REGISTERED CHARITY NUMBER.. 1092679 Report ofthe Tru5tee5 and Finaneial StatemeDt5 for the Year Ended 31 Mareh 2021 for Shree S)Yaminarayan S8tsang Shree Swaminarayan Satsang Contents of the FinaneiAI Statement$ for the year ended 31 March 2021 Page Referente and Administrative Detai15 Report of the Trustees Report of the Indepethdent Auditors 9 to 12 Statefflent of Financial Activitie5 13 Balance Sheet 14 to IS Cash FloTrv St&tement 16 Note5 to the Cash Flow Statement Notes to the Financial Ststements 18 to 27 Shree Swaminarayan Satsang Reference and Administratlve Detalls for the year ended 31 March 2021 TRUSTEES B M Patel (passed away 13.1.21) MrDDGami Mr K R Patel Mr L M Vekaria Mr P M Vekaria (appointed 13.2.21) Mr P G Patel (appointed 13.2.21) Mi M M Vekaria (appointed 13.6.21) Mr J M Vekaria (appointed 13.6.211 TRUSTEES HOLDING TITLE TO PROPERTY BELONGING TO CHARtTY MrDDGami Mr K R Patel TRADING ADDRESS Dha￿lla BhakEE Manor Wood Lane Stanmore HA7 4LF REGISTERED ADDRESS 81 St. AndTews Drive Stallmore Middlesex HA7 2LZ 1092679 REGISTERED CHARITY NUMBER AUDITORS KNAV Hygeia Building 66-68 College Road Hamw Middlesex HAI IBE WEBSITE https:IlstalltnoreteTllple.coTn Page I Shree Swajninarayan Satsang Report of the Trustees for the year ended 31 March 2021 The Trustees present their re￿)rt and financial stateynents of Shree Swaminarayan Satsang (S.S.Sl "the Charity" for the year ended 31 Mar¢h 2021. The financial statements have been prepared in accordan¢¢ with the a¢¢ounting policies Set out in the notes to the financial statcmcnts and COTnply with the charity's current statutory TequiTements, the ChaTities Act 2011 and 'Accounting and Rcporting by Charities.. Statement of Recommended Practice applicablc to charitie5 preparing their accounts in accordance with tbe Fit)ancial Reporting Stsndard applicable in the UK and Republic of ITeland {FRS 102). las amended for accounting periods commencing from l January 2016). 0￿Ecr1v￿,s AND ACTIVITIES Objeetive5 and #ctivitie5 In accordance with the charit￿S objectives set out in the constitution of the charity, the chaTity has the following aims. l. To advance the Sanalan Dharma (Hindu i¢ligion) in accordance with teachings and principle5 of the Shree Swaminarayan, follttded atjd ordained by Lord Shree Sahajanand Swami. 2. The Cha[1t￿$ main objective forthe year continues to be that of providing a spiritual place of worship for devtstees and the wider commullity, to piactice and adhere to the Swaminarayan (Hindu) faith, to observe all the regular festiva]s and cultutal activities coupled with a place to extend voluntary service Iseval. J. The strategy to achieve these objective5 include the provision of a safe place of worship, including separate Temple halls for both males and feThale5. 5ub5tantial open grounds, halls and buildings and Tccrcational faeiliiies for all ages to participate in, integrate as a Gon]munity and to instill humble, moral, peacefvl and religrious values. Each year, th¢ trustees review our objectives to ensuie that they continue to reflect our aims and in planning its activities for the year. Page 2 Shree Swaminarayan Satsang Report of the Trustees for the year ended 31 March 2021 OBJECTIVES AND ACTIVITIES Publi¢ benefit $t#tement The charity is a public benefit entity. The trllstees have complied with the duty in Section 4 of the 2011 ChaTities Act to have due regard to guidance published by the Charity Commission, including public benefit guidanc¢. The charity has achieved its primary public bcncfit objectives by ¢oniinuing to meei the spiritual requirements of the congregation and the wider comtnunity. This was achieved by holding all daily aarti, Ihaals, Frf)ojans. katha and Nitya Niyams coupled with celebrating with grand fashion a]1 key festivals. The Temple has cottlinued lo an incTease in thc numbcr of pcople coming for darshan and at key festivals and therefore temain5 all attractive place for those wanting to follow the faith of Lord Swaminarayan. The congregation welfare needs were also met with the vatious progtarns and activities. Ollr Samprady Bhagwaii ShTee SwaTninarayan was born in the Koshal re￿on of India, in a Yillage called Chhapaiya Ine2r Ayodhya, UP). Having Served His parents until their demise. the Almighty took to a pilgrimage of India, adopting th¢ life of a nomadic hermit. On cotnpletion of the 7 years, sojourn of India, the Loid met up with Ramanand Swami. alld established tbe purest and unadulieraled fomi of religion, based on ulttmate devotion to God only, with total observance of non-violent dharma. Shrecji Maharaj r¢-Introdu¢ed the non-violent yagnas, on a grand scale. He inslTUCted numerous acts of social welfare; alms-houses, dig8in8 of Village we115 1 lakts. explained in detail why it is important io worship Satvi¢ deities. Shreeji M2haraj discredited the act of enforced Sati & female infanticide. After the passing of Shree Ramanand Swami, Sbreeji Maharaj held a large gathering of the followers at the town of Faneni. 11 was during this sabha, whilst explainill8 that God 15 one, He is Narayan, He is our Swami. Shreeji Maharaj intToduced Yhe fath¢r of all M3nttas', Swaminarayan. The name refers wholly & solely to Bhagwan PU￿ShottaM Narayan (Shree Swaminarayan Bhagwan). He established temples at., Ahmedabad. Bhuj. Mu]i, Vadtal. Junagadh. Dholer< Dholkl Gadhpur and Jetalpur installing images of various manifestations of God, such a5 NaT Natayan Dev, Laxmi Narayatl Dev, Radha KTishna. Radha Raman, ReTrli Baldevji, etc. Shreeji Maharaj made Gadhpur Hi5 home, in recognition of the exceptional devoted love from Dada Khachar. In Vadtaj. on Prdbodhini Ekadashi of Vikram Samvat 1882. after due deliberation Shreeji Maharaj arated Charity. Management & Method of Appointment of Tn]stet$ The Board of ttU5te¢s hold regular meciings to administer and manage the charity and rnake decisions at such Ylleeting5. Othcr ad-hoG decisions ale taken by the trustees with exccutive positions. The Board of trustees together with Head Priest (Mahant) of our paicnt Temple ill Bhuj-Kutch {the cx-officio Chairperson of our charity), bave the ￿Wer to elect new tnjstees. Every 6 years, the 3 eldest Trustees shall voluntarily resign, and the remainin8 trustee5 will select new TTUSte¢s, tbough the voluntarily resigned trustees are eligible for reselection. New Trustees need to have served in the adwsory Committee for minimllm of 6 years. Induction and tr#inirtg of new trustees As part of their induction piogThn, new trustees are n￿de aware of their re5POll5ibiliti&s and this includes an introduction to the objectives, scope and policies of the Charity, the Charity Cornmission guidance on TtU5tee re5pon5ibilitie5 and a ¢opy of the Constitution. Additional training is available lo keep up with all new regulations concerning the Charity's activities. Page 7 Shree SMTaminarayan Satsang Report of the Trustees for the year ended 31 March 2021 STATEMENf OF TRUSTEES, RESPONSIBILITIES The tru51ees are responsible for prepating the Rcport of the Trustees and the financial statements in accordance with applicable law and United Kingdor]] Accounting Standards (United Kingdom Generally Accepted Accounting Pra¢ti¢el. The law applicable to ¢haritie5 in England and Wales. the Charities Act 2011, Charity (Accounts and Report51 Regulations 2008 and the piovision5 of thetrust deed requires thc ttustees to prcpare financial statements for each financial year which give a true and faiT view of the state of alfairs of thc charity and of the incoming resources and applicatton of resource8, includirtg th¢ income and expenditure, of the ¢hatity foi that period. In preparing those financial stateTnellt5. the tn]stees are required to selcct suitable accounting poli¢ie5 and then apply them ¢onsistently- observe the methods and principlcs in the Charity SORP., make judgements and e5ti]nates that are reasonable and prudent., state wh6theT applicable accounting standards bave been followed, subject to any material departures disclosed and explained in the financial statement%. prepare the financial statements on the goin8 concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable ac¢uracy at any time the financial po%ition of the charity and to enable them to en5uie that the financial statements comply the ChaTities Act 2011, the ChaTity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also respoT15ible for safeguardingthe assets ofthe charityand hencc for taking reasonable 5tep5 fortheprevention and dete£lion of fraud and other irregularities. Approved by order of the boatd of trustees on.... . . and signed on its behalf by.. MrDD ami - Trustee Page 8 Report ofthe Independent Auditors to the Truslees of Shree Swaminarayon Satsang Opinion We have auditedthe financial statements of Shree Swaminarayan Satsang (the'¢harily) for the yearended 31 March 2021 which comprisc the Statement of Financial Activities, the Balance Sheet. the Cash Flow Statement and notes to the fiDan¢ial statements, including a sumtnary of significant accounting policies. The financial reporting fiamework that has been applied in their preparatloll is applicable law and United KiDgdom Accounting StandaTds. including Financial RepoEting S12ndard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Gellerally Accepted A¢¢ounting Practice). In our opinion thc financial ststements.. give a trne and fair Triew of thc State of the ¢haritls affairs as at 31 Mar¢h 2021 and of its incoming resour¢es and application of resources, for the year then ended,. have been properly prepared in accordance with United Kingdorn Generally Accepted Accounting Pta¢ti¢e' and have been prepaTed irt a¢¢ordartte with the rcquirements of the Charities Act 2011. Basis for opinTron We conducted our audit in accordance with Jntemalional Standards on Auditing IUKI (ISAS {UK)) and applicable law. Our responsibilities undeT those standard5 ate further de5¢Tibed in the Auditors, 1¢5ponsibiliti&% for th¢ audit of the finan¢ial statements section of our report. We are independent of the chaTity in accordance with the dhical requircments that are Televant to our audit of the fjnancial statements in the UK, including the FRC'5 Ethical Standard, and we have fulfilled our other ethical responsibilities in a¢¢ordance with these requirements. We believe that the audit evidence we have obtained is Sufficient and appropriate io provide a basis for our opinion. Con¢luslon$ relgting to going concern In auditing the fiDantial statements, we have Collcluded that the trustee5' Use of the goiTJg concern b35]5 of accounting in the preparation of the finoncial statements is appropriate. Based on the work we have perfor￿ed. we have not identified any material uncertainties relating to events or conditions that, individu2]ly or collectively. may cast signifi¢Jnt doubt on the ¢harily's ability to continue as a Boing concem for a period of at least twelve months from when the finan¢ial statements are authorised for issue. OUT responsibilities and the responsibilities of the trll5tees with respect to going concern arc described in the Televant sections of this report. Other Informgtio The trustees 2re responsible for the other infor￿ation. The other infomjation ¢omprises the infomution included in the annual reptsrt, other than the financial slalement5 and our Report of the Independ6nt Audit015 thereon. OUT opinion on the financial statements does not coverthe otherinfornution and. except to the extent othenvi5e explicitly stated in our report, we do not express any forn) of 3ssuran¢e conclusion thereon. In Connection with our audit of the financia] statements, OUT responsibility 1$ to read the other infomialion and, in doing 50, COll5ider whether the other infomiation 15 materially incon5i5tent wryth the financial statements. or our knowledge obtained ill the audit OT Othernise appears to be materially misstated. If we identify such matthal inconsistencies or apparent rnaterial misstatement5, we are iequired to determine whether this gives rise to a material misstatement in the financial statements themselves. If. ba5cd on the work we have performed, we conclude that there is a material misstatement of this other infomiatlOD. we are T¢quir¢d to report that fact. We have nothing to report in this regard. M%tter5 OR which we are required to report by exception We have nothitig to report in respect of the following matters where the Charitie5 (Account5 and Reports) Regulations 2008 Tequtres us to Teport to you if, in OUT opinion.. the inforniation ￿Yell in thc licporl of the Trustees is in¢onsistent in 2ny material respect with the financial statements; or sufficient accounting records have not been kept., or the financial statement5 are not in agreement with the accountin8 records and returns,. or we have not received all the information and explanations we require for our audit. Page 9 Report of the Independent Auditors to the Trustees of Shree Swaminarayan Satsang Responslbllltles of trustees As explained more fully in the Ststement of Trustets, Rcsponsibilities set out on page 8, the tnJste¢s ale responsiblc for the PTeparalion of the financial statements which give a true and fair vtew, and for such interna] control as thc tn15tees determine is necessary to enxbl¢ the preparation of financial statements that are free from material ]nisstatemellt, whether duc to fraud or eryor. In preparing the financial gtateTncnt5, the trnstees are responsible foi a5sessit]g the charity's ability to continue as a going concem, disclosing. a5 applicable, matters related to goingconccrn and using the going eot]cern basis of accounting unless the tn]ste¢s either intend to liquidate the charity or to cease operations, or have no realistie alternative but to do so. Page 10 Report of the Independent Auditors to the Trustees of Shree Swaminarayan Satsang Our re$pon$ibilities ffor the #udlt ofthe financl&l statements We have been appointed as auditor5 under Section 144 of the Charities Act 2011 and rq)ort In ac¢oTdan¢e with the Art and relevant regulations made or having effect thereunder. Ourobjectives are to obtain ieasonable assurance about whether the financial %tatements a whole are free from material misstaiement, whether due to frdud or error, and to issue a Report of the Independent Auditors that jllcludes our opinion. Reasonable assutan¢e is a high level of assurance, blll is not a guarantee that an audit conducted in aecordance with ISAS (UK) will always detect a material mi5StateTnent when it exist5. Misstatffinents arise from fraud or error and are considcrcd matcrial if, individually or in the aggTegate. they could rea50nably be expected to influen¢¢ the ¢¢onomic decisions of users taken on the basis of thesc financial 5tatcments. We design our pyocedures so as to obtain sufficient appropriatc audit evidellce that the financial statements are not materially Misstat￿ due to non-¢tsmplian¢e with laws 2nd regulations or due to frdud or error. We are not responsiblc for prevcnting non-compliance and callnot be expected to det¢¢t noncomplian¢e with all laws and regulations- this r¢sponsibility lies with managemet]t with the oversight of thc Trustees. Based on our understanding of the Charity, discussions with rnanagement, we identified the Charities Act and Financial Reporting Standatd 102 a5 havEng a direct effect on the amollnts and disclosures in the flnancial statements. As part of the engagement team disCUSSiOt) about how and where the Charit￿$ financial statements may be materially rnisstated due to fraud, we did not identify any areas with an increased risk of fraud. OUT audit proceduies included-. •eDqUiry of managemeTht about the Charity's policieg, procedures and related controls regarding compliance with laws and regulations and if there are any knowTr instance5 of non-¢omplian¢e' •examining supporting documents for all material balances. transactions and dis¢losutes' review of the tLUStee minutes; venquiry of management and review and inspection of relevant cortespondence with any legal fITms' *evaluatlOD of the selection and application of accounting policies ielated to subjective measurements and Complex iransactions. •analytical piocedure5 to identify any unusual or unexpected relationships., •lestin8 the appropriateness ofjournal entries recorded in the general ledger and other adjustments made in thepreparation of the financial slalements,. review of accounting estimates for biases. Owing to the Ènherent limitations of an audit, there is an unavoidable ri5kthat sotne material mi5Statements of the financial Statements may not be detected, even though the audit is properly planned and perforn)ed in accordance with the ISA5 {UKI The potential effeLt8 of inherent limitations aTe particularly significant in the case of misstatement resulting from fraud because fraud may involve sophisticated and carefully organized schemes designed to conceal it, including deliberate failure to record transactions, ¢ollusion or intentional misrepresentation5 being ll￿de to us. A further description of our responsibilitie5 for the audit of the financial statement% 1.4 located on the Financial Reporting Council's website at www.frc.org.uk/auditorsrc5POT15ibilitie5. Thi5 de5cTiptiOll fortns patt ofouT Report of the Jndependent Auditors. Page 11 Report of the Independent Auditors to the Trustees of Shree Swaminarayan Satsang Use of our report This r¢port is made solely to the eharitys trnstees, 85 a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our 2udit work has been undcrtaken so that we Might state to the charity's trustccs those matters we are required to stale to them in an auditors, report and for no other puryx)se. To thc fullest cxtent perniittcd by law, we do not ac£ept or asbume Tesponsibility to anyone other than the charity and the charity's tn]stees as a body, for our audit wor for this report, or for the opinions we have fomied. Am orandollb Hygcia Build 66-68 College Road Harrow Middlesex HAI IBE AISe utory Audito f KNAV, Statutory Au(lit Date.. 2024-72-UK Page 12 Shree Swaminarayan Satsang Statement of Financial Activities for the year ended 31 Marih 2021 31.321 Total runds 31.3.20 Total fund5 as restated Unrestricted fund5 Restricted fund Note5 JNCOME AND EIYDOWMENTS FROM Donations and legacies 233,470 57,514 290,984 230,177 Charitable 4divities Charitable Activities 66.909 66,909 406,864 Investmellt income 87,420 Totsl 387 799 445 313 709 706 EXPENDITURE ON Charitable activit1¢5 Charitable Activitie5 472.960 56,617 529,577 460,710 Other Totfil 471023 465 510 Net gains on investments 261,879 NET INCOMEI(EXPENDITURE) (54,981} 897 {54.084) 506,075 RECONCILIATION OF FUNDS Total fund5 brought foriv#rd As previously reported Prior year adjustment 8,444,041 41.5481 44.715 9.453 8,488,756 51001) 7.931,680 10 Total fund5 brnught forward as restated 8,402.493 35,262 &437,755 7.931.680 TOTAL FUNDS CARRIED FORWARD 347512 8 437755 CONTINUING OPERATIONS All income and expenditurc ha5 arisen from continuing activitie5. The notes forn) part of these financial statements Page 13 Shree Swaminarayan Satsang Balance Sheet 31 March 2021 31.3.21 Total funds 31.3.20 Total nds as restated UnTesthcted funds Restricted fund Notes FIXED ASSETS Tangible as5Cts Heritage assets Investment property 10 4.532,139 68,412 1,580,000 4,532,139 68,412 1580,000 4,630.027 68.412 1.551.756 12 6,180,551 6,1811.551 0,250,195 CURRENT ASSETS Dcbtors Cash at bank and in hand 24,103 2,276,676 24,103 2 J12.835 15,000 2 302071 14 2,300,779 36.159 2J3fy938 2,317.071 CREDITORS Amounts falltng due within one year 15 1133,818) (133,8181 (129,511) NET CURRENT ASSETS 2,166.961 159 2 203 120 2 187560 TOTAL ASSETS LESS CURRENT LIABILITIES 8J47,512 36,159 8J83,671 8,437,755 NET ASSETS 8 383,671 8.437.755 The notes forn) part of these firtan¢ial 5taternents Page 14 continued... Shree Swaminarayan Satsang Balanee Sheet- continued 31 March 2021 FUNDS Uniestricted funds.. General fijnd Revaluation reserve 18 7.52fi900 820 612 7,597,095 805 398 8 402 493 Restiicted fund5.' General fund restricted TOTAL FUNDS 8.437 755 The finallcia15tatements were approved by the Board of Trustee5 and authotis¢d for issue on...... and were signed on its behalf by.. Mr L M VekaTia- Trustee MrD ami - Trustee The notes fomi part of these financial staterneDt5 Page 15 Shree Swaminarayan Satsang Cash Flow Statement for the year ended 31 March 2021 31.3.21 31.3.20 as reslaled Notes C#5h flows from operating a¢tivitie5 Cash generated from operations 444,143 Net cash provided by opetatlTI8 activities 444 143 Cash flow5 from investlng a¢tiYitie5 Purchase of tangible fixed asset5 Interest received (19,521) {23,972) Net cash {used in)Iprovided by investing activities 48.693 Cash flows from activltles Loan repayments in year Net Gash (used in)Iprovided by finallcing activities 19,000} Change in cash and ca$h equivalents th¢ reporting period Cash and cash equivalents at the beginnxng ofthe reporting period 10,764 492,836 1 809 235 Cash and cash equivalents #t the end of the reporting period 2.312,835 2 302071 The notes forni part of these financial statem¢nt5 Page 16 Shree Swaminarayan Satsang Notes to the Cash Flow Statement for the year ended 31 March 2021 RECONCILIATION OF NET IEXPENDITUREYINCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.3.21 31.3.20 as restated Net lexpellditureVin¢ome for the reportiDg period {9$ per the Statement of FinaTh¢iAI A¢tivltiesl Adjustments for: Depreciation charge5 Gain on inve%rments Intetest received (Increase)Ide¢rease in debtors Increase in c[￿lt0[$ Non-casb donations received 154,0841 506,075 117,408 (28,243) {3,000) {9,103) 26,3117 118,444 1261,8791 172,6651 i 00,000 54,168 Net cash provided by operation5 46.285 444,143 ANALYSIS OF CHANGES IN NET FUNDS At 1.4.20 Cash flow At 31.3.21 Net eash Cash at bank and in hand 2.302 071 2J12,835 2,302,071 2312835 Debt Debts falling due within l year 54.000 Total 2 248 071 2 280 835 The notes form part of th¢se financial stsiement$ Page 17 Shree Swaminarayan Satsang Notes to the Financial Statements for the year ended 31 March 2021 ACCOUPfflNG POLICIES Ba515 ofpreparing the finan¢l*l $t#ternents The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordancc with the Charities SORP IFRS 102) 'Accounlin8 and Reporting by Charities.. Statement of Recommended PTactic¢ applicable to chariti¢sprepaTing theiraccounts in aecordan¢e with the Financial Reporting Standard applicable in the UK and Republic of Ircland IFRS 102) Icffe¢tive l January 2019),. Financial Rcporting Standard 102 The Financial Reporting Stsndaid applicable in the UK and Republic of Iieland, and thc Charities Act 2011. The financial slalements have been prepared Ullder the historical ¢ost Convention. Recognition is initially at historic costl transaction value unless stated in the accounting policies. The financial statements ate prepared in sterling, which is the functional curren¢y of the entity. Incoming r¢50urces Income is recognised whcn the chanty 15 legally entitled to it after any perfO[n￿nce conditions have been met, tbe amounts can be mea%ured reliably. and it IS Probable that income will be received. Casb doDalions are recognised on receipt. Other donations are r¢¢og]]ised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income t&Y recoverable in Telation to donations received under Gift Aid or deeds of ¢ovenant 15 recogni5ed at the lime of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expeGtcd. If the amount is n()t knowm, the legacy is treated as 2 eOrtting¢nt a5S¢t. Income from religious servi¢e5. relates to hiring of some pafts of the charity'5 premises and is recognised once the hall hire has taken place. Rental income is recognised in a straight line over the lease. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or ctsnstructive obligation cornmitting the charity to that expenditure, it is probablc that a transfer of econotnic benefits will be required in selllemellt aDd the amount of the obligation can be measured T¢liably. Expenditure is accounted for on an acctuals basis and has been classified undcr headings that aggr¢gate all cost Telated to thc category. Where c05t5 callnot be directly attributed to particular h￿ding8 they have been allocated to activities on a basis consistent with the use of resources. Tangible fixed as$¢t$ Tangible assets are initially recorded at cost, and subsequently stated at C05t less any accumulated depreciation and irnpairnient losses. Depreciation Dcprecialion is provided at the following annual rates in OTder to write off each asset over its eglimated useful Freehold property Fixtuie5 and fitting5 20/D on cost 200/0 on reducing balance Heritage assets Heritage assets consist of Idols of God and jewellery adorning the idols on display at the temple for everyday viewing to all visitor5. Page 18 continued.. Shree Swaminarayan Satsang Notes to the Financial Statements - continued for the year ended 31 March 2021 ACCOUNTING POLICIES - tontinlled HeritAge assets The jewellery & idols are dessgned according to & have 5itllilar Qualities to histOTi¢al attisti¢ images displayed in various temples around the world for many centuries. The assets depict the Indian religious Culture that has b¢en passed doml through generations. Heritage as5et5 not depie¢iated Aequisitionl preservation. tnanagement disposal olheritage assets Th¢ charity m2inlains a register for the collection of its Heritage a5set5 which 15 readily available to the public for viewing. All Heritage ass¢ts acqllired either by purchase or donation are recorded at Cost. Investment property Investment property, which is propety hcld to eatn ientals and/or for Capital appreciation, is initially reeognised at ¢ost, which in¢ludes the purchase cost and any directly attributable expenditute. Subsequently il 15 measured 21 fair valu¢ at the reportiog end date, The surplus or defjcit on revaluation 15 reco8nised in the statement of financial artivitie5. Taxation The charity is considered to P&85 the tests Set out in Paragraph I Schedule 6 of the Finance A¢t 2010 and therefore it meets the defjnilion of a charitable company for UK corporation tax purpose5. Accoidingly, th¢ ¢harity is potentia]ly exetnpl fTom taxation in respecl of income or capital gains received within categorie5 covered by Chapter 3 Part I l of the co￿oration Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Ad 1992, to the extent that such income or gains are applied exclusively to charitable pury>os&s. CharitAble funds Unrestri¢ted funds are available for use at the discrdion of the Trustee5 in funheran¢e of their charitable objectives. Restricted fi]nds are subject to specifi¢ conditions by donors as to hgw they ll￿y be used. The purposes and uses of the restricted funds are set out ill the notes io the financia5 statements. Endowment funds are sthject to specific conditions by donors that the capital Tllu5t be maintained by the charity. Coing concern In preparing the fjnancial 5tatcments, the tn￿te¢S are responsible for assessing the charitls ability to continue as a going ¢on¢ern, disclosing. as applicable, nvatteis related to going concem and using the going concern basis of accounting. The Tnjstees believe that there are no going concern matteT5 that would aff¢¢t the Charity for the foreseeable futur¢ Financial instrurnents The charity only has fjnancial assets and finan¢ia] liabilities of a kind that qualify as basic financial instn]ments. Basic financial instNments are initially recogni5ed at tra￿Sa￿lOn valu¢ and subsequently me&sured at their settletnent va]ue with th¢ ex¢eplion of bank loans which are subsequently tne35UTed at aTnort15ed ¢951 usirtg the effective inteTeSt method. Pensions other post retirernent obllgat5ons The charity operates a defined conttibution pension scheme whi¢h is a pension plan ullder which fixed contributions are paid into a pellsioll fund alld the charity ha5 no legal or ¢onslructive obligation to pay further contributlODS even if the fund does not hold suffjcient assets to pay all eTnployeesthe benefit5 relatingto eTnploy¢e service in the current and PTior p¢no(ts. Page 19 continued... Shree Swamlnarayan Satsang Notes to the Financial Statements - continued for the year ended 31 March 2021 ACCOUNTING POLICIES- eontinutd Contribution.1 to defined contribution plans are re¢ogn15ed in the Staletnenl of Financial Activities when they are due. If contTibution payments exceed the contTibution due for service, the excess is recosnised as a p￿paYrnent. DONATIONS AND LEGACIES 31.3.21 Total funds 31.3.20 Total funds Unrestricted fi]nds Restricted furtds Donations and gifts 233,470 57,514 290 984 230 177 JNVESTMENT INCOME 31.3.21 Total funds 31.3.20 Total funds Unrestricted funds Restri¢ted funds Rental incolne on inv propety Othei inteTest receivable Solar iebate 84.420 lJ78 1,622 84,420 1,378 1,622 67,698 3,378 1.589 87.420 72.665 INCOME FROM CHARITABLE ACTIVITIES 31.3.21 31.3.20 as restated Tota] funds Unrestricted fimds Restricted funds Totsl furtds Religious services 66,909 406.¥64 li should be noted that due to the Covid-19 restri¢tiotts in 2020. the teTnple wa5 ullable to operate nornjally. As result the income in the year ended 31.03.2021 was significantly lower than the year ended 31.03.2020. Page 20 continued... Shree Swaminarayan Satsang Notes to the FinAnclal Statements- continued for the year ended 31 March 2021 CHARITABLE AcrivtTIES COSTS Direct C05ts (see notc 6) Support costs (see note 7) Totals Religious activities 463,401 529 577 DIRECT COSTS OF CHARITABLE ACTtVITIES 31.3.21 31.3.20 as restated Total Funds Unrestricted Funds Restricted Funds Total Funds Staff costs Rates & water Light and heat Postage and Stationery Advertising Sundries Premises, repairs & renewa15 Festivals & raasan Motor & trav¢1 Bank chATge5 Charitable donations Health & safety Depreciation 108,676 8,876 13,637 4.984 41. 2,642 1118,676 8,876 13,637 4,984 41 2,642 54,158 45,077 794 2,987 Ilb2,671 1,448 117410 85,410 6,098 20,9)0 5,455 47,474 105.733 2.195 4,058 6,576 45,077 794 2,987 46,054 1.448 117410 56,616 SUPPORT COSTS Governance cost5 Other Totals Charitable Activities 56.146 Th¢ ¢omparative inforn)ation for'direct costs of Gharitable a¢tiviiies- in note 6 and "5UPPOrt costs of charitable activities" in note 7 have been restated from £460,709 to £402.343 and £4,800 to £63,167, to better reflect the na￿re of the funds expensed. Pa8e21 continued... Shree Swaminarayan Satsang Notes to the Financial Statements- contlnued for the year ended 31 March 2021 SUPPORT COSTS- Continued Support costs, included in thc above, are as follows.. Other 31.3.21 31.3.20 as restated Total Funds Uniestricted Fund5 Restricted Funds Total Fund5 Insurance Telephone Postage and stationery Computei 50ftware & maintenance Legal & professional fees 18,086 18,086 11,617 2J65 4,413 12.445 6.945 12,059 2,365 4,413 Gov¢rn#n¢e c05t5 31.3.21 3 1.3.20 as restst¢d Total Funds UnTe5tricted Funds Restri¢t¢d Fund5 TotaI Fut)ds Allditors. remuneration Accoulltancy fees 5,000 5,1100 2.800 800 TRUSTEES, REMUNERATION AND BENEFITS Tbere were no trustees, remuneration 01 other benefits for the year ¢nded 31 March 2021 nor for the year ended 31 March 2020. Trustees, expenses There were no tfU5tees' expenses paid for the year ended 31 March 2021 nor forthe year ended 31 MaTch 2020. STAFF COSTS 31.3.21 31.3.20 Wages and salaries Social security Costs Other pension costs 102,153 5,940 583 82,948 2,462 108,676 Page 22 continued... Shree Swaminarayan Satsang Notes to the Financial Statements - continued for the year ended 31 March 2021 STAFF COSTS- continued The avera8e monthly number of trnployees duTing the year was as follows.. 31.3.21 31.3.20 No employees received emolume]]ts in ex¢ess of £60,000 in both the cu￿ent and prior year. io. TANGIBLE FIXED ASSETS Fixtures and fittings Freehold property Totals COST Al l April 2020 Additions 5,1100,000 S96,195 19,521 5.596,195 19.521 At 31 March 2021 5,000,000 615.716 ￿716 DEPRECIATION At l April 2020 Charge for year 468,750 497,418 966,168 117409 At 31 March 2021 521077 1083 577 NET BOOK VALUE At 31 March 2021 94.639 4 532 139 At 31 March 2020 4 531250 98.777 4 630 027 The opening balance in the ptiOT year forlalld and buildings was restat￿ to the deemed c05t on first time adoption of FRS 102 on 31.3.15 and the remaining useful life became 40 year5 frtsrn this date. At this date, the net value of the land alld buildings of £4,391.336 (cost l¢ss a¢¢umlllaled depreciation) was revalued to £5,000,000, which became the opening deemed cost and a revaluation reserve was created of £608,664. The a¢¢umulated depreciation brought fonvard at 01.04.2019 was restated to £375,000 (the net impact bcing atj increasc of £52,116). The charge for the prior year was adjusted by an inerease of £13,029. The tNstees ¢onsider all of the above entries io be required to Tefle¢l the co￿eCt C05t and depTe£iation value of the property. Page 23 continued... Shree Sjvaminarayan Satsang Notes to the Finanefial Statements - continued for the year ended 31 March 2021 ii. HERITAGE ASSETS Total COST At l April 2020 and 31 March 2021 NET BOOK VALUE At 31 March 2021 At 31 March 2020 68.412 There were no acqui51tions, disposaIs 01 in￿airtne￿tS to heritage assets in the years ended 31.03.2018 to 31.03.2021. 12. INVESTMENT PROPERTY FAIR VALUE At l April 2020 1,551,756 Revaluation At 31 March 2021 1580,000 NET BOOK VALUE At 31 MaTch 2021 At 31 March 2020 1551,756 Fair value at 31 Mar¢h 2021 is Ttpresented by.. Valuation in 2021 1,580.000 The opening balances forthe Charity's investment property have been restated to reflect the fair value of the assets. As such, the brought forward value for the investment property has been restated fiom £1289.877 to £1,551,756 (increase of £261,879 taken to the revaluation reserve). 13. DEBTORS: AMOUNTS FALLING DUE WITHJN ONE YEAR 31.3.21 31.3.20 Other debtors Page 24 continued... Shree Swaminarayan Satsang Notes to the Finanefial Statements - continued for the yLar ended 31 Mareh 2021 14. CASH AT BANK AND IN HAND 31.3.21 31.3.20 as rLStated General fund restricted General fvnd Total fund5 Total funds P¢tty cash account Natw&st 7420 HSBC- Fleet HSBC- 9327 HSBC- 3345 7,528 7.089 30,551 121,153 2110355 7,528 7,089 3,830 7,089 111,090 34,926 2 145 136 121,153 2,146 514 Total 2 J76 676 Cash and cash equivalent balances held at financial year end are available for charity use only, there are no overdrafts or bank lending that is repayable on demand. 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.21 31.3.20 as restated Con¢¢ssionary loans (see llote 16) Trade Creditors Social security and other taxes Pension contToI Other creditors Deferred income (see note 19) A¢crued expenses 32,OIMI 9,427 1,510 107 15,OIMI 66,625 54.000 15,000 49,190 133 818 129 511 The eompaTative information for ¢r¢ditors bas been restated from £80.321 to £129,511, representing the recognition of deferred income {amounting to £49,190), where services were yet to be rendered by the charity in the previous year. 16. LOANS An analysis of the rnati]rity of loans is given below.. 31.3.21 31.3.20 as restated Amounts falling due within one year on demand= Con¢essionary loans The conces5ionary loans are interest fee, un5ecuTed and repayable on demand. Page 25 contillued... Shree Swaminarayan Satsang Notes to the Finaneial Statements - contfinued for the year ended 31 March 2021 17. MOVEMENT IN FUNDS ADalysl$ of movement in funds B*l#nce at I April 2020 Ineomlng R¢source5 resour¢es expended Gains and lo$$es Balfince at 31 Tr#Th5fers March 2021 Unre5trietsd funds GeRerAI fllnd$ General 7,597,096 805,398 387,799 (471.023) 13,029 (13.0291 7,526,900 820,612 8,347.512 Revaluation reserve 28.243 28,243 Total general fund5 8,402,494 387,799 1471,0231 Restrttted fund$ Bhuj TeTnple 15,052 15,949 (15.0521 15,949 COVID-19 41.564 141,564) Nepal Earthquake 20.210 Totsl funds 8.437,756 445.312 527.639 28.243 8 383,671 AN#lysis of movement in fund$ in the previous year Balance at Balance at l April Incomirtg Re50urce5 Gains and Prior year 31 MArch 2019 resour¢¢5 expended losses Tran51er5 adjustments 2020 Ireststed} {rest*ted) Unrestricted funds General fund$ 7.344,469 556,548 Tot81 general funds 7.901.017 General 738.269 1445.905) 13.029 (13,039) 152,7661 7,597,096 261,879 805,398 209.113 8,402,494 Revaluation reserve 738,269 {445,905) Restricted funds Lottery 9,453 (9.4531 Bhuj T¢mple 1,000 20,628 16,576) 15.052 Nepal Earthquake 20.210 Total fund5 7.931.680 758.897 452.481 199,660 8.437.756 Page 26 Shree Sivaminarayan Satsang Notes ¢0 the Financial Statements - continued for the year Lndcd 31 March 2021 17. MOVEMENT IN FtTr4DS- contiDued The transfers from general fiinds to the revaluation reserve in the current and prior years relates to excess depre¢ixtion charged on the reyaluation of freehold property (Tefer to note 10). The opening balan¢es for the charitys iestricted funds have been restated to reflect donation5 made for sports activitlC5 from the lottery fund. 18. RELATED PARTY DISCLOSURES The following trnstees and previous tn]stees were holding propety in lieu of the charity. Cuttent tn]stees'. MIDDGami Mr K R Patel Previous trustees.. Mr H J Halai Mr M K Varsani MrNHGami Mr D D Patel 19. DEFERRED INCOME 31.3.1 31.3.20 as restated Deferted inrome blf Deferred income for the year Amount5 released from prior year5 49.190 66,625 49,190 Deferred income clf Deferred in¢ome relates to rental income received in the yeaT relating to the followryng year. Page 27