Radha Soami Satsang Beas British Isles Consolidated Report of the Trustees and Audited Financial Statements For The Year Ended 31 December 2023 Charity No: l 013061 (England and Wales) Charity No: SC050385 (Scotland)
Radha Soami Satsang Beas British Isles CONTENTS Page Charity inforniation Trust¢¢s' annual report Independent auditors. report 10-12 Consolidated statemenl of financial activities 13-14 Consolidated balance sheet 15 Charity balance sheet 16 Consolidated Cash flow stalement 17 Notes to the accounts 18-33
Radha Soami Satsang Beas British Isles CHARITY INFORMATION REGISTERED CHARITY NO. J013061 PATRON Baba Ji Gurinder Singh Dhillon BOARD OF TRUSTEES Mrs S Naidoo - Chairperson Mr R Dhaliwal (resigned l January 2023) Mrs L R M Davidson Mr D Paul Mr M Mahtani (appointed l May 2024) Mr S Taggar (appointed l January 2023) Mr S S Deo (resigned l May 2024) SECRETARY Mrs L R M Davidson AUDITORS Jassal and Company Chartered Accountants & Registered Auditors Unit 2 Hatherton Court 21 Hatherton Street Walsall WS4 2LA BANKERS National Westminster Bank plc Black Lion House 43 Whitechapel Road London EI IDU LEGAL ADVISOR Excel Law Whilems Works Ilford IG6 3HJ REGISTERED ADDRESS Haynes Park Church End Haynes Bedford MK45 3BL
Radha Soami Satsang Beas British Isles Trustees, Annual Report For The Year Ended 31 December 2023 The Trustees submit their annual report and the audited financial 51atements for Ihe year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies sct out in note I lo ihc accounts and comply with the Charity'5 Trust Deed, The Charili¢s (Accounts and Reports) Regulaiions 2008, The Charities Act 201 I, The Charities and Trustee Investment (Scoiland) Act 2005 and the Statement of R¢commend¢d Practice - Accounting and Reporting by Charili¢s.' SORP 2015 applicable to charities preparing their accounts in accordance with FRS 102. l. Objectives and activities Objectives The Charity's main objective is to advance the tenets and principles of the Radha Soami faith as laught by the Patron of the Radha Soami Colony of Dera Baba Jaimal Singh Ji, Beas, Punjab, India for the spiritual and moral advancement of humanity without any distinction for caste, Colour or creed and reli8ion' and for such other charitable puOSe$ as may from time to time be detennined by the Trustees in consultation with the Patron. In the Indian language, Radha Soarni, means "Lord of ihe Soul" satsang describes a group that seek5 truth. Radha Soami is a path of spiritual development which slipulales a vegetarian diel, abstinence from intoxicants, a moral way of life and the practice of daily meditation. To support ils objectives ihe Charity is in contact with other charities with similar objectives and makes its premises available for holding meetings lo explain the Radha Soami ieachinos. Rent is charged for making these premises available for holding such meetings, sufficient to cover the upkeep and maintenance of its prop¢nies to a suitable standard. From time lo time Ihe Charity will acquire additional property or properties in the UK, Ir¢land and in Europe suilabl¢ for pursuing and extending its charitable activities. The Charity stipulMt¢s ihat no charge should be Tnade for attending any me¢tings h¢ld al its premises. The Charity commissions, edits, publishes. and distributes literature and other media relating to the Radha Soami teachings for the benefil of any members of the general public who may be interesied. The Charity informs its member5 and the public aboul its spiritual message by the distribution of its literature and other media and publishes a worldwide monthly magazine, 'Spirilual Link" which is available on-line for free download or in hardcopy by subs¢ripiion al cost. The Charity supervises the editorial content of manuscripts on spirituality and religion for Spiritual Link and also plays an important role in ihe launch of new publications on the Radha Soami teachings. The Radha Soami teachings support the belief that the body is (he temple of ihe living God and a precious gift which can be used for the benefit of fellow human beings. Accordingly, the Chariiy inform5 and raise5 awareness of the importance and merits of organ donations to fellow human beings through ihe distribulion of inforn)ative literatu and promotional films. The Charity works with the NHS from lime to time to promote the importance of giving blood and organise5 blood donations by its members and th¢ public generally. Public Benefit The Trustees are awaTe of thc Charity Commission's guidance on public benefit reporting as set out in Section 17 of the Charittes Act 201 l and Section 7 of Ihe Charities and Truslees Investment (Scotland) Aci 2005. The Trustee5 confinn Ihal its objectives and activilies of promoting the spiritual and moral advancement of humanity as described in this report are for the general benefit of the public.
Radha Soami Satsang Beas British Isles Trust¢¢s' Annual Report For The Year Ended 31 December 2023 Activities Properlies One of Éhe primary activities of the Charity is to acquire and develop properties and make them available to other charities, with similar objectives, for the purpose of holding meetings where discourses on the Radha Soami teachings are given. The Charity is pleased io report ihal. meetings were held at all its available properties. In addition. in August 2023, a Ihree day evenl took place at Haynes Park in the temporary t¢nt structur¢ where discourses on the Radha Soami faith wer¢ d¢livered a5 well as Question and Answer sessions that were given by the Patron. Construction work at the Charity's site in Coventry was completed in July 2023 and weekly meelings are being held. The contruction in East London continued during the 2023 year. The Coventry centre meeting hall are being used for meetings in line with ih05e held at the Charity's other centres. Subsequent to the successful conclusion with the granting of full planning permission in 2021 for the construction of a meeting hall to replace the lemporary tent structure, the Charity, has moved into the construction phase with the appointment of professional teams including project manager, main contrdctors and other professiona15. The project remains on schedule and within budget. During the year the Charity acquired a property in Central London and will make it available to hold meetings. All volunteer5 canying out this work are trained and supervised to comply with the Charity's Health & Safety regulations. The Charity owns properties throughout the United Kingdom at locations selected for their proximity and convenience io local follower5 of the Radha Soami teachings and to anyone interested in leaming more about the teachings. The Trustees are confident that the development project and Property acquisition will provide the amenities necessary to hold meetings where the Radha Soami teachings are given. In addition to its properties in the United Kingdom the Charity owns prop¢rti¢5 in Europe. In particular, the Charity and its subsidiaries now own properties in Reggio Emilia, Italy; Athens, Greece. Villeneuve. France and at Prague, Czech Republic and Cyprus. All these properties are used, or will be used when commissioned, solely for holding meetings where the Radha Soami teachings ar¢ explained and for other charitable activities connected with the Charity's objectives. Property acquisitions and refurbishment are funded by charitable donations. by bank loans and by loans received from other charitable organisalions with similar objects. As in past years, maintenance and improvement work continued to be undertaken to ¢n5ur¢ that the Charity's facilities, are fit for purpose and lo ensure compliance with Health & Safety requirements at the Charity's owned properties. Publlcalions The Charity continues the project to record and distribute audio book versions of key titles in its rdnge of literature on the Radha Soami teachings. Facilities were made available for volunteers to make recordings of various books. The project will continue into the foreseeable future. New books. all relating to the Radha Soami teachings, were published and distributed during the year.
Radha Soami Satsang Beas British Isles Trustees, Annu81 Report For The Year Ended 31 December 2023 The Charity continues to publish and distribute a worldwide motbthly magazine. 'Spiritual Link" which is available on-line for free download or in hardcopy by subscriplion at cost. Organ and blood donalion The Truslees were able to hold blood bank sessions in October 2023. Informalion about organ donations was distributed through lilerature and film presentations ai ihe annual Ihree-day event. Promotion of both these core value5 will continue to be key aclivities of the Charity into the future. 2. Risk management The Trustees have considered the major risks lo which the Charity and its subsidiary undertakings are exposed and have salisfied themselves that system5 or procedures are established in order lo manage those Ilsks. The Trust¢es acknowledge their responsibility to manage risk associated with the activiiies of the Charity and its subsldiary undertakings and during the year have considered the major risks that may have a probable or highly probable likelihood of occUlg. The arepAS of consideration included governance, operations, finances, environmenial and external factors and the Charity's compliance with law and regulation. The Trustees identify risks using various processes. Risk assessments are used to conduct health and safely reviews. Internal Audii function conducts periodic review5 to check the effectiveness of the control environment and ensure Compliance with policies and procedures. The Internal Audit team will be monitoring the r¢porting involved with the tenl replacement buildings as well as other projects as they arise. During the year, the Trustees considered the risks associated with contracts. acquisition. and development of new premises in the United Kingdom and in Europe, mainienance and refurbishmenl programmes. loan- finance and changes in compliance reporting required by Financial Reportin8 Standards. These were identified as the principal risk5 and uncertainties facing ihe Charity and its subsidiary undertakings in the year. The Trustees considered the impact of these risks on the financial performance and position of the Charity and lis subsidiary undertakings, and have implemented control systems to manage those risks. where appropriate. The Charity considered itg exposure to fluctuations in the value of its foreign exchange denominated loans. Most of these loans were not expected to fall due for payment in the near term and had been entered inlo, to fund property purchas¢s. After due consuliation the Charity decided not to incur Ihc expense of ¢ntering into rolliiig foreign exchange conlracts to cover liabilities with as yet undetermined maturity dates. Exposure to potential losses arising from fluctuations in the valu¢ of foreign exchange denominated loans is expected to be milig8ted by appreciation in the value of assels pur¢has¢d for long tenn use. Aehievements and performance The Charity completed the refurbtshment and improvement programmes planned for the year with the help of ihe Charity's volunleers. Construction work is on-going ai the Charity's sltes in East London and in Haynes Park. The centre in Coventy was operational in July 2023. The Charity acquired a property in London during the year. The properties in Villeneuve, France and in Athens, Greece are available for use as meeting halls.
Radha Soami Satsang Beas British Isles Trustees, Annual Report For The Year Ended 31 December 2023 The Charity's sites in Reggio Emilia, Italy, in Prague, Czech Republic and Cyprus, Nicosia serve exclusively as venues for the advancement of the tenets and principles of the Radha Soami faith. Refurbishment and improvement work will continue where necessary at other propertie5 owned by the Charity in the UK and in Europe. The Charity continued to SUPPOrt the promotion of organ donation by arranging for films to be shoiyn and leaflets to be distributed at an annual event held al one of its properties. The Charity continues to promote blood donation in association with the NHS. The Charity continue5 to proTnole and encourage the spiritual dimension of human life and also lo encourage the mainl¢nan¢¢ of a responsible, honest and healihy lifestyle and by 50 doing to fulfil the objective for which it was foTmed. inancial review All donations received, in money or in kind, are enlirely voluntary. Donation5 in kind are accepted only if there is a genuine need for them and if approved by the Chairperson of the Board of Trustees. Total income for the year was £3.952.501 (2022 £9,331,491). Income from donations was £1,892.154 (2022 £7,400,233). Income from investmen15 was £951,805 (2022 £810.792). The Cl)arity distributed Books, Audio and Visual materials, giving tnforn)ation about the Radha Soami teachings, free of charge to other charities. Inforniation and Education costs of £1,749,632 (2022 £3,092.193} Mtre incurred in providing and maint3ining facilities al the Charity's properties in¢lLtding depreciation, finance costs and foreign exchange gains and losses. Finance costs in the y¢ar of £119,773 (2022 £520,956) represents inter¢5t on loans. Unrealised foreign exchange gains or (losses) on translation of loans and foreign currency subsidiaries in Ihe year of £303.559 (2022 £{1,101,506), all of which r¢lat¢ to monetary items. The Charity did not pay any remuneration to its Trustees. All volunteers provide their services free of charge. There was d surplus of income over expenditure for the year of £2,164,892 (2022 £4,855,265). This has been trallsfeed to unrestricted reserves. The consolidated balance sheet shows total net assets of £49,198,297 (2022 £47,033,405). Fixed Assets increased 10 £58.566.972 (2022 £54,543.412) due to the acquisition of new properties and development of its existing properties for the purpose of charitable activities including holding meetings. Accumulated general funds stood at £50,143.744 (2022 £47,978.852). all of which are unrestricted. Funds 8re not held for any specific purpose and any major expenditure is funded out of general unrestricted fynds. The revaluation reserve has been merged with the retained esrnings for the year, but remain non- distributable. Since its formaiion in 1992. the Charity has seen its activities grow significantly and has acquired a number of properties in the UK and in Europe. Most of these acquisiiion5 have been fuyjded from internally generated unreslricted funds, and additiovjal funding requirements have b¢¢n provided by oih¢r harilies, and by bank5 to support th¢ Charity's existing and growing long terni asset base. The Charity is aware of the potential foreign exchange exposure arising from its long-term US Dollar denominated loan5 and the loans made to its Euro and Czech Koruna denominated assets held solely for long term charilable pvrp05es.
Radha Soami Satsang Beas British Isles Trustees, Annual Report For The Year Ended 31 Deeember 2023 RSSB Southall Limited, Euron Developments Limited and Euron Developments (France) Limited are the Cl)arity's wholly owned UK subsidiaries, which own properties in Southall, East London and France respectively. All these Companies are managed by a Board of Directors comprising two directors. The Charity holds 100% of the shares in Alhina Moulalaski SA, a company Tegistered in Greece, and IOOO/• interest in RSSB CZ sro. a Limited Liability Corporation registered in Czech Republic. These two entities hold land and buildings in the respective countries, which are or are intended io be used solely for charitable activilies. including holding weekly meetings. Reserves Policy The Board of Trnslees continues to follow a poli¢y of acquiring properties which will be used for carrying out its charitable purposes of holdino meetings where discourses on the tenets of the Radha Soami teachings are given. Initially, funds for these purchases were provided out of the Charity's accumulated r¢s¢rYes, and all of ils accumulated reserves hav¢ been deployed and fully ulilised in pursuit of its charitable objectives. More recently the Charity has turned to sourcing external finance for purchases of suitable properties to b¢ used solely for charitabl¢ purposes. The Charity is fulfilling its aims through careful purchases in preference to renting and will continue to follow this strategy where appropriate in the short ierm future. The Board of Trustees continues to keep its policy under review. Plans for future periods The Charity will continue to commission new literature on the Radha Soami teachings. supervise the editorial conteni of the worldwide magazine. Spiritual Link, and distribute and donate books, audio and visual material5. The Charity will continue to place books with public organisations and with those in most need of this service. The Charity will continue its work to raise awareness and promote organ and blood donations. The Charity will plan and carry out activities to explain the Radha Soami ieachiftgs and in doing so it will explore ways to improve ils existing facilities where meetings are held, to provide for the comfort. safely and convenience of the general public who may wish to attend. The Charity will arrange for a work plan 10 be developed for ihe construction of the building to replace ihe temporary lent currently used for the large n]eetings held annually at Haynes Park. This requires Consideration of the financial. material and manpower resources as well as the timescales involved in such a major project. Th¢ Charity will continu¢ to improve and implement its programme of maintenance to improve the local Centr¢ facilities to keep the UK properties in a good slate of repair. The Charity will Gontinue lo develop Ihe newly acquired properties in the UK to make them suiiable for holding weekly meelings. The Charity's 51rateuic airn is to advance the Radha Soami teachings in Europ¢ and to utilise its wealth of experien¢e in identifying, acquiring and developing properties and make them suitable for holding weekly meetings and related charitable purposes.
Radha Soami Satsang Beas British Isles Trustees, Annual Report For The Year Ended 31 December 2023 Structure, governance and struoture of the Boord of Trustees The Charity was set up under a Trust Deed on 22 July 1992, which is its governing document. On 22 November 1999. the Trustees registered the Charity under the name of "Radha Soami Satsang Beas British Isles" with the Charity Commission. The Charity was registered by the Scottish Charity Regulator (OSCR) on 20 January 2021. The establishment of the Charity's Board of Trustees and the position of Patron are laid out in the Trust Deed. The Trustees currently serving on the Board of Trustees are noted on page l of this report. Trustees serve for a temi of six years and may be reappointed for a further terni of six years. After serving two consecutive terms a Trustee can be eligible for reappointment after a break in office of not less than three years. This reslriction of reappointment does not apply to three designated members of the Board namely Chairperson, Secretary and Treasurer. The designated members are eligible for reappointmenl at the end of their respective temis of Ote¢ by a resolution passed al a meeting of the Board of Truslees by a simple majority. A designated member cannot vote for his or her own reappoinlment. The Board of Trustees collects details of potential candidates to serve as Trustee based on recommendation from other Trustees, who are encouraged to ideniify candidates with appropriate and relevant skills for fulure selection and to participate in Ihe selection process. New Trustees are issued with a resource manual which de5cribe5 in full the dutie5 and responsibilities of TSte¢s. In addition, the Chairperson holds a briefing session for the incoming Trustees. The Board of Trustees meets regularly to discuss and resolve policy is5ue5 arising from the acliviti¢s of the Charity, to monitor the financial position and authorise capital expenditure, and to review and approve proposals of the Strategic Review Group and Finance Review Group. Management The Charity's headquarters is located al Haynes Park. The Board of Trustees have established standing committees with delegated levels of auihorily to oversee its activities. These committees are made up of dedicated volunteers who meet regularly to make recommendations to the Board of Trustees for approval. Editorial Review Group The Editorial Review Group consists of a team of ediiors headed by the Chief Editor who guides authors in their research and preparation of articles on spirituality and religion. The Group mee15 regularly to supervise editorial ¢onlent and puls forward proposals to the Board of Trustees for consideration and approval. Health and Safety The Trustees assigned the Health and Safety team with the responsibility for the design and development of working practices for the prot¢clion of all volunteers at its various propenies. These were duly approved by the Board of Tru5tee5 and implemented. The Charity's National NHS Co-ordinator works closely with the National Health Service in promoling blood donations and in raising awareness of the importance of organ donations. The Charity gives Health and Safety high priority in conducting its activities. particularly the programme of refurbishing and developiTtg properties. Health and Safety Ltaison meetings are held regularly throughout the year to allow the National Health and Safety OITi¢er to rneel with representatives from all the properties. set standards, and receive feedback. The Charity adopts a praetieal approach to safeguard
Radha Soami Satsang Beas British Isles Trustee5' Annual Report For The Year Ended 31 December 2023 th¢ environment and the National Health and Safety Officer works closely with the Strategic Review Group in implementing the Charity's environmental policy. Strategie Revlew Group The Strategie Review Group conslsts of five volunteer members, with relevant propety management qualification5 and experience and has the delegaled authority of the Board to manage all the Charity's properties. Responsibilities include the planning, development and co-ordination of new-build and refurbishment programmes. ensuring that the Charity's properties comply with legislalion and are suitable for holding meetings to explain the Radha Soami teachings and reviewing proposals for new property acquisitions to be used for carrying out lis charitable activities. Finance Review Group The Finance Review Group reports to the Board of Trustees and is responsible for ihe supervision of the financial affairs of the Charity. A ieam of volunteer qualified accounlants and members with suitable finance experience reviews expenditure against budgets approved by the Board of Trusiees and advises the Strategic Review Group on financial matters and makes recommendations to the Board. Volunteers Almost every aspect of the Charity's affairs, including th¢ work at the Chariiy's properties, is carried out by volunteers. however where professional advice or specialist servi¢e5 beyond the Charity's oivn resources are required, then the appropriate services are bought in at best value. 8. Slatement of trustees, responsibilities The trustees are responsible for preparin8 the Trustees, Annual Report and the financial siatements in accordance with appli¢able law and United Kingdom Generally A¢¢epted Accounting Practic¢. The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year whi¢h give true and fair view of the state of affairs of the Charity and of the in¢oming resources and application of resources of the Charity for that year. In preparing these financial Statements the truslees are required 10.. Select suitable accounting policies and then apply them consistently, Observe the methods and principles in ihe Charity SORP. Make judgements and estimates that Hre reasonable and prudent. State whether applicable accounting siandards have been followed, subjeci to any maierial depanures disclosed and explained in the financial stalemenls. and Prepare the financial stateinents on th¢ going concern basis unless it is appropriate to presume that the Charity will conlinuc in business. The Truslees are responsible for keeping proper accouniing records thai disclose wilh reasonable accuracy at any time Éhe financial position of the Charity and enable them to ensure that ihe financial statemenls comply wilh the Charities Act 201 l. the Charity (Accounts and Reports) Regulations 2008, the Charities and Trustee Investment (Scotland) Act 2(KJ5 and the provisions of the trust deed. They are also responsible for safeguardin8 the assets of the Charity and hence for taking reasonable steps for the prev¢ntion and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the Charity and financial infomaiion available publicly. The Trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.
Radha Soami Satsang Beas British Isles Trustees, Annual Report For The Year Ended 31 December 2023 Statement to our auditors In so far as the Trustees are aware, there is no relevant audit infonnation of which the audilors are unaware and the Trustees have taken all steps thai Ihey ought lo have taken to make themselves aware of any relevant audil inforniation and establish that the auditors are awaTe of that infonnation. 9. Auditors The auditors, Jassal and Company. were appointed in July 2023 and a resolulion proposing their re- appointment will be put forward to the Board. Thi5 report was approved by the Board on Mrs S Naidoo (Chairperson)
Report of the Independent Auditors to the Trustees of Radha Soami Satsang Beas British Isles Opinion We have audited the consolidated financial statements of Radha Soami Satsang Beas British Isles for the year ended 31 December 2023, which COTnprise the Consolidated Statement of Financial Activilies, Consolidated and parent Charity's Balance Sheets, Consolidated Statement of Cashflows and the related notes. The fitiancial reporting framework that has been applied in their preparaiion is applicable law and United Kingdom Accounling Siandards, including Financial Reporting Standard 102: The Financial Reponing Siandard applicable in ih¢ UK and Republic of Ireland (United KingdoTn Generally Accepted Accounting Practice). In our opinion. Ihe financial slatements.. give a true aT]d fair view of the state of the group's and Ihe parent Charity's affairs a5 at 31 December 2023 and of the group's income and expenditure for thc year th¢n ¢nded' have been properly prepared in accordance with Uiiited Kingdom Generally Accepted Accounling Praciice including Financial Reporting Standard 102 'The Financial Reporting Slandard applicable in the UK and ihe Republic of Ireland, and have been prepared in accordance with the requirements of the Charities Act 201 l and the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended). Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are rther described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are Telgvant to our audit of the financial statements in the UK. including th¢ FRC'S Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe Ihat the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In hudiling the financial statements, we have concluded that the trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on Ihe work we have performed, we have nol identified any material uncertainties relating to events or conditions that, individually or collectively, may Cast significant doubt on the Charity's ability to continue as a going concern for a period of at least twelve months from when ihe ftnancial staiemenis are auihorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The other information comprise5 the infom)alion included in the trustees, annual report other than the rinancial statements and our Report of the Independent Auditors thereon. The trustees are responsible for the other inforn)alion contained within the annual report. Our opinion on th¢ financial statemenis does not cover the other inforniation and, except to the extent otherwise expli¢itly slated in our report. we do not express any form of assuran¢¢ conclusion Ihereon. In connection with our audit of the financial statements, our responsibtlity is lo read the other information and, in doing so, consider whether the other inforniation is materially in¢onsistenl wilh the financial statements or our knowledge obtained in the Course of Ihe audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to deterniine whether this gives rise 10 a material misstatement in th¢ financial siatements them5clves. If, 10
Report of the Independent Auditors to the Trustees of Radha Soami Satsang Beas British Isles based on the work we have performed, we conclude ihat there is a material misstatement of this other information. we are required to report that facl. We have nothing to report in this regard. Matters on which we are required to report by exception In the light of the knowledge and understanding of ihe Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees, annual report. We have nothing to report in respect of the following matters in relation io which the Charities Act 2011 and the Charities and the Charity Accounts (Scotland) Regulations 2006 (as amended) requires us lo report to you if, in our opinion.. adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us. the financial statements are not in agreement with the accounting records and relurns- certain disclosures of trustees, remuneration specified by law are not made- or we have not obtained all the information and explanations necessary for the purposes of our audil. Responsibilities of the trustees As explained more fijlly in the Statement of Trustees, Responsibililies, in the Irustees. annual report, the trustees are responsible for ihe preparation of the financial slat¢menls and for being satisfied Ihal they give a true and fair view, and for such intemal control a5 the trustees determine is necessary io ¢nable the preparalion of financial statements that are free from material misstatement, whether due to fraud or eOr. In preparing the financial statements, Ihe Irustees are responsible for assessing the Charity's ability to conlinue as a goiiig concern. disclosing, as applicable. matters related to going concern and using ihe going oneern basis of accounting unless the trustees either inlend to liquidate ihe charity or io cease operations, or have no realistic alternative but to do so. Audilor's responsibilities for the audi¢ of the financial statements Our objeciives are to obtain reasonable assurance about wheiher the financial statements as a whole are free from material misstatement. whether due to fraud or error. and to issue an auditor's report ihai includes our opinion. Reasonab5e assurance is a high level of assurance but is not a guarantee that an audil conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or etTor and are considered material if, individually or in the aggregate. they could rettsonably be expected to influence the economic decisions of users taken on the basis of these financial statements, Irregularilie5. including fraud. are instances of non-compliance with laws and regulations. We design procedures in line wilh our responsibilitie5, ouilined above, to detect maierial misstatemenls in respect of iegUlar1t]es, including fraud. The extent to which our procedures are capable of delecting irregularities, including fraud are set out below. C8pibility of the audit in d¢t¢¢tittg irregulorities In identifying and a5sessino risks of material misslatemenl in respect of irregularities. including fraud and non-compliance with laws and regulalions, our procedures included the following.. We enquired of management. which included obtaining and r¢vieiYing supporting do¢umenlalion, concerning the charity's policies and procedures relaling to: Identifying, evaluating. and complying with laws and regulations and whether the} were aware of any instances of non-coinpliance. Detecting and responding io the risks of fraud and whether they have knowledge of any actual. suspected, or alleged fraud. We inspected the minutes of meetings of Ih05¢ charged with governance.
Report of the Independent Auditors to the Trustees of Radha Soami Satsang Beas British Isles We obtained an understanding of the legal and regulatory framework that the Charity operates in. focusing on those laws and regulations thai had a material effect on the financial staiements or that had a fundamental effecl on the operations of the charity from our professional and 5eclor experience. We reviewed the financial statement disclosures and tesled these lo supporting documentation to assess compliance with applicable laws and regulations. We perfomied analytical procedures to identify any unusual or unexpected relationships Ihai may indicate risks of material misslalemenl due lo fraud. In addressing the Tisk of fraud through management oveIde of contro15, we lested the appropriateness of journal enlries and other adjuslmenls, assessed whether the judgements made in making accounling esiimales are indicative of a potential bias and tested significant Iran5actions that are unusual or those oulside the normal course of the Charity's activilies. Because of the inherenl limitations of an audit. Ihere is a risk ihat we will not detect all ]egularItIes. including il10se leading lo a Inaterial missiatement in Ihe financial statements or non-compliance with regulation. This risk increases the more thai compliance with a law or regulalion is removed from the events and transactions reflected in the financial Slalemenls, a5 we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud ratli¢r than error, as fraud involves intentional concealment. forgery. collusion, omission or misrepresentation. A further description of our responsibiltties is available on the Financtal Reporting Council's websiie ai: www.frc.org.uklauditorsr¢sponsibiliti¢s. This description fomis part of our Report of Ihe Indep¢nd¢nt Auditors. Use of our report This report 15 made solely to the Charity's Trustees. as a body. in accordance with Charities Acl 201 l and under Seclion 44(1) (c) of the Charities and Truslee Investment (Scotland) Act 2005. Our audit work has been undertaken so that we mighi State to the Charity's Truslees ihose niatters we are required lo state 10 them in an auditors, report and for no oiher purpose. To the fullest extent perniilted by law, we do not accept or assume responsibilily lo anyone other than the Charity and the Charity's Trusiees as a body, for our audit work, for this report, or for the opinions we have fornied. 6/L4O; Rajinder Ja55al BA(Hons) FCA DChA for and on behalf of Jassal and Company Chartered Accounlants & Siatutory Audilors Unit 2 Hatherton Court 21 Hatherton Street Walsall WS4 2LA Date 12
Radha Soami Satsang Beas British Isles Consolidated Statement of Financial Activities (including Income and Expenditure Account) For The Year Ended 31 December 2023 Unrestricted Funds Yeai. ended Yeai. ended 31 Decenibei. 31 Deceixber 2023 2022 Noles Income from: Donations Invesiment income Other income Cliurliable ocilviiles.. Education media Infonnation and education 1,892,154 951.805 7.400.233 810,792 4,646 11.542 1,097.000 2,540 1.113,280 Total income 3.952.501 9,331,491 ExpeDdilure on: Cliarilable acilvilies Education media Informaiion and education 24,573 1,749.632 5.293 3,092,193 Doiiatlonspuid 13,404 1,378,740 Total expenditure 1,787,609 4.476,226 Net income for the year 2,164,892 4,855,265 Funds brought forward 47,033,405 42.178.140 Funds carried forward 49.198,297 47,033.405 13
Radha Soami Satsang Beas British Isles Consolidated Statement of Financial Activities (including Income and Expenditure Account) For The Year Ended 31 December 2023 Consolidaled Sialement of Tolal Recognised Gains and Losses For The Year Ended 31 December 2023 Unreslricted Funds Year ended Year ended 31 December 31 Decenibe 2023 2022 Noles Net movement in funds forthe year 2.164,892 4,855,265 Total gains recognised 2.164,892 4.855,265 All incoming resources and resources expended derive from continuing activilies. The atlached notes form part of these accounts. 14
Radha Soami Satsang Beas British Isles Consolidated Balance Sheet as at 31 December 2023 31 December 31 Deceinbei. 2023 2022 Noies Fixed assets Tangible fixed assets Inv¢slmenls 58.566,972 2,618,330 54,543,412 2,618,330 61,185,302 57,161,742 Current assets Sto¢k Debtors Cash ai bank and in hand 39,876 331,060 1,152,041 30,163 520.029 1,514,984 1,522,977 2,065,176 Current liabillties: amounts falling due within one year (8,665,490) (2,022,906) Net current liabilitiesl a55etS (7,142,513) 42,270 Total assets less current li8bilities 54,042,789 57.204,012 Creditors: amouiils falling due more than after one year 12 (4,844,492) (10.170.607) Net assets 49.198.297 47,033.405 Repr¢s¢nted by: Funds and re5erv¢s Reserv¢s 13, 14 49,198,297 47,033,405 Total funds and reserves 49.198,297 47.033,405 The financial statemenls were approved by the Board of Trustees on slgned on ils behalf b were Mrs S Naidoo (Chairp The attached notes fom) part of these accounls. 15
Radha Soami Satsang Beas British Isles Charity Balance Sheet as at 31 December 2023 3J December 31 Decejiiber 2023 2022 Noles Fixed a5sels Tangible fixed assers Investments 37,571.249 7.826.731 34,186,104 7.826,731 45.397,980 42.012,835 Current assets Stock 39.876 113.165 439,170 30,163 483,288 1,051,129 Debtors Cash at bank and in hand 592,211 1,564.580 Creditors.. amounts falling due within on¢ year (6,529.331) (668,335) Net current liabilitiesl assets (5,937,120) 896,245 Debtors.. amounts receivable after more than one year 10 23,427,738 22,685,449 Creditors.. amounts falling due after more than one year 12 (4,844.492) (10.170.607) Nel asset5 58,044,106 55,423,922 Represented by: Funds and reserves Unrestricted funds Net movement in funds for the year 13 55.423,922 2,620,182 48,900,038 6.523.884 13 Total funds and reserves 58.044,106 55.423.922 The financial statements were approved by Ihe Board of Trustees on signed ils behalf by.. . and were Mrs S Naidoo (Chairperson) Th¢ atta¢hed notes fonn part of these accounts. 16
Radha Soami Satsang Beas British Isles Consolidated Statement of Cash Floivs for the year ended 31 December 2023 31 Decembei. 31 DeceiKber 2023 2022 Notes Net cash inflow frow operating activities 15 9.195.654 6.516.327 Cash flows from investing aclivilies Interest received Rents rec¢iY¢d Payments to acquire tangible fixed assets 103,866 81,174 847.938 729,618 (5,184,286) (2,505,430) N¢t cash outflow from Investing activities (4,232,482) (1,694,638) Cash nows from financing activities Receipts from new long term loans Transfer lo Current Liabiliiies Repayments of loan 1,783,450 (6,009,135) (1,100,430) (5,544,767) Net cash outflows from financiJ)g aclivities (5.326,115) (5.544.767) Net increase / (decrease) in Cash and Cash Equivalents (362,943) (723,077) Cash and cash equivalents al the beginning of the year ,514,984 2,238,061 Cash and cash equivalents at the end of Ihe year ,152,041 1,514,984 Cgsh and ¢9sh equivale18 consist of: Cash at bank and in hand 16 1.152.041 1,514,984 17
Radha Soami Satsang Beas British Isles Note5 To The Accounts For Th¢ Year Ended 31 December 2023 ACCOUNTING POLICIES Basis ofprepdrfflioii The financial slatemenis of the Charity, have been prepared under the historical cosl convention in accordance iviih the FinancTral Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102), the Accounting and Reporting by CharitTe5'. Statement of Recommended Practice applicable to charities preparii)g their ac¢ounlS in accordance with the Financial Reporting Standard applicable in the United Kintsdom and Republic of Ireland (FRS 102) Charities SORP (FRS 102). the Charities Act 2011, The Charities (Accounts and Reports) Regulations 2008 and the Charities and Trustee Investment (Scotland) Aci 2005. The Chariiy meets ihe definition of a public benefit entity under FRS 102. These financial statements are prepared in Sterling, which is the functional currency of the Charity. Monetary amounls in these financial stalements are rounded to the nearest £. The principal accounting policies adopted in the preparation of the financial statements are set out below. Groupfiiioiicial slalenieiils The financial slalements consolidate ihe results of the Charity and ils wholly owned subsidiaries on a line- by-line basis. A separate Statement of Financial Activities and Income and Expenditure Account for the Charily has not been presented because the charity has taken advantage of the exemption afforded by Companies Act 2006. s. 408. Fuiid aceouiiilii8 General funds are unrestricled funds, which are available for use al the discretion of the T51¢¢S in furtherance of the general objeclives of the Charity and which have not been designated for other purposes. Designated fund5 comprise unrestricied funds ihai have been sei aside by the Trustees for particular purposes. No such funds exist al the yearthend. Restricted funds are those funds which are to be used in accordance with specific instructions imposed by donors or which have been rdised by ihe Charily for particular purposes. There are w)0 such funds at Ihe year-end, Investment income and gains are allocated to the appropriate fund. There are no such funds at the year- end. Incomiiig resources All income is recognised in the Statement of Financial Aciiviiies once ihe Charity has entitlement to the funds, it is probable thal the income will be received and the amount can be measured reliably. Donalions are accounted for in the period of receipt. No amounts are included in the financial statements for services donated by volunteers. No income is recognised when there is no financial cost borne by a third party. Donated assetslfacililies are included at the value to ihe Charity where this can be quantified. All incoming resources ar¢ included in the financial siatemenls when the Charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Donations in cash are recognised when the donation is received. Donations under the Gifi Aid schemes are recognised when Ihey are received. Investment income includes rental income and bank interest. Rental and oiher income is recognised when receivable. Bank interest is recognised ivhen received. For legacies, entitlement is taken on a case by case basis as the earlier of the dhte on which.. the Charity is aware that probale has been granted, the e5tale has been finalised and notification has been made by th¢ execuior{s) lo the Charity that a distribution will be made. or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be ni¢asured reliably and the Charity has been notified of the executor's intention lo make a distribution. If Ihe legacy is in the form of an assel other than cash or an asset listed on a recognised stock exchange. executives are requested to donale the cash ¢quivaleni to the Charity. 18
Radha Soami Satsang Beas British Isles Notes To The Accounts For The Year Ended 31 December 2023 ACCOUNTING POLICIES (continued) For grants, income is recognised when Ihere is evidence of entiilement to the gift, receipt is probable and ils amount can be measured reliably. Evidence of entitlement will usually exist when the formal offer of funding is communicated in writing lo the charity. Granl income is recognised when th¢ charity incurs eligible expenditure to fulfil the grant's prupose. Unrestrieted grants may be recognised upon receipt if expenditure is expected to the incurred. Grant conditions and matching requirements must be met before income recognition. Resources pellded Liabilities are r¢cognised a5 expenditure a5 soon hs there is a legal or constructive obligalion committing the Charity to that expenditure. it is probabl¢ Ihat a transfer of economic benefits will be required in settlement and Ihe amount orth¢ obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been Glassifled under headings that aggregate all cost related to the calegory. Where costs cannot be directly attribuled to particular headings they have been allocated to activities on a basis consistent with the use of resources. Governance costs are those incurred in connection with administratlon and compliance with eonslitulional and statutory requirements. Costs associated with the charitable activilies have been in¢uryed directly in support of the objectives of ihe Charity. Siock Sto¢k of books, audio and visual materials are included at the lower of cost or net realisable value. Donated items of books. audio and visual malerials are not included in the financial Slatements as these are made available free of charge. Fixed Assels (i) Laiid & Buildiiigs Land and buildings are valued at the lower of Cost or valuation. Land and buildings are depreciated in order to write doivn the cosi less estitnated residual value over the eslimaled residual life by equal annual instalments. Depreciation has been charged at 2Q/o per annum on straight line basi5. No depreciation 15 ¢harg¢d on long leasehold land owned by the charity. Equipment Is capilalis¢d and depreciated on a 25 % r¢ducing balance method. Tents are d¢pre¢iaied over their expected useful life at 6 /0 per annum Significanl assets are amortised over (heir use] life. Assets under Construction are held at Cost and these asseis are not depreciated. On completion. the a55ets are transferred io their respeciive class and Ihe depreciation rate applicable to their resp¢clive class of asse( is applied. Additions or Improvements io land and buildings are capitalised. All Tepairs and renewals expenditure for the Land & Buildings is charged to the Income & Expenditure for the year in which incurred. (li) Local Ceiilres Equipmeni for local Cenlres where meetings are held is written off in the year in¢urred. fiii) Soelal Beiiefil Land and buildings for which ihe Charily receives rental income are stated at cost on ihe basis that these properties are held for social benefit under FRS 102 para 16.3A. (Iv) Inipulrnieiil At each reporting period end, the Charity reviews the carrying amount of its tangible fixed assets and invesimenls to deterniine wheiher there is any indication that those assets have suffered an impairment loss. Any impairment loss arising is ¢harged to the statement of financial activities in the year to which it relates. 19
Radha Soami Satsang Beas British Isles Notes To The Accounts For The Year Ended 31 December 2023 ACCOUNTING POLICIES (coiitinued) Fired Assels liiveslhienls Fixed assets investments are stated at ¢osi or valualion. The T$¢CeS perfonn a review of the carrying value of the investment in the subsidiary undertaking lo reflect the valuation of the investments. Goiiig Concerii Ai the lime of approving the financial statements, the Trustees have a reasonabl¢ ¢xpectalion Ihal the Chariiy has adequate resources to Continue in op¢ralional exislencc for the foreseeable future. The validity of this assumption is on the basis that the Trustees will monitor risks faced by ihe Charity and that they consider (hal there are no material uncertainties about the Charity's ability to Continue as a going concern. The Trustees consider thai there are no sources of estimation un¢ertainty at the reporting dale that will have a significanl risk of causing a material adjuslment to the carrying amounts of assets and liabilitie5 within the next reporting period. Fiiiaiiclal iiislruipieiits The Chariiy ha5 elected to apply the provisions of Scction I I 'Basic Financial Inslrumenls, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of ils financial instrumenls. Financial instruments are recognised in ihe Charity's balance sheet wh¢n the Charity becomes party lo the contractual provisions of the instrument. Financial assets and liabilities are offset. wilh the net amounts presented in ihe financial statements, when there is a legally enforceable right to Set off the recognised amounts and Ihere is an intention to settle on a net basis or lo realise the asset and settle the liability simultaneously. Bosicfiiiaiicial assels Basic financial asset.8, which include debtors and cash and bank balances, are initially measured at the Iran5action pric¢ including transaction cosis and are subsequently carried at an)ortised cost using the etrective interest method unless the arrangement constitutes a financing transaclion, Ivhere the Iransaciion is measured at the present value of the future receipts discounted at a market rale of iiiteTest. Financial assets classified as receivable within one year are not amortised. Clas&lf¢ctslion olfiiiaiiciffll liabiliiles Financial liabilities and equity instruiiients are classified accordin8 to th¢ substance of the contractual arrangements entered into. An equity instrument is any contraci that evidences a residual interesl in the asset5 of the company after deducting all of ils liabiliiies. Baslefiiiupiciul liobililies Basic financial liabililies, including creditors, and loans, are initially recognised at the transaction price unless the arrano¢ment Conslitules a financing transaction, where the debt inslrumenl is measured at ihe present value of the fuiure payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not ainortlsed. Trade creditors are obligations lo pay for goods or services that have beeii acquired in the ordinary Course of business from suppliers. Amounts payable are classified as current liabiliiies if payment is due within one year or less. If nol, they are presenied as non-current liabilities. Trade Creditors are iniiially recognised at transaction price aiid subsequenily measured at amortised cost using the effective interesl meihod. Foreign currencies Assets and liabilities in foreign currencies are translated into sterling al the rates of exchange ruling al the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling ai the dale of iransaction. Exchange differences are taken into ac¢ouni in arriving at tl)e operating result and included in other comprehensive incoine when arising from overeas operations. 20
Radha Soami Satsang Beas British Isles Notes To The Accounts For Tbe Year Ended 31 December 2023 ACCOUNTING POLICIES (continued) Leases and hire purcliase The Charity has leases in place for buildings at whicli weekly meetings are held. The income from these leases are included in the SOFA in the period in which they are receiveable. JudgeHieiils aiid key sources of esilmaiion uiicerluipily In the application of the Charity's acrounting policies, the Trustee5 are required to make judgemenl5. estimates, and assumptions about the carrying amount of assets and liabilities that are not readily apparen from olher sources. Th¢ eslimaies and a550ciated assumptions are based on historical experience and otlier factors thal are constdered to be relevanl. Actual resulis may differ from these estimates. The estimates and underlying assumptions are reviewed OYJ an ongoing basis. Revisions to accounting estiinates are recognised in the period in which the estimate 15 revised where the revision affects only that period, or in the period of the revision or future periods where ihe revision affects both current and fulure periods. INCOME TAX The charity is exempl froin income tax on its charitable aciivilies. INVESTMENT INCOME Yeai. ended Year eNd¥d 31 Deceiilbei. 31 D¢ceJiiber 2023 2022 Rental income Bank interesi 847,938 103,866 729,618 81,174 951,805 810,792 EDUCATION MEDIA COmE AND COSTS Year ended Year ended 31 Deceinber 3J December 2023 2022 Education media income Education Inedia costs 11,542 (24,573) 2,540 (5,29i) Net (Cost) (13,031) (2,753) 21
Radha Soami Satsang Beas British Isles Notes To The Accounts For The Year Ended 31 Decemb¢r 2023 INFORMATION AND EDUCATION Yeai. elided Year ended 31 DeceiKber 31 December 2023 2022 Information and education income 1,097,000 1,1 13,280 1,097,000 1.113.280 Year ended rear ended 31 December 31 December 2023 2022 Inforniation and education expenses Meeting related expenses Depreciation Repairs and renewals Finance Charge5 Foreign exchange losses / (gains) R¢valuation losses / (gain) Audit fees 622,013 1,160,725 149,277 119,773 (303,559) 378,828 1,085,707 520,956 1.101.506 189 4,897 1,403 1.749,632 3.092,193 DONATION PAID Year ended Year ended 31 Decembei- 3] Decenibej. 2023 2022 Donaiions paid 13,404 1,378.740 13,404 1,378,740 22
Radha Soami Satsang Beas British Isles Nott5 To The Accouttts For The Year Ended 31 December 2023 7. TAf4GIBLE FIXED ASSETS Consolidoi¢d Ledsekold AJsEfs Equipme1& BuildtJ7gs Land Tenl COST As Lt l January 2023 Additions 50.695,096 2,568,919 3,624.985 1.213.286 11.766,258 2.621.372 1.544,745 16.005) OS.844370 5,184.286 As ai 31 Deeember 2023 53,264,015 3.624,985 1.213,286 14,387,630 ,538,740 74,028,656 DEPRECIATION As ai l January 2023 Charg¢ forth¢ year 11,994286 1.011245 .134,669 78,617 1,172,OD3 70.864 14.31y),958 I.160,6 As at 31 December 202J 13.005.531 1213.286 1,242,867 15,461.684 Net Book Volwt A$ai 31 De£emb¢r2023 40.258,484 3.624.985 14.387,630 ?95.876 58,566,972 As ai 31 D¢ttmber2022 38.700.810 3.624.985 78.617 11,766,?58 372,742 54,543,412 LoRd & bNlldlvRs.' The Charity owns wptrties l(Kaied in ihE following regtons.. Bedford$hire: Souihall.. Birmingharn., Leeds: Leice$ier: Derby., Bolton,. Coventry: GIg0W.. Reggio Emilia, Iialy and Nicosia, Cyprus. The 5tsbsidiary companies 0.n properties in Villeneuve, Franry", Aih¢ns, Greett and Prasu¢. Cz¢ch Republi AssasuTrdercvN51rwcrlon: This Teflects on-going improvemenis lo ihe infrasmthure of the l$od and buildings and le8s¢hold18nd. 23
Radha Soami Satsang Beas British Isles Notes To The Charity Statement of FinanciAI Activities For The Year Ended 31 December 2023 7.1 TANGIBLE FIXED ASSETS Chority Land& Asseis linder Eqziipmeni & Fiii'niliire Buildings Teni Consli-uclion Tolal COST As at l January 2023 Addilions 36.803.242 2,563,801 1,213,286 5.795.921 1,730,729 831,227 44.643.676 4,294,530 As at 31 December 2023 39.367,043 1,213,286 7,526,650 831.227 48,938,206 DEPRECIATION As at I january 2023 Charge for the year 8.667.528 786,804 1,134,669 78,617 655,375 43,963 10,457,572 909,384 As ai 31 December 2023 9.454.332 1,213,286 699,338 11.366,956 Net Book Value As at 31 December 2023 29.912.711 7.526.650 131.889 37,571.249 As ai 31 December 2022 28,135,714 78,617 5,795,921 175,852 34,186,104 Laiid & buildiiigs.. The Charity owns properties located in the following regions.. Bedfordshire. Southall. Birinirbgham: Leeds. Leieester. Derby- Bolton- Coventry: Glasgow: Reggio Emilia. lialy and Nicosia. Cyprus. Assels uiider coiislrilclioii: This reflects on-going improvements to the infrastructure of the land and building5. 24
Radha Soami Satsang Beas British Isles Notes To The Charity Statement of Financial Activities For The Year Ended 31 December 2023 INVESTMENTS Consolldaled Office Block Part of the property in Southall, Ihe offi¢e block, is oivned by RSSB Souihall Limited, a wholly oivned subsidiary of th¢ Charily. The office block is leased to a Ihird party. This part of the property is classified 5 ali investment. li was valued by the Truslees al the y¢ar end. Industrial Unit The Charity owns three properties in Birmingham classified as inveslments which are leased lo third parties. In addition, the Charity has a lease for 501ar panels on its investment in Greece. 31 December 31 December 2023 2022 As at l January 2.618,330 2,618.330 As ai 31 De¢ember 2,618.330 2.618.330 The Charity carries out an annual review of its investments. Details of the investinent in which the Trustees of RSSB Brilish Isles hold more than 10 % of Ihe nofftinal value of any class of share capilal 15 as follows., Pi'oporlioii o llo112 Riglils & S17ai-es l.le COnIrY of 151rliOn Nature of Biisines Holdiii RSSB Southall Lid. England Ordinary Share5 IOOO/o Properi). Management Euron D¢v¢lopmenls Ltd. England Ordinary Shares IOOVO Propcrt). Manugemcnl l)rop¥rl)' ManJg¢menl Pioperty Managcment Prop¢rt)' Manag¢meiit Dormanl Euron Dei'elopn)eiil% {frdn¢e) Ltd. England Ordinary, Shares IOOO/o RSSB CZ sro CiLch R¢publi¢ LLC Athina Moulalaski SA Greccc Ordinary Shar¢s RSSB IBclgium} Lid England Oidinary Shares 1000 25
Radha Soami Satsang Bcas British Isles Notes To The Charity Statement of Financlal Activities For The Year Ended 31 Decelnber 2023 INVESTMENTS (continued) Cliarity 31 Deceinber 31 Deceniber 2023 2022 As at l January 7,826,731 7,826,731 As at 31 De¢ember 7,826,731 7,826,731 The Charity holds 2 ordinary shares of £1 each in RSSB Souihall Llmiled, which are held by the Trustees of Ihe Radha Soami Sat5ang Beas British Isl¢s, The Trustees of Radha Soami Satsang Beas British Isles holds 100 ordinary shares of £1 each in the following Companies l ) Euron D¢velopmen15 Lid. 2) Euron Developments (France) Ltd. The Charity holds 6.723.881 ordinary shares of one Euro (E) each in Athina Moutalaski SA. which are h¢ld by the Trustees of Radha Soami Sat5ang Beas British Isles. DEBTORS: amounts receivable within one year Consolidaled Choyily 31 December 31 De¢¢iiiber 31 December 31 December 2023 2022 2023 2022 Sundry debiors Prepayments 320,352 10,709 476,859 43.170 102.604 10.561 440,118 43,170 As at 31 December 331,060 520,029 113,165 483,288 26
Radha Soami Satsang Beas British Isles Notes To The Charity Statement of Financial Activities For The Year Ended 31 December 2023 10. DEBTORS: amoun15 reccivable after more than one year Consolidaled Chai'ity 31 December 31 December 31 Deceniber 31 De¢einber 2023 2022 2023 2022 Amounts owed by subsidiary undertaking5 23,427,738 22,685.449 At 31 December 2023 the Charity had loans due from RSSB Southall Limited of £470,524 (2022: £478,226). Euron Developments Ltd. of £11,195,136 (2022.. £10,170,198). Euron Developments (France) Limited of £10,551.839 (2022.. £10,814,859) and RSSB.CZ.sro £1,210,240 (2022- £1,221,566). CREDITORS: amounts falling due within one year Consolidaled Charity 31 Deceinber 31 De¢einber 31 December 31 Deceinber 2023 2022 2023 2022 Trade credilors Other creditors 331,475 .334,015 175.671 1,847,235 290,718 6.238,61J 161,763 506,572 As at 31 December ,665.490 2,022,906 6.529.331 668,335 12. CREDITORS: amounts falling duc more than after one y¢ar Consolidaled Chai'ity 3] Decepiib¥r 31 Deceniber 31 Decepnber 31 Deceipiber 2023 2022 2023 2022 Loans payable after more than one year 4,844,492 10.170,607 4,844,492 10,170,607 As at 31 December 4,844.492 10,170,607 4,844.492 10.170,607 The group has received loans from other Charities with similar objectives lo ils own. The loans are subject to loan agreements between Ihe Charity and ils lenders. The loans are unseeured. Repayment terms are up to 5 years at interest rai¢s ranging from 00/0 lo 6%. The loans are renewable for funher lernis by negotiation ai the prevailing interest rate. 27
Radha Soami Satsang Beas British Isles Notes To The Charity Statement of Financial Activities For The Year Ended 31 December 2023 13. STATEMENT OF FUNDS C017solidated Charity 31 Decepnber 31 December 31 December 31 December 2023 2022 2023 2022 General reserve (Unreslri¢ted funds) As at l January Income Expenditure 47,978,85i 43,123,588 3.952,501 9.331.491 {1.787,609) (4,476.226) 55,423.922 48,900,038 3.696.575 9,281,534 (1,076.391) (2,757,650) As at 31 December 50,143,745 47.978,853 58,044,106 55.423.922 Non Distributable reserve (note 14) (945,448) (945.448) As at 31 December 49,198.297 47,033.405 58.044,106 55,423,922 The General reserve represents the free funds of the Charity, which are not designated for particular purposes. 14. NON DISTRJBUTABLE RESERVE Copisolidaled chai.ity 31 December 31 December 31 Deceinber 31 Deeeinber 2023 2022 2023 2022 As al l January Trdnsf¢r lo non-distribulable reserve 945,448 945,448 As ai 31 De¢ember 945.448 945,448 The consolidated revaluation reserve disclosed an ainounl of £945,448 in the balance sheet relating to the Charities. investinertts. In accordance with FRS 102, the revaluation reserve has been moved to a non- distributable reserve within relained earnings. 28
Radha Soami Satsang Beas British Isles Iyotes To The Charity Statement of Financial Activities For The Year Ended 31 December 2023 15. RECONCILIATION OF NET INCOME I (EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES 31 December 31 Deceinber 2023 2022 Net income l expenditure for the year Non-operating income Interesl recetvable 2,164,892 4,855,265 (103,866) (847,938) {81,174} (729,618) Rent received Non-cash Adjustmenls Depreciation charge for the year Decrease)l (Increase) in stock (Increase) I de¢rease in debtors (Increase) I decrease in creditors 1,160,725 (9,713) 188.969 6.642,585 1,085,707 1,288 ,409,233 (24,374) Net cash flow from operating activities 9,195,654 6,516,327 16. ANALYSIS OF CASH AND CASH EQUIVALENTS Ai J Janiiaiy Cashflows 2023 31 Decembei" 2023 2023 Cash ai bank and in hand 1,514,984 (362,943) 1,152.041 Total cash and cash equivalents 1.514,984 (362,943) 152,041 29
Radha Soami Satsang Beas British Isles Notes To The Charity Statement of Financial Activities For The Year Ended 31 Deeember 2023 17. SUBSIDIARY UNDERTAKINGS The Tru51ees of Radha Soami Salsang Be2s British Isles have the following share holdings at 31 December 2023.. Entity Type Nos. of shares Value Interest RSSB Soulhall Ltd. Ordinary £1 Euron Developments Ltd. Ordinary 100 £1 IOOO/o Euron Developments (France) Ltd. Ordinary 100 £1 Athina Moulalaski SA. Ordinary 6.471.448 RSSB.CZ sro Partnership NIA NIA Subsidiaries, accounls are fully consolidated and all inlra-group balances, transactions, income and expenses are eliminated on consolidation. 17. SUBSIDIARY COMPANIES RSSB Souiliall Liil. 31 Decen7bei' 3] Deceinber 2023 2022 Income Expenses 231,558 (231,670) 211,872 {215,892) Net (loss)Igain for the year (112) (4,020) The aggregate of the assets, liabililies and deficits was: 31 De¢einbei' 31 December 2023 2022 Assets Liabilities 1.458.187 (688.027) 1.432,237 (661,965) Net (liabilitiesyassets 770.160 770,272 30
Radha Soami Satsang Beas British Isles Notes To The Charity Statement of Financial Activities For The Year Ended 31 December 2023 17. SUBSIDIARY COIIIPANIES (Continued) Euron Developments Lld. 31 Deceiiibep. 31 Decen7ber 2023 2022 In¢ome Expenses 26,712 (204,202) 4,646 (175,812) Net loss for the year (177,490) (171.166) The aggregate of the assets, liabilities and deficits was,. 31 December 3] December 2023 2022 Assets Liabilities 10,807.873 9,738,923 (11.446,856) (10.200,416) Net asseis (638.983) (461,493) Euroii Developinenfs {Froiice) Lid. (coiisolldoted) 31 Deceinbei. 31 Deceinber 2023 2022 Income Administrative expenses 570,267 467.366 (820,477) (1,405.831) Net gainl (loss) for the year (250,210) (93 8,465) 31
Radha Soami Satsang Beas British Isles Notes To The Charity Statement of Financial Activities For The Year Ended 31 December 2023 17. SUBSIDIARY COMPANIES (Continued) Euroii Developnieiits (Fraiice) Lid. The aggregale of the assets, liabilities and deficits was.. 31 December 31 Deceinber 2023 2022 Assets Liabilities 6,103,101 6,297,728 (11.307.611) (11,252,028) Net liabilitics (5,204,510) (4,954,300) Ailiiiia Moulnlaskl SA 31 Deceinber 31 Deceinber 2023 2022 ncome 189,269 (212,974) 160,085 (573,520) Administrative expenses Net income l (loss) for the year (23.705) (413.435) The aggregate of the assets, liabilities and deficits was.. 31 Decembei. 31 DeceiiibeF' 2023 2022 Assets Liabilities 4.389,519 4.410,739 (1.150.951) (1.148.466) Net assets 3.238,568 3,262,273 32
Radha Soami Satsang Beas British Isles Notes To The Charity Statement of Financial Activities For The Year Ended 31 December 2023 17. SUBSIDIARY COMPA]¥IES (Continued) RSSB Czsro 31 December 31 December 2023 2022 Other income Administrative expense5 41.708 (40,608) (146,781) Net profitl (loss) for the year 1.099 (146,781) The aggregate of ihe assets, liabilities and deficits iyas: 31 Deceinbei. 31 December 2023 2022 Assets Liabilities 638,668 648,895 (1,210.240) (1.221,566) Net liabilities (571.572) (572.671) 18. RELATED PARTY DISCLOSURE All related party transactions are as follows: Mrs S Naidoo (Chairperson), Mr S Taggar, Mr M Mahtani and Mr V Gibbons are also directors of RSSB Southall Limited and Euron Developmenls Limited. The Charity provided these companies with long- l¢rm loans. Mrs S Naidoo (Chairperson), Mr M Mahtani and Mr S Taggar are also directors of Euron Developmen15 (France) Limited. The Chariiy has inter-company balances with the company. The Trustees noted on page I, are also related parties. There were no transactions between the Trustees, or any persons connected io them, and the Charity. 33