SRINIVASA RETREAT LIMITED (Previously known as Heart Meditation Retreat) (A company limited by guarantee)
Annual Report and Financial Statements For the year ended 30 September 2021
Srinivasa Retreat Ltd Company Registration number: 12440779 Charity registration number: 1190540 Annual Report and financial statements For the year ended 30 September 2021
Contents
| Page | |
|---|---|
| Trustees’ report | 1 |
| Statement of trustees’ responsibilities | 5 |
| Independent Examiners Report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Cashflow statement | 9 |
| Notes to the financial statements | 10 |
Srinivasa Retreat Ltd Company Registration number: 12440779 Charity registration number: 1190540 Annual Report and financial statements For the year ended 30 September 2021
Trustees’ report
The trustees, who are directors for the purposes of company law, present their annual report together with the financial statements and independent examiners report of the charitable company for the year ended 30 September 2021 and confirm they comply with the requirements of the Charities Act 2011, the trust deed and the Charities SORP (FRS102).
Objectives and activities
The organisation is a charitable company (number: 12440779) limited by guarantee, incorporated on 4 February 2020 and registered as a charity (number: 1190540) on 23 July 2020. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association.
The objectives of the Charity set out in its governing document are as follows:
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the advancement of the education for the benefit of the public in the philosophy, theology, teachings and practices of Vishishta Advaita and in particular the teachings of Paramahamsa Sri Swami Vishwananda
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the advancement of the education of Atma Kriya Yoga through the lineage of Mahavatar Babaji and Paramahamsa Sri Swami Vishwananda and;
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the advancement of such exclusively charitable purposes according to English law as the trustees shall decide from time to time.
The main activities undertaken in relation to the above purposes/objectives include but not limited to:
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Providing a base for the community to connect more deeply with oneself and with others on the spiritual path, and a way to learn and evolve through spiritual practice.
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Hosting spiritual activities that take place at Srinivasa on a daily basis which include spiritual discourses, yoga and meditation events, rituals and music, painting and devotional arts.
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Hosting events to learn the teachings of Paramahamsa Vishwananda by being in His presence.
Public benefit
In setting the Charity’s objectives and planning the Charity’s activities, the Trustees have given careful consideration to the Charity Commission’s general guidance on public benefit. The Trustees always ensure that the activities undertaken by the Charity further its charitable objects and aims.
Achievements and performance
During the year, the Charity received a large donation and an interest free loan which enabled the Charity to purchase a property which completed in April 2021. The property named as “Srinivasa” is being developed to carry out the objectives of the charity. The main activities will include meditation training and courses, building a temple to educate people in the Hindu philosophy and spiritual practices, in particular the teachings of Paramahamsa Sri Swami Vishwananda and host cultural events.
On 8 February 2021 the charity acquired the entire issued share capital of Holistic and Sustainable Ltd for nil consideration (see note 15).
Due to Covid 19 restrictions prior to June 2021, all our teachings and courses were conducted online. Increasingly the Charity uses online methods to advertise charity events and to establish and maintain contact with people interested in Srinivasa. During the year, events hosted included courses on meditation, mantra chanting, Bhagavad Gita courses and spiritual discourses.
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Srinivasa Retreat Ltd Company Registration number: 12440779 Charity registration number: 1190540 Annual Report and financial statements For the year ended 30 September 2021
Trustees’ report (continued)
The Charity would not have been able to provide such a wide range of activities without the continued support of its community members.
Plans for future periods
The development of the building and temple construction works will be the main focus of the Charity over the next six to twelve months. Strategic teams will be in place to focus on the future growth once the property has been adapted to fulfil the objectives of the charity.
The Charity will continue to spread teachings of Paramahamsa Vishwananda through four arms namely yoga and meditation, knowledge, devotional arts and ritual practices. These will be conducted through various courses, community events and retreats.
Furthermore, the charity will provide the means for practitioners to deepen their spiritual development through participation in cultural activities, spiritual discourses, and events.
Financial review
The Charity had a very encouraging year and a milestone for the community members. Income for the year ended 30 September 2021 amounted to £891,453. The main driver behind the net income was as a result of our generous donors which led to the Charity being able to purchase its own property. The net assets of the Charity amounted to £849,608.
Reserves
Unrestricted reserves for the year ending 30 September 2021 amounted to £849,608.
The Trustees consider the key measure of sustainability for the Charity to be current and future liquidity cover, rather than the surplus or deficit accounting position. As a consequence, the Trustees have set appropriate reserves policies relating to liquidity based on the relationship between readily realisable assets, on-going level of donations received and the cash requirements associated with sustaining the Charity’s operations for a period.
In establishing this policy, the Trustees conducts an annual review of the level of unrestricted reserves in the general fund by considering risks associated with the various income streams, expenditure plans and balance sheet items. This enables an estimate to be made of the level of reserves that are sufficient to allow time for re-organisation in the event of a downturn in income or asset values; to protect ongoing work schedules and to allow the Charity to meet is objectives.
The Trustees review the Charity’s reserves policy annually and are satisfied with the level of cash reserves at the year end and are confident that the cash reserves will increase in subsequent years.
Structure, governance and management
The directors of the charitable company are also the Charity trustees for the purposes of charity law and under the Company’s Articles.
Nature of governing document
The Charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee without share capital, as defined by the Companies Act 2006.
Recruitment and appointment of trustees
The power to appoint new trustees is vested the members of the Charity. In considering the recruitment of a new trustee, the members would look to recruit individuals with broad management experiences, relevant charity related skills, and knowledge of the charity’s work.
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Srinivasa Retreat Ltd Company Registration number: 12440779 Charity registration number: 1190540 Annual Report and financial statements For the year ended 30 September 2021
Trustees’ report (continued)
Structure, governance and management (continued)
Induction and training of trustees
New trustees are invited to spend time with existing Trustees of the Board as part of their induction. Additional training and updates are provided as appropriate.
The Trustees (Board of Trustees)
All trustees give their time voluntarily and receive no benefits from the Charity. Any expenses, if reclaimed from the Charity, will be set out in the notes to the accounts. Conflicts of interest are recorded and carefully monitored to ensure that trustees undertake their duty to act in the Charity’s best interest.
Reference and administrative details
Trustees
The following Trustees served during the year:
Ms T Hale
Ms L Campbell
Registered office
6th Floor 9 Appold Street, London, United Kingdom, EC2A 2AP Exemptions from disclosure
Company No. 12440779
Charity No . 1190540
Independent Examiners
Verdant Accountants Limited 20-22 Wenlock Road, London N1 7GU
Bankers
Starling Bank 5th Floor, Fruit & Wool Exchange, Duval Square, London E1 6PW
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Srinivasa Retreat Ltd Company Registration number: 12440779 Charity registration number: 1190540 Annual Report and financial statements For the year ended 30 September 2021
Trustees’ report (continued)
Disclosure of information to independent examiner
Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the independent examiner is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
The annual report was approved by the trustees of the charity on 28 September 2022 and signed on its behalf by:
Ms T Hale
Trustee
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Srinivasa Retreat Ltd Company Registration number: 12440779 Charity registration number: 1190540 Annual Report and financial statements For the year ended 30 September 2021
Statement of trustees’ responsibilities
The Trustees (who are also the directors of Srinivasa Retreat Ltd for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities
Approved by the trustees of the charity on 28 September 2022 and signed on its behalf by:
Ms T Hale Trustee
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INDEPENDENT EXAMINER’S REPORT
Independent Examiner’s Report to the Trustees of Srinivasa Retreat Ltd Company no: 12440779 and Charity no: 1190540
I report on the financial statements of the above charity (a company limited by guarantee) for the year ended 30 September 2021, which comprise the statement of Financial Activities, the Balance Sheet and the related notes 1- 15.
Respective responsibilities of trustees and examiner
The trustees who are also directors of the company for the purposes of company law, are responsible for the preparation of the accounts in accordance with the Charities Act 2011 (‘the Act’). The Charity’s trustees consider that an audit is not required for this year under section 144 of the Act and that an independent examination is needed. Where the charity’s gross income exceeded £250,000 I am qualified to undertake the examination by being a qualified member of the Chartered Association of Certified Accountants.
It is my responsibility to examine the accounts under section 145 of the Charities Act, follow the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act, and state whether particular matters have come to my attention.
Basis of independent examiner’s report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
(1) In connection with my examination, no material matters have come to my attention which gives me cause to believe that in, any material respect:
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the accounting records were not kept in accordance with section 386 of the Companies Act (2006); or
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the accounts do not accord with the accounting records; or
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the accounts do not comply with the applicable requirements concerning the form and content of the accounts set out in section 396 of the Companies Act 2006 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination; or
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The accounts have not been prepared in accordance with the Charities SORP (FRS102).
(2) 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 accounts to be reached.
Chaweevan Williams FCCA Chartered Certified Accountant Verdant Accountants 20-22 Wenlock Road London N1 7GU
Date: 28 September 2022
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Srinivasa Retreat Ltd Company Registration number: 12440779 Charity registration number: 1190540 Annual Report and financial statements For the year ended 30 September 2021
Statement of financial activities
for the year ended 30 September 2021
| or the year ended 30 September 2021 | |||
|---|---|---|---|
| Unrestricted funds Note £ Income and Endowments from: Donations and legacies 3 884,884 Charitable activities 4 6,103 Other trading activities 5 466 --------------- Total income 891,453 --------------- Expenditures on: Costs of charitable activities 6 (41,514) Costs of trading activities 7 (331) --------------- Total expenditure (41,845) --------------- Net income 849,608 --------------- Reconciliation of funds Total funds brought forward 5,000 Total funds carried forward 14 854,608 --------------- Net movement in funds 849,608 --------------- |
Restricted funds £ - - - --------------- - --------------- - - --------------- - --------------- - --------------- - - --------------- - --------------- |
Total 2021 £ 884,884 6,103 466 --------------- 891,453 --------------- (41,514) (331) --------------- (41,845) --------------- 849,608 --------------- 5,000 854,608 --------------- 849,608 --------------- |
Total 2020 £ 5,000 - - --------------- 5,000 --------------- - - --------------- - --------------- 5,000 --------------- |
| - 5,000 --------------- 5,000 --------------- |
Total funds for the year ended 30 September 2020 were unrestricted.
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Srinivasa Retreat Ltd Company Registration number: 12440779 Charity registration number: 1190540 Annual Report and financial statements For the year ended 30 September 2021
Balance sheet
as at 30 September 2021
| Note Fixed Assets Tangible assets 10 Current Assets Debtors 11 Cash at bank in hand 12 Creditors: Amounts falling due within one year 13 Net current assets/(liabilities) Total assets less current liabilities Net assets Funds of the charity: Opening unrestricted funds Unrestricted funds for the year 14 Total funds |
2021 £ 878,265 9,040 1,596 --------------- 10,636 (34,293) --------------- (23,657) --------------- 854,608 --------------- 854,608 --------------- 5,000 849,608 --------------- 854,608 --------------- |
2020 £ - - 5,000 --------------- 5,000 - --------------- 5,000 --------------- 5,000 --------------- 5,000 --------------- |
|---|---|---|
| - 5,000 --------------- 5,000 --------------- |
These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
For the year ended 30 September 2021, the company was entitled to exemption under section 477 of the Companies Act 2006 relating to the small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The financial statements on pages 7 to 16 were approved by the trustees, and authorised for issue on 28 September 2022 and signed on their behalf by:
Ms T Hale
Trustee
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Srinivasa Retreat Ltd Company Registration number: 12440779 Charity registration number: 1190540 Annual Report and financial statements For the year ended 30 September 2021
Cashflow statement
for the year ended 30 September 2021
| Total 2021 | Total 2020 | ||
|---|---|---|---|
| Note | £ | £ | |
| Cashflow from operating activities | |||
| Net income for the reporting period | 849,608 | 5,000 | |
| Adjustments for: | |||
| Depreciation | 10 | 14,281 | - |
| Increase in debtors | 11 | (9,040) | - |
| Increase in creditors | 13 | 34,293 | - |
| --------------- | --------------- | ||
| Net cash inflow from operating activities | 889,142 | 5,000 | |
| --------------- | --------------- | ||
| Cashflow from investing activities | |||
| Acquisition of land and building | 10 | (892,546) | - |
| --------------- | --------------- | ||
| Net cash outflow from investing activities | (892,546) | - | |
| --------------- | --------------- | ||
| Net decrease in cash and cash equivalents | (3,404) | 5,000 | |
| Cash and cash equivalents at the beginning of the year | 12 | 5,000 | - |
| --------------- | --------------- | ||
| Cash and cash equivalents at the end of the year | 12 | 1,596 | 5,000 |
| --------------- | --------------- |
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Srinivasa Retreat Ltd Company Registration number: 12440779 Charity registration number: 1190540 Annual Report and financial statements For the year ended 30 September 2021
Notes to the financial statements
1. Charity status
The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute to an amount not exceeding £Nil towards the assets of the charity in the event of liquidation. The registered office of the Charity is 6th Floor 9 Appold Street, London, United Kingdom, EC2A 2AP.
2. Accounting policies
Significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared in accordance with Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Ireland (FRS 102) (issued in October 2019) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.
Basis of preparation
Srinivasa Retreat Ltd 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.
The functional and presentational currency is GBP Sterling (£), being the currency of the primary economic environment in which the charity operates in. The amounts are presented rounded to the nearest pound.
Summary of disclosure exemptions
In preparing these financial statements, the charity has taken advantage of the following disclosure exemptions as a result of qualifying as a small entity:
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Certain financial instrument disclosures
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Disclosure of key management remuneration and exemption from disclosures relating to certain related party disclosures.
Going concern
The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity. The Charity has undergone significant amount of fundraising and secured additional donations to ensure the charity has sufficient funds to meet its expenditure needs. As such, these financial statements have been prepared on a going concern basis.
Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.
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Srinivasa Retreat Ltd Company Registration number: 12440779 Charity registration number: 1190540 Annual Report and financial statements For the year ended 30 September 2021
Notes to the financial statements (continued)
Income (continued)
Donations and grants are recognised when receivable. In the event that a donation is subject to fulfilling performance conditions before the charity is entitled to the funds, the income is deferred and not recognised until it is probable that those conditions will be fulfilled in the reporting period.
Income from Gift Aid tax reclaims is recognised for any donations with relevant Gift Aid certificates recognised in income for the year. Any amounts of Gift Aid not received by the year end are accounted for in income and accrued income in debtors.
Income received in advance for a future fundraising event or for a grant received relating to the following year are deferred until the criteria for income recognition are met.
Sponsorship from events, fundraising and events registration fees are recognised in income when the event takes place.
Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accrual’s basis under the following headings.
Costs of raising funds comprises of fundraising costs incurred in seeking donations, grants and legacies and costs of fundraising activities.
Expenditure on charitable activities includes 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 in furthering the purposes of the charity and their associated support costs.
Support costs comprise those costs which are incurred directly in support of expenditure on the objects of the charity and include governance costs, finance and office costs. Governance costs are those costs incurred in connection with the compliance with constitutional and statutory requirements of the charity.
Taxation
The charity is exempt from tax on its charitable activities.
Tangible fixed assets
Fixed assets are initially recorded at cost and subsequently held at historical cost less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Freehold Land Not depreciated Freehold Building Straight Line over 50 years Furniture and Equipment Straight Line over 5 years
Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Accrued income is included at the best estimate of the amount receivable at the balance sheet date.
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Srinivasa Retreat Ltd Company Registration number: 12440779 Charity registration number: 1190540 Annual Report and financial statements For the year ended 30 September 2021
Notes to the financial statements (continued)
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other highly liquid investments that are ready convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Creditors
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.
Fund structure
Unrestricted funds are available to spend on activities that further any of the purposes of the charity.
Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. The aim and purpose of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds of the charity restricted for a specific purpose being undertaken by the charity. The cost of raising and administering such funds are charged against the specific funds. The aim and use of each material designated and restricted fund is set out in the notes to the financial statements.
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.
3. Income from donations and legacies
| Unrestricted | Restricted | |||
|---|---|---|---|---|
| funds | funds | Total 2021 | Total 2020 | |
| £ | £ | £ | £ | |
| General donations | ||||
| Individual donations | 866,678 | - | 866,678 | 5,000 |
| Covenanted donations | ||||
| Gift Aid reclaimed | 18,205 | - | 18,205 | - |
| --------------- | --------------- | --------------- | --------------- | |
| 884,884 | - | 884,884 | 5,000 | |
| --------------- | --------------- | --------------- | --------------- |
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Srinivasa Retreat Ltd Company Registration number: 12440779 Charity registration number: 1190540 Annual Report and financial statements For the year ended 30 September 2021
Notes to the financial statements (continued)
4. Income from charitable activities
| Unrestricted | Restricted | ||||
|---|---|---|---|---|---|
| funds | funds | Total 2021 | Total 2020 | ||
| £ | £ | £ | £ | ||
| Events | income | 1,808 | - | 1,808 | - |
| Rental | income | 4,295 | - | 4,295 | - |
| Sundry | income | - | - | - | - |
| --------------- | --------------- | --------------- | --------------- | ||
| 6,103 | - | 6,103 | - | ||
| --------------- | --------------- | --------------- | --------------- |
5. Income from other trading activities
| Unrestricted | Restricted | |||
|---|---|---|---|---|
| funds | funds | Total 2021 | Total 2020 | |
| £ | £ | £ | £ | |
| Bhajan café | 466 | - | 466 | - |
| --------------- | --------------- | --------------- | --------------- | |
| 466 | - | 466 | - | |
| --------------- | --------------- | --------------- | --------------- |
6. Expenditures on charitable activities
| Unrestricted | Restricted | |||
|---|---|---|---|---|
| funds | funds | Total 2021 | Total 2020 | |
| £ | £ | £ | £ | |
| Direct charitable expenditure | ||||
| Support costs | ||||
| Household costs | 3,588 | - | 3,588 | - |
| Utilities | 5,037 | - | 5,037 | - |
| Deity service | 4,077 | - | 4,077 | - |
| Repairs, renewals and maintenance | 5,762 | - | 5,762 | - |
| Legal & professional fees | 2,920 | - | 2,920 | - |
| Property expenditure | 2,527 | - | 2,527 | - |
| Accounting services | 685 | - | 685 | - |
| Insurance | 319 | - | 319 | - |
| Telephone and internet | 25 | - | 25 | - |
| Travel and accommodation | 68 | - | 68 | - |
| Charitable Donation | 56 | - | 56 | - |
| Covid 19 costs | 73 | - | 73 | - |
| Other expenses | 1,773 | - | 1,773 | - |
| Cleaning costs | 173 | - | 173 | - |
| Printing, postage and stationery | 150 | - | 150 | - |
| Depreciation of fixed assets | 14,281 | - | 14,281 | - |
| --------------- | --------------- | --------------- | --------------- | |
| 41,514 | - | 41,514 | - | |
| --------------- | --------------- | --------------- | --------------- |
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Srinivasa Retreat Ltd Company Registration number: 12440779 Charity registration number: 1190540 Annual Report and financial statements For the year ended 30 September 2021
Notes to the financial statements (continued)
7. Expenditures on other trading activities
| Unrestricted funds £ Bhajan café 331 --------------- 331 --------------- . Net incoming/outgoing resources Unrestricted funds £ Independent examiner’s fees 600 Depreciation of fixed assets 14,281 --------------- 14,881 --------------- |
Restricted funds £ - --------------- - --------------- Restricted funds £ - - --------------- - --------------- |
Total 2021 £ 331 --------------- 331 --------------- Total 2021 £ 600 14,281 --------------- 14,881 --------------- |
Total 2020 £ - --------------- - --------------- Total 2020 £ - - --------------- - --------------- |
|---|---|---|---|
8. Net incoming/outgoing resources
9. Staff costs
No remuneration was paid to the trustees in the year (2020: £nil). The average number of staff employed during the year was nil.
10. Tangible fixed assets
| Cost At 1 October 2020 Additions in the year At 30 September 2021 Depreciation At 1 October 2020 Charge for the year At 30 September 2021 Net book value At 30 September 2021 At 30 September 2020 |
Freehold Land & Building £ - 892,546 --------------- 892,546 --------------- - (14,281) --------------- (14,281) --------------- 878,265 --------------- - --------------- |
|---|---|
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Srinivasa Retreat Ltd Company Registration number: 12440779 Charity registration number: 1190540 Annual Report and financial statements For the year ended 30 September 2021
Notes to the financial statements (continued)
11. Debtors
| 1. Debtors | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Trade debtors | 1,045 | - |
| Other debtors | 7,995 | - |
| --------------- | --------------- | |
| 9,040 | - | |
| --------------- | --------------- |
The entire other debtors balance is recoverable within one year.
12. Cash and cash equivalents
| 2. Cash and cash equivalents | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Cash at bank | 1,596 | 5,000 |
| --------------- | --------------- | |
| 1,596 | 5,000 | |
| --------------- | --------------- |
13. Creditors: amounts falling due within one year
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Accruals | 3,002 | - |
| Interest free loans | 31,291 | - |
| --------------- | --------------- | |
| 34,293 | - | |
| --------------- | --------------- |
Loan payable is interest free, unsecured and repayable on demand.
14. Funds
| 4. Funds | ||||
|---|---|---|---|---|
| Balance at 1 | Balance at 30 | |||
| October | Income | Resources | September | |
| 2020 | resources | expended | 2021 | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General | 5,000 | 891,453 | (41,854) | 854,608 |
| --------------- | --------------- | --------------- | --------------- | |
| 5,000 | 891,453 | (41,854) | 854,608 | |
| --------------- | --------------- | --------------- | --------------- |
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Srinivasa Retreat Ltd Company Registration number: 12440779 Charity registration number: 1190540 Annual Report and financial statements For the year ended 30 September 2021
Notes to the financial statements (continued)
14. Funds (continued)
| 4. Funds (continued) | ||||
|---|---|---|---|---|
| Balance at 1 | Balance at 30 | |||
| October | Income | Resources | September | |
| 2019 | resources | expended | 2020 | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General | - | 5,000 | - | 5,000 |
| --------------- | --------------- | --------------- | --------------- | |
| - | 5,000 | - | 5,000 | |
| --------------- | --------------- | --------------- | --------------- |
The specific purposes for which the funds are to be applied are as follows:
General funds represent ‘free reserves’
15. Acquisition of Holistic and Sustainable Ltd
On 8 February 2021 the entire issued share capital of Holistic and Sustainable Limited was transferred to the charity for nil consideration. The latest available financial statements of Holistic and Sustainable Ltd are for the period ended 31 January 2021. The company did not generate any turnover for that period as the business had been sold. The company made a donation to the Charity of £180,000 which was paid after the year end of the Company and at 31 January 2021 the company's net assets amounted to £924.
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