Charity number.. 1191237 Company number: CE023011 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2 23 FOR KR HNA CYMRU CIO KRISHNA CYMRU CI Charity number: 1191237 Company number: CE023011 CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Page RÈferenc8 and Adminlstrative Detslls Chairnian's Statement Report tsf the Trust*eB Report ofth• Inde￿ndant Audltors StatÈment of Fin•n¢ial Actlvltie 12 8alan¢e Sheet 13 ststement of Cash Flows 14 Notes to the Financlal Ststement8 15 KRISHNA CYMRU CIO Charity number.. 1191237 Company number: CE023011 Reference and Admlni tive Details Trustggs Terence Anderson Margot Truscott Ross Jones Paul Murphy Martin Fleming Katrien Goèmans Sinothando El Tagoury Raglstsr8d Offlca TY KRISHNA CYMRU 4 Dock Chambers Bute Street Cardrfr CF10 SAG Company R*gl$tratlon MuM￿r CE023011 Charity Registration Number 1191237 Bankèrs CAF Bank Ltd 25 Kings Hill Avenue West Malling Kent ME19 4JQ Unity Trust 8ank plc Nine Brindleyplace Birmingham B12HB Auditor Hodge Bakshi Limited Slalutory Auditors Churchgale House 3 Church Road Cardiff CF14 2DX Page 1 KRISHNA CYMRU THE CHAIRMAN'S STATEMENT Y&4R ENDED 31 DECEMBER 2023 In a changing worky, the year of 2023 presented fresh challenges for the people of today s workj, and the Krishna Cymru team alike. ￿1 generation5, young and elderfy were affected in some way by Ihe COVID-19 Pandernic, and with the increasing prorninencè of technology, social media and artificial Intelligen￿ we are incrèasingly aware of shifts in attitud85. Of course. stress, anxiety. dep￿ssIon, as well a5 povety resulting from unemployment or career disruption remain Issues, and rnore and more people are justifiably concemed with wellness. The dernand 1$ always incr8a5ing for the kind of servi￿$ Kn5hn8 Cymru olfers, including food relief. yoga classes, nutntional support. mindfulnèss workshops and so on. 2023 was an Important year lor Krishna Cyrnru in many ways, filled with acts'vity for our ftjll and part brne volunteers In Caidiff. Swansea. The Major focus for Krishna Cyrnru for 2023 through to thè Summer of 2025 is the construction of our wellness ntre In Cardiff Bay, Ty Krishna Cymru. 2023 wa5 an espeoally important year in g8tbng the prqeet moving. H8wrvJ removed m8ny obstacles, In January Henstaff Construction We￿ ablè to proterfy begin the major construcbon project that we had awarded thÈm in 2022. Thtry began by demolishing the exisb.ng èthnsion and carrying out p￿paratory WO￿ on the Inside of the existyvJ building. A major milestore was achieved by hosting a Successful Groundbreaking ce￿MonY in July. attended by 100 supp)rtefS. induding Member of Senedd and Chief Whip Jane Hutt. who spoke very hwJhly ol the proj8Ct The 8V8nt was also cover8d on ITV news and by Wales Online. Groundbreaking dono, wè were ab￿ to properfy grect the structure for the monumentsl 3 story glass extension which wll b8 a stunning hub of wtrllbeing servi￿$ vA)gn Ty Kn"shna Cymru opens In 2025. Our Food For Life project continued to Innovate by distributing free mèals to those In n88d from the Atrna Lounge Car(Iiff, as w811 as rnaking new patherships with organisatK)n$ such as the Birth Partner Prq"ed. Butetown Comrnunity Cent￿, Grange Pavillion atvj more. Page 2 Krishna Cymru CIO Trustees, Report 31 Decèmber 2023 The trustees pre58nt the annual t￿ether with the finanaal statemtsnt5 and auditors, report of the charity for the year endeol 31 December 2023. The financial statements comply with the Charitios Act 2011, the Mernorandum and Articles of Association, and the Charities Statement of Rècomrnended practi￿ I"Charities SORP.) (applicable to chanties preparing their accounts in accordance with thè Finanei81 Rewrtiry Standard applicablè in the UK., FRS 1021. HISTORY Krishna Cymru wa5 established in 2020 to tske over the running of th8 activities of the International Society For Kll5hna Consciousness IISKCON - charity number 2596491 in Wales and the South West of England. For over 25 years ISKCON had been operatyrvJ in Wales and the South West and notable achievements had been the establishment of wdlness ￿ntre5 and c8f85 in Cardiff and Swansea Sin￿ 1999. rnaior cultural fethvals since 2004. and over 20 years ol food relief. During the pandemie our foiKJ r81ief 8fm. Food For Life Wales. distributed over 150.000 free me81$ to those in need and received rnajor grant support from the WCVA as a result of its, frontline works. Krishna Cymru was established so that the needs ol Wales and the South Wast would ba lookad aftér by charity focused on Wales and the South ￿$t. Krishna Cymru officially twk over the operats.ons of ISKCON in the ai8a on 1st Janu8ry 2022. OBJECTIVES ANO ACTIVITIES Krishna Cymru 18 8 Ch8rit8bK8 Incorporated Organi$3ts'on and as such is gOve￿￿d by its Constitutkjn. The chanty's aims and objectives a￿ to provide facilrties and se￿1￿ Inspi￿￿ by the ideals, practs.ces and techniques of the traditional Wksdom ol the Ved1c bhakti tradition specAfically as taught by A.C. 8haktivedanta Swarni Piabhupad8." and a5 Fevealed in th8 Vaishnava t8Xt5 of the Bhagavad Grta and Shrimad Bhagavatam to èducate thè general public, tslieve suffenng and poverty, to manifest and promote that wisdom tradrtion and advaTr￿. transmrt, and propagate the religion of Krishna Consciousne5$. Thi5 SO￿ objectiv8 of th8 charty, the promots.on ofthè w￿d0M ol tha Vedic Bhakti tradth"on, is fuifilw by the activities of the charity. These core acb"vities enable the charrty to meet its ot4'ective through its medium to loro tem strategy. The key elements of our medium to long t8rrn stratsgy are.. Food distribution Lrterature distribution Medrtatstsn 4. Workshops Fundraising Pastoral Car8 Educats"on 8. Social media Page 3 Krishna Cymru CIO Tru6t•••' R•pc*rt 31 Dteamber 2023 Aehi•v8rnant and Perfomiane• 1. Food Dlstrlbution wrth our Food For Life Wale5 project. we distributed free over 15.0￿ hot meals in 2023, from our hub the Attna Lounge and through other tsrgan158tions, such as the Birth Partners, Butetown Comrnunty Hub, Cardiff Vniversity. At th8 Alma LourKJe, we continued to serve healthy, nutrits"ous, homg cooked and affordable pl8nt-based meals. We believe this service encourages people lo eat in a more balancèd way. and promotès a vegetanan diet. which will have a posrtive environmental effect also. 2. Utgratur8 Dl8trlbutlon In 2023. a total of 56,000 books were d￿tribUted. Our volunteer core has wolked dedicatadly for year, sharing knowledge on spiritualrty, mindfulness and philosophy, particular from the ancient yogic texts of India. W& rocoiv8 frequent feedbadt from recApients of ISKCON publications. expressing gratitutye for this wisdom thay have re￿I¥&d, whith helps them ovèicorne prO￿eMS like stress, anxiety. dep￿slon and di$illusionm6nt. 3. Mantra Meditsllon A ￿re activity at Krishna Cymru, as in all ISKCON projects worfdwidè. the chanb.ng of th& Hare Knshna mantra is practised daily by all mernbers, as well as teing inlroducth to olfers for its beneficial effects such as lowering stress and anxiety levels. 4. Workshops Throughout 2023, runniTrJ 6 or rn0￿ sessions a w￿k In our various ￿ntre$. aim8d at teaching th8 techniques of meditation and yoga at all different levels, we have 8ngaged with hundreds of people an(1 impacted their lives considerably for the tetter. S. Fundralslng Kn'shna Cytnru'5 main source of income Is public donations, so with the dèvalopfflent ol tr￿ Ty Krishna Cyrnru centre, fundraising ha5 been sornething of a priority. We continued to develop our 10 year pledge schemè whereby comfflunty mernbers can give a rnonthly donats'on via direct debiL We organised even￿dInnerS to promote this inith"ative. Funding was also secured fr(m Moondance Foundation. fr>rthe Fo¢xl For Life scheme. Slwl fundraising was also organised by volunteers in South VVa￿S and beyond 6. Pastoral Care Arnongst thts Kiishna Cymru team, most of our dedicatad voluntger3 are following the spitibjal lifestyl8 of bhakn'_ yoga. as practise(I throughout ISKCON For this reason. it is a prionty of our charity to provide guidan￿ or 'mentorship' for its members, as far as possible. Usually, volunteers meet wth their m8ntor fortnightly, for a Ir16ndly discussion on whatever challenges they may be facing, or just to t)ounce Ideas off onè another Page 4 Krishna Cymru CIO Tru6tees' Report 31 Decembèr 2023 7. Edueation As well as the WOTkshops that Krishna Cymru runs at Out￿aCh ￿ve1. we provide more advanced educats.on in thè philosq)hy aThJ practsce of bhakti-yoga, as taught in the anuent Sanskrit Wisdom texts like the Bhagavad-GTta. Classès are held every morning on spiritual philosophy. and coutses ale conducted at a range of differ8nl levels of undèrstanding. Knowledge empowers individuals to grow and intelligently haThJle the 5rtuations life throws at us all. We belie thi$ 1$ of prime Imptsrtan￿ and value to soc*ty. 8. Social Modla Krishna Cyfflru has an active Communications department for promob'ng its projects arKI Interacting with the public, operating as Ty Krishna Cymru. the Atrna Loung8 and Fo¢xl For Life on plattorfn5 Such as F8￿boOk, Instagram. Twitter and more. We ako run a podcast called 'The Welsh Ycgi Podcast, which has been well recewe(l on all plattortns. Thg Ty Krishna Cymru Proj•ct Delivering our flagship wellness centre In Cardiff Bay, Ty Krishna Cymru, hMII give us a horne to b8 able to offer all our support under one roof. Completion of the prqect will enabl8 th8 charty to maximise all its adiwtitrs. Vve draw frorn spiritual traditions to tsffer proven ts¢hniques for genuine happiness. Through m8dit8tion, yoga, and thoughtfvl holistic approaches, we guide you toward achieving balan￿ In body and mind. Th15 sense of inner calm can open the way to deeper understanding, inviting you to connect wrth your true sell-the soul. Th15 davèlownent will give us the opportunity to reach the maximum a￿llen￿. During 2023 constiucbon started in eamest. By the end 012023 works We￿ over40% cornplete The prq'ectwill be cornpleted earfy 2025. With a cost of ov8r £4 million it is only with the generous support of our dtsnors fvndraisiry speoficalty for this projact that we will b8 able tri complete rt and Serm￿ the comrnunty. 11 4*- Page 5 Krishna Cymru CIO Tru$tsos' R•port 31 Decem￿r 2023 PUBLIC BENEFIT The trustees of the tharity h8ve regard for the Charity Comrnission's public benefit guidan￿. The trustees arè happy that the charity'5 objective5 and activib.es fulfil the public benefit 8irn$. FINANCIAL REVIEW The (*arity rèported a net income of£9Cf,390 forthe year end 31st December 2023. compared to £525.379 for 2022185 restated). The prinopal funding SOU￿ was the rac8iPt of donations which amounted to £1,261,27412022.. £813,987 as restated). Grant incorne received was £421,381 12022.. £260.0001 and funds ge￿rated from charitable actiwties wa5 recorded at £136.10612022". £135.058 as restated). The increase In net Ineorne is primarily due to the conts.nuad fvndraising for the Ty Knshna Cymru prqect. Total income was £1.822.14312022." £1,211.088 as restated) Total resour￿$ expanded was £915,75312022' £685,709 a5 reststedl The total of unrestricted funds at 31 De￿mber 2023 wa5 £597,53312022. £240.653 as reststedl. The totsl of restricted funds at 31 De￿MLer 2023 was £841,72812022". £292.218 as restated). Of this figure there was an in￿a$& of restricted funds of £549,510 which is in rolation to grants and don&ts'on8 for the Ty Krishna Cymru welln88s centre and Food for Life Vvales Distribution Fund. The net assets of the chanty have increased f￿M £532,871 in 2022 to £1,439,260 in 2023. The charity d￿S not hold free resèNès a8 of 31 D￿rnber 2023 due to its cornmitrent to the Ty Krishna Project RESERVES POLICY Th8 tharity has decided to not yet imp16mant a reserves policy. While the major Ty Krishna Cymru projeet is b8ing cornpleted it 15 envisaged that all availab￿ excès$ funds will be allocated to thè works. Once the pro1￿t Is cofflplet8 in 2025 a suitable reserves policy will bè implamented STRUCTURE, GOVERNANCE AND I￿NAGEMENT The Charty is r8gi5tered 85 8 Charitable Incorporate¢J organisats.on hmth the Chanty ComrnissK)n. The b(￿JY responsible forthe managemènt of thè Charity is the Board of Trustees. Opgratlon The Charity is organised so Ihat the trust08s maet ra9ul8rly to manage its affairs. There are a number ol full b.me and part time employees and we are also very grateful for the help provKled by tha many voluntger3 all year round In 2023 there were over 75 regular volunteers. Risk Managom•nt The trustees are responsible for establishirrfJ internal control systems within the chanty. The maj'or risks which may impact the actiwt￿s of tre ¢harity have been reviewe(I during the year and the trustees are sat15fied thatthe system of intemal controls cJJrrendy In Pla￿ is adequate, whilst recognising that they are designed to manage rather than 81irninate risk. Page 6 Krishna Cymru CIO Twstees, Report 31 December 2023 Internal controls a￿ revÉwed on an ongoing basis as part ofthe day-to4ay risk managern8llt prorws within the Board of Trustegs The Board of Trust•es who Served during the year 2023 ar8 shown below. Trustees are appointed or removed by thè M8mbers. Trustees serva for a period of 3 years. The board of trustees for 2023 were as follows". Terence Anderson Ichairl Margol Truscott Ros5 jOr￿S Paul Muiphy Martin Fleming Kabien Goernans Sinothando El Tagoury New trustees are prowd8d wth training on their legal obligab.ons under charity and company law. Charity Commission guidarn￿ On public benefit. the airns and objectives of the Charty, and the goveinance and decision-making pro￿sseS ol the Charity. Continuing training for trustees is undertaken through regular meetings. attending relevant seminars, specific discussions with individuals 8nd organi5ations and br￿fing papers in the areas supported by the charity. Trustee's Re6ponslbllltfjes Company Law reqLJires the trustees to prepare financial statements that give a true and f8ir v￿W of the St8te of affairs of thé charty at the gnd of the financial year and ol its surplus or defirit for the financial year. In doing so thè trustèas arè r6quir8d to seloct suitable accounb.ffj poliaès and thon apply thetn consistefiuy.. rnake sound judgments and estimates that are ￿3$onab￿ and prudènt," and prepare the financial statetn&nts on a going concem basis unless it is inappropriate to presume that the company will continue in business Obseiva the m&thcrf*s and principle5 of the SORP The trustees are responsible for keeping proper accounting records, which disclose wrth reasonable accuracy at any tim8 the fi'nancial position of the charity and to en8ble them to ensure that the finanual statements comply with the Charrties Act 2011. They are also responsible for safe9u8rding the 8s5et5 of th8 charty and hence for taking reasonable steps for the p￿ventr.0n and detethon of fraud and other irwularities. In accordance with company law. as the ca)mpany's direcknrs, we certify that.. so far as we affj aware, there is no relevant audit Informaton ol which the company's aL¥Jitors ara unaware.. and as the directors of the company, we have taken all the steps that we ought to have taken in order to make ours8￿85 aware of 8ny ielevant audit informab.on and to establish that the charity's auditors are awarè of that informatitsn. Thi$ report has been prepared in accordan￿ with The Statement of Recomrnended Practi￿.. Accounting and R8poiting by Charth"e5115su8d in January 20191. STATEMENT TO AUDITORS So far as the directors are aware. there is no relevant audit infom)ation las defined by the Charities Act 2011101 which th& chanty's auditors are Ljnaware and each Trustee has taken steps that he ought to have taken as a Trustee in order to rnake himself awar8 of any relevant audit information and to establish that the charity, auditors are aware ol that infomithon. Page 7 Krishna Cymru CIO Tru$ttss' R&port 31 D•C•m￿r 2023 AUDITORS Hodge Bakshi have expressed their willingness to continue in Offi￿ as auditor5 and in acctsrd8n￿ with Section 144 of the Charth"es Aci 2011, a ￿$OlU￿On proposing their ra4ppointment will be submitted at the gèneral meelng. Signed f Trustees Terence Anderson 7th November 2024 08t8d Page 8 Indepenflent auditorfs report to th• marnbers of Krlshna Cymru CIO Oplnlon We have audited the financial staternents of Kdshna Cymw Ithe'charity") lor the year ended 31 De￿mber 2023 which comprise Statement ol Financial Activity, balan￿ sheet, cash flows. and notes to tha financial staterr*nts, iricluding a summary of significant awounts.ng policies. Th8 finan¢ial reporting framework that has been applied in their pr8par8tion is applicable law and United King¢om Accounting Stsndar(Js. Including Finanual Reporbng Stsndard 102.. The Finanoal Reporting Standard applicable in the UK and Republic of Irgland IUnite(l Kingdorn Generally Accepted Awountsng Practi￿1. In our opinion, th8 financial statements". give a true and fair v￿W of the state of the Charity's 8ff8irs as al 31 December 2023 and of its incoming r8$0urces and application of r85our￿ for the year then ended", have been properfy prepared in aCCor(lan￿ wth United Kingdom Generally A¢￿ptEd Accounting practi￿., have been prepared in accordance with Ihe r8quirerrent$ of the Charities Act 2011. 8a$l$ for oplnlon We conducted our audrt in aCCor(lan￿ with Intem8tioFYdl Standards on Auditing IUKI IISA$ IUKII and applicable law. Our responsibilities under those stsndards are further described In the Auditor's responsibilities for the 8udil of the financial statements section of our report. W8 are independent of the Charity in accordan￿ with the ethical requ1￿meNts that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Stan¢Yard. aThJ the provisions available for small enbties, and we hav8 fulfilled our other ethical responsibilities in accordance with th858 r8quirernents. We believe that the audrt eviden￿ we have obtained is suffiuent and appropriate to prowde a basis lor our opinion. Con¢lu$lon$ rolallng to golng con￿rn We have nothing to reFQrt in respect of following matters in relation to which the ISAS IUKI require us to report to you whèrè". the trustees, use ol the going eoneem basis of accountsng In the preparab.on of the finanaal statements is not appropriate., or the trustees have not disclosed in the financial statements any idenb.fied material un￿rtaintieS that may cast Significant doubt about the Charity's abilty to continue to adopt the goiro concern basis of accounting for a p8nod of at188St Iw81ve rnonth5 from the date wh8n the financial statetnents arè authorised for issue. Othèr InfO￿atIon The trustees are responsible for the other information. The other infomats.on comprises the infomation induded in the annual report other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not Cover the other infomiation and, except to the extent otherwise explicitly stated in our report, we do not express any fr)rrn of a$5yrance conclusion ther80n In conn8ction with our audit of the fi'nancial statem&nts, our responsibility 15 to read the other infomation and, in doing so, consider whether the other infonnation is materially inc￿51st￿nt with the financi81 statements or our knowledge obtained In the audrt 01 otherwise appears to be rnatenally misstated. If we identify SLth matenal inconsistencies or apparent matenal misstatements, we are required lo determine whether there is a material m15Stat8rn8nt In the financial 5tat8rnents 01 a rnaterial m15Statem8nt of the other Inforrnation. 11, based on the work we have perfor[n￿, we conclude that there is a material misstatement of this other infomats"on, we are required to report that fact. We have nothing to report in this Tegard. Page 9 Independènt audltorf$ report to the members of Krijhna Cymru CIO Matt8r8 On whlch vrt are rgqulrgd to r•port by gxceptlon In the light of the knowledge and ull(Serstanding of the Charity and its environment obtained in the courge of the audit, we have not ￿ents"r1ed rnaterial misststements in the Trustees, Annual Report. We hav8 nothing to report Ir? respect of the follow￿ng matters In relation io which thè Charities (Accounts and Reports) Regulation$ 2008 requi￿ us to rèport to you il, In our opinion.. the infomiation given In the trustees, report 15 inconsistent in any material respect with the financial statèments". or sufficient accounting racords have not been kapt." or the financial 5taternents are not in agreement with the attounts'ng r6cord5'. or we have not recèived all the infomiaion and explanations we require for our aud R•spon$lblllties of the trustses As explained more fully in the trust885' responsibilth.ès ststement set out on page 5, thè trustees are ￿spOnSible for the preparath)n of the financial statements and for being satisfied that thèy giv& a true and fair view. and for such intemal control as they dètetmine is ne￿$sary to enabk the preparaty'on ol finanaal statements that are fre8 from material rni55tatement, whott)èr due to fraud or 8rror In prepanng th8 financial stataments. the trustees are responsible for assessing tha Charity's abilty to continue as a going concern, disclosing. as applicable. matters related to going con￿rn and using the goin9 cA)ncem basis of a(Lounting unless the trustees eithar Int8nd to liquidatè the Charity or to ￿aSe op8rations. or hav8 no realisbc alt8rnative but to do 50. Auditofs r•spon¥lbllltles fortho audlt of tho financlal Stat•m￿ts Our objectivès ale to obtain ￿asOnab￿ assuran￿ about whether the financial statements a5 8 Who￿ ara fr88 from material miqstatement. whether due lo fraud or error, and to issue an auditor's report that Include8 Dur opinion. Reasonable assuran￿ Is a high level of assurance, bul 1$ not a guarantee that an audit cOndu￿ed In accordance with ISAS IUKI will always detect a material rnisstatement when it exists. M15Statements can arise from fraud or error and a￿ considered tnaterial if, Indimdually or in the aggregate. they could reasonably be expected to jnfluanl￿ the econornic decisions of users takan on the basis ol t￿$& financial ststements. The audrt engagement partner has assessed that thè èngagement audit team collectively has the arpropriate cornpeten￿ and capabilities to identify and recognise non-compliance wrth laws and regulations, tyetails of those mattets about nOn-￿MpliaTr￿ with laws 8nd regulations and fraud were communicated to the audit engagement team. Extgnt to whl¢h tho Audlt Is ¢apable of Iletornlining irregularlty Ineluding fraud Irregularth"es, including fraud, are IThStsn￿s of non-complianTr with law5 and regulations. Wè have designed prO￿dureS in line with our r8sponsibilrties ouuined a￿Ve. to dete¢t matenal mi55taternent in resped of irregularits"6s, Including fraud. The extent to whi¢h our proc&dures are cap8bl& of detecting Irregu18rFbe5, induding fraud is detailed below.. We obtain an undeistanding of th& enty'ty. its actIV￿"e$, its control enwronrnent, by reading the Charity's policies and procedure5 8nd carrying out audit Work to 8n5ure that the scope ol Its authorisatyon and the eff6etiv8ne58 of its wntrol environment art maintained, and likely futu￿ developrnents, including in relation to the legal and ragulstory frarnework applicable, which Includès the Charity Act. and how the enttty is complying wrth those framewod(s. Based on this understanding. we identify and ass858 the risks of material misst8t8ment ol the financial statemènts. whether due to fraud or error, design and perfortn audit pro￿ureS responsive to th05e risks, and obtain audit evidenc8 that is sufficient and 8ppropriate to provide a basis for our opinion. This includes ¢onsi¢Yeration ol the nsk of acts by the entity that were contrary to applicab￿ laws and regulations, including fraud. Page 10 Indo￿ndent audltor's roport to the rnembers of Krishna Cymru ¢10 In response to the risk of irTegularth"es arKJ non-compliance with laws and regulations. including fraud, we d8$igned proce(lures which indude.. Assessing the extent of compl￿nCe with ru18s and regulation5 5p8cifically In relation to Charities Act 2011 and 6mployment laws which are considered to have a direct matenal effect on the financial statements or the operations of the Charity through enquiry ol the ttuste&s and senior rnanagement team and inspection of records induding review ol board tninute5 duriry arKI sub56qu8nt to the year and8d 31 De￿rnber 2023 RevEwng financial statement disclosu￿ and venfying to supporting documentation, which included Trustee board minutes, to assess complian(x with applicable laws and regulations. Perforrning awlit worft to mitigate risk of management bias and override of controLs, including testsrKJ of joumal èntries and other adjustments for appropriateness, evaluating the business rabon318 of significant transactions outside the norrnal course of busine3s and rev￿￿n9 8ccounts.ry estimates for Indicators of potential bias. Becausè of the inherent lirnitations ol an audit. thgre 15 a risk that we will not detect 811 irregularib'es, induding those leading to a material rnisststement in the finanoal statements or non-complianTr wrth règulation. This risk increases the more that Complian￿ with a law or regulab'on is ￿MoVed frorn the events arKI transactions reflected in th8 financial statements. as we will be ￿s5 likely to become aware ol Instance of non-complian The risk of not detecting a mateii31 mi55tatement results.ng from fraud is high8r than for one resulting from error. as fraud rnay involve collusion. forgery. 1ntentional om15sion5, rnisrepresentations or th& override of int8rnal control. A further description of our resrx)nsibilities for the audit of the financial statements Is located oll the Financial Reporting Council's websrte at. Iwww.frc.org.uklaudrtorsresponsibilitie51. Th15 description forms part ol our aLKlitOf'S reporL Use of our report This report Is made solely to the charity's trustees, as a body. in accordance with The Charitie5 Act 2011 Our audit work ha5 been undertaken so that we migm slate to the trustees those tnatter5 we are required to state to thetn in an auditor's report and for no other purpose. To the fvI￿5t extent permitted by18w, we do not accept or assume responsibility to anyone other than tha charrty'5 trustees as a body, for our audit work, for this ￿pOrt, or for the opinions we have forrned. J8rn85 BumettACA ACCA (S&nior Statutory Auditor) For and on behèll of Hodge Bakshi (StatutoryAuditorJ Churchgate House 3 Church Road Whitchurch Cardiff CF74 2DX 0 7 November 2024 Page 11 KR HNA CYMRU CIO Charity number- 1191237 Company number= CE023011 STATEMENT OF FINANCIAL ACTIVITIE Includin income and ex endlturè account FOR THE YEAR ENDED 31 DECEMBER 2023 ￿n￿Stricted Restrrtt•d Ftsnd$ Funds As restated 2022 Note 2023 INCOME Donations and grants 1.058,862 623,793 1.682.655 1,073,987 Charitsble acb'vities 136.106 136.106 135,056 Other income 802 802 1,522 Investment income Total Income 2,580 1.198.350 2,580 521 623,793 1.822,143 1,211,088 EXPENDrruRE Raising funds 2,812 10,864 13.676 4,833 Charitable activf(ies 838.658 63,419 902,077 680,876 Total 9X￿ndit￿re 841,470 74.283 915,753 685,709 Ngt income and n•t movom•nt In funds 356.880 549,510 906.390 525.379 Reconciliation of funds Total funds brought forward 1 January 2023 240.6S3 292,218 532.871 7.492 Total funds carried fonward 31 D•e•mbèr 2023 597,533 841,728 1,439,261 532,871 An income and expendlturts account ha$ not been produced as tha Statement of Financial Activities represent8 all the income & expendilufe of the Charity. All income and expendsiure derive from ¢onb"nuing activitiès. The notes form part of thèsè financial Stslemenls. Page 12 KRISHNA CYMRU CIO Charity number.. 1191237 Company numbèr= CE023011 BALANCE HEET AS AT 31 DECEhlBER 20 A5 reslaled 2023 2022 Notes FIXED ASSETS: Tangible assets 1,744,319 425,482 CURRENT ASS￿S. Stock Debtors Cash 81 bank 10 11 61,121 1,346,369 101.935 1,509,424 4.310 1S5,410 240.060 399,780 CREDITORS.. Amounts falling due within one year 374,631 292.391 NET CURRENT ASSETS: 1,134,793 2,879.112 107,389 532,871 CREDrroRS.. Amounts falling due after one year 12 11,439,851) TOTAL ASSETS LESS CURRENT LIABILITIES.. 1.439.261 532,871 FUNDS.. Unrestrfcted funds.. Unrestricted funds". 597,533 240,653 Restricted funds NET ASSETS 14 841.728 1439 261 292,218 532,871 The fina￿la1 statements were approved by the Board of Trustees and authorised for Issue on 7 Novemt*r 2024 and signed on its behalf by". Trustee Teren￿ Anderson The notes form part of these fin8nci81 st*ements. Page 13 Charlty number.. 1191237 Company number: CE023011 STATEMEN HFL HE YEAR ED 310ECEMBER 2023 As reslaled 2023 2022 Net cash provided bylluseverable amount of the asse( or the assets cash generating unit, is estimated and compaied to the rArtwng amount. Where the carrwng amount exceeds its recoverabje amount. an impairment loss is recognised in profit or loss unless the asset 15 carned at a revalued amount where the impaiitnent loss is a revaluation decrease. 1.12 Stock stocks held for salè as Part ol non-charrtable trade are mèasured at the bwer or cost or net reali8able value. G￿dS or serviTrs provided as part of a charitable actyvity are measured at net realisable value based on the setmce potential provided by rtems of stock. 1.13 Dèbtors Debtors linduding trade debtors and loans re￿1vable) are rneasured on initial recognit'on at settlement amount after any trade discounts or amount advanced by the chorty. Subsequentfy, they are measured at the cash 01 other consmleration expected to bè received. 1.14 Cash and Cash equlvalents Cash and cash equivalen15 are basic fina￿1￿1 insltuments and i￿Ude cash in hand and bank accounts. 1.15 Credltors Creditors are recognised where the Charty has a present obligatitsn rè5ulb"ThJ frorn a past event that wll probabty resu￿ in the transfer of funds to 8 third p8rty and the amount due to settle the obligation can be measured or estirnated rellat￿y. Creditors are normally recognised at their settlement 8mount after allowing lor any trade discounts due. Pagé 18 KR HNA RU CIO Charity number: 1191237 Company number: CE023011 NOTES TO THE FINANCIAL STATEMENTS R TH EAR ENDED 31 DECEMBER 2 1.16 PÈn$ions The Charity operates a defined contribution pension scheme for all qualify*ng The assets of the pension scheme are held separatety. 1.17 Flnanclal Instruments The Charity has elected to 8pply the provisions of Section 11 "Basic Financial Instruments" Financial instruments are recognised whèn thè Charity becomes party to the contractual provlsSons of the 1nstrurr￿nt. Financial assets are liabilities are offset, with the nel amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and the￿ is an intention to settle on a net basis or to realise the asset 8nd settle the liability simultsneousty. 1.18 Basic financial assets Basic financial assets, which include prepayments, other debtors, and cash and bank balan￿$, are initiBl￿ measured at transaction price including transaction cost5 and are subsequentty carried at amortised cost using thè effective interest method unless the aiiangement constitute5 a financing transaction, where the financial asset is measured at the piesent valuè of thè future ie¢eipts discounted at a market ratè of intèrèst. 1.19 Basic financlal liabilities Basic financial liabilities, including other creditors, are initialty recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments ale Subsequent￿ Cafned at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operthons from suppliers. Amounts classified as current liabilities rf payment is due w¢thin one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initialty at transaction pnce and subsequently n*asured at amortsed cost using the effective interest thod. 1.20 Investment Sncome Investment inco￿* is included when recewable. 1.21 Opertting lease eommitmÈnts Rentals paid undei operating le8se5 are chhrged to the Income & expenditure account in equal amtsunts over thè periods of the leases. 1.22 Gifts In Klnd Gifts in kind are valued at the invoice value for the service received. 1.23 Transfer Between Fund$ Whilst the Charity seeks to obtain suffiaent funds to ensure each project is self4UStaining this is not a￿VayS possible and a portion of the core funds have to be applied to ensure that the projects can continue. The application of core funds lo support the projects is reflected by the transfers from unTeslricted lo reslricled fvnds. Page 19 KRISHNA CYMRU CIO Chartty numbèr.. 1191237 Company number: CE023011 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 1.24 Volunteers The value of the services provided by volunteers 18 not incorporated into these financial statements Further details of their contribution is provided in note 2 to these financial statements and in Ihe Iruslees, report. 1.25 Basis of apportionment charitab￿ ¥clivities include expendrture a$So￿ated with the promoting of physical and mental wellbeing through aeeèssible training in yoga, meditation, lifestyle and wellness through the ample distribution of affordable, nutritious, plant-based meals. 1.26 Government grants Government grants are recognised at the fair value of the asset receNed or receivable when thère is a reasonable assurance that the grant conditions will be met and the giants will be received. Income from government grants comprises performance related grant$ made by lo¢al authorities to ftjnd tha aims of the Charity. See note 12 for more information and lo the amount and source of these grants. A grant that specifies performance conditions are recogni$¥d a5 income when the performance conditions are met. Where a grant does not spècify performance conditions it is iecognised in income when the proceeds are received or receivable. A grant received belore the recognititsn criteria are satisfied is recognised with deferred income. 2 INCOMING RESOURCES FROM GENERATED FUNDS Donations and Grants unrestr￿ted Restricted funds funds As restsled 2022 Totsl Donations & Outréach in¢ome Grants 1.058,882 202,412 1,261,274 421,381 421.381 813,987 260,000 Total Incoming resourcès of voluntary income from generated funds 1,058.862 623,793 1.682,65S 1,073,987 The Chanty benefits greatly from the involvement and enthusiastic support of its many volunteers, details of which Ale given in our annual report. In accordancè wth FRS 102 and the Charities SORP IFRS 1021, the Èconomic contribution of general volunteers is not reeogni$ed in the accounts. Page 20 KRISHNACYMRU CI Chartty nurnbtrr.. 1191237 Company number.. CE023011 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR 1 DECEMBER 2023 3 INCOMING RESOURCES FROM CHARITABLE ACTIVITIES Unrestricted fund5 Restn¢te funds As reststed 2022 Total Shop & c8fè income Caiering incotne Rental income Venue hire 110.181 4,001 21.72S 200 11D.181 4,001 21.725 200 101.110 7,436 26.345 167 Total Income from charltable actfivltle8 136.106 136,106 135,058 The above incoming resources relates lo proiècl actIVrt￿8 whrh ¢over all the charitab￿ objectNe5 of the Charity. 4 OTHER INCOME As restated Unrestrfcted Unrestricted funds funds 2023 2022 Inte￿$t Income Other Income 2.58CI 802 3,382 521 1.522 2.043 6 ANALYSIS OF CHARITABLE EXPENDITURE As restated 2022 Total Charitable Raising funds Governance actlvltles 2023 Total Costs directly alloc8tsdto a¢tiwitie$ Direct costs Irrecoverable VAT Premises costs Wages aThJ ￿n￿oYrn8nt costs Te￿phOne costs Travelling LI￿nCeS 8 insuran Legal & professional Audit & accountancy Bank charges Office admini5tralion Equipment hire Advertising Sundry DepreCiat￿n Donations Mortgage Interest Affiliation fees 291,431 18,234 127.948 130,403 1,036 125,469 15.537 291,431 18,234 127,948 130,403 1,036 125,4fj9 1S.537 7.304 12,552 11,185 8,210 10,046 18,68S 366 3,575 97,032 9.296 29,444 244.981 12.156 88.692 124,756 1.138 107.588 17.SS3 34,286 14.505 7,983 11,450 8.344 8,540 195 3,542 7,304 3,747 8,805 11,185 8,21D 10,046 3,009 366 3,575 97,032 9,296 29,444 13,676 Total re50urc85 expended 891,027 13,876 11,OSO 91 S,763 686,709 Page 21 KRI HNAC Charity number.. 1191237 Cornpany number: CE023011 NOTES TO THE FINANCIAL STATEMENTS OR THE YEAR ENDED 31 DECEMBER 2 6 TOTAL RESOURCES EXPENDED As restated 2￿22 2023 Wages & salaii95 Pensions costs 129,193 1.210 130.403 123,712 1,044 124.756 The average nurnber of employees analysed by function was.. As restated 2022 2023 Direct charitable expenditure 14 12 No ernployees had employee benefits in excess ol £eo.(x)012022.' £nill. Pension costs are allocated to activities in proportion to the related staffing costs Incur￿￿. One trustee incuried expens88 of £10,160 12022." £5,760) throughtxjt the year for accornmodation, travel and subsisterKe. Key management ol the Charity Incur￿ personnel ¢ompen5ation 01 £18,551 12022." £16.2231 throughc¥Jt the year. 7 NET INCOMING RESOURCES FOR THE FINANCIAL YEAR Ttte operating surplus is $18led after charging.. As restated 2022 2023 DeprecAation ol owned assets Rent Auditors remuneration Accountancy and taxation athce 3,57S 62,700 3,500 12,189 3,542 63.750 3,000 Page 22 KRI YMRU CIO Charity number.. 1191237 Company numb8r'. CE023011 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 8 TANGIBLE FIXED ASSETS Leasehold Fixtures Improvernent5 and Fittin Motor Vehlcles Total COST: At 1 January 2023 Additions Al 31 Oecember 2023 399,661 1,322,414 1722.075 15.059 14,302 429,022 1,322,414 1,751,436 14,302 DEPRECIATION.. At l January 2023 Charge for year At 31 December 2023 3.542 3.542 7,117 7,117 NET 800K VALUE: Al 31 December 2023 At 31 December 2022 1,722,07S 399,661 1S,059 15,059 7,185 10,760 1,744,319 425.480 FixtLJres and fittings have not yet been depreciated due to the assets not yet being in use. Leasehold improvements have not yet been depreciated due to the assets not yet being in use. 9 STOCK As restsled 2022 2023 Inventory 61.121 61.121 4.310 4.310 10 DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR As restated 2022 2023 Account receivables Other debtors Prepayments VAT 692 1,266,469 34,698 44,511 1,764 83.601 70,045 155.410 Ineluded in other debtors is the amount of £1,171.13412022 £56.8461 due lo the $8tHe ¢haiity as mentioned in note 12 undeT th8 terms of a loan agreement, bearing interest at a rate of 2.29/0 above Bank of England rate. It should be noted that since dr8wd(Iwn of the loan under the agreement has not yet occurred, the corresponding amounts are reflected in both other debtors and other cieditors to accurately ￿present the nature of the transaction and the difference in the timing of the drawdown and repayrnenl. Page 23 KRISHNA CYM ucio Charity nurnber: 1191237 Cornpany number: CE023011 NOTES TO THE FINANCIAL TATEMENTS R THE YEAR ENDED 31 DECEMBER 2023 11 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR As reststed 2022 2023 Creditors Wages payable Social Security & Other Taxes Pensions payable Accruals Loans 309.245 1,601 423 359 7,507 55.497 374,631 25,697 112 3,480 839 22,263 240,000 292,391 12 CREDITORS.. AMOUNTS FALLING DUE MORE THAN ONE YEAR As restated 2022 2023 Loans 1.439 851 Included within creditors falling due in more than one year is a loan of £1,439,851 12022.. £nill to a charity that shares a common Iruslee, bearing interest al a rate of 2.29QA above Bank of England rate. See note 10 for fvrther details. 13 FUNDS RESTRICTED FUNDS As reststed Balance 1.1.23 Income Expense$ Balance 31.12.23 Capital Grant- Welsh Government Capital Grant- National Lottery Fundraising for TP Krishna building improvement revenue and a$$ocialed costs Moondance Foundation Food for life grant National Lollery - Food for Life 250,000 250,000 400,000 400,000 32,218 202,412 53,037 181,593 21,381 11,246 10,000 74.283 10,135 10,000 292,218 623,793 841.728 The National Lottery and Welsh Govemment restricted fund grants h8ve been earmarked for the development of a cultural heritage sile and wellbeing community centre for Bulelown, Cardiff, promoting physical and mental wellbeing through accessible training in yoga, meditstion, lifestyle and wellness through the ample distribution of affordable, nulrilious, plant-based meals. The Charity is raising funds lo be spent on the improvement and associated costs of TP Krishna at 4 Dock Chambers Cardiff. Once open, hopefully in the middle part of 2025, Ty Krishna will be where wellness, community, and spirituality converge. Moondance Foundation Food for life grant supports salary and food costs. National Lottery Food for Life grant supports salary and food costs. Page 24 KRISHNA CYMRU CIO Charity numbor: 1191237 Company number.. CE023011 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14 ANALYSIS OF NET ASSETS 8ETWEEN FUNDS UnTeslricted Reslricled Funds Funds Total Funds Tangible fixed assets Net current assets Long lemi liabilities Total nel assets 912,726 1,124,658 1,439,851 597,533 831,593 10,135 1.744,319 1,134,793 1,439,851 1,439,261 841,728 15 OPERATING LEASE COMMITMENTS The following operating lease payments are committed lo be paid". As restsled 2022 2023 Payable Under one year Between 2-5 years 26,250 28,800 1,500 30,300 26.250 16 RELATED PARTY TRANSACTIONS During the year the Charity was provided loans of £1,500,000 from International Society for Krishna Consciousness Limited {ISKCONI. As at the year end a balance of £1,495,348 was owed to ISKCON 12022: owed lo ISKCON, £240,000). See below for further details. At the end of the year, ISKCON owed Krishna Cymru £1,247,61612022'. £56,846). This balance is interest free and is repayable upon demand. The corresponding amounts are reflected in both debtors and creditors lo accurately represent the nature of the transaction and the difference in the liming of the drawdown and repayment. Loan interest of £9,295 was paid in the yeaf ended 31 De￿rnber 2023 bearing interest al the rate of 2.290h above Bank of England rate. The loan is repayable in November 2038 payable by 31 December 2023. During the year Krishna Cymru paid rent lo ISKCON of £60,000, for the use of three properties. During the year ISKCON made donations lotslling £99,39912022'. £83,313> to Krishna Cymru for funds which were due lo Krishna Cymru. During the year the Charity made purchases of £181,573 for insurance, licence fees and books. As al 31 December 2023 Krishna Cymru owed ISKCON £63.692, which is shown in creditors due within one year. 17 PENSION Defined wnlribution pension scheme the Charity operates a defined contribution pension scheme. The pension cost charge for the year represents conlributsons payable by the Charity lo the scheme and amounted lo £1,21012022 - £1,0441. 18 CAPITAL COMMITMENTS As at 31 December 2023 the Charity had contracted to complete a further £2,140,00212022-. £2,950,000) worth of leasehold improvements. Page 25 HNA CYMRU CI CharTrty number.. 1191237 Company number: CE023011 NOTE TO THE FINANCIAL TATEMENTS THE YEAR ENDED 1 DECEMBER 2023 19 PRIOR PERIOD ADJUSTMENT In the 2022 financial ststemenls, festricled reserves was ur￿erstated by £32,218 and unre5tricled reserves being overstated by the same amount. This is due to the Charity fundraising for building improvements costs, that have not been capitslised, and associated costs of the Ty Krishna building. As sueh the 2022 figures presented as comparativgs in the 2023 financial slalements have been restated. The fundraising income and building improvements, that have not been capilalised and 8ssociated costs of the Ty Krishna building are as follows, Fundraising income Period ended 31 December 2021 year ended 31 December 2022 8,561 91,087 99,648 67.430 32,218 Fundraising and associated costs Surplus of fundraising income The Teslatemenl affects the following.. Restricted fund5 note Unrestricted funds note This adjuslmenl has impacted the results previously reported for the prior year Wth no adjustment to the reported surplus. PRIOR PERIOD ADJUSTMENT Changes to the balance shget Al December 2022 Adjustment As previously As restated Funds Unrestricted fund$ Funds Resth"cted fvnds 272,870 240 652 260,000 32,218 292218 Changes to the Statemant of Flnanclal Actlvlties Period ended 31 December 2022 Adjustment As ￿stated As previously Income from: Charitable activities- Unrestrithd reserves 265,378 {32,2181 233,160 Charitsble activrties- Restricted serves 260,000 32,218 292,218 Page 26