## **Kirtana Ministries**
## **Charity No. 1200962**
**Company No.**
**Trustees' Report and Audited Accounts**
**31 March 2024**
**Kirtana Ministries Contents**
||Pages|
|---|---|
|Trustees' Annual Report|2 to 2|
|Auditor's Report|3 to 3|
|Statement of Financial Activities|4 to 4|
|Summary Income and Expenditure Account|5 to 5|
|Balance Sheet|6 to 6|
|Notes to the Accounts|7 to 10|
|Detailed Statement of Financial Activities|11|
Page 1
**Kirtana Ministries Trustees Annual Report**
The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the audited financial statements of the charity for the period ended 31 March 2024.
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Company No.**
## **Charity No. 1200962**
## **Registered Office**
2 FREDERICK HAWKES GARDENS SPRINGFIELD CHELMSFORD CM1 6BT
## **Directors and Trustees**
The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year:
J.D. Bondu A.K. Kalavakuri P.M. Kothamasi
## **Auditor**
DNS Accountants DNS House 382 Kenton Road Harrow HA3 8DP
## **Statement of trustees' responsibilities in relation to the financial statements**
The Trustees are responsible for preparing the Trustees' annual report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.
Company law requires the trustees to prepare financial statements for which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, for the charitable company for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent; state whether applicable UK accounting standards have been followed,
- subject to any material departures disclosed and explained in the financial statements;
Page 2
## **Kirtana Ministries Trustees Annual Report**
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Statement of disclosure of information to auditor**
So far as the trustees are aware, there is no relevant audit information of which the company's auditors are unaware and each trustee has taken all the steps that he or she ought to have taken as a trustee in order to make himself or herself aware of any relevant information and to establish that the company's auditors are aware of that information.
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).
Signed on behalf of the board
A.K. Kalavakuri Trustee 23 January 2025
Page 3
**Kirtana Ministries Audit Report Unqualified**
## **Independent Auditor's Report to the Members of Kirtana Ministries**
## **Opinion**
We have audited the accounts of Kirtana Ministries (the 'charitable company') for the period ended 31 March 2024 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet, the Statement of Cash Flows and the Notes to the Accounts, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the accounts:
- give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its profit/loss for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out below, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the accounts, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the accounts is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue.
Our responsibilities and the responsbilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the trustees' report and accounts, other than the accounts and our auditor’s report thereon. The trustees are responsible for the other information.
Our opinion on the accounts does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements,we are required to determine whether there is a material misstatement in the accounts or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information,we are required to report that fact.
Page 4
**Kirtana Ministries Audit Report Unqualified**
We have nothing to report in this regard.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based upon the work undertaken in the course of the audit:
- the information given in the Trustees' Report,which includes the Directors' Report prepared for the purposes of company law for the financial year for which the accounts are prepared is consistent with the accounts; and
- the Directors' Report included within the Trustees' Report has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report included within the Trustees' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us;
- the accounts are not in agreement with the accounting records and returns;
- certain disclosures of Trustees' remuneration specified by law are not made;
- we have not received all the information and explanations we require for our audit;
- the trustees were not entitled to prepare the accounts in accordance with the small companies regime and take advantage of the small companies exemption in preparing the Directors' Report and take advantage of the small companies exemption from the requirement to prepare a Strategic Report.
## **Responsibilities of trustees**
As explained more fully in the Trustees' Responsibilities Statement found in the Trustees' Report, the trustees (who are also the directors of the charitable company for the purpose of company law) are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.
In preparing the accounts, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditor's responsibilities for the audit of the accounts**
Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Page 5
**Kirtana Ministries Audit Report Unqualified**
## **Use of this report**
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.
## , Senior Statutory Auditor
For and on behalf of DNS Accountants , Accountants and Statutory Auditors DNS House 382 Kenton Road
Harrow
HA3 8DP 23 January 2025
DNS Accountants is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a charity under section 1212 of the Companies Act 2006.
Page 6
**Kirtana Ministries Statement of Financial Activities**
## **for the period ended 31 March 2024**
|**for the period ended 31 March 2024**|||
|---|---|---|
|**Notes**
**Expenditure on:**
Other
3
**Total**
Net gains on investments
**Net expenditure**
Transfers between funds
**Net expenditure before other**
**gains/(losses)**
**Other gains and losses**
**Net movement in funds**
**Reconciliation of funds:**
**Total funds carried forward**|**Unrestricted**
**funds**
**2024**
**£**
900|**Total funds**
**2024**
**£**
900|
||900
-|900
-|
||(900)
-|(900)
-|
||(900)|(900)|
||(900)|(900)|
||(900)|(900)|
Page 7
**Kirtana Ministries Summary Income and Expenditure Account for the period ended 31 March 2024**
|**Gross income for the period**
Expenditure
**Total expenditure for the period**
Net expenditure before tax for the
period
**Net expenditure for the period**|**2024**
**£**|
|---|---|
||-|
||900|
||900|
||(900)|
||(900)|
Page 8
**Kirtana Ministries Balance Sheet at 31 March 2024**
|**py .**
**Creditors:**Amounts falling due after more than one year
5
**Net liabilities excluding pension asset or liability**
**otal net liabilities**
**he funds of the charity**
**Restricted funds**
6
**Unrestricted funds**
6
General funds
**Reserves**
6
**otal funds**|**£**
(900)|
|---|---|
||(900)|
||(900)|
||(900)|
||(900)|
||(900)|
These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by the board on 23 January 2025
And signed on its behalf by:
A.K. Kalavakuri Trustee 23 January 2025
Page 9
**Kirtana Ministries Notes to the Accounts**
## **for the period ended 31 March 2024**
- 1 **Accounting policies**
## **Basis of preparation**
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 Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
## **Change in basis of accounting or to previous accounts**
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
## **Fund accounting**
- Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
- Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
- Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.
## **Income**
- Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
- Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
- Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.
Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets
Page 10
**Kirtana Ministries Notes to the Accounts**
## **Expenditure**
- Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
- Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
- Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
- Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
- Other expenditure These are support costs not allocated to a particular activity.
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **Freehold investment property**
Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.
## **Stocks**
Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.
## **Trade and other 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.
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
## **Trade and other creditors**
Short term creditors are measured at the transaction price. Other creditors and provisions 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 or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Page 11
**Kirtana Ministries Notes to the Accounts**
## **Research and development**
Expenditure on research and development is written off in the year in which it is incurred.
## **Foreign currencies**
Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period.
Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.
All exchange differences are are taken into account in arriving at net income/expenditure.
## **Leased assets**
Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.
Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.
Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.
Assets held under finance leases are depreciated in the same way as owned assets.
Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.
## **Pension costs**
The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
## **Receipt of donated goods, facilities and services**
All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.
- 2 **Company status**
The company is a private company limited by guarantee and consequently does not have share capital.
Page 12
**Kirtana Ministries Notes to the Accounts**
## 3 **Other expenditure**
||Legal and professional costs
4
**Staff costs**
No employee received emoluments in excess of £60,000.
5
**Creditors:**
amounts falling due after more than one year
Accruals
6
**Movement in funds**
**Restricted funds:**
**Unrestricted funds:**
**General funds**
**Total funds**
7
**Analysis of net assets between funds**
Creditors due in more than one year and
provisions
8
**Related party disclosures**|**Unrestricted**
**£**
900
900
**2024**
**£**
900
900|**Total**
**2024**
**£**
900
900
**Resources**
**expended**
**£**
(900)
(900)
**Restricted**
**funds**
**£**
(900)
(900)|**At 31**
**March**
**2024**
**£**
(900)|**At 31**
**March**
**2024**
**£**
(900)|
|---|---|---|---|---|---|
|||||(900)||
|||||**Total**
**£**
(900)||
|||||(900)||
|||||||
||
**_Controlling party_**
Th mn i limitd b rnt nd h n hr itl|th n inl rt ntrl t||mn||
Page 13
**Kirtana Ministries Detailed Statement of Financial Activities**
## **for the period ended 31 March 2024**
|**Income and endowments from:**
**Expenditure on:**
Legal and professional costs
Accountancy and bookkeeping
**Total of expenditure of other costs**
**Total expenditure**
Net gains on investments
**Net expenditure**
**Net expenditure before other**
**gains/(losses)**
Other Gains
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**|**2024**
**£**
900
900
900
900
-
(900)
(900)
-
(900)
-
(900)|**Total funds**
**2024**
**£**
900|
|---|---|---|
|||900|
||||
|||900|
|||900
-|
|||(900)|
|||(900)
-|
|||(900)|
|||-|
|||(900)|
Page 14