ANNUAL REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024
SUKYO MAHIKARI
CHARITY REGISTRATION No: 298721
Castle View Accounting Ltd Ground Floor Offices 53 High Street Arundel West Sussex BN18 9AJ
SUKYO MAHIKARI
CONTENTS
| Page 3 | Legal and Administrative Information |
|---|---|
| Page 4 | Independent Examiners Report to the Trustees |
| Page 5 | Trustees' Report |
| Page 6 | Statement of Financial Activities |
| Page 7 | Balance Sheet |
| Pages 8 to 14 | Notes to the Financial Statements |
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SUKYO MAHIKARI
LEGAL AND ADMINISTRATIVE INFORMATION
CHARITY NUMBER 298721 DATE OF REGISTRATION 7th February 1988 START OF FINANCIAL YEAR 1st April 2023 END OF FINANCIAL YEAR 31st March 2024 TRUSTEES AS AT 31ST MARCH 2024 Simon Bailey Sidney Chang Stephen Choo Virginia Fox Lamia Tully Vui Hau Yuen
The existing trustees appoint any new trustees following the provisions laid out in the organisation's governing instrument.
LEGAL STATUS Unincorporated Charity GOVERNING INSTRUMENT Trust Deed Dated 7th February 1988 OBJECTS To advance religion in accordance with the teaching and practice of Sukyo Mahikari REGISTERED ADDRESS London Mahikari Centre 20 Suffolk Road South Norwood London SE25 6EG PRIMARY BANKERS Barclays Bank plc Croydon Branch 1 Northend Croydon Surrey CR9 1SX INDEPENDENT EXAMINERS Castle View Accounting Ltd Ground Floor Offices 53 High Street Arundel West Sussex BN18 9AJ
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INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS
Report to the trustees/ members of Sukyo Mahikari on the accounts for the year ended 31st March 2024 set out on pages 6 to 14.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
It is my responsibility to:
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examine the accounts under section 145 of the Charities Act,
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to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
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to state whether particular matters have come to my attention
Basis of independent examiner’s statement
My examination was carried out in accordance with general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention
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which gives me reasonable cause to believe that in, any material respect, the requirements:
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to keep accounting records in accordance with section 130 of the Charities Act; and
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to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act
have not been met; or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
K. Collaku MAAT Castle View Accounting Ltd Ground Floor Offices 53 High Street Arundel West Sussex BN18 9AJ
Date: 22nd January 2025
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SUKYO MAHIKARI
TRUSTEES' REPORT
FOR THE YEAR ENDED 31ST MARCH 2024
The Trustees of Sukyo Mahikari have pleasure in submitting their Annual Report and Accounts for the year 1st April 2023 to 31st March 2024.
Objectives of Sukyo Mahikari
Sukyo Mahikari is a charity that exists for the advancement of world peace and the happiness of mankind, for the worship of God, Creator of the universe, and to guide humanity in the establishment of a universal civilisation based on a synthesis of religion and science.
Attendance & Membership
The activities of the charity have been undertaken to meet the objectives of the charity and for the benefit of its members and the wider community. During the year our London Centre held regular Introductory Talks for invited guests and organised 3 Primary Courses resulting in 28 new members. Many members also visited Luxembourg and Japan to attend ceremonies and Secondary & Advanced courses and enhance their spiritual practices. Staff members regularly visited numerous members’ homes and practice places to support their practice of the Art of True Light and Divine Principles. Youth members participated in regular activities to promote teamwork, unity, and the spirit of service. In October, a Secondary course study class held over two days at Regent's University, London was highly regarded and supported by members.
Association Internationale Sukyo Mahikari
Our organisation is a member of the Association Sukyo Mahikari Europe-Afrique A.S.B.L, and the trustees attended several online meetings and physical meetings of the association throughout the year. Members from the UK also participated in the Summer Garden Fete, Youth Camp and special interest group seminars held both online and in person for youth and scholars.
The Trustees maintained their Membership Fees and financial donations to the Association Sukyo Mahikari Europe-Afrique A.S.B.L to support their activities in the region, which is complementary to our objectives.
Trustees' Responsibilities
The trustees are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice GAAP).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure of the charity for that period. In preparing those financial statements, the trustees are required to:
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Select suitable accounting policies and then apply them consistently;
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Observe the methods and principles in the Charity SORP;
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Make judgements and estimates that are reasonable and prudent;
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue to operate.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
20th January 2025
Printed Name:
Stephen Choo
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SUKYO MAHIKARI
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2024
| Notes Donations & Legacies 3a Activities for Generating Funds 3b Investment Income 3c TOTAL INCOME EXPENDITURE ON: Charitable Activities 4a Governance Costs 4b TOTAL EXPENDITURE NET INCOME/(EXPENDITURE) Total Funds Brought Forward TOTAL FUNDS CARRIED FORWARD INCOME AND ENDOWMENTS FROM: |
Unrestricted Designated Restricted TOTAL TOTAL Fund Fund Fund 2023/24 2022/23 £ £ £ £ £ 178,577 - - 178,577 162,749 6,990 - - 6,990 6,908 2,737 - - 2,737 357 188,304 - - 188,304 170,014 193,654 - - 193,654 177,880 1,080 - - 1,080 950 194,734 - - 194,734 178,830 (6,430) - - (6,430) (8,816) 365,632 - 35,000 400,632 409,448 359,202 - 35,000 394,202 400,632 |
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Movements on all reserves and all recognised gains and losses are shown above. All of the organisation's operations are classed as continuing.
The notes on pages 8 to 14 form part of these financial statements.
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SUKYO MAHIKARI
BALANCE SHEET AS AT 31ST MARCH 2024
| Notes Fixed Assets Tangible Assets 2 Current Assets Stock 17 Cash at Bank and in Hand 7 Debtors & Prepayments 8 Total Current Assets 9 NET CURRENT ASSETS/(LIABILITIES) TOTAL ASSETSless current liabilities Creditors:Long Term Liabilities 10 NET ASSETS/(LIABILITIES) Funds of the Charity General Funds Designated Funds 5 Restricted Funds 6 Total Funds Creditors: Amounts falling due within one year |
Unrestricted Designated Restricted Total Total Fund Fund Fund 31-Mar-24 31-Mar-23 £ £ £ £ £ 71,142 - - 71,142 82,151 1,547 - - 1,547 2,180 297,403 - 35,000 332,403 309,732 35,146 - - 35,146 51,746 334,096 - 35,000 369,096 363,658 46,036 - - 46,036 45,241 288,060 - 35,000 323,060 318,417 359,202 - 35,000 394,202 400,568 - - - - - 359,202 - 35,000 394,202 400,568 359,202 - - 359,202 365,632 - - - - - - - 35,000 35,000 35,000 359,202 - 35,000 394,202 400,632 |
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20th January 2025
Printed Name: Stephen Choo Simon Bailey
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SUKYO MAHIKARI
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024
1. ACCOUNTING POLICIES
Basis of Preparation & Assessment of Going Concern
Basis of Preparation
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP 2015) (Second Edition, effective 1st January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Charities Act 2011.
The Charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost unless otherwise stated in the relevant accounting policy notes.
Assessment of Going Concern
Preparation of the accounts is on a going concern basis. The trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.
Incoming Resources
Recognition of Incoming Resources
These are included in the Statement of Financial Activities (SOFA) when:
▪ the charity becomes entitled to the resources;
▪ the trustees are virtually certain they will receive the resources; and
▪ the monetary value can be measured with sufficient reliability
Incoming Resources with Related Expenditure
Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resource and related expenditure are reported gross in the SOFA.
Grants and Donations
Grants and Donations are only included in the SOFA when the charity has unconditional entitlement to the resources.
Donations and Membership Fees
Donations and membership fees are made to the Regional Centre in Luxembourg and the International HQ in Takayama, Japan. These Centres provide support for the activities in England and Wales through teachers and training material, and members in England and Wales pay regular visits to these other Centres.
Tax Reclaims on Donations and Gifts
Incoming resources from tax reclaims are included in the SOFA at the same time as the gift to which they relate.
Contractual Income and Performance Related Grants
This is only included in the SOFA once the related goods or services has been delivered.
Gifts in Kind
Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as incoming resources when receivable.
Donated Services and Facilities
These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received.
Volunteer Help
The value of any voluntary help received is not included in the accounts.
Investment Income
This is included in the accounts when receivable.
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SUKYO MAHIKARI
NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31ST MARCH 2024
1. ACCOUNTING POLICIES (continued)
Expenditure and Liabilities
Liability Recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.
Governance Costs
Include costs of the preparation and examination of statutory accounts, the costs of the trustees meetings and cost of any legal advice to trustees on governance or constitutional matters.
Grants with Performance Conditions
Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant has provided the specified service or output.
Grants Payable without Performance Conditions
These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to a grant which remain in control of the charity.
Support Costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of the resources, eg allocating property costs by floor areas, or per capital employed, staff costs by the time spent and other costs by their usage.
Unrestricted Funds
Unrestricted funds can be used for the general objectives of the charity. The movements of the unrestricted funds are given in the Statement of Financial Activities.
Restricted Funds
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of a special appeal and fall into one of two sub-classes: restricted income funds or endowment funds.
Designated Funds
Designated Funds are funds set aside by the trustees from the unrestricted general funds which have been ring fenced for particular purposes or projects.
Stock
Stock consists of item purchased in order to generate profits to further the Charity's objects. Stock represents the unsold reading materials purchased from Japan and are valued at the lower of costs or net realisable value.
Fixed Assets
Fixed Assets are capitalised if they can be used for more than one year and cost at least £1,000. They are valued at cost or, if gifted, at the value to the charity on receipt.
Depreciation Expense
Depreciation is calculated at a rate to write off the cost of tangible fixed assets over their estimated useful lives. The rates applied per annum are as follows:
Land & Buildings Property Refurbishment Furniture & Equipment
2% - Straight Line Basis
10% - Straight Line Basis 25% - Straight Line Basis
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SUKYO MAHIKARI
NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31ST MARCH 2024
2. TANGIBLE FIXED ASSETS
| Cost 01-Apr-23 Additions Cost at 31-Mar-24 Depreciation 01-Apr-23 Charge Depreciation at 31-Mar-24 Net Book Value 31-Mar-24 Net Book Value 31-Mar-23 |
Land Furniture & TOTAL & Buildings Equipment 2023/24 £ £ £ 206,862 62,105 248,885 - - - 206,862 62,105 248,885 135,710 51,106 155,179 5,884 5,125 11,009 141,594 56,231 166,188 65,268 5,874 71,142 71,152 10,999 82,151 |
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The annual commitments under non-cancelling operating leases and capital commitments are as follows: 31st March 2024 : None
31st March 2023 : None
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SUKYO MAHIKARI
NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31ST MARCH 2024
3. INCOME AND ENDOWMENTS
| Notes a) Donations & Legacies Gifts & Donations b) Activities for Generating Funds Publication Sales c) Investment Income Bank Interest 4. EXPENDITURE ON: Notes a) Charitable Activities Depreciation Expenses Gifts & Donations Insurance Costs Printing, Postage & Stationery Rent & Rates Repairs & Maintenance Staff Costs 12 Sundry Expenses Telephone Costs Travel & Subsistence Utility Costs b) Governance Costs Independent Examiner's Fee 9 |
Unrestricted Designated Restricted TOTAL TOTAL Fund Fund Fund 2023/24 2022/23 £ £ £ £ £ 178,577 - - 178,577 162,749 178,577 - - 178,577 162,749 6,990 - - 6,990 6,908 6,990 - - 6,990 6,908 2,737 - - 2,737 357 2,737 - - 2,737 357 Unrestricted Designated Restricted TOTAL TOTAL Fund Fund Fund 2023/24 2022/23 £ £ £ £ £ 11,009 - - 11,009 11,527 30,595 - - 30,595 27,840 2,521 - - 2,521 2,358 5,649 - - 5,649 5,176 5,469 - - 5,469 2,765 1,060 - - 1,060 464 118,843 - - 118,843 107,093 2,929 - - 2,929 2,398 2,105 - - 2,105 2,086 11,203 - - 11,203 13,562 2,271 - - 2,271 2,611 193,654 - - 193,654 177,880 1,080 - - 1,080 950 1,080 - - 1,080 950 |
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SUKYO MAHIKARI
NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31ST MARCH 2024
5. DESIGNATED FUNDS
The Charity held no Designated Funds during this or the previous financial year.
6. RESTRICTED FUNDS
| Endowment Fund Endowment Fund |
Balance Balance 01-Apr-23 Income Expenditure Transfers 31-Mar-24 £ £ £ £ £ 35,000 - - - 35,000 35,000 - - - 35,000 Balance Balance 01-Apr-22 Income Expenditure Transfers 31-Mar-23 £ £ £ £ £ 35,000 - - - 35,000 35,000 - - - 35,000 |
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Restricted Funds represents an initial endowment from our European HQ to establish Sukyo Mahikari.
The Restricted Funds held are wholly represented by the Charity's cash reserves.
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SUKYO MAHIKARI
NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31ST MARCH 2024
7. CASH AT BANK AND IN HAND
| Cash at Bank and in Hand | Unrestricted Designated Restricted Total Total Fund Fund Fund 31-Mar-24 31-Mar-23 £ £ £ £ £ 297,403 - 35,000 332,403 309,732 297,403 - 35,000 332,403 309,732 |
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8. DEBTORS AND PREPAYMENTS
| Gift Aid Tax Recoverable Sundry Debtors |
Unrestricted Designated Restricted Total Total Fund Fund Fund 31-Mar-24 31-Mar-23 £ £ £ £ £ 33,000 - - 33,000 49,600 2,146 - - 2,146 2,146 35,146 - - 35,146 51,746 |
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9. CREDITORS ACCRUALS AND DEFERRED INCOME: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Independent Examiner's Fee Sundry Creditors |
Unrestricted Designated Restricted Total Total Fund Fund Fund 31-Mar-24 31-Mar-23 £ £ £ £ £ 1,080 - - 1,080 950 44,956 - - 44,956 44,291 46,036 - - 46,036 45,241 |
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10. CREDITORS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR
The Charity held no long term liabilities during this or the previous financial year.
11. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Tangible Fixed Assets Net Current Assets Long Term Liabilities TOTAL FUNDS |
Unrestricted Designated Restricted Total Total Fund Fund Fund 31-Mar-24 31-Mar-23 £ £ £ £ £ 71,142 - - 71,142 82,151 288,060 - 35,000 323,060 318,481 - - - - - 359,202 - 35,000 394,202 400,632 |
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SUKYO MAHIKARI
NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31ST MARCH 2024
12. STAFF COSTS AND NUMBERS
| TOTAL 2023/24 £ Gross Wages and Salaries 103,150 Employer's National Insurance Costs 8,020 Pension Contributions 7,673 118,843 Employees who were engaged in each of the following activities: TOTAL 2023/24 Activities in furtherance of organisation's objects 3 |
TOTAL 2022/23 £ 95,161 4,102 7,830 107,093 TOTAL 2022/23 3 |
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The Charity operates a PAYE scheme to pay all members of employed staff and no employees received emoluments in excess of £60,000. (2022/23:None)
13. PAYMENTS TO TRUSTEES AND RELATED PARTY TRANSACTIONS
The only payments made to the Trustees consisted of reimbursements of expenses incurred in furthering the Charity's objects and no direct benefits were received by the Trustees during the financial year (2022/23:None).
No other payments were made to trustees or any persons connected with them during this financial period. No material transaction took place between the organisation and a trustee or any person connected with them (2022/23:None).
14. RISK ASSESSMENT
The Trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The Trustees have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks.
15. RESERVES POLICY
The Trustees have considered the level of reserves they wish to retain, appropriate to the charity's needs. This is based on the charity's size and the level of financial commitments held. The Trustees aim to ensure the charity will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The Trustees will endeavour not to set aside funds unnecessarily.
16. PUBLIC BENEFIT
The Charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the charity has achieved this are provided in the trustees report. The Trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake.
17. STOCK
Stock consists of items acquired by the Charity to generate income in furtherance of the Charity's objects. Stock is valued at the lower of cost or net realisable value.
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