2022-12-31-accounts

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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 2022

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

International Society For Krishna Consciousness Limited

Contents
Company Information	1 to 2
Trustees' Report	3 to 20
Independent Auditors' Report	21 to 24
Consolidated Statement of Financial Activities	25
Consolidated Balance Sheet	27
Charity Balance Sheet	28
Consolidated Statement of Cash Flows	29
Notes to the Financial Statements	30 to 53

International Society For Krishna Consciousness Limited

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

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 2022.

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 2022, 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 2022 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 2022 were as follows:

Paul Murphy (Praghosa dasa) - Chairman
Terry Anderson (Tarakanatha dasa)
Antony Howchin (Titiksu dasa)
Kam Patel (Kamalesh Krishna dasa)
George McMullan (Prabhupada Prana dasa)
Daywanthie Clark (Akincana dasi)
Krunnal Patel (Kanhaiya dasa)

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

2022 has been another progressive and enlivening year for ISKCON in the UK. Our three core and most important activities have all seen increases on recent years.

Those three activities are the distribution of the maha mantra (the transcendental holy name), the distribution of prasadam (sanctified vegetarian food) and the distribution of literature. Such literature that philosophically explains, on the basis of logic and reason, the importance of the other activities and indeed a lot more besides.

So, in 2022 we distributed 28,000 more books than we did in 2021, in total 233,000 pieces of literature were distributed.

Another significant contribution made by ISKCON in 2022 was our effort to assist those affected by the war in Ukraine. Both those who remain in Ukraine, as well as those who have left Ukraine to seek shelter and refuge in other countries, including the UK.

Another highlight in 2022 has been the opening of our new centre in Stoke, Staffordshire. It is always a source of great jubilation when we are able to expand in

this way and you can read more about our new Stoke centre later in this report. We are of course aware that while it is always exciting to begin new projects and centres, the reality is that just as destruction is always easier than creation, more challenging again than creation, is maintenance. So maintaining all that we currently have in place is always a big priority and we are delighted to report that all our existing centres and projects are not only still functioning, but are in fact thriving.

In addition, all of our outreach services have reported that more and more people are making contact with us who have a specific interest in improving mental health. That will likely come as no surprise to many as the world we live in is undoubtedly becoming ever more stressful.

There are numerous things that feed into this increasing anxiety and stress that so many are experiencing. The stress of the cost-of-living crisis, the anxiety around war returning to Europe, the worry and uncertainty that remains as a result of the pandemic and then other concerns, particularly for future generations, such as climate change. For all of these challenges there are solutions that can be found to ameliorate the impact of the same. However, we always advise those who approach us for help on this issue, that whatever progress that can be made on the externals, there is at least equal, if not more, that can be done on the more subtle, internal level.

As humans we are very complex beings but it is becoming ever increasingly clear that our sense of well-being and confidence is greatly increased when our physical self is aligned with our mind and spirit.

This wholesome approach to dealing with life’s challenges is something we are striving to make available and to share with as many as we possibly can.

No doubt this will become an increasing demand on us but we are enthusiastic that we will be able to meet whatever demand is placed on us.

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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:

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.
To propagate a consciousness of Krishna, (God), as is revealed in Bhagavad-Gita and Srimad Bhagavatam (ancient scripture).
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.
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.
To erect for the members and for society at large a holy place of transcendental pastimes dedicated to the personality of Krishna.
To bring members together for the purpose of teaching a simpler, more natural way of life.
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:

Distribution of literature
Public festivals - promoting spiritual techniques
The distribution and promotion of sanctified vegetarian food (prasadam)
Education in doctrines, training in religious practice: pastoral care
Promotion through other media
Encouraging positive life principles and social engagement through volunteering
The opening of new centres/sangas (spiritual gatherings)
Outreach - including youth outreach
Fundraising
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.

233,000 pieces of literature were distributed this year. This compares with 205,000 pieces of literature distributed in 2021. (Figures are approximate).

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International Society For Krishna Consciousness Limited

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Trustees' Report
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Book Distribution Totals
350
300
250
200
150
100
50
0
2017 2018 2019 2020 2021 2022
Year
Number of Books per 1000
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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 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. 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 and our linked charity, Food for All.

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 tours for school children at our centres. The experience includes 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. ISKCON Bhaktivedanta Manor also runs its own nursery school and aids the Gurukula Trust primary school providing for over 50 children. Here, the students are taught mainstream education and spiritual values appropriate to their age. The Bhaktivedanta Manor site also offers Sunday schools.

There are approx 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 programmes which encourage initial, further or full participation in the wealth of activities, courses, classes, programmes 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 centres receive one off donations for the general up keep of buildings and day to day running of activities. 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.

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International Society For Krishna Consciousness Limited Trustees' Report

Fundraising (continued)

Our Trustees/Directors did not receive any complaints about the Charity’s fundraising in this year. Our centres and volunteers make themselves very approachable and look to de-escalate grievances and minor issues as soon as possible. Persons are able to contact the group secretary at the head office via email if a complaint has not been dealt with to their satisfaction.

We have not had a compliance issue with a fundraising regulator and are not currently registered with any. We, of course, look to adhere to the code of fundraising practise and endeavour to be honest, open, legally bound and respectful to all. We do not use external or commercial fundraisers.

Our world governing documents stipulate that no person should mis-represent the organisation when distributing literature and recommend that seminars are held to show and oversee best practise among volunteers. In the UK we implement this by way of a small committee that meet quarterly. Its members are representative from each of the centres plus one to two dedicated persons who are available for extra training and guidance, both for individuals and for centre organisers. They, along with centre leaders assist with internal regulation of our many fundraising volunteers and their offsite fundraising activities.

The majority of our funding is from patronage and individuals who approach us at festivals or for their personal gift giving, as well as from our many other activities. Our volunteers can fundraise by various means such as door to door, street fundraising or by appointment. Our volunteer fundraisers are advised and often chaperoned to facilitate their understanding of best practise.

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’.

OVERVIEW OF THE U.K. CENTRES

This year saw the return in earnest of the activities and programmes that the UK Centres are known for.

The Society were able to add to the number of permanent outreach premises by the purchase of a property in Stoke-on-Trent. The centre will hold kirtan yoga and physical yoga sessions, regular group meetings and distribute food to the homeless and needy. The premises will also be used for some secular, community wide activities.

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The UK assisted with support, in the form of food, blankets and other essentials which were sent overseas to assist people exposed to hardship due to the war in the Ukraine. There are around 15,000 Hare Krishna members in the Ukraine.

Prayers and kirtans were offered in honour of Queen Elizabeth II who visited ISKCON centres, connected schools and projects and met with members during her lifetime.

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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.

Highlights for 2022 included embracing the opportunity to show respect to many members of other faiths during Interfaith Week; KCSoc, (Krishna Conscious Society for University students), held a retreat at Bhaktivedanta Manor with students from across the UK exploring spiritual life; visits from Members of Parliament, Sir Keir Starmer and on a separate occasion Rishi Sunak; Manor School students featured in R.E. Today magazine; a Summer Festival of Colours and Evenings of Gratitude - expressing thanks to senior members some of whom pioneered the centre almost 50 years ago.

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ISKCON Bhaktivedanta Manor (Connected Charity) (continued)

ISKCON Educational services, (IES) was established in 1989, quickly growing in popularity among teachers for its educational and interactive workshops. Today it continues to offer:

Day visits to Bhaktivedanta Manor to experience a living Temple.
In-school presentations to bring the Centre to students with insightful workshops.
Help Training Teachers (ITT and INSET).
Publishing and Distributing Resources (Books and Artefacts).
Professional Guidance (R.E., affiliated and governmental bodies)

ISKCON Birmingham

In person events began again in earnest with the attendance at Kirtan Yoga events back to normal and in some cases increasing. The Rathayatra for Birmingham was cancelled due to the Commonwealth games. 100 people booked to attend the yearly retreat and the famous Birmingham 24 Hour Kirtan was held in July.

Another highlight for the Midlands centre was 40 members of the congregation studying and sitting GCSE exams in Sanskrit, (the ancient language of the Bhagavad Gita.

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 team had over forty events in their yearly calender.

One of the year’s highlights was the return to the Glastonbury Festival.

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ISKCON Hare Krishna Festivals (Continued)

ISKCON Leicester

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

This year saw the building closed for a part of the year due to the vital renovation work required on the roof of this prominent building. The centre 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 continued to take place throughout the year. This is expected to be completed in 2023. The total repair will cost over £1m.

Five new families have moved to the area to join the community, just in time for the return of the Leicester Rathayatra, after covid closures.

The Leicester centre leader was also integral in Muslim – Hindu unity groups after unrest in the city.

International Society for Krishna Consciousness - London (Connected Charity)

Situated in the City of Westminster, focus was given to a new style outreach called Studio 108 which invites newcomers for meditation, a talk, kirtan and a bite to eat. The site is up and running in earnest with good attendance, hosting 60 events and approx. 1500 people throughout the year. Activities at the main site, The Radha-Krishna Temple on Soho Street, continue with daily worship, Govinda’s Vegetarian Restaurant and daily Harinama.

The London team also support other South East groups including the Atma Lounge in Folkstone, selling clothes, incense and books, the team in Canterbury, a group in North Kent and the Bhakti Yoga Centre in Crawley.

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International Society for Krishna Consciousness - London (Connected Charity) (continued)

ISKCON Manchester

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

The centre reopened fully this year with the Sunday programme back in full swing. The regular Sunday feast, Bhagavad Gita classes and Kid’s Sundays are also up and running. Weekend Harinama and the distribution of books are steady and certain days have been set aside exclusively for Prasadam distribution and Kirtan.

Highlights include visits from the Welsh team.

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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.

ISKCON South London (Connected Charity)

Regular weekly programmes continue, such as, book distribution, courses and seminars, Food for Life and Thursday, Friday, Saturday and Sunday programmes

The Food for Life team are consistently distributiing around 50 packs of prasadam on each occasion.

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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.

FINANCIAL REVIEW

The group’s net income for the year was recorded at £2,448,107 (2021: £2,665,048).

The principal funding source continued to be the receipt of donation and legacies which amounted to £5,036,066 (2020: £4,420,729). The funds generated from charitable activities of the charitable companies within the group was recorded at £2,837,951 (2021: £2,633,693) and from the trading activities of the charitable companies within the group was recorded at £1,492,625 (2020: £799,785). The main driver behind the increase in the net income being able to operate mostly throughout the year without being impacted by the Covid-19 pandemic and lockdown restrictions. However, reduction in net income compared to the previous year is primarily due to the increased expenditure by the charity, particularly in carrying out its charitable activities.

Investment income, which comprised the charitable letting of property and bank interest received provided a useful contribution of £270,458 (2021: £237,056).

Total income was £12,911,034 (2021: £11,074,194).

Total resources expended was £10,441,64 (2021: £8,364,292).

The total of unrestricted funds at 31 December 2022 was £17,957,075 (2021: £16,307,925). The total of restricted funds at 31 December 2022 was £32,728,719 (2021: £32,086,389).

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FINANCIAL REVIEW (continued)

There was an accumulated profit in relation to the activities of the trading subsidiary at 31 December 2022 of £94,011 (accumulated deficit in relation to the activities of the trading subsidiary at 31 December 2021 of £62,616).

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.

The trustees aim to maintain a robust level of unrestricted funds to meet the future funding requirements for the charity’s ongoing activities. The charity anticipates utilising these reserves to manage increased cash flow expenditures and to mitigate possible reductions in future donations. Expected outflows are set to rise due to increased charitable activities and prevailing inflationary pressures.

Moreover, the charity forecasts an 8% decrease in future income, influenced by the escalating cost of living in the UK. This projection is corroborated by findings in the CAF UK Giving Report 2022, which reveals that 1 in 25 individuals are cancelling regular donations, 1 in 12 are discontinuing one-off donations, and 6% are reconsidering their donation amounts. According to the ICAEW Report 2022, approximately 40% of charities are becoming more reliant on their reserves to fund operations. Furthermore, it is estimated that the real value of a £20 donation will reduce to £17 by 2024 due to inflation.

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

A W Howchin T M Anderson P Murphy (Chairman) K M Patel G McMullan D Clark 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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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

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 charitable company 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 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:

there is no relevant audit information of which the charitable company's auditors are unaware; and
the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

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:

…………….........

K M Patel - Trustee

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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 2022, 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:

give a true and fair view of the state of the group's and parent charity's affairs as at 31 December 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the 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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International Society For Krishna Consciousness Limited

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:

the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Trustees' Report have been prepared in accordance with applicable legal requirements.

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:

adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent charitable company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities (set out on page 20), 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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International Society For Krishna Consciousness Limited

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

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:

enquiry of management about the Group’s and Charity’s policies, procedures and related controls regarding compliance with laws and regulations and if there are any known instances of non-compliance;
examining supporting documents for all material balances, transactions and disclosures;
review of the trustee minutes;
enquiry of management and review and inspection of relevant correspondence with any legal firms;
evaluation of the selection and application of accounting policies related to subjective measurements and complex transactions;
analytical procedures to identify any unusual or unexpected relationships;
testing the appropriateness of journal entries recorded in the general ledger and other adjustments made in the preparation of the financial statements;
review of accounting estimates for biases.

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).

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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 24

International Society for Krishna Consciousness Limited

Group Statement of Financial Activities for the year ended 31 December 2022

Unrestricted funds Restricted funds Trading income/ expenses £ £ £ 3,603,053 1,433,013 - 2,801,496 36,455 - 1,492,534 91 - 269,083 1,376 - 6,283 830,344 - - - 2,437,307 8,172,449 2,301,278 2,437,307 2,976,282 1,362,388 - 674,389 - - 1,184,151 - - 491,715 33,984 - 35,103 - - 460,597 712 - - 46,690 - 10,417 - - 719,286 - - 166,488 - - - - - 20,046 - - - - 2,259,417 6,738,473 1,443,774 2,259,417 - - - 1,433,976 857,504 177,890 215,174 (215,174) - 1,649,150 642,330 177,890 - - (21,263) 1,649,150 642,330 156,627 16,307,925 32,086,389 (62,616) 17,957,075 32,728,719 94,011 Continuing operations	Unrestricted funds Restricted funds Trading income/ expenses £ £ £ 3,603,053 1,433,013 - 2,801,496 36,455 - 1,492,534 91 - 269,083 1,376 - 6,283 830,344 - - - 2,437,307 8,172,449 2,301,278 2,437,307 2,976,282 1,362,388 - 674,389 - - 1,184,151 - - 491,715 33,984 - 35,103 - - 460,597 712 - - 46,690 - 10,417 - - 719,286 - - 166,488 - - - - - 20,046 - - - - 2,259,417 6,738,473 1,443,774 2,259,417 - - - 1,433,976 857,504 177,890 215,174 (215,174) - 1,649,150 642,330 177,890 - - (21,263) 1,649,150 642,330 156,627 16,307,925 32,086,389 (62,616) 17,957,075 32,728,719 94,011 Continuing operations	2022 Total £ 5,036,066 2,837,951 1,492,625 270,458 836,627 2,437,307
Unrestricted funds £ 3,603,053 2,801,496 1,492,534 269,083 6,283 -	Restricted funds £ 1,433,013 36,455 91 1,376 830,344 -
8,172,449	2,301,278	12,911,034
2,976,282 674,389 1,184,151 491,715 35,103 460,597 - 10,417 719,286 166,488 - 20,046 -	1,362,388 - - 33,984 - 712 46,690 - - - - - -	4,338,671 674,389 1,184,151 525,699 35,103 461,309 46,690 10,417 719,286 166,488 - 20,046 2,259,417
6,738,473	1,443,774	10,441,664
-	-	-
1,433,976	857,504	2,469,370
215,174 1,649,150 -	(215,174) 642,330 -	- 2,469,370 (21,263)
1,649,150 16,307,925	642,330 32,086,389	2,448,107 48,331,698
17,957,075	32,728,719	50,779,805

All the above amounts relate to continuing activities.

The notes on pages 30 to 53 form an integral part of these financial statements. Page 25

International Society for Krishna Consciousness Limited

Group Statement of Financial Activities for the year ended 31 December 2022

(As restated) Unrestricted funds (As restated) Restricted funds Trading income/ expenses £ £ £ 3,095,421 1,143,046 - 1,789,778 490,062 - 728,879 - - 236,980 - - 469,603 - - - - 2,411,289 6,320,660 1,633,108 2,411,289 2,745,961 1,100,406 - 399,303 - - 537,134 - - 350,225 32,702 - 40,858 - - 342,876 - - - 260 - 15,021 - - 404,307 - - 124,637 - - 1,636 - - 32,388 - - - - 1,617,647 4,994,347 1,133,368 1,617,647 (32,500) - - 1,293,813 499,740 793,642 (158,146) 248,353 - 1,135,667 748,093 793,642 - - (12,354) 1,135,667 748,093 781,288 15,172,259 31,338,296 (843,904) 16,307,925 32,086,389 (62,616) Continuing operations	(As restated) Unrestricted funds (As restated) Restricted funds Trading income/ expenses £ £ £ 3,095,421 1,143,046 - 1,789,778 490,062 - 728,879 - - 236,980 - - 469,603 - - - - 2,411,289 6,320,660 1,633,108 2,411,289 2,745,961 1,100,406 - 399,303 - - 537,134 - - 350,225 32,702 - 40,858 - - 342,876 - - - 260 - 15,021 - - 404,307 - - 124,637 - - 1,636 - - 32,388 - - - - 1,617,647 4,994,347 1,133,368 1,617,647 (32,500) - - 1,293,813 499,740 793,642 (158,146) 248,353 - 1,135,667 748,093 793,642 - - (12,354) 1,135,667 748,093 781,288 15,172,259 31,338,296 (843,904) 16,307,925 32,086,389 (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	(As restated) 2021 Total £ 4,420,729 2,633,693 799,785 237,056 571,642 2,411,289
(As restated) Unrestricted funds £ 3,095,421 1,789,778 728,879 236,980 469,603 -	(As restated) 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	11,074,194
2,745,961 399,303 537,134 350,225 40,858 342,876 - 15,021 404,307 124,637 1,636 32,388 -	1,100,406 - - 32,702 - - 260 - - - - - -	323,950 - 30,202 - 7,710 91,512 - - - 96,634 - - -	4,238,450 399,303 567,336 382,927 48,568 434,388 260 15,021 404,307 222,063 1,636 32,388 1,617,647
4,994,347	1,133,368	550,007	8,364,292
(32,500)	-		(32,500)
1,293,813	499,740	98,611	2,677,402
(158,146) 1,135,667 -	248,353 748,093 -	(98,611) - -	- 2,677,402 (12,354)
1,135,667 15,172,259	748,093 31,338,296	- -	2,665,048 45,666,650
16,307,925	32,086,389	-	48,331,698

The notes on pages 30 to 53 form an integral part of these financial statements.

Page 26

International Society for Krishna Consciousness Limited

Group Balance Sheet As at 31 December 2022

Notes Fixed assets Tangible fixed assets 15 Fixed asset investments 16 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 26 General funds 26 Profit and Loss	£ £ 44,752,699 987,761 45,740,460 812,877 1,132,128 9,251,484 11,196,488 (2,291,924) 8,904,564 54,645,025 (3,865,220) 50,779,805 32,728,719 17,307,075 650,000 94,011 50,779,805 2022	£ £ 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 32,086,389 15,657,925 650,000 (62,616) 48,331,698 2021 (As restated)	£ £ 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 32,086,389 15,657,925 650,000 (62,616) 48,331,698 2021 (As restated)
			44,414,673 8,470,301
			52,884,974 (4,553,275)
			48,331,698
			32,086,389 15,657,925 650,000 (62,616)
			48,331,698

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

K M Patel - Trustee

The notes on pages 30 to 53 form an integral part of these financial statements. Page 27

International Society for Krishna Consciousness Limited

Charity Balance Sheet As at 31 December 2022

Notes Fixed assets Tangible fixed assets 15 Fixed asset investments 16 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 Restricted income funds 2 Unrestricted income funds 2 Total funds	£ £ 40,927,871 452,118 41,379,989 576,046 725,640 3,312,025 4,613,711 (6,707,216) (2,093,505) 39,286,485 (3,823,911) 35,462,573 31,170,281 4,292,292 35,462,573 2022	£ £ 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 30,500,802 4,350,832 34,851,634 2021 As restated	£ £ 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 30,500,802 4,350,832 34,851,634 2021 As restated
			40,035,251 (926,153)
	4,613,711 (6,707,216)

			39,109,098 (4,257,464)
			34,851,634
			30,500,802 4,350,832
			34,851,634

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

K M Patel - Trustee

The notes on pages 30 to 53 form an integral part of these financial statements. Page 28

International Society for Krishna Consciousness Limited

Group cash flow statement for the year ended 31 December 2022

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 (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	2022 £ 3,374,746 3,374,746 (2,865,679) - - - (2,865,679) - (96,770) (471,318) (568,088) (59,022) 9,310,506 9,251,484 2,448,107 1,523,449 16,443 96,770 - (194,986) (438,117) (76,920) 3,374,746	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

Page 29

International Society for Krishna Consciousness Limited

Notes to the financial statements for the year ended 31 December 2022

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. The financial statements are prepared under the historical cost convention, modified to include the revaluation of investments to fair value, and in accordance with applicable accounting standards in the United Kingdom, the Statement of Recommended Practice (SORP) ‘Accounting and Reporting by Charities’ and Financial Reporting Standard (FRS) 102, together with the reporting requirements of the Companies Act 2006 and the Charities Act 2011.

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.

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International Society for Krishna Consciousness Limited

Notes to the financial statements for the year ended 31 December 2022

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. 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. The aim and use of each material designated and restricted fund is set out in the notes to the financial statements.

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.

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.

Income from charitable activities is credited to the Statement of Financial Activities when received or receivable whichever is earlier, unless it relates to a specific future period, in which case it is deferred.

Income from trading activities is credited to the Statement of Financial Activities when received or receivable whichever is earlier, unless it relates to a specific future period, in which case it is deferred.

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International Society for Krishna Consciousness Limited

Notes to the financial statements for the year ended 31 December 2022

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.

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 5% on straight line 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, less any allowance for doubtful debts. 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.

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International Society for Krishna Consciousness Limited

Notes to the financial statements for the year ended 31 December 2022

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. Trade creditors and other creditors are included at their nominal value when there is a contractual obligation to settle.

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.

1.14 STOCK

Goods purchased for resale are valued at the lower of cost and net realisable value.

1.15 INVESTMENT PROPERTIES

Investment properties are carried at fair value and are held to earn rentals, capital appreciation or both. Fair value is determined annually by the trustees of the charity using available market prices for comparable real estate and by external valuers as required. Changes in the fair value are recognised through the profit and loss.

1.16 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.

1.17 LEASING

The Charity enters into operating leases as detailed in note 24. Expenditure on operating leases is charged in the Statement of Financial Activities on a straight line basis over the lease term.

1.18 DEFERRED TAX

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

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 33

International Society for Krishna Consciousness Limited

Notes to the financial statements for the year ended 31 December 2022

1.19 DEFERRED TAX

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

1.20 CRITICAL ACCOUNTING ESTIMATES

In preparing the financial statements, the Trustees are required to make estimates and judgements. The matters considered below are considered to be the most important in understanding the judgements that are involved in preparing the financial statements and the uncertainties that could impact the amounts reported in the results of operations, financial position and cash flows.

Cost allocation

Support costs not attributable to a single charitable activity are allocated or apportioned on a basis consistent with identified cost drivers for that cost category. Cost drivers utilised include head count, floor space and estimation and judgement is exercised in applying cost drivers to cost categories.

Grant income accrual

Grant income is recognised in accordance with the income recognition policy detailed in 1.5 above. In calculating the level of Grant accrual, management is required to exercise estimation and judgement, particularly in determining the amount and probability of receipt.

Provisions

Provisions are recognised when the group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

Grant income accrual

Where an indication of impairment is identified, an estimate of the recoverable value of the asset is required. This requires an estimate of the future economic benefits from the asset and the selection of an appropriate discount rate to calculate the present value of the economic benefits.

Page 34

International Society for Krishna Consciousness Limited

Notes to the financial statements for the year ended 31 December 2022

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 2022 £ 3,279,356 (2,668,417) 610,939 34,851,634 35,462,573 31,170,281 4,292,292 35,462,573	(As restated) Continuing operations 2021 £ 1,980,928 (2,261,287) (280,358) 90,206 35,041,786 34,851,634 30,500,802 4,350,832 34,851,634	Discontinued operations 2021 £ 709,137 (618,930) 90,206 (90,206) - - - - -	(As restated) Total 2021 £ 2,690,065 (2,880,217)
				(190,152) - 35,041,786
				34,851,634 30,500,802 4,350,832
				34,851,634

In the current year, all amounts relate to continuing operations; in the comparative period the charity had both continuing and discontinued operations as disclosed above. Refer to note 13 for details of the discontinued operations.

3 DONATIONS AND LEGACIES (GROUP)

Donations and legacies	Unrestricted funds 2022 £ 3,603,053 3,603,053 Continuing	Restricted funds 2022 £ 1,433,013 1,433,013 operations	Total (As restated) Unrestricted funds 2022 2021 £ £ 5,036,066 3,095,421 5,036,066 3,095,421 Continuing	Restricted funds 2021 £ 1,143,046 1,143,046 operations	Unrestricted funds Restricted funds 2021 2021 £ £ 146,744 35,518 146,744 35,518 Discontinued operations	(As restated) Total 2021 £ 4,420,729
					146,744	4,420,729

The 2021 comparative information for “donations and legacies” has been restated from £4,457,357 to £4,420,729, to better reflect how the incoming resources were generated. These amounts have been reclassified to “income from charitable activities”

In the current year, all amounts relate to continuing operations. Please refer to note 13 for details of the discontinued operations.

Page 35

International Society for Krishna Consciousness Limited

Notes to the financial statements for the year ended 31 December 2022

4 INCOME FROM CHARITABLE ACTIVITIES

Unrestricted funds 2022 £ Festivals and Rathyatra 1,121,385 Sankirtan, preaching and other charitable activities 924,363 Food for life 63,473 Education & training 143,189 Animal Protection & Welfare 440,811 Religious activity 108,275 2,801,496 Continuing	Restricted funds 2022 £ - - - 36,455 - - 36,455 operations	Total 2022 £ 1,121,385 924,363 63,473 179,644 440,811 108,275 2,837,951	(As restated) Unrestricted funds Restricted funds 2021 2021 £ £ 1,047,830 - 557,344 - 39,833 - 78,129 36,284 - 453,778 66,643 - 1,789,778 490,062 Continuing operations	Unrestricted funds 2021 £ - 340,569 7,316 - - 5,968 353,853 Discontinued	Restricted funds 2021 £ - - - - - - - operations	(As restated) Total 2021 £ 1,047,830 897,913 47,149 114,413 453,778 72,611
						2,633,693

The 2021 comparative information for "Charitable activities" has been adjusted from £2,597,065 to £2,633,693 to more accurately represent the sources of incoming resources, with amounts being reclassified from "Donations and legacies." Specifically, the comparative information for "Books" has been restated to £897,913 from its previous £918,192, "Education & Training" is now reflected as £114,413, adjusted from £108,557, "Festivals & Rathyatra" has been revised to £1,047,830 from the earlier £1,010,363, and "Religious Activity" has been updated to £72,611 from its prior £59,027.

In the current year, all amounts relate to continuing operations. 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 2022 £ 211,531 1,130,519 150,484 1,492,534 Continuing	Restricted funds 2022 £ 91 - - 91 operations	Total 2022 £ 211,622 1,130,519 150,484 1,492,625	Unrestricted funds Restricted funds 2021 2021 £ £ 143,483 - 493,224 - 92,171 - 728,879 - Continuing operations	Unrestricted funds 2021 £ 9,406 55,894 5,606 70,906 Discontinued	Restricted funds 2021 £ - - - - operations	Total 2021 £ 152,890 549,118 97,777
							799,785

In the 2021 comparative period, it should be noted that the restaurants did not trade as normal throughout the year due to Covid-19 restrictions, which resulted in the restaurant income being much lower than when operating normally. In 2022, no such restrictions existed and the restaurant traded as normal throughout the year

In the current year, all amounts relate to continuing operations. 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 2022

6 INVESTMENT INCOME

INVESTMENT INCOME
OTHER INCOME Insurance settlement Rent Charitable letting of non- investment Bank interest Government grants	Unrestricted funds 2022 £ 267,523 1,560 269,083 Unrestricted funds 2022 £ 6,283 - - 6,283 Continuing Continuing	Restricted funds 2022 £ 1,376 - 1,376 Restricted funds 2022 £ 830,344 - - 830,344 operations operations	Total 2022 £ 268,899 1,560 270,458 Total 2022 £ 836,627 - - 836,627	Unrestricted funds 2021 £ 234,354 2,626 236,980 Unrestricted funds 2021 £ 460,639 8,639 325 469,603 Continuing Continuing	Restricted funds 2021 £ - - - Restricted funds 2021 £ - - - - operations operations	Unrestricted funds Restricted funds 2021 2021 £ £ - - 76 - 76 - Unrestricted funds Restricted funds 2021 2021 £ £ 77,039 25,000 - - - - 77,039 25,000 Discontinued operations Discontinued operations	Total 2021 £ 234,354 2,702
							237,056
							Total 2021 £ 562,678 8,639 325
							571,642

7 OTHER INCOME

In the previous year, the charity secured a grant of £750,000 from Leicester City Council. This grant was specifically for significant roof restoration works on the temple property located at 31, Granby Street, Leicester. The group was entitled to claim and receive the grant in the current year and has recognised the grant income to the extent that the conditions stipulated by the grant were fulfilled within the year.

Additionally, the group availed of a VAT scheme, allowing them to reclaim the VAT on purchases related to the roof restoration project.

In contrast, the prior year's grant income predominantly stemmed from the Government's Coronavirus Job Retention Scheme. The residual grant amounts were linked to other Covid relief programs accessible to the charity. It's noteworthy that these Covid support schemes were phased out by the UK government in the previous year.

In the current year, all amounts relate to continuing operations. Please refer to note 13 for details of the discontinued operations.

Page 37

International Society for Krishna Consciousness Limited

Notes to the financial statements for the year ended 31 December 2022

8 TRADING INCOME/EXPENSES

Group

Turnover Cost of sales Staff costs Other administrative expenses Depreciation Net (Loss)/income from trading	2022 £ 2,437,307 1,024,090 783,876 348,391 103,060 2,259,417 177,890	2021 £ 2,411,289
		795,147 574,363 143,796 104,341
		1,617,647 793,642

Page 38

International Society for Krishna Consciousness Limited

Notes to the financial statements for the year ended 31 December 2022

9 RAISING FUNDS

Raising donations and legacies

Staff costs Rent, rates and insurance Premises insurance Light and heat Telephone Postage and stationery Sundries Courses Purchases Gifts & samples Literature & brochures Devotee maintenance Computer costs Repairs & maintenance Travelling Motor expenses Professional fees Hire of equipment Office machine maintenance Bhoga consumptions* Training Subtotal carried forward	Unrestricted funds 2022 £ 808,195 144,052 3,963 61,761 27,401 39,881 73,989 56,185 245,557 9,318 5,558 5,068 27,331 193,622 97,737 19,517 88,191 5,269 12,127 34,172 5,418 1,964,312 Continuing	Restricted funds 2022 £ - 137 - 1,323 91 3,317 15 - - - 177 - 5,990 7,185 16 - 14,682 - 2,979 1,719 138 37,770 operations	Total 2022 £ 808,195 144,189 3,963 63,084 27,492 43,198 74,004 56,185 245,557 9,318 5,735 5,068 33,322 200,807 97,753 19,517 102,872 5,269 15,106 35,891 5,556 2,002,082	(As restated) Unrestricted funds 2021 £ 756,143 174,918 92,164 23,774 23,196 32,885 39,852 - 188,713 257 8,425 4,400 8,831 160,841 38,771 10,646 106,837 790 22,780 - 211 1,694,436 Continuing	Restricted funds 2021 £ - - - - 5,855 704 123 - - - - - 2,519 2,971 1,657 - 33,577 - 1,075 - - 48,481 operations	Unrestricted funds Restricted funds 2021 2021 £ £ 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 - 1,148 - 8,481 31,681 - - 301,858 35,568 Discontinued operations	(As restated) Total 2021 £ 898,523 188,298 100,361 23,774 29,051 46,774 54,033 - 200,986 257 16,463 4,400 14,313 196,879 68,221 10,646 160,299 1,689 25,002 40,162 211
							2,080,342

Page 39

International Society for Krishna Consciousness Limited

Notes to the financial statements for the year ended 31 December 2022

9 RAISING FUNDS (cont.)

Subtotal brought forward Flowers and decorations Cleaning and disposables Donations Other costs Health safety and compliance Books Support costs (refer to note 10)	Unrestricted funds 2022 £ 1,964,312 5,908 86,994 261,081 - 12,149 - 645,839 2,976,282 Continuing	Restricted funds 2022 £ 37,770 - - 397,848 - - - 926,770 1,362,388 operations	Total 2022 £ 2,002,082 5,908 86,994 658,929 - 12,149 - 1,572,609 4,338,671	(As restated) Unrestricted funds (As restated) Restricted funds 2021 2021 £ £ 1,694,436 48,481 2,181 - 52,487 - 29,164 322,460 - - 13,274 - - - 954,420 729,466 2,745,961 1,100,406 As restated Continuing operations	Unrestricted funds Restricted funds 2021 2021 £ £ 301,858 35,568 - - 6,411 - 8,837 32,563 - - - - - - 6,844 - 323,950 68,132 Discontinued operations	(As restated) (As restated) Total 2021 £ 2,080,342 2,181 58,898 393,025 - 13,274 - 1,690,730 4,238,450

The comparative figures for “costs of raising funds” have been adjusted from £4,726,354 to £4,238,450 to more accurately represent the nature of the expenses incurred. Specifically, a sum of £200,830 was reclassified to represent costs associated with "education & training" and "devotee welfare" activities. Additionally, an amount of £258,278 was shifted to account for costs related to carrying out charitable activities, and £32,388 was reclassified to expenditure on investment properties. Furthermore, expenses amounting to £3,591 were moved from “costs of trading activities” to “cost of raising funds”. The comparative data for support costs saw unrestricted expenses being restated to £954,420 from £1,620,624, and the restricted expenses adjusted to £729,446 from £63,262. This adjustment was primarily due to the depreciation cost on restricted assets of £666,204 being reallocated to restricted expenses.

In the current year, all amounts relate to continuing operations. Please refer to note 13 for details of the discontinued operations.

To better reflect the nature of expenses incurred, adjustments have been made to the comparative figures for “Charitable activities” and “Trading activities” of the face of the Statement of Financial Activity. Additionally, a new category, “Investment properties”, has been introduced. The cumulative adjustment, amounting to £487,904, is a reclassification from the “costs of raising funds” category.

Within this adjustment, costs associated with “education and training” increased by £185,808, “Festivals” was increased by £48,522, “Devotee welfare” was increased by £15,021, “Sankirtan, preaching and other charitable activities” was increased by £93,764, and “Religious activities” was increased by £115,993. A reallocation of £38,854 occurred between “education & training” and “Sankirtan, preaching and other charitable activities”. Expenditure on investment properties saw a reclassification of £32,388. Furthermore, expenses amounting to £3,591 were moved from “costs of trading activities” to “cost of raising funds”.

Page 40

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 2022 £ 30,949 16,526 49 511,105 87,211 645,839 Continuing	Restricted funds 2022 £ 531 - - 836,305 89,934 926,770 operations	Total 2022 £ 31,480 16,526 49 1,347,410 177,144 1,572,609	(As restated) Unrestricted funds 2021 £ 23,800 38,461 102 816,764 75,294 954,420 Continuing	(As restated) Restricted funds 2021 £ - 5,836 - 666,204 57,427 729,466 operations	Discontinued operations Unrestricted funds (As restated) Total 2021 2021 £ £ - - 23,800 - 44,296 - 102 - 1,482,967 6,844 139,564 6,844 1,690,730

*Refer to explanation under note 9 on restatement

11 NET EXPENDITURE FOR THE YEAR

Net expenditure for the Group is stated after charging:

	2022	2021
	£	£
Auditors' remuneration - Group	35,880	29,800
Auditors' remuneration - Charity	13,000	13,000
Depreciation - owned assets	1,523,449	1,589,306

Page 41

International Society for Krishna Consciousness Limited

Notes to the financial statements for the year ended 31 December 2022

12 TRUSTEES' REMUNERATION AND BENEFITS

Remuneration and other emoluments	2022 £ 32,795	2021 £ 30,988

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 2022 nor for the year ended 31 December 2021.

13 DISCONTINUED OPERATIONS

Effective from 1st January 2022, the Swansea centre ceased its operations within ISKCON Limited and transitioned to function as a separate, independent charity. In these financial statements, the income and expenditure associated with the Swansea centre for the comparative year ending 31 December 2021 have been presented separately as discontinued operations. This distinction is evident in the Statement of Financial Activity and in notes 2, 3, 4, 5, 6, 7, 9, and 10. For the current year, all recorded income and expenditure pertain exclusively to continuing operations.

14 STAFF COSTS

Wages and salaries Social security costs Pensions	2022 £ 2,592,356 175,782 40,213 2,808,351	2021 £ 2,228,978 132,745 33,012
		2,394,736

No employee received emoluments of more than £60,000 during the year (2021: No employee received emoluments of more than £60,000 during the year).

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

Direct Charitable Work Administrative	2022 135 25 160	2021 112 24
		136

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

Page 42

International Society for Krishna Consciousness Limited

Notes to the financial statements for the year ended 31 December 2022

15 TANGIBLE FIXED ASSETS

(a) Group

Cost or valuation At 1 January 2022 Additions Disposals Transfers At 31 December 2022 Depreciation At 1 January 2022 Charge for the year Eliminated on disposal At 31 December 2022 Net book values At 31 December 2022 At 31 December 2021 (b) Charity Cost or valuation At 1 January 2022 Additions Disposals At 31 December 2022 Depreciation At 1 January 2022 Charge for the year Eliminated on disposal At 31 December 2022 Net book values At 31 December 2022 At 31 December 2021	Freehold Land and buildings £ 42,217,229 1,405,155 - 824,565 44,446,949 4,329,902 1,173,275 - 5,503,176 38,943,772 37,887,327 Freehold Land and buildings £ 42,217,229 1,405,155 - 43,622,383 4,329,902 1,132,046 - 5,461,948 38,160,436 37,887,327	Long leasehold property £ 5,766,585 36,678 - - 5,803,263 1,350,154 208,374 - 1,558,529 4,244,734 4,416,430 Long leasehold property £ 2,364,000 - - 2,364,000 756,024 118,200 - 874,224 1,489,776 1,607,976	Fixtures, fittings and equipment £ 1,146,009 178,277 (115,653) - 1,208,633 949,676 113,284 (113,834) 949,126 259,506 196,332 Fixtures, fittings and equipment £ 300,183 61,180 (105,327) 256,036 224,918 34,570 (103,508) 155,981 100,056 75,265	Motor vehicles £ 288,635 23,990 (54,453) - 258,171 183,981 28,517 (39,878) 172,620 85,551 104,653 Motor vehicles £ 54,008 - (29,153) 24,855 41,493 527 (18,746) 23,274 1,581 12,515	Assets under construction 822,120 1,221,580 - (824,565) 1,219,135 - - - - 1,219,135 822,120 Assets under construction £ - 1,176,023 - 1,176,023 - - - - 1,176,023 -	Total £ 50,240,577 2,865,679 (170,106) -
						52,936,150
						6,813,714 1,523,449 (153,712)
						8,183,451
						44,752,699
						43,426,863
						Total £ 44,935,420 2,642,357 (134,480)
						47,443,297
						- 5,352,337 1,285,343 (122,254)
						6,515,426
						- 40,927,871
						~~-~~ 39,583,084

In 2021, the assets under construction included a new hay barn, which the charity began constructing in the previous year. This construction was completed in the current year leading to its capitalisation under the "Freehold Land and Buildings" category. This transition is depicted as a transfer from assets under construction to freehold land and buildings. The assets presently under construction are associated with the roof restoration project at the ISKCON Leicester property.

As of 31 December 2022, both the Group and the Charity have capital commitments totaling £90,712 towards the completion of assets under construction that were not available for use by the year-end (2021: £Nil).

Within the net book value of the group's freehold land and buildings, an amount of £20,663,620 is attributed to land, This land value, which is also reflected in the standalone charity's accounts, is not subject to depreciation.

The properties listed under both "Freehold Land and Buildings" and "Leasehold Property" categories serve as security against the group's loans (refer to note 24).

Page 43

International Society for Krishna Consciousness Limited

Notes to the financial statements

for the year ended 31 December 2022

16 FIXED ASSET INVESTMENTS

(a) Group COST or VALUATION At 1 January 2022 Additions Unrealised gains (losses) At 31 December 2022 NET BOOK VALUE At 31 December 2022 At 31 December 2021 Disposals	Investment properties £ 535,643 - - - 535,643 535,643 535,643	Unlisted investments £ 452,167 - (49) 452,118 452,118 452,167	Totals £ 987,810 - - 49 -
			987,761
			987,761
			987,810

Based on the information available and a review of relevant market indicators, the trustees have determined that there has been no significant change in the fair value of the investment property during the year. The trustees consider the carrying amount to approximate fair value as of the reporting date. The unlisted investments represent shares held in unquoted companies.

The unlisted investments represent shares held in unquoted companies. During the year, the group divested its investments in Govindas Foods Limited, which underwent liquidation during the year.

(b) Charity COST or VALUATION At 1 January 2022 Additions At 31 December 2022 NET BOOK VALUE At 31 December 2022 At 31 December 2021 Disposals	Unlisted investments £ 452,167 - (49) 452,118 452,118 452,167	Totals £ 452,167 - - 49.00
		452,118
		452,118
		452,167

The unlisted investments represent shares held in unquoted companies. During the year, the group divested its investments in Govindas Foods Limited, which underwent liquidation during the year.

Page 44

International Society for Krishna Consciousness Limited

Notes to the financial statements for the year ended 31 December 2022

16 FIXED ASSET INVESTMENTS - continued

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

Govindas Food Limited

Country of incorporation: England and Wales

Nature of business: Restaurant and catering

	2022	2021
Class of share:	% holding	% holding
Ordinary	-	49
	2022	2021
	£	£
Aggregate capital and reserves	-	(221,175)
Profit/(Loss) for the year	-	(47,786)

During the year, the group divested its investments in Govindas Foods Limited, which underwent liquidation during the year.

Sanctuary Hospitality Private Limited

Country of incorporation: India Nature of business: Hospitality

	2022	2021
Class of share:	% holding	% holding
Ordinary	99	99
	2022	2021
	£	£
Aggregate capital and reserves	417,206	415,131
Profit (Loss) for the year	(1,252)	(8,621)

Page 45

International Society for Krishna Consciousness Limited

Notes to the financial statements for the year ended 31 December 2022

17 STOCKS

17 STOCKS
Goods for resale 18 DEBTORS Trade debtors Other debtors Amounts owed by group charities/companies Prepayments & Accrued income Deferred tax asset VAT	Group 2022 2021 £ £ 812,877 617,891 2022 2021 £ £ 114,108 120,130 779,275 495,928 - - 238,745 56,691 - 21,263 - - 1,132,128 694,011 Group	Charity 2022 2021 £ £ 576,046 442,350 2022 2021 £ £ 20,400 5,905 289,049 66,167 259,372 202,884 150,891 958 - - 5,928 13,358 725,640 289,273 Charity
			289,273

The amounts due from group undertakings are interest-free, unsecured, and receivable after more than one year. Included within Prepayments & Accrued income are also amounts recoverable after more than one year, totalling £15,859 (2021: £28,193).

Included in the group balance for other debtors are amounts to be recovered from an unrelated company, towards the repayment of assets subleased to them. The net amounts recoverable within the coming year are £48,349 (2021: £53,457) and net amounts recoverable in the next 2-5 years from now are £41,308 (2021:£81,615).

19 CREDITORS: amounts falling due within one year

Bank loan Trade creditors Amounts owed to group companies Taxation and social security creditors VAT Other creditors Accruals Lease liabilities	2022 2021 £ £ 462,370 519,888 791,861 633,194 - - 33,181 70,223 97,140 11,417 618,091 457,301 240,933 406,628 48,349 53,457 2,291,924 2,152,107 Group	2022 2021 £ £ 462,370 491,844 625,600 461,181 5,144,341 4,531,568 (456) (485) - - 359,679 281,837 115,682 259,552 - - 6,707,216 6,025,496 Charity	2022 2021 £ £ 462,370 491,844 625,600 461,181 5,144,341 4,531,568 (456) (485) - - 359,679 281,837 115,682 259,552 - - 6,707,216 6,025,496 Charity
			6,025,496

Included within other creditors is deferred income of £125,078 (2021: £119,506) relating to the trading company's wedding function offering (which takes place in the group's trading subsidiary Bhaktivedanta Manor Limited). The entire amount will be recognised as income within one year of the year end. Amounts to be recognised after one year of £Nil (2021:£8,606), have been disclosed in other creditors due after more than one year.

The trading entity entered into three finance leases for various pieces of equipment that were immediately subleased to a 3rd party company, unrelated to the group. Under these finance leases, the company is committed to make net payments of £48,349 in the coming 12 months (2021: £53,457) and net payments of £41,308 (2021: £81,615) between 2-5 years from now. The corresponding amounts have been disclosed within other debtors (note 18), as being recoverable from the 3rd party company, over the next five years.

Amounts due to fellow group undertakings by the charity are interest free, unsecured and repayable on demand.

Page 46

International Society for Krishna Consciousness Limited

Notes to the financial statements

for the year ended 31 December 2022

20 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022 2021 £ £ Bank loans (see note 22) 3,799,716 4,463,054 Lease liabilities 41,308 81,615 Accruals and deferred income 24,195 - Other creditors - 8,606 3,865,220 4,553,275 ANALYSIS OF NET ASSETS AND LIABILITIES BETWEEN FUNDS Unrestricted general funds Unrestricted revaluation reserve £ £ Tangible fixed assets 12,598,848 - Investment assets 987,761 - Current assets 7,838,639 - Current liabilities (1,700,774) - Long-term liabilities (1,673,388) - 18,051,086 - Group	2022 2021 £ £ 3,799,716 4,257,464 - - 24,195 - - 3,823,911 4,257,464 Restricted Funds Group Total £ £ 32,153,851 44,752,699 - 987,761 3,357,849.23 11,196,488 (591,150) -2,291,924 (2,191,832) -3,865,220 32,728,719 50,779,805 Charity	2022 2021 £ £ 3,799,716 4,257,464 - - 24,195 - - 3,823,911 4,257,464 Restricted Funds Group Total £ £ 32,153,851 44,752,699 - 987,761 3,357,849.23 11,196,488 (591,150) -2,291,924 (2,191,832) -3,865,220 32,728,719 50,779,805 Charity
		4,257,464
		Group Total £ 44,752,699 987,761 11,196,488 -2,291,924 -3,865,220
		50,779,805

21 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	(As restated) Unrestricted general funds £ 11,241,492 987,810 7,051,023 (1,588,677) (1,446,338) 16,245,310	Unrestricted revaluation reserve £ - - - - - -	(As restated) Restricted Funds £ 32,185,371 - 3,571,385 (563,430) (3,106,937) 32,086,389	Group Total £ 43,426,863 987,810 10,622,407 (2,152,107) (4,553,275)
				48,331,698

Page 47

International Society for Krishna Consciousness Limited

Notes to the financial statements for the year ended 31 December 2022

22 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	2022 £ 462,370 1,857,823 1,941,893	2021 £ 519,888
		1,950,824 2,512,230

Included in the amounts above are three separate loans. A loan with an outstanding balance of £3.4m (2021: £3.8m) has 6.5 years remaining and carries an annual interest charge set at the Bank of England base rate plus a margin of 1.5%. Another loan with a balance of £0.42m (2021: £0.43m) has 19 years remaining with a fixed annual interest rate of 4.32%. The third loan, with an outstanding balance of £0.41m (2021: £0.42m), has an annual interest charge based on the Bank of England base rate and an added margin of 2.5%.

23 SECURED DEBTS

The following secured debts are included within creditors:

	2022	2021
	£	£
Bank Loans	4,262,086	4,982,942

The bank loans mentioned above and in note 22 are secured by a fixed and floating charge over the properties owned by the charity.

24 OPERATING LEASE COMMITMENTS

The following operating lease payments are committed to be paid:

Equipment Under one year Between 2-5 years	2022 £ 48,349 41,308	2021 £ 53,457 81,615

Page 48

International Society for Krishna Consciousness Limited

Notes to the financial statements for the year ended 31 December 2022

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

Designated and General funds Profit and loss account	At 1 Jan 2022 £ 16,307,925 (62,616) 16,245,310	Incoming resources £ 8,172,449 - 8,172,449	Outgoing resources £ (6,738,473) - (6,738,473)	Gains and losses £ - - -	£ - - Transfers from discontinued operations	£ 215,174 - 215,174 Transfers from/(to) restricted funds	Profit or (losses) £ - 156,627 156,627	At 31 Dec 2022 £ 17,957,075 94,011
					-			18,051,086

The above unrestricted funds of £18,051,086 have accumulated over previous years in the course of the charity having carried out its activities.

ANALYSIS OF MOVEMENTS IN UNRESTRICTED FUNDS - PREVIOUS YEAR

General funds Profit and loss account	At 1 Jan 2021 £ 15,172,259 (843,904) 14,328,355	Incoming resources £ 6,320,660 - 6,320,660	(As restated) Outgoing resources £ (4,994,347) - (4,994,347)	Gains and losses (32,500) - - 32,500.00	Transfers from discontinued operations £ 98,611	(As restated) Transfers from/(to) restricted funds £ (256,758) (256,758)	Profit or (losses) £ 781,288 781,288	At 31 Dec 2021 £ 16,307,925 (62,616)
					98,611			16,245,310

The comparative figures for unrestricted expenses have been adjusted from £5,660,550 to £4,994,347, reflecting the reallocation of the depreciation charge on restricted assets amounting to £666,204, which was previously considered as unrestricted expenses. In addition, the transfers to restricted funds have been updated to £256,758 from the initial £241,758 due to a reclassification of an income of £15,000 that was previously categorised as restricted income. Consequently, the unrestricted funds carried forward at 31 December 2022 have been adjusted to £16,245,310 from the earlier £15,594,106.

Page 49

International Society for Krishna Consciousness Limited

Notes to the financial statements for the year ended 31 December 2022

25 ANALYSIS OF CHARITABLE FUNDS - GROUP (Continued) ANALYSIS OF MOVEMENTS IN RESTRICTED FUNDS

Restricted funds	At 1 Jan 2022 £ 32,086,389 32,086,389	Incoming resources £ 2,301,278 2,301,278	Outgoing resources £ (1,443,774) (1,443,774)	Gains and losses £ - -	£ - Transfers from discontinued operations	£ (215,174) (215,174) Transfers from/(to) restricted funds	Profit or (losses) £ - -	At 31 Dec 2022 £ 32,728,719
					-			32,728,719

The restricted funds of £32,728,719 represents 'Freehold Revaluation' of £18,676,952 (2021: £18,676,952) and 'Capital Funds' (i.e. restricted properties, monies received for capital expenditure, the roof restoration project in Leicester etc) of £12,267,913 (2021: £11,475,235). 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. Other material restricted funds include funds restricted for the Goshala, which represent donations collected for the welfare of cows; the restricted funds amount to £1,140,233 (2021: £1,186,923).

In the prior year, the charity earmarked certain assets, valued at £256,757, for donation to the new ISKCON charity in Swansea. As a result, these funds were designated as restricted, specifically for this purpose. However, during the current year, it was ascertained that not all of these assets would be transferred to the new centre. Consequently, there has been a reallocation, moving some of the previously restricted funds to unrestricted funds. This decision was mutually agreed upon by both parties

ANALYSIS OF MOVEMENTS IN RESTRICTED FUNDS - PREVIOUS YEAR

						(As restated)
						Transfers
				(As restated)	Transfers from	from/(to)
			Incoming	Outgoing	discontinued	restricted	Profit or
	At	1 Jan 2021	resources	resources	operations	funds	(losses)	At 31 Dec 2021
		£	£	£	£	£	£	£
Restricted funds		31,338,296	1,633,108	(1,133,368)	(8,405)	256,758		32,086,389

The comparative figures for restricted expenses and transfers from/to restricted funds have been restated as explained in the 2021 information for the "Analysis of movements in unrestricted funds".

Page 50

International Society for Krishna Consciousness Limited

Notes to the financial statements for the year ended 31 December 2022

26 ANALYSIS OF DESIGNATED AND GENERAL FUNDS

UNRESTRICTED INCOME FUNDS - DESIGNATED Outreach activities such as visits to parts of Africa and retreats. Property fund Nitya Seva Benevolent fund Restaurant refurbishment Deity refurbishment Youth Preaching (Pandava Sena) Signage Project Japa Garden Project 50th Anniversary Celebration 2023 Janmashtami 2023 Tulsi Garden Project Manor Restoration Basement Development & Goshala Visitor Centre Bhaktivedanta Players Theatre ISKCON Educational Services Schools Programme Sunday School Krishna Club - Youth HH Keshav Swami Preaching Fund New Mayapur, France Fixed asset funds Other charitable projects UNRESTRICTED INCOME FUNDS - GENERAL General reserves Other fixed assets TOTAL DESIGNATED AND GENERAL FUNDS Working Capital for day to day activities Literature Distribution Holding Public Festivals such as Janmastmi (celebration of Lord Krishna's appearance in this world) over a period of two months as well as Rathyatra (Festival of Chariots). Training in religious practices and providing pastoral care and encouraging volunteering & establishing of new centers/sangas for congregational prayers Free Distribution and Promotion of sanctified vegetarian food (prasadam) - Food for Life 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	£ 500,000 1,750,000 400,000 500,000 200,000 500,000 500,000 100,000 500,000 76,799 250,000 100,000 310,200 8,000 16,195 90,000 91,000 50,000 45,000 65,000 200,000 240,938 45,000 525,000 200,000 24,500 62,100 45,200 55,800 200,000 75,839 5,888,474
	13,615,045
	650,000 3,616,191 75,839
	4,342,030

	17,957,075

Page 51

International Society for Krishna Consciousness Limited

Notes to the financial statements for the year ended 31 December 2022

26 ANALYSIS OF DESIGNATED AND GENERAL FUNDS

The designated funds are all for specific future projects and requirements,which will further help the charity to meet its charitable objectives.

The tangible asset fund represents the value of general funds invested in tangible assets which are not, by the nature of tangible assets, readily available for use for other purposes. Tangible asset expenditure financed from restricted funds is shown within the restricted fund balances.

General reserves represent free reserves that the charity expects to utilise for financing increased cash flow expenditures and offsetting potential reductions in donations. Outflows are anticipated to rise due to increased charitable activities and inflationary pressures.

The charity is also projecting an 8% decline in future income, influenced by rising living costs in the UK. This projection is substantiated by the CAF UK Giving Report 2022, which states that 1 in 25 people are cancelling regular donations, 1 in 12 are cancelling one-time donations, and 6% of donors are re-evaluating their charitable giving amounts. According to the ICAEW (Institute of Chartered Accountants in England and Wales) Report 2022, approximately 40% of charities are increasingly relying on their reserves. It is also anticipated that the real value of a £20 donation will depreciate to £17 by 2024 due to inflation.

Page 52

International Society for Krishna Consciousness Limited

Notes to the financial statements for the year ended 31 December 2022

27 TAXATION

The company is limited by guarantee and a registered charity. The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 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 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. The tax charge/ (credit) on the profit for the year (In Bhaktivedenta Manor Limited) was as follows:

Current tax Deferred tax	2022 2021 £ £ - - 21,263 12,354 21,2630 12,354

28 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 £39,951 (2021 - £33,012). Contributions payable by the group to the scheme in 2022 total £7,888 (2021: £10,043).

29 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.

International Society for Krishna Consciousness Limited is the sole corporate member of International Society for Krishna Consciousness London and International Society for Krishna Consciousness Bhaktivedanta Manor Limited.

The entire issued share capital of the trading entity, Bhaktivedanta Manor Limited, is wholly owned by International Society for Krishna Consciousness Bhaktivedanta Manor Limited.

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.

30 POST BALANCE SHEET EVENTS

There have been no significant events affecting the charity since the balance sheet date that require disclosure in the financial statements.

Page 53

International Society For Krishna Consciousness Limited

International Society For Krishna Consciousness Limited

Contents

International Society For Krishna Consciousness Limited

Company Information

Trustees

Secretary

Registered office

Company Registration Number

Charity Registration Number

Auditor

International Society For Krishna Consciousness Limited

Company Information

Bankers

Solicitors

International Society For Krishna Consciousness Limited

Trustees' Report

STRUCTURE, GOVERNANCE AND MANAGEMENT

OPERATION

BOARD OF TRUSTEES

International Society For Krishna Consciousness Limited

Trustees' Report

THE CHAIRMAN'S STATEMENT

International Society For Krishna Consciousness Limited

Trustees' Report

OBJECTIVES AND ACTIVITIES

International Society For Krishna Consciousness Limited

Trustees' Report

THE CHARITY'S STRATEGY

Distribution of literature

International Society For Krishna Consciousness Limited

Public Festivals - promoting spiritual techniques

The distribution and promotion of sanctified vegetarian food (prasadam)

International Society For Krishna Consciousness Limited

Trustees' Report

Education in doctrines, training in religious practice: pastoral care

Promotion through other media

The opening of new centres/sangas (spiritual gatherings)

Outreach - including youth outreach

Fundraising

International Society For Krishna Consciousness Limited Trustees' Report

Fundraising (continued)

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

OVERVIEW OF THE U.K. CENTRES

International Society For Krishna Consciousness Limited

Trustees' Report

International Society For Krishna Consciousness Limited

Trustees' Report

ISKCON Bhaktivedanta Manor (Connected Charity)

International Society For Krishna Consciousness Limited

Trustees' Report

ISKCON Bhaktivedanta Manor (Connected Charity) (continued)

ISKCON Birmingham

ISKCON Hare Krishna Festivals

International Society For Krishna Consciousness Limited

Trustees' Report

ISKCON Hare Krishna Festivals (Continued)

ISKCON Leicester

International Society for Krishna Consciousness - London (Connected Charity)

International Society For Krishna Consciousness Limited

Trustees' Report

International Society for Krishna Consciousness - London (Connected Charity) (continued)

ISKCON Manchester

International Society For Krishna Consciousness Limited

Trustees' Report

ISKCON Newcastle

ISKCON South London (Connected Charity)

International Society For Krishna Consciousness Limited

Trustees' Report

AFFILIATED CHARITIES / PARTIES

Food for All

The Lotus Trust

The I Foundation

Bhaktivedanta Manor Ltd

FINANCIAL REVIEW

International Society For Krishna Consciousness Limited

Trustees' Report

FINANCIAL REVIEW (continued)

RESERVES POLICY