Radha Soami Satsang Beas British Isles Consolidated Report of the Trustees and Audited Financial Statements For The Year Ended 31 December 2024 Charity No: l 013061 (England and Wales) Charity No.. SC050385 (Scotland)
Radha Soami Satsang Beas British Isles CONTENTS Page Charity inforrnalion Truslees, annual report Independent auditors, report 10-12 Consolidated statement of financial activities 13-14 Consolidated balance she Charity balance sheet 16 Consolidated Cash flow stalemeni Notes to the accounts 18-34
Radha Soami Satsang Beas British Isles CHARITY INFORMATION REGISTERED CHARITY NO. 1013061 BOARD OF TRUSTEES Mrs S Naidoo - Chairperson Mrs L R M Davidson - resigned 31 December 2024 Mr D Paul Mr M Mahtani - appointed l May 2024 Mr S Taggar Mr S S Deo - resigned l May 2024 Mrs D Morar- appointed l January 2025 AIIDITORS Jassal and Company Chartered Accountants & Registered Auditors Unit 2 Hatherton c.ourt 21 Hatherton Street Walsall WS4 2LA BANKERS National Weslminsler Bank plc Black Lion14ouse 43 Whilechapel Road London EI IDU LEGAL ADVISOR Excel Law Whilems Works Ilford IG6.IHJ 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 2024 The Trustees subniit Iheir annual report and the audiled financial slalemen15 for the year ended 31 December 2024. The financial stalements have been prepared in accordance with applicable laws and regulations, Ihe accounting policies set oul in noie I lo Ilie ac¢ounls and coiiiply iyiil) Ilie Cliarity s Trust Deed, The Charities (Accounts and Reports) Regulations 2008, The Charities Aci 201 I, The Charilies and Trustee Inveslmenl (Scotlandl Act 2005 and ihe Staiemenl of Recommended Practice- Accounting and Reporting by Charities.. SORP 2015 applicable to charities preparing iheir accounts in accordance with FRS 102. Objectives and 4ctivities Objectives The Charity's main objective is lo advance the tenets and principles of thc Radha Soami faith as t2Ltght by the Patron of the Radha Soami Colon), of Dera Baba Jaimal Singh Ji, Beas, Punjab, India for the spirilual and moral advancement of humanity wiihout any distinction for caste, colour or creed and religion; and for such oiher charitable purposes as may from lime to lime be determined by the Trusiees in consultation with the Patron. In the Indiiin languagye. Radha Soaini, means "Lord of the Soul" 5alsang describes a group ihal seeks truth. Radha Soami is a path of spiritual development which slipulales a vegelarian diel, abslinence from intoxicants, a moral way of life and ihe practice of daily meditation. To suppon ils objectives the Charity is in contact with other charities with similar objectives and makes ils premises available for holding meetings lo explain the Radha Soam i teachings. Rent is charged for making these premises available for holding such meetings, sufficient lo cover ihe upkeep and maintenance of ils properties to a suiittble slandard. From lime to time the Charity will acquire additional property or properties in Ilie UK, Ireland and in Europe suitable for pursuing and extendin&¥ ils chariiable aclivities. The Charity slipulales ihal no chhrbie should be made for attendinsj any meetings held al ils preinise5. The Charity commissions. edits. publishes, and distribute5 lileraiure and other media relating to the Radha Soami leachings for the benefit of any members of the general public who may be inleresled. The Charity infornis its members and the public about its spiritual message by the distribution of ils lileralure and other media and publishes a worldwide monihly magTazine, 'Spirilual Link" which is available on-line for free download or in hardcopy by subscription al cost. The Charity siipervises the editorial ¢ontenl of manuscripts on spirituality and religion for Spiritual Link and also plays an important role in the launch of new publications on the Radha Soami teachings. The Radha Soami teachings support the belief that the body is the temple of ihe living God and a precious gift which can be used for the benefit of fellow human beings. Accordingly, the Charily infomjs and raises awareness of the importance and merits of organ donations lo fellow human beings Ihrough the distribulion of inforniative literature and promotional films. The Charity works with the NHS from lime lo timc lo promote the importance ofgiviftg blood and organises blood donations by its members and the public gencrally. Public Benefit The Trustees are aware of the Charity Commission's guidance on public benefit reporting as set oul in Seclion 17 of the Charitl¢s Acl 201 l and Section 7 of the Charities and Trustees Investment (Scotland) Act 2005. The Trustees confim) that it5 objectives and activities of pr()moting Ihe spiritual and moral advancement of humanity as described in this report are for the general benefit of ihe public.
Radha Soami Satsang Beas British Isles Trustees, Annual Report For The Year Ended 31 December 2024 Activities Propei-lies One of the primary activities of the Charity is lo acquire and develop properties and make them available to oiher charities, with similar objectives. for (he purpose of holding meetinbFS where discourses on the Radha Soami teachings are given. The c.harity is pleased to report that meelings were held at all its available properties. In addition, in August 2024, evenls look place ai Haynes Park where discourses on the Radha Soami faith as well a5 Queslion and Answer sessions were delivered by Ihe Patron. Construction work ai the Charity's sile in East London was ¢ompl¢led in April 2024 and weekly meetings are being held. The Lonsiruciion in Central London, Camden conlinued during the 2024 year and was scheduled lo be completed in the firsl half of 2025. Subsequent lo the successful conclusion wilh the granting of full planning perniission in 2021 for Ihe construclion of a meeting hall lo replace Ihe temporary lent slru¢iure. the Charity, h&s moved inlo the Construction phase with the appointment of professional teams in¢luding a projecl manager, main ¢onlraclors and oiher professionals. The projeci remains on schedule and wiihin budgei. During the year Ihe Charity acquired a property in Belgium and will make il available lo hold meetinb7s in line wilh 115 charitable objectives. All volunteers canying out this work are trained and siipervised to comply with the Charity'& Health & Safety re¥ulalions. The Charity owns propertie5 throughoul the United Kingdom al locations selected for their proximily and convenience to local followers of the Radl)a Soami teachinbis and to anyone inleresled in learning) more about the teachings. The Trustees are confident that the development project and the property acquisitions will provide the amenilies necessary lo hold meetings where the Radha Soami teachings are given. In addition to its properties in the United Kingdom the Charity owns properties in Europe. In particular. the Charity and ils subsidiaries now own properties in Reggio Emilia, Italy. Athens, Greece. Villeneuve, France and in Prague. Czech Republic and Cyprus. All these properties are used, or will be used when commissioned. solely for holding meetings where Ihe Radha Soami teachings are explained and for other charilable 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 organi5aiions with similar objects. As in pasl years, maintenance and improvement work continued lo be undertaken lo ensure that the Charity's faciliiies, a fit for purpose and to ensure compliance wilh the Health & Safety requirements at the Charity's owned properties. Publicalions The Charity continues the project lo record and distribute audio book versions of key titles in ils range of literature on the Radha Soami teachings. Fa¢ililies were made available for volunteers to make recordings of various books. The projecl will contitkue into tlie foreseeable future. New books. all relating to the Radha Soami teachings, were published and distributed during ihe year.
Radha Soami Satsang Beas British Isles Trustees, Annual Report For The Year Ended 31 December 2024 The ('harity continues lo publisl) and distribute a H'orldwide Inontlily magvazine. 'Spirilual Link" which is available on-line for free download or in hardcopy by subscriplion al cost. Organ blood donaiion The Trustees were able to hold blood bank sessions in Seplember 2024. Inforn)aiion aboui orgarb donations was dislribuled through literature and film preseniations al the event in August 2024. Promoiion of both ihese core values will continue lo be key aciivities of ihe Charity into th¢ future. 2. Risk management The Truslees have considered ihe major risks lo whi¢h the Charily and 115 subsidiary undertakings are exposed and have satisfied ihemselves that systems or procedures are established in order lo manage those risks. The Trustees acknowlcdge their responsibility to manage risk associated wilh ihe aclivilies of the Charity and ils subsidiary undertakings and during7 the year have considered the major risks Ihal may have a probable or highly probable likelihood of occurring. The areas of consideration included gyovernance, operalions, finances, environmental and exiemal factors lind Ihe Charity's compliance with laws and regulalions. The Trustees identify risks using various processes. Risk assessments are used to conducl health and safety reviews. The Internal Audit function conducts periodic review5 lo check the effectiveness of the Control environment and ensure compliance wilh policies and procedures. The Internal Audil team will be moniloring the reporting involved with the lent replacement buildings as well as oiher projects as they arise. During Ihe year. Ihe Truslees considered the risks associaied with contracls, acquisition, and development of new premise5 in the Uniled Kingdom and in Europe, maintenance and refurbi5hmenl progrnmmes, loan- finance and Changes in compliance reporting required by Financial Reporting Standards. These were denlified as the principal risks and uncertainties facing the Charity and its subsidiary undertakings in the year. The Trustees considered the impacl of these risks on the financial perforniance and position of the Charity and its subsidiary undertakings and have implemented control systems to manage those risks, where appropriate. The Charity considered ils exwsure lo flucluaiions in the value of its foreign exchange denominaled loans. Most of these loans were not expected to fall due for paymenl in the near terni and had been entered inlo, lo fund property purchases. After due consultation the Charity decided nol to incur the expense of entering into rolling foreign exchange contracts to cover liabilities with as yet undeterniined maturity dates. Exposure lo potential losses arising from fluctuations in the value of foreign exchange denominaled loans is expected to be miligated by appreciation in the value of assets purchased for long temi use. Achievements and perform#nce The Charity completed the refurbishment and improvement programmes planned for the year with the help of tlie Charity's volunteers. Conslrvclion work is on-going at the C.liarity's siles in Central London, Caniden and in Haynes Pmrk. The Charity acquired a property in Cenlral London during the year as one of its primary activilies lo achieve its objeclive. The Charity acquired a property in Belgium during the year. The properties in Villeneuve, France and in Athen5. Greece are available for use as meeting halls.
Radha Soami Satsang Beas British Isles Trustees, Annual Rcpnrt For The Year Ended 31 December 2024 The Charity's siles in Reggio Emilia, Itkly. in Prague, Czech Republic and Nicosia, Cyprus serve exclusively as venues for the advancement of ihe tenets and principles of the Radha Soami faith. Refurbishment and improvement work will continue where necessary al other propertie5 owned by the Charity in the UK and in Europe. The Charity continued io support the promotion of organ donation by arranging for films to be shown and leaflels lo be distributed at an annual event held al Hayne5 Park. The Charity coniinues lo promoie blood donation in association with the NHS. The Charity conlinues to promote and encourage the spiritual dimension of human life and also lo encourage the mainlenance of a responsible, honest and healthy lifestyle and by so doing lo fulfil the objecliv¢ for which il was fomied. Flnanelal review All donations received, in money or in kind, are entirely voluntary. Donations in kind are accepted only if there is a genuine need for them and if approved by the Chairperson of Ihc Board of Trustees. Total income for the year was £1.3.138.343 (2023 £3.952.501). Income froni donations was £10,776,331 (2023 £1,892,154). Income from investments was £1,102.352 (2023 £951,805). The Charity distributed Books, Audio and Visual materials, giving inforn)alion aboul Ihe Radha Soami teachings, free of charge lo other chariiies. Infomialion and Education cosls of £1,618,072 (2023 £1,749,632) were incurred in providing and mainlaining facililies al the C.Iiarity's properties including deprcciation, finance costs and foreign exchange gains and losses. Finance costs the year of £92,567 12023 £119,773) represents inleresi on loans. Unrealised foreign exchangpe g¥ains or {lossesl on tran51alion of loans and foreign CUrncY 5ub5idiaries in Ihe year amounled lo £42,25112023 £303,559). all of which relale to monelary ilems. The Charity did not pay any remuneration to its Trustees. All volunteers provide their services free of charge. There was a surplus of income over expenditure for the year of £11,502.740 (2023 £2,164,892). This has been transferred to unrestricted reserves. The consolidated balance sheet shows iotal nel assets of £60,701,037 {2023 £49.198.297). Fixed Assets increased lo £60,878,69112023 £58,566.972) due to the acquisition of new properties and development of it5 existing properties for the purp05¢ of charitable aclivities including holding meetings. Accumulated general funds siood al £61,646,485 {2023 £50,143,745), all of which are unrestricied. Funds are not held for any specific purpose and any major expenditure is funded out of general unrestricted funds. The revaluation reserve ha5 been merged with the retained earning5 for the year, bul remains non- dislributabl¢. Since its fornialion in 1992. the Charity has seen ils aclivities grow significantly and has acquired a number of properties in the UK and in Europe. Most of these acquisilions have been funded from inlernally generated unrestricted funds, additional funding requiremenls provided by other charities. and by banks to support the Charity's existing and growing long temi as5ei base. The Charity is aware of Ihe potential foreign exchange exposure arising from the loans made to its Euro and Czech Koruna denominated assels held solely for long ierni charilable purposes. RSSB Southall Limited, Euron Developments Limited and Euron Developments (France) Limited are the Charity'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 ihree to four directors.
Radha Soami Satsang Beas British Isles Trustees, Annual Report For The Year Ended 3] December 2024 The Charity holds l 000/0 of the shares in Aihina Moutxlaski SA, a company registered in Gree¢e, and l OOO/o interest in RSSB CZ sro, a Liniiled Liability Corporation regislered in the Czech Republic. These two enlilies hold land and buildings in Ihe respeclive countries, which are or are intended to be used solely for charitable activities, including holding weekly meetings. Reserves Poliey The Board of Trustees continues lo follow a policy of acquiring properties which will be used for ¢arrying out tis charitable a¢tivities of holding meetings where discourses on the lenels of the Radha Soami teachings are given. Iniiially. fLinds for Ihese PLirchases were provided out of the Charity's accLimulated reserves. ai)d all of ils accumulated reserves have been deployed and fully ulilised in Ihe pursuil of its charitable objectives. More recently the Charity has turned lo sourcing external finance for purchases of suitable properties to be used solely for choriihble purposes. The Charily is fulfilling its aims through careful purchases in preference to renting and will continue to follow this strategy wh¢r¢ appropriate in the short lerni future. The Board of Trustees continues lo keep ils policy under review. 6. Plans for future periods The Charity will continue lo commission new literalure on the Radha Soami teachings. supervise the editorial conient of Ihe worldwide magazine. Spiritual Link, and dislribule and donate book5. audio and visual materials. The Charity will continue lo place books with public organisalions and with those in most need of this service. The Charity will continue its work lo raise awareness and promoie organ and blood donalions. The Charity will plan and carry out a¢livilies lo explain the Radha Soami teachingis and in doing so il will explore ways lo improve ils exisling facilities where meetings ar¢ held, lo provide for the comfort, safety and convenience of the general public who may wish lo altend. The Charity will continue to develop a work plan for the construction of the building to replace ihe temporary tent struclure currently used for the large meetings held annually at Haynes Park. This requires ¢on5ideration of the financial. material and manpower resources as well as the timescales involved in such a major project. The Charity will Continu¢ lo implemeni its programme of mainlenan¢e to improve the local Centre facilities and lo keep the UK properties in a good slate of repair. The Charity will conlinue to develop the newly acquired properties in the UK to make them suitable for holding weekly meelings. The C.harity's strategic aim is to advanc¢ the Radha Soami teachings in the UK and in Europe and io utilise ils wealth of experience in identifying. acquiring and developing properties and make them suitable for holding weekly meetings and related charilable purposes.
Radha Soami Satsang Beas British Isles Trustees, Annual Report For The Year F.nded 31 December 2024 7. Structurei governanee and struelure of the Boxrd of Trustees The c.harity was sel up under a Trust Deed on 22 July 1992, which is ils governing document. On 22 November 1999. Ihe Trustees registered the Cliarity under the name of "Radha Soami Sat$4ng Beas British Isles" with Ilie Charity Comn)ission. The Charity was registered by the Scottish Charity Regulalor (OSCR) on 20 January 2021, The eslablishmenl of the Charity's Board of Truslees and tlie position of Palron are laid out in the Trust Deed. The Trustees currently setving on the Board of Trustees are noted on page l of this report. Trustees serve for a lemi of six years and may be reappoinled for a further terni of six years. After serving two consecutive lernis a Trustee can be eligible for reappoinlmenl after a break in office of not less than three years. This restriction of reappoinlinenl does not apply 10 Ihree designated members of the Board namely Chairperson. Secretary and Treasurer. The designated members are eligyible for reappoinlmenl ai the end of their respective terms of OlCe by a resolution passed al a meeting of the Board of Trustees by a simple majorily. A designated member cannot vol¢ for his or her own reappointment. The Board of Trusiees collects details of potential candidates to serve a5 Truslee based on recommendation from oiher Trustees. who are cncouragjed lo identify candidates with appropriate and relevant skills for future selection and lo participale in Ihe Selection process. New Trustees are issued wilh a resource manual which describes in full the dulles and responsibilities of Trustees. In addition, the Chairperson holds a briefing session for the incoming Trustees. The Board of Trnstees meets regularly lo dis¢uss and resolve policy issues arising from the activities of the Charity. lo monitor the financial position And auihori5¢ capilal cxpendilure, and lo review and approve proposals of the Strategic Review Group and Finance Review Group. M4nwgemeDt The Charity's headquarters is located al Haynes Park. The Board of Truslees have e51ablished standing committees Wlth d¢legaled levels of auihorily lo oversee ils activities. These commillees are made up of dedicated volunteers who meei regularly lo make recommendations lo the Board of Trustees for approval. Editorial Review Group The Edilorial Review Group consists of a leam of editors headed by the Chief Editor who guides authors in Iheir research and preparation of articles on spiriluality and religion. The Group meets regularly io supervise editorial content and puls forward proposals to the Board of Truslees for consideration and approval. He4lth and Safety The Trustees assigned the Health and Safety team with the responsibility for the design and development of working practices for the protection of all volunteers at its various properties. These were duly approved by the Board of Trustees and implemented. The Charity's Nalional NHS Co-ordinator work5 closely with the National Health Service in promoling blood donalions and in raising awareness of the importance of organ donations, so that these services are delivered in a safe environment. The Charity gives Health and Safety high priority in conducting its helivilies, particularly the programme of refurbishing and developing properties. Health and Safety Liaison meeting5 are held regularly Ihroughout the year fo allow the Nalional Health and Safety Officer to meet with representalive5 from all the properties, sel standards, and receive feedback. The Charity adopls a practical approach io safeguard the environmenl
Radha Soami Satsang Beas British Isles Trustees, Annual Report For The Year Ended 31 December 2024 and ihe Nalional Health and Safely Officer works closely with the Sirategic Review Group in implemenling Ihe Cliarity s environmental policy. StrAtegic Review Group The Strategic Review Group Consists of five volunteer Inembers, with relevant property managemenl qualifications and experience and has the delegated auihority of the Board to manage all the C.harity's properties. Responsibilities include the planning, development and co-ordination of new-build and refurbi5hmenl programmes, ensuring that the Cllarity's properties comply with legislation and are suitable for holding meetingTrs lo explain the Radha Soami lea¢hings and reviewing proposals for new property a¢quisilions lo be used for carying out its charitable activities. Finance Review Group The Finance Review Group reports lo the Board of Trustees and is responsible for ihe supervision of the rinancial affairs of the Charity. A team of volunteer qualified accountants and members wilh suitable finance experience reviews expendilure against budgets approved by the Board of Trusiees and advises ihe Sirategic Review Group on financial matters and makes recommendations to the Board. Volunt¢¢rs Almost every aspect of the Charity's affairs. incliiding ihe work al the C.harity's pr()perties. is carried oul by volunteers, however where professional advice or specialist services beyond the Charity's own resoUeS are required, then the appropriate services are bought in al best value. Statement of Trustees, Responsibilities The Trustees are responsible for preparing ihe Trustees, Annual Report and Ihe financial slalemenls in accordance wilh applicable law and United Kingdom Generally Accepted Accounling? Practice. The law applicable to charities in England and Wales requires the Trusiees lo prepare financial stalements for each financial year which slive a true and fair view of the slate of affairs of the Charity and of the incoming resources and application of resources of the c.harity for that year. In preparin& Ihesc financial 51atemenls the Trustees are required to.. Select suitable accouniing policie5 and then apply them consistently, Observe the meihods and principles in Ihe Charity SORP. Make judgements and estimates Ihat are reasonable and prudent, State wheiher applicable accounting slandards have been followed, Subje lo any material departures disclosed and explained in the financial stalemenls,. and Prepare the financial staleni¢nt5 on lh¢ 80ing concem basis unless it is appropriate lo presume that the Charity will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them lo ensure ihal the financial slalemenls comply with Ihe Charilies Act 201 I, the Charity (Accounts and Reports) Regulalions 2008, the Charities and Trustee Investment (Scoiland) Acl 2005 and the provisions of the tru51 deed. They are also responsible for safe&Juarding the assets of the Charity and hence for taking reasonable steps for Ihe prevention and detection of fraud and other legularl11es. The Trustees are responsible for the maintenance and integrity of ihe Charity and financial infornjation available publicly. The Tru5tee5 consider thal there are no material uncertAinties about the Charity's abilily to conlinue as going Concern.
Radha Soami Satsang Beas British Isles Trustees, Annual Report For The Year Ended 31 December 2024 Sttht¢ment ¢0 our auditors In so far as the Trustees are aware. Ihere is no relevant audit infornjation of which the auditors are unaware and the Trustees have taken all steps that they ought to have taken lo n)ake themselves aware of any relevant audit infornialion and establish that the auditors are aware of that informalion. Auditors The auditors, Ja55al and Company, were re-appointed in July ?024 and a resolution proposing iheir re- appoinlment will be pul forward lo the Board al the next l)oard meeling. This 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 slalemenis of Radha Soami Satsang Beas Brilish Isles for the year ended 31 December 2024, which comprise the Consolidaled Sialemenl of Financial Activities, Consolidated and parent Charity's Balance Sheets, Consolidaled Sialemenl of Cashflows and the relaied accounting policies and notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard l 02: The Financial Reporting Siandard applicable in the UK and Republic of Ireland (United Kingdom Generally A¢¢epted Accountingi Practice). In our opinion, Ihe financial slalemenis.. give a true and fair view of the stale of the gioup's and ihe parent Charity's affairs as ai 31 December 2024 and of the groiip's incoine and expendiliire for the year then ended: have been properly prepared in accordance with Uniled Kin¥doni Generally Accepted Accounting Practice in¢luding Financial Reporting Standard 102 'The Fin8n¢ial Reporting Standard applicable in the UK and the Republic of Ireland. and havc been prepared in accordance wilh ihe requirements of the Charities Act ?0 I l and Ihe Charilies and Truslee Inveslmenl Iscoiland) Aci 2005 and regulation 8 of the C harities Accounts (Scoiland) Regulations 2006 (as amendedl. Basis for opinion We conducted our audit in accordance with Inlemalional Standards on Auditing (UK) (ISAS {UK)) and appliLable law. Our responsibilities under those standards are further described in ihe Auditor's responsibilities for Ihe audit of the financial slatemenls section of our report. We are independent of the Charity in accordance with the eihical requirements that are relevanl lo our audit of the financial slatements in the UK. including the FRC'S Eihical Standard and we have fulfilled our otlier ethical responsi bililies in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relaling to going concern In audilinb Ihe financial stalemenls. we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial stalements is appropriale. Based on the work we have perfomied, we have nol identified any material un¢ertaintie5 relating to events or condition5 that, individually or collectively, may casl siginificanl doubt on the Cliarity's ability lo continue as a going ¢on¢ern for a period of al least twelve months from when the financial statements are authorised for issue. Our re5ponsibililies and the responsibilitie5 of Ihe Iruslees with respect to going concern are described in the relevant section5 of this report. Other inforniation The other iiifoTmalion comprises ihe inforniation included in the trustees, annual report other than the rinaneial statemen15 and our Report of the Independent Auditors Ihereon. The Iruslees are responsible for the other infomation coniained wiihin the annual report. Our opinion on the financial 51alements does not cover the oiher infornialion and, except lo the extent oiherwise explicitly slated in our report. we do not express any fomi of assurance conclusion thereon. In conneciion with our audit of the financial stalements, our responsibility 15 to read the other infomalion and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in ihe course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material mis51atements, we are required 10
Report of the Independent Auditors to the Trustees of Radha Soami Satsang Beas British Isles to determine whether Ihis gives rise ro a material misstatement in the financial giaiemenls themselves. If, based on the work we have perfomied. we conclude that there is a material niisstalemenl of this other inforni21ion. we are required to report thal faci. We have nothing io report in this regard. MAtters on which we are required to repori by exception In the light of the knowledge and understanding of ihe Charily and its environment obtained in the course of the audit. we have nol identified nialerial mis51al¢iiienls in the Iruslees. aiinual report. We have nothing 10 report in respect of the followin&7 matters in relation lo which ihe Charilies Act 201 l and the Charities and ihe Charily Accounts (Scoiland) Regulations 2006 (as amended) requires us lo report lo you if. in our opinion.. adequaie accounting records have not been kepl 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 relums. certain disclosures of Iruslees, reniuneralion specified by law are nor niade,. or we have not obtained all the infomation and explanations necessary for the purposes of our audit. Re$pon5ibili¢ies of the trustees As explain¢d more fully in the Sialement of Truslees Responsibilities, in the trustees annual report. the Iruslees are responsible for the preparaiion of the financial slalements and for beinby satisfied that they give a true and fair view. and for such internal control as Ihe trustees determine is necessary 10 enable the preparation of financial slaiemenls thal are free from material misslalemenl, whether due lo fraud or error. In preparing the financial slalemenls, the trustees are responsible for assessing the Ch8rity'5 ability to continue as a going concern, disclosing, as applicable. matters related lo &Foin¥ concern and using the going concern b&sis of accounting unless the trustees either intend lo liquidate the charity or lo ce&se operations. or have no realistic alternative bul io do so. Auditor's responsibilities for tht audit of the financixl 5tAtementS Our objectives are lo obtain reasonable assurance aboul whether the financial statements as a whole are free from material misslatenienl. whether due to fraud or error, and lo issue an auditor's report Ihal includes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee Ihal an audit conducted in accordance wilh ISAS {UK) will always dele¢1 a malerial misstatement when it exists. Misstatements can arise from fraud or error and are considered malerial if, individually or in ihe aggregale, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial slatemenls. Irregularities, including fraud, are instances of non-compliance with laws and regulation5. We design procedures in line with OLtr re5ponsibililies, ouilined above, to dete¢l material misstalements in respect of irregularilies. including fraud. The extenl lo which our procedure5 are capable of detecting irre8ularilies. including fraud are set out below. C4pability of the audit in detecting Irregularities In identifying and assessing risks of material misstatement in respecl of irregularities, including frdud and non-compliance with laws and regulations, our pm¢edures included ihe following.. We enquired of management, which included obtaining and reviewing supporting documenlalion, concerning the charity's policies and procedures relating to.. Identifying, evaluating, and eomplying with laws and regulations and whether ihey were awmre of any instances of non-compliance- Detecting and responding to the risks of fraud and whher they have knowledge of any actual, suspected, or alleged fraud.
Report of the Independent Auditors to the Trustees of Radha Soami Satsang Beas British Isles We reviewed the Consolidalion process and tesled the entries to the results of the subsidiary undertakings. We obiailled an understanding of the legal and regulatory framework Ihal the Charity operates in, focusing on those laws and re¥ulations Ihal had a malerial effect on ihe financial statements or Ihal had a fundamental effect on ihe operalions of the charity from our professional and seclor experien¢e. We reviewed the financial slalemenl disclosures and lesled these lo supporting documenlation to &ssess compliance with applicable laws and regulations. We perforn)ed analytical procedures lo identify any unusual or unexpe¢led relationships that may indicate risks of material misslatemenl due to fraud. In addressing the risk of fraud through management override of controls. we iesled the appropriateness of journal entries and oiher adjustments, assessed whether the judgements made in making accounting estimates are indicative of a polenlial bias and lesled significant transactions that are unusual or those outside the Iiormal course of the Charity's aclivilies. Because of the inherent limitaiions of an audit, Ihere is a risk Ihal we will noi delect all irregularities, including those leading to a material misstatement in the financial statements or noii-compliance with regulation. This risk increases Ihe more that coinpliance wilh a law or regulaiion is removed from the events and transactions reflected in the financial staiements. as we will be less likely lo become aware of instances of non-compliance. The risk is also grealer regarding irregularilies occurring due lo fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresenialion. A further description ofour responsibililies for the audii of the financial statements is located on the Financial Reportins Council's website al.. www.frc.org.uk/auditorsresponsibilities. This description form5 part of our Report of Ihe Independenl Auditors. Use of our report This report is made solely lo the Chariiy's Truslecs, as a body, in a¢¢ordance wilh Charities Act 201 l and under Section 44{1) (c) of the Charities and Tru51ee Investment (Scoilandl Act 2005. Our audit work has been undertaken $0 that we might stale lo the Charity's Trustees Ihose niatters we are required lo state to Iheni in an auditors. report ai)d for no oiher purpose. To Ihe fullest extent perniitted by law, we do not accept or assume responsibility lo anyone other tharb the c.harity and Ihe Charity's Trusi¢e5 as a body, for our audil work. for this report, or for Ihe opinions we have formed. Rajinder Jassal BA(Honsl FCA DChA (Senior Sialutory Auditor) for and on behalf of Jassal and Company Chartered Accounthnls & Registered Auditors Unil 2 14atherton Court 21 Haiherton Street Walsall W¢st Midlands WS4 2LA Dale 12
Radha Soami Satsang Beas British Isles Consolidated Statement of Financial Activities (including Income and Expenditure Account) For The Year F.nded 31 December 2024 Ilnrestricted Funds Yeai. ended leai. ended 31 December 31 Dec'ember 2Q24 2023 Noies Income from: Donations Investment incoine Chariiable ucilvilie5.' Education media Infomiation and education 10.776,-331 1.102,352 1,892.154 951.805 1,510 1.258.150 11.542 1,097,000 Totwl income 13,138,343 3,952.501 Expenditure on: Charilable uclivilie.f Education media Infomialion and education 4,404 1,618.072 24,57.1 ,749.632 Donailonspaid 13,127 13,404 TotAI expenditure 1,635,603 1,787,609 Net income for the year 11,502,740 2,164,892 Funds brought forward 49,198.297 47.033,405 Funds c*rried fonvard 60,701,037 49,198,297 13
Radha Soami Satsang Beas British Isles Consolidated Statement of Financial Activities (including Income and Expenditure Account) For The Year Ended 31 December 2024 Con3'0lidaled SialcmL'nl of Tolal Recogni.fed Gain3 and Losses For The Year Ended 31 December 2024 Unrestricted Funds Yeai- ended Yeai. ended 31 DeLembLr JI December 2024 2023 Noles Nel movemenl in funds for the year 11.502.740 2,164,892 Total gains recognised 11.502.740 2.164,892 All incoming resources and resources expended derive from conlinuing activities. The attached notes fomi part of these accounts. 14
Radha Soami Satsang Beas British Isles Consolidated Balance Sheet as at 31 December 2024 31 Deceinbei. 31 DeL'embei' 2024 2023 Noies Fixed Wssels Tanbyible fixed assets Investments 60.878,691 2,618.330 58,566,972 2,618,330 63.497.021 61.185,302 Current assets Stock Debtors Cash al bank and in hand 48,161 677,419 2,853.992 39.876 331,060 1.152.041 3.579.572 1,522,977 Current liabilities.. amounts falling dLbe within one year {3,324.8611 (8.665,490) Net current liabilitiesl assets 254,711 (7,142,513) Total assets less current114bilities 63,751,732 54.042,789 Creditors: amounts falling due more Ihan after one year 12 (3,050.695) {4.844,492) Nel Assets 60,701,037 49.198,297 Represented by: Fund$ and reserves Reserves 13, 14 60,701,037 49,198,297 Total funds and reserves 60.701,037 49,198.297 The financial slalemenls were approved by the Board of Tnjsiees on a6 Qp.rn:9tr-.4a( and were Signed on its behalf by.. Mrs S Naidoo (Chairperson) The attached notes forn) part of ihese accounts. 15
Radha Soami Satsang Beas British Isles Charity Balance Sheet as at 31 December 2024 31 December 31 Dec'enibLJr 2f124 2023 'oles Filed assets Tangible fixed as5els Inveslmenis 39,731,811 7,826.731 37,571,249 7,826,731 47,558,542 45.397,980 Current *S5ets Stock Debtors Cash at bank and in hand 48,163 259,075 2.115,200 39,876 113,165 439.170 2.422.438 592.211 Credltors: amounts falling due within one year 1818.606) (6,529,331) Net current liabilitiesl Asse¢$ 1.603,832 (5,937,120) Debtor$'. amounis receivable after more than one year 10 23,257,833 23.427.738 Creditors.. amounts falling due after more than one year 12 (3,050,695) (4.844.492) Net assets 69.369,512 58,044,106 Represented by: Funds and reserves Unresiricted funds Nel movement in funds for the year 13 13 58,044,106 11,325,406 55,423,924 2,620,182 Total funds and reseryes 69.369,512 58,044.106 The financial slalements were approved by Ihe Board of Trustees on signed on its behalf by.. and were Mrs S Naidoo (Chairperson) The attached notes forni part of these accounts. 16
Radha Soami Satsang Beas British Isles Consolidated Statement of Cash Flows for the year ended 31 December 2024 31 DeL'epnb¥r 311)ecember 2024 2Q23 loles Net cash inflow from operating activities 15 5,756,215 9,195,654 Cash flows from invtsling *ctivSties Interest received Renis received Payments lo a¢quire iangible fixed assets 115.035 101,866 987,317 847.9.38 (3.372,491) {5,184,286) Iyet cash outflow from investing activities {2.270.139) (4,232,482) Cash flows from financing actlvities R¢¢eipis from new long term loans Transfer to CUent Liabilities Repayments of loan 1,783,450 (6.009,13.S) (1.100,4301 1,784.1251 Net eash inflow l (outtlows) from financtng acllvltles (1,784,125) 15,326,115) et increase l {decregse) in Cash 4nd C&sh Equivalents 1,701,951 {362,9431 Cash and cash equivalents at the beginning of the year ,152.041 1.514,984 Cash and cash equivalents al the end of the year 2,853,992 1,152.041 Cash and cash equivalents consist of: Cash at bank and in hand 16 2,8.53.992 1.152.041
Radha Soami Satsang Beas British Isles Notes To The Accounts For The Year Ended 31 December 2024 ACCOUNTING POLICIES Basi& cjfpreparation The financial slalemenls of the Charity. have been prepared under the historical cost convention in accordance with the Financial Reporting Standard applicable in the UK and Ihe Republic of Ireland (FRS 102}, the Accountingy and Reporting by Charities.. Sialemenl of Recommended Practice applicable lo charities preparing Iheir accounts in accordance wilh the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 102) Charities SORP IFRS I O?), the Charities Act 2011. The Charities (Accounls and Reports) Regulations 2008 and the Charities and Trustee Inveslmenl (Scotland) Aci 2005. The Charity meets the definition of a publi¢ benefit eniity under FRS 102. These financial siaiemcnls are prepared in Sterling, which is ihe funclional ¢urren¢y of the Charily. Monetary amounts in Ihese financial statements are rounded to Ihe nearest £. The principal ac¢ounting policies adopted in the preparalion of the finaiicial statements are set out below. Groupfindneiul stulemehis The financial statemenis con501idale the results of the Charity and its whol ly owned subsidiaries on a line. by-line basis. A separaie Slatemenl of Financial Aclivilies and In¢omc and Expenditure A¢¢ouni for the Charity has noi been presented. Fund accounling General funds are unresiricled funds, which are available for use at Ihe discretion of ihe Trustees in furtherance of the general objeciives of the Charily and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been sel aside by the TThslees for particular purposes. No such tunds exist al the year-end. Reslricted funds are those funds which are lo be used in accordance with specific instructions imposed by donors or which have been raised by the Charity for particular purposes. There are no suLh fui)ds ai the year-end. Investment income and g&ins are allocated to the appropriate fund. There are no such funds at ihe year-end. Incoming resources All income is recognised in the Stalen?enl of Financial Activities on¢e the Charity has enliilement lo ihe funds. il is probable that the income will be received and the amount c4n be measured reliably. Donaiions are accounted for in the period of receipt. No amounts are included in the financial sialemenis for servi¢es donated by volunleers. No ineome is recognised when there is no financial cosl borne by a third party. Donated asselslfacililies are included at the value lo Ihe Charity where this can be quantified. All incoming reSOue5 are included in the financial 51at¢ments when the Charity is legally enliiled io the income and ihe amount Can be quanlified with reasonable accuracy. Donalions in cash are r¢cogni5ed when the donation is received. Donalions under the Gift Aid sehemes are recogynised when they are received. Investment income includes rental income and bank int¢re5t. Renlal and other income is COgnised when receivable. Bank interest is gnised when received. For legacies, entitlement is taken on a case by case basis as the earlier of the dale on which.. the Charity is aware ihat probate has been granied, the eslale has been finalised and noiificalion has been made by the executor(s) to 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 amounl can be measured reliably and the Charity ha5 been notified of the executor's intention lo make a distribution. If the legacy is in the fom of an asset oiher than cash or an asset lisled on a recognised stock ex¢hang¢, executors are requested to donate ihe cash equivalenl lo the Charity.
Radha Soami Satsang Beas British Isles Notes To The Accounts For The Year Ended 31 December 2024 ACCOUNTING POLICIES {continiied) For grants, income is recognised when there is evidence of enliilement lo the grant. receipt is probable and ils amount can be measured reliably. Evidence of enliilement will USLtally exist when the fornial offer of fundingi is communicated in wriling to the Charity. Grant income is recognised when ihe Charity incurs eligible expendiiure io fulfil the grant's purpose. Unreslricled granls may be recognised upon receipt if expenditure is expected to be in¢U¢d. Grant condilions and matching requirements musl be met before income recognition. Re¥ouree.f rtypended Liabilities are recognised as expenditure as soon as there is a legal or conslruclive obligation committing Ihe Charity lo ihal expenditure. it is probable thal a transfer of economi¢ benefits will be required in selllemenl and the amount of the obligation can be measured reliably. Expenditure is accounted for on an a¢cruals basis and has been classified under headings Ihal aggregate all ¢051 relaled lo Ihe category. Where costs cannol be directly attributed to particular headingis they have been allo¢aled to aclivilies on a basis con5iStenl with the use of resour¢es. Governance costs are those incurred in connection with adminislraiion and compliance with constilulional and slatulory requirements. Costs associated with the charitable activitie5 have been incurred directly in support of the objectives of the Charity. Sioc'k Stock of books, audio and visual materials are included al the lower of cost or nel realisable value. Donaled items of books, audio and visual malerials are not in¢luded in the financial statements as Ihese are made available free of charge. Fired A&sel.s (l) Land & BuildlnAIS Land aiid buildings are valued al the lower of cost or valualion. Land and buildings are depreciated in order lo write down the cost less esiiiiiated residual value over ihe e51imaled residual life by egual annual inslalmenls. Depreciation has been ¢harged ai 20/0 per annum on strai¥ht line basis. No deprecialion is charged on long leasehold land owned by the charity. Equipmenl is capitalised and depreciated on a 250/0 ducing balance method. Tents are depreciated over Iheir expected useful life al 6 % per annum Significant assets are amortlsed over their useful life. Assets under con51ruclion are held al cost and these assels are not depreciated. On complelion, Ihe assels are transferred to Iheir respective class and the deprecialion rate applicable lo their respe¢live class of assel is applied. Addilions or Improvements to land and buildingTrs are capilalised. All repairs and renewals expenditure for the Land & Buildings is charged lo the Income & Expenditure for the year in which incurred. fll) Local Cenlres Equipment for local Centres where meetings are held 15 written off in the year incurred. (iii) Sot'ial Benefil Land and buildings for which Ihe Charity receives rental income are staled al cost on the basis that these properties are held for social benefit under FRS 102 para 16.3A. (iv) Impairmenl At each reporting period end, the Charity reviews the carrying amount of ils tangible fixed assets and investmenls to detemiine wheiher there is any indicaiion thai Ihose assets have suff¢red an impaimienl loss. Any impairnienl loss arising is charged to the statement of financial activities in the year lo which il relales. 19
Radha Soami Satsang Beas British Isles Notes To The Accounts For The Year Ended 31 December 2024 ACCOUNTING POLICIES (continued) Fired A&JelJ Inve51menls Fixed assets investments are slated at cost or valualion. The Trustees perform a review of the carrying value of ihe investment in the subsidiary undertaking lo reflecl the valuation of Ihe inveslmenls. Going Conc'ern At the lime of approving the financial statements, the Trusiees have a reasonable expe¢iaiion that the Charity has adequate resources 10 ¢onlinue in operational exisien¢e for the foreseeable future. The validity of this assumption is on the basis ihal the Trustees will monitor risks faced by the Charity and Ilial they consider Ihal there are no material un¢ertainlies about the Charity's ability lo continue as a going concern. The Trustees consider that ihere are no sources of estimation uncertainty ai the reporling dale that will have a significanl risk of causing a material adjuslment to the carying amounts of asse15 and liabilities within the nexl reporting period. Financial inslrumenÉs The Charity has elected to apply Ihe provisions of Section I I 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 10 all of its financial instruments. Financial inslruments are recog¥nised in the C.harily's balance sheei when the Charity becomes party to the contractual provisions of Ihe in51rumenl. Financial assets and liabilities are offset. with Ihe nel amounts presented in the financial statemenis. when there is a leyally enforceable right lo sel off the recognised amounts and there is an inlenlion lo settle on a net basis or lo realise the assel and seiile the liability simultaneously. BaslLflnaK¢lal a.ssef.f Basic financial asscls, which include debtors and cash and bank balances, are initially measured at the Iransaclion price ineluding Iran5aclion cosls and are subsequently carried at amortised ¢051 using the effective interest method unless the arrangement constitute5 a financing Iransaclion, where the Iransaction is nieasured al the present value of the fulure receipts discounted at a market rate of interest. Financial assels classified as receivable within one year are not amortised. Clas.slflcatlon olfinancial Ilabiliil Financial liabilities and equity instruments are classified according to ihe substance of the contractual arrangements entered into. An equity inslrumenl is any contract that evidences a residual interest in the asse15 of ihe company after deducting all of 115 liabilities. Basicfinanclal liqbililie5 Basic financial liabilitie5, including creditors, and loans, are initially recognised at Ihe transaction price unless the arrangement constilutes a financing transaction, where the debi instrument is measured al the present value of ihe future paymenls discounted at a market rale of interest. Financial liabilities classified as payable within one year aff not amortised. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of activilies from suppliers. Amounts payable are classified as current liabililies if payment is due within one year or less. If noi, they are presented as non-current liabilities. Trade creditors are initially recognised at transaction price and subsequenily measured at kmortised cost using the effeclive inleresl meihod. Bormwing costs Borrowing costs directly attributable lo the acquisition, construction, or production of a qualifying a55el are apilalised as part of the asset's wsl. The amount of bomwing C051s eligible for capilalisalion is Ihe actual cost incurred on specific bomwings less any investment income earned on the temporary investmenl of those borrowings. Capitalisation cease5 when Ihe asset is substantially ready for ils intended use. 20
Radha Soami Satsang Beas British Isles Notes To The Accounts For The Year Ended 31 December 2024 ACCOUNTING POLICIES (continued) Foreign curreiiLies Assets and liabililies in foreign currencies are translaled into sterling al the rates of exchange ruling ai ihe balance sheet dale. Transactions in foreign currencies are translated into slerling at the rale of exchan&Fe ruling al the dale of transaction. Exchange differences are laken into accouni in arriving ai ihe operaling result and included in other comprehensive income when arising from overeas operations. Exchange differences arising from transldtion of non-monetary assets are included in a foreign exchange reserve. Lea.ie.f and liirepurchase The Charily has leases in place for buildings ai which weekly meetings are held. The income from ihese leases are included in the statement of financial aclivities in ihe period in which they are receiveable. Judxemenls and ko> source.s of e.slimation untertalnty In the applicalion of ihe Charity's accounting policies, the Trusiees are required io make judgements. esiimaies, and assuillplions about ihe carrying amouni of asseis and liabililies Ihal are not readily apparent from other sources. The eslimales and associated assumptions are based on hislorical experience and other raclors Ihai are considercd to be relevanl. Actual results may differ from Ihese estimates. The estimaies and underlying assumplions are reviewed on an ongoing basi5. Revisions lo accountin eslimaies are reeob?nised in ihe period in which the estimate is revised where the revision affects only Ihal period, or in the period of the revision or future periods where the revision affecls boih current and fuiure periods. INCOME TAX The charity is exempl from income tax on ils chariiable aclivilie5. INVESTMENT INCOME Year ¥nded Yeur ended 311)ecember 31 December 2024 2(123 Rental income Bank interest 987,317 115.035 847,938 103,866 .102,352 951.805 21
Radha Soami Satsang Beas British Isles Notes To The Accounts For The Year Ended 31 December 2024 EDUCATION MEDIA INCOME AND COSTS Y¢ai' ended Yeai. ended 31 De<'emhei' 31 D¢c'¥mbvr 2(124 2023 Education media income Education media costs 1.510 (4,404) 11,542 124,573) Nel (Cost) (2,894) (13.031) INFORMATION AND EDUCATION Yeai. endL Year endttd 31 December 31 Ik?ceniher 2(J24 2n23 Infomiation and education income 1,258.150 1,097.000 1,258,150 1,097,000 lear ended Year ended 31 D¥cember 31 December 2024 2Q23 Infomiation and ¢du¢ation expenses Meeting related expense5 Depreciation Repairs and renewals Finance charges Foreign exchange losses l (gains) Audit fees 474,025 1,060,772 31,565 92,567 (42,251) .394 622.01.3 1.160,725 149,277 119,773 (303,559) 1,403 1.618,072 1,749,632 22
Radha Soami Satsang Beas British Isles Notes To The Accounts For The Year Ended 31 December 2024 DONATION PAID Year ended leai. elided 31 December 31 December 2024 2023 Donations paid 13,127 13,404 13.127 13,404 23
¢44
Radha Soami Satsang Beas British Isles Notes To The Charity Statement of Financial Activities For The Year Ended 31 Deeember 2024 7.1 TANGIBLE FIXED ASSETS Chui'ily Lund Asseis tsndei. -4114ipmeni & Fui'nilui'e B&ildings 7enl Cons'iriiLlion 7olal COST As 81 l January 2024 Addilions Wriie oir 39,367,043 897.307 1,213,286 7.526,650 2,101,513 831,227 48.938.206 2.998.820 {1,213.286) (1.21.3.286) As al 31 December 2024 40,264,350 9,6?8,163 831.227 50,723,740 DEPRECIATION As at l January 2024 Charge for the year Wrile off 9.454,-132 805.287 1,213.286 699.338 32,972 11.366,956 838,259 {1.213,286) (1,213,286) As at 31 December 2024 10,259,619 732.-110 10,991,929 Net Book Value As al 31 December 2024 30,004,731 9,628,163 98,917 39,731,811 As at 31 December 2023 29,912,711 7,526,650 131,889 37,571,249 Land & building.F." The Charity owns propertie5 located in the following regions.. Bedfordshire. Souihall; Bimiingham- Leeds. Leicester. Derb).; Bolton- Coventry; Glasgow- R¢ggio Emili4 Iialy; Nicosia, Cypru5: Camden, London. A55ets under conjtrurtlon: This reflects on-going improvements to the infrastructure of the land and buildings. 25
Radha Soami Satsang Beas British Isles Notes To The Charity Statement of Financial Activities For The Year Ended 31 December 2024 INVESTMF.NTS Con.solidaled OffJ¢e Blo¢k Part of the property in Southall, the office block, is owned by RSSB Souihall Limifrd, a wholly owned subsidiary of the Charity. The office block is leased lo a third party. This part of the property 15 classified as an investmeni. 11 was valued by the Truslees at the year end. Induslri41 Uni¢ The Charity owns Ihree properties in Birmingham classified as investments which are leased lo third parties. In addition, the Charity has a lease for solar panels on its investment in Greece. 31 Dec'ember 311.)ecember 2Q24 21123 As ai l January 2.618,330 2,618,330 As al 31 December 2.618,330 2,618,330 The Charity carries out an annual review of ils invesimenls. Details of Ihe inveslmenl in which the Truslees of RSSB British Isles hold more than l 00/0 of the nominal value of any class of share capital is as follows.. Proporiio17 of l oling Riglil.f f(?Illlfry O Noliirc li in RSSD Southall Lid. England Ordinary Shgres IOIP/o Prop¢rty Managemenl F,uron Devcloprnents l.td. EnglBnd Ordinxry Share5 IOOQ/o Mana¥ement Property M&nag¢ment prOrty Management Propen) Managemenl Euron Developments (France) Ltd. England Ordinary Shares l (/0 RSSEI CZ sro C£e¢h R¢public LLC IOIP/D Athina Moutalaski SA Ordinary Shares loo% 26
Radha Soami Satsang Beas British Isles Notes To The Charity Statement of Financial Activities For The Year Ended 31 December 2024 INVESTMENTS (conlinued) Charitii 31 December 31 December 2024 21123 As at l January 7.826.731 7.826.731 As al .1 l December 7,826.731 7,826,731 The Charity holds 2 ordinary shares of £ l each in RSSB Souihall Limited, which are held by the Trustee5 of Ihe Radha Soami Salsang Beas British Isles. The Trustees of Radha Soami Salsang Beas British Isles holds 100 ordinary shares of £1 each in the following Companies l ) Euron Developmenis Lid. 2) Euron Developments (France) Lld. The Cl)arily holds 6,723,881 ordiiiary shares of one Euro (El each in Athina Moulalaski SA. which are held by ihe Trustees of Radha Soami Satsang Beas British Isl¢s, DEBTORS: amounts receivable within one year Consulidaled C'harily 31 Dec'ember 31 Dec'ember 31 DeLemher 31 December 2(J24 2023 2024 2023 Sundry debtors Prepaymenls 661,813 15,606 320.352 10,708 243.469 15,606 102,604 10,561 As at 31 December 677.419 331,060 259,075 113,165 27
Radha Soami Satsang Beas British Isles Notes To The Charity Statement of Financial Activities For The Year Ended 31 December 2024 io. DEBTORS: amounts receivable afier more than one year ( oiisolidaled Churily 31 December 31 DeL'Lmber 31 L)ecember 31 Decembei. 2024 2023 2n24 2023 Amounts owed by subsidiary undertakings 23,257,833 23.427,738 Ai 31 December 2024 the Charity had loans due from RSSB Souihall l.imited of £448,701 {2023: £470.524), F.uron Developnienls Lid. of £11,501,097 (2023.. £11,195,136). Euron Developments (France) Limited of £ l 0.147,915 12023.. £10,551,839) and RSSB.CZ.sro £l,160.120 (2023.. £1,210,240). 11, CREDITORS: amounts falling due within one year Consoliduled C'harily 31 DeL'ember 31 L)e¢¥mbe 31 ljec'ember 31 Deeember 2024 2023 2024 2023 Trade Creditors Other crediiors 417.605 2.907,256 331,475 8.334,015 294.093 524,513 290,718 6,238,613 As al 31 December 3.324,861 8.665,490 818.606 6,529,331 12. CREDITORS.. arnounls falling due more than after one year C onsolidaled Churity 31 December 31 December 31 December 31 December 2024 2Q23 2024 2023 Loans payable after more than one year 3,050,695 4,844,492 3.050,695 4,844.492 As at 31 December 3,050,695 4,844,492 3.050,695 4,844,492 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 unsecured. Repaymeni lern)s are up to 5 years al inieresl rates ranging from O /0 to 60/0. The loans are renewable for further tenns by negotiation al the prevailing interest rate. 28
Radha Soami Satsang Beas British Isles Notes To The Charity Statement of Financial Activities For The Year Ended 31 December 2024 13. STATEMENT OF FUNDS Consolidaled Chai-ily 311)ecember 31 DeLembe 311)eL'ember 31 December 2024 2023 2024 2023 General reserve IUnre5tricled funds) As al l January Income 50,143,745 47,978,853 13,138,-34.3 3,952.501 (1,635,603) {1,787,6091 58,044.106 55,423,922 12,769,303 3,696,575 (1.443.897) (1,076,-391) Expenditure As ai 31 December 61,646,485 50,143,745 69,369,512 58.044,106 Non Distribulable reserve (no* 14) (945.4481 {945,448) As al 31 December 60,701,037 49,198,297 69,369.512 58.044,106 The General reserve represents Ihe free funds of the Charity, which are not designated for particular purposes. 14. NON DISTRIBUTABLE RESERVE C'on.solidaled Charily 31 Decemhei. 31 DeL'¥niber 31 Lk>Lember 31 Dec'ember 21)24 2023 2024 2023 As at l January 945.448 945.M8 As at 31 December 945,448 945,448 The consolidated revaluation reserve disclosed an amount of £945,448 in the balance sheet relating to ihe Charities, invesln)enls. In h¢wrdance with FRS 102. Ihe revalualion reserve has been moved to a non- dislributable reserve within retained earnings. 29
Radha Soami Satsang Beas British Isles Notes To The Charity Statement of Financial Activities For The Year Ended 31 December 2024 15. RECONCILIATION OF NET INCOME I (EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITJES 31 Dec'ember 31 Dec'ember 2024 2n23 Iyet income l expenditure for the year Non-operating income nleresl receivable Rent received Non-cash Adjustments Depreciaiion charge for ihe year Decrease)l (Increase) in stock {In¢rease) I decrease in debtors Ilncrease) / decrease in creditors 11,502.740 2,164.892 {115,035) (987.317) 1103,866) 1847.938) 1,060.772 (8.2871 (346.359) {5,350,299) 1,160,725 {9,713} 188,969 6,642,585 Nel cash flow from operating aclivilies 5.756,215 9.195.654 16. ANALYSIS OF CASH AND CASH EQUIVALENTS Ai l .lunuury 2024 Ccishflolvs 2024 31 L)eLembei' 2n24 Cash at bank and in hand 1,152.041 1,701,952 2,853.992 Tolal cash and cash equivalents 1,152,041 1,701.952 2,853,992 30
Radha Soami Satsang Beas British Isles Notes To The Charity Statement of Financial Activities For The Year Ended 31 December 2024 17. SUBSIDIARY UNDERTAKINGS The Trustees of Radha Soami Saisan¥ Beas British Isles have the following share holdings at 31 December 2024: Enlity Type Nos. of sh&res Value nteresl RSSB Southall Ltd. Ordinary £1 I OOO/o Euron Developments Ltd. Ordinary 100 £1 loo% Euron Developmenis (France) Lld. Ordinary 100 £1 Aihina Moulalaski SA. Ordinary 6,723,881 loo% RSSB.CZ sro Partnership N/A NIA Subsidiaries, accounts are fully consolidaied and all intra-group balances, transactions. income and expenses are eliminated on consolidation. 17. SUBSIDIARY COMPANIES RSSB Sciuthall Lld. 311)ec'ember 31 December 2024 2023 Income Expenses 226,508 (224.427) 231,558 (231,670) Nel profiV(loss) for the year 2,081 {112) The aggregate of the assets, liabilities and deficits was.. 31 Dec'ember 31 December 2024 2023 Assets Liabilities .558,132 (785.891) 1,458.187 (688,027) Net assets 772,241 770,160 31
Radha Soami Satsang Beas British Isles otes To The Charity Statement of Financial Activities For The Year Ended 31 Deeember 2024 17. SUBSIDIARY COMPANIES (Conlinued) Euron Deiielopmenls Lid. 311)ec'ember 31 Decembei. 2074 2023 Income Expenses 186,726 {138.785) 26,712 {204.202) Net profiV{loss) for the year 47,941 (177,490) The aggregale of the assets, liabilities and deficiis was.. 31 Dec¥fftber 31 Dec'emher 21)24 2Q23 Assets 11,164,400 10.807,873 (11,755,442) (11.446.856) Liabilities Net liabilities (591,042) (638,983) Euron Developmenls (France) Lid. (consolldaledj 31 D¢c¥mber 31 Dec'embL 2024 2023 Income Administrative expenses 591,325 {407,011) 570,267 1820,477) Nel profit/{10ss) for the year 184.314 (250,210) 32
Radha Soami Satsang Beas British Isles Notes To The Charity Statement of Financial Activities For The Year Ended 31 December 2024 17. ,SUBSIDIARY COMPANIES (Conlinued) Euron Deb?elopments (France) Ltd. The aggregaie of the assels. liabilities and deficils was.. 31 Dec'ember JJ Dec'enib¥r 2024 2023 Assels Liabilities 6.140,271 6,103.101 {11.160,4681 {11.307,611) Nei liabilities (5.020,197) (5,204,510) Aihina Moulalaskl SA 31 D¢iceinbvr 31 Decembc'r 2024 2Q23 Income Adminislralive expenses 189,132 (135,327} 189,?69 {212.9741 Nel incomellloss) for the year 53,805 123.705) The aggregate of the assets, liabilities and deficils was: 31 December 31 December 2(J24 2fj23 Assels Liabilities 4.393,975 4,389.519 {1.101,602) (1,150,951) Net a5se15 3.292,373 3,238.568 33
Radha Soami Satsang Beas British Isles Notes To The Charity Statement of Financial Activities For The Year Ended 31 December 2024 17. SUBSIDIARY COMPANIES (Continued) RSSB CZ sro 31 December 31 December 2024 2023 Oiher income Administrative expenses 63,084 (29.713) 41,708 {40,608) Nel income for the year 33.371 1.099 The aggregate of the assets. liabililies and deficits was.. 311)eL'ember 31 Dec'ember 2n24 2n23 Assels Liabilities 622,655 638,668 {1,160.856) (1.210,240) Nei liabililies (5.18,201 } (571.572) 18. RELATED PARTY DISCLOSURE All related party transa¢tions are as follows.. Mrs S Naidoo (Chairperson), Mr S I'aggar, Mr M Mahtani and Mr V Gibbons are also directors of RSSB Souihall Limited and Euron Dcvclopment5 Limiled. The Charity provided these companies with long-lemi loans. Mrs S Naidoo {ChaiTperson), Mr M Mahtani and Mr S Taggar are also directors of Euron Developments (France) Limited. The Charity has inler-company balance5 With the company. The Trustees noted on page I, are also related parties. There were no Iran5aclions between the Trustees, or any persons connected lo them. and Ihe Charity. 34