FINANCIAL REPORT - Sahaja World Foundation...seminars on Sahaja Yoga. These seminars have become a...

Enrolled in the regional register of judicial entities in the ‘Regione Piemonte’, Italy (prot. no. 747)

FINANCIAL REPORT for the year ended 31st December 2010

CONTENTS

Balance Sheet .......................................................................................................... 1

Income & Charges Report ....................................................................................... 3

Income & Charges Report by activity ..................................................................... 5

Cash Flow Statement ............................................................................................... 7

Accompanying Notes .............................................................................................. 8

Auditors’ Report ................................................................................................... 16

Appendix I – Expense Details

Appendix II – Income Details

Appendix III – Tax Calculation

A) SUBSCRIBED CAPITAL UNPAID 0 0

B) FIXED ASSETS I. Intangible Assets 1,647 12,644 + intangible assets 2,637 25,687 - accrued depreciation (990) (13,043)

II. Tangible Assets 3,694,221 3,915,360 + tangible assets 3,726,353 3,977,480 - accrued depreciation (32,132) (62,120)

III. Financial Assets 0 0

TOTAL FIXED ASSETS 3,695,868 3,928,004

C) CURRENT ASSETS I. Stock 79,968 105,293

II. Accounts Receivable 189,802 207,481 * within 12 months 181,908 199,007

FINANCIAL STATEMENTS AS AT 31/12/2010

BALANCE SHEETASSETS

2009 2010

* within 12 months 181,908 199,007 * after 12 months 7,894 8,474

III. Investments 0 0

IV. Cash and Cash Equivalents 269,530 219,719

TOTAL CURRENT ASSETS 539,300 532,493

D) PREPAYMENTS AND ACCRUED INCOME 18,523 26,407

TOTAL ASSETS 4,253,691 4,486,904

Financial Statements as at 31/12/2010 1

A) EQUITY 3,902,797 4,104,759 I. Endowment Fund 1,950,000 1,950,000 II. Share Premium Account 0 0 III. Revaluation Reserve 0 0 IV. Legal Reserve 0 0 V. Reserve for own Shares 0 0 VI. Statutory Reserves 0 0 VII. Other Reserves (1) 0 VIII. Profit or Loss Brought Forward 546,556 1,952,798 IX. Profit or Loss for the Fininacial Year 1,406,242 201,961

B) PROVISIONS FOR LIABILITIES AND CHARGES 0 0

C) TERMINATION INDEMNITIES FUND 15,482 22,678

D) ACCOUNTS PAYABLE 235,348 212,195 * within 12 months 235,348 212,195 * after 12 months 0 0

E) ACCRUALS AND DEFERRED INCOME 100,064 147,272

TOTAL EQUITY AND LIABILTIES 4,253,691 4,486,904

2009 2010

EQUITY AND LIABILITIESBALANCE SHEET

TOTAL EQUITY AND LIABILTIES 4,253,691 4,486,904

MEMORANDUM ACCOUNTBank Guarantee 100,000Leasing c/impegni 100,199

I hereby declare that the present balance conforms to legal requirements: On behalf of the Board of DirectorsVice PresidentAldo Antonino Gandolfi


A) INCOME FROM OPERATING ACTIVITY 1) Revenue from Sales and Services 376,708 431,861 2) Stock Variations 0 0 3) Orders Variations 0 0 4) Increase in Asset Value due to Improvements 1,037,069 144,243 5) Other Operating Income 2,175,908 1,148,310

TOTAL INCOME OPERATING ACTIVITY 3,589,685 1,724,414

B) CHARGES FROM OPERATING ACTIVITY 6) Raw Materials & Consumables 101,046 114,211 7) Services 735,522 729,031 8) Use of Third Party Assets 107,880 172,826 9) Staff Costs 166,513 252,405 a) Wages and salaries 120,641 186,162 b) Social Security Costs 37,831 53,609 c) Termination Indemnity Costs 8,041 12,634 e) Other Staff Costs 0 0 10) Depreciation 19,617 71,152 a) Intangible Assets 527 12,052 b) Tangible Assets 19,090 29,988 d) Writedowns 0 29,112 11) Variations in Stock (33,634) (25,325)

INCOME AND CHARGES STATEMENT

2009 2010

11) Variations in Stock (33,634) (25,325) 12) Risk Fund 13) Other Reserves 14) Other Operating Expenses 1,058,647 220,362

TOTAL CHARGES OPERATING ACTIVITY 2,155,591 1,534,662

DIFFERENCE BETWEEN INCOME AND CHARGES FROM OPERATING ACTIVIES (A - B) 1,434,094 189,752

C) FINANCIAL INCOME AND CHARGES 15) Income from Stocks and Shares 16) Other Financial Income 34,863 972 d) Other 34,863 972 17) Interest and Other Financial Charges (40,479) (8,248)

TOTAL (15 + 16 - 17) (5,616) (7,276)


D) ADJUSTMENTS TO VALUE OF FINANCIAL ASSETS 18) Revaluations 0 0 19) Devaluations 0 0

TOTAL VALUE OF ADJUSTMENTS (18 - 19) 0 0

E) EXTRAORDINARY INCOME AND CHARGES 20) Income 17,680 30,029 21) Charges (4,566) (127)

TOTAL EXTRAORDINARY INCOME AND CHARGES (20 - 21) 13,114 29,902

PROFIT OR LOSS BEFORE TAX (A - B + C + D + E) 1,441,592 212,378

22) Income Tax (35,350) (10,417) * current (35,350) (10,417) 26) Profir or Loss for the Period 1,406,242 201,961

INCOME AND CHARGES STATEMENT (cont.)

20102009



A) INCOME FROM OPERATING ACTIVITY 1) Revenue from Sales and Services 0 232,388 199,473 2) Stock Variations 0 0 0 3) Orders Variations 0 0 0 4) Increase in Asset Value due to Improvements 144,243 0 0 5) Other Operating Income 1,089,112 59,198 0

TOTAL INCOME OPERATING ACTIVITY 1,233,355 291,586 199,473

B) CHARGES FROM OPERATING ACTIVITY 6) Raw Materials and Consumables 0 114,211 0 7) Services (see Appendix I) 338,030 334,536 56,465 8) Use of Third Party Assets (see Appendix I) 149,153 4,359 19,314 9) Staff Costs 82,332 65,715 104,358 a) Wages and salaries 61,163 48,162 76,837 b) Social Security Costs 16,966 14,400 22,243 c) Termination Indemnity Costs 4,203 3,153 5,278 e) Other Staff Costs 0 0 0 10) Depreciation 42,040 4,696 24,416

INCOME & CHARGES STATEMENT BY ACTIVITY12/31/2010

Institutional Activity Commercial Activity School Activity

10) Depreciation 42,040 4,696 24,416 a) Intangible Assets 12,052 0 0 b) Tangible Assets 29,988 0 0 d) Writedowns 0 4,696 24,416 11) Stock Variations 0 (25,325) 0 12) Risk Fund 0 0 0 13) Other Reserves 0 0 0 14) Other Operating Expenses (see Appendix I) 118,493 15,691 86,178

TOTAL CHARGES OPERATING ACTIVITY 730,048 513,883 290,731

DIFFERENCE BETWEEN INCOME AND CHARGES FROM OPERATING ACTIVIES (A - B) 503,307 (222,297) (91,258)

C) FINANCIAL INCOME AND CHARGES 16) Other Financial Income 464 22 486 17) Interest and Other Financial Charges (4,755) (2,288) (1,205)

TOTAL (16 - 17) (4,291) (2,266) (719)

Financial Statements at 31/12/2010 5

D) ADJUSTMENTS TO VALUE OF FINANCIAL ASSETS 18) Revaluations 0 0 0 19) Devaluations 0 0 0

TOTAL VALUE OF ADJUSTMENTS (18 - 19) 0 0 0

E) EXTRAORDINARY INCOME AND CHARGES 20) Income 30,028 0 0 21) Charges (126) 0 0

TOTAL EXTRAORDINARY INCOME AND CHARGES 29,902 0 0 (20 - 21) PROFIT OR LOSS BEFORE TAX 528,918 (224,563) (91,977) (A - B + C + D + E)

22) Income Tax * current (8,164) (2,253) 26) Profir or Loss for the Period 520,754 (224,563) (94,230)

12/31/2010

Institutional Activity Commercial Activity School Activity

INCOME & CHARGES STATEMENT BY ACTIVITY (CONT.)

26) Profir or Loss for the Period 520,754 (224,563) (94,230)



A) CASH SITUATION BEGIING O PERIOD 269,530

B) CASH FLOWS FROM OPERATING ACTIVITIES 224,367Profit (loss) for the period 237,988Depreciation and reserves 35,127Net variations in Termination Indemnity Costs 7,196Net variations in stock (25,325)(Increase) decrease in accounts receivable (46,686)Increase (decrease) in debts towards suppliers and other debts (23,259)Net variations in prepayments and accrued income 39,326

C) CASH FLOWS FROM INVESTMENT ACTIVITIES (274,178)(Investment) disinvesment in fixed assets

FinancialIntangible (23,050)Tangible (251,128)Reductions depreciation fund

CASH FLOW STATEMENT2010

D) CASH FLOWS FROM FINANCIAL ACTIVITIES 0Increase to endowment fund 0Reimbursements 0New loans 0

E) NET CASH FLOWS FOR THE PERIOD (B + C + D) (49,811)

F) CASH SITUATION END OF PERIOD (A + E) 219,719of which:- bank deposits 161,743- petty cash 57,976- bank overdrafts 0


Accompanying Notes to the Financial Statements as at 31/12/2010 8

ACOMAPNYING NOTES TO THE FINANCIAL STATEMENTS for the year ended 31/12/2010

1. STRUCTURE AND CONTENT The Foundation’s Financial Statements have been drawn up based on criteria established by the Accountants Commission for non-profit organizations.

The Financial Statements for the year ended December 31, 2010 comprise the Balance Sheet, the Income and Charges Report, the Income and Charges Report for the Commercial Activity, the Notes, the Cash Flow Statement and Auditors’ Report.

Where possible, the Financial Statements for 2010 have been set alongside those of 2009 so as to assist comparison between the figures and to highlight variations.

The Foundation is a non-profit organization with the following object: “perpetuating, documenting and spreading all over the world, the knowledge of the teachings of Mrs. Shrivastava Chandrika Prasad Nirmala, and of supporting, all over the world, the practice of meditation founded by Her, known as Sahaja Yoga”.

In the course of 2010 the Foundation has developed its mission along three lines:

1. The provision and development of facilities used to host in the Val Borbera international seminars on Sahaja Yoga. These seminars have become a worldwide point of reference and in 2010 they were attended by more than 15,000 people from every part of the globe. The financial figures show investments to improve and expand infrastructure, most notably the installation of heating in the conference centre of Albera which will enable it to host events even in the winter months and the purchase of land, also in Albera, to be used as a camp site and car park – present facilities are inadequate because of their vicinity to the river and the risk of flooding.

2. The digitalization and long-term preservation of the recordings of about 3,000 lectures and presentations conducted by H.H. Shri Mataji Nirmala Devi, executed on behalf of the Foundation by a specialist Austrian company, Devi Productions. On the basis of this investment the Foundation has continued to produce and sell worldwide to over 70 countries DVDs, audi CDs and books containing the teachings of H.H. Shri Mataji Nirmala Devi.

3. Manage and subsidize an international primary school attended by children from Italy and other parts of the world who come from families that practice Sahaja Yoga and share the values inherent in the teachings of H.H. Shri Mataji Nirmala Devi.

The Foundation keeps separate accounts for any commercial activity it is involved in, recording VAT and preparing sectional income and charges statements, as required by Italian law.

1.1 Evaluation Criteria

The key evaluation criteria used in drawing up the financial report remain substantially unchanged from last financial year and, in observance of art. 2426 c.c., are as follows:

Intangible Fixed Assets

These are recorded at the original cost of purchase or production, including subsidiary costs, and systematically depreciated over the period of their predicted useful lifetime.


Tangible Fixed Assets

Assets are classified into categories and recorded at their purchase price or cost of production and have been depreciated according to the economic opportunities they still offer.

Valued net of accrued depreciation, they are systematically depreciated every financial year based on established rates, as recorded below.

For assets acquired in the current financial year, the rate of depreciation is reduced by 50%, taking into account the average, useful lifetime of the property.

Maintenance costs, being an ordinary expense, are recorded in their entirety in the Income and Charges Report.

Stock

Unsold stock is recorded at the average cost purchase over the financial year.

Accounts Receivable

Accounts receivable are recorded at their presumed conversion value.

Investments which do not involve fixed assets

Investments are valued at the purchase or subscription cost, duly reduced in the case of a downturn in share value.

Cash and Cash Equivalents

These are recorded at their nominal value.

Prepayments and Accrued Income

Income and charges common to two or more financial years are recorded in this category so as to respect the principles of accrual based accounting. The division of the amounts is calculated based on the concept of time of realisation.

Termination Indemnity Fund

The termination indemnity fund is set aside to cover the debt owed to employees in conformity with Italian law and national collective labour contracts.

Accounts Payable

Accounts payable are recorded at their nominal value.

Taxes

Income tax is set aside so as to comply with Italian law, taking into account any applicable exemptions.


1.2 Other Information

Income and charges have been calculated according to the principles of accrual based accounting, such that the effects of transactions and other events are recognised when they occur, and not when cash or cash equivalents are received or paid. They are recorded in the accounting records and reported in the Financial Statements of the periods to which they relate.

The criteria used to establish values are based on the principle of neutrality and remain unvaried with respect to the preceding financial year.

Currency

Unless otherwise indicated, the figures reported in the financial statements (Balance Sheet, Income & Charges Report and Notes) are expressed in Euros, rounded off to the nearest whole number.

2. NOTES ON BALANCE SHEET ITEMS UNDER ‘ASSETS’

2.1 Fixed Assets

For the two categories of fixed assets (tangible and intangible) special tables have been prepared (see below) showing their historical value, past depreciation and past revaluations, changes over the financial year and the closing balance.

Intangible Assets

These consist of costs borne for the acquisition of software and the creation of internet sites.

INTANGIBLE FIXED ASSTES software internet site TOTAL

Historical value 2.087 550 2.637

Past depreciation fund 881 110 991

Value start of financial year 1.206 440 1.646

Sales during financial year 0 0 0

Reductions depreciation fund 0 0 0

Purchases during financial year 0 23.050 23.050

Depreciation during financial year 417 11.635 12.052

Net value 789 11.855 12.644

Total depreciation fund 1.298 11.745 13.043

Historical cost end of financial year 2.087 23.600 25.687 Tangible Assets

In the tables that follow the most significant transactions relating to tangible fixed assets are analysed.

Depreciation has not been applied to the buildings and the land which were donated to the Foundation at the time of its constitution by its founder, Mrs. Srivastava Chandrika Prasad Nirmala, because they are not considered to have lost value over time or due to wear and tear. The investments made on improving the properties over the financial year have been capitalised. The


properties in Cabella have been reclassified, splitting their value on the balance sheet between Palazzo Doria and the residential facility located in Centrassi.

Office furniture and equipment was also purchased. A car was also purchased.

Depreciation of tangible fixed assets is calculated from the moment they start being used based on their hypothetical useful lifetime and residual possibility of use; in the first year of use the rate of depreciation is reduced by 50%. The rates of depreciation have been calculated with reference to accepted fiscal norms.

Description Rate of

Depreciation Vehicles 20% Equipment 15% Furniture 12% Electronic office equipment 20%

Land Buildings Total

Historical value 278.403 3.273.503 3.551.906

Value start of financial year 278.403 3.273.503 3.551.906

Sales during financial year 0 0 0

Purchases during financial year 60.333 152.053 212.386

Net value 338.736 3.425.556 3.764.292

Total depreciation fund 0 0 0

Historical cost end of financial year 338.736 3.425.556 3.764.292

Other Property FurnitureElectronic Equipment

Equipment VehiclesSpecial

MachinaryTotale

Historical value 91.033 18.439 22.475 42.500 0 174.447

Past depreciation fund 12.038 3.357 1.687 15.050 0 32.132

Value start of financial year 78.995 15.082 20.788 27.450 0 142.315

Sales during financial year 0 0 0 0 0 0

Reductions depreciation fund 0 0 0 0 0 0

Purchases during financial year 14.324 2.592 3.475 15.000 3.350 38.741

Depreciation during financial year 11.783 3.948 3.631 10.375 251 29.988

Net value 81.536 13.726 20.632 32.075 3.099 151.0680 0

Total depreciation fund 23.821 7.305 5.318 25.425 251 62.120

Historical cost end of financial year 105.357 21.031 25.950 57.500 3.350 213.188


2.2 Current Assets

Stock

This refers to goods (DVDs, CDs and books) unsold as of the 31st December 2010. Compared to

2009, stock has increased by € 25,325=.

Accounts Receivable

As of 31st December 2010 accounts receivable from clients totalled € 166,527= and derive from the commercial activity. They include invoices not yet issued for € 4,803=. Accounts receivable are calculated net of writedowns, which amount to € 29,112=.

Other accounts receivable amount to € 41,071=, consisting of credit with social security (INPS) and with the inland revenue; € 24,288 from national and regional income tax (IRES & IRAP), net of income tax due for this financial year.

Accounts receivable after the end of the financial year refer to receivable securities.

Accounts receivable after more than five financial years are not recorded.

Cash and Cash Equivalents

These consist of € 161,743= deposited in bank accounts and € 57,976= deposited as petty cash.

This is a decrease of around € 49,000= compared to the balance of approx. € 269,000= at the end of last financial year.

2.3 Prepayments and Accrued Income

Prepayments for insurance, financing fees and/or leasing were not recorded for this financial year.

3. NOTES ON BALANCE SHEET ITEMS UNDER ‘EQUITY & LIABILITIES’

3.1 Equity

Equity has been calculated based on the following:

the endowment fund of € 1,950,000= profit of € 1,406,242= brought forward from the 2009 financial year profit of € 237,988= for the 2010 financial year


Endowment fund

Other reservesProfits brought

forwardProfits for

financial yearTotals

Value as at 31.12.2006 1.950.000 0 0 46.205 1.996.205Variations 0 -1 46.205 250.623 296.827Value as at 31.12.2007 1.950.000 -1 46.205 296.828 2.293.032Variations 0 1 296.828 -93.305 203.524Value as at 31.12.2008 1.950.000 0 343.033 203.523 2.496.556Variations 0 -1 203.523 1.202.719 1.406.241Value as at 31.12.2009 1.950.000 -1 546.556 1.406.242 3.902.797Variations 0 1 1.406.242 -1.204.281 201.962Value as at 31.12.2010 1.950.000 0 1952798 201961 4.104.759

3.2 Termination Indemnities Fund

This is made up of the real debt matured towards employees, in conformity with Italian law and national labour contracts currently in force.

Staff of the Foundation as at 31.12.2010 consists of 11 employees, of which 3 work in the commercial unit and 6 in the school sector. In the course of the year 2 new people were employed.

Payments refer to taxes due on the termination indemnities fund.

Year 2009 2010

Initial value 7.459 15.482

Allocation for the year 8.041 12.634

Payments 18- 5.438-

Final value 15.482 22.678 3.3 Accounts Payable

Reported below are the transactions for the financial year relating to this category.

DescriptionValue start financial

yearIncrease (+) Decrease

(-)Value financial year

end

Payable within 12 months

to suppliers 91.437 -28.974 62.463

for taxes 23.861 -4.772 19.089

to social security institutions 9.630 1.056 10.686

various 110.420 9.537 119.957

Payable after 12 months 0

for financing 0 0 0

Total 235.348 -23.153 212.195

Debts towards suppliers include € 32,630= for invoices yet to be received.

Tax debts comprise IRPEF withholding tax in relation to the last month of the year, VAT for the 4th quarter of 2010.


Social security debts include the amount due to the relevant institutions for the last month of the 2010 financial year and paid in January 2011.

Debts various include € 23,176= payable to employees (unused holidays and 14th month etc.) and royalty payments of € 62,500= for the 2010 financial year.

3.4 Accruals and Deferred Income

Deferred income refers to income from the school activity amounting to € 147,272=, invoiced in 2010 but relative to 2011.

4. MEMORANDUM ACCOUNTS (i.e. authorised but not contracted for)

The bank guarantee relates to the € 100,000= contribution from the Regione Piemeonte. The Leasing account refers to remaining commitments (installments) on the school buses, net of the redemption amount.

5. NOTES ON ITEMS OF THE INCOME AND CHARGES STATEMENT

The income and charges statement includes all the activities of the Foundation, including the commercial activity. A sectional income and charges statement is included in the Financial Report, as required by Italian fiscal norms, highlighting separately the results obtained from the institutional activity and the commercial activity.

5.1 Income from Operating Activity

Revenue from Sales and Services: this amounts to € 431,828= and relate to the commercial activity (this includes the school activity but not revenue from indirect sales i.e. deriving from the licence agreement). This is an increase of about 55 thousand compared to the previous financial year.

Other Operation Income: this refers to € 1,087,752= in donations received including those from participants at events held in Cabella during the financial year and those deriving from the international fundraising efforts. It also refers to € 59,200= that came in as indirect sales.

See Appendix II for a more detailed breakdown of income.

5.2 Charges from Operating Activity

Raw Materials and Consumables: a total of € 114,210= relating to the commercial activity.

Services: the most significant items in this category are (i) the investments made to improve the properties, (€116 thousand Euros), (ii) consultancy fees relating to the commercial activities (195 thousand Euros) and (iii) service charges (telephone, gas, electricity etc.). Also included in this category are (iv) the royalties payable on direct sales (€ 65,200=). The amount has decreased by about 6.5 thousand Euros compared to last financial year.

Use of Third Party Assets: this refers principally to (i) € 105,057= for the hire of additional infrastructure on the occasion of events organised in Cabella Ligure and also (ii) € 39,539= for the rent of the warehouse for the Commercial Unit, extra staff lodgings and of additional space and


facilities (gym, meeting rooms, kitchens, toilet facilities etc.) on the occasion of international events and seminars. It also includes (iii) the cost of leasing the school bus (€ 18,474=).

Other Operating Expenses: the main items in this category are made up of wages and expenses of collaborators and consumables relating to the upkeep of the properties. The rest is largely made up of costs associated with the school activity (food, school supplies) and also stationary, stamps and other taxes. The dramatically lower figure in this category compared to last year (about 838 thousand Euros less) is explained mainly by the fact that no significant assets were purchased in 2010 (as opposed to the purchase of the new school building in 2009).

5.3 Financial Income and Charges

This relates to bank charges and bank interest (positive and negative) and interest on the loan obtained to purchase the Fiat Ducato van (€ 73=).

5.4 Extraordinary Income and Charges

Income: this regards the unexpected settlement of a debt by a supplier.

5.5 Profit (Loss) for the Financial Year

Income Tax includes IRES (national taxes) of € 5,239= and IRAP (regional taxes) of € 5,178= for the financial year, applied only to the commercial activity and the properties owned.

Profit (or Loss) for the Period amounts to € 237,988=.

The present financial report, made up of the Balance Sheet, Income and Charges Statement and Notes to the Financial Statements, are a true and accurate reflection of the financial position and financial performance of the Foundation, including profit and loss for the period, and are the result of the ledger entries for the financial year 2009.

Aldo Antonino Gandolfi Vice President

Board of Auditors Report on the 2009 Financial Report 16

BOARD OF AUDITORS REPORT

FINANCIAL REPORT FOR THE YEAR ENDING 31ST DECEMBER 2010

OF THE SHRI MATAJI NIRMALA DEVI SAHAJA YOGA WORLD FOUNDATION

The Board of Auditors received the 2010 Financial Report from the Board of Directors comprising:

Balance Sheet, Income and Charges Statements, Accompanying Notes, Cash Flow Statement.

It was given sufficient time to prepare its report and express its opinion on the content.

The responsibilities of the Board of Auditors, as per article 2409 of the Civil Code, are to carry out

periodic audits and to write up reports on their outcome. During these audits we have been able to

verify that the company books and accounts have been properly kept.

The Foundation manages commercial activity for which separate accounts and VAT records are

kept, as required by Italian fiscal law. A separate income and charges statement related to the

commercial activity is included in the financial statements.

The Foundation’s 2010 Financial Report has been drawn up based on criteria established by the

Accountants Commission for non-profit organizations. The year closes with a profit of € 237,988=,

net of depreciation and allocations of € 71,152=. There was an increase in asset value of €

232,136= due to investments. Equity on the 31st December 2010 stood at € 4,104,759= compared

to € 3,902,797= at the end of the previous financial year; an increase of € 201,962=.

The cash flow situation is shown in the cash flow statement and highlights the way in which funds

were absorbed by operating activities, investments and financial activities.

The preparation and drawing up of the Financial Report is the task of the administrative body of the

Foundation, while it is the responsibility of the Board of Auditors to express their professional

opinion on the financial statements based on the outcome of their audit.

Having carefully audited the financial statements we can affirm that the information reported in the

Balance Sheet, Income and Charges Statements and Accompanying Notes corresponds to the

figures recorded in the company books, which are kept according to the norms established by Italian

law and in the Foundation’s statute.

The audit of the financial statements and the periodic audit of the accounts and of the bookkeeping

were carried out using procedures and methodologies appropriate to the functions and the

dimension of the activity, so as to provide a reasonable basis from which to express a professional

opinion and to exclude the possibility of significant error.

Board of Auditors Report on the 2009 Financial Report 17

The evaluation criteria adopted for the Balance Sheet and the modality in which they have been

represented are substantially unchanged compared to last financial year. The criteria have been

communicated to us and we can confirm that they comply with Italian accounting principles and

norms.

The Accompanying Notes provide the required complementary information for a proper

understanding of the financial statements and the cover letter adequately describes the activities of

the Foundation.

In conclusion, we believe that the outcome of our audit shows that the Financial Report of the Shri

Mataji Nirmala Devi Sahaja Yoga World Foundation for the year ending 31st December 2010 is

credible, complies with the norms that govern the compilation of such a document and is an

accurate statement of the assets and liabilities of the Foundation, of its financial position and of the

outcome of the financial year.

As such, we invite you to approve the Financial Report for the year ending 31st December 2010.

The Board of Auditors:

Maria Gallo Alessandro Sabolo Cristina Ciartano

15th June 2010

APPENDIX 1: DETAILS TO THE INCOME CHARGES STATEMENT

7) SERVICES 729,031

Commercial Activity 334,536Freight and Transportation 3,710Gas 5,287Consultants 194,990

Adi Consulting 59,918Devi Productions 107,124Springer 480Atticom 127Bhamra Hardev 25,893Udar Silvia 570Visivodessing 878

Electricity 10,449Telephone 3,076Printing of Books 864Technical Services 25,940

Kalladi Venkatesan 17,250Paradine 7,885Selin 805

Royalties 65,200Collaborator wages 21,137Vehicles costs 520Insurance 3,363

Hostel Activity 56,465Meals 8,443Insurance 12,519

Financial Statements as at 31/12/2010

Insurance 12,519Electircity 7,874Telephone 2,940Gas 2,526Repairs 7,518Consultants 9,029

Antonio Palma 7,484Fieldwork Education 1,195Other 350

Vehicle costs 1,047Collaborator wages 3,425Expense claims 917Licenses 227

Institutional Activity 338,030Building Consultants 13,728Administrative 27,082

Accountants 20,704Labour Consultants 6,378

Legal 44,641Cowan USA 13,015Studio Tosetto 18,922Bonelli 12,704

Notary 16,735Gas 34,729Collaborator wages 21,189Building & Renovation Work 116,365Repairs and maintenance 4,325Electricity 6,319Telephone 16,745Insurance 19,989Compensation Auditors 4,000



Bank Guarantees 2,000Other 10,183

8) USE OF THIRD PARTY ASSETS 172,826

Commercial Activity 4,359Warehouse rent 4,359

Hostel Activity 19,314Leasing School Bus 18,474Rent 840

Institutional Activity 149,153Rental Services 105,054

Italtende (white marquee) 69,000Vel car (generator) 11,103Strutture (mobile toilets) 18,066Other 6,885

Rent on property 34,340Staff lodgings 15,000Hotel Posta 13,500Space for events & meetings 5,840

Car Hire 9,759

14) OTHER OPERATING EXPENSES 220,362


Commercial Activity 15,691Expense claims 6,731Various 8,960

Hostel Activity 86,178School Materials 5,984Food & Household Goods 57,815Water 79Non-deductable Costs 5,030Petrol/Diesel 6,220Travel and transport 594Various 10,456

Institutional Activity 118,493Petrol/Diesel 2,999Water 2,124Assets worth less that € 516 6,138Non-deductable IB Course 5,635Travel 7,338Stationary 3,995Supplies & Consumables 29,705

Tocci Walter (hardware store) 10,191Franzante L. (building supplies) 5,944Comoli (electrical supplies) 8,428Self G4 (DIY store) 636Various 4,506

Waste Disposal 8,867Expense Claims 16,101Taxes 15,356

ICI (property tax) 7,300 TARSU (rubbish tax) 3,900



Marca da bollo (tax stamps) 256 Interest in VAT quartery payments 900 VAT on purchase of Opel 3,000

Road Tax 1,374

Financial Statements as at 31/12/2010Financial Statements as at 31/12/2010

APPENDIX II - 2010 Income Breakdown

Donations from International Appeal 386,170 Generic Donations 127,421 Cabella Education Fund 221,610 Tape Preservation Fund 36,357 Miscellaneous Projects 781

Donations from Pujas & Events in Cabella 590,176 Contribution Regione Piemonte 100,000 Commercial Unit Sales 232,388 Royalty Collections from License Agreements 59,198 School Fees 199,473 Other 12,766 Total Income 1,580,171

Detailed Result of 2009 Fundraising Appeal (by country)

Country Amount % contribution to Fundraising Effort

Italy 63,902 17.31%Spain 30,485 8.26%Australia 28,360 7.68%France 20,857 5.65%Hong Kong/China 19,305 5.23%Austria 18,948 5.13%Belgium 18,827 5.10%Belgium 18,827 5.10%United Kingdom 18,351 4.97%Unknown Donors 15,447 4.18%Brazil 13,776 3.73%Turkey 13,281 3.60%Russia 10,820 2.93%Finland 8,351 2.26%Switzerland 8,279 2.24%Canada 7,357 1.99%Germany 6,932 1.88%USA 6,919 1.87%Netherlands 6,040 1.64%Azerbaijan 5,000 1.35%South Africa 4,990 1.35%Ukraine 4,550 1.23%Romania 4,437 1.20%Slovenia 3,850 1.04%Malaysia 3,847 1.04%Sweden 3,790 1.03%India 3,400 0.92%UAE 3,155 0.85%Poland 2,893 0.78%Bulgaria 2,633 0.71%Israel 2,477 0.67%Taiwan 2,473 0.67%Norway 2,359 0.64%New Zealand 2,050 0.56%Singapore 1,700 0.46%Thailand 1,650 0.45%Slovakia 1,515 0.41%Iran 1,499 0.41%Iceland 1,400 0.38%


Country Amount % contribution to Fundraising Effort

Lithuania 1,275 0.35%Shrilanka 1,045 0.28%Cyprus 1,000 0.27%Oman 1,000 0.27%Estonia 935 0.25%Czeck Republic 900 0.24%Ireland 737 0.20%Japan 500 0.14%Portugal 450 0.12%Argentina 425 0.12%Moldava 318 0.09%Uruguay 305 0.08%Luxembourg 300 0.08%Bahrain 200 0.05%Surynam 200 0.05%Vietnam 200 0.05%Kuwait 111 0.03%Abhazia 100 0.03%Peru 99 0.03%Denmark 61 0.02%Hungary 50 0.01%Belarus 47 0.01%Colombia 5 0.00%TOTAL 386,169.55


APPENDIX III: INCOME TAX CALCULATION 2010

IRES (National Income Tax) 5,239.30

ASSETSBuildings 18,293.00 Land 759.00 Cadastral Income 19,052.00 Taxes Payable @ 27,50% 5,239.30

COMMERCIAL UNITNon deductable income 3,992.70

Telphone 615.20 Technical services 700.00 Cars expenses 312.10 Car insurance 2,018.40 Non deductable costs 347.00

Profit/Loss for the Period 220,900.00- Taxable Income 216,907.30- Taxes Payable @ 27,50% -

SCHOOLNon deductable income 6,245.93

Telephone 587.92 Motorway 25.00 Car expenses 603.00 Non deductable costs 5,030.00

Profit/Loss for the Period 67,561.00-


Profit/Loss for the Period 67,561.00- Taxable Income 61,315.07- Taxes Payable @ 27,50% -

IRAP (Regional Income Tax) 5,177.66

COMMERCIAL UNITNon deductable income 3,992.70 Employees 65,715.00 Collaborators 21,137.00

90,844.70 A-B 218,634.00- Lump sum deduction on cost of salaries/net wages delta 10,162.53- Contractual deductions on cost of salaries/net wages delta -

137,951.83- Taxes Payable @ 3,90% -

SCHOOLNon deductable income 6,245.93 Collaborators 4,342.00 Employees 104,358.00 Interest leasing Mercedes 1,215.00 Interest leasing UBI 885.26

117,046.19 A-B 66,842.00- Lump sum deduction on cost of salaries/net wages delta 9,856.53 Deduction 5 employees 2,282.00- Contractual deductions on cost of salaries/net wages delta -

57,778.72 Taxes Payable @ 3,90% 2,253.37

INSTITUTIONAL ACTIVITY


Collaborators 21,190.00 Employees 82,331.91

82,331.91 Lump sum deduction on cost of salaries/net wages delta 7,350.00- Contractual deductions on cost of salaries/net wages delta -

74,981.91 Taxes Payable @ 3,90% 2,924.29

Financial Statements as at 31/12/2010Financial Statements as at 31/12/2010

FINANCIAL REPORT - Sahaja World Foundation...seminars on Sahaja Yoga. These seminars have become a...

Documents

Transcript of FINANCIAL REPORT - Sahaja World Foundation...seminars on Sahaja Yoga. These seminars have become a...