Company registration number.. 00962009 Charity registration nllmber.. 259649 International Society For Krishna Consciousness Limited (A company limited by guorantee) Annual Report of the Trustees and Oroup Financial Statements for the Year Ended 3 1 December 2023 KNAV ststutoryAuditors Hygeia Building Ground Floor 66-68 College Road Harrow Middlesex HAI IBE
International Society For Krishna Consciousness Limited Contenls Company Information Ito2 Trustees, Report 3 to21 Staternent of Trustees, Responsibilities 22 Independent Auditors, Repoit 23to26 Consolidated Statement of Financial Activities 27to28 Consolidated Balance Sheet 29 Charity Balance Sheet 30 Consolidated Statetnent of Cash Flows Notes to the Financial Statemtnts 33to56
International Society For Krishna Consciousness Limited Company Information Trustees A W Howchin T M Anderson P Murphy (Co-chairnian) K M Patel (Co-chainnanl G Mcmullan - resigned 7 Jat)uary 2024 D Clark K Patel Seeretary Ms G Olapoju (resigned 16 April 2024) Mrs N Patel (appointed 16 April 20241 Registered offEce Oak House I Watford Road Radlett Hertfordshire WD7 8LA The charity is incorporated in England and Wales. Company Registration Number 00962009 Charity RegistrAtion Number 259649 Auditor KNAV StatutoryAuditors Hygeia Building Ground Fl(M)r 66-68 College Road HaLfOW Middlesex IL41 IBE Page I
International Society For Krishna Consciousness Limited Comp2ny Information Banker5 Lloyds TSB Bank plc Business Banking Service Centr¢ 10 Booth Street Manchester M2 4AW HSBC UK I Centenary Square, Birmingham Bl IHQ Bank plc Solicitors Bates, Wells & Br8ithwaite Cheapside House 138 Cheapside London EC2V 6BB Page 2
International Society For Krishna Consciousness Limited Trustees, Report The Tn2stees present their report and the financial statements for the year ended 31 December 2023. The tjusrees, who are directors for the purposes of Company law, present the annual rewrt together with the financial statements and auditors, report of the gtoup and Charitable company for the year ended 31 December 2023, which are also prepared to meet the requirements for a directors, report and accounts for Compallies Act puryoses. The financial statements cornply with the Chariiies Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and the Ch2rities Statement of Recommended Practice ("Charities SORP") (applicable to charities preparing thcir accoullts in accordance with the Financial Reporting Standard applicable in the UK,. FRS 1021. STRUCTURE, GOVERNANCE AND MANAGEMENT The Chariry is a company limited by guardntec alld is governed by its Memorandllm and Articles ofAssociation. It 18 registered as a charity with the Charity Commission. The body respoDsible for the management of the Charity is the Board of Trnstees. OPERATION The Charity is organised so that the trustees meet regularly to manage its affairs. There is a part-time adrninistrator {Cotnpany S¢¢retaryl who rnanages day-tts-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 ar¢ also very grateful for the help pi'ovided by the many volunteers throughout the year. BOARD OF TRUSTEES The Board of tntee$ who served duiing the year 2023 are shown below. Trustees are appointed or removed by the Members. Trustees serve foi. a period of 3 years and every 3 years one third of the Ttwtees step down with a right of reappointment, voted on by the Members. Th¢ board of trustc¢s for 2023 ww¢ as follow5.. Paul MUhY {Praghosa dasa)- Cts-chaimian Terry Anderson {Tarak8natha dasa) Antony Howchin (Titiksu dasal Kan]lesh Patel (Kamalesh Krishna d2sa)- Co-Chairn]on Georg¢ Mcmullan IPrabhupad& Prana dasal Daywanthie Clark (Akincana dasi) Knual PaÈl (Kanhaiya dasa) New trustees are provided with training on th¢ir legal obligations undereharity and company law, Charity Comrnission gui<lance on pllblic benefit, the aims and objectives of the Chariry. and the governance and decision Jnaking processes of ttLe Charity. Continuing training for twstees is undertaken through regular meetings, attending relev2nt se[nitr$, specific discussions with individuals and organisations and brief]ng papers in the areas supported by the charity. Page 3
International Society For Krishna Consciousness Limited Trustees, Report THE CHAIRIIIAN'S STATEP¥tENT 2023 has been anoth progressive artd enlivening year for ISKCON in the UK. Our largest centre, Bhaktivedanta Manor, proudly celebiated its 50th anniversary, commemorating its establtshment in 1973. ISKCON'S growing it]fluence as a nJajor spirinwl movement in the UK was further highlighted when our representatives were honoured with an invitation to attend the coronation of King Charles Jll at Westminster Abbey. Our three core activities, namely the distribution of the maha mantra {the trdnscendentsl holy name>, the distribution of prasadam {sallctified vegetarian food) and the distributinn of literature, all increased fTOTh the previous year. In particular, the number of books distributed in 2023 increased by 60,000 from the previous year, bringing the toral number of books distributed up to 293,000. Amidst the UK'S social and economi¢ difficulties. including a cost of living crisis and rising fo insecurity, ISKCON played a crucial role in supw>rtin8 communities. Our Food for Life initiative expanded operations in key cities such as Londoll, Birn)ingham, and Manchester, where the impact of the economic crisis was felt most aclltely. Volunteers from ISKCON distributed thousands of free, llutritious vcgctarian meals, and a focus was given to vulneTable groups like low-income families, the homeless, and students affected by rising costs. Communlty Outreach and Support Beyond providing meals, ISKCON engaged itt extensive community Outreach to offer a broader range of support. Recognising the mental health challenges exacerbated by the economic downrn, our temples across the UK worked harder to spread the chanting of the Hare Krishna maha tnantra, both on the streets through Harinama, and via meditation and mindfulness workshops. These sessions were designed to help individuals cope with stress and anxiety, offering Spirial solace alongside practical guidance. The emphasis on holistic well-being resonat¢d with many participants. providing thetn with a sense of ¢ommunity and support in challenging times. Youth Engagement and Educational Programs ISKCON also prioritised youth engagement in 2023. Throu] our various temples, centres and university societies, we launched educational programs aimed at empowering people wsth skills tsnd spiritual knowledge. Workshops on topics such as susrainable living, ethical leadership, and cultural heritage were held attracting diverse 'oups of participants. These programs aimed t]ot only to educate but also to inspire participants to become proactiv¢ members of their communities, fostering a spirit of service. Environmental Initiative5 Sustainability Efforts We took significant steps io promote sustainability in 2023, aligning with growing concerns over environmental issues. Efforts were increased to grow organic produce in our temple gardens and famjs. This initiative helped reduce the Society's carbon footprint and promoted awareness of sustainable practices among volunteers 2nd recipients. We also held public events and workshops on vegetarianism and eco-friendly living, etnpb2sising the connection b¢tw¢en spsriNal practices and environmental stewardship. Building Community Resilience ISKCON'S efforts in 2023 demonstrated a strong con)mitment to building community resilience. By providing essential services, fostering mental well-being. engaging with youth. and promoting sustainable practices, we not ottly helped addre55 immediate needs but also worked towards longer-tem) community empowernient. Our approach combined spiritual teachings with practical support. reflecting our mission to uplift individuals both materially and spiritually. Page 4
International Society For Krishna Consciousness Limited Trustees, Report Corneluslon As the UK continues to navigate economic and social challenges, the role of ISKCON in supporting cominuniiies becomes increasingly impoitsnt. ISKCON'S initiatives in 2023 demonstrated our capacity to pi'ovide both emergency relief and holistic support that addresses the physical, mental, and spiritual needs of people. Moving fotward, ISKCON'S blend of compassionate service and spiritual guidance will remain a valllable resource for communities a¢ross ihe UK, helping io build 8 more resilient and connected society. Page 5
International Society For Krishn* Consciousness Limited Trustees, Report OBJECTIVES AND ACTIVITIES The charity is Constituted as a Company limited by guarantee and is therefoie govetned by the Memorandurn and Ani¢les of Association. In pursuance of our ¢harity's aims and objectives. the tNstees have Considered the Charity Commtssion'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 i'emains fixed on our chartty's purposes. The charity's aims and objectives continue to be.. To systemati¢ally propaga spiriwal knowledge to society at large and to educate all peoples in the techniques of spiritual life, in order to check the imbalance of values in life and to achieve real unity and peace within the world. 2. To propagate a consciousness of lShna, (God), as is revealed in Bhagavad-Gita and Sriniad Bhagavatsm (ancient scripture). 3. To bring the members of the society together with each other and nearer to Krishna, the prime entity, thus developing the idea within the members, and humanity at large, that each solll is part and pae1 of the quality of Gndhead. 4. To teach and encourage thc 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 transcendentsl pastmeS dedicated to the personality of Krishna. 6. To bring membeis together for the purpose of teaching a simpler, more natrjral way of life. 7. With a view to achieving the aforementioned purposes, to publish and distribute periodicals, books and other writings. Through its various U.K. centres, the cknity Seeks to provide services of spiritual excellence in education, lifestyle and culture of Kyishna Consciousness as revealed in th¢ teachings of the Vedic %riptures of India, Bhagavad Gita As It Is, Srimad Bhagavatam and according to the teachings of His Divine GraceA.C. Bhaktivedanta Swami Prabhupada, Founder-Achaiya of the Intejmational Society for Krishna Consciousness. His Divine Grace A.C. BhuknEvedonto Swumi Prubhupada, Founder-Acharya ofthe lpRternational Societyfor KrishAa Consciousness. Page 6
International Society For Krishna Consciousness Limited Trustees, Report THE CHARITY'S STRATEGY The key elements of our medium to long terni strategy are.. Disti'ibution of literature Public Festsvals 3. Food distribution Education 5. Promotion through other media 6. Social engagement and pastoral care 7. Opening llew centreslgatherings 8. Outreaeh and workshops Fllndrai5ing 10. Meditation and kittin Di5trlbutlon of literathre The distribution of spiriwal literatllre is a fundamental aspect of our work to benefit society as well as individuals, fosterillg spiriwal well-being, social welfare and a more whole50me lifestyle. Book distribution is a key part of our charitable activities, airnEng to sprcad spiritual knowledge and promote values such as compassion, non-violence and devotioll to God. These books, which primarily include translations and Commentaries on ancient Vedic texts like the Bhagavad Gita and Srimad Bhagavatam, are distributed widely through events, temples. street distribution and online platfornis. The teachings in these books advocate for a healthier way of life, encouraging not only spiritual fulfilment but also the adoption of healihy habits, such as a vegetarian dieL regular meditation and avoiding drugs and alcohol. Thus, the books have many benefits: physical, mental, social and spiritual. Those who have read our books often express gratitude for the insights that have helped them over¢orne issues such as stress, anxiety and depression. Page 7
International Society For Krishna Consciousness Limited Trustees, Report Book Distribution Totals 350 300 250 150 100 50 2018 2019 2020 2021 2022 2023 1 In 2023, ISKCON achieved an impTessive feat by distributing 293,000 pieces of literature, marking a signifjcant increase from the 233.000 books distributed in 2022. (Figures are approxirnate.) Public Festlvals Festivals are a cornerstone of our activities, providing a p12tfom for the public to discover our spirial teachings while allowing members to deepen their relationships with each other, the publi¢, newcomers and ultirnately with God. These events are open to everyone, regardless of their religious atyiliation. and are designed to inspire and strengthen fait through Yibrant. uplifting expertences. The festivals foster interfaith harmony and detnonstrate various aspects of Vedic culture using musi¢, dance. drama and philosophy, making them both educational and entertaining. Among the key f¢stivals is Janmastami, the annual celebration of Lord Krishna's appearance in this world. This ¢v¢nt is marked in all our centres, with the largest celebi'ation held at ISKCON Bhaktivedanta Manor in Hertfordshire, attracting thollsands of visitors and involying over 1500 volunteers. Thc festival offers a rich culthral experience, showcasing the philosophy, music, and traditions of the International Society for KrIsh[ Conwiousness. Another Significant publi¢ festival is the Festival of Chariots known as Rvdthayatra. It consists of a street parade with one oi. more 40ft high colourfully decorated chariots, accompanied by congregational singing and dancing. The procession culmillates in a culra1 festival in a central location, wbere participants can enjoy plays. perforn]anc¢8, music, worship and sanctified vegetarian food. Rathayatra is celebrated in major cities across England and Wales, including London, Birniingham. Leicester, Manchester, Cardiff and Brighton, as well as many smaller towns and cities. Notably, Can)bridg¢ hosted its very fllst Rathayatra in 2023, expanding the festival's reach. fesli¥¥l 4)r ChdtF•ks These events draw hundreds to several thousand attende¢s, providing immersive experiences that bring the teachings _:4X ..X¥*.,. and culture of Krishna Consciousness to life for all who participate. Coinbrid IATUA YRTAH Page 8
International Society For kn-iSiLJa Consciousness Limited Trustees, Report Distribution of food15anetified vegetarian food known as 'prasadam') A key aspect of our activities is the distribution of prasadam, or spiritually sanctified vegetariatt food, which provides both physical and spiritllal benefits to those who partake. Many of our centres offer free meals to guests and visitors daily, while smaller centre& provide prasadam at I'egular programs and during festivals. ISKCON also operates Govinda's Restaurants in Swansea and London, and Café Atma in Cardiff. These establishments promote healthier, kamia-fi'¢e eating and geneTate income for TSKCON. Additionally, through our Food foi. LEfe programme and the associated charity, Food forAII, some centres distribute free sanetified food to the homeless and those in need, rther cxtending our outreach and support to the community. 4. Education ISKCON is committed to our objective of "educating all people in the techniques of spiritual life." Through ISKCON Educational Serrfic£s IIESI, we offer school tours with workshops, classes, and vegetsi'ian lunches to teach Hinduism as part tsf the National Curriculum. Centres like ISKCON Bhaktivedanta Manor, London, Newcasile, and Manchester have reached thousands, etthallcing their understanding of Vedic cultsjre. Our ¢entre5 provide regular class¢s and serninars, visit homes and schools, and conduct programrnes at colleg¢s and universities in majorUK cities. ISKCON Bhaktivedanta Manor also offer5 residential spiritual courses, operates a nursery, and supwrts the Gunthla Trust primary school. Here, the students are taught mainstream education and spiritual values appi'oprtaie to their age. Many of our sites also offer Sunday schools for children. Additionally, around 50 home and outreach groups across the UK meet regularly to support and educate both n¢w¢omus and tn¢tnb¢rs. kl Promotion through otber media We continuously explor¢ new methods to promote our organisation. Our piesenee is feli at music festivals and camps, and our meditation app has been well received. We feaDJre a range of perforniattces, including plays, theatre, ]nusic and drama. at our numerous events. The Radha Krishna r¢cord label, managed by our London ¢¢ntr¢, produces an array of m¢ditativc aDd upliftillg trdck5. Our social media presence is supporEed by dedicated con]munications teams at each centre. Additionally, we lev¢rage the expertis¢ of our memb¢rs and congr¢gation to dev¢Sop innovative stratsgi¢s for increasing awareness. Page 9
International Society For Krishna Consciousness Limited Trustees, Report Soei#l Engagement and Pastoral Care ISKCON actively ensTages nLtmerous volunteers in I'oles thdt align with our bhakti principles, fostering positive life values and social involvement. Most of our volunieers lollow ISKCON'S spiiitual lite5tyle, Inakii)g guidance, mentorship and pasloi'al ¢are a prioiity foi" the society. In 2023, 'Devotee Cal'e. courses were conducted a¢rosb our UK centre5, with a dedicated devotee care otTicer overseeing these eftoi1S. We also ensure that our volunteeiE receive regular appreciation for dieir ¢ontributioos. 7. Opening of new ¢entreslsangas (spiritual gathering5) We ale committed to supportit]g the growth of new and emerging centres alld meetings. Our larger centres play a key mle in this effort.. foi instance, ISKCON London has supported ISKCON Crawley and other gatherings in South East England, while ISKCON Manchester ha5 assisted the estsblishit]g of ISKCON Stoke. ISKCON Bhaktivedanta Manorhosts 25 to 30 hotne sanga groups that meet regularly. Additionally, centres in Man¢hester, Neweastle, Bimiingham and Wales are actively workin8 to establish new centres and sanga groups. 8. Work5hop$ and Outreach Workshops and outreach are crucial aspects of our activities. Each centre offers unique programmes that encourage initial engagement and deeper involvement in a variety of activities, ¢ourses, classes, and retreats. The Hare Krishna Festival teatn specialises in supporting smaller groups across the UK. particularly in areas distant from our establish¢d centres, by assisting with Outreach events, H.inarna, and kirtan. Fundraising We raise funds through various methods, in¢luding pati'onage systems at larger ¢enties. We also receiv¢ one-off donations for maintenanee of centres, and designated funds for specifje pi'oje¢ts. Additional revenue comes from book sales, investments, restaurants, and prop¢ty leasing. The majority of our funding is from patronage and individual donations, supplemented by various fvndraIsig a¢tivities. Voluntrers participate in door-to4loor and street fundraising, receiving guidance and oveisighi to ensure best practices. We adhere to the code of fundraising practice, ensuring transparency and respect We do not use external fundraisers and are not registered with any fundraising regulators. Our Enternal eortllnittee, eODsisting of celltr¢ representatives and dedicated members. meets quarterly to oversee fvndraising practi¢¢s and provide guidance. This year. our TrusteeslDirectors r¢¢eiv¢d no complaints about fundraising. Our centres attd volunteers are proactiv¢ in addressing grievances, and unresolved issues can be escalated to the group secretary at h¢ad office. Page 10
International Society For KrishJJa Conseiousness Limited Trustees, Report 10. Meditation and Kirtan (congregational ehanting of the names of the Supreme Being) We promote the practice of daily mantra meditation, focusing on chanting the Hare Krishna mantra: "Hare Krishna, Hare Krishna, Krishna Krishna, Hare Hare, Hare Rama, Hare Rama, Rama Rama, Hare Hare." Alongside Tneditation. we promote kirtan- call-and-response chant or song set to music that delves into spirial ideas and expSseS devotion to the Supremt Being. Our kirtall often feattires dancing and is renowned for 'public kirtan,, also known as Harinama. Encreasingly popular kirtan concerts have been arranged by members of our society, and we have alsi) had a presence at gatherings such as mind-body-spirit events. Both meditation and kirtan are effective in promoting stress relief and reducing anxiety. Page 11
International So¢llety For Krishna Consciousness Limited Trustees, Report OVERVIEW OF THE U.K. CENTRES Activities and programmes continued at all our centres throughout ihe UK, as outlined below. ISKCON Bhaktived#nta Manor (Conneeted Charity) Our largest UK centre, ISKCON Bhaktivedanta Manor. Celebrated its 50, annivetsary in 2023. The Grade 11 listed property, Situated in a semi- ral setting near Watford, Hertfordshire, was donated by George Harrison of the Beatles to the Hare Krishna Movetnent in 1973. To mark the milcstone anniversary, additional COTlltnemorative events were held throughout the year, incorporating drama, philosophy, singing, dallcing and feasting. Celebrating 50 years BFfAKfivEDANTA With its sacred shrine atid beautiful grounds boasting landscaped gardens, lawns, a lake at]d cottages, the nutnber of visitors continued to grow in 2023, particlllarly during holidays and weekends. Guests are given an introduction to the diverse aspects of our devotional culture.. The School of Bhakti, covering education and pilgrimages. continue5 to build closer links with the local communiry and ¢ngaging the congregation in various immersive activities such as the highly successful School of Bhakti service days at the fami. Ktishna club for childien alrnost doubled the number of students this year, running eight classes on Sundays during terni-time for a total of 250 children. Additional classes including Sanskn"iÈ lallguage, hamionium, mridanga {druml, art and drama were also offered. Bhaktivedanta Manor is home to New Gokul, a dairy farni and visitor centre. They have a mixed hei'd of 60 animals, some of whom give tnilk, some who aTe working oxen, and some who are retired or in their chtldhood. It is Bi'itain's foremost centi'e of cow protection and working oxen, with fifty-three acTes of land designated for cow. oxen and bull grazing. The horticultural side of Bhaktivedanta Manor grows vegetables. herbs and frnits to promote a healthy, eco-friendly diet. Many volunteeT5, particularly frotn the younger generation, regular give time to seTve at th¢ fami. ISKCON Educational services (IESI. which was ¢stablished in 1989, remains popular among teachers for its educational and interactive woikshops. Today it continues to off¢r day visit5 to experience a living Temple, in-school presentations, and help training teachers (Irr and INSET). It also publishes and distributes resources and provides professional guidance (via R.E. afifiliated and governmental bodies). SATURDAYSaZ&I&JULY I7{)11m Page 12
International Society For Krishna Consciousness Limited Trustees, Report ISKCON Birmingham Events continued to take place at various hired location$ in Birniingham and were well attended. The team also organised another annual Spring retreat in Lincoln and a summer Rathayatra (chariot festival) which took place i Biiiningham City Centre. Krishna Club Continued to cater to the lleeds of the younger members of the COngation, and team-building service opportunities, sllch as feeding the homeless, were aJTanged for all to participate in. pring Spiritual Rathayatra . i26thmay.sw 28thhkny Page 13
International Society For Krishna Consciousness Limited Trustees, Report ISKCON Hare Krishna Festivals The ISKCON Hare Krishna Festivals Team continued its tradiiion of hosting flagship cultural events across various towns and cities in 2023, with the largest gathering held in Nottingham, attracting over 400 attendees. The team also anaged the inain stage programEne at the London Rathayatra festival in TTafalgar Square and pi'ovided vital support to smaller local coMU1t1eS by helping organise and stafi. festivals, Harinamas, and local Rdthayatras. A standout event of the year was the annual Glastonbury Festival, where the Festivals Team has had a presence since th¢ festival's inception. In 2023, the team served over 15,000 plates of sanctified vegetarian food (prasadam) to festival-goers and hosted 10 hours of daily kirtan in their iconic tenL Additionally, 2023 marked the team's debut at the Latiwde Festival, where they introduced the same vibrant mix of food distribution and kirtan perforniallces. Page 14
Internation21 Soeiety For Krishna Consciousness Limited Trustees, Report ISKCON Leicester The Leicester centre is one of Joseph Goddard's iconic grade 11 listed architectural buildings, completed in 1872. This year marked two historic occasions for the wngregation in Leicester.. the 40 allniversary of the insrallation of Sri Sri Radha Madhava (the pre&iding detties at the Centre), as well as the 30 ' Rathayatra (annual festival of chariots) in Leicester City Centre. Regular gatherings were held at the centre throughout the year, and the College of Vedic Swdies, Leicester, continued to ruT] interactive courses and retreats for members ot the public and congregational community. This year saw the completion of the vital renovation work required on the roof of this prominent building, which was completed with the help of various grants, including froTn the City Council and Historic England's High Street Heritage Action Zone. The centre featured as one of the prestigious and historic buildings with tours aml activities taksng place as part of a Heritage Open Day in September. Page 15
International Society For Krishna Consciousness Limited Trustees, Report International Society for Krishna Conselousne55- LoThdon Iconnected Charity) Situated in the heart of London, the Radha-Kri8hna Temple otk Soho Street continues to serve as a spiritual oasis for thousands of Londoners and visitors from all over the world. Daily worship continues at the Centre, a5 well as the celebration of numeious festivals, gatherings and events. The site is also home to the popular Govinda's Vegetaria Restaurant. In recent years, the centre has focused on a new style of outreach. resulting in the leasing of an additional venue in Holborn, Studio 108. Regular events continued to be held, inviting newcomers to participate in Ènteractiye workshops and talks. In 2023, the preaching centre was expanded to include a café, which helps attract more footfall and fi]rther achieve the socety's aim of distribution of prasadatn (sanctified food). The London team also support other South East groups including the Attna Lounge Folkestone, selling clothes, incense and books, and thc Bhaktt Yoga Centre in Crawley. Moo STUDiO Iots ISKCON Manchester The established centre of ISKCON Manchester is J miles from Manchester city ¢enÉr¢ and close to Alexandra Park. Events in 2023 ineluded the r¢gular Sunday feast, Bhagavad Gita classes and Kid's Sundays, as well as the celebration ofvarious festivals and a Rathayatra chariot festival in the City Centre. Weekend Harinama and the distribuiion of books are steady and certain days have been set aside exclusively for PTasadam distribution and JA KirtaD, as well as community building events. FESTI "INDII A bLANCHESTER NATH ATrA Page 16
International Society For Krishna Conseiousness Limited Trustees, Report ISKCON Iyewcgstlt Activities at the Newcastle centre continued, including the monthly'sacred Street Party, book distribution events and regular Friday evening Harinamas-joyful congregational chanting accompanied by dancsrtg and musical instrnments. In line with previous years, a special. larger Harinama was organised for the annual Great North Run, which attracts over 60,000 participants. Additionally, a range of univei'5ity progralnmes took place through Durham University's Krishna Conscsollsness Society. The centre also welcomed numerous school visits. coordinated by the ISKCON Educational Services IIESI depanment. Sacred sireetParty ISKCON South London (Connected Charlty) Regular weekly programmes continue, such as book distribution, Courses, %minars and Food for Life food distribution. atherings occur atthe centre during certain weeknights and every weekend. as well as to celebr&t¢ festlvals. Page 17
International Society For Krishna Consciousness Limited Trustees, Report AFFILIATED CHARITIES I PARTIES Food for All Charity registration number 1077897 OOD FOR ALL Food for All are piesently distributing 1,000 healthy meals daily, and for those living on the streets of North London, thS Can be a life line. The Lotus Trust i( Charity registration number 1114304 Th¢ LotU5TnLs1 The Lotus TNst is an educational, relief and development agency seeking to trdnsfomi lives and improve the environment in the UK and abroad. The l Foundation Charity registration number 1105545 Company registration 05137350 iFoundation The l Foundation is a limited company and a charity working with in education. Bhaktiyedanta Manor Ltd Company registration number 6612940 This is a lo/0 subsidiary of ISKCON Bhaktivedanta Manor Ltd who is its sole ben¢fJ¢iary. Krishtta Cymru Cy Krisbno Cymni Charity registration numbeT 1191237 Krishna Cymru is a charity working to expand the principles of Kxishna Consciousness specifically in at)d around Wales. Page 18
International Society For Krishna Consciousness Limited Trllstees, Report FINANCIAL REVIEW The group's net incolne for the year was recorded at £2,085,143 (2022.. £2,448,107). The principal funding source continued to be the receipt of donation and legacies which amounted to £5,243,933 12022.. £5,036,066). The fi]nds generated from charitsble activities of the thaTitable companies within the group was recorded at £3,200,77212022.. £2,837,951} and from the trading aetivities of the Charitable companies within the group was recorded at £2,008,382 12022.. £1.492,6251. The reduction in net incotne compared to the previous year is primarily due to the increased expendIre by the charity, particularly in carrying out its charitable activities. Investment income, which comprised the charitsble letiing of property and batth interest received provided a use1 contribution of £386,459 (2022.. £270,458). Total income was £13,777,153 (2022.. £12.911,034). Total resources expended was £11,740,658 {2022.. £10,441,664). The total of unrestricted funds at 31 Decen)ber 2023 was £18,974,534 (2022.. £17,957,075}. The total of restricted funds at 31 December 2023 was £33,333,121 (2022.. £32,728,719). There was an a¢curnulatedprofit in relation to the activities of the trading subsidiary t4t 31 December 2023 of £557,293 (2022.. £94,011). RESERVES POLICY The trLtstees aim to establish a level of unrestricted funds which equates to at least twelve months'worth of expenditure on raising fid5 and on charitsble aetiviti¢s. The trustees believe that this is an appropriate benchmark to Use in I11t of the Charity Commission's guidance on the appropriate level of reseryes. The twste¢s aim to maintain a robust l¢vel of unrestricted rtdS to meet the tUre funding r¢quii'¢ments for the charity's ongokng activities. The charity anticipates utilising these reseiv¢8 to manage increased cash flow expendimres and to mitigate possible redu¢tiODS in future donations. Expected outflows are set to rise due to increased charitable a¢tivities and prevailing inflationary pressures. Moreover, the charity anticipates an 80/0 decline in fllre income, driven by the escalating cost of living in the UK. This forecast aligns with findings from the CAF UK Gtving Report 2023, which indicates that l in 20 individuals are cancelling regular donations, l in 10 al'e discontinuing one-off donations. and 70/0 are reconsidering their donation arnounts. According to the ICAEW Report 2023, approximately 450/0 of ¢hariti¢s are becoming rnore reliant on their reserves to fund operatjoris. Furthernjore, it is estimated that the real value of a £20 donation will redllce to £16.50 by 2025 dlle lo inflation. RISK MANAGEMENT The trustees are responsible for establishing intemal control systems within th¢ group. The jor risks which may impact the aetivitics of the group have been reviewed during the year and the trSteeS are satisfied that the system of internal controls currently in place is adequate, whilst recognising tbat they are desIed to manag¢ rath¢r thaD eliminate risk. Internal controls are reviewed on an ongoing basis as part of the dly-to-day risk management process within the group. The risk witbin the group lies within its grant-giving for d¢velopm¢nt andlor educatÈoll within the UK as well as abroad, of their broad principles and its associated reputational risk. Page 19
International Society For Krishna Consciousness Limited Trustees, Report REFERETr4CE AND ADMINISTIUTIVE DETAILS Trustees AW Howchin T M Anderso P Murphy Ico-chairnian) K M Patel Ico-chairnian) G McMll112n - resigned 7 January 2024 D Clark K Patel Secretary Ms G Olapoju {resigned 16 April 20241 Mrs N Patel (appointed 16 April 20241 Registered office Oak House I Warford Road Radlett Hertfordshire WD7 8LA The charity is incoOrated in England and Wales. Cotnparty Registration Number 00962009 Charity Registration Number 259649 Auditor KNAV statOry Auditors Hygcia Building Ground Floor 66-68 College Road HakTOW Middlesex HAI IBE Page 20
International Society For Krishna Consciousness Limited Trustees, Report REFERENCE AND ADMtNISTIUTIVE DETAILS (eonL) Bankers Lloyds TSB Bank plc Business Banking Service Centre 10 Booth Street Manchester M2 4AW HSBC UK Bankplc I Centenary Square. Birmingham B I l HQ Sollcitors Bates, Wells & Braithwaite Cheapside House 138 Cheapside tx)ndon EC2V 6BB Page21
International Suciety For KrishnA Colls¢iousness Limited TrsteeS, Report STATEMENT OF TRUSTEES RESPONSIBILITIES The tnJst¢es (who 8r¢ also the directors of Internional Society for Krtshna Consciousn¢ss Limited for the purposes of company lawl are responsible for Preparing the Report of tlie trustees aod the finincial ststemtnts in accoTdancc with appli¢abl¢ law and United Kingdom Accounting Siandards Iunitcd Kingdom Generally Accepted A¢¢ounlin8 Praciicel. Coinpany law requires tl trustees to prepare financial slatements for ea¢h fin¢181 year which 8ive a true and fair view of the stste of affairs of the ¢118rit#ble ¢ompony and of the tncoming resources and application of re50ur¢es. including the itscome Ind expendiiure, of the eharblable company for that PCTiod. In weparing those financial sthtemen15, the irnste¢s are required to seleci suithbl¢ accOUting policie5 and th¢n Apply Ihem ¢onsisnily: ob5¢rve the methods and principles in Ihe Chartiy SORP, rnak¢ judg¢ment5 and esiimates that are ieasonable and prudeni: prcpare tl)e financial staiemeThis on the going ¢on¢ern basis unless 1¢ is insppropfiatc io prcsurne that the charitable company will continue in bu5ine5S. The tru51tts are re5ponsÉble for keeping proper a¢¢ountlll8 records which disclose with reaablE ac¢ura¢y at any time the financial position of the charitable MpaNY athd ts enabl¢ Ihem 10 ensure Ihatthe financial stam¢this comply wiitl the Companies Act 2006. They ar¢ also responsible for safeguarding the assets of the charitable company atMI hell¢e for iaking reasonable steps for the prevention and detection of fraud and other ijTe8ularilies. n 50 far &$ the Iru5te¢s are awar thcre 15 no relcvirti audit infonnation ofwhich the charitable company's aUdItS are unaware. and Ihe tru$t¢es have taken all slep$ ihai they ought hav¢ taken to JnAke themselves aware of aThy relevant audii informaiion and lo esiablish ihai Ihe auditOTS ore aware of that irtformation. AUDITORS The atsditors, KNAV Liiniicd, will b¢ propo5cd for r¢-AP5XFinlmeni w Ihe lijrihcoiniigAnthual G¢n¢T41 Mcciing. Report ofthe tru51t¢s, incorpor4ti#g a sirnt¢gi¢ report. approv¢d by order ofthe bo8 of twstees. as ihe company di¢10@ on...... . and signed on the &)ord'5 behalf by= K M PAtcl-Tru51ec Pa8e 22
International Society For Krishna Consciousness Limited
Independent Auditor's Report to the Members of International Society For Krishna
Consciousness Limited
Opinion
We have audited the financial statements of International Society For Krishna Consciousness Limited {the 'ch'itabIe
parent company'l and tts subsidiaties {the 'group'l for the year ended 31 Decetnber 2023, which comprise the
Consolidated Statemtnt of Financial Activities, Consolidated Balance SheeL Charity Balance Sheet, Consolidated
Statement of Cash Flows and Notes to the Financial Statements, including a summary of significant accounting
policies. The financial Teporting framewoik that has been 4>plied in their preparation is United Kingdom Accounting
Stsndards. coinprising 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 ¢h3rity's affairs as at 31 December 2023 and of its
incoming resources and application of resources, including its income and expendItre, 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.
B4sls for oplnlon
We conducted ollr audit in aecordance wsth International Standards on Auditing (UK) (ISAS IUKI) and applEcable law.
Our responsibilities llnder those standards are rther described in the Auditor's responsibilities for the audit of the
flnancial statements section of our report. We are indcpcndentof the group in accordance with the ethical rquirements
that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standar
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 fsnancial sthtements, our responsibility is to read the othei. infomiation and, doing so, cotjsidei. whether the other infomiation is materially inconsistent with the financial statements or our knowledge obtained in the audit or othenvise appears to be matei'ially misstated. Ef we identify such material inconsistencies or apparent matertal misstatements, we are required to detennine whether there is a material misstatement in the financial statements or a material misstatcment of the other infoTmation. If. based on the work we have perfomied. we Conclude that there is a material misstatcrnent of this other inf0mtion, we are required to report that fact. We have nothing to report in this regard. Opinion on other matters prescribed by the Companies Act 201)6 In our opiniotj, based on the work undertaken in the course of the audit.. the nfoation given in the Trustees, Report for the financial year for which the financial ststements are prepared is consistent with the financial statements- and the Trustees, Report have beetj prepared in accordance with applicable legal requirements. Matters OR whleh 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 audiL we have not identifjed material misstatements in the Strategic Report and the Trustees, Report. We have nothing to report in respect otthe following matters where the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have Dot been k¢pi by the parent charitable company. or returns adequate for our audit have not been received from branches not visit¢d by us; or the parent charitable company fjnancial staternents are not sn agreement with the accounting wol'ds and r¢tUrn5; or ceitain disclosures of ttustees remuneration sp¢cifi¢d by law are not made: or we have not received all the information and explatjations we require for our audit. Re5ponsibilitles of trustees As explained mole fully in the Statement ofTrustees' Responsibilities (set out on page 201, the ttustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such inteTnal control as the trustees deterniine is necessary to enable the preparation of financial statements that are free from material misststement, whether due to fraud or etror. In preparing the financial statements, the trustees are responsible for assessing the charitys abiltty to continue as a going concern, discIosill8. as applicable, matters related to going concern and using the going concetll basis of accounting unless the tte¢S either intend to liquidate th¢ charity or to cease operations, or have no realistic alternative but to do so. Pag¢ 24
International Society For Krishna Consciousness Limited Independent Auditor's Report to the Members of International Society For Krlshna Consctousness Limited Auditor'5 responsibilitie5 for the audit of the financial statements Our objectives are lo obtain i'easonable as%urance about whether the financial statements as a whole are free from material misstatemeni, whether due 10 fraud or error, attd 10 issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guaTantee that an audit conducted in accordance with ISAS {UKI will always detect a material tlliS5tatement whell it exist5. Mi5State¢ntS call arise from fraud or emir and are considered matei'ial 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 statejnents. trregularities, including fraud, are instances of non-compliance witb laws and regulatioDS. We desigrA procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irreglllarities, Jrtcluding fraud. The extent to whtch our procedures are capable of detecting irregulariiies, inclllding fralld is detailed b¢low. We design our procedures so as to obtain sufficient appropriate audit evidente that the financial statements are not materially misstated due to non-¢omplian¢e with laws and regulations or due to fraud or etror. We are not Tespon5ible for preventing non-cotnpliance and cannot be expected to detect noncompliance with all laws and regulations- this responsibility lies with management with the oversiglJt of the TNstees. Based on our understsnding of the Charity at]d discussions with key members of the charity, we identified Companies Act 2006, the Charities Act and Financial Reporting Standard 102 as havittg a direct effect ott the amounts znd dis¢losures in the fioan¢ial statements. As part of the engagement team dis¢ussi(irt about how and where the Charity's fin#n¢ial stateTneThts m#y be tnateTially tsstated due to fra we did not identify any areas with an increased risk of fraud. Our audit procedures included.. enquiry of management about the Group's and Ch2rity's policies, procedures and related ¢otJtrols regarding compliance with laws and iegu14tions artd if there arc any known instsnces of non-COTnpliance: examining supporting dOcU¢ts for all material balances. transactions and disc105ures' ' review of the trustee minutes,. ' enquiry of tnanagement and review and inspection of relevant correspondence with any legal f]rnis', evaluation of the selectioll and application of accountin8 policies related to subjective measurements and complex tr8nsa¢tiotJ$- ' allalyti¢al procedures to identify any unusual or unexpected relationships. testing the appropTiaten¢s5 of journal entries recorded in the general ledger and other adjustments ma(k in the preparation of the financial statements., • review of accounting estimates for biases. Owing to the inherent limitations of an &udi¢ there is an unavL)idable risk that some material missratements of the financial Staternets Ell&y not be detecte even though the audit is propeily plauned a[ performed accordance with the ISA5 IUKI. Page 25
International Soeiety For Krishna Consciousness Limited IndependentAuditor's Report to the Members of International Society For Krishna Consciousness Limited The potential effects of inher•Jt limitations are particularly signifjeant in the case of misstAtement resultin8 from fraud because fraud may involve sophisticated and carefully OTganized schemes designed to conceal it, irt¢luding deliberate failure to record transactions, collusion or intentional mi5rq)i'esentation5 being made to us. A furthei de5¢riPtion of our responsibilities is avaslable on the Financial ReportEng Council's website at.. www.frc.org.uklallditorsresponsibiliiies. This deseriplion forn)s part of our audktor's reporL Use of our report This report is tnade solely to the charitable parent ¢ornpany'$ tyv$$, as a body, in atcordanee with Chapter 3 of Part 16 of the Companie5 Act 2006. Our audit Work has been undertaken so thatwe might stste tv the group'.% trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extellt peT]nitted by law, we do not accept or a&wme responsibility to anyone other than the charitable parent company and its ttteS as a body. for ur audit work, for this rew>rt, or for the opinions we have fortned. gh nd on beh CA (Senior Statutory Au fof KNAV. Statutory Au torl itor Hygeia Building Ground Floor 66-68 College Road HaOW Middlesex HAI IBE Date". 2024-82-UK Page 26
International Society for Krfishna Consclousness Limlted Group Statement of Financial Activities for the year ended 31 December 2023 CoTrtinuy er&tions DContinued eradorts Unrestrieted Re$trittÈd funds TiadiTrg ifitilinel ureSt>st1ed liestrleted expenses funds fund5 21ll3 Tothi Nfjte5 IP4COME AND ENDOWMENTS FROM Donatian$ 2nd ttle$ Charillble activities 3,649,705 1,405,212 38.807 79 189,016 5.243.933 3,200,772 2,008,382 386,459 63.438 2,874,169 Other tradin8 a¢livjtie5 Invegtment intome Other income .956,424 382.775 2(K> 51.879 3.684 63W8 Ttadin8 income 2.874,169 2R74.169 9.151.069 240.895 EXPENDITURE Oly Ralgljhg fullds Ch&ritabk Activitie5 3,273,117 802,771 99,963 4.175,871 Fesllval SaTthirtkn. PTea¢hinBALd other charitsble tivitieR Eth]eation 966,262 966,262 1,432,393 150 1.432,543 674,904 26,861 593,228 37,680 712,584 26,801 for life Religioug activiry AnitDal Proteclioll & WeJfaTe Devatee Welfartactivity Tradiu$ wctivitie5 Restaurant & ¢at¢ring Shops Other )¢tivites 25269 25,269 74,371 74,371 1,112,654 1.112,654 180,775 570 36,944 570 Vnve5tmeNt propertie5 Trxdlng ÈIpeDses 28.600 28,600 2,410,887 2,410,887 Tot&1 resource8 expended 8J26.811 866,053 2,410,887 136,907 Net gainsl{lo$w) investment5 48,648 48,648 Net Incomellexpenditur¢) 872,gY)6 644,967 463,282 103,988 2 085,143 25 144,553 140,5651 {103,9881 Nèt iutomlng resourcey for the year .017.459 604,402 463,282 2,085,143 Taxatlo Net iucome for tht year 1,017.459 604.402 463.282 2,085,143 Total fijnds brought torwaTd 17,957,075 32,728,719 94,011 50.779 805 Total fund8 tarried forward 18,974,534 557 293 52 864 948 The notes ott pages 32 to 56 (orm all Integrxi part of these finllncial ytateDJents. Pige 27
International Society for Krishna Consciousness Limited Group Statement of Financial Activities for the year ended 31 December 2023 CoTrtinui IAS restated) Unrestricted flld5 erations 'rading A5 restated 2022 Total Restrlcted fund8 expenses Notes INCOME AND ENDOlTr[NTs FROM DonDlions attd legacies CknntBble activities 3,603,053 2,801,496 1,492534 269.083 6,283 1.435.013 36,455 5,036,066 2,837,951 1,492,625 270,458 836.627 2,437,307 Other trading &CiiVIIi&s Investment income Other income 1,376 830,344 Trading income Total 2,437,307 2 437 307 8,172,449 2,301,278 EXPENDITURE ON Raislng fund$ Charitable Actlvltles 2,843,415 1,362,388 4.205,804 706.869 706,869 SankiTfan, preachingand other chatitsblc activities Educalion foi life RelTbriOUS activity Animal PTOteclion & Welfare DEvotee Welfare activity Trading activltie8 Resraurant & ¢#trllng Shops Other tIvate$ 1.261.432 1,261,432 497,247 35,103 471,304 33,984 531,231 35,103 472,016 46,690 17.282 712 46,65Y) 17282 719,286 166.488 719,286 166.488 1nyesteTrt propertiès Trading upensey 20,046 20,046 2,259,417 2,259,417 Total resources expended 6,738,473 1.443 774 2.259,417 10,441.664 Net g*InlI$se$) investments Net In¢om¢l{exp¢rtdi¢urel 1,433,976 857,504 177,890 2.469 370 Tran8feTbetween funds 25 215,174 Net kntorniDg re$ource5 for the year 1,649.150 642,J30 177,890 2,469,370 Taxation 21,263 21.263 Net income (or the yeir 1.649.150 642,330 156.627 2,448,107 Total llds brousht foTW4rd 16.307.925 32 086 389 162,6161 48,331,698 Total funds carried forward 17,957,075 32,728,719 94.011 50,779,805 The notes on page5 32 to 56 fortll iDtegrai part of these fjnaThdal $tatemekt$. Pgge 28
International Society for Krishna Cons¢iousness Limited Group BalaDce Sheet As at 31 December 2023 2023 202Z IE$ Fixed.q$s¢ts 44.178.352 1,036,409 45,214,762 44.752.699 987.701 45.740.460 Fixtd in%uiincnLS 16 Currtttt Assels Stock Debtors.. gmomts falliThB due WLlhin onc year Dcbtors.. amoTrIS rling thjc allernre on¢ 18 714.381 825,932 812.877 1.607,837 10.94¥280 14,106,430 kand¢ 9251.484 11,196,488 CRdifors: amounts faMin¢ due withiTh 19 3.711589 2291.924 Net currtnt Asscts Tolal Asstts les5 current118bllities 10.453 841 55,668.603 &904,564 5d.645.025 Creditor5', Aniounts falling due #ftEr mort than on¢.YeDr Net issets (2,803,6551 3.8652201 52.864 948 50,7?9 105 Fund¥ RerI£l¢d incrJDX funth 33J33.121 J2.728,719 Unr¢$tAettd intome fut tksisnDied 15.330,553 3.643.981 557.293 17,307,075 650,000 Profi¢ and Los5 52.$64 948 50.779.805 The fnllncig151atcrneMs ivcre approvcd Jnd oulhorised foi i$5u¢ by Ihe boord siyed behAIr.. - Truste The nOl¢B on ptygu 32 lo 56 10rn1 integral part Of the¥e fjnnctil $l*temeDI Pagc 29
International Soeiety for Krishna Consciousness Limited Charity Balance Sheet at31 December 2023 211LI 2022 NtrA Flxed aasd5 Tangibl¢ fixed 05$¢ Fixed BsseE iThv¢suncnts 40.919,779 40,927.871 451118 41.J79.989 41 J71,897 Current a55et5 Sk 555,631 337,038 1.439,520 3,216,258 5,548,427 57AIM6 725,640 Deb(ors'. Dmounts fulling thxwithim Dthors.. amoDIMs fBIIiM8 duBalknTmL¢ QD¢ Ivr Bok and cash JJ12.025 Cr¢ditors: amounts flllng due wlthln one year Net currtnt askts Net a55et5 Creditors: #mount5 falliog Thfter nio than olio yollr Net assets 18,541,250) 16,7072161 12.992,823) 38J79.074 12.093,5051 39JS6.485 20 12.XOJ,655 35.575.419 35,462.573 Fuods RcsrricEcd iDcom¢ fidS UnTfSiri¢t¢d In¢¢ Fdm Total funds 31.787,861 3.787.558 35,575.419 31,170281 4292.292 35,462.573 The fiThanrial %a¢¢nwiigivete 4yov¢d Authori5ed for i55uE by the bDArd on 5iVtd OTh iLS behulr.. tcj. Trustec The noiu p*w 32 to 56 f•nn In IDie8rtl Ihoy¢ finAncl#l PWJO
International Society for Krishna Consciousness Limited Group cash flow statement for the year ended 31 December 2023 2023 2022 Cgsh now5 from operatlttg 4etlvles'. Ch G¢n¢rat¢d froTn operations (Note i) Net cash provided by lu¥ed In) operAtlng a¢tivitle$ 3,385,481 3,385,481 3,374,746 3,374,746 Cash flow5 from investing a¢dvltles: Putchase of tangible fixed as5els Purchase of fixed asset investments {1,130,671) 12,865,679) Sale of tartgtble assets Sale of fixed asset investments 768,000 Net Cash provlded by (used ill l investing Attlvltles 362,671 12,865,679) Cash floiv$ from fLll2nting activÉties Bank loans raised lexterDal) InteTe5t paid Repayment of bank loan lexteTnall Net Cash Flow from finallcti a¢liviti¢s L,500,000 156,800} 2,769,214) {1 J20,014) 196,7701 471,3181 (568.088) Change in e28h cash equlvalents in the reportiDg period 1,696,797 Cash CAsh equivalent$ at the beginning of the reportlng period 9,251,484 9JIO,506 Cllsh #ttd Cash equlvalents at the end of the reporting pcriod 10,948,280 9351.484 Note I: Reconciliation of net income to net cash flow from o eratin activiteS Net iD¢o]ne for rh¢ reponing period l&s per the ststsment of firtao¢ial 2.085,143 2,448,107 Adjustjnents for- DepTe¢tstion chorges {Q8Jnyloss on revalwdtio IProfitllLoss on disposal of fLxed 9s5¢ts IllILYt paid Other movenKnts (Ittcreaseydecre8se in stock lkncr¢as¢ydecrease in debtors Increasel{decrease) in Creditors 924,894 148,648) 12,124 56.800 1,523,449 16,443 96,770 28,496 11,301,641) 1,628,315 (194.986) (438,1171 176.9201 Net casb provided by (u&ed Inl operating gctivitiey 3,385,481 3J74,746 Page 31
International Society for Krishna Consciousness Limited Notes to the financial stAtements for the year ended 31 December 2023 CHARITY STATUS Th¢ ¢harity is limited by guarante¢, incorporated in England and Wales, and cottsequently doe$ Dot knve share capital. Each of the ttuslees is liable to contribut¢ an amount not exceeding £Nil towards the assets of the ¢harily in the event of The address of its registered offfice is.. Oak House, I WAtford Road, Radlett, Hertfordshir¢, WD7 8LA ACCOUNTtNG POLJCIES Sllmm*ry of SiglfIcant aceountang pollcles and key iccounting estiTnates The principal accounting policies applied in the prepaTation of IhGse financial sraiemenls are Sei out below. These polieies have been consistently applied to all the yeatg presentel unles5 Otherwsse stated. Statement of complisnte The firtancial statements have been prepared in atCOTdance wth Charities. Statemtnt of Reeommended PTrclic¢ applicable to charities preparing their accounts in accordanee wih the Financial Reporring Standai'd applicable i the UK and Ireland IFRS 102) (issued in October 20191 (Charities SORP IFRS 10211. the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. They a]so Comply with the Companies Act 2006 attd Charities Act 2011. B8 tsf pr¢parxtion IntTional Soctety For Krishna Consciousne&s Limited meets Ibe definition of a public benefjt entity under FRS 102. The fingncial slat¢mcnt8 att PTepared undeT the historical cost conveniion, modified to include the revaluation of inVestnnIS to fair value. attd a¢¢ord3llCe With applicable accounting stattdards in the Unitd Kingdom, the Statement of Recotwllen¢Jed Practicc ISORPI 'Accounting and Reporting by Charities. and FuJ3ncial Reporting Standard IFRS) 102, 108eth¢r with the r¢ttIng requirements of th¢ Compallies Aci 2t]06 attd the Charities Act 2011. The fijnctional attd presetttationaj rurrency is GBP Sterling {£), beittg the currency of the primary economic envirollm¢nt in which the charity opet2tes in. Th¢ atllounts are presettkd roullded to the n¢ar¢st pound CONSOLIDATION The filntial 5tat¢m¢nls consolidate the fittatt¢ial state]llts of the Charity, and ils subsidiary u]thrtskings, all made up to 31 DetetnbeT. All intra-group balances artd transactiODS during the year have been eliminated. Th¢s¢ financial Sialemenis of the subsidiari¢s have been cottsolidaled on t line by lin¢ basis and the rUlts of the main trading subsidiary is presenied in Note 8. No separate SOFA has beett presented for the Charity alone as permitted by the exemption afforded by 8tt1iott 408 of the Compani¢5 Act 2006. The chBrity h3S taken advantage of the exethpliort under 5¢¢tion 405 subsection 131 of tbe Compsnies Act 2006 aod not consolidated its subsidiary company, SanetuJry Hospitality Private Lllnited. a company registered in India and a 490/0 associate COTnpany, Govinda's FIdS Limited, a tOTnp8ny registered in England. The 8ubsidi3ry i5 excluded from consolid&iioll 35 it is considered that it8 inclusion is not rnateTial for the purpose of giving a true and fair view and the information llecessary for CQDsolxdation callttot be obtained WithOt widue delay. The ttet assets 3nd r¢sults of the subsidiary and the associate CQTllp8ny are disclosed in Noo 16. Page 32
International Society for Krishna Consciousness Limited Notes to the financial statements for the year ended 31 December 2023 GOING CONCERN The tswsitts consider that there are no material uncertainties Rbout the charity's ability lo continue as a going concern nor any significant areas of unc£ttsinty that affect the Cti[ng value of assets held by the charity. As Such, these financial statements bave been prepared on a going concern basi8. FUND ACCOtTr4TTNG Getteral fithds are unrestricted fijnds which represent the accuinulaled sU[uS of income over expendimre artd are available for use at the digerelion of Ilie Ttustees in furth¢ranc¢ of the general objectives of the charity and which have not been destgnated for oiher purpose. Designated lld$ are unrestricted fvnds of the chaTity which the trustes havt decided at rheir discreliort lo set aside to use for a specific purpose. The aim aftd putpose of ellch desiad fvlld is set out in the notes to the financial stat¢menrs. Restricted ftjnds are fi]nds of the chaTity restricted for sp¢¢ific purposes being undettsktn by the chariry. The cost of raising and administering such ttds aTe charged against the specific fvnd. The aim and use of each material designated and restricted fund is sel out In the notes to the financial statetnents. INCOMING RESOLniCES Income 18 recognised when the Charity has eniitle]nenl to the fund5, any p¢rfonnanc¢ conditiotts attached lo the item{sl of income have been me¢ it is probable that the ittcome will be receiv¢d and th¢ amount can be rneasured reliably. Donatiotts and grants are recognised when teceivable. In the event that a donation is subject lo fulfilling perfornw)ce conditions before the charity is entitled to the fijnds. the intotne is deferred and not recogni8 until it IS PTobable that those conditiolls will b¢ hlfilled in the reporting period. Income from Gift Aid tsx reclaitnl is ¢0]sed for any donatiotts with relevant Gift Aid certifit&te8 r¢cogni$¢d itt itteome for the year. Any 2mount8 of Gift Aid not receiv¢d by the year-end are aecouttled for itt income and accnled income in debtors. Incon from Govenjmettt an(f other grants, wbether'capiial. grants or'revenue, grants, is recolS¢d 41t the charity has entidern¢nt to the fvnds, any perfonnance conditions attaehed ro the gtants have been ]ne¢ it is probable that the incojne will be received 3nd the an]ount can be musured reliably and 18 not defetted. For legacies, cnlitlcment is takcn on a case by case basis ag the ts1]er of the date on which.. the cbarity is aware that prob&t¢ hgs been grantel the estsle has been fmalised al notification h28 been made by the executOTlsl to the thJTity that a distribution will b¢ D]adt, QT when a distribution 18 received from the estate. Receipt of a legacy, whole ¢T in part, is ollly considerd probable when tbe amount catt be measured reliably attd the charity hag beell iiolified of the executor's intentioll to tt)ake a distribution. If th¢ legacy i5 ID the form of all asset other than cash or ajj asset listed ott a recogDised stock Change, recognition is subject to the value of the a58¢t being able to b¢ reliably nasured atsd iiile 10 the asgei has passed to the charity. Wlxere legacies have been notified lo the or the th3rity is aware of the all11n8 of probate, attd the criteria for ineome reeogttition have not been met, then the legacy is a treated as a contillgent a1 and disclosed If maieriaj. TncotD¢ r¢c¢ived in advanc¢ for a futur¢ fundr3iSillg event or for a received relating 10 the following y¢fir Arc defwed until th¢ crit¢ri& for illcome recognition are meL IJ)con fix)m ciwitable activities is credited to the SLqlcment of Fi]wici21 Activities when r¢ceiv¢d or receivable which¢v¢r is ¢2rli¢r, unless it relates lo a 8p¢cific thture period, in wbieh case it is defeTTed. Illcome from tradjng activities is credited to the Statement of Financial Adivities wh¢n received or receivable whichever is ¢arJier. unless it relates to a specific fvture period. in which case it is deferred. P&g¢ 33
InternAtional Society for Krishna Consciousness Limited Notes to the financial statements for the year ended 31 December 2023 RESOURCES EXPENDED AND IRRECOkTKIBLE VAT Exp¢ndiDJr¢ is reColS¢d once there is a legal or cortsuwctive obligation to nuke a payment t9 4 third pBrty, il is probable that 5ettl¢menl will b¢ required and the amount of the 061igation can b¢ tnegsured Feliably. All expendituie is accounted for on an accrllals basis under the following headingg. Costs of rai5illg fvnds comprises fundraising costs incurr¢d in seeking donations) grants and leg2ties and costs of fundraising activities. Expenditure on charitable activiiies includes those cost5 incurred by the charity in the delivery of its activities and 5¢rvices for its beneficiaries. li includ¢s both costs that can be allocated diTettly to such activities and Ihose tosts of an indirect nature n¢c¢ssary tQ 5UPPOrt in fi]rthering the purposes of the chaTity and their a&qociated support cost8. Support costs comprise Ihose costs which are incurred directly in support of expendire on the objects of the harity and include governance cost, finance. and ofyjce costs. Govetnante Costs are those eosis incurred in Cotmection with the coniplianee with cOnstitiOnal and $12Wtory requirements of the charity. Irrecov¢rable VAT is chtrged as a cost against the activity for which ihe expendIne was incurred. TLYATION The charity is eonsidered 10 pa88 the tests set out in Para'aph I Schedule 6 of the Finance Act 2010 and therefore it meets the d¢finilion of a charitable company foi. UK CO4rati0Th lax PUryKises. Accordingly, th¢ chaTity is PQt¢ntially e%ernpt frorn tsxatlOD ID Tespect of in¢oTn¢ or Capi gains reiVed within taiegories covered by Chapter 3 P3rt 11 gf the CoTporation Tax Aet 2QIO er Sectiort 256 of the Taxation of Chargeable Gaitts Aci 1992. to the extent that such income or gains are applicd exclusively to charitable purposes. TANCIBLE FIXED ASSETS AND DEPRECIATION Tangible fiK¢d assets gr¢ initially r¢¢ord¢d at ¢o%È, and subs¢qu¢ntly held at historic tost less arty subsequent accunwlaled depreciation and subs¢qu¢Dt accuTnuiated imP8iTtnent losses. Dtpreciatiort is provided on tanble fixed assets so as to write off the cost QT valuatLOIL, gThy ¢stimat¢d residual value. over their expected useful economic life 8s follows Freehold building5 Leasehold properties Fixtures, fittingg attd equipttktst Motor vehicles Rclci 15 forfurthEt 2% on straight liD¢ (Upto 2022.. 5ts/o on strxight littel 5°A oll straight line 200/0 on straight IiJLe 250/0 on reducirtg balance Freehold land is not depreciated. FIXED ASSET ll¥VESTMENTS Investtn¢nt ID equity shares in subsidiary underkingS, which are noi publicaily traded attd where fatr vaille Cat01 be rneasuTed Teliably. aTe measuted at tost less accumtslaied tinpairment. i.io DEBTORS Trade and other debtors are recogllised at the setdanent amount due after ally trade discobnt offered le$8 any Allowsnce for doubtful debts. Prepayrnents aTe valu¢d at the aTnount prepaid ttet of any trade diseoullts due. Accrued income is included at the best ¢stin]&ts of the A]nounlS receivable at the balattce sheet dao. CASH AND CASH EQUTVALENTS Cash and ctsh equivalertls comprige cath ott hand and call deposit5, and other short-t¢lln highly ILqULd investtnents that are readily convertible to a known atnount of cash and ar¢ subject to an illsi8Dificant risk of chgng¢ In value. Poge 34
International Society for Krishna Consciousness Limited Notes to the financial statements for the year ended 31 December 2023 1.12 CREDITORS Crediiors are recognised where the ehtrity has a present obligation resulting from a past event that will probably result in th¢ transfer of fvnds 10 a third party and the amount due to settle the obligation can be Meured or estimated reliably. Trade creditors and other creditor5 are included at their nominal value when there 18 a ontractual obligttion to settle. PENSIONS AiYD OTHER POST RKTIREMENT OBLIGATIONS The chtrity operaies a d¢fined contsibution pertsien scheme which is a pension plan undeF which fixed contributions are paid into a pensiort fvrtd and the charity has no legal or constrllctive obligaliort to pay fijrther contributions even if the fvnd does not hold sufficient assets to pay all empleyees the benefits relating to employe¢ serviee in the current and prior p¢riods. Corttribuiions to defined ¢ontribution plarts are recognised ij) the Statement of Financial Activities when they are due. If contribution paytnents exeee41 ihe contribution due for s¢rvi¢¢, the exces$ is recoEnised as a Prepaent. 1.14 STOCK Goods pur¢kned for r¢sale are vdued at the lower of cost and net realisable valu¢. 1.15 INVESTMENT PROPERTIES Investment properties are carried at fair value attd are held to earn rentals, capitsl apprviation or both. Fair value is dct¢nnin¢d annually by the tsustees of th¢ charity using available tn3rket Prices for eomparable re esraie and by extUDal vah2ets as required. Challges in the fair value are reco1$ed Ibrough Ihe profil and loss. 1.16 FINANCtAL INSTRUMENTS The charity only has financial gnd finBnciaJ liabilities of o kind that qualify as basic financial instruments. Basit fillaneial insiNmen15 gre initially cOgnised at transacuott value and sub8¢qU¢lltly measured at their settlernettt value with the exception of battk loans which arc subs¢qu¢ndy measured at amorti8ed cost using the effective int¢r¢st method 1.17 LEASING The Charity enters into op¢ratill8 leaseg as detailed in note 24. Expenditure on op¢rating leases 1$ ¢Ir8ed itt the Slaoment of Fllwicial A¢tivitie$ on a straigbt litse basis over the l¢as¢ *nyL 1.18 DEFERRED TAX D¢ferrtd tsx is iecognised in respect of all titning differettces that have originated but not reversed at the balance sheet date. TiTt¥illg differertees arise from th¢ inclusion of iDcorne and expenses itt tax assessments in period8 different from those in which they are recognised in financi2J staietttents. Deferred tax is measured using tax rates and laws that have been enacted or substantively etmeted by the year end and that are ¢xpecl¢d ta apply to the reversal of the timing difference. Unrelieved lax Ios8es and athet deferre(f tsx assets are recognised only to th¢ ¢Ktent that it is prtsbable that they will be rccovered Rgainst the reversal of deferred tsx liabilities or other futLJre taxable profits. PY4ge 35
International Society for Krishna Conseiollsness Limited Notes to the financial statements for the year ellded 31 December 2023 DEFERRED TAX Deferred tax is r¢cognised in respect of all liining differences that have originated bul noi reversed at the balance sheet date. Timing differences arise from the inclusion of income and expenses in tLX 2S5essnients in peiiods different from those tn which (hey are i"eco8nised in financial statenienls. Defcrred tax is mea8tsTed using lax rates and law% that have been enaclcd or subst2tt1ively enacted by the year end and that arc expected lo apply to the ieversal of the tirning difference. Unrelieved losses and other defetred tsx assets are recognised only to the extent that li is probable thai they will be recoveiEd against ihe reversal of deferred tax liabilities or other ture taxable profjts. 1.20 CRITICAL ACCOUNTING ESTIMATES In prcparillg the financial staleinents, the Trustees ar¢ required to make estin)aieg and judgenients. Th¢ matters considered below are considered 10 be the rnost important in understanding the judgements that are irtvolved in prepaTing the financial statements and the uncertainties thllt could ixnp8ct th¢ arnoLEnts reported in the results of operaiions, financial positiott and cash flows. Cost allocation Support costs not attributable EO a sing]e charitable activity allocal¢d or apportioned on a basis consistent with identifIed tost drivers for that cost category. Cost drivers lltilised include head count. floor space and estimation and judgement is exercised in applying cost drivers to cost categories. Grant incorne ¥¢crlI Grant income is recoEnised in accordance with the income recognitiott polity detailed in 1.5 abov¢. In calculating the level of Grant accruttl, manaEe]nent is required lo exercise estimation and judgemenc particuiaTIy in d¢t¢rmining the amount and probability of reteipi. Provision Provision5 3r¢ recognised when the group has a present l¢g81 or constructive obligation as a result of p2St events; it IS Probable that gn outnow of resourees will be required to settle the obligalioll. gnd the amouni of the obligaliott can be estilted reliably. Crallt income aecrual Where inditation of iTnpairnient is idenlifieiL an estimate of the recoverable V¢ of th¢ asset IS required. This requires att estimate of the fi]ture economic benefits from the asset attd the selection of an appropriate discount rate to calculate tbe present value of the economic benefits. Paee 36
1151-
r4 •4 ¢
r4 Illi r4 tu
1
International Society for Krishna Consciousness Llmited Notes to the financial statements for the year ended 31 December 2023 TIL4DING INCOMEIEXPENSES Group 2023 2022 Turnover 2,874,169 2.437,307 Cost of sales Staff costs 1.249.215 829,063 215.429 117,180 2.410,887 1,024,090 783,876 348.391 103,060 2,259,417 Other administrative expenses Depreciation Net (Lossllincome from trading 463,281 177,890 Page 40
r4 3 Jl}11121
International Soeiety for Krishna Consciousness Limited Notes to Éhe financial statements for the year ended 31 December 2023 12 TRUSTEES, REMIJYEIL4TION AND BENEFITS 2023 2022 Rcmuneraiion alld other etThiluments Group 55,433 46,412 R¢muneration ond othereTnolum¢nls Charity 36.888 32,795 During the year, a tstee Imr A Howchinl received a gaiary fiom ISKCON Limited. Further, a trustee Ims I Griesseil Teceived a salary from the group charity, ISKCON Bhaktivedanla Mattor Limited, which atnoullled lo £18,54512022.. £13,617) for heT role as Temple President. OiheT than this, no other trustee, nor anypersons connected with them, have re¢¢ivcd atty Temuneration from the group or the charity durirtg the year. Trustees, expenses The were trLlSlees' expenses paid for the year ended 31 Decen]ber 2023 llor for the year ended 31 Decetrtber 2022 frotll ISKCON Limiied. Group charity, ISKCON London paid on his behalf, MT Dale Bdnfield's rent Bnd other txpcnses of £42.28612022..£17.5481. Thtte expenses were inCued tor the performance of temple duue8 in his role Bs temple president. Further, froTll the group charity, TSKCON Bhakiivedantx Monor Liznite((travel and visa ¢xp¢nse of £2,76212022.. £4981 was reimbursed lo two ttuslees. Other than this. no tNsle¢s have re¢eived any reimbursementor any other benefits from the group durtng the year. 13 DISCONTINUED OPERATIONS By the year-end, Alma Lounge ceased op¢ration5 Within ISKCON tA)ndon (group cherityl. It wgs estsblished as a sepaTate,stand-alon¢ charity. Throughout these financial statements, th¢ tn¢ome and donaiiorts received. and expenses by Atma Lounge dbiuig the year ended 31 December 2023 have been disclosed separately as Discontinued Operations (notably on the face of the Statement of Financial Actiwty and nol¢8 3, 4. 5, 6, 7,8 and 91. These wll no longer be generaied within ISKCON London after the year end. 14 STAFF COSTS 2023 2022 Wages and $alari¢s Social seeurity costs Penssons 3.044.068 212,210 2,592,356 175,782 40213 2 808,351 3,305,409 No en]ployee received emolument8 of more than £60,(0 during the yearl2022.. No employee received emolurnents of more than £60,000 durirtg the yearl. The average tnonthly Dumbers of employees {in¢ludirtg the Tru51ees) during the year were as follows.. Dtrect Charitsble Work Administrative 145 135 25 170 25 160 Page 44
Internatlonal Society for Krishna Consciousness Limited Notes to the financial statements for the year ended 31 December 21)23 15 TANGIBLE FIXED ASSETS {al Group FreEhold Land and buildings FixtuYtS, IEzsebald property Motor vebiete$ Assets ¥Bder quiprnent ToiAI Cfjst or valuation At l Janullry2023 44.446.949 5,803.26J 258.171 52,805 52,936.150 Disposa Trnnsfers Ai 31 D¢ctmb¢r 2023 1889.654} {47.UJ21 46,176,029 5,(N]4,658 45,590 D¢pr¢tlati• At l January 2023 Charge forthe year Eliminated On di$P05&1 AI 31 Dcc¢Tnbrr2023 5,503,176 494.589 949,126 172,620 34.598 924,894 09.510 5,997,765 207318 N¢t borbk valthes A131 Dec¢Mr2023 40.178.264 3.324.669 526,071 103.758 45,590 44,178,352 At31 DEceber2022 38,943,773 4244,734 259.506 44.752.699 (bl ChArfry Frtehold Lind and FlxEure4 ntilThgs •nd equlpment A65¢ts unde eon$truetl• property ¥¢eleS T¥Jtal Coyt or valuatlon At l January 2023 A(Will¥ 43.622.383 2,364.000 47,602 256,036 24,855 47,443397 489,9S5 Di8posals TNi$fers Ai 31 Dcccmbcr2023 1665 978 45J51.462 283,957 24B55 48,071,876 D¢prE¢l#do Ai l January2023 Cbnrgefor theyeor Eiimin&ied ots disposal Ai 31 Ikccmbcr 2023 5,461,948 47%.096 874,224 IIA.2 23,274 dQ4 6.515.426 39.971 5.940.044 992.424 195.952 23,678 N¢¢ baok v4]kne$ At31 D¢¢emb¢r 2Q23 88.005 40,919,779 At 31 December 2Q22 38,160,416 1.489,776 Its),056 40.927.871 Tn 2022. th¢ 1Ss¢1s Under ¢OnSIN¢liOn ttlèitd tv tbc lh¢ 1)Ir¢S1O13¢1tsTr PTojcGI Al Ibc ISKCON IxicesEerpToperty. The projectwas ompleted in the curreDi yeai leading ta ils capitalisation under tbe lehOld tthnd and Buiidin8s' cate8ory. Furth¢r. in 20J. imPKoveme)Il vdork w carried the Fllrni cottages in Manor and wn ¢oMpl¢tiov th¢se wer¢ capiMii%ed urtder bolh "Fr¢¢hold Land 8nd BlIdIrt$s. gn4"Fixiwes. Fitting$ Equipm1. u¢e8ofi¢S applibIr. Tr5c hansilion arc dllpcitrd a5 a trallrfcrfrom 8SSGIS uuder¢OtsSttucioD 10 freeliold lattd & buIldAnd fLXturcS, fiitlTh85 aDd ¢4uiprnent. Durin8 Ilw year. th¢ Tntee5 r¢view¢d and revised the depreciation policy for frediold property. re18 th¢ tate frort 5% tLT 2% using the strnitht-litte method. This ¢hang¢ aligns With ¢he poIY adwd rO$S the mp ADd ha5 bccn apphcd prospEctivety from Isi Janu4ry 2023. A5 1 rtsull, th¢ deprtCiAtiOn ¢harye Ior the yeQi ha5 b¢cn rtduccd by £746,897 cou]pated to the previous Asofll Ikcenkn2023,the Group havc eap1talconlttncnts totsliDB £3,305 towHrds thecomption ofhssets underconstru¢tpon were Thot avaiL4ble forusebythe year4nd12022.. £90.712). WithiD the net baok vaÈue olthe frEehotd land and buiidillE5, all aTnount of £20,810,287 is atErited to land. Thi613nd value. thich is atso retlected in the standalone chDritys accQull. Is Ml5ubject to depreciation. The PTDPCtti¢s I¢d ufhder boib Tr¢thold tAnd and 8uiidings' artd'Lus¢hold Pmpcrty. eattwios Ser ag sccurity against the 8roup¥ loaDs IrefErtODUte24). Page 45
International Society for Krishna Consciousness Limited Notes to the financial statements for the year ended 31 December 2023 16 FIXED ASSET INVESTMENTS Investment properties Unlisted investment5 Tota18 {) Group COST or VALUATION Al I lanuary 2023 Addiiions 535,643 452,118 987,761 Disposals Revxluation Al 31 December 2023 48,648 584,291 48,648 1,036,409 452.118 NET BOOK VALUE Ai 31 December 2023 584,291 452.118 1,036,409 At 31 December 2022 535.643 452,118 987,761 Duting the year, the investment pmpety heid by the group was revalued upwards by £48,648 12022.. no change in Ve of the investsnent PTopertyl. The revaluation was b&sed oll an &ssessnnt of market prices feT similar propenies in the area where ihe property is loca*d. This assessment was undertaken by agents familiar wtth the I(KDI PToperty market. The revalwdtlon reflects the fair value of the propety ag at the year-end and is tongistent with the value subsequently obtained by the group when Ihe property sold in Augusi 2024. The unlisted investments represe]]t share5 held unquoted c4)tnpatties. Dur th¢ previous year, the ¥oup divest¢d its inv¢stm¢J)ts in Govindas Foods Limit¢d, which underwent liqwdation irl that year. Unlisfed Investments Totals {bl Charlry COST or VALUATION At l January 2023 Addition8 452.118 452.118 Disposals At 31 December 2023 452,118 452,118 NET BOOK VALUE At 31 December 2023 452,118 452,118 At 31 Decetttser 2022 452,118 452,118 The unlisted itivt8iments represent slktes held Jn UDquoied componits. During the pr¢viou8 year, the group divested its investtn¢nts in Govindgs Footh Limsted. which underw¢iLI liqllidation dutin8 that year. Page 46
International Society for Krishna Consciousness Limited Notes to the fjnancial statements for the year ended 31 December 2023 io FIXED ASSET INVESTMENTS- Continued The charity's unlisted investments at the balance sheet date includes iDvestmetJts made in the share capital of the following sllbsidiary. Sanctuary Ho$pit#lity Private Limited Collntry of illcoryoratiorj.. India NatUTe of business.. Hospitality 2023 2022 Clas5 of share.. Ordinary /• holding 99 ./• holdlng 99 2023 2022 Aggregate capital and reserves Profjt ILossl for the year 405,664 (2,694) 417,206 {1,2521 DuLing the prcvious year, the 0p divested it5 investsnents in Govindas Foods Lirnited, which undenvent liquidation in that year. Page 47
International Society for Krishna Consciousness Limited Notes to the fin#ncial statements foy the year ended 31 December 2023 17 STOCKS Chllrlty 2022 21122 2023 forresile 555.631 576.046 18 DEBTORS GrDUP ChÈrlty 2023 3Tr22 2022 Trade éebto herdebior& 144.471 586,084 66.8S7 20,41Y) 289,049 9.275 AmouryL%owcd byBTOUP ckntletWnl Prcp&ythenL¥&AccTud Dcfctrcd tox aet VAT 117,070 5924 259J72 95J77 238.745 5,92S 337 038 Thr 4mountsdue from wup ullderfthtsp& intcrcsr-ficc, uThsccurEI andTeceiYdble aftcr mort Ihallolle ytai Ihttludtd within Prepaymellt& & AeLyd in¢om¢ arc a150 ain01 recoverable thr more thr one lothllihg E22.692 12022". Jntsludea in thr hl4Thce for other thhiots ¢¢ amoiJnts to b¢ T0V¢r¢d ftrnn an utrnlited company. towarth the r¢nt ofasscls subleased theJN The )mOUnl$ r¢cOY¢r4bl¢ within thE coMgYear8re £41,308 {2022.. £4S.3491 Ittd nelanMlUThts recoVern61th¢ n¢x12-5 ye3 from nQware£Nil{2022..£4,1o8l. See nore 19for furdie¢delAil$. DEBTORS.. dtt¢ an¢T moretbaD Dneyear GrWP Cbgrlty 2023 2023 2023 OihtrdEbtOTS 1607E37 clthf Within othcr brs, is a lo&n of £1.492.348 12022.. £NIl) 10 M ¢bnIY IhRI Sr¢S 4 common tEllStee, bearing In[¢¥1 It Ih¢Alr of2.29% above BankofEn8l#nQtLle. Of11115. £1.439.520{2022.£Nill is rcceivable after more1hone ycar andbilance US,82812022..£Nill JS ieetiV&blr wLlhiTronGyi. Scc nole 19 for rdrderlIs. Fvrthtr.witthotb¢ra¢bttsTh is a In0(£l60,(llo22..£N1Il btstirt8 4t Ih¢¥èt¢of5% p 19 eREDiTORS'. f#lllNE WltbintYe1r Group tbgrlty 2023 2021 2023 2022 kloA Trthcrethtors 184J56 462.370 791.161 462.370 625.600 5.144.341 878,446 5,E29.341 grOup¢OeS TLUtt0 and cE $tcurity¢rtdilot9 VAT Qthercrediw¢s A£ctu 66,787 97,140 618.091 240,933 48,349 2291.9 5.540.956 359.679 liAbilitif5 ¥,541350 6,707.216 tcded withtii Ot creditots IS dtfctr¢d inCDme of £158.436 12022.. £125.0711 Ytlatittg to tradthg weddiThg Funct1th (which place thE wp¥ lldIng Subd1aryBhkt1vtdattth Mojwr Umikdl. Thr cnlir¢ AtyQUrtIwill be Ill¢Dmewithin olle ar0fthe yearenÉt Thc itadiThg cnlity entered iiito th¢et for V4rLOUS pir¢c5 01cquipnTh5 that were IndiatelY suble to 3rd partycompanyi unrel&ted lu thc 8mp. UTrkrili¢s¢ fiThancc lca5e8.the conipanyiscon1lttedto niake uel pkwiehL%)f £1,308 in the CufilLng 12 munlh$12022". £46,349) and net paymentsof£Nil 12022. £41 J081 be 2-5 fr(wn nuw. The tottt&puTrdLng knvr bceTh disclosed wiihin other debiors {rtote 181. 46 i1& r¢roVrTrbl¢ thc Jid p ¢ortiP#ny.oV¢rthr ncxtoncycor. clllded wilh thlhtsctttdylDt& IE thc amounlot LJ.4Y2,J4& 12U2AINill due sam¢ ebgnty 15 m¢ntson¢d In nDlr I the ietms of4104D 18TttmeTht. bearing iAteresi at Ilie of 2.2YA aknvr Bk of ET8land ¢¢. li l0d bc notEd Ih&¢ sincc drawdown of the Undei Ui¢ 4grc¢Tnrpt11&5 not yct 0U[[¢d. the ¢orrespondin8 ain0U are Ytnected i bD¢h otherdeblors2lldothtr¢¢¢thtor5 toacrn]ratElyrCpnithe n&iiiYe ofthe tra[ctionad IhÈ&(rtMte irt ofthe ÈndrÈpTrrnl. AEnountsdueto fellowgr0upurtdthkin¥5byihE¢ntyar¢ int¢rEsLfree, UlLrEd£drePaY9bIeOlldttM&rt Page 48
InterDational Society for Krishna Consciousness Limited Notes to the financial statements for the year ended 31 December 2023 20 CREDITORS.. AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Group Ch&rity 2023 2022 2023 2022 BaTth loans {see note 22) Lease liabilities AccnlS and defeffed income 2.803.655 3,799,716 41.308 24,195 2,803,655 3.799,716 24,195 Other crediiors 2,803 655 3,865,220 2,803,655 3.823.911 21 ANALYSIS OF NET ASSETS AND LL4BKLITIES BETWEEN FUNDS Unrestricted general fund$ Unrestricted revaluation Restricted Funds Group Tot21 reserve Tangible fLxed a55ets InveStllnt assets 12,321,788 1,036.409 11.969,760 (3,576,3 171 2,219,814 19.531,827 31,856,564 44.178.352 1,036.409 14.166.430 (3,712,589) {2,803,6551 52,864,947 Current assets 2.196,670 1136,2721 {583,8411 33,333,121 cU¢t liabilities Lollg-iem) liabilities ANALYSIS OF NET ASSETS AND LLIBILITIES BETWEEN FUNDS- PREVIOUS YEAR Unrestrlcted general funds Unrestrieted revalv*tion reserve Restricted Fund5 Group Total Tangible fixed assets Investsnent assets 12,598,S48 987,761 7,838,639 11,700,774) 1673.3881 18,051,086 32.153,851 44,752.699 987,761 11,196,488 {2,291.924) 13,865,220) 50,779,805 Current assets 3,357,849 {591,150) (2,191,832) 32.728,719 Current liabilities n8-terni liabilities Page 49
International Society for Krishn& Consciousness Limited Notes to the financial statements for the year ended 31 December 2023 22 LOANS An analysLS of the Matrty of loans is given below.. 2023 2022 AEnounts falling due within one year or on demand.. Bank loans 184,356 462.370 Amounts falling due in more th2n five year8.. Repayable by ijjstalments.. Batjk loaiis repayable within 2-5 years Bank loans more than 5 years by instalments 748,181 2,055.475 1,857,823 1,941,893 In¢luded in the amounts above are four 5eparate102ns. A loan an outstsndinB 6alan¢¢ of £0.7m (2022.. £3.4ml has 5.5 years remaining artd ¢aTries an annllal interest charge Set at the Bank of England base rate plus a margin of 1.5°/. Another 108n balance of £0.4 Im {2022.. £0.42ml has 18 years remain2ng with a fjxed annual interest rate of 4.32ts/o. The third loan. an outstanding balance of £0.40m12022.. £0.41ml, ha5 an annual interest charge base(£ on the Bank of England base rat and all added margin of 2.5/. During the current year, a new loan of £1.5 m was obtained, carrying an interest rate of 2.29D/ts above the Bal of England base rate. This loan is to be repaid over & 15-year tenn.At th¢ year*nd. the outstanding balallce on this loall stood at £1.49 million12022.. Nil). 23 SECURED DEBTS The following se¢uTed debts are included wthin creditors.. 2023 2022 Bank Loans 2,988,012 4,262,086 The bank loan5 mentioned above aTLd in note 22 are secured by a fixed al floating ¢haTge over the properties owned by the charity. OPEtUTING LEASE COMMITMENTS Th¢ following operating lease payments are eommitted to be paid.. 2023 2022 Equipment Under one year Between 2-5 years 41,308 48.349 41,308 Pllge 50
£ o
International Society for Krishna Consciousness Limited Notes to the financial statements for the year ended 31 December 2023 26 ALYALYSIS OF DESIGNATED AND CENERAL FUNDS UNRESTRICTED INCOME FUNDS- DESIGFIATED ImproveTt]ents to private Toad Improvements to Grade 11 Listed Building (Manor) Educational Corttirtgency Fw Marketing and Promotion Furniture & Fixtures replacements M2illtellance of the GaTden5 at various sites Famiing improvemtnts in complianee with improved eco system Literature Distribution Holding Public Festivals such as Janmastrni {celebration of Lord Krishna's appearance in this world) over a period of two months as well as Rathyatra {Festival of Chariots). Free Di5tributson and Promotion of sattttified vegetsriart food {prasadam) - Food for Life 500,000 1.750,000 400.000 500,000 200,000 500,000 500,000 loo,000 500,000 76,799 Trdining in religious practices and providing p2storal care and ertcour2ging volunteerirt8 & e%tablishing of new cenlerslsangas for congregational PTayer5 Outr¢a¢h activities such as visits 10 patu of Africa and retreats. Atma Loung¢ nd Property futKi Nitya Seva Benevolent fund 250,000 Iix).000 59.908 1.365.000 8.000 16,E95 114,000 115,000 50,000 84,975 250,000 8,603 525,000 200,000 24,500 62,100 64,450 I.0,000 311,464 1,439,520 4,255,039 15,330,5S3 Restaurant refurbishmettt Deity refi]Tbishtnent Youth Preaching {Pandava Sena) Japa Garden Project lanmashtami 2023 Tulsi Gkrden Project Manor R¢stotation Basement D¢v¢lopm¢nt & G05hala Visitor Centre Bhaktivedanta Players Th¢atre ISKCON Educational S¢rvices Schoo15 Programme Sunday School Kti&htta Club- Youth Property renovations Fixed asset fund8 Loan funds Oth¢r charitable projects UNRESTRICTED INCOME FUIYDS- GENEiiAL WoTking Capital f(Ir day to day activities Gene1 Teserves 650.0(x) 2993981 3 643 981 TOTAL DLSICNATED AND GENEIL4L FUNDS 18,974.534 Page 53
International Society for Krishna Consciousness LSmfited Notes to the financial $tatement5 for the year ended 31 December 2023 26 ANALYSIS OF DESIGNATED AND GENEEL4L FUNDS The designated fullds are all for specific fuiure PjectS and r¢quirements,which will further help the charity io meet lis charitable objectives. General TeseTV¢S represent free rest¢S that the ebarily expects to utilige foT financing ill¢Teased cash flow expenditures and off5Ctling potential reductions in donations. Outflows are anticipated to rise du¢ to increastd charitable activities and ittflaiionary pressuTes. 27 TAXATION The company is limited by guarat)tee and a registered charity. The charity is Considered to pass the tests set out in Paragraph I Schedule 6 Finance Act 2010 and therefore it tneets the definition of a charitable company for UK Corporation rax purposes. Accordingly. the chariry is potentially exempt from taxatton it) respect of in¢ome or capital gains received wthiti categories covered by Chapter 3 Part I I Corporation Tax Act 2010 01 Section 256 of the Taxation of Charoeable Gains Act 1992, to the extent that su¢h income or gains arc apped exclusively to haritable purposes. The tax chargel Icreditl on the profit for the year (In Bhaktivedenta Mallor Limited) was as follows.. 2023 2022 Current tax Deferred tsx 21,263 21,263 28 PENSION Defined contribution pen510D scheme The charity operates a defined contribution pension scheme. The pensLOII ¢05t charge for the year represents contributions pay2ble by the group to the s¢heTne and amounted to £49,131 (2022 £39,951). Contributions payable by the group io the stheTn¢ in 2023 total £12,06112022.. £7.888). Page 54
International Society for Krishna Consciousness Limited
Notes to the financial statements
for the year ended 31 December 2023
19
RELAITD TrARTYTRAYSAcrtolis
Iher4•i¢d piYrfeithtlh¢ytAr¢d rrsfThl1i'.
'ISKCUN
BhakIlV£dt
IISKCOP4
iL4ttthALld MrtryrLtd
I.SKCON
LTD
ISKCO
LTD
4 MRtsLld I
Ltd ia
N4nireofthr IriD5adin
196.799
Affilia110n f¢¢s& Yrom
tr1th¥(Lncmey¢xrrtfi3eSWlIhI1kp
825
J.700 in. 13,7001
10,008
I26.01..
Trb•lAo¢es 1¢ Ehey¢teb¢lWCrxtsCiEIItd prrfey
Z023
11SKCON
ISKCON '.Blkdv¢dnlx 115KCON
LTD
'.MalloT
15KCO
ISKCON
LTD
dBbxktivtdanl
MIYLI
'MNorLld
(260,310t-
S?.J38.-..... ...............
A¥.dr¢¢¥'ivobie. lskcon
AAcd ¢1Vb]c:TBML
A.d rvb1e.BML
Loan to ISKCON Natioal[fic
A¥d.P&iAblo5 I%KCOèiLI4IBBT&NiIiol0rfiCej_
AAc.dr¢¢¢ivab!¢-15k¢oDiOth
lThvcslThtntiThsh¥eg in BNIL
ISKCIJPILondo
ISKC.¢lN Ud
AAcd_pi%bl&i-likcoii Lid
AA.b1
International Society for Krishna Consciousness Limited Notes to the financial statements for the year ended 31 December 2023 30 COMPANY LIMITED BY GUARANTEE International Society for Krishna ConsLiousness Limited, IntentiOnal Society for Krishna Con5¢iousnes8 London at International Society for Krishna Con8¢iousness Bhaklivedattta Manor Limited. are companies li]nited by gu#r2ntee attd accordingly do not have share capital. International Society for Krisbna CO1ciouSneSS Limited is the sole corporate Jnember of International Society for Krishna Collsciousness London and LThternational Society for Krishna Consciousness Bhaktivedanta Manor Limited. The entire issued share capital of the trading entity, BhakLivedanta ManoT Limite is wholly owned by International Society for Krishna Consciousness Bhaktivedanta Manor Limited. Every mernber of the ¢ompany Undertakes to contribllte such amoutjt as may be Tequired not exceeding £1 to the assets of the eharitable company in the event of its being wound up whil¢ he or She is a member. or within one yeaT after he or she ceases to be a member. 31 POST BALANCE SHEET EVENTS There have been no significant events 2ffe¢tIng th¢ ¢harity since the balance sheet date that require discloswe in the financial slatetnents. Page 56