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2021-12-31-accounts

Company registration number: 00962009 Charity registration number: 259649

International Society For Krishna Consciousness Limited

(A company limited by guarantee)

Annual Report of the Trustees and Group Financial Statements

for the Year Ended 31 December 2021

KNAV Statutory Auditors Hygeia Building Ground Floor 66-68 College Road Harrow Middlesex HA1 1BE

International Society For Krishna Consciousness Limited

Contents

Contents
Company Information 1 to 2
Trustees' Report 3 to 17
Independent Auditors' Report 18 to 21
Consolidated Statement of Financial Activities 22
Consolidated Balance Sheet 23
Charity Balance Sheet 24
Consolidated Statement of Cash Flows 25
Notes to the Financial Statements 26 to 49

International Society For Krishna Consciousness Limited

Company Information

Trustees

Mr T M Anderson Mrs D Clark Mr A W Howchin Mr G T Mcmullan Mr P P Murphy Mr K K M Patel Mr K Patel

Secretary

Ms G Olapoju

Registered office

Oak House 1 Watford Road Radlett Hertfordshire WD7 8LA

The charity is incorporated in England and Wales.

Company Registration Number

00962009

Charity Registration Number

259649

Auditor

KNAV Statutory Auditors Hygeia Building Ground Floor 66-68 College Road Harrow Middlesex HA1 1BE

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International Society For Krishna Consciousness Limited

Company Information

Bankers

Lloyds TSB Bank plc Business Banking Service Centre 10 Booth Street Manchester M2 4AW

Solicitors

Bates, Wells & Braithwaite Cheapside House 138 Cheapside London EC2V 6BB

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International Society For Krishna Consciousness Limited

Trustees' Report

The Trustees present their report and the financial statements for the year ended 31 December 2021.

The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors' report of the group and charitable company for the year ended 31 December 2021, which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and the Charities Statement of Recommended Practice (“Charities SORP”) (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK; FRS 102).

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Charity is a company limited by guarantee and is governed by its Memorandum and Articles of Association. It is registered as a charity with the Charity Commission.

The body responsible for the management of the Charity is the Board of Trustees.

OPERATION

The Charity is organised so that the trustees meet regularly to manage its affairs. There is one full time administrator (company secretary) who manages day-to-day administration of the charity and is in regular contact with the trustees. There are a number of full time and part time employees and we are also very grateful for the help provided by the many volunteers throughout the year, particularly during the religious festival periods.

BOARD OF TRUSTEES

The Board of trustees who served during the year 2021 are shown below. Trustees are appointed or removed by the Members. Trustees serve for a period of 3 years and every 3 years one third of the Trustees step down with a right of reappointment, voted on by the Members. The board of trustees for 2021 were as follows:

New trustees are provided with training on their legal obligations under charity and company law, Charity Commission guidance on public benefit, the aims and objectives of the Charity, and the governance and decision making processes of the Charity. Continuing training for trustees is undertaken through regular meetings, attending relevant seminars, specific discussions with individuals and organisations and briefing papers in the areas supported by the charity.

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THE CHAIRMAN'S STATEMENT

Covid has clearly shown us how, in addition to people needing expert physical care, their need for mental care has come much more into focus. As human beings we do not exist in a physical vacuum. In many ways our physical needs are the most obvious but not necessarily the most important. Then there is also our emotional, mental, intellectual and indeed our metaphysical health that needs to be considered and more importantly nurtured.

One of the main focuses of our organisation is the distribution of literature that specifically addresses these matters, which have always been important, but in recent times have taken on a new level of urgency.

One of the key messages in the literature that we distribute is how best to deal with the challenges that we are all subject to in the world we live in. The essence of that message is the powerful and positive impact that meditation can have on each and every one of us. Of course there are many types and ways we can meditate, thus the question arises as to what is the most effective form of meditation?

The different types of meditation are directly connected to our five senses and the relevant material elements associated with those senses. Those material elements start from the densest and each subsequent one is ever more subtle.

So beginning with the densest material element earth, this is connected to our sense of smell. The yoga practices connected to this element are generally represented through physical poses and stretches.

Then we progress to water which is associated with our sense of taste. The yoga practices connected to water are generally represented through breathing disciplines

(pranayama).

Then we have fire which is associated with our sense of sight. Without the sun we would all effectively be blind even with eyes in perfect working order. The yoga practices connected to fire are also generally represented through breathing disciplines albeit those breathing disciplines differ from those related to the previous discipline.

Then we have the element of air or wind which is associated with our sense or touch. The yoga practices connected to air are also represented through breathing disciplines. However they are specific to that element and involve deep yogic diaphragmatic breathing, which produces a sense of lightness, calm, and ease.

Lastly, we have the most subtle of all the material elements — ether (space) — which is associated with our sense of hearing. The yoga practice related to ether differs substantially from the previous four elements and focuses on mantra meditation or sound vibration. This of course is logical as it is the natural conduit that connects the material element of ether with our associated sense of hearing. If we are in a large empty room, (space), and we call out or exclaim loudly, the result will be we will hear an echo. The echo we hear demonstrates the power of sound and how it cannot be contained but rather will reverberate throughout space.

So the conclusion is that by engaging in mantra yoga which is the most subtle available to us, it will connect us to the most subtle aspect of our very being, our metaphysical or spiritual nature. There is a lot more that can be said but the main consideration is we will never be content, calm and satisfied in this world if our main, or only focus, is to satisfy our physical needs. Indeed even if we also satisfy our mental needs that will still fall short, as far as us achieving the complete inner happiness that we all crave.

Therefore, through the whole Covid period we have continued to find ways to distribute the very literature that can best guide us how to achieve this inner peace via the process of mantra meditation. Consequently, over 200,000 pieces of literature were distributed in the UK in 2021.

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Trustees' Report

OBJECTIVES AND ACTIVITIES

The charity is constituted as a company limited by guarantee and is therefore governed by the Memorandum and Articles of Association.

In pursuance of our charity's aims and objectives, the trustees have considered the Charity Commission's guidance on public benefit and in particular, the specific guidance on charities for the advancement of religion. Our aims, objectives and activities are reviewed annually to ensure our focus remains fixed on our charity's purposes.

The charity's aims and objectives continue to be:

  1. To systematically propagate spiritual knowledge to society at large and to educate all peoples in the techniques of spiritual life, in order to check the imbalance of values in life and to achieve real unity and peace within the world.

  2. To propagate a consciousness of Krishna, (God), as is revealed in Bhagavad-Gita and Srimad Bhagavatam (ancient scripture).

  3. To bring the members of the society together with each other and nearer to Krishna, the prime entity, thus developing the idea within the members, and humanity at large, that each soul is part and parcel of the quality of Godhead.

  4. To teach and encourage the Sankirtan movement, congregational chanting of the holy names of God, as revealed in the teachings of Lord Sri Caitanya Mahaprabhu.

  5. To erect for the members and for society at large a holy place of transcendental pastimes dedicated to the personality of Krishna.

  6. To bring members together for the purpose of teaching a simpler, more natural way of life.

  7. With a view to achieving the aforementioned purposes, to publish and distribute periodicals, books and other writings.

Through its various U.K. centres, the charity seeks to provide services of spiritual excellence in education, lifestyle and culture as revealed in the teachings of the Vedic scriptures of India, Bhagavad Gita, Srimad Bhagavatam and according to the teachings of His Divine Grace A.C. Bhaktivedanta Swami Prabhupada, Founder-Acharya of the International Society for Krishna Consciousness.

His Divine Grace A.C. Bhaktivedanta Swami Prabhupada, Founder-Acharya of the International Society for Krishna Consciousness.

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Through extensive educational services to schools, colleges and universities, distribution of books and presentations from its various publications and through the numerous largely attended festivals, the charity offers a cultural presentation for the respiritualisation of the entire human society. It seeks to offer a clue as to how humanity can become one in peace, friendship and prosperity with a common cause. A more detailed account of the specific activities and the benefit to the public is given later in the report.

THE CHARITY'S STRATEGY

The key elements of our medium to long term strategy are:

  1. Distribution of literature

  2. Public festivals - promoting spiritual techniques

  3. The distribution and promotion of sanctified vegetarian food (prasadam)

  4. Education in doctrines, training in religious practice: pastoral care

  5. Promotion through other media

  6. Encouraging positive life principles and social engagement through volunteering

  7. The opening of new centres/sangas (spiritual gatherings)

  8. Outreach - including youth outreach

  9. Fundraising

  10. Kirtan (congregational chanting of the names of the Supreme Being)

Distribution of literature

The distribution of spiritual literature is a fundamental aspect of our work to benefit society as well as individuals.

There are many benefits, physical, mental, social and spiritual. Physically this knowledge promotes a healthier way of life.

Our literature shows how satisfaction of the individual's needs can be achieved without indulging in self-destructive habits such as smoking, alcohol consumption, recreational drugs, gambling, unhealthy foods and promiscuous sexual activity. Those activities result in a burden on society putting strain on individuals, their families and shared resources such as the National Health Service and other social services.

People who have read our books have found it easier to eliminate some unhealthy habits, if not all.

In today’s fast moving and competitive world people may feel unable to cope or feel they are lacking a real purpose in life. By giving practical meditation techniques, which help ease mental stress and by providing information about the function of the living being from this timeless viewpoint, our books give hope and purpose.

Knowledge which emphasises service to others as well as humility, tolerance and respect, naturally produces unity and harmony amongst people of all different backgrounds. We promote respect for all peoples as well as all creatures and Mother Earth.

Spiritual progress is made so much easier when the real self, the soul and its inherent nature are better understood. The soul is beyond gender, race and creed. The teachings presented in our literature explain who we are and why we are here from the illuminating Vedic perspective.

205,000 pieces of literature were distributed this year. This compares with 120,000 pieces of literature distributed in 2020. (Figures are approximate).

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Public Festivals - promoting spiritual techniques

Festivals are an important part of our activities. They give opportunities for members of the public to be introduced to our spiritual teachings and allow our existing members to become more involved and deepen their relationships with each other, the public, newcomers and ultimately with God.

Festivals are inspiring and help to strengthen faith. They are entertaining, colourful and uplifting and are open to all generating inter religious harmony. Many aspects of Vedic perspective are demonstrated during the various festivals that are held throughout the year using music, dance, drama and philosophy. All our festivals would not be complete without delicious, sanctified vegetarian food

One of the major, yearly festivals is Janmastami, the celebration of Lord Krishna's appearance in this world. This is celebrated in all our centres. The biggest is at ISKCON Bhaktivedanta Manor in Hertfordshire, attracting many 1000’s of visitors with upwards of 1500 volunteers involved in putting on the festival giving a virtual experience of the culture, philosophy and music of the International Society for Krishna Consciousness.

Another important public festival is the Festival of Chariots known as Rathayatra. It consists of a street parade with one, or in larger cities, three 40ft high colourfully decorated chariots, each weighing almost 4 tonnes. The whole procession is accompanied by congregational singing and dancing, culminating in a cultural festival in a central or popular location. Explanations and experiential opportunities are available as well as plays and performances, music and worship. Once again, sanctified vegetarian food is available to members, visitors and guests.

Rathayatra is held in many of the major cities of England and Wales; London, Birmingham, Leicester, Manchester, Cardiff and Brighton as well as many smaller towns and cities. The number of committed attendees at these festivals can range from hundreds to several thousand people. The past two years saw a reduction in the number of festivals and the number of attendees.

The distribution and promotion of sanctified vegetarian food (prasadam)

This is a significant part of our activities because the food we distribute is not only vegetarian but also spiritually sanctified food called ‘prasada’ or 'prasadam'. This means that anyone who takes this prasadam is physically and spiritually benefited. Some of our centres are able to offer a free meal to guests and visitors every day. Our smaller centres can do so at their regular programs and at the many festivals celebrated.

ISKCON also runs Govinda’s Restaurants in Swansea and London and a café Atma in Cardiff. The Society has investments in Govinda’s Foods Ltd who create specialist food products for supermarkets. These businesses fulfil the same goals of promoting healthier and karma free eating and help create income for ISKCON.

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Some of our centres are able to distribute free sanctified food to homeless persons and to the growing number who require a little extra help. This is done through our Food for Life programme.

Education in doctrines, training in religious practice: pastoral care

As mentioned in our 'objectives and activities' we aim to 'educate all peoples in the techniques of spiritual life'.

ISKCON Educational Services (IES) provides school children from all backgrounds, tours, workshops, classes and a vegetarian lunch as part of their education on Hinduism within the National Curriculum. At ISKCON Bhaktivedanta Manor, thousands of children, teachers and parents have benefited from IES services to increase their understanding of Vedic culture and the people who follow it. There are also IES programmes at ISKCON London, ISKCON Newcastle and ISKCON Manchester.

All our centres hold regular classes and seminars for the benefit of their members and the public, who are given insights into how to lead a more fulfilling life. As well as centre held discourse and training, we visit private homes and schools on invitation. In addition, programmes are held in many colleges and universities especially in and around London, Birmingham, Manchester and Newcastle.

ISKCON Bhaktivedanta Manor also conducts residential courses for men and women to assist them in practicing spiritual life either as full-time residents or in their own homes. There are approximately 50 home and ‘outreach’ groups around the U.K. meeting on a weekly or monthly basis for the benefit of newcomers and existing members. Many are linked to their local ISKCON centre.

Promotion through other media

We are always looking at different ways to promote our organisation. We are seen at music festivals and camps and the meditation app is being well received. Performances of plays, theatre, music and drama are widespread at our many events and the Radha Krishna record label run by the London centre produces varied meditative and uplifting tracks and albums. Our social media presence is widespread with every centre and department developing their communications teams. We are often able to use the expertise of our members and congregation to develop further innovative ways to increase awareness.

The opening of new centres/sangas (spiritual gatherings)

We are pleased to encourage new and emerging centres and meetings. ISKCON London, for example has made great strides in encouraging ISKCON Crawley, ISKCON Croydon and members in Rochester, Kent. ISKCON Bhaktivedanta Manor has some 25 to 30 home sanga groups which meet regularly. Manchester, Newcastle, Birmingham and Wales are also active in establishing new centres and sanga groups.

Outreach - including youth outreach

Outreach is an important part of our activities. Each centre has unique programs, which encourage initial, further or full participation in the wealth of activities, courses, classes, programs and retreats that are organised. The Hare Krishna Festival team specialise in assisting small groups in parts of the UK distant from our established centres, with their outreach events, Harinama and Kirtan.

Fundraising

We strive to raise funds in a variety of ways. Our larger centres and projects have patronage systems and all receive one off donations for the general up keep up keep and day to day running. We also receive designated and occasionally restricted funds for specific projects. Our book distribution may raise funds as well as our few investments, our restaurants and property leasing.

Kirtan (congregational chanting of the names of the Supreme Being)

Typically a call and response style chant or perhaps a song set to music, Kirtan explores spiritual ideas and expresses love and devotion to the Supreme Being. Our Kirtan often involves dancing and we are probably the most famous for 'public kirtan', known as Harinama. We most often chant the Hare Krishna Maha Mantra, ‘Hare Krishna, Hare Krishna, Krishna Krishna, Hare Hare, Hare Rama, Hare Rama, Rama Rama, Hare Hare’.

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OVERVIEW OF THE U.K. CENTRES

Considering the very unsettled previous year, the centres in the UK group were once again able to deal with circumstances well and return to some normality. There is no doubt that some activities have been set back, but we are continuing to offer assistance and service to the many affected, whether that is a hot meal or community or solace.

In light of another restricted year, our strategies for risk management, particularly concerning funding sources and the continuity of donations continues to be a major consideration.

ISKCON Bhaktivedanta Manor (Connected Charity)

ISKCON Bhaktivedanta Manor is our largest UK centre, situated in a semi- rural setting near Watford, Hertfordshire. The Grade II listed property is set among gardens, lawns, a lake, other buildings and cottages, house sacred Tulasi plants, a beautiful shrine, Men’s living quarters, a Ladies Cottage, and guest facilities. Bhaktivedanta Manor is also home to a Goshala, (cow shelter), where cows and bulls/oxen are protected for the duration of their lives, never being slaughtered.

As the Covid restrictions lifted, on-site undertakings that re-opened throughout the year included:

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ISKCON Birmingham

All meetings were postponed for the early part of the year but gradually restarted from the summer onwards, as Covid restrictions eased. Gatherings were all about bringing the community back together. During the quiet times, members were meeting together online and learning the sacred texts. 26 people completed the Bhakti Shastri course and over 100 people studied a Sanskrit course.

Kirtan yoga begun again at various venues and a successful retreat was held in Wales, entitled the Festival of Inspiration.

ISKCON Hare Krishna Festivals

The department has no physical centre as the strategy involves travelling from town to town holding cultural events and assisting the smaller local communities, with setting up and manning festivals and Harinamas.

The majority of events continued to be online with some events better attended than the live counterpart. Virtual Rathayatras were held and an online shop opened. Instead of attending Glastonbury festival, the team hosted a Glast-home-bury event where 40,000 participants tuned in from the UK and around the world.

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ISKCON Leicester

The Leicester centre is one of Joseph Goddard's iconic grade II listed architectural buildings, completed in 1872.

Centre activities were halted for the majority of the year with the congregation participating in online retreats and gatherings. The centre continued fundraising efforts and was very pleased to receive help to finance essential work on the roof. £750,000 of funding has been committed to from the City Council and Historic England’s High Street Heritage Action Zone, for repairs that will commence in the subsequent year. The total repair will cost over £1m.

International Society for Krishna Consciousness - London (Connected Charity)

Situated in the City of Westminster, focus was given to a new style outreach offshoot called Studio 108 upon the lifting of restrictions. Studio 108 invites newcomers for meditation, a talk, kirtan and a bite to eat. The site had its facilities improved and three programmes were established: wisdom Wednesdays; mantra Fridays and soulful Sundays. Activities at Soho Street continued with good attendance after restrictions were lifted.

London also assists other groups in the South East and is pleased to report that:

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ISKCON Manchester

The established centre of ISKCON Manchester is 3 miles from Manchester city centre and close to Alexandra Park.

Weekend Harinama and the distribution of books started again during the year and are steady. The regular Sunday feast, Bhagavad Gita classes and Kid’s Sundays are also up and running.

ISKCON Newcastle

The Newcastle centre is a former bank, a mile and a half from the city centre.

Activities began to return to normal by the summer with the ‘Sacred Street Party’ and Friday evening Harinama reinstated. There was also a drive to do more outdoor programmes and gatherings. University programmes also restarted, in Durham and Newcastle.

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ISKCON Wales

ISKCON Wales have two main centres; in Swansea which has a ground floor restaurant and a Temple upstairs and their main centre near Cardiff Bay, a substantial double-fronted building. There are two restaurants, Govinda’s restaurant and the Atma Lounge and a third linked venue, the Annaloka café. All of these were closed for some months.

Wales have continued with their day to day activities and projects as well as making great strides with their purposeful development plans for Cardiff. The million pound project will be the flagship centre for Wales and fundraising is going well.

The Ty Krishna project was officially launched on the birthday of Lord Krishna, (Janmashtami).

AFFILIATED CHARITIES / PARTIES

Food for All

Charity registration number 1077897

Food for All are presently distributing 1,000 healthy meals daily, and for those living on the streets of North London, this can be a life line.

The Lotus Trust

Charity registration number 1114304 The Lotus Trust is an educational, relief and development agency seeking to transform lives and improve the environment in the UK and abroad.

The I Foundation

Charity registration number 1105545 Company registration 05137350

The I Foundation is a limited company and a charity working with in education.

Bhaktivedanta Manor Ltd

Company registration number 6612940 This is a 100% subsidiary of ISKCON Bhaktivedanta Manor Ltd who is its sole beneficiary.

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FINANCIAL REVIEW

The group’s net income for the year was recorded at £2,665,048 (2020: £985,354).

The principal funding source continued to be the receipt of donation and legacies which amounted to £4,457,357 (2020: £5,048,884). The funds generated from charitable activities of the charitable companies within the group was recorded at £2,597,065 (2020:1,156,353) and from the trading activities of the charitable companies within the group was recorded at £799,785 (2020: £581,089). The main driver behind the increase in the net income was having the ability to be open up to the public once again, as the country emerged from the Covid-19 pandemic and lockdown restrictions easing. We have been able to allow visitors on site once again and re-commence some activities and festival events which we undertook pre-Covid.

Investment income, which comprised the charitable letting of property and bank interest received provided a useful contribution of £237,056 (2020: £149,930).

Total income was £11,074,194 (2020: £8,752,340).

Total resources expended was £8,364,292 (2020: £7,766,986).

The total of unrestricted funds at 31 December 2021 was £15,656,722 (2020: £15,172,259). The total of restricted funds at 31 December 2021 was £32,737,592 (2020: £31,338,296).

There was an accumulated deficit in relation to the activities of the trading subsidiary at 31 December 2021 of £62,616 (2020: £843,904).

RESERVES POLICY

The trustees aim to establish a level of unrestricted funds which equates to at least twelve months’ worth of expenditure on raising funds and on charitable activities. The trustees believe that this is an appropriate benchmark to use in light of the Charity Commission’s guidance on the appropriate level of reserves.

With annual expenditure on raising funds and on charitable activities running at a level of £8,500,000 the group has achieved its aims with unrestricted funds at 31 December 2021 amounting to £15,656,722 (2020: £15,172,259).

RISK MANAGEMENT

The trustees are responsible for establishing internal control systems within the group. The major risks which may impact the activities of the group have been reviewed during the year and the trustees are satisfied that the system of internal controls currently in place is adequate, whilst recognising that they are designed to manage rather than eliminate risk. Internal controls are reviewed on an ongoing basis as part of the day-to-day risk management process within the group.

The risk within the group lies within its grant-giving for development and/or education within the UK, as well as abroad, of their broad principles and its associated reputational risk.

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REFERENCE AND ADMINISTRATIVE DETAILS

Trustees

Mr T M Anderson Mrs D Clark Mr A W Howchin Mr G T Mcmullan Mr P P Murphy Mr K K M Patel

Secretary

Ms G Olapoju

Registered office

Oak House 1 Watford Road Radlett Hertfordshire WD7 8LA

The charity is incorporated in England and Wales.

Company Registration Number

00962009

Charity Registration Number

259649

Auditor

KNAV Statutory Auditors Hygeia Building Ground Floor 66-68 College Road Harrow Middlesex HA1 1BE

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REFERENCE AND ADMINISTRATIVE DETAILS (cont.)

Bankers

Lloyds TSB Bank plc Business Banking Service Centre 10 Booth Street Manchester M2 4AW

Solicitors

Bates, Wells & Braithwaite Cheapside House 138 Cheapside London EC2V 6BB

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STATEMENT OF TRUSTEES RESPONSIBILITIES

The trustees (who are also the directors of International Society for Krishna Consciousness Limited for the purposes of company law) 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).

Company law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

AUDITORS

The auditors, KNAV Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on……………………………. and signed on the board's behalf by:

…………….........

A W Howchin - Trustee

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International Society For Krishna Consciousness Limited

Independent Auditor's Report to the Members of International Society For Krishna Consciousness Limited

Opinion

We have audited the financial statements of International Society For Krishna Consciousness Limited (the 'charitable parent company') and its subsidiaries (the 'group') for the year ended 31 December 2021, which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet, Charity Balance Sheet, Consolidated Statement of Cash Flows 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 United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 financial statements section of our report. We are independent of the group 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 entity'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 auditor’s report 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.

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Independent Auditor's Report to the Members of International Society For Krishna Consciousness Limited

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 there is a material misstatement in the financial statements 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.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Trustees' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities (set out on page 14), the trustees are responsible for the preparation of the financial statements 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 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.

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Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements 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 financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

We design our procedures so as to obtain sufficient appropriate audit evidence that the financial statements are not materially misstated due to non-compliance with laws and regulations or due to fraud or error.

We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations - this responsibility lies with management with the oversight of the Trustees.

Based on our understanding of the Charity and discussions with key members of the charity, we identified Companies Act 2006, the Charities Act and Financial Reporting Standard 102 as having a direct effect on the amounts and disclosures in the financial statements.

As part of the engagement team discussion about how and where the Charity’s financial statements may be materially misstated due to fraud, we did not identify any areas with an increased risk of fraud.

Our audit procedures included:

Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

Page 20

International Society For Krishna Consciousness Limited

Independent Auditor's Report to the Members of International Society For Krishna Consciousness Limited

The potential effects of inherent limitations are particularly significant in the case of misstatement resulting from fraud because fraud may involve sophisticated and carefully organized schemes designed to conceal it, including deliberate failure to record transactions, collusion or intentional misrepresentations being made to us. A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable parent company's trustees, 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 group's trustees those matters we are required to state to them in an auditor’s 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 parent company and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

...................................... Amanjit Singh FCA (Senior Statutory Auditor) For and on behalf of KNAV, Statutory Auditor

Hygeia Building Ground Floor 66-68 College Road Harrow Middlesex HA1 1BE

Date:.............................

Page 21

International Society for Krishna Consciousness Limited

Group Statement of Financial Activities for the year ended 31 December 2021

Notes
INCOME AND ENDOWMENTS
FROM
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investment income
6
Other income
7
Trading income
8
Total
EXPENDITURE ON
Raising funds
9
Charitable Activities
Festival
Books
Education
Food for life
Religious activity
Animal Protection & Welfare
Trading activities
Restaurant & catering
Shops
Other activates
Trading expenses
8
Total resources expended
Net gains/(losses) on investments
Net Income/(expenditure)
Transfer between funds
26
Net incoming resources for the
year
Taxation
Net income for the year
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
Restricted
funds
Trading
income/
expenses
£
£
£
3,132,049
1,143,046
-
1,753,150
490,062
-
728,879
-
-
236,980
-
-
469,603
-
-
-
-
2,411,289
6,320,660
1,633,108
2,411,289
3,900,069
434,203
-
350,781
-
-
482,224
-
-
125,562
32,702
-
40,858
-
-
226,884
-
-
-
260
-
408,365
-
-
124,637
-
-
1,170
-
-
-
-
1,617,647
5,660,550
467,165
1,617,647
(32,500)
-
-
627,609
1,165,944
793,642
(143,146)
233,353
-
484,463
1,399,296
793,642
-
-
(12,354)
484,463
1,399,296
781,288
15,172,259
31,338,296
(843,904)
15,656,722
32,737,592
(62,616)
Continuing operations		 Unrestricted
funds
Restricted
funds
Trading
income/
expenses
£
£
£
3,132,049
1,143,046
-
1,753,150
490,062
-
728,879
-
-
236,980
-
-
469,603
-
-
-
-
2,411,289
6,320,660
1,633,108
2,411,289
3,900,069
434,203
-
350,781
-
-
482,224
-
-
125,562
32,702
-
40,858
-
-
226,884
-
-
-
260
-
408,365
-
-
124,637
-
-
1,170
-
-
-
-
1,617,647
5,660,550
467,165
1,617,647
(32,500)
-
-
627,609
1,165,944
793,642
(143,146)
233,353
-
484,463
1,399,296
793,642
-
-
(12,354)
484,463
1,399,296
781,288
15,172,259
31,338,296
(843,904)
15,656,722
32,737,592
(62,616)
Continuing operations		 Unrestricted
funds
Restricted
funds
£
£
146,744
35,518
353,853
-
70,906
-
76
-
77,039
25,000
-
-
648,619
60,518
323,950
68,132
-
-
30,202
-
-
-
7,710
-
91,512
-
-
-
-
-
96,634
791
-
-
-
-
550,007
68,923
98,611
(8,405)
(98,611)
8,405
-
-
-
-
-
-
-
-
-
-
Discontinued operations		 2021
Total
£
4,457,357
2,597,065
799,785
237,056
571,642
2,411,289
11,074,194
4,726,354
350,781
512,426
158,264
48,568
318,395
260
408,365
222,063
1,170
1,617,647		 2020
Total
£
5,048,884
1,156,353
581,089
149,930
975,294
840,790
Unrestricted
funds
£
3,132,049
1,753,150
728,879
236,980
469,603
-		 Restricted
funds
£
1,143,046
490,062
-
-
-
-		 Unrestricted
funds
£
146,744
353,853
70,906
76
77,039
-
6,320,660 1,633,108 648,619 8,752,340
3,900,069
350,781
482,224
125,562
40,858
226,884
-
408,365
124,637
1,170
-		 434,203
-
-
32,702
-
-
260
-
-
-
-		 323,950
-
30,202
-
7,710
91,512
-
-
96,634
-
-		 5,091,407
24,144
530,133
52,538
39,020
188,602
-
485,188
276,700
-
1,079,254
5,660,550 467,165 550,007 8,364,292 7,766,986
(32,500) - (32,500)
2,677,402
-
2,677,402
(12,354)
2,665,048
45,666,650
48,331,698		 -
627,609 1,165,944 98,611 985,354
(143,146)
484,463
-		 233,353
1,399,296
-		 (98,611)
-
-		 -
985,354
-
484,463
15,172,259		 1,399,296
31,338,296		 -
-		 985,354
44,681,296
15,656,722 32,737,592 - 45,666,650

All the above amounts relate to continuing activities.

The notes on pages 26 to 49 form an integral part of these financial statements. Page 22

International Society for Krishna Consciousness Limited

Group Balance Sheet As at 31 December 2021

Notes
Fixed assets
Tangible fixed assets
14
Fixed asset investments
15
Current assets
Stock
17
Debtors
18
Bank and cash
Creditors: amounts falling due within one
year
19
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
20
Net assets
Funds
Restricted income funds
25
Unrestricted income funds
Designated funds
25
General funds
25
Profit and Loss		 £
£
43,426,863
987,810
44,414,673
617,891
694,011
9,310,506
10,622,408
(2,152,107)
8,470,301
52,884,974
(4,553,275)
48,331,698
32,737,592
15,006,722
650,000
(62,616)
48,331,698
2021		 £
£
43,503,882
1,020,310
44,524,192
610,974
636,904
6,862,500
8,110,378
(1,912,816)
6,197,562
50,721,754
(5,055,104)
45,666,650
31,338,296
14,522,259
650,000
(843,904)
45,666,650
2020
(As restated)		 £
£
43,503,882
1,020,310
44,524,192
610,974
636,904
6,862,500
8,110,378
(1,912,816)
6,197,562
50,721,754
(5,055,104)
45,666,650
31,338,296
14,522,259
650,000
(843,904)
45,666,650
2020
(As restated)
44,524,192
6,197,562
50,721,754
(5,055,104)
45,666,650
31,338,296
14,522,259
650,000
(843,904)
45,666,650

The financial statements were approved and authorised for issue by the board on ________ and signed on its behalf:

A W Howchin - Trustee

The notes on pages 26 to 49 form an integral part of these financial statements. Page 23

International Society for Krishna Consciousness Limited

Charity Balance Sheet As at 31 December 2021

Notes
Fixed assets
Tangible fixed assets
14
Fixed asset investments
15
Current assets
Stock
17
Debtors
18
Bank and cash
Creditors: amounts falling due within one
year
19
Net current assets
Net assets
Creditors: amounts falling due after more
than one year
20
Net assets
Funds
25
Restricted income funds
Unrestricted income funds
Total funds		 £
£
39,583,084
452,167
40,035,251
442,350
289,273
4,367,720
5,099,343
(6,025,496)
(926,153)
39,109,098
(4,257,464)
34,851,634
29,464,486
5,387,148
34,851,634
2021		 £
£
40,329,499
452,167
40,781,666
451,302
454,147
4,271,582
5,177,031
(6,088,386)
(911,355)
39,870,311
(4,828,525)
35,041,786
28,463,465
6,578,321
35,041,786
2020		 £
£
40,329,499
452,167
40,781,666
451,302
454,147
4,271,582
5,177,031
(6,088,386)
(911,355)
39,870,311
(4,828,525)
35,041,786
28,463,465
6,578,321
35,041,786
2020
40,781,666
(911,355)
5,099,343
(6,025,496)
39,870,311
(4,828,525)
35,041,786
28,463,465
6,578,321
35,041,786

The financial statements were approved and authorised for issue by the board on ________ and signed on its behalf:

A W Howchin - Trustee

The notes on pages 26 to 49 form an integral part of these financial statements. Page 24

International Society for Krishna Consciousness Limited

Group cash flow statement for the year ended 31 December 2021

Cash flows from operating activities:
Cash Generated from operations (Note 1)
Net cash provided by (used in) operating activities
Cash flows from investing activities:
Purchase of tangible fixed assets
Purchase of fixed asset investments
Sale of tangible assets
Sale of fixed asset investments
Net Cash provided by (used in ) investing activities
Cash flows from financing activities
Bank loans raised (external)
Interest paid
Repayment of bank loan (external)
Net Cash Flow from financing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting period
Cash and cash equivalents at the end of the reporting period
Note 1: Reconciliation of net income to net cash flow
from operating activities
Net income for the reporting period (as per the statement of financial
activities)
Adjustments for:
Depreciation charges
Bad debts/other adjustments to debtors
(Profit)/Loss on disposal of fixed assets
Interest paid
Other movements
(Increase)/decrease in stock
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by (used in) operating activities		 2021
£
4,601,308
4,601,308
(1,532,152)
-
-
-
(1,532,152)
-
(96,770)
(524,380)
(621,150)
2,448,006
6,862,500
9,310,506
2,665,048
1,589,306
-
19,864
96,770
-
(6,917)
(57,107)
294,343
4,601,308		 2020
£
2,957,836
2,957,836
(1,797,448)
-
340,095
-
(1,457,353)
3,200,000
(82,768)
(439,639)
2,677,593
4,178,076
2,684,424
6,862,500
975,454
878,299
582,648
253,370
82,768
4,432
58,948
381,262
(259,345)
2,957,836

Page 25

International Society for Krishna Consciousness Limited

Notes to the financial statements for the year ended 31 December 2021

1. CHARITY STATUS

The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £Nil towards the assets of the charity in the event of liquidation.

The address of its registered office is: Oak House, 1 Watford Road, Radlett, Hertfordshire, WD7 8LA

1.1 ACCOUNTING POLICIES

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared in accordance with Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Ireland (FRS 102) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.

Basis of preparation

International Society For Krishna Consciousness Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The functional and presentational currency is GBP Sterling (£), being the currency of the primary economic environment in which the charity operates in. The amounts are presented rounded to the nearest pound.

1.2 CONSOLIDATION

The financial statements consolidate the financial statements of the Charity, and its subsidiary undertakings, all made up to 31 December. All intra-group balances and transactions during the year have been eliminated. These financial statements of the subsidiaries have been consolidated on a line by line basis and the results of the main trading subsidiary is presented in Note 8. No separate SOFA has been presented for the Charity alone as permitted by the exemption afforded by section 408 of the Companies Act 2006.

The charity has taken advantage of the exemption under section 405 subsection (3) of the Companies Act 2006 and not consolidated its subsidiary company, Sanctuary Hospitality Private Limited, a company registered in India and a 49% associate company, Govinda's Foods Limited, a company registered in England. The subsidiary is excluded from consolidation as it is considered that its inclusion is not material for the purpose of giving a true and fair view and the information necessary for consolidation cannot be obtained without undue delay. The net assets and results of the subsidiary and the associate company are disclosed in Note 16.

Page 26

International Society for Krishna Consciousness Limited

Notes to the financial statements for the year ended 31 December 2021

1.3 GOING CONCERN

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity. Though the charity's activities and fund raising capabilities have reduced as a result of Covid-19, the charity was still able to raise sufficient funds to meet its expenditure needs. The trustees also do not believe the pandemic will have a long term impact on the charity. As such, these financial statements have been prepared on a going concern basis.

1.4 FUND ACCOUNTING

General funds are unrestricted funds which represent the accumulated surplus of income over expenditure and are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purpose.

Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. The aim and purpose of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds of the charity restricted for specific purposes being undertaken by the charity. The cost of raising and administering such funds are charged against the specific fund.

1.5

INCOMING RESOURCES

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Donations and grants are recognised when receivable. In the event that a donation is subject to fulfilling performance conditions before the charity is entitled to the funds, the income is deferred and not recognised until it is probable that those conditions will be fulfilled in the reporting period.

Income from Gift Aid tax reclaims is recognised for any donations with relevant Gift Aid certificates recognised in income for the year. Any amounts of Gift Aid not received by the year-end are accounted for in income and accrued income in debtors.

Income from Government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

In response to the Covid-19 pandemic, the charity took advantage of the Coronavirus Job Retention Scheme which resulted in the LLP receiving a government grant to cover salary costs of a number of employees. The receipts of these funds are recognised in the Statement of Financial Activity within other income.

The charity also received several Covid-19 relief grants, which were announced by the government to assist charities and businesses with their cash flow during the Covid-19 pandemic. These grants are not repayable.

Page 27

International Society for Krishna Consciousness Limited

Notes to the financial statements for the year ended 31 December 2021

1.5 INCOMING RESOURCES (cont.)

For legacies, entitlement is taken on a case by case basis as the earlier of the date on which: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution.

If the legacy is in the form of an asset other than cash or an asset listed on a recognised stock exchange, recognition is subject to the value of the asset being able to be reliably measured and title to the asset has passed to the charity. Where legacies have been notified to the or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.

Income received in advance for a future fundraising event or for a grant received relating to the following year are deferred until the criteria for income recognition are met.

1.6 RESOURCES EXPENDED AND IRRECOVERABLE VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis under the following headings.

Costs of raising funds comprises fundraising costs incurred in seeking donations, grants and legacies and costs of fundraising activities.

Expenditure on charitable activities includes those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support in furthering the purposes of the charity and their associated support costs.

Support costs comprise those costs which are incurred directly in support of expenditure on the objects of the charity and include governance cost, finance, and office costs. Governance costs are those costs incurred in connection with the compliance with constitutional and statutory requirements of the charity. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

1.7 TAXATION

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Page 28

International Society for Krishna Consciousness Limited

Notes to the financial statements for the year ended 31 December 2021

1.8 TANGIBLE FIXED ASSETS AND DEPRECIATION

Tangible fixed assets are initially recorded at cost, and subsequently held at historic cost less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows

Freehold buildings 5% on straight line Leasehold properties Straight line over the life of the lease Fixtures, fittings and equipment 20% on straight line Motor vehicles 25% on reducing balance Freehold land is not depreciated.

1.9 FIXED ASSET INVESTMENTS

Investment in equity shares in subsidiary undertakings, which are not publically traded and where fair value cannot be measured reliably, are measured at cost less accumulated impairment.

1.10 DEBTORS

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Accrued income is included at the best estimate of the amounts receivable at the balance sheet date.

1.11 CASH AND CASH EQUIVALENTS

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

1.12 CREDITORS

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.

1.13 PENSIONS AND OTHER POST RETIREMENT OBLIGATIONS

The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Page 29

International Society for Krishna Consciousness Limited

Notes to the financial statements

for the year ended 31 December 2021

1.14 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.15 LEASING

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.16 DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Page 30

International Society for Krishna Consciousness Limited

Notes to the financial statements for the year ended 31 December 2021

2 FINANCIAL PERFORMANCE OF THE CHARITY

FINANCIAL PERFORMANCE OF THE CHARITY
Total income
Income and endowments
Total expenditure
EXPENITURE
Net income
Transfer of funds
Total funds brought forward
Total funds carried forward
Represented by:
Restricted income funds
Unrestricted income funds
Total funds carried forward		 Continuing
operations
£
1,980,928
(2,261,287)
(280,358)
90,206
35,041,786
34,851,634
29,464,486
5,387,148
34,851,634		 Discontinued
operations
£
709,137
(618,930)
90,206
(90,206)
-
-
-
-
-		 2021
Total
£
2,690,065
(2,880,217)
(190,152)
-
35,041,786
34,851,634
29,464,486
5,387,148
34,851,634		 2020
Total
£
3,123,173
(2,506,601)
616,572
-
34,425,214
35,041,786
28,463,465
6,578,321
35,041,786

Please refer to note 13 for details of the discontinued operations.

3 DONATIONS AND LEGACIES (GROUP)

DONATIONS AND LEGACIES (GROUP)
Donations and legacies Unrestricted
funds
£
3,132,049
3,132,049
Continuing		 Restricted funds
£
1,143,046
1,143,046
operations		 Unrestricted
funds
Restricted funds
£
£
146,744
35,518
146,744
35,518
Discontinued operations		 2021
Total
£
4,457,357
4,457,357		 (As restated)
2020
Total
£
5,048,884
5,048,884

The comparative information for donations has been restated from £5,381,920 to £5,048,884 to better reflect the nature of the funds received. Income raised in through charitable activities such as Animal Protection & Welfare (£306,230) and Religious Activity (£26,806), have been reclassified to Income from Charitable Activities (refer to note 4).

Please refer to note 13 for details of the discontinued operations.

Page 31

International Society for Krishna Consciousness Limited

Notes to the financial statements for the year ended 31 December 2021

4 INCOME FROM CHARITABLE ACTIVITIES

Festivals and Rathyatra
Books
Food for life
Education & training
Animal Protection & Welfare
Religious activity		 Unrestricted
funds
£
1,010,363
577,623
39,833
72,272
-
53,059
1,753,150
Continuing		 Restricted
funds
£
-
-
-
36,284
453,778
-
490,062
operations		 Unrestricted
funds
Restricted
funds
£
£
-
-
340,569
-
7,316
-
-
-
-
-
5,968
-
353,853
-
Discontinued operations		 2021
Total
£
1,010,363
918,192
47,149
108,557
453,778
59,027
2,597,065		 (As restated)
2020
Total
£
98,429
615,029
59,884
49,975
306,230
26,806
1,156,353

The comparative information for Animal Protection & Welfare and Religious Activity have been restated to £306,230 (from £Nil) and £26,806 (from £Nil) respectively, to better reflect the nature of the donations received. Refer to note 3 for further details.

Please refer to note 13 for details of the discontinued operations.

5 OTHER TRADING ACTIVITIES (INCOME)

Shop income
Restaurant and catering
Other activities		 Unrestricted
funds
£
143,483
493,224
92,171
728,879
Continuing		 Restricted
funds
£
-
-
-
-
operations		 Unrestricted
funds
Restricted
funds
£
£
9,406
-
55,894
-
5,606
-
70,906
-
Discontinued operations		 2021
Total
£
152,890
549,118
97,777
799,785		 2020
Total
£
83,105
213,751
284,233
581,089

Please refer to note 13 for details of the discontinued operations.

Page 32

International Society for Krishna Consciousness Limited

Notes to the financial statements for the year ended 31 December 2021

6 INVESTMENT INCOME

INVESTMENT INCOME
Charitable letting of non- investment property
Bank interest		 Unrestricted
funds
£
234,354
2,626
236,980
Continuing		 Restricted
funds
£
-
-
-
operations		 Unrestricted
funds
Restricted
funds
£
£
-
-
76
-
76
-
Discontinued operations		 2021
Total
£
234,354
2,702
237,056		 2020
Total
£
149,774
156
149,930

7 OTHER INCOME

OTHER INCOME
Insurance settlement
Rent
Government grants		 Unrestricted
funds
£
460,639
8,639
325
469,603
Continuing		 Restricted
funds
£
-
-
-
-
operations		 Unrestricted
funds
Restricted
funds
£
£
77,039
25,000
-
-
-
-
77,039
25,000
Discontinued operations		 2021
Total
£
562,678
8,639
325
571,642		 2020
Total
£
975,294
-
-
975,294

Grants received, included in the above, are as follows:

Coronavirus Job Retention Scheme (CJRS) - £446,474 (2020: £673,595); Covid Relief Grants awarded by local councils and other bodies - £50,608 (2020: £241,608); Education grants - £Nil (2020: £38,757); Business Rates relief - £65,596 (2020: £21,334).

Please refer to note 13 for details of the discontinued operations.

Page 33

International Society for Krishna Consciousness Limited

Notes to the financial statements for the year ended 31 December 2021

8 TRADING INCOME/EXPENSES

Group

Turnover
Cost of sales
Staff costs
Other administrative expenses
Depreciation
Net (Loss)/income from trading		 2021
£
2,411,289
795,147
574,363
143,796
104,341
1,617,647
793,642		 (as restated)
2020
£
840,790
255,623
564,906
156,896
101,829
1,079,254
(238,464)

Refer to note 15 for details of the restatement.

Page 34

International Society for Krishna Consciousness Limited

Notes to the financial statements for the year ended 31 December 2021

9 RAISING FUNDS

Raising donations and legacies

Staff costs
Rent, rates and insurance
Premises insurance
Light and heat
Telephone
Postage and stationery
Sundries
Adjustment to Debtors
Purchases
Gifts & samples
Literature & brochures
Devotee maintenance
Computer costs
Repairs & maintenance
Travelling
Motor expenses
Professional fees
Hire of equipment
Subtotal carried forward		 Unrestricted
funds
£
940,381
200,939
101,427
32,626
24,350
40,895
36,183
-
203,447
257
8,425
21,197
22,815
216,584
47,964
19,608
102,529
5,629
2,025,256
Continuing		 Restricted funds
£
-
-
-
-
5,855
704
123
-
-
-
-
-
2,519
2,971
1,657
-
33,577
-
47,406
operations		 Unrestricted
funds
Restricted funds
£
£
142,380
-
13,380
-
8,197
-
-
-
-
-
9,721
3,463
14,058
-
-
-
11,856
416
-
-
8,030
7
-
-
2,963
-
33,067
-
27,792
-
-
-
19,885
-
899
-
292,229
3,887
Discontinued operations		 2021
Total
£
1,082,761
214,319
109,624
32,626
30,205
54,784
50,363
-
215,719
257
16,463
21,197
28,298
252,622
77,414
19,608
155,990
6,527
2,368,778		 (As restated)
2020
Total
£
1,078,870
211,060
124,787
- 2,837
31,243
88,652
39,717
582,648
241,534
2,203
14,064
56,383
11,000
249,675
84,898
39,178
221,723
94,018
3,168,814

Page 35

International Society for Krishna Consciousness Limited

Notes to the financial statements for the year ended 31 December 2021

9 RAISING FUNDS (cont.)

Subtotal carried brought forward
Office machine maintenance
Bhoga consumptions
Training
Flowers and decorations
Cleaning and disposables
Donations
Other costs
Health safety and compliance
Books
Support costs(refer to note 10)*		 Unrestricted
funds
2,025,256
22,780
106,483
211
2,181
56,942
34,415
-
13,274
9,216
1,629,312
3,900,069
Continuing		 Restricted funds
47,406
1,075
-
-
-
-
322,460
-
-
-
63,262
434,203
operations		 Unrestricted
funds
Restricted funds
292,229
3,887
1,148
-
8,481
31,681
-
-
-
-
6,411
-
8,837
32,563
-
-
-
-
-
-
6,844
-
323,950
68,132
Discontinued operations		 2021
Total
2,368,778
25,002
146,645
211
2,181
63,353
398,275
-
13,274
9,216
1,699,418
4,726,354		 (As restated)
2020
Total
3,168,814
9,844
226,922
5,538
17,478
47,812
339,754
- 1,581
-
-
1,276,825
5,091,407

The comparative information for “costs of generating donations and legacies” has been restated from £5,280,009 to £5,091,407, to better reflect the nature of the funds expensed. Total expenses of £188,602 have been reclassified from the classifications denoted with * above, to costs incurred in carrying out religious activities.

Please refer to note 13 for details of the discontinued operations.

Page 36

International Society for Krishna Consciousness Limited

Notes to the financial statements for the year ended 31 December 2021

10 SUPPORT COSTS

Raising funds
Other costs
Auditor's remuneration
VAT Irrecoverable
Loss or loss on disposal
Depreciation of fixed assets
Bank charges and interest		 Unrestricted
funds
£
29,800
38,461
19,864
1,463,206
77,981
1,629,312
Continuing		 Restricted
funds
£
-
5,836
-
-
57,427
63,262
operations		 Unrestricted
funds
£
-
-
-
-
6,844
6,844
Discontinued
operations		 2021
Total
£
-
29,800
44,296
19,864
1,463,206
142,252
1,699,418		 2020
£
1,930
32,000
105,029
253,370
766,570
117,926
1,276,825

11 NET INCOME/(EXPENDITURE)

Net income/(expenditure) for the] Group is stated after charging/(crediting):

2021 2020
£ £
Auditors' remuneration - Group 29,800
 32,000
Auditors' remuneration - Charity 13,000
 13,000
Depreciation - owned assets 1,589,306
 878,299

12 TRUSTEES' REMUNERATION AND BENEFITS

Remuneration and other emoluments 2021
£
30,988		 2020
£
29,980

During the year, a trustee (Mr A Howchin) received a salary from the charity. Other than this, no other trustee of ISKCON Limited, nor any persons connected with them, have received any remuneration from the charity during the year. The remuneration of the trustees of ISKCON Bhaktivedenta Manor Limited and ISKCON London, have been disclosed in those financial statements.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020.

13 DISCONTINUED OPERATIONS

From 1st January 2022 onwards, the Swansea centre has discontinued operating within ISKCON Limited and has been set up as separate, stand-alone, charity. Throughout these financial statements the incoming resources received by and resources expended by the Swansea centre during the year ended 31 December 2021 have been disclosed separately as discontinued operations (notably on the face of the Statement of Financial Activity and notes 2, 3, 4, 5, 6, 7, 9 and 10). These will no longer be generated within ISKCON Limited subsequent to the year end.

Page 37

International Society for Krishna Consciousness Limited

Notes to the financial statements

for the year ended 31 December 2021

14 STAFF COSTS

Wages and salaries
Social security costs
Pensions		 2021
£
2,228,978
132,745
33,012
2,394,736		 2020
£
2,236,382
123,696
39,936
2,400,014

The average monthly numbers of employees (including the Trustees) during the year were as follows:

Direct Charitable Work
Administrative		 2021
112
24
136		 2020
146
24
170

No employee received emoluments in excess of £60,000.

Page 38

International Society for Krishna Consciousness Limited

Notes to the financial statements for the year ended 31 December 2021

15 TANGIBLE FIXED ASSETS

(a) Group

Cost or valuation
At 1 January 2021
Additions
Disposals
At 31 December 2021
Depreciation
At 1 January 2021
Charge for the year
Eliminated on disposal
At 31 December 2021
Net book values
At 31 December 2021
At 31 December 2020		 (Restated)
Freehold
Land and
buildings
£
41,600,300
616,929
-
42,217,229
3,066,849
1,263,053
-
4,329,902
37,887,327
38,533,451		 (Restated)
Long
leasehold
property
£
5,822,605
-
(56,021)
5,766,585
1,186,093
204,411
(40,349)
1,350,154
4,416,430
4,636,512		 Fixtures,
fittings and
equipment
£
1,089,016
93,102
(36,109)
1,146,009
897,767
86,959
(35,050)
949,676
196,332
191,249		 Motor
vehicles
£
298,825
-
(10,190)
288,635
156,155
34,884
(7,057)
183,981
104,653
142,670		 Assets under
construction
-
822,120
-
822,120
-
-
-
-
822,120
-		 (Restated)
Total
£
48,810,745
1,532,152
(102,320)
50,240,577
5,306,864
1,589,306
(82,456)
6,813,714
43,426,863
43,503,882

(b) Charity

Cost or valuation
At 1 January 2021
Additions
Disposals
At 31 December 2021
Depreciation
At 1 January 2021
Charge for the year
Eliminated on disposal
At 31 December 2021
Net book values
At 31 December 2021
At 31 December 2020		 Freehold
Land and
buildings
£
41,600,300
616,929
-
42,217,229
3,066,849
1,263,053
-
4,329,902
37,887,327
38,533,451		 Long
leasehold
property
£
2,364,000
-

-
2,364,000
637,824
118,200

-
756,024
1,607,976
1,726,176		 Fixtures,
fittings and
equipment
£
275,409
46,077
(21,303)
300,183
222,326
23,896
(21,303)
224,918
75,265
53,084		 Motor
vehicles
£
54,617
-
(609)
54,008
37,828
4,171
(507)
41,493
12,515
16,789		 Total
£
44,294,326
663,007
(21,912)
44,935,420
3,964,827
1,409,320
(21,810)
5,352,337
39,583,084
40,329,499

The Group and Charity had capital commitments of £Nil as at 31 December 2021 (2020: £404,761).

Included within the group's net book value of freehold land and buildings above is £21,031,225 (stand alone charity: £21,031,225) in respect of land, which is not subject to depreciation.

Both the properties included in "Freehold Land and Buildings" and "Leasehold Property" are used as security against the group's loans (refer to note 24).

Included in assets under construction, is a new hay barn which the charity began constructing during the year. This building would be available for use by the charity subsequent to the year end.

Page 39

International Society for Krishna Consciousness Limited

Notes to the financial statements for the year ended 31 December 2021

15 TANGIBLE FIXED ASSETS - continued

The opening balances for the group's freehold land and buildings have been restated to reflect an investment property separately as investments as opposed to disclosing the property as tangible fixed assets (refer to note 16). As such, the brought forward cost value for freehold land and buildings has been restated from £42,168,443 to £41,600,300.

The opening balances for the group's long leasehold land and buildings have also been restated to reflect the disposal of a tangible fixed asset (hay barn), that was not originally disposed of when it was destroyed in 2018.

As a result, the comparatives have been restated as follows:

• The group cost of leasehold land and buildings within tangible fixed assets has reduced from £6,317,591 to £5,822,605, representing the disposal of the asset in 2018.

• The accumulated depreciation at 1 January 2020 has reduced from £937,071 to £825,699; the depreciation charge for the prior year has reduced from £219,913 to £210,012; and the carry forward accumulated depreciation at 31 December 2020/brought forward accumulated depreciation at 1 January 2021 has reduced from £1,307,367 to £1,186,093 to reflect the prior period asset disposal.

• The overdrawn reserves (profit and loss account) for the year ended 31 December 2020 have increased from £470,191 to £843,906.

• The depreciation expense under note 8, Trading income/expenses has been reduced from £111,729 to £101,829 for the year ended 31 December 2020, reflecting the reduction in the depreciation charge for the year as a result of the disposal of the asset as explained above.

Page 40

International Society for Krishna Consciousness Limited

Notes to the financial statements for the year ended 31 December 2021

16 FIXED ASSET INVESTMENTS

(a) Group
COST or VALUATION
At 1 January 2021
Additions
Unrealised gains (losses)
At 31 December 2021
NET BOOK VALUE
At 31 December 2021
At 31 December 2020
Disposals		 (Restated)
Investment
properties
£
568,143
-
-
(32,500)
535,643
535,643
568,143		 Unlisted
investments
£
452,167
-
-
452,167
452,167
452,167		 Totals
£
1,020,310
-
-
(32,500)
987,810
987,810
1,020,310

The 2021 valuation of the investment property was undertaken by the trustees, at open market value and the trustees are satisfied that the current open market value is not materially different from the value included within the financial statements. The unlisted investments represent shares held in unquoted companies.

Refer to note 15 for details of the restatement.

(b) Charity
COST or VALUATION
At 1 January 2021
Additions
At 31 December 2021
NET BOOK VALUE
At 31 December 2021
At 31 December 2020
Disposals		 Unlisted
investments
£
452,167
-
-
452,167
452,167
452,167		 Totals
£
452,167
-
-
452,167
452,167
452,167

The unlisted investments represent shares held in unquoted companies.

Page 41

International Society for Krishna Consciousness Limited

Notes to the financial statements

for the year ended 31 December 2021

17 FIXED ASSET INVESTMENTS - continued

The charity's unlisted investments at the balance sheet date in the share capital of companies include the following subsidiaries.

Govindas Food Limited

Country of incorporation: England and Wales

Nature of business: Restaurant and catering

Class of share:
Ordinary
Aggregate capital and reserves
Profit/(Loss) for the year
Sanctuary Hospitality Private Limited
Country of incorporation: India
Nature of business: Hospitality
Class of share:
Ordinary
Aggregate capital and reserves
Profit (Loss) for the year		 2021
% holding
49
2021
£
(221,175)
(47,786)
2021
% holding
99
2021
£
415,131
(8,621)		 2020
% holding
49
2020
£
(193,389)
(42,026)
2020
% holding
99
2020
£
438,652
1,493

Page 42

International Society for Krishna Consciousness Limited

Notes to the financial statements for the year ended 31 December 2021

18 STOCKS

STOCKS
Group Charity
2021 2020 2021 2020
£ £ £ £
Finished goods and goods for resale 617,891 610,974 442,350 451,302

19 DEBTORS

Trade debtors
Other debtors
Amounts owed by group companies
Prepayments
Deferred tax asset
VAT
CREDITORS: amounts falling due within on
Bank loan
Trade creditors
Amounts owed to group companies
Taxation and social security creditors
VAT
Other creditors
Accruals
Lease liabilities		 2021
2020
£
£
120,130
26,797
495,928
489,426
-
40,000
56,691
47,065
21,263
33,617
-
-
694,011
636,904
e year
2021
2020
£
£
519,888
533,167
633,194
766,912
-
-
70,223
8,558
11,417
29,056
457,301
498,459
406,628
76,664
53,457
2,152,107
1,912,816
Group
Group		 2021
2020
£
£
5,905
21,239
66,167
196,935
202,884
221,760
958
9,850
-
-
13,358
4,363
289,273
454,147
2021
2020
£
£
491,844
498,528
461,181
656,658
4,531,568
4,564,341
(485)
(1,018)
-
-
281,837
361,288
259,552
8,589
6,025,496
6,088,386
Charity
Charity

20 CREDITORS: amounts falling due within one year

Included within other creditors is deferred income of £119,506 (2020: £112,482) relating to the trading company's wedding function offering (Bhaktivedanta Manor Limited), which will be recognised as income within one year. Amounts to be recognised after one year of £8,606, have been disclosed in other creditors due after more than one year.

Page 43

International Society for Krishna Consciousness Limited

Notes to the financial statements

for the year ended 31 December 2021

21 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021
2020
£
£
Bank loans (see note 23)
4,463,054
5,055,104
Lease liabilities
81,615
Other creditors
8,606
4,553,275
5,055,104
ANALYSIS OF NET ASSETS AND LIABILITIES BETWEEN FUNDS
Unrestricted
general funds
Unrestricted
revaluation
reserve
£
£
Tangible fixed assets
11,241,492
-
Investment assets
987,810
-
Current assets
6,399,820
-
Current liabilities
(1,588,677)
-
Long-term liabilities
(1,446,338)
-
15,594,106
-
Group		 2021
2020
£
£
4,257,464
4,828,525
4,257,464
4,828,525
Restricted
Funds
Group Total
£
£
32,185,371
43,426,863
-
987,810
4,222,587.88
10,622,408
(563,430)
-2,152,107
(3,106,937)
-4,553,275
32,737,592
48,331,698
Charity		 2021
2020
£
£
4,257,464
4,828,525
4,257,464
4,828,525
Restricted
Funds
Group Total
£
£
32,185,371
43,426,863
-
987,810
4,222,587.88
10,622,408
(563,430)
-2,152,107
(3,106,937)
-4,553,275
32,737,592
48,331,698
Charity
4,828,525
Group Total
£
43,426,863

987,810
10,622,408
-2,152,107
-4,553,275
48,331,698

22 ANALYSIS OF NET ASSETS AND LIABILITIES BETWEEN FUNDS

ANALYSIS OF NET ASSETS AND LIABILITIES BETWEEN FUNDS - PREVIOUS YEAR

Tangible fixed assets
Investment assets
Current assets
Current liabilities
Long-term liabilities		 (restated)
Unrestricted
general funds
£
12,983,065
452,167
3,041,205
(1,445,868)
(702,215)
14,328,355		 Unrestricted
revaluation
reserve
£
-
-
-
-
-
-		 Restricted
Funds
£
31,462,672
-
4,695,462
(466,948)
(4,352,889)
31,338,296		 Group Total
£
44,445,737

452,167
7,736,667
(1,912,816)
(5,055,104)
45,666,651

Page 44

International Society for Krishna Consciousness Limited

Notes to the financial statements

for the year ended 31 December 2021

23
LOANS
An analysis of the maturity of loans is given below:
Amounts falling due within one year or on demand:
Bank loans
Amounts falling due in more than five years:
Repayable by instalments:
Bank loans repayable within 2-5 years
Bank loans more than 5 years by instalments
24
SECURED DEBTS
The following secured debts are included within creditors:
Bank Loans		 2021
£
519,888
1,950,824
2,512,230
2021
£
4,982,942		 2020
£
533,167
1,996,374
3,058,730
2020
£
5,505,878

Bank Loan and Overdraft are secured by a fixed and floating charge over the properties owned by the charity.

25 OPERATING LEASE COMMITMENTS

The following operating lease payments are committed to be paid:

Payable
Under one year
Between 2-5 years		 2021
£
53,457
81,615		 2020
£
29,900
-

Page 45

International Society for Krishna Consciousness Limited

Notes to the financial statements for the year ended 31 December 2021

26 ANALYSIS OF CHARITABLE FUNDS - GROUP ANALYSIS OF MOVEMENTS IN UNRESTRICTED FUNDS

Designated and General
funds
Profit and loss account		 (as restated)
At 1 Jan 2021
£
15,172,259
(843,904)
14,328,355		 Incoming
resources
£
6,320,660
-
6,320,660		 Outgoing
resources
£
(5,660,550)

-
(5,660,550)		 Gains and
losses
£
(32,500)

-
- 32,500.00		 £
98,611

-
Transfers from
discontinued
operations		 £
(241,758)

-
(241,758)
Transfers to
restricted
funds		 Profit or
(losses)
£
-

781,288
781,288		 At 31 Dec 2021
£
15,656,722
(62,616)
98,611.26 15,594,106

The above unrestricted funds of £15,656,722 have accumulated over previous years in the course of the charity having carried out its activities.

As described in note 13 of these financial statements, the Swansea centre has discontinued operating within ISKCON Limited subsequent to the year end and has been set up as separate, stand-alone, charity. The general funds generated by the centre during the year, amounting to £98,611, will be retained by ISKCON Limited. The charity, has however, identified certain assets that will be donated to the new ISKCON charity in Swansea, in the next financial year and as such, these amounts have been transferred to restricted funds (£241,758).

ANALYSIS OF MOVEMENTS IN UNRESTRICTED FUNDS - PREVIOUS YEAR

General funds
Profit and loss account		 (as restated)
At 1 Jan
2020
£
15,136,442
(605,440)
14,531,002		 Incoming
resources
£
5,616,329
-		 Outgoing
resources
£
(5,580,512)

-
(5,580,512)		 (as restated)
Profit or
(losses)
£
-

(238,464)
(238,464)		 (as restated)
At 31 Dec
2020
£
15,172,259
(843,904)
5,616,329 14,328,355

Refer to note 15 for the details of the restatement.

Page 46

International Society for Krishna Consciousness Limited

Notes to the financial statements for the year ended 31 December 2021

ANALYSIS OF MOVEMENTS IN RESTRICTED FUNDS

Restricted funds At 1 Jan 2021
£
31,338,296
31,338,296		 Incoming
resources
£
1,633,108
1,633,108		 Outgoing
resources
£
(467,165)
(467,165)		 Gains and
losses
£
-
-		 £
(8,405)
Transfers from
discontinued
operations		 £
241,758
241,757.71
Transfers to
restricted
funds		 Profit or
(losses)
£
-
-		 At 31 Dec 2021
£
32,737,592
- 8,404.99 32,737,592

The restricted funds of £32,737,592 represents 'Freehold Revaluation' of £18,676,952 (2020: £18,676,952) and 'Capital Funds' (i.e. restricted properties, monies received for capital expenditure etc) of £13,804,243 (2020: £12,661,344) and £256,757 worth of assets that have been identified for donation to the new ISKCON charity in Swansea. The revaluation reserve has been accumulated over the years based upon independent valuations carried out of the freehold properties which are being used by the charity in the normal course of carrying out its activities. This does not represent cash reserves.

As described above and in note 13 of these financial statements, the Swansea centre has discontinued operating within ISKCON Limited subsequent to the year end and has been set up as separate, stand-alone, charity. The restricted funds generated by the centre during the year, amounting to (£8,405), will be retained by ISKCON Limited. The net expenditure is to be offset against a brought forward restricted amount of £23k. The charity, has however, identified certain assets that will be donated to the new ISKCON charity in Swansea, in the next financial year which amount to £256,757. These funds are to be restricted for donation to the new centre.

ANALYSIS OF MOVEMENTS IN RESTRICTED FUNDS - PREVIOUS YEAR

At 1 Jan Incoming Outgoing At 31 Dec
2020 resources resources 2020
£ £ £ £
Restricted funds 30,150,294 2,295,221
 (1,107,219) 31,338,296

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International Society for Krishna Consciousness Limited

Notes to the financial statements for the year ended 31 December 2021

27
ANALYSIS OF CHARITABLE FUNDS - continued
UNRESTRICTED INCOME FUNDS - DESIGNATED
Training in religious practices and providing pastoral care and encouraging
volunteering & establishing of new centers/sangas for congregational prayers
Outreach activities such as visits to parts of Africa and retreats.
Property fund
Nitya Seva
Benevolent fund
Restaurant refurbishment
Deity refurbishment
Other charitable projects
UNRESTRICTED INCOME FUNDS - GENERAL
Redundancy & Contingency Fund
Improvements to private road
Improvements to Grade II Listed Building (Manor)
Educational Contingency Fund
Marketing and Promotion
Furniture & Fixtures replacements
Maintenance of the Gardens at various sites
Farming improvements in compliance with improved eco system
Working Capital for day to day activities
Literature Distribution
Holding Public Festivals such as Janmastmi (celebration of Lord Krishna's
Free Distribution and Promotion of sanctified vegetarian food (prasadam) -		 £
1,577,913
500,000
1,750,000
400,000
500,000
200,000
500,000
500,000
100,000
500,000
76,799
250,000
100,000
155,000
8,000
16,195
66,000
67,000
7,739,815
15,006,722
650,000

28 TAXATION

The company is limited by guarantee and a registered charity. The charity is considered to pass the tests set out in

2021 2020
£ £
Deferred tax (12,354) -

29 PENSION

Defined contribution pension scheme

The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £39,936 (2019 - £29,901). Contributions payable by the group to the scheme in 2020 total £6,898 (2019: £8,327).

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International Society for Krishna Consciousness Limited

Notes to the financial statements for the year ended 31 December 2021

30 COMPANY LIMITED BY GUARANTEE

International Society for Krishna Consciousness Limited, International Society for Krishna Consciousness London and International Society for Krishna Consciousness Bhaktivedanta Manor Limited, are companies limited by guarantee and accordingly do not have share capital.

Every member of the company undertakes to contribute such amount as may be required not exceeding £1 to the assets of the charitable company in the event of its being wound up while he or she is a member, or within one year after he or she ceases to be a member.

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