**REGISTERED CHARITY NUMBER: 206169**
## **REPORT OF THE TRUSTEES AND**
**AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **FOR**
**THE RAMAKRISHNA VEDANTA CENTRE**
**THE RAMAKRISHNA VEDANTA CENTRE**
## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
||**Page**|
|---|---|
|**Reference and Administrative Details**|1|
|**Report of the Trustees**|2 to 4|
|**Statement of Trustees' Responsibilities**|5|
|**Report of the Independent Auditors**|6 to 8|
|**Statement of Financial Activities**|9|
|**Balance Sheet**|10|
|**Notes to the Financial Statements**|11 to 19|
|**Detailed Statement of Financial Activities**|20 to 21|
**THE RAMAKRISHNA VEDANTA CENTRE**
## **REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2021**
|Trustees|Rev S Sarvasthananda (Chairman)||
|---|---|---|
||Rev S Shivarupananda (Treasurer)||
||Mr M Bedish (Secretary)||
||Mr S Ghosh (Vice-President)||
||Mr J Wilcox||
||Mr V Bhatt||
||Mrs S Jayabalan|(Resigned 25 January 2022)|
||Mr R Das||
||Dr U Vajpei||
||Ms J A Power||
||V S Anumula|(Appointed 01 October 2021)|
||Mr H K Shah|(Appointed 12 July 2021)|
|Charity Number|206169||
|Principal address|Blind Lane||
||Bourne End||
||Buckinghamshire||
||SL8 5LF||
|Auditor|Azets Audit Services||
||Unit B & D||
||Burnham Yard||
||Beaconsfield||
||Buckinghamshire||
||HP9 2JH||
|Bankers|HSBC Bank Plc||
||1 Corn Market||
||High Wycombe||
||Buckinghamshire||
||HP11 2AY||
|Investment advisors|Investec Wealth & Management||
||Limited||
||Connaught House||
||Alexandra Terrace||
||Guildford||
||Surrey||
||GU1 3DA||
1
**THE RAMAKRISHNA VEDANTA CENTRE**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021**
The trustees present their report with the financial statements of the charity for the year ended 31 December 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The objectives of the Centre, as set out in the constitution, are to promote and propagate Vedanta, the study of comparative religion and philosophy, and to assist in bringing about harmony of religions, and to promote philanthropic work where appropriate.
The aim of the Centre is to continue to promote Vedanta and Spiritual knowledge through lectures, retreats and information via the website. Its aim is to also to continue to provide money for charitable and relief work.
## **Public benefit**
The Ramakrishna Vedanta Centre is the only Centre in the UK affiliated to the Ramakrishna order and for this reason attracts visitors from all over the country. The Centre provides a retreat for these visitors as well as promoting Spiritual knowledge through its bookshop, lectures, and its website. The Centre's work is not restricted to Great Britain, though every year the Centre donates funds for charitable and relief work mainly carried out by the Ramakrishna Order overseas.
In setting our objectives and planning our activities, we have given careful consideration to the Charity Commissions' general guidance on public benefit.
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
The Centre's activities continued to be circumscribed by the pandemic during the year, however, the monks were able to continue to promote Vedanta and Spiritual knowledge to a wider audience, throughout the week, through talks and classes over the internet. They also continued to provide individual guidance through telephone and internet, and to meet individuals in the Centre's grounds adhering to government guidelines. Swami Sarvasthananda participated in international webinars on Vedanta and Spirituality.
The Centre continued to publish the 'Vedanta', a bi-monthly journal which entered its 69th year. Articles from the 'Vedanta' were made available to a wider audience online via the Charity website.
## **FINANCIAL REVIEW**
## **Financial review**
The Centre generated total income of £326,609 (2020: £303,518). The total expenditure in the year was £228,791 (2020: £272,671) of which £43,118 (2020: £56,304) was spent on relief work and funding welfare programmes, etc. Most of the funds for charitable work was distributed for the work of the Ramakrishna Math and Mission and the Sarda Math, mainly for work in India. Details of major relief and rehabilitation work, medical and educational work etc, conducted by these organisations are given in their Annual Reports. Due to the pandemic, Trustees and its members of the Centre were unable to visit branches of the Math and Mission.
The results for the year are set out in the Statement of Financial Activities in these financial statements.
## **Investment policy and objectives**
The Board of Management has formulated the most appropriate investment policy and the implementation of the policy has been delegated to fund managers at Investec Wealth & Investment Limited. Report issued by the fund managers are reviewed periodically by the Board to ensure their policy being implemented and to monitor the performance of their investments and they are pleased to report the return on investments is satisfactory.
2
**THE RAMAKRISHNA VEDANTA CENTRE**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021**
## **FINANCIAL REVIEW**
## **Reserves policy**
Unrestricted funds at the yearend amounted to £16,475,252 (2020: £14,880,899). These funds are held for the purpose of continuing the operations of the Centre. Total unrestricted funds include £14,999,984 (2020: £13,529,330) designated funds to the Expansion Scheme Fund and £780,737 (2020: £660,672) designated to the Memorial Fund.
It is the policy of the Board of Management to carry the minimum of reserves equivalent to 3 to 6 months of its operational budget. Reserves are the Net Current Assets stated on the balance sheet of £408,310 (2020: £366,224). The patterns of income and expenditure differ over the course of the year. Expenditure tends to be concentrated in the first half of the year while income is more evenly spread. Thus, cash balances are built up during the second half of the year to accommodate this pattern.
## **Risk Management**
The Board of Management has conducted its own review if the major risks to which the Centre is exposed, and systems have been established to mitigate those risks.
Significant external risks to the funding have led to the development of a strategic plan, which will allow for diversification of investments.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
The Ramakrishna Vedanta Centre is an unincorporated registered charity. It is governed by a constitution adopted on 11th December 1951as amended on 8 April 1962 and 29 June 1996.
## **Trustees**
The trustees who served during the year and up to the date of signature of these financial statements were:
Rev S Sarvasthananda (Chairman) Rev S Shivarupananda (Treasurer) Mr M Bedish (Secretary) Mr S Ghosh (Vice-President) Mr J Wilcox Mr A Patankar (Resigned 25 February 2021) Mr V Bhatt Mrs S Jayabalan (Resigned 25 January 2022) Mr R Das Dr U Vajpei Ms J A Power V S Anumula (Appointed 01 October 2021) Mr H K Shah (Appointed 12 July 2021)
## **Recruitment and appointment of new trustees**
The members of the Board of Trustees are appointed from among the members of the Centre and hold office for three years. At the end of this period the members of the Centre elect a new Board at the annual general meeting.
## **Organisational structure**
Day to day management of the charity is taken on by the Board of Trustees as a whole.
## **Title of Land and Buildings**
The following Trustees hold title to the freehold land and buildings belonging to the charity:
Rev S Sarvasthananda Rev S Shivarupananda Mr S Ghosh Dr U Vajpei
3
**THE RAMAKRISHNA VEDANTA CENTRE**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021**
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ Rev S Sarvasthananda (Chairman) - Trustee
4
**THE RAMAKRISHNA VEDANTA CENTRE**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2021**
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- 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 which 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 Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
5
**REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE RAMAKRISHNA VEDANTA CENTRE**
## **Opinion**
We have audited the financial statements of The Ramakrishna Vedanta Centre (the 'charity') for the year ended 31 December 2021 which comprise the Statement of Financial Activities, the Balance Sheet, and notes to the financial statements, 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 (United Kingdom Generally Accepted Accounting Practice).
- In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs as at 31 December 2021 and of its incoming resources and application of resources, 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 Charities Act 2011.
## **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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, 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 financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements 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 financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements 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 financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, 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 this gives rise to a material misstatement in the financial statements themselves. 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. We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
6
**REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE RAMAKRISHNA VEDANTA CENTRE**
## **Responsibilities of trustees**
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity'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 either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## **Our responsibilities for the audit of the financial statements**
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors 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 financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected, and alleged fraud.
- Reviewing minutes of meetings of those charged with governance.
• Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection.
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
• Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business, and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
7
**REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE RAMAKRISHNA VEDANTA CENTRE**
## **Use of our report**
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees 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 charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Christopher Nisbet (Hons) FCA (Senior Statutory Auditor) for and on behalf of Azets Audit services Chartered Accountants and Senior Auditors Unit B&D Burnham Yard Beaconsfield Buckinghamshire HP9 2JH
Date: .............................................
8
**THE RAMAKRISHNA VEDANTA CENTRE**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
|Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
4
Other trading activities
5
Investment income
6
**Total**
**EXPENDITURE ON**
**Raising funds**
Other trading activities
7
Investment management costs
8
**Charitable activities**
9
Provision of the Centre
Relief work and charity
Other expenditure
11
**Total**
Net gains on investments
**NET INCOME**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|General
fund
£
43,651
1,326
-
44,977
7,699
-
7,699
33,644
-
-
41,343
-
3,634
690,897
694,531|Designated
fund
£
31,552
-
250,080
281,632
-
64,330
64,330
80,000
43,118
-
187,448
1,496,535
1,590,719
14,190,002
15,780,721|31.12.21
Total
funds
£
75,203
1,326
250,080
326,609
7,699
64,330
72,029
113,644
43,118
-
228,791
1,496,535
1,594,353
14,880,899
16,475,252|31.12.20
Total
funds
£
89,000
2,645
211,873
303,518
5,845
56,556
62,401
153,909
56,304
57
272,671
856,876
887,723
13,993,176
14,880,899|
|---|---|---|---|---|
## **CONTINUING OPERATIONS**
All income and expenditure have arisen from continuing activities.
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes form part of these financial statements
9
**THE RAMAKRISHNA VEDANTA CENTRE**
## **BALANCE SHEET 31 DECEMBER 2021**
|Notes
**FIXED ASSETS**
Tangible assets
14
Investments
15
**CURRENT ASSETS**
Stocks
16
Debtors
17
Cash at bank and in hand
**CREDITORS**
Amounts falling due within one year
18
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
19
Unrestricted funds:
General fund
Designated fund
**TOTAL FUNDS**|General
fund
£
603,006
-
603,006
9,156
7,266
101,365
117,787
(26,262)
91,525
694,531
694,531|Designated
fund
£
-
15,463,936
15,463,936
-
-
316,785
316,785
-
316,785
15,780,721
15,780,721|31.12.21
Total
funds
£
603,006
15,463,936
16,066,942
9,156
7,266
418,150
434,572
(26,262)
408,310
16,475,252
16,475,252
694,531
15,780,721
16,475,252
16,475,252|31.12.20
Total
funds
£
618,963
13,895,712
14,514,675
9,633
7,016
373,397
390,046
(23,822)
366,224
14,880,899
14,880,899
690,897
14,190,002
14,880,899
14,880,899|
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
.............................................
Rev S Sarvasthananda (Chairman) - Trustee
The notes form part of these financial statements
10
**THE RAMAKRISHNA VEDANTA CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **1. CHARITY INFORMATION**
The Ramakrishna Vedanta Centre is an unincorporated registered charity in England and Wales. The charity's principal address is Blind Lane, Bourne End, Buckinghamshire, SL8 5LF.
The financial statements have been prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
## **2. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received, and the amount can be measured reliably.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates to write off each asset over its estimated useful life.
|Freehold property|- 2% on cost|
|---|---|
|Fixtures and fittings|- 20% on reducing balance|
|Motor vehicles|- 25% on reducing balance|
|Computer equipment|- 20% on reducing balance|
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in net income/(expenditure) for the year.
11
**THE RAMAKRISHNA VEDANTA CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021**
## **2. ACCOUNTING POLICIES - continued**
## **Tangible fixed assets Fixed asset investments**
Fixed asset investments are initially measured at transaction price excluding transaction costs and are subsequently measured at mid prices as per reports from Investec - independent fund manager. Transaction costs are expensed as incurred.
## **Impairment of fixed assets**
At each reporting date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairments loss. If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment loss (if any).
## **Stocks**
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. It’s held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Designated funds are unrestricted funds which the trustees have chosen such funds to be earmarked for specific purpose.
Restricted funds can only be used for restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12‘Other Financial Instruments Issues’ of FRS 102 to all its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## **Basic financial assets**
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## **Basic financial liabilities**
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
12
**THE RAMAKRISHNA VEDANTA CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS - continued**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
## **2. ACCOUNTING POLICIES - continued**
## **Financial instruments**
Debt instruments are subsequently carried 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 operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## **Derecognition of financial liabilities**
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
## **3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY**
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## **4. DONATIONS AND LEGACIES**
|Shrine box, collection & freewill donations
Gift aid
Legacies
Members subscription|31.12.21
General
fund
£
21,926
17,064
4,000
661
43,651|31.12.21
Designated
fund
£
8,525
20,027
3,000
-
31,552|31.12.21
Total
funds
£
30,451
37,091
7,000
661
75,203|31.12.20
Total
funds
£
50,967
37,498
-
535|
|---|---|---|---|---|
|||||89,000|
## **5. OTHER TRADING ACTIVITIES**
|**OTHER TRADING ACTIVITIES**|||
|---|---|---|
||31.12.21|31.12.20|
||Unrestricted|Total|
||funds|funds|
||£|£|
|Sale of books, CDs, and magazines|1,326|2,645|
13
**THE RAMAKRISHNA VEDANTA CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS - continued**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
## **6. INVESTMENT INCOME**
|31.12.21
General
fund
£
Income from listed investments
-
Interest receivable
-
-
**OTHER TRADING ACTIVITIES**
Purchases
Purchases, included in the above, are as follows:
Trading costs:
Purchases
Printing Vedanta
Purchases represents purchase of books which are sold at the
Printing Vedanta are costs involved with the provision of the|31.12.21
Designated
fund
£
250,075
5
250,080
Centre.
magazine.|31.12.21
31.12.20
Total
Total
funds
funds
£
£
250,075
211,677
5
196
250,080
211,873
31.12.21
31.12.20
Unrestricted
Total
funds
funds
£
£
7,699
5,845
31.12.21
31.12.20
General
Total
fund
funds
£
£
733
1,231
6,966
4,614
7,699
5,845|31.12.20
Total
funds
£
211,677
196|
|---|---|---|---|
||||211,873|
||||5,845|
|||||
## **7. OTHER TRADING ACTIVITIES**
## **8. INVESTMENT MANAGEMENT COSTS**
|**INVESTMENT MANAGEMENT COSTS**|||
|---|---|---|
||31.12.21|31.12.20|
||Unrestricted|Total|
||funds|funds|
||£|£|
|Portfolio management|64,330|56,556|
14
**THE RAMAKRISHNA VEDANTA CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021**
## **9. CHARITABLE ACTIVITIES COSTS**
|Provision of the Centre
Relief work and charity
Rates and water
Insurance
Light and heat
Telephone
Postage and stationery
Sundries
Repairs and maintenance
Laundry and household
Travel and preaching
Food
Shrine sundry
Garden maintenance
Relief work and charity
Share of support costs
(see note 10)
**Analysis by fund**
Unrestricted funds - general
Unrestricted funds -
designated|31.12.21
Provision of
the Centre
£
4,147
7,648
12,884
1,233
3,554
1,445
15,540
5,738
1,931
11,689
8,595
12,883
-
87,287
26,357
113,644
33,644
80,000
113,644|31.12.21
Relief work
and charity
£
-
-
-
-
-
-
-
-
-
-
-
-
43,118
43,118
-
43,118
-
43,118
43,118|Direct
Costs
£
87,287
43,118
130,405
31.12.21
31.12.20
Total
Provision of
activities
the Centre
£
£
4,147
5,936
7,648
6,980
12,884
12,825
1,233
2,074
3,554
3,329
1,445
-
15,540
72,548
5,738
54
1,931
3,098
11,689
14,458
8,595
4.948
12,883
4,094
43,118
-
130,405
130,344
26,357
23,565
156,762
153,909
33,644
48,909
123,118
105,000
156,762
153,909|Support
costs (see
note 10)
£
26,357
-
26,357
31.12.20
Relief work
and charity
£
-
-
-
-
-
-
-
-
-
-
-
-
56,304
56,304
-
56,304
-
56,304
56,304||Totals
£
113,644
43,118
156,762
31.12.20
Total
activities
£
5,936
6,980
12,825
2,074
3,329
-
72,548
54
3,098
14,458
4,948
4,094
56,304|
|---|---|---|---|---|---|---|
||||||||
||||||||
|||||||186,648
23,565|
|||||||210,213|
|||||||48,909
161,304|
|||||||210,213|
15
**THE RAMAKRISHNA VEDANTA CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021**
## **10. SUPPORT COSTS**
|Provision of the Centre
Support costs, included in the above, are as follows:
Bank charges
Auditors' remuneration
Auditors' remuneration for non-audit work
Legal and professional fees
Depreciation of tangible fixed assets
**11.**
**OTHER EXPENDITURE**
Loss on sale of assets|Governance
Finance
costs
Totals
£
£
£
986
25,371
26,357
31.12.21
31.12.20
Provision
of the
Total
Centre
activities
£
£
986
-
4,201
4,080
1,152
2,352
4,061
589
15,957
16,544
26,357
23,565
31.12.21
31.12.20
Unrestricted
Total
funds
funds
£
£
-
57|
|---|---|
## **12. TRUSTEES' REMUNERATION AND BENEFITS**
During the year, no trustees (2020: nil) received remuneration or benefits from the charity (2020: £Nil) in relation to personal expenses.
## **Trustees' expenses**
During the year, one of the trustees (2020: one) was reimbursed expenses totalling £5,638 (2020: £3,860) in relation to charitable expenses paid on behalf of the charity.
## **13. EMPLOYEES**
There were no employees during the current year and previous year.
16
**THE RAMAKRISHNA VEDANTA CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS - continued**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
## **14. TANGIBLE FIXED ASSETS**
|**COST**
At 1 January 2021 and
31 December 2021
**DEPRECIATION**
At 1 January 2021
Charge for year
At 31 December 2021
**NET BOOK VALUE**
At 31 December 2021
At 31 December 2020|Freehold
property
£
902,535
295,534
13,540
309,074
593,461
607,001|Fixtures
and
fittings
£
91,804
81,473
2,066
83,539
8,265
10,331|Motor
vehicles
£
5,000
4,500
125
4,625
375
500|Computer
equipment
Totals
£
£
1,768
1,001,107
637
382,144
226
15,957
863
398,101
905
603,006
1,131
618,963|
|---|---|---|---|---|
## **15. FIXED ASSET INVESTMENTS**
|**MARKET VALUE**
At 1 January 2021
Additions
Disposals
Revaluations
At 31 December 2021
**NET BOOK VALUE**
At 31 December 2021
At 31 December 2020|Listed
investments
£
13,895,712
1,910,547
(1,838,857)
1,496,534
15,463,936
15,463,936
13,895,712|
|---|---|
There were no investment assets outside the UK.
Cost or valuation at 31 December 2021 is represented by:
|Valuation in 2021
Cost|Listed
investments
£
1,568,224
13,895,712
15,463,936|
|---|---|
The historical cost of fixed asset investments at 31 December 2021 was £9,310,891 (2020: £8,634,245).
17
**THE RAMAKRISHNA VEDANTA CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021**
## **16. STOCKS**
|**STOCKS**|||
|---|---|---|
||31.12.21|31.12.20|
||£|£|
|Books|9,156|9,633|
|**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||
||31.12.21|31.12.20|
||£|£|
|Other debtors|1,814|2,101|
|Prepayments and accrued income|5,452|4,915|
||7,266|7,016|
|**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||
||31.12.21|31.12.20|
||£|£|
|Other creditors|21,256|20,959|
|Accruals and deferred income|5,006|2,863|
||26,262|23,822|
## **17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
## **18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
## **19. MOVEMENT IN FUNDS**
|**Unrestricted funds**
General fund
**Designated funds**
Expansion Scheme
Memorial Fund|Balance at
Incoming
1/1/21 resources
£
£
690,897
44,977
13,529,330
280,957
660,672
675
14,880,899
326,609|Resources
expended
£
41,343
187,448
-
228,791|Transfers
between
funds
£
-
-
-
-|Revaluations,
gains and
losses
£
-
1,377,145
119,390
1,496,535|Balance at
31/12/21
£
694,531
14,999,984
780,737
16,475,252|
|---|---|---|---|---|---|
## **Comparatives for movement in funds**
|**Unrestricted funds**
General fund
**Designated funds**
Expansion Scheme
Memorial Fund|Balance at
Incoming
1/1/20 resources
£
£
693,098
44,149
12,768,858
258,849
531,220
520
13,993,176
303,518|Resources
expended
£
(54,811)
(217,860)
-
(272,671)|Transfers
between
funds
£
8,461
(8,461)
-
-|Revaluations,
gains and
losses
£
-
727,944
128,932
856,876|Balance at
31/12/20
£
690,897
13,529,330
660,672
14,880,889|
|---|---|---|---|---|---|
## **Funds**
The Charity has the following type of funds:
## **Unrestricted fund:**
18
**THE RAMAKRISHNA VEDANTA CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS - continued**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
## **19. MOVEMENT IN FUNDS - continued**
This fund is available for general purposes which the Trustees are free to use in accordance with the charitable objects.
## **Designated fund:**
This fund is available for general purposes; however, the Trustees have chosen such funds to be used for specific purpose. This fund includes the following:
## Expansion Scheme
The fund was created with a view to establish another centre in the UK in the future.
## Memorial fund
The fund was established in memory of Swami Ghanananda and Swami Bhavyananda for relief work
## **20. RELATED PARTY DISCLOSURES**
The Ramakrishna Vedanta Centre entered the following transactions with related parties during the year:
a. There are three (2020: three) trustees who work at the Centre, their accommodation and food are provided for at the Centre.
b. One member of key management personnel received healthcare costs amounting to £7,757 (2020: £3,345).
19
**THE RAMAKRISHNA VEDANTA CENTRE**
|**DETAILED STATEMENT OF FINANCIAL ACTIVITIES**|**DETAILED STATEMENT OF FINANCIAL ACTIVITIES**|**DETAILED STATEMENT OF FINANCIAL ACTIVITIES**||
|---|---|---|---|
||**FOR THE YEAR ENDED 31 DECEMBER 2021**|||
|||31.12.21|31.12.20|
|||Unrestricted|Total|
|||funds|funds|
|||£|£|
|**INCOME AND ENDOWMENTS**||||
|**Donations and legacies**||||
|Shrine box, collection & freewill|donations|30,451|50,967|
|Gift aid||37,091|37,498|
|Legacies||7,000|-|
|Members subscriptions||661|535|
|||75,203|89,000|
|**Other trading activities**||||
|Sale of books, CDs, and magazines||1,326|2,645|
|**Investment income**||||
|Income from listed investments||250,075|211,677|
|Deposit account interest||5|196|
|||250,080|211,873|
|**Total incoming resources**||326,609|303,518|
|**EXPENDITURE**||||
|**Other trading activities**||||
|Purchases||733|1,231|
|Printing Vedanta||6,966|4,614|
|||7,699|5,845|
|**Investment management costs**||||
|Portfolio management||64,330|56,556|
|**Charitable activities**||||
|Rates and water||4,147|5,936|
|Insurance||7,648|6,980|
|Light and heat||12,884|12,825|
|Telephone||1,233|2,074|
|Postage and stationery||3,554|3,329|
|Sundries||1,445|-|
|Repairs and maintenance||21,262|72,548|
|Laundry and household cleaning||16|54|
|Travel and preaching||1,931|3,098|
|Food||11,689|14,458|
|Shrine sundry||8,595|4,948|
|Garden maintenance||12,883|4,094|
|Relief work and charity||43,118|56,304|
|||130,405|186,648|
This page does not form part of the statutory financial statements
20
**THE RAMAKRISHNA VEDANTA CENTRE**
|**DETAILED STATEMENT OF FINANCIAL ACTIVITIES**|**DETAILED STATEMENT OF FINANCIAL ACTIVITIES**||
|---|---|---|
|**FOR THE YEAR ENDED 31 DECEMBER 2021**|||
||31.12.21|31.12.20|
||Unrestricted|Total|
||funds|funds|
||£|£|
|**Charitable activities**|||
|**Other expenditure**|||
|Loss on sale of tangible fixed assets|-|57|
|**Support costs**|||
|**Finance**|||
|Bank charges|986|-|
|**Governance costs**|||
|Auditors' remuneration|4,201|4,080|
|Auditors' remuneration for non-audit work|1,152|2,352|
|Legal and professional fees|4,061|589|
|Freehold property|13,540|13,540|
|Fixtures and fittings|2,066|2,554|
|Motor vehicles|125|167|
|Computer equipment|226|283|
||25,371|23,565|
|Total resources expended|228,791|272,671|
|**Net income before gains and losses**|97,818|30,847|
|**Realised recognised gains and losses**|||
|Realised gains/(losses) on fixed asset investments|1,496,535|856,876|
|**Net income**|1,594,353|887,723|
This page does not form part of the statutory financial statements
21