Spiritual Organisation for Merging into the Absolute (registered as a Scottish Charitable Incorporated Organisation)
SCOTTISH CHARITY NUMBER: SC046878 COMPANY NUMBER: CS002597
REPORT OF THE BOARD OF TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
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SPIRITUAL ORGANISATION FOR MERGING INTO THE ABSOLUTE SCIO
CONTENTS
| Page | |
|---|---|
| Charity Information | 1 |
| Report of the Board of Trustees | 2 – 3 |
| Independent Examiner’s Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes on the Financial Statements | 7 - 9 |
SPIRITUAL ORGANISATION FOR MERGING INTO THE ABSOLUTE SCIO
CHARITY INFORMATION
LEGAL NAME: Spiritual Organisation for Merging into the Absolute SCIO
SCOTTISH CHARITY NUMBER: SC046878
PRINCIPAL ADDRESS: 14 Poplar Lane Edinburgh EH6 7HD BOARD OF TRUSTEES:
BANKERS: Santander Bank 31 Hanover Street Edinburgh EH2 2EB INDEPENDENT EXAMINER: MHA 6 St Colme Street Edinburgh EH3 6AD
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SPIRITUAL ORGANISATION FOR MERGING INTO THE ABSOLUTE SCIO
REPORT OF THE BOARD OF TRUSTEES
for the year ended 30 September 2024
The Board of Trustees present their report and the financial statements for the year ended 30 September 2024.
Objectives and activities
The organisation’s purposes as defined in its SCIO constitution are:
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a) To advance public education in the classical teachings of Yoga based on the highest standards of personal conduct and services to others
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b) To promote and advance for the public benefit the study and practice of and research into the therapeutic effects of Yoga as a means of preserving, protecting and improving the mental, physical and spiritual health of the community
Achievements and performance
We aim to achieve our goals mainly by offering Yoga teachings and other related disciplines through courses, workshops, conferences and lectures open to our students and to the general public.
To meet the charity's purpose for the public benefit, we have been offering free Yoga classes for students, unemployed and low income earners and Yoga for elderly. We have also organised social events offering people an environment to meet, socialize, share their experience and help create a community of likeminded people. We hope to continue such activities as the charity continues to grow.
Financial review
The net income for the year was £1,961 (2023: net income of £3,369). This charity has carried forward funds of £7,329 at the year end (2023: £5,368).
Reserves policy
It is the policy of the trustees to maintain unrestricted reserves at a target level of 3 months’ average expenditure, to meet working capital requirements and to cover any unexpected expenditure or fall in income. Free reserves at the year-end were £7,329 which is above the target level.
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SPIRITUAL ORGANISATION FOR MERGING INTO THE ABSOLUTE SCIO
REPORT OF THE BOARD OF TRUSTEES for the year ended 30 September 2024
Structure, governance and management
Spiritual Organisation for Merging into the Absolute is a Scottish Charitable Incorporated Organisation formed on 30 September 2016.
Organisation and Trustee Appointment
Trustees are appointed and removed by the Board of Trustees in accordance with the rules of the SCIO. The Trustees meet regularly to discuss the activities and advancement of the charity.
Trustees’ Responsibilities Statement
The Trustees are responsible for preparing the Report of the Board of Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to Charities in Scotland 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 of the charity for that year. In preparing these 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 2019 (FRS 102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the charity’s constitution. 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.
This report was approved by the Trustees on 2 May 2025 and signed on its behalf by
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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF SPIRITUAL ORGANISATION FOR MERGING INTO THE ABSOLUTE
I report on the financial statements of the charity for the year ended 30 September 2024 which are set out on pages 5 to 9.
Respective responsibilities of the Trustees and Examiner
The charity’s Trustees are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustees Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity’s Trustees consider that the audit requirement of Regulation 10(1) (a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the financial statements as required under section 44(1) (c) of the Act and to state whether particular matters have come to my attention.
Basis of Independent Examiner’s statement
My examination is carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006 (as amended). An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeks 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 I do not express an audit opinion on the view given by the financial statements.
Independent Examiner’s statement
In the course of 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 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and
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to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations;
have not been met; or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
2 May 2025
MHA Chartered Accountants 6 St Colme Street Edinburgh EH3 6AD
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SPIRITUAL ORGANISATION FOR MERGING INTO THE ABSOLUTE SCIO
STATEMENT OF FINANCIAL ACTIVITIES for the year ended 30 September 2024
| Notes Income from: Donations and legacies Charitable activities 2 Total income Expenditure on: Charitable activities 3 Total expenditure Net income and net movement in funds Total funds brought forward 6 Total funds carried forward 6 |
Unrestricted 2024 £ - 7,323 7,323 5,362 5,362 1,961 5,368 7,329 |
Unrestricted 2023 £ 3,000 7,320 |
|---|---|---|
| 10,320 | ||
| 6,951 | ||
| 6,951 | ||
| 3,369 1,999 |
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| 5,368 |
The statement of financial activities includes all gains and losses in the year. All income and expenditure derives from continuing activities.
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SPIRITUAL ORGANISATION FOR MERGING INTO THE ABSOLUTE SCIO
BALANCE SHEET as at 30 September 2024
| Notes Current assets Debtors Cash at bank and in hand Liabilities Creditors: amounts falling due within one year 5 Net current assets Net assets Funds Unrestricted funds 6 |
2024 £ - 8,312 8,312 (983) 7,329 7,329 7,329 |
2023 £ 330 8,975 |
|---|---|---|
| 9,305 (3,937) |
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| 5,368 | ||
| 5,368 | ||
| 5,368 |
The financial statements were approved and authorised for issue by the Board of Trustees on 2 May 2025 and were signed on their behalf by:
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SPIRITUAL ORGANISATION FOR MERGING INTO THE ABSOLUTE SCIO
NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2024
1 Accounting policies
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied unless otherwise stated.
Basis of preparation and going concern
The financial statements have been prepared on a going concern basis under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to the financial statements. The financial statements are presented in Sterling which is the functional currency of the charity and rounded to the nearest £.
The financial statements have been prepared in accordance with the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended), Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and UK Generally Accepted Accounting Practice.
Spiritual Organisation for Merging into the Absolute meets the definition of a public benefit entity under FRS 102.
The Trustees have confirmed they consider it appropriate to prepare the financial statements on a going concern basis which assumes that the charity will continue its operations for a period of at least twelve months from the date of approval of the financial statements.
Income
All income is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Expenditure
Expenditure is recognised as soon as there is a legal or constructive obligation to make payments to third parties, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services. It includes both costs which can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Governance costs comprise those costs involving the public accountability of the charity and therefore include the cost of Independent Examination.
Debtors
Debtors are measured at their recoverable amount and included when reasonable certainty exists over their receipt.
Cash at bank
Cash at bank includes cash and highly liquid short term investments with a maturity of three months or less from the date of acquisition of the deposit or similar account.
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SPIRITUAL ORGANISATION FOR MERGING INTO THE ABSOLUTE SCIO
NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2024
1. Accounting policies (continued)
Creditors
Creditors are recognised when the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured reliably.
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised as transaction value and subsequently measured at their settlement value.
Funds
All funds held are considered by the Trustees to be unrestricted and are therefore available to them to use in whatever way they deem reasonable to carry out the aims of the charity.
2. Income from charitable activities
| Unrestricted | Unrestricted | |
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Membership and class fees | 7,323 | 7,320 |
3. Expenditure on charitable activities
| Room hire Equipment costs Website and IT costs Advertising Printing, postage and publications Travel Membership fees Telephone Yoga Retreats Sundry Governance costs |
Unrestricted 2024 £ (1,900) - 1,190 510 350 195 1,020 323 2,138 540 996 5,362 |
Unrestricted 2023 £ 3,000 588 421 195 37 763 515 - - 495 937 |
|---|---|---|
| 6,951 |
| Governance costs comprise: | ||
|---|---|---|
| Independent Examiner’s fee | 996 | 937 |
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SPIRITUAL ORGANISATION FOR MERGING INTO THE ABSOLUTE SCIO
NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2024
4. Trustee’s remuneration
No trustee received any remuneration or was reimbursed expenses during the current or prior year.
5. Creditors: Amounts falling due within one year
| Independent Examiner’s fee Room hire 6. Analysis of movement in funds Unrestricted 2024 Unrestricted 2023 |
At 1 Oct £ 5,368 1,076 |
Income £ 7,323 9,432 |
Unrestricted 2024 £ 983 - 983 Expenditure £ (5,362) (8,509) |
Unrestricted 2023 £ 937 3,000 3,937 At 30 Sep £ 7,329 |
|---|---|---|---|---|
| 5,368 |
7. Related parties
There were no related party transactions in the year (2023: none).
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