leaders. Consequently. the quality of education has improved significant]y5ince the previous full standard inspection in 2018.. Our aim5 are to maintain and further build on what has been achieved. Flnanelal revlew Followlng rhe perlod ofsurplus durlng 2021, rhe prlor financS3l year. was E92,199. Durlng 2021122. wlth due to COVID and other reasons, the trust has a delicit of {£61.3091 which will b¢ used for the Further improvements were made in the areas olquality of education and leadership and managemenL Principal risks and uncertainties Financial sustainability and the chariW5 financial model remain a key risk, given its dependency on trust and foundation income. Having identified the basic/lean core team and associated costs thatare needed to operate the charity, income generation focuses on securing funding for this,. additional project-specific expenditllres, including associated staffing costs, are only committed once fllndinE has been secured. Ensuringthe well-being of a 5Tnall team to deliver a significant workload is also a key area on the trustee'5 agenda. More will be done in the refveshed strategy to address thi& Reserves policy and going concerned The Trusfees have examined the charity'5 requir¢ment5 for reserve5 in light of rhe main risk5 to th¢ organization. Tru5tets are committed to generating suffjcient tunds to support current organizational activities to meet the lollowing requirements.. Safeguarding the chariry's servlc¢ commitmenr in the event of delay5 in rerelptijfgrants or other in¢ome. Providing a linancial cushion against risk and future uncertaintie5. Resourcingthe research and development ofservices and initiatives. The Tru5tee5 e5tabli5hed a re5erwe5 pTrliry that 15 reviewed annually to ensure that the appropriate leve15 of re5erve5 are maintained, and SCC 15 able to continue to fund its activities withoul unnecessary disruption a5 a result of peaks and troughs in income. Plans for the future The Trustees wlll contlnue to work wlth the School's Senlor Leadershlp Team to malntsin 2nd Improve st3nd3rd% across teaching 3nd learning. whilst ensuring 311 the ststutory requiretnents are met. In August 2022, the DfE approved an application to increase the School's capacityto 70 students. The Tru5tee5 will help to inGrea5e adnii55ion5 acr055 all yeargroup5 thFough Open Day3 and niarketing. TheTru5tee5 will continue to run fundraisingcampaigns in orderto attractregular donor5, settingup a'patron scheme.. FAR Re￿.iSion Day 4 Page 7 Statement of responsibilities of the trustees Thetrustees are responsible forprep2ringthetrustees'annual reportthe financial statementsin accordance wlth appllcable law and Unired Klngdom Accountlng Standards (Unired KSngdom Generally Accepted Accounting Practice). In preparlng these flnanclal statements, the trustees are requlred to.. Select suitable accountinR policie5 and then apply them consistently Observe the methods and principle5 in the Charities SORP Make judgrnents and e5timatts that are reasonable and prudent State whether applicable judgments i.e UK Accounting Standard5 and statements of recommended prartice have been followed, subject to any material departures disclosed and ¢Kplain¢d in the financial statements Prepare the financial staternents on a goingconcern basis unless itis inappropriateto presumethat the charity will continue in operation. The trustees are respDnslble for keeping properaccountlng records that dlsclose with reasonable accuracy at any tSme rhe finan¢l#l pogStlon af the ¢harstsble ¢rugr #nd enable then) to ¢ngvre th>r the ftn>n¢l>l gtsren)ent% ornply with the Cornpanies Act 2006. They ar¢ a150 responsible for safeguarding the assets of¢he rharifable trust and hence lor taking reasonable steps forthe prevention and deiection of fraud and other irregularitie5. The trustees are responsible for the tnaintenance and integrity of the corporate and financixl infortnation in£luded on the charitable trust'5 website. Legislation in the United Kingdom governing thc prcparation and dissemination offinancial statements may d2ffer from legislation in otherjurisdiction5. The trustees, annual report has been approved by the trustees on 0910512023 and signed on Iheir behaifby Kun21 Kotecha Trustee FAR Re￿.iSion Day 4 Page A Independent examiner's report I reEX>rt on the accounts olGurukula Trust for the year ended 31 August 2022 Responsibilities and basis of the report As the charity's TTUStees, you are responsible for the preparation of the atcounrs in a¢¢ordance with the requirernents of the Charities Act 2011 Ithe Act). You are satisfied that the accounts are not required to be audited by charity law and have chosen instead to have an independent examination. I report in respect of my examination ofyour charity's accounts as carried out under section 145 of the Act,. In ¢2rryinE Out rny exatnination I have followed the directions Eiven by the Charity Commission under sectlon 145151 Ib} of the Act. An Indepcndent examlnatlon does nor Involve gath¢rlng all the evldence rhat would be requlred In an audlt and consequently doe5 not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and condurt of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, l express no opinion as to whether the accounts present a'true and falrf vlew and my repori Is Ilmlted 10 Ihose speclfic matters set out In the Independent examiner's ststement Independent examiner's statement I have eompleted myexamlnatlon. I conflm th2t no matters have come to myattentlon connectlon wlth the examination glvlng me ¢ause to b¢lieve'. l) Accounting records were not keptas required bysection 130 of the Act,. or 2) The accounts do not accord with those record5,' or 3) The accounts do not comply with the applicable requirements concerning the form and content set out in the Charities (Accounts and Reports) Regulations 2UOB other than any requirement that the accounts give a'true and fair, view which Is nota matter consldered as part of an independent examination,. or 4) The accounts have not been prepared in accordance with the tnethods and principle5 of the Sta¢ement of Recornmended Practice for accounting and reporting by charities. I have no concern5 and have come across no other matter5 in connection with the exarnination to which attention should be draw in this report in order to enable a proper understanding of the accounts to be reached. Shoolin Yagnik On Behalf of Flexi Consultancy Limited 46 Sudbury Court Road, Harrow, England, HAI 3SH Date.'0910512023 FAR Re￿.iSion Day 4 Page 9 Statement of financlal artfivitles (Incorporating an Income and expendittire accoiint) As at 31 August 2022 2022 Note Unre5trirted 2021 UnTe5lr1C￿d Total Total Income from: Fees Books/Clubs/Trips/Events/Sports Visa Appllcatlon Refund Donatlon Grants from Trusts and Foundatlons Other Total Income 130,714 20.238 130,714 20,238 102,976 1,02,976 23.294 23,294 25,702 12,632 336 1.41,645 25.702 12,632 336 1.41.645 1,503 178.279 1,503 178,279 Expenditure on: Charitable activities Camera/Printer Children's activities Tools /gardeningladhoc Visas Stationary and Books Nfer Tests A55enibly Staff Resources Chairsl Scooters Ofsted Sports Cleaning Admin Fees Supply Teaching 1,593 1,593 6,541 6.874 1.901 224 181 3,492 91 840 1,593 1,593 6,541 6,874 1,901 224 181 3.492 91 840 635 635 3,269 205 72 2.882 350 2,489 870 45 1,129 240 3,269 205 72 2,882 350 2,489 870 45 1,129 240 2,490 48 3,044 28,925 2,490 48 3,044 28,925 Staff Costs 160,648 160,648 56,422 56.422 NEST pension HMRC PAYE and Nl Total expenditure 5,189 15,914 239,S88 5,189 15,914 239,S88 68,607 68,607 Net Income / (expendlture) before net galns I (losses) on investments 161.309) [61.309) 73.038 73.038 Transfer Between Funds Net movement in funds Reconciliation of funds.. Total funds brought forward Total fvnds carried forward 161,309) [61.309) 73,038 73,038 92,199 30,890 92,199 30,890 19,161 92,199 19,161 92,199 FAR Re￿.i￿lDn Day 4 Page 10 state.ment of Finanf.ial Position as at 315t Aiiwist 2022 2022 Note Unrestricted Total 2021 Unrestricted Totsl Current Assets Cash at Bank In hand 30.890 30.890 92,199 92,199 92,199 92,199 Liabilities: Creditors.. amounts falling due within one year Net current assets 30.890 30,890 30,890 30,890 92,199 92,199 92,199 92,199 Total net assets The funds ofthe charity.. RestTlCted income funds Unrestricted income funds 30,890 30,890 92,199 92,199 Total charity funds 30,890 30,890 92,199 92,199 Approved by the trustees of 0910512023 and Signed on their behalf by Kunal Kotecha Trustee Notes to the Financial Statements Accounting policies Statutory Informatfion The charity is not a registered company, incorporated in England and Wales. The members of the trust are the Trustee5 named on page one. There is no uliimaie controlling parry. The charitable trust Tneets the definition of a public benefit entity under FRS 102. IL Basls of preparatlon 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 5tsndard applic2ble in the UK and Republic of Ireland IFRS 1021 leffective I January 20151- {Ch2rities SORP FRS 102).The Fln2ncial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (March 2018) and the Comp2nies Act 2006. Assets and liabilities are initially recognized at historical £05t or transaction value unless Otherwise stated in the relevant accounting policy or note. B. Going Concern The Trustees consider that there are no material uncertainties about the charitable trust's ability to continue a5 a going concern. There are no keyjudgments thatthe charitable trusthas made which havea significant effecton the accounts.The Trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant rlsk ofcauslng 2 material adiustmeni to the carrying amounts ofassets and liabiliiies within the next reporting period. FAR Re￿.i￿lDn Day 4 Page I I r.. Incnm Income is recognized when the charity receives the funds in bank, any perfomance conditions attached to the income have been mel it is probable that rhe Income wlll be recelved and thar the amounr can be measured rellably. D. Expenditure Expenditurc is accounted for on a cash basls. Expendirure on rdlslng funds represents an apportlonmenrto staff costs based on time as well as the cost of external support. Support Costs are those costs relating to premises and support functions. Governanee costs 2re those incurred in connection with the administration i)f the charity and compliance with constitutional and statutory requirements. The chariry is not registered for VAT. In common with many other charities, the Small Charir2e5 Coaliuon expense5 are inclusive ofVAT which cannoi be recovered. E. Cash at the bank and in hand Cash at the bank and cash in hand includes cash and the charity's current and deposit accounts. which are immediately accessible. 1. Analysls of Income (Current Yearl 2022 Unrestricted 2021 Unrestricted Note Total Totsl Income from.. Fees Books Club5 Tri Events Visa A lication Refund Donations from Institution and Devotees Grant from Harrow Council Other 'J'otal income 130,714 20,238 2.530 23,294 130,714 20,238 2,530 23,294 102,976 102,976 orts 25702 12.632 336 141,045 25,702 12,632 336 141,645 1.503 1711,27Y 1,503 1711,27Y 2. Analysis of Expenditure (Current yearl 2022 Note Unrestricted 2021 Unrestricted Expenditure on: Total Total Chlldren actlvltles 1,593 1,593 6,541 6,874 1,901 224 181 3,492 1.593 1.593 6,541 6,874 1,901 224 181 3,492 Camera Tools Vlsas Statlone Nfer Tests Assembl Staff Resources Chairs Scooters Prlnter ardenin 635 635 ad hoc and Books 3,269 205 72 2,882 350 3.269 205 72 2,882 350 Ofsted 840 2,490 48 3,044 28,925 160,648 5,189 15,914 239,588 840 2,490 48 3,044 28,925 160,648 5,189 15,914 239.588 2,489 870 45 1,129 240 56.422 2,489 870 45 1,129 240 56,422 Cleanin Admin Fees Su l Teachin Staff Costs NEST enslon HMRC PAYE and Nl Total expenditure 68,607 68,607 FAR Re￿.i￿lDn Day 4 Page 12 10 3. Analysis of stsff costs, trustee remuneration and expenses, and the cost of key management personnel Staff cost is analyzed as follows,. 2022 2021 Staff Cost roll Char es Non-teachin Staff Teachin Staff 26,960 133,688 2,958.00 70,432.00 17,300.00 333.00 Pa roll Char es roll costs ad'ustment Others Tot21 Stsff C.n$t 16n.fi4A.nD -46.42.1.nn No eTnployee earned more than £32,000 dvrlng the year12021.' nill. Redundanry and termlnation paym¢nt5 made in the perlod were zero. The charity trustees were neither paid nor received any other benefits from employment with the charity in the year 12021.. £nlll. No ch2ritytrustee received payment tor protessional or other serwces supplied to the charity (Z021.. £nilJ. Trustees, expenses are nil 4. Staff Number Stsfr number during the ye3r i5 9. stsfF have been employed by The Gurukula Trust slnte October 2021 after the TUPE prO￿sS from ISKCON Bhaktivedanth Manor Ltd was completed. Duringtheyear the rechargesamountfrom Bhaktivedanta Manor Ltd comes to £40,00012021.. £56,423). 5. Related Party Transaction 6. Taxation Thp r.hArity i< pwpmDt fmm e¢)rpnrxtinn 211 ik inettmp 1% rharitAhle. and i.* Applipd fttr r.hAritAhlp. piJrpn