Company registration number-. 00962009 Charity registratiotL nutnber.. 259649 International Society For Krislma Consciousness Limited {A cotnpally li￿lted by guarantee) Annual Report of the Tn]stees and Group Financial Statements for the Year Ended 31 December 2024 KNAV Statutory Auditors Hygeia Building Ground Floor 66-68 College Road H￿￿OW Middlesex HAI IBE International Society For Krishna Conseiousness Limited Contents Ctsmpany Information 1102 Trnstees, Report 3to20 Statement of TTUStees' Responsibilities 21 Independent Allditors, Report 22to26 Consolidated Statement of Financial Activities 27to28 Consolidated Balance Sheet 29 Charity Balance Sheet 30 Consolidated Staiement of Cash Flows 31 Notes to the Financial Statements 32to56 International Society For Krishna Conseiousness Limited Company Information Trustees A WHow¢hi T M Anderson P MuLphy IC0-Chair￿arL) K M Patel {Co-Chaimian) D Clark K Patel Secretary Mrs N Patel Reglstered offlee Oak House I Watford Road Radlett Hertford5hire WD7 8LA The charity is incorporated in England ond Wales. CoTnpany Registration Number 00962009 Charity Registration Number 259649 Audltor KNAV StatutoryAuditors Hygeia Building Ground Floor 66-68 College Road Harrow Middlesex HAI IBE Page I International Society For Krishna Consciousness Limited Company Information Bankers Lloyds TSB Bank plc Business Banking Seryiee Centre 10 Booth Street Manchester M2 4AW HSBC UK Ballk plc I Centenary Square, Birmingham Bl IHQ Solicitors Bates, Wells & Braithwaite Cheapside House 138 Cheapside London EC2V 6BB Page 2 International Society For Krishna Consciousness Limited Tru$tees' Report The Tn￿tee$ presetjt their report and the financial statements for the year ended 31 Decenjber 2024. The twstees, who are directors for the pllrposes of company law, present the annual report together with the fjnallcial statements and auditors, report of the group and charitable company for tkne year ended 31 December 2024, which are also prepared to meet the requLTement9 for a diiectors. report and a¢counts for Companies Act PUiJK)ses. The f￿ancIal statement5 comply with the ChaTities A¢t 2011. the Cotnpanie5 Act 2006, the Memoranduln andArti¢les of Association, and the Charities Statemettt of Recojnmended Practice I'charities SORP") {applicable to charities preparing their accounts in accordance with the Finallcial Reporting Standard applicable in the UK,. FRS 1021. STRUCTURE, GOVERNANCE AND IIL4NAGEMENT The Charity is a tomparty limited by guarantee and is governed by its Memorandum andArticles of Association. It is regtstered as a charity with the Charity Cotnmi55ion. The body resÈx)Dsible for the It￿lagenIellt of tbe ChatEty 15 the Board of Trustees. OPERATION The Charity is organised so that the ttustees meet regularly to manage its affairs. There is a part-time administrdtor (Company Secretary) who n]anages day-to-day ad￿LnI$tratiOn of the ¢haTity and is in regular ¢onta¢twith the trustees. There are & number ot full-time and part-time employees and we are also very grateful for the help provided by the many volunte¢rs throughout the year. BOARD OF TRUSTEFS The Board of trustees who served during the year 2024 are listed below. Trustees al'e appointed or removed by the Members. Trustecs serve for a period of 3 year5 and every 3 yeats, one thiTd of the Tru5te¢s step down witb a right of reappointrnent. subject to a vote by tbe Members. In 2024, the board operated with two Co-chaimien. Paul Mutphy (Praghosa dasa)- Co-Chatnn2n Kamlesh Patel (Kamalesh Krishna dasal- Co-Chairn)an T¢r¢D¢e Andersoll {Tarakanatha dasa) Daywallthie Clark (Akinchalla da51) Anthony Howchin (Titiksu dasa) Knlllljal Patel (K8nhaiya dasa) New tnjstees are providedwith training on their legal obligationsundercharity alldcompany law, Charitycorllmission guidance on public bellefjt. the aims and objectives of the Charity, and Ihe govemance and decision making processes of tile Charity. Contitluing training for twslees is undertaken through regular meetings, attending relevant seminars, specific discussions with individuals and organisations and briefjng papers in the areas supported by the charity. Page J International Society For Krishna Consciousness Limited Trustees, Report THE CHAIRMAN'S STATEMENT Year Ended 31 December 2024 2024 was another piogressive aud engaging year for ISKCON in the UK. Across the county, our growing profile as a respe¢ted spiritual organisation wa5 reflected in expanded outreach, strong community engagement, and ongoing collaboration with schools aTLd universities, COTtimullity orgallisations, and interfaith lletworks. l.: Our three core actiyities-the distribution of the maha mat]tra {the sacred Sanskril chant consisting of the names of God.. Hare Ki'ishpla HaiE Krishna Knshnu Krishnll Have Hare, Hare Ruma Hure Ram Rama Rama Hare Hare}, prasadam (sanctified vegetarian food), and spiritual literature-remained central to our mission and were actively carried out throughout towns alld cities across the UK. Spiritual Outreach and Public Enghgement Harinama 5ankirtan (congregational chanting of the maha mantra, often a¢¢ompattied by musi¢ and dancing) aTLd festival programmes expanded in both freq￿nCY and reach. New towns. such as Nottingham and Liverpool, were added to the regular harinama schedule. Additionally. Raihayatra {the fe51ival ofthe Chariots), a traditional festival celebrating Lord Jagannatha (the Lord of the Universe) took place in London and beyoll￿ drawing thousands and helpittg to increase the visibility ¢)f Krishna con5ciousnes5 in the UK. Prasadam Dlstrlbutloll Local ¢etJtres broadened their praSada￿ outreacb through weeldy events. student programmes, and public f&8tivals. Working closely with our affiliated charity, Food For All, devotees helped provide thou5aTLds of free, sallctified vegetsri8n meals nationwide. Book Dlstributlon In 2024, over 261,000 spiritual book5 weTe distributed acros5 the UK. The establishment of a national Book Distribution Cotntnittee created stronger coordination and unity, increasing ¢0￿mUnIty participation. alld resulting i highly 5ucce5sful marathons and sustailled momentum in this vital part of our mission. Education and Youth ISKCON centres continued to expand their educational and youth initiative5. offering courses and workshops on mat)tra meditation, bhakti philosophy, ethics, and devotional arts. MoTe than 30 university Societies engaged regularly, and new mentorship schemes and retreat5 helped deepen involvement and nurture the nextgeneration of practitioners. Sustainability and EDvironmentalAsYareness Our centre5 Tnade furtheT progre55 in promoting environment211y conscious practices, including organi¢ faTming, reductng single-use plastics, vegetariart advocacy. and spiritual Ccology education. These efforts are deeply aligned with our philosophical teachings on the importance of respectittg Mother Earth artd all livirtg beings. Eco-the]n¢d workshops offered SPiTitual insights into sustainability and inspired greater environmental responsibility within tsur ¢ommuniti¢s. Looldng Ahead As the UK fa¢es ongoing so¢ial and economic challenges. ISKCON relnains com]nitted to offering spiritual wisdom, compassionate service, and n￿alling￿l cornmunity engagement. The growing public itsterest in our teachings and values reaffjrnis the continued relevance of our missioll. We move into 2025 with gratitude to our volunteers, 5UPPOrters, and well-wishers, and a renewed focus on chantin prasadam distribution, and the sharing of spiritual knowledge. Page 4 International Society For Krishna Consciousness Limited Trustees, Report OBJECTIVES AND ACTIVITIES The charity is constituted as a company limited by guarantee and is therefoie governed by the Memorat]dum and Articles of Association. In pursuance of our ¢haraty'$ aims and objectives. the t￿￿tteS have cot)sidered the Charity Commission's guidance on public benefitand inparticular, the specific guidance on charities for the advan¢etnentof religion. Ouraims, objective5 2nd activitie5 are reviewed aTJnually to ensure our focus remains fixed on our charity's purposes. The charity's aim5 and objective5 Continue to be.. To systematically propagate Spiritual knowledge to society at large and to educate all peoples in the techniques of spiritt]al life, lll order to check the imbalattce of values irt life and to a¢hieve real ullity and peace within the world. To propagate a consciousness of Krishna, (God). as is revealed in Bhagavad-Gita ald Siimad Bhagavalam (ancient scripNrel, 3. To bring the tnernbers of the 50c2ety together with each other and nearer to Krishna, the prime entity, thus developing the idea within the member5, and hun)anity at large, that each soul is part and parcel of the qudlity of Godhead. 4. To teach and encourage the Sankirtan movement, ¢ottgttgational chanting of the holy natlles of God. as revealed in the teachings of Lord Sri Caitanya Mahaptabhu. 5. To erect for the meTnbeT5 and foT Society at laTge a holy place of transcendental pastimes d¢di¢ated to th¢ personality of Ktisbna. 6. To bring tnembers together for the pU￿oSe of teaching a sitnpler, more natural way of life. 7. With a view to achieving tbe aforementioned purposes, to publish anddistribute periodicals, books and otheT writings. Through its various U.K. centres, the charity seeks to provide services of Spiritual excellence in education, lifestyle and eulture of Krishna Consciousness as revealed in the teachings of the Ved]"¢ scriptures, Bhagavad Gita As It Is. Srimad Bhagavatam and according to the teachings of His Divine Grace A.C. Bhaktivedants Swami Prdbhupad4 Found¢r-A¢harya of the International So¢i¢ty for Krishrta Consciou5nes5. Hi¥Diviiie GraceA.C. Bhaktivedaniu Swami Prubhupdda, Found¢r-A¢h¢Jryts oftAÈJnternotional SocietyforKriYhna Consciousness. Page 5 International Society For Krishna Con$¢iou$nes$ Limited Trustees, Report THE CHARITY'S STRATEGY The key elements of oui Tnedium to long tertn Strategy are.. Distribut￿0￿ of liteTature 2. Public Festivals 3. Food distributio 4. Education 5. Promotion throllgh other media Social engagement and p￿t0[al care 7. Opening new Centre￿gather]￿gS 8. Outs'eacb and workshops 9. Fundraising 10. Meditation and kirtan Distribution of literature Book di5tLibution remained a Cornerstone of our missEon in 2024, helping to share spiritual knowledge and promote values such a5 ¢Otnpa$5ion, non-violence, and devotion to God. Our publicalions-primarily translations and commentaries Oll timeless Vedic text5 like the Bha8avad Gita and Srimad Bhagavatam-were distributed widely through events, temples, street outreach, and online platforn)s. To erthance coordination and strengthen these efforts, a naiiottal Book Distributioll Con)mittee was established. bringing together representatives from vaTiOUS temples and ¢ommunities to plan campaigns, exchange best practices, and support local teams. The result5 were encouraging.. 5ucce5sful distribution marathons took place throughout the year. leading to an increase in literature being distributed acros5 the country. These efforts directly support our charitable objectives by making spiritual teachings more accessible to a broad audience. Book Distribution Totals 350 300 250 The books encourage a holistic approach to well-being, ¢ombining spiritual fulfllmcnt with practical guid2nce healthier Iiving-promoting vegetarian diets, meditation. and 8void2n¢e of harn1￿1 habits. Marty readers have expr¢s5¢d appTeciation for the wisdo gained. sharing how it has helped them improve mentsl Clarity, r¢duc¢ stress, and cultivate it￿er peace. 150 50 2018 2018 2020 2021 2022 2023 2024 Members ofJSKCON UKS JVulioRJdl BookDistribuEioA CokrtiAiiieé Page 6 International Society For Krishna Conseiousness Limited Trustees, Report 2. Publ1¢ Festivals Festivals remain a cornerstone of our activities. offering the public a welcoming platforni to explore our spiritual teachings. Open to all, these events 2re designed to inspire alld nurtui'e faith through vibrant, uplifting experiences. They foster inteifaEth harmony And Celebrate Vedic cultUTe through musi¢, dance, dramL and philosophy, making each festival both educational 2nd entertaining. One of the key annual festivals is JanrnashlaTlli, which ¢ornTnernoraies the appearance of Lord Krishna. This celebration takes place across all ISKCON cenlres, wtth the largest event held at Bhaktivedanta Manor in Hertfordshire. Attracting thousat]ds of visitors and supported by over 1,500 volunteers, the festival showcases the rich philosophy. tllusic, and traditions of the Intetnational SoGiety for Krishna Con5CLOU5ness. Another major highlight is the Festival of Chariots, known as Raihay2tra. This vibrant street parade features one or more 40-foot-high, colourfully decorated chariots a¢¢ompanied by congregational singing and danctng. Thc procession cottcludes with a cultural festival in & central location, where participant5 enjoy plays, perfom12nces, devotional music, worship, and sanctified Yegetarian prasadam. 'Thè Flrst Evèr Southend-on-sea - Rathayatra Beach Festival Rathayatra celebrations take place in Tllajor Cities across England and Wales. including Londo￿ BirMingkna￿. Leicester, Manchester. Cardiff, and Brightott, as w¢ll as numerous small¢r towns. In 2024, the festival expanded to new locations with inaugural Rathayatras held in Nottinghatn. Southend and Bristol, ￿rther broadentng its rea¢h atjd eommuntty impact. 5VNDAY 22 SEPT 2024 These festivals regularly draw hundreds to thousands of attendees, providing immersive experiences that vividly bring to life the teachings and culture of Krishna Consciousness for all participants. Ik*'Jk4ik•-J Page 7 International Society For Krishna Consciousness Limited Trustees, Report 3. Dlstrlbutlon of food l$#neiified vegetarian food known #5 'pr#sadam'} A core part of OUT activities retnains the distribution of pra5adam. spiritually sallctified vegetarian food that offers both physical and spiritual nourishment. Our centres provide prasadam regularly- daily, we¢kly, during fesiivals, and at special events. 2024 saw another successful year for Govinda's r-. Restaurant in London, which continlles to promote a •.ji healthy, karn)a-free diet. Many centres Food for Life initiatives, distributing free sanetified meals to the homeless 8Dd those in tteed-exlending our Co[n￿ltMent to Compassionate ¢0￿MUNity seTvi¢e aeross the UK. Education ISKCON rematns dedicated to its ntssion of "¢ducating all people in th¢ techniques of spiritt￿l life.. Through ISKCON Educational Services IIES). we continue to offer school tours featuring workshop5, classes, and vegetarian lunches, tea¢hittg Vedic culture as part of the National CuTTiculum. Centr¢s such as Bhaktivedanta Manor, Londotl and Newcastle have ￿ached thousands, deepening public understanding of Vedic culture. Our centres maintsin a broad range of educatiotMI activities, includittg regular classes and 5¢111Li]ars, horne and school visit5. and prograIn￿eS at colleges and universities a¢ross major UK Cities. Bhaktivedanta Manor continues to provide residential spiritual courses, operate a nursery, and support the Gurl￿￿la Trust primary school, where children receive both mainstream education and age-appropriate spiritual teachings. Matly centres also run Sunday schools for childrell. Additionally, around 50 home and outreach 8roups tneet regularly throughout the UK, fostering leaTning and colnmunity aTnong newcomeT5 and long-51anding memb¢TS alike. Pag¢ 8 International Soeiety For Krishna Consciousness Limited Trustees, Report S. Promotion through other medi# We Colltinue to explore diverse channels to sl)are ISKCON'S message with wider audiences. Our presence at music festivals and camps helps reach new communities, while our meditation app has been positively received. A range of performances-including theatre, music, and dratna-feature regularly at oui. evellts. The Radha Krishna record label. tnallaged by ourLondon centre, produces uplifting and meditative ttacks, contributing to our growing catxlogue of SPiT]tllal music. Our social media outreach is coordinated by dedi¢ated communications teams at ea¢h ¢entre, supported by creative input from members and the wider congregation. tA)oking ahead, we aim to fither Unify and strengtben our comjnunications, developing more consistent natEonwide tnessaging. As part of this effort,the Satll(irtan Hourpodcast launched in 2025, offering engaging spiritual content in a fresh lom￿t through Inte￿IewS and reflections. 6. Soeial Engagement and Pastoral Care ISKCON continues to engage hundreds of volut]teers across the LryQillrole5 thatretlect the society's core spiritual value5 and COTnmitment to devotiottal setvite. Mentorship, Collllnunity 5upporL And pastoral care remain central priorities. UX WATI Devotee care teams operated at several centres, providing sUPPOrt and offering visits. especially to those unable to attend temples or centres. Their care included offering free hot meals #Ad fostering social interaction lsanga). 2024 sawthe launchofour fiT5tnational RtSE retreat, whi¢h brollght togethermembers from acTOSS the UK for a weekettd of c4)nnectioll, reflection, and spiritual renewal. Many centres also continued to host volunteer appreciation evcnts, recogni5ing the dedication and service of their c0￿MunitIes. Page 9 International Society For Krishna Consciou$ne$s Limited Trustees, Report 7. Opening of Dew centre&lsangas (spiritual gatherlng5} We remain con)mitted to supp)rting the growth of new and emerging -¢1 celltifs and meetings across the UK. Established cellts'es Colltinue to play a vitsl role, Bhakiivedanta ManoT activcly 5uppoits numeTOU5 home sattga groups as well as cornmunilies in its surrounding region,. ISKCON Londoll SUPPOrts gatberings throughout South East England., and ISKCON Wales 5UPPOrts gTOUPS across Wales alld South West England. Centre$ in Manchester, Newcastle, Bimiingham and Lei¢ester continue their efforts to support new centres and sarLgas. NA Additionally. the first national RtSE retreat in 2024 helped strengthen ¢onnections across the network. encouTaging collaboration and growth among sangas and devotees nationwide. 8. Workshops and Outreach Workshops and outreach are crucial aspects of our activities. Each eentre offers unique programmes that encourage initial engagement and deeper involvement irt a variety of a¢tivities. LOUT5e5. classe&. and retreat5. The Hare Krishna Festival tcam spccialises in supporting smaller groups across the UK, parti¢u12rly in areas distant from ourestablished centres, by assisting with outreach event5, Harinama. and kirtan. 9, FundrAl$ing We raise fund5 through various method5. including patronage systems at larger centres. We also receive one-off dottation$ for mainienattce of c¢ntres, and designated fvnds for spe¢ifi¢ projects. Additional revellue come5 from book sales, investments, restaurants, alld property leasing. The majority of our fundillg is from patronage individual donatiorjs. supplemented by various fvndraising activitie5. Volunteers participate in door-to-door and street ndraising, receiving guidance and oversight to ensure best practices. We adhere to the code of fundraising practice. ensurillg transparency and respect. We do not use external fundraisers and are not reb￿stered with any fundraising regulator5. Our internal committee, conslsting of celltre representatives and dedi¢ated m¢mbers, meets qllart¢rly to oversee furtdraising practices and provide guidance. This year, our Tru5te¢51Directors received no complaints about fundraising. Our centres alld volunteer5 are proactive in addressing grievances. and ut]resolved issues cat] be escalated to the company secretary al our head office. Page 10 International Society For Krishna Consciousness Limited Trustees, Report 10. Medhtation and Kirtan (eongrcgati0rt21 chanting of the names of the Supretlle BeiDg) We promote the practice of daily mantra Tt]editation, focusing on chanting the Hare Krishna mantra.. "Hare Krishna, Hare Krishna. Krishna Krishna, Hare Hare, Hare Rama, Hare Rama, Rama Rama, Hare Hare.. Alongsid¢ meditation, we promote kirtan-a call-and-re5poTJs¢ ¢hartt or song set to music that delves into spiritual ideas and expresses devotion to the Supreme Being. Our kirtan often features dancillg and is rcnowned for bublic ' also known as Harinama. Increasingly popular kirtan concert5 have been artanged by members of our society, and we have also had a presence at gathering5 Such as mind-body-spirit events. Both meditation and kirtall are effective in piomtsting stress relief attd reducing anxiety. OVERVIEW OF THE U.K. CENTRES Activities and progranjmes continued at all our ceDtr¢s throughout the UK, as outlined below. ISKCON Bhaktivedanta Manor (Connected Charity) ISKCON Bhaktsvedants Manor, the society's largest UK centre, continued to flourish in 2024. The Grade 11 listed propety near Watford, donated by George Hatrison in 1973, remains a vibrant Spiritual hub offering devotional practice, education. Cultur￿ events, and community care. Visitornumber5 remained stL"ong throughoutthe year, particularly during weekellds and festivals. The School of Bhakti expallded its course offeritJg.% attdpilgrimages while deepening engagen]¢nt through regular service days. The Krishna Club ¢ontitJlled to serve over 250 childiEn. with weekly classes and additiot)al sessions in rnusic, draD￿, Sanskrit. and devotional arts. Bhaktivedanla ManoT also played a leading role in supporting sanga groups alld outreach across surrowiding regions. In 2024. a team of mortks est2bSished a new illltiative in LiveTpooI, engaging many new¢omers in kirtan, discussioll. and prasadam. Interfaith engagement was also strengthened through active parti¢ipatiOD ID corlltnullity eyents. Page 11 International Society For Krishna Conseiousness Limited Trustees, Report New Gokul, the Manor's proie¢ted dairy fami, reTnained a national leader in cow and ox protcclion. 2024 hI￿lights included an expanded cow hospital, recoTd ox-working houi's, new donor engagement strategies, and the addition of miniature 2ebu tows. The horticulture teajn at Holland Farm cultivated a wide variety of vegetables attdherbs, supported by a growing number of volunteers and sust&illable farming initiatives. Devotee saw sigllifjcant developments itt 2024 with a dedicated team offering pastoral supportboth within the temple alld to those unable to visit. Services included a Meals on Ivheels programme, wellbeing initiatives, and 5UPPOrt groups for older members. care ISKCON Educational Servi¢es (IES) continued to deliver popular school visits, teacher trainirtg and ¢wri¢ulutn support on Vedic culture, with high (kmand from educators nationwide. ISKCON Birmingham Events eontinued to be held al various hired venue5 aeross central Birminghatn aud attracted strong attendance. ltt May 2024, the team rt]arked 25 years since the inauguration of their annual 24-hour kirtan event, held at a new venue a¢¢ommod2ting 2.000 gue5t5. June saw another successful Rathayatra festival central Birminghatn. drawing devotees 2nd visitors alike. The Krishna CILEb colltinued to support the spiritLMI developtnent of younger members, while team- building service opportunities- including stt.eet sankirtan, book distribution, and distributing free pras#dAm - were regularly organised for all to participate in. Page 12 International Society For Krishna Consciousness Limited Trustees, Report ISKCON H#re Krishth# Festivals The ISKCON Hare Krishna Festivals Team continued its vital work of presenting Krishns cortseiousness lo the public through engaging and a¢¢essible cultural events aeross the UK. In 2024, the team organised fe5tiYals in Chelmsford, Souihen(L iKic¢$ter, Camberley, and Ha5ting5. working closely with local ¢kvotees. Progratnmes featured an exciting line-up of kirtan, philosophical talks, dramas, videos, and prasada (saD¢tified vegetariatt food). The team played a key role in the large Janmasht2mi celebrations at Bhaktivedarlta Manor, and 5UPPOrted Rathayatras a¢rosS the UK, intluding the main stage liiie-up at London Rathayatra. They maintained a strong presence at outdoor festivals, including Glastonbury, where. alongside kirtans And harinams, over 15,000 plates of prasadan] and 2,000 books were distributed. Smaller events with kirtan and workshops also continued, with expaDSlQll plat)ned for 2025. Pag¢ 13 International Society For Krishna Consciousness Limited Trustees, Report ISKCON Lercester The LeicesteT Centre, set in Joseph Go(Idard's Itortic Grade Il-libted buildirtg from the 1870$, remained a lively spiritual and cultural hub throughout 2024. The congregation maintsined regular gatheIings alongside an expanded i • I programn)e of courses, workshops, and retreats offeied by the College of Vedic Studie5. engaging both public participants and members of the ten)ple community. The Rathayatra Festival of Chatiots. held itl June in Leicester City Centre, attracted large crowds with vibrant musi¢. procession, and the distribution of prasadam (sanctified vegetarian fo(xil. Internation#1 Society for Krishna Consciou$nes$- London (Conne¢ted Charity) Situated in the heart of London, the Radha-Krishna Temple on Soho Stteet contillues to serve as a spiritual oasis for thousands of Lortdonvrs and visitor5 from around the world. Daily worship reTnain5 central to telnple life, alongside the celebration of numcrous festivals, gatherings. and outreach events. The site is also home to tbe wcll-known Goyinda's Vegetarian Restsurant, whi¢h remains a key poiIit of engagement with the public. In recent years, the London centre expanded its outreach through the leasing of Stlldio 108 in Holbonj, which, in addition to a ¢afé. hosted regular interactive worksbops, talks, and kirtsn events. successfully attracting n￿Y newcomers-sev¢ral of whom have since taken up tbe practice of Krishna consciousnes$ more seriously. Bookdistribution and harinam sankirt3tt have remained strong itt central London, with devotee5 actively going out on the streets on a daily basis. In addition to thousand5 of spiritual books distributed each month, devotees have also successfully introduced co]nplete sets of arimad-Bhagavatan4 sharing this ¢ssenth"al sctipture witb those seekll￿ a deeper und¢rslanding of Vedic knowledge. Page 14 International Society For Krishna Consciousness Limited Trustees, Report ISKCON Manehester The established ISKCON Manchester centre, located nearAlexandra Park and just three miles from the city centre, continiJ£s to serve as a vibrant spiritual hub for the local congregation and visitors. In 2024, the ccntre held regular programmes, includit]g the Sunday Feast, Bhagavad-gita classes, and Sunday classes for children, alongside the celebratton of major Vaishnava festivals. Th¢ attnual Rathayatr2 chariot &. festival was again held in Manchester City Cenlre, attracting both devotees aDd l. I membeT$ of the wider public. Weekend har]￿a￿a ￿)d book distribution continued steadily, with specific days dedicated to Plasadam distribution, kirtall, and COmTnunity-building activities. T￿￿d￿r?1&0rtO F-9pm A highLight of the year was hosting the TOVP (Temple of the Vedic PlanetariuTn) fundraising tL)ur In October 2024. strengthening regional ¢onneciiotts 2nd supporting the global Mayapur project. ISKCON Mattchester also continues to work with the neighbouring Stoke centre, which has Shown steady growth. Stoke's weekly Food For All programme serves local hostels aijd a women's refvge, whil¢ ils Sutjday programmes and festival celebrations remain well-attended. In 2024. the centre tnarked a sigtjificant tnilestone with the insta]lation of a mvrti of Srila Prabhupada in March. Page 15 International Society For Krishna Consciousness Limited Trustees, Report ISKCON New¢&stle The Newtastle ¢entre Continued its vibrant outreach throughout 2024, hosting the popular tnonthly 'Sacred st￿¢( Paty, book dislributiott events and regular Friday Cvening haTinamas, featuring joyfi21 congi'egational ¢hanting with music and dancing. The centre ran educational progratnmes such as the Bhagavad-gita Introductory Course and Bhakti Immersiott seminars, aimed at deepening spiritual understanding among devotees and inteTested adult5. Additionally, Newcastle's ISKCON Edu¢ational Services (IES) department welcomed numerous school visits throughout the year. LEARN IT LIKE ARIUNA! 3-We2k(c￿$eon8h6gd￿l-S]ts . STAHTWGJUNEI SATURDAY4PM @ISKtON NEWCAME ISKCON South ￿lldO￿ (Connected Charity) Regular weekly programmes ¢olltinued througbout 2024. including bwk distribution, courses, seminars, retreats, attd Prasadam distTibutLOtI through the Fotsd lor Life initiative, serving the local community. Gatherings took place at the centre on select weeknights artd ¢v¢ry weekend. alongside celebratiotts of key festivals. A highlight of the year was the Rathayatra festival In Croydon, which attra¢ted a lively crowd and enthusiastic participation from devotees and the wider publi¢. Page 16 International Society For Krishna Consciousness Limited Trusteesy Report AFFILIATED CHARITIES I PARTIES Food forAll Charity registration nuTnber 1077897 Food for All CUiTently distributes 1.000 healthy meals daily, proVid￿g 74 vitsl lifeline for those living on the street5 ofNorth London. OD FOR ALL The ￿tU5 Trust The Lii¢u$ TTU4t ".¥¥.":,. Charity ir815tration llU￿ber 1114304 The Lotus Trust is an educational, relief and development agency seeking to transforn) lives and improve the enviro1￿llent in the UK and abroad. The l Foundatlon Chariry registration number 1105545 Company registratton 05137350 •iFcLtndatlon The T Foundatioll is a limited eompany and a ¢haTity focused on educational initiatives. Bbaktlvedanta Manor Ltd Company registration number 6612940 This is a 100% subsidiary of ISKCON Bbaktivedanta Manor Lt( which is its sole beneficiary. Krlshna Cyrnru Cy Krisbno Cymru Chariry registration number 1191237 Krishna Cymrn is a charity dediealed to expanding the principles of Kri5hn& Consciouslles5 lll and around Wale5. Page 17 International Society For Krishna Consciousness Limited Trustees, Report FINANCIAL REVIEW The group's net income for the year wa5 recorded at £1,445,18712023.' £2,085,143). The principal fLmdirtg sour¢e continued to be the receipt of donations and legacie5 which amounted to £5,548,098 {2023.. £5.243,933). The fwids generated from ¢h#Titable activities of the charitable Companies within the group was recorded at£3,611,81512023.. £3,2(X),7721 and from the tTading activities of the charitable ¢ompanies within the group was recorded at £2,219,682 12023.. £2,008,382). The redu¢tion in net income compared to the previous year is primarily due to the in¢reased expenditure by the charity, particularly in Carrying out its charitable activities. lllvestment itjcome, which Comprised the char2table letting of propety and bank interest received provided a us¢ful Contribution of £532,80012023.. £386,459). Tota] in¢tstne was £14.967,21412023.. £13,777,153). Total resources expended was £13,522,027 (2023.. £11,740,658). The total of unrestricted funds at 3 1 December 2024 was £20,224,93412022.. £18,974,534). The totsl of restiicted funds at 31 Dec¢Tnber 2024 was £33,261,116 (2023.. £33,333.121}. There was an actujnulated profit inrelation to the activities of the trading subsidiary at 31 December2024 of £824,085 (2023.. £557,293). RESERVES POLICY The trustees aimto establish a l¢vel of unrestficted funds whicb equat¢s to at least ttvelve mollth5'WOrtb of expenditure ou raising funds and on charitable activities. The trustee5 believe that this is appropriate benCh￿ark to use in light of the Charity CtsmTnission's guidance on the appropriat¢ l¢vel tsf reserves. The t￿SteeS aim to maintain a robust level of unrestricted funds to meet the future fi]udin8 requirements for the charity'songoing activities. The ¢harity anticipates utilisin8these reserves to martage increased cash flowexpellditures and to rnitigate possible reductions ill future donations. Expected outflows are set to rise due ta increased Charitable activities and prevailing inflatiortary pressures. Moreover. the Charity anticipate5 an 8Q/o decline in thture income. driven by the continued cost-of-living pressure5 across the UK. This forecast a]igns with Jational trends, including tirtdings from the CAF UK Givillg Report 2025 (based on 2024 data), which highlights that ot]ly 50% of UK adults donated to charity it) 2024 - the lowest donor participation 5illc¢ 2016. Additionally, approximately 3.9 million people cancelled regular donations in 2024. citing financial pressures, In¢reasing op¢ratlOL)al costs have also forced n)any charities to iely more heavily on reserves, with around 400/0 of charities drawiog dowtt reserves to maintaill services in 2024. Furthemiore, it is estimated that the real value of a £20 donation will i'educe to £15-£16 by 2025 due to infiation. Page 18 International Society For Krishna Consciousness Limited Tru$tees' Report RISK IWACEMENT The trnstees are responsible for establishing internal control systems within the group. The major risk$ which may impact the actLVlties of the group have been reviewed during the year and the trustees are satisfied that the System of internal controls CUTtently in place is adequate, whilst Te¢ogni5in¥ that they arc designed to manage rather than eliminate risk. Internal controls are reviewed on an Ollgoing basis as part of the day-lo-day risk martagemenl process within the group. The trustees consider the risk of material misstaten)ent due to fraud to be low, owing to the itttemal controls and oversight mechallisms ifL place acros5 the organi5ation. These include segregatioll of duties, foLrnal authorisatLOII proceduiEs, and regular financial reviews. The Finance Subcommittee of the National Council Executive Committee INCECI oversees financial a¢tivities and meets regularly to assess potential risks. StatTattd volunteer$ receive inductioll and ongoing training, including recent fraud prevention 5es5ions delivered in partllership wit Hertfordshire Police. Risk ideDtificalion and Tnitigation are embedded in day-to-day financial Tnanagement and are supported by strllctured reporting and monitoring processes. REFERENCE AND ADMINISTRATIVE DETAILS Trustees A W Howchin T M Allderson P Murphy- Chaimian from 26 Febwary 2025 K M Patel - Viee-ChaiLTnan from 26 February 2025 G McMullan- resigned 7 January 2024 D Clark K Patel Secretary Ms G Olapojll- r¢signed 16Aprii 2024 Mrs N Patel- appointed 16 April 2024 Reglstered oifice Oak Hou I Watford Road Radlett Hertfordshir¢ WD7 8LA The ¢haTity is incoTroTated in Eogland and Wales Page 19 International Sotiety For Krishna Consciousness Limited Trustees, Report REFERENCE AND ADMINISTRATIVE DETAILS leoDtinued) Company Reglstratlon Number 00962009 Charity Registration Number 259649 Auditor KNAV Statutory Auditors Hygeia Buildillg Ground Floor 66-68 College Road Harrow Middlesex HAI IBE Bankers Lloyds TSB Bank plc Business Bankiog SeThi¢e Cetttre 10 Booth Stieet Manchester M2 4AW HSBC UK Bank plc I Centenary Square, Birmitjgham Bl LHQ Solieitors Bates, Wells & Braithwaite Cheapside House 138 Che2pside London EC2V 6BB Page 20 Intern¥tional Society For Krishna Consciousness Llmited Trustees? Repoi't STAT&MgNT OFTRVSTEES RLSPONSIBILITIES The trwte¢s ithts ar¢ al%0 lh¢ dirccluFS ul'lnt¢rna¢ional Sucicty for Krishna Consciousness Limited lor Ihe purp￿￿$ ofcompany loivl arc fcspon%sblc fur preparing lh¢ RepoTL ofihe Iru￿te$ and ihe linDiieial Sidi¢m¢nis in acci)rd&iice i'iili llppliLablc lllii. and Ilniicd Xinkbdum A¥LounLing Siandards Iuniied Kingdom Ciencr4lly ALLgpied ALcnunlins Pracli¢L'I. Con)pany laiv r¢4uires Lh¢ IrU8￿¢S lil ￿epare flnanLial S￿lerne￿Is for each financial yearwhich give ll Iru¢ and fair v>ew ofiht siaie ol'pjlairs ol'the charitable Company 4nd of ihe incorning resouK¢5 and applicaiion ol'resDufc¢5. inLluding Ihe incume ¢xp¢ndiEure, ofihc chwiwble company for Ehat perio￿ In pr¢paritw those fin1￿¢1]11 ¥lJlements, lh¢ Iru¥lecs art requir¢d to selLKi %uiwbl¢ llCLY)uniing wltciessLnd Ih¢n apply Ihem ¢onsist¢n¢lya ob5cNL IhL iiiLihod5 und prinlipl￿ In Ihe Chariiy SORP,. m4kc jvd8emLnis ¢511M￿eS Ihat are reasonable and prudenL prep￿¢ Ili¢ linancial s¢alcmcnts on Ihe going concem basi5 unless 51 is inappropriate 10 pY¢sum¢ ihEt th¢ h4riLoble Lompany ivill cunlinue in bu5ine$s. The Irusi¢vs llre responsible lor k¢eping propcr ac¢ovnLing records which discltyse Hiih Msonoble tsc¢uraLy ai onv timL' Ihc linanLiJI p05iiion ofrhc chariiahle compdny and ￿ ¢nabl¢ Ehern io cnsurt thllL Ehe linancial sillicrnents omply i¥'iih ihe Comt>anic% Acr 2<)Ots. Thcy 4r¢ 41so responsiblt lorsafcguaTdiiig th¢ assets ofihc ¢h#riwbl¢ L'oinpan). aiid henet for ittking rcasonable si¢ps lur ih¢ prcvtnison 4nd deieciion of aTrd oihcr irregulariiies. In %0 fur 4L% lh¥ IfusiLCS Iiri. uiYJr¢'. Iher¢ 15 tbo relevani alldil infornilllion ofivhi¢h the charitsble cDmpAny's Uudiiors are unaw4r¢' oiid the wu51rynent of bank loan lexternall Netc￿h Flow from financing activities 1,015,000 34,771 284,532 765,239 I,500.￿0 156,800) 2.769,214 1.326.014 Chllnge in Cash #nd ￿$h equlvAlet)ts 171 the reporting perlod 1 650 557 1696 797 Cgsh k]Jd ca$b e4￿1valents at the begillning of the reporting period 10,948.280 9.251,484 C*sh and cash equivglents at the end of the reporting period 9.297.723 10.948,280 Note l.. Reconciliation of net income to net cash tlo from o eratin activities Net income for Ilie reporting period18s the statement of fjnancial activities) Adjustments for: Depre¢iation charge8 {Gaill)Aoss on r¢valuatio rofiiyLo&s on disposal of fixed assets Net illlerest tnovernent 1,445,187 2,085,143 981,629 924,894 (48,648) 12.124 56,800 48,041 {34,771) Otb¢T mov¢m¢nts (Inerea8elld¢¢reasc in sto¢k (Increaselldecrease in debtois Ittcr¢aselldecreasel in creditors Net eash provlded by (used Inl operattng a¢tiviti¢$ {123,815} (31,486) 1,165,387 1,119.398 28.496 11,301,641) ,628,315 3.385.48L Page 31 InternatlODal Society for Krishna Consclousne5s Limited Notes to the financial stxtements for the year ended 31 December 2024 CIL4RITY STATUS The thaiity is limited by gugrdntee. incorporaied ID EDgland and Wales, and consequellily does not hav¢ share Capital. Each ofihe trustees is liable to contribut¢ an amount not exceeding £Nil lowan45 the assets of the cbanty in rhc ¢venl of liquidation. The gddress of its r¢gistere4f office is". Oak House, I Watford Rood, Radlett, Herlfordshire. WD7 8LA ACCOUNTING POLICIES of sigllificant acfoullting pollcies And key *ccountillg eatimatcs The principal accounting polscies applied in the prcparnlion of Ihese financial statetnents &r¢ s¢t out b¢low. These policies have bttn con515tently &pplied to all the years presented, utjless othetWi5e Stated. Statement ofcompli*llce The ftsjancial 8laietnents hav¢ been prepared in accordance CJMrities.' Statement of Re¢omm¢ndd Practice applicable lo chaTilies preparing theiT accounts in accordance with the Fi]￿l¢la1 Reporting Standard applicable in the UK and Jreland IFRS 1021 Iis8Utd in October 20191- ILharities SORP IFRS 10211, the Finattcial Reporting St8nd3rd applicable in th¢ UK and Republic of Ireland IFRS 102). They also comply with the Companies Aci 2006 and C[￿lI1eS Act 2011. Bgsls of preparation In￿rnall0na[ Society For Itiishna Consciousness Limited meets the definition of a public benefit entity under FRS 102. The finaDcial statements are prcpared under the historical cost tonvention, modified to include the revaluation of invesitnents to fa￿ value, and in accordance with applicable accounting standards in th¢ United Kingdom. the Stalemeni of Recotttsnended Practice {SORP) 'Accounting and Reporting by cha￿tIeS, and Fin&ncial Repoiting Standard IFRS) 102. togkeihei with Iht reporting requirements of the Companies Act 2006 artd the ChaTilies Att 2011. The fi]nclional and presentational currettcy is GBP Sterling 1£), b¢ing the cU￿¢Y of the pritijary economit environment ID which the charity OP¢LHt¢s in. The amoullls are presented rounded to th¢ nearest pound. CONSOLIDATION Th¢ financial statements consolidate the financial Slaten)ents of the ChaTity. and its subsidiary undert21ungs, all Tnade up to 31 December. All intta-group balances and transactiolls dwing the Ye￿ have been elinjinated. These riDancial statements of the subsidiaries have bcen consolidated oll a line by lin¢ bssis and the results of the I]￿]ll trading 8ubsidiary 15 piesented in Note 8. No separate SOFA has been presented for the Chgrity alone as pennitted by the exempliort affurded by section 408 of th¢ Companies Act 2006. Tbe charity has takett advantage of the ¢xemption under sectiott 405 subseclioll (31 of the Companies Act 2006 and not eonsolid&ied its subsidiary cotnpBnyJ Sanctuary Hospitality Private Linmied, a company Te8lStered in India and a 4V/o ass￿late company. Govinda's Foods Limited, a company registered itt England. The subsidiary 1$ excluded from consolidation as it is considered that ils inclusion is not material for the pury)ose of ￿VIng a true and fatr view and the infoTttLation necessary for consolidation eaonot b¢ obEa￿ed without undue delay. The net assets attd results of the subsidiary and the associate compatty are disclosed in Note 16. Page 32 International Society for Krishna Consciousness Limited Notes to the financial statements for the year ended 31 December 2024 COINC CONCERN The ttuslees coosjder that there are no nuterial unc¢rt&inlies about the charity's ability 10 Cortlirtue as a going tortcern any stgnificant areas of uncertainty that affect the tairying value of asseis held by thc charity. As such. these fitwicial statements have been prepated on a going concern btsts. FUND ACCOUNTI.NG General fund8 a￿ Un￿StrIcted fijnds wbich represettt the accumuleted suTrlus of ill¢ome over ¢xpenditL]re alld alf available for use at the discretiott of the Tru8tee8 in filfth￿ance of the general objectives of the Ch￿lty and whicb hav¢ not been designated for other purpose. Designated funds art urtreslricted funds of the ¢harity which the liustees have decided ai their discretion to set aside 10 use for a specific puiyose. The aim and purpose Df each designated fi]nd Is get out in the notes to the f￿ancIal stalcments. Restricted funds gre funds of the charity tt8lticted for spectfic purposes being undertBken by the charity. The C051 of ￿lSing and adrninistetirtg such funds are charged against the specifjc fi]nd. Th¢ aim and use of each n]aieriai designated and restricted fund is sel out in the notes to the financial stateinenls. INCOMtNG RESOURCES Incomc is recO￿ls¢d when th¢ charity has entitlement to the fiJn(Lq, aoy perforniance condiiions attached to th¢ Jitm{81 of income have been tnel, it i$ pTobable that the income will be re£eived and th¢ amount can be m¢85ured r¢liably. Dotvdlions knd grants are reCo￿lsea when rec¢ivabl¢. In the event that & donation i8 subject lo ￿lfilling perfottnance conditions befort the charity 15 entitl¢d to the funds, the ￿COrne is deletred alld not recognised until it is probable that those conditions will be fulfjlled in the reporting period. Income from Gift Aid lax reclaims is recognised for any donations with relevant Gift Aid certificates Te£ognised in income for tkne year. Any amounts of Gift Aid claimed and not received by tbe year-end are accouJ)t¢d for in incom¢ and within debtor5. lttcome from Gov¢nJJnent alld oth¢r grants, whether '¢apitai' grattts or'revellue. ￿ttt8. LS recogDi8ed when th¢ harity has entitlement to the funds, perfotmance eonditions attsche41 to the grants have been n]¢L it 15 probable that the incom¢ will be received and tbc amount can be measured reliably 8lld is not deferred. For l¢gAci¢s, entitlement is taken oll a c￿e by case basis 8s th¢ earlier of the date on which.. the tharity is aware that Probate has been grnnled, the estaie has been fJnali5ed and notification has been tnade by the exeeutorfsl to the cl￿Tity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, i]) whole or in par( is only considered probable when the amount can be mea5UTed reliably and the charity has been notifjed of th¢ executor's interttiort to make a distribution. If the legacy is in the form of an asset other than cash or an asset listed on a recO￿lIsed stock exch1￿ge. Tecogllition is subject to the value of the asset being able to be reliably measured and title to the asset has passed to the ch3tity. Where legacies have been notifJ¢d to the 01 the charity is aware of the grdnling of probate. and the ¢riieria fer intomc recognitloll hav¢ nal been then the legacy is a treate41 as a contingent asset and disclosed if material. Income received in advance for a future furtdraisirt8 event or fer a ￿ttt received relating to th¢ following year are deferred until the criteria for incon]e ttcognitien are mti. Income from Ch￿l￿ble activities is t￿dited to the Ststetnent of FillaDcEai Activiti¢s when r¢c¢ived or receivable whichever is earlier. unl¢sS It relates to a specific thbjre perio& in which cas¢ it is def¢￿ed. Income from trading Rctivities is credited to the Statement of Financial Activities when Teceived or receivable whi¢heveT is &grlier, unless it relates to a specific future perio￿ in which case Trt is deferred. Page 33 International Society for Krishna Consciousness Limited Notes to the financial statements for the year ended 31 December 2024 RESOURCES EXPEM)ED AND IRRECOVERABLE VAT Expendi￿re Js recognised once there is a legal or constructive obligation lo n]ake a payment to a third party, it is probable Ihal settlement will be required and the amouni of the obligation can b¢ measur￿ reliably. A]1 expenditure is accounted for on an acc[u￿5 basis under the followittg headings. Costs of raising funds comprises fvndraising costs irtLUTTed in seeking don2tions, grants and legacies and costs of fundraising activities. Expenditure on ¢haTitable activit1¢5 includes those costs incutred by the chaiity in the delivery of its a¢tiviiies and serviceg for its beneficiaries. It includts both co8is that can be allocated directly to such aclEvities and those costs of an indirect namre necesw to support in furthering the purposes of the charity and their as8ociated support cost8. Support costs comprtse those Costs which incurred directly in support of expenditUTe on the object5 of the chaTity and include govemance cost, fin2nte, and office costs. Governance costs are Ihose costs incurted in connection with the compliance with constilutiortal and statutury requirements of the charity. Irrecoverable VAT is charged as a cost against th¢ activity for which the expendiThJre was incurtd. TAK4TION The charity is considered to pass th¢ trsts set out in Paragraph I Schedule 6 of the Fin8nc¢ Act 2010 and therefore ii metls Ihe definition of a charitable cotnpany for UK coryoraiion tax pU￿oses. Accordingly, the charity is potentially exempi from t&X21ion in respect of income or capital gains received within categories covered by Chapter 3 Part I l of the Corporaiiort Aci 2010 or Section 256 of the Taxaiion of Chargeable Gains Act 1992. to the extent IhRt such illoorne or gains are applied exdusively to tharitRbl¢ PUTposes. TANGIBLE FIXED ASSETS AND DEPRECIATION Tanxible fixed assets ar¢ initially recorded at cest, and subsequently held at historic cost less any 8ubsequent accumulated depEetiatlQD alld subsequent accumulaied impaiTment ltrsses. Depiecialion is provided on tangible fixed assets so as to oft th¢ cost or valuation. less any esiijnated residual value, over their expecied useful tcortomic life as follows Fre¢hold buildings 20/0 on straight litse (Uplo 2022.. 5 /0 on straight line)- Refer note 15 for fi￿￿er details Leasehold p￿pertieS Fixtures. fjttings attd equipllxettt otor vehicles 50/0 on straight line 20/0 on straight line 250/0 on ra4ucillg balance Freehold land is not depreciated. FIXED ASSET INVESTMENTS Investment in equity shgres ill subsidiary undertakirtgs, which tre not publically traded and where fair value caDJJoi be nxeasured reJiably* are measured at cost less accumulated impai[n￿llt, i.io DEBTORS TT3de and other debtorg are recogoised at thc settlement amoullt due after arky trade discount offer¢(L le&8 any Ilowance for doubtful debis. Prepayments are valued at the amount prepaid net of any trade discounts due. Accn2ed income is included at the besi tsiimaie of the an]ounts receivable at the ba]ance sheet dale. CASH AND CASH EQUIVALENTS Casb artd cash equI￿le￿IS comprise cash orl hatkd a]Jd call deposits, alld other short-terni highly liquid ijjvesiments thai are re8dily convertibl¢ to a knowL amount of c8sh and aTe subject to all insignifjcant risk of change in value. Page34 International Society for Krishnx Consciousness Llmlted Notes to the financial statements for the year ended 31 December 2024 CREDITORS CrediloTS ate recogrtised whcrc the chgrity has a present obligation resulting fion] a past event thai ￿111 probably iesuli in the transfer of fvnds 10 a ihird party and the amount due lo settle the obligation can be measured or egtimaied reliably. TL?de creditors 3nd other creditors are included at their nominal value when thue is a contracrual oblig8tiOTJ to settle. 1.13 PENSIONS AND OTHER POST RETIREMENT OBLIGATIONS The chaTily 0￿rateS a defined contribTr]tion pension schetne which is a pension plan under which fixed conttibutions are paid inio a pension fund and the charity has no legal or conslruciive obligation 10 pay further contnbutions even if the fund does not hold sufficient agsels io pay all employees the benefits relating to employee service in th¢ curTent artd prior periods. Contributions to der￿ed contribution plslls 3Te recognised in the Ststement of Fitiatteial Activities when they are due. If contribution paytnents exceed the contribution due for Se￿1¢t, thc excess is reco￿ls¢d as a prepayment. J.14 STOCK Goods purchased for r¢sale are vaIu¢d at the lower of cost attd net realisable value. 1.15 ID4VESTMENT PROPERTIES Tnveslment properties are carried at fair value and Br¢ held to eam rentals. capital appreciation or both. Fair value is detertDined atsttually by the tn￿ttr$ af the charity using available market prices for con4)arable real estate by extemal valuers as required. ChsD8es ill the fairvaiue are rec4)gttised tbrough the profit 8nd loss. 1.16 FINANCIAL INSTRUMENTS The charity only has financial assets and fjnartcial liabilities of a kind that qualify as bssic financial instrutnents. Basic financia] ill8trurn¢nls are initially recO￿)iSed at Iransactioll value and 5ubs¢quenily measured at their settlement value with the exceprion of bank loans which gr¢ subsequently me&suTed at amortised tost using the effective ￿terest methcd. LEASING The Charity ¢nters into operating leases 08 detsiled in not¢ 24. Expenditure OA opwdtiD¥ leases 18 cbarged iti the ststemujt of Fitydncial Aciivillcs Ort a straight line basis over the lease tetm. DEFERRED TAX Deferred tax is reco￿lsed in respect of all titning differences that have origtnated but not revcr8ed at the balance sbcet date. Timittg diff¢renc&8 aris¢ froTn the inclusion of income and expenses in tax as5e5smellt5 in periods different from those in which they are rxognised th fU￿n01a[ slatsments. Defe￿d tsx is m¢asur¢d using tax rates End laws that have been enacted or subgts￿tiVely e]Mcted by the year end and that sr¢ expected lo apply to the reversal of the timing diffeiente. Ur￿¢ll¢V¢d tsx losses artd other def¢Yr¢d tax assets ar¢ rccognised only to the extent that 1118 probable that they will be rewvered 2gairtst the reversal of deferred tsx liabilities or other fvture taxable profits. Pgge 35 International Society for Krishna Consciousness Limited Notes to the financial statetnents for the year ended 31 Deeember 2024 1.19 DEFF.RRED TAX Defenrd is recognised in re5p¢cI of all liining itifferentes that hav¢ originated but not reversed ai the knlanc¢ sheet date. Timing differences arise fi.oni the inclusion of incorlle and expenses in tax 8ss¢ssments in ￿ledS different fro]n those ill which they are Tecognised in financial 818iemenls. Deferred lax is measured using lax tales and laws that have been enacted or substAnlively ¢nac*d by the year end and that are expected lo apply lo the rtvcrsal of Ihe timing Ibfference. UnTelieved t&x losses and oiheT defe￿ed tax a8sels are recognised only to the extent that it is probable thai they Frill be recovered against the reversal of defrrred tax liabilities oi. uiher htsjre l&xable profit5. 1.20 CRITICAL ACCOUNTING ESTIMATES In preparing the finall¢ial ststetnetttg. the Trustees aT¢ required to J]Mke estimates 2nd jlldgeu￿nts. Th¢ matters Considered below are considered to be the most itnportant in undersranding ihe judgements that are involved in preparing Ihc fi[k￿Cl￿ staletnents and the uttctriainties that could impact the amounts reported in the results of op¢rations, financial position and cash flows. Cost 911o¢atlo Support Costs not attributable to a single charirable activity are allocttted or 2PPQrtion¢d on a basis con81Stent with identified cost drivtrs for that cost category. Cost drivers utilised inclllde head count, floor 8pact and egiimaiion and judg¢rn¢nt is txercised irt applying cost driveTS to cost categories. Grant Income Ittrual GT3nt income is reCo￿ls¢d in accoTd8llCE with th¢ income reCo￿ltiOn policy detail¢d in 1.5 above. In ¢aleulating the level of Grant accrual, tnanagement is r¢quir¢d to exercise estimation and judgem¢nt, particularly in delemiining the amount and probability of receipt. Provlslolls Provisiuns are r¢O￿lIsed when the group hss & present legal or con8ltuciive obligation Bs a result of past events. it is probable that an outflow of resou￿e5 will b¢ required to settle the ebligatioll. and th¢ Bjnounl of tbe obligation cart be estittLated reliably. Crgnt Èncome aecrual Where att illdication of iMPiL￿¢￿t is idettlified, aD estitnate of the recoverable value of tTrLe a$set IS T¢quired. This requires an estimate of th¢ ￿tUre economic benefits from th¢ asset and the seleeiion ef an appropria discount rate lo calculate the p￿sent value of the economic benefits. Page 36 f4 r4 International Society for Krishng Consciousness Limited Notes to the financial statements for the year ended 31 December 2024 TRADING INCOMLIEXPEIYSES Group 2024 2023 Tumover 3,045,976 2,874,169 Cost of sales Staff costs 1,214,621 860,442 607,525 1.249,215 829,063 215,429 Other administrative expeoses Depreciation 2.779,184 2,410,887 Net (Lossllinwme from Iradsng 266 792 463281 Page 40 trj r4 ¢4 T4 * <¢ r4 th> ¢0 aJliliiJl'iililiiiiiJl r4 l$lJill} I International Society for Krishna Consciousness Limited Notes to the financial statements for the year ended 31 December 2024 12 TRUSTEES, REMUNERATION AND BENEFITS 2024 2023 Reinuneralion and othere￿O{u￿enlS Group 58.757 55,433 Remuneration and other emolurnents Charity 38,400 36,888 During the yeJT, one trustee Teceived remunetaiion from ISKCON Limiied lamounls disclosed und¢r the cbariry above), and aDoth¢r I￿￿tte rweived total remuner&tioll of £39,188 12023.. £30,987) from the chatity's subsidiary, ISKCON Bhaktivedanla Manor Limited. In addition, a tn]slee of the group charity, ISKCON Bhaktivedanta ManoT Limited, Teceived reniuntrdiioll of £20,357 12023.. £18,545) in I￿pect of her role as Temple President of that charity. Other Iban these pairynents, no tn81ee. llor arty persons connected with them. received any r¢munmtion from the Group or the charity duTing the year. Trustees expenses No trustee expenses were paid by ISKCON Limited for the years ende4131 Deccmber 2024 and 31 December 2023. Within th¢ Group} TSKCON London tnet rent and other expenses of £31,354 12023.. £42,286) in ¢onrte¢iion with th¢ duii¢s of its TetDple President. In addition, ISKCON Bhaktivedanla Manor Limita4 reimbursed bEvel Bnd visa expenses of £4012023.. £2,7621 to two ttustees. Other than th¢se items, tto uvste¢s received reimbursement of expenses or any other benefits frot the Group d￿]ng the yea[. 13 DISCOLYTINUED OPERATIONS Effective l January 2024, the Attna ￿Urtge centre Ceased it8 operations within ISKCON London Igroup Charity) and t(ansiliont(I to operate as a separnle, independent cbarity. Accordingly, in these financial Stsletnents, Ihe in¢ome and expcnditure relating lo the Atma Lounge eentre for the comparative year ended 31 Decetnber 2023 bave bten presented as discolliitiucd operaiion8. This ¢lassification is refleeted in the Stalemerlt of FiDallcial Activities 3nd detailed in note$ 3. 4. 5, 6, 7, 8, 9 3nd 10. For lh¢ current y¢ar ¢nded 31 December 2024, all reported incotne and expendibATe teiate solely to collllrtuillg operations. No assets OT liabilities Telaiing 10 the Atma Lounge were transferred d￿ing the year. 14 STAFF COSTS 2024 2023 Wages andsa]8ri¢8 Social securityeosts Pensions 3.525,045 256,825 58,289 3,840,160 3.044.068 212,2lO 49.131 3,305,409 No employee received ¢moluments of more than £60,0￿ during the year{2023.. No employee teceived e[nolU￿eThts of mor¢ thaL) £60,000 during the yeaTI. The av¢rag¢ monthly Dutnbers of etnployees {illcluding the Trustees) during tbe year wcre as follows.. Dire£1 Chatiiable Work 152 145 Athninisttative 25 177 25 70 P*ge 44 International Society for Krishna Consciousness Llmited Notes to the financial statements for the year ended 31 Deeember 2024 15 TANGIBLE FIXED ASSETS (*Tr Croup Lthng leAsÈhthld property Freehold Land and bulldth2S F￿￿r*s. flttlDgg And e4ulpment A$$el8 under con5tructiDn Moior veblcies Cost valuatio A¢ l JoNw2024 Additions 46,176,028 514.900 5.004,658 2,422,843 310,976 33.000 45,590 936,079 153.443 4,060,265 1223J461 DisposaLs TrJnslers Ar 31 December 2024 8.263 1.786,505 46.690,928 7.219.370 343,976 973,407 57,014,186 Depreclatlon At l J8rtuary 2024 Charye for the y￿r Eliminatedott disposal At 31 December2024 5.997,765 524.721 ,679,989 228,208 1,113,843 194.511 9,894 1,298,460 207.218 34,1&9 8,998.815 981,629 6,522,486 1,742,957 241.407 9.805.310 Net bookvllues At 31 December2024 40,168,442 5,476,413 4S8,045 102.569 973.407 47.208.876 Ai 31 De¢emb¢r 2023 40,178.264 3,324,670 526.071 103.758 45.59D 44.178,352 (bl Charity Lon8 5ehold property Freehold LAnd *ud blllldSDgs ture5, fjthngs k￿d equIP￿eTht A8sets wnd¢T Motor vthickg Tot81 Co$t vgluatlon At l January 2024 Aaditions 45J51.462 2,411,002 55,752 283,957 24,855 48,071,876 289,591 233,839 Di4W Tr4psfe At 31 Deeember2024 45,351,462 2,467,354 283,957 24,855 233,839 48,361,467 DepretlatloD AL l Janllgry2024 Charge for Ibe ye4r Eliniinated OD disposal At 31 D¢cernber 2024 5,940,044 497.931 992,424 123,368 195,952 37.900 23,678 294 7,152,097 659,493 6,437,975 233,852 23,972 Net book vglues At 31 D¢￿rnber2024 38,913,487 1,351.562 50,105 883 233.839 40.549.877 Ai 31 Decerni￿r2023 88.005 40,919,779 The &%sets uoderconsttuction primardyrelak ￿ the on going work ￿ repurpose the stabk block ujto a wfl shop artd c8sual eatayon the wrtd ntsor, with tht upper tIoDrIefu￿lshea as mook donni￿neS ai Bhaknivedarlta Mattor. Duting the yt8r, the Group m4dc further addiiions lo property assets, including leasekdd woperty 4ddiiions within ISKCON London a￿d frtthold propeo addiiiLbnS Wtthin ISKCON Bliakliv•Janta M3nor Limited. Further. ISKCON London disposed also disposed of certauj k8sebold llprovemernts, 8tvin8 rise ro a net on di5POsal of £41.890. andplant and M￿hl￿gry disposals resulting in ll nd105s of£5,221. Effe¢live from l January 2023. th¢ Tn￿c￿ Tcviewcd and rC￿￿cd the d£prEciatiaTh PDlicy lar Ircchold pTrw¢rty. r￿l￿g thc annual dyrecialion rA from 5/0 to 2'A on a snBighl-line b¥si5. to align with the PDbcy adopted acTOSS tiie Group. This policy ha5 continued ty apply in the 5rar ended 31 De¢enther 2024. Ai 31 Dttember 2024, the Group bad capi￿[ commitrnents of £1,256,551 12023.. £3,305) in respect of ibe acquisition of8n &ddiiiOrt&l property by ISKCON London. which i% expected to complete in ih¢ followin8 year. A deposit of £125,￿0 had been p8id &t the reporting dale, which is intlthled witbirt tsthei debtors (sec note 181. with￿ the nei wlue of the Group s Ircchold land and building% an amount of £20.810.287 relatcs lo lan4 which is noi subjeci ro depre¢iaiiots. The properties classified under both"FreehO￿j L4nd and Buildings" aud"Le&8ehold Properv. serve as secuklty agai￿ tb¢Group's loaos (see oote 24). Pige 45 International Soeiety for Krishna Collsciousne5s Limited Notes to the financial Statements for the year ended 31 December 2024 16 FIXTD ASSET INVESTMENTS Investment propcrties Unlisted investment5 Totxl$ (al Group COST or VALUATION At l January 2024 Addiiions 584,29L 452,118 1.036,409 Dispo￿15 Revaluatio Al 31 Decejnber 2024 {525,0001 (525,0001 59,291 452.118 511,409 NKT BOOK VALUE Ai 31 December 2024 59,291 452,118 511,409 At 31 Decenthei 2023 584,291 452,118 1,036,409 During the year, the Group disposed of on irtvestment Property for proceeds of U25,000, This PTopety htd b¢¢n r¢valu¢d to faiT vRlue al th¢ prior year end, with an upward revaluation of £48,648 recognised in that Y￿r, which was COllSiSt¢nt with the ¢ventual 5a1¢ price achieved. At 31 DeceTllber 2024, the Group's remaining investinent property is ca￿led al a fair value or £59,291, based on a valuation performed by the trustees. The unlisted invesltn¢tLt5 represent shar¢5 held in unquotcd companies. Unlisted Investments Tota15 {b} Charity COST or VALUATIOLY At l January 2024 Additions 452,118 452.118 Disp05als At 31 December 2024 452.118 452,118 NET BOOK VALUE At 31 Deceml*r 2024 452,118 452,118 At 3 1 December 2023 452.118 452,118 The uttlisted iAvestmenE8 represent Si￿reS held iti uttquood compatties. Page46 International Society for Krishna Consciousness Limited Notes to the fillancial statements for the year ended 31 December 2024 16 FIXED ASSET INVKSTMENTS- continued As at 31 December 2024 land 31 DeC¢m￿r 20231, the Charity had the following subsidiary urtdertakings, all of which are illcorporaied in England and Wales and included in the collsolidaled finattLidl staiemertig of the Group. The Group includes both companies limited by guaranttt (Dot having share capital, controlled by virtue of trusieeship and goveming docujnentsl and a trading subsidiary limited by shares, the entire issued share capital of which is held by a ￿'Ollp eniity. Company registratio mber Subsldlary Type Plreht B2si5 ofcontrol Company linjiied by guardnlte; commo tnJ8lttship and goverrtitt8 documents IntrTnalional Society for ttiishnL Consciousness Bhgktivedanta Matlor Li￿Lted Int¢rnatiollal Society for Krish1￿ Consciousness Limited Ch2rity 8300433 Interngtional Society for Krishna Consciousness London International Society for Krtshn2 Consciousne$$ Litijited Co]Dpany litnited by gukTantee,' cotnmon trusteeship and governing d¢uun¢nt$ Charity 6953297 ITJt¢malional Society for Krishna Consciousness Bhaktivedanta Manor LiTnited Bhaktivedallta Martor Lirnited Tradin8 subsidi2ry 6612940 Wholly-owned subsidiary {limil¢d by shares) The illdividual charitys unlisted investtn¢nts at the balanc¢ sheet date includes investtnents made in the share capital of the following subsidiary. Sanctuary Hospit*lity Private Limited County of incorporation.. India NAtur of busiD¢ss'. H05pitslity 2024 2023 Class of share held.. /0 holding Ordinary W/0 Ordinary 990/ 2024 2023 Aggrcgate capital and re8erves Profit (Loss) for the year 385,850 1.574 405,664 {2,6941 A5 Doted in the accountingpolicies, th¢ firtaDcial information of Sanctuary Hospitality Private LiTllited not included in these financial statements. Page 47 International Soeiety for Krishna Consciousness Limited Notes to the financial statements for the year ended 31 December 2024 17 STOCKS Group Charity 2024 2023 2024 21123 G￿dS for re&ile 908,196 784,381 627,982 555,631 18 DEBTORS DEBTORS: ¥mouDts falllng due ¥fter wlthln one year Group Cbarfty 2024 2023 2024 2023 Trade debtors Amounts ow¢d by group ¢hAriti¢sKcompanies Olb¢r debiors VAT 144,471 53,795 77,546 69,075 920 6,076 207 412 66,857 117,070 147,187 721.468 586,084 Prepayn¢nls & Accwed income 95,377 825 932 5,924 337 038 986 922 DEBTORS.. Amounts (alling due after more than one year Group Ch*rlty 2024 2023 2024 2023 Other dtbtors 1478 334 1478 334 1.607,837 1607 837 1368 334 1368 334 1,439,520 1439 520 The amounts due from group withsD the charity are interest-free, wwcured and r¢ceivable after more thaD olle year. Within the Group, other debtors include a loan of £l50,￿oI2023.. £200,000) advanced to an UllTelated ¢otnpany, bearing iLi¢rest at 50/0 per anTIUTll. Of this. £40,￿0 {2023.. £40,000) is receivable Mthin one y￿[ and £1 I0,￿0{2023.. £160,000) 18 re¢ciYable aft¢r more than one year. ID addilioll, GiThLP othei debtors due within one yEar also includes a £125.000 deposit paid by a group ¢harity towards th¢ atquisitlOD of a property. which completed subsequent 10 the year end. Both the fjroup and Cbarity other debtors balance illcludes a loan of £1,434,593 {2023.. £1,492.3481 advallced lo a cbarity Ih¥t shares a cotnmoll trustee. This loan beaTS inleT¢8t al 2.2V/ts above the Bank of England bas¢ rate and has b¢en mad¢ on identlcal ternis to bo￿o￿l￿g artaDgements entered into by Ilie Charity, reprttcniing a ba¢k-to-back l¢ndiMg arrAngement. Of this balance, £66,26012023.. 5,828} is re¢eivable wiihitt one year and £1,368,334 12023.. £1,439,520) is receivable after niore tha￿ one year. Refer lo note 19 foT fiuther detsils. In the prior year, other debtOf5 falling due Withi￿ one year iDcluded amounts of £41.308 recoverable Irom art ￿L￿elated third p3rty in respect of assets subl are detailed below.. Atlantic Electronics Limited During the year, ISKCON Bhakiivedanta Maner Ltd received advertising income of £1,000 {2023.. £1,000) fronj Atlantic Elettronicg Lirtuted xnd paid £Nil (2023.. £4,424) for ofTice equipment artd £3,700 {2023.. £4,387) toward8 cost of stalIonery, repairs and 5imilai expenses to the COTnpany. There were no balance5 due 10 or frorn the charity at the yertr end. ISKCON Ltd. paid £1,69912023..£2,7371 towaixls iepair expenses to the cotnpaTJy. Avahti SelLooI Trust During the y￿￿, ISKCON Bhaktivedanta Manor Lid received donaiions amounting to £1,650 (2023.. £Nill from Avanti School TTUSt. There were no balances due to or fTOtti the charity al the year end. The tA)tus Trust During the yeai. the charity, ISKCON Bhaktivedanta Manor Ltd pid donatiori an]OUTiting to £Nil {2023.. £19,487} to The Lotus Tn￿t. These were for Ukraine appeal, Covid 19 appeal and Turkey appeal puryoses. Th¢r¢ were no balances due to or frorll the charity at th¢ year end. Kri$hn* Cymr DwiDg the year, rent ￿coj￿e in ISKCON Ltd frotn piopety letliD¥S tu Ktishna Cyrtjtu atnounted 10 £80,05012023.. £60,Q(x)I. License fe¢s, insurance. and loan costs rechorgtd duriDg the period totaled £138.951 12023.. £67,169). Additionallyj donatiolls received during the period were £56,846 12023..Paid £56,846). The net arnounls owed by ltiishn& Cyrnru to ISKCON Ltd includittg loan balances at tbe year end amounted to £1,407.740 {202J..£247,2321. Refer tjole 18 & 19 for details of the loan transactions in the ycar.lllcome from book sales during the year was £128,273 12023.. £107.0821, of which £48.604 (2023.. £68,692) remtined outslandtng at year end and is included within trade debtors. ISKCON Stotl#ttd During the yeaT, ISKCON Ltd pur¢ha$ed book$ amounting to £26,214 {2023.. £Nil) from ISKCON Scotlattd. Thi$ 1$ outstanding for p8ynKnt at the y¢gr ¢Dd. 30 COIMPANY LIMITED BY GUARANTEE International Society for Krishna Consciousnes5 Litnited, International Society for Kri5hn& Consciousness Londotl and tttlematiottal Society for Krisbna Cottsciousttess Bhaktivedallla Manor Limited. are Compa￿¢S limited by guarantee atjd accordingly do not have share eapilal. Internatiot￿l Society for Krishna Consciousness Limited is the Solc coryorate njtmber of lttternatieJJal Stticty for Krishlla Q)nsciousne8s London and International Society for Krishna Consciousness Bhaktivedanta Mallor LiTnited. The entire issued share capital of the trading entity. Bhaktivedanta Manor Limited, is wholly own¢d by Intmtional Society for Ktishna Consciousne8s Bhaktivedanla Manor Lijnited. Every member of the compally undertak&q to contribute Such amount as may be required not exc¢¢ding £1 to the assets of the ch#titsble compatty in the event of ils being wound up while he or she is a member. or within one year after he or she ceases to be a n]ember. 31 POST BALANCE SHEET El￿NTs There have been no 5igDificant events affetting the charity Since the balance sheet date that requiTe disclosure iTJ the financial statements. Page 56