REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
ISKCON (SCOTLAND) LIMITED |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
ISKCON (SCOTLAND) LIMITED |
ISKCON (SCOTLAND) LIMITED |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Page |
Report of the Trustees | 1 | to | 7 |
Independent Examiner's Report | 8 |
Statement of Financial Activities | 9 |
Balance Sheet | 10 | to | 11 |
Notes to the Financial Statements | 12 | to | 17 |
ISKCON (SCOTLAND) LIMITED (REGISTERED NUMBER: SC114680) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 JANUARY 2024 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 January 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). |
OBJECTIVES AND ACTIVITIES |
Objectives and activities |
The company's objectives and principle activates are: |
To advance, transmit, spread and propagate; |
- The religion of Krishna Consciousness as revealed in the teaching of the Bhagavad Gita and Srimad Bhagavatam and doctrines and observances that serve to promote and manifest the said religion. |
- The education in Indian and Vedic history, culture and language and social customs. |
- The relief of poverty, distress and sickness by provision of accommodation for young persons in necessitous circumstances between the ages of 18 and 25 years upon terms appropriate to their means. |
- The distribution, selling and preparation of prasad or prasadam (vegetarian food sanctified by and blessed with the mercy of Lord Krishna). |
The main objectives and activities for the year are the same as previous years; propagation of Krishna consciousness through book sales, public training courses and other outreach activities. |
ISKCON (SCOTLAND) LIMITED (REGISTERED NUMBER: SC114680) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 JANUARY 2024 |
ACHIEVEMENT AND PERFORMANCE |
This year saw us gradually reintroducing book distribution to once again become our main source of income. We continue to reduce our book stock by book sales to the public & by transferring some of the stock and debt to other centres. Hopefully by the beginning of 2025 all old stock will be cleared. |
This year we purchased one more new property to add to the charity's property portfolio which continues to provide a sustained income. These properties are rented out to members of our community and general members of the public as well as Ukrainian refugees. |
(We have sponsored and sheltered over 20 refugees). |
Food for Scotland (F4S) - continues steadily with local doorstep delivery throughout south Lanarkshire and at weekly and monthly events through Scotland. We deliver to locals who are struggling to feed themselves and their families. We offer free cooked meals delivered to their door, which we cook on the morning of delivery at our temple in Lesmahagow. Local volunteers deliver throughout north & south Lanarkshire. We have received positive feedback from the recipients and members of the public, some who have donated to the cause and others who have come forward to offer their services as delivery drivers. We are fortunate and very grateful to have received grants from various sponsors which has greatly facilitated the maintenance and expansion of this much appreciated effort to provide food security. Sponsors who helped include the Robertson Trust, Tunnocks, Arnold Clark, Tesco, Co-op, LDT (Lesmahagow Development Trust), Aldi and Virgin media. |
This year saw the return of the annual Festival of Colours (Holi) event at our centre at Lesmahagow. There were around 400 people in attendance at the open day festival. The festival promotes a peaceful, healthy lifestyle via music, dance, art, drama, puppetry and many other cultural presentations. |
Visitors on the day included locals, students from Glasgow, Edinburgh, Dundee and Aberdeen and members of other Scottish communities. It was a great success with something of interest for all ages. We were very happy to have received funding to support the event from SLC (South Lanarkshire Council) and Events Scotland, without which the festival would not have been possible. |
- Weekly Yoga classes continue, hosted free of charge in Gouranga Hall. This is advertised to the wider community and has the special feature of being suitable for children and the less abled. We include a full meal with this event. Local Giving and Communities Recovery Fund helped provide financial support. |
- In December we hosted a Gita Jayante celebration. This was a very nice collaboration with Edinburgh Hindu Mandir & cultural centre. Attendance over the 8-hour festival surpassed 300 and free meals were provided to one and all. |
The December book distribution marathon was a great success, seeing a good amount of literatures distributed and providing an increase in funds. |
We continue with Community Building improvements, where necessary, in order to increase property value via modernisation and energy efficiency. This year we focused on improving guest and volunteer facilities. This has been met with appreciation and we expect the upgraded facilities will attract more volunteers and retreats. |
We continued our membership with SAL (Scottish Association of Landlords). We became members in order to keep up to date with the latest legal requirements and better manage the charity's assets. Improvements were made to some of the rented houses in order to enable us to update the condition of buildings for the purpose of longevity and make rent reviews. We continue to endeavor to ensure all properties are within legal standards. |
We held our AGM, regular Temple Council meetings, attended UK Management Council meetings monthly and the annual European Leaders Meeting. These help improve, enhance and refine policies within the charity's guidelines. Both the national & international meetings provide a forum for sharing best practices. |
Our resident CPO (Child Protection Officer) continues to receive relevant training. We also have a CPP (Child Protection Policy) in place, which all overnight & regular visitors are required to sign and abide by. |
Due to steady volunteer presence the organic farm production was good. This contributed to providing F4S (Food for Scotland) as well as reduce our food bill. |
ISKCON (SCOTLAND) LIMITED (REGISTERED NUMBER: SC114680) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 JANUARY 2024 |
"Weekend Warriors" program continues to engage the wider congregation in street sankirtan. This particular program is organised as follows; we set up a gazebo in a city centre and distribute books from a table whilst a chanting party sings accompanied by musical instruments. Prasadam is offered free of charge to the general public. Invitations to the Krishna Eco Farm in Lesmahagow and other local meetings/events are distributed We began to receive some visitors to the farm and local events as a result of this. |
The annual New Year community education retreat was well attended by families and individuals of all ages. The retreat at our eco farm ran for 4 days and brought in the new year for all participants in a way which they experienced their life becoming enriched by the experience. The retreat featured yoga sessions, mantra meditation, Vedic wisdom, healthy diet and eco farm experiences as well as children's talent shows and fun competitions. |
"Kirtan Yoga" saw renewed success this year, combining yoga with Mantra meditation and Vedic teachings as well as providing a prasadam meal to all attending . This has provided another opportunity to sell books and teach the value of Mantra meditation through the medium of an eclectic blend of Eastern and Western music and instruments. We continue to offer regular monthly and bi-monthly events in Glasgow University, Edinburgh Salisbury Centre, Dundee University and many other places. |
We received an invitation to preside over an award ceremony for participants who completed the Bhagavad Gita course in Dundee university. Following that event, an opportunity arose to become more involved in offering care to the Hindu students there. As such our temple president was granted a post as honorary chaplain. |
Since then we have been regularly visiting on the last Friday of every month offering counselling and spiritual advice as well as conducting regular religious and spiritual services. Attended by 30-60 people at each event, we are finding the community spirit is being much valued and feedback suggests positive outcomes. We have provided volunteer opportunities for some of the students and help with transitioning from student to professional life. |
Aberdeen - we continue to hold monthly classes and host the annual 12 hour Kirtan marathon. |
This has been steady for 10 years now. |
We continue to contribute our experience to the national book committee who are a body which meet regularly to discuss how to improve distribution techniques, share best practices and increase the distribution of our books. |
We continue to hold regular weekly open opportunities for members of the public, volunteers & residents at our centre in Lesmahagow. Including; |
- Sunday (morning): yoga sessions & musical instruments lessons. |
- Sunday (afternoon): philosophy classes and Mantra meditation |
- Friday evening, "sounds for the soul", incorporating meditation & Vegan food |
This facilitates the cultivation of interest from short-term farm volunteers and members of the public who come in contact with us through various outreach activities. |
Iskcon Scotland has linked with other centres in the north of England to form a bond in order to share expertise thus enabling us to cut costs and improve our services. We hold regular quarterly meetings and host an annual retreat. |
We had a group of 35 from Leicester for a long weekend retreat. On account of this a 2nd group of approximately the same number came for a similar purpose later in the year. |
We hosted a group of 12 volunteers who attended a corporate volunteer day. Most were new to gardening and felt the experience to be very rewarding and therapeutic. |
The Scottish Hindu Foundation was formed last year to bring various Hindu faith based groups together and share our best practices and challenges. We are actively involved in looking at how to best strengthen our communities through collaborative efforts and sharing experience. We met with the 1st minister and had a very positive exchange. |
We held 2 major Ratha Yatra festivals in Scotland- Edinburgh (Princes st. gardens/ Ross bandstand) and Glasgow ( Kelvingrove park ). At each festival more than 1,000 plates of prasad were distributed to the general public. Books were distributed and cultural shows entertained the crowds. |
We assisted Edinburgh Hindu Mandir with the same festival and provided assistance for similar in Cardiff and Manchester this year also. |
ISKCON (SCOTLAND) LIMITED (REGISTERED NUMBER: SC114680) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Students from Glasgow University - KCSOC (Bhakti Yoga society) attended the 7th annual student retreat at Karuna Bhavan. This proved to be a great success with almost 100 attendees. The students were given an immersive experience in organic farming, healthy cooking, meditation & philosophy. We offered ongoing help to deal with the stress of being away from home or native country, especially at study and exam times when related stress is highest. |
Iskcon Prison Ministry. Sponsored books were placed in the prison libraries. |
We continue (13th year) to act as hosts for WWOOF & Helpex. We annually average around 100 visitors, mostly international, although during the pandemic it stopped altogether for sometime. It has restarted now. The ages vary from 18 to 65+. These volunteers get first-hand experience in our philosophy of 'simple living - high thinking'. Many of them have gone on to further education and employment as a direct result of their stay here. Although their prime purpose for volunteering and visiting is to learn about permaculture, many take advantage of the optional spiritual practices of yoga, meditation etc. |
We are finding some of the volunteers returning for additional training and experience. |
From "Seeds of Change" government funded initiative we previously engaged 4 youths for 6 months each via the government Kickstart initiative. Out of these 4, one person has remained as a full time long term volunteer. |
Our investment in renewable energy sources continues to attract visitors. The economical and environmental advantages have proven to inspire others through open days which were organised in association with EST (Energy Savings Trust) and "Cares". |
2 years ago 4 members of the community completed the Carbon Literacy course which helped us better understand the world situation and how we can better contribute to the remedy. We took the opportunity to teach this subject from Gouranga Hall at the eco farm on several occasions. |
This year we were invited by CARES to the All Energy Conference at the SEC. We gave a 20 min presentation discussing subjects such as renewables, reducing carbon footprint and grant application. We concluded with inviting all to visit our eco farm in south Lanarkshire. Follow up ensued with visitors at later dates. Later in the year CARES also organised a visit to shoot a video to promote green community projects. The video shows the wide variety of technology incorporated at the farm and we shared our experience with CARES as being our main renewable grant source. |
MSP Gillian Martin minister for the environment and energy spent a morning touring the Krishna eco farm. She very much appreciated our natural approach to farming and being a keen gardener herself was happy to receive some freshly harvested produce samples. |
We were fortunate to have a visit from Bhakti Raghava Swami who is a dedicated monk of 50 years. Originally from the UK , he has invested much of his time in establishing organic self sustaining farms in India and written books on the subject. We organised a lecture tour where he presented simple and effective strategies to help implement sustainable living in our present circumstances. |
Upon the request of one of our regular visitors, we were invited to hold a meditation workshop and we provided a full meal for a rehabilitation centre in Kendal. The residents were very interested to hear how mantra meditation helps to steady the mind and overcome the stress and anxiety experienced by everyone in all walks of life. Books were distributed and everyone experienced a sense of peace and positivity. |
Due to new LEZ laws in Scotland, it was necessary to renew our fleet vehicles in order to comply with the latest regulations and access city centres to continue our regular welfare activities. The Robertson Trust very kindly helped with a grant toward one van which is utilised in the F4S ( Food For Scotland ) project. |
Om Sweet Om, our Glasgow city centre studio hosted weekly wellness events such as yoga , breath work, mantra meditation and free plant based meals. |
We enrolled in a 12 week online devotee care course. The idea behind this is to identify all the various groups who need care and the types of care they need as well as to ascertain which needs we can meet and how we can grow toward better fulfilment of the community. |
Three members of our community enrolled in the 2 day mental health 1st aid initiative which was organised and sponsored by local authorities. This was an eye opener and will be helpful in identifying our relationship and responsibilities regarding visitors, guest and residents. |
ISKCON (SCOTLAND) LIMITED (REGISTERED NUMBER: SC114680) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 JANUARY 2024 |
EICSP - Edinburgh International Centre for Spirituality and Peace invited us to participate in an online event attended by leaders and members of many faith based communities. We discussed post pandemic challenges and shared our experiences. We concluded with action points to help resolve these issues. |
This year saw us engage with familiar partners and create now friendships with other communities. |
We remain focused on our primary objectives to distribute food to needy people according to our capacity, promote well being through yoga, meditation and healthy lifestyle and to disseminate books on the eastern wisdom for the enlightenment of people in general. |
FINANCIAL REVIEW |
Results for year |
Financial stability remains a priority to enable the organisation to function. Total income amounted to £237,238 which is £97,414 lower than the £334,652 achieved in the previous financial year, mainly due to different types of grant income being received while there were no renewable energy sales in either year. Total expenditure was £412,857 an increase of £77,338 on the previous year total of £335,519. As a result, there was net expenditure in the year of £175,619 (2023 - £867). |
The total funds carried forward at 31 January 2024 amounted to £1,642,886 compared with the £1,818,505 at 31 January 2023. |
Principal funding sources |
Our principle source of funding is book sales. In addition to this we have a regular income from rent, and receive regular donations from our congregation, many of whom have set up standing orders to donate on a monthly basis. Wherever possible we encourage donors to Gift Aid their donations to enable us to reclaim the tax credit. |
Investment policy and objectives |
Our investments are mainly fixed assets. We own several buildings in the area which are non-essential to our core needs. These are rented out to both congregational members and non-devotees, thus providing a source of income which has the potential to be turned into capital should the need arise. Our other major investments are our stock of printed literature, and other assets which would enable the charity to generate future funds. |
Reserves policy |
Our goal and desired level of funds in reserve at any time is currently set at a minimum of £50,000 of unrestricted funds in current assets (cash in bank or on hand). We have not had difficulties meeting this target and hope the future is as easy to manage. Should our income level drop due to unforeseen circumstances we would cut back our assistance to other centres and focus on our local work. Our general needs for Scotland are low maintenance and therefore sustainable. Our large stock of literature would enable us to continue for some considerable time without further book printing costs arising. |
FUTURE PLANS |
The charity plans to continue with the activates outlined above in the forthcoming years, with book distribution and sales continuing to be the main source of activity. We aim to continue with our festival programme and maintain our target of one festival per month. We plan to further reduce our expenses via our continued agricultural development program and by generating renewable energy from various sources. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The organisation is a charitable company limited by guarantee, incorporated on 23 November 1988 and registered as a charity on 31 August 1989. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. Under those Articles, the directors of the company are also charity trustees for the purpose of charity law and under the company's Articles are known as members of the Management Committee. Under the requirement of the memorandum and Articles of Association the members of the Management Committee are elected at the Annual General Meeting to serve a period of one year, after which they must be re-elected at the next AGM. |
ISKCON (SCOTLAND) LIMITED (REGISTERED NUMBER: SC114680) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 JANUARY 2024 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Recruitment and appointment of Management Committee |
Our recruitment policy is that we draw from our existing body of devotees who have vowed to understand the meaning and values of our particular work. These management members are not restricted to those living in Scotland, but generally local personnel are happy to fill management roles and responsibilities. |
Organisational structure |
Iskcon (Scotland) Limited has a Management Committee made up of up to nine members who meet monthly to administer the needs of the charity and review financial matters, e.g. spending, investment, donations etc. At present the committee has four members, elected from our membership at our Annual General Meeting. |
The day-to-day management of our centre is undertaken by the general manager and a team of department heads. These people are trained to steer our membership in achieving the best performances and goals of our charity work. This Board is also responsible for the day-to-day welfare and maintenance of our membership. |
The Temple Council is made up of up to nine members who are elected annually at the AGM. The Temple Council is responsible for the spiritual guidance of both members and non-members of the organisation. |
Induction and training of Management Committee |
As mentioned above, our Management Committee are inducted from our current membership, so therefore they are already familiar with the work and regulations of the charity. Most of our Management Committee have been members of, and working with, the International Society for Krishna Consciousness for upwards of eight years. They are highly experienced in the needs and requirements of our society. We are also governed by a global Governing Body who monitor and insist on the best training and integrity of our members. |
Related parties |
Iskcon (Scotland) Limited has very close relationships with all other parts of Iskcon worldwide, which consists of a network of over four hundred centres. Also Food for Life, Food for All, Back to Godhead Magazine and the Bhaktivedanta Book Trust all work together to propagate the objectives of Krishna Consciousness. Our food distribution, book publication and other charitable aims are shared with these different branches. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Company Secretary |
ISKCON (SCOTLAND) LIMITED (REGISTERED NUMBER: SC114680) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 JANUARY 2024 |
REFERENCE AND ADMINISTRATIVE DETAILS |
Independent Examiner |
Stewart Gilmour & Co. |
3rd Floor |
St George's Buildings |
5 St Vincent Place |
Glasgow |
G1 2DH |
Bankers |
Lesmahagow |
ML11 0EQ |
Approved by order of the board of trustees on |
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
ISKCON (SCOTLAND) LIMITED |
I report on the accounts for the year ended 31 January 2024 set out on pages nine to seventeen. |
Respective responsibilities of trustees and examiner |
The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee 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 accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention. |
Basis of the independent examiner's report |
My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. 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 you as 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 accounts. |
Independent examiner's statement |
In connection with my examination, no matter has come to my attention : |
(1) | which gives me reasonable cause to believe that, in any material respect, the requirements |
- | to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and |
- | to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations |
have not been met; or |
(2) | to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. |
Kenneth C. Livingstone B.A., C.A., A.I.P.F.M. |
The Institute of Chartered Accountants of Scotland |
Stewart Gilmour & Co. |
3rd Floor |
St George's Buildings |
5 St Vincent Place |
Glasgow |
G1 2DH |
28 October 2024 |
ISKCON (SCOTLAND) LIMITED |
STATEMENT OF FINANCIAL ACTIVITIES |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2024 | 2023 |
Unrestricted | Restricted | Total | Total |
fund | funds | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Other trading activities | 2 |
Investment income | 3 |
Other income |
Total |
EXPENDITURE ON |
Raising funds |
Charitable activities |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 1,818,505 |
ISKCON (SCOTLAND) LIMITED (REGISTERED NUMBER: SC114680) |
BALANCE SHEET |
31 JANUARY 2024 |
2024 | 2023 |
Unrestricted | Restricted | Total | Total |
fund | funds | funds | funds |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
CURRENT ASSETS |
Stocks | 9 |
Debtors | 10 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 11 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 13 |
Unrestricted funds | 1,718,505 |
Restricted funds | 100,000 |
TOTAL FUNDS | 1,818,505 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006. |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
ISKCON (SCOTLAND) LIMITED (REGISTERED NUMBER: SC114680) |
BALANCE SHEET - continued |
31 JANUARY 2024 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
ISKCON (SCOTLAND) LIMITED |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
Expenditure |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Buildings | - |
Renewable energy equipment | - |
Fixtures & equipment | - |
Motor vehicles | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
The charity is exempt from Corporation Tax on its charitable activities. |
Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
Grants |
Grants received in respect of expenditure charged to the profit and loss account during the year have been included in profit and loss. |
ISKCON (SCOTLAND) LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2. | OTHER TRADING ACTIVITIES |
2024 | 2023 |
£ | £ |
Shop income |
3. | INVESTMENT INCOME |
2024 | 2023 |
£ | £ |
Rents received |
Deposit account interest |
4. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
Independent Examiners Fees | 1,800 | 1,800 |
5. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 January 2024 nor for the year ended 31 January 2023. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 January 2024 nor for the year ended 31 January 2023. |
6. | STAFF COSTS |
The average monthly number of employees during the year was as follows: |
2024 | 2023 |
Trustees | 6 | 4 |
Administration | 4 | 6 |
ISKCON (SCOTLAND) LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
7. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
fund | funds | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Investment income |
Total |
EXPENDITURE ON |
Raising funds |
Charitable activities |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward | 1,697,399 | 121,973 |
TOTAL FUNDS CARRIED FORWARD | 1,718,505 | 100,000 | 1,818,505 |
8. | TANGIBLE FIXED ASSETS |
Renewable |
energy | Fixtures | Motor |
Buildings | equipment | & equipment | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 February 2023 |
Additions |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
ISKCON (SCOTLAND) LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
9. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Value Added Tax recoverable | 8,063 | 13,787 |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other loans (see note 12) |
Trade creditors |
Accrued expenses |
12. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year on demand: |
Other loans | 330 | 330 |
13. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.2.23 | in funds | 31.1.24 |
£ | £ | £ |
Unrestricted funds |
General Fund | 1,718,505 | (175,619 | ) | 1,542,886 |
Restricted funds |
Capital Expenditure Fund | 100,000 | - | 100,000 |
TOTAL FUNDS | (175,619 | ) | 1,642,886 |
ISKCON (SCOTLAND) LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
13. | MOVEMENT IN FUNDS - continued |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General Fund | 237,238 | (412,857 | ) | (175,619 | ) |
TOTAL FUNDS | ( |
) | (175,619 | ) |
Comparatives for movement in funds |
Net |
movement | At |
At 1.2.22 | in funds | 31.1.23 |
£ | £ | £ |
Unrestricted funds |
General Fund | 1,697,399 | 21,106 | 1,718,505 |
Restricted funds |
Capital Expenditure Fund | 100,000 | - | 100,000 |
Food for Scotland Project | 4,998 | (4,998 | ) | - |
Seed for Change | 400 | (400 | ) | - |
Hate Crime Security Fund | 16,085 | (16,085 | ) | - |
Community Climate Asset Fund | 490 | (490 | ) | - |
121,973 | (21,973 | ) | 100,000 |
TOTAL FUNDS | 1,819,372 | (867 | ) | 1,818,505 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General Fund | 334,652 | (313,546 | ) | 21,106 |
Restricted funds |
Food for Scotland Project | - | (4,998 | ) | (4,998 | ) |
Seed for Change | - | (400 | ) | (400 | ) |
Hate Crime Security Fund | - | (16,085 | ) | (16,085 | ) |
Community Climate Asset Fund | - | (490 | ) | (490 | ) |
- | (21,973 | ) | (21,973 | ) |
TOTAL FUNDS | 334,652 | (335,519 | ) | (867 | ) |
ISKCON (SCOTLAND) LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
13. | MOVEMENT IN FUNDS - continued |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
movement | At |
At 1.2.22 | in funds | 31.1.24 |
£ | £ | £ |
Unrestricted funds |
General Fund | 1,697,399 | (154,513 | ) | 1,542,886 |
Restricted funds |
Capital Expenditure Fund | 100,000 | - | 100,000 |
Food for Scotland Project | 4,998 | (4,998 | ) | - |
Seed for Change | 400 | (400 | ) | - |
Hate Crime Security Fund | 16,085 | (16,085 | ) | - |
Community Climate Asset Fund | 490 | (490 | ) | - |
121,973 | (21,973 | ) | 100,000 |
TOTAL FUNDS | 1,819,372 | (176,486 | ) | 1,642,886 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General Fund | 571,890 | (726,403 | ) | (154,513 | ) |
Restricted funds |
Food for Scotland Project | - | (4,998 | ) | (4,998 | ) |
Seed for Change | - | (400 | ) | (400 | ) |
Hate Crime Security Fund | - | (16,085 | ) | (16,085 | ) |
Community Climate Asset Fund | - | (490 | ) | (490 | ) |
- | (21,973 | ) | (21,973 | ) |
TOTAL FUNDS | 571,890 | (748,376 | ) | (176,486 | ) |
14. | RELATED PARTY DISCLOSURES |