REGISTERED CHARJTY NUMBER: 1092679 Report ofthe Tr￿ #nd FinAnei*l Statements for tht Y*#r Ended 31 Mareh 21ll3 for Sbrtt S￿mIna￿Y*• S*tsAmg Shree Swaminarayan Satsang Contents of tbe Flnancial Statemellts for the year ended 31 Mareh 2023 Page Refe￿￿£¢ and AdmiDi¥trative Det81 Report of tbe Trnstees 2 to 7 Report Df the Independenl Alldtto 8 t() 10 Statement of f￿&￿tI41 Activities Bglgnce Sheet 12 to 13 Cash Flow Statemellt 14 Note5 to the C8sb Flow St#t*mettt Notes to tbe Fla*￿tI&l Stateme4ts 16 to 25 Detaile41 Ststernent of Finamcixl A¢tiviti¢s 26 to 27 Shree Swamin¥drayaD Satsang Reference and Administrative DetaiLs for the year ended 31 March 2023 TRUSTEES MrDDGami MrKRPatrl Mr L M Vekaria Mr P M VekaTia Mr P G Patel Mr M M Vekaria Mr J M Vekaria TRUSTEES HOLDING TITLE TO PROPERTY BELONGING TO CHARITY MrDDGami Mr K R Patel TRADING ADDRESS Dharnm Bhakti Manor Wotwj L8lle Stsnmore HA7 4LF REGISTERED ADDRESS 81 SL Andrews Drive Stsnmore Nliddlesex HAI IBE REGISTERED CHARITY NUMBER 1092679 AUDITORS KN.4V Hvgeia Building 6fv68 College Road Hartow Middl¢sex HAI IBE WEBSITE Jlstallrn￿ le.¢om Shree Swaminarayan Satsang Report of the Trustees for the year ended 31 March 2023 The Trustees prescnt their rew)rt and financÉal statements of Shrce Swaminaiayan Satsang (S.S.S) "the Charity" fi>r the year ended 31 March 2023. The financial statements have been prqmred ID accordance with the accourtling ]y)licies set out the noles to the fEnan¢ial statements and comply with the ehartty's current stamtory requirements. the Charities A¢1 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applI(￿le to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Rq)ubli¢ of Ireland (FRS 102)" {a5 atnended for accounting periods commencing from l January 2016) ORJEcfivES AND AcrIvrri& Objectives activities In a¢cordance wtth the chartry's obj￿1ve$ set out in the ¢4￿$ti￿1tiOn ofthe charity, the charity has the following 8ims. l. To advance the Sanatan Dharma (Hintht religion) in accordance with tea¢hings al￿ princtples of the Shree Swaminarnyan. f0uTrd￿ and 0rda1n￿ by Lord Shtee S8haianand Swami. 2. The Charity's main objective for the year continuesto k that of providing aspiritual place of worship for devotees and the wider community, to prdctice and adhere to the Swaminafdyan (Hi[￿u) faidL to obseTV¢ all th¢ r¢gulzr festivals and cultural a¢tivities coupled wÈth a place to extend voluTW servÈce {s¢val. 3. The strategy to achieve th￿¢ objectives include the provision of a safe platt of worshtp. including 5epar&te Temple halls for both males and females, subs¢2ntial open ground% halls and building5 and recreational facilities for all ages to participate in, integrate as a communit). arKi to ill51il humbl& moral. peaceful and religious values. Each year. the t￿￿e¢S review our objectives to ensure they continue to reflect our aims and in planniTJg its activttics for the year. Page 2 Shree Swaminarnyan Satsang Report ofthe Trnstees for the year ended 31 March 2023 OWEcfivES AND ArfivITAKS Public benefit ststement The charity is & publtc b¢n¢fii entity. The Nmees have ¢on]plied with the duty in section 4 of the 2011 Charities Act to have due regard to guidance published by the Charity Commission. including public benefft gutdance. The charity ha5 achieved its prirnary public benefit objectives by continuing to meet the spirttual requ1￿ments of the ¢oogregatiotJ and the wider community. This w& achieved by holding 811 daily aarti, p)ojans. katha aTMI Nitya N'iyams coupled with (Ylebroting with grand fashion all key festivals. The Temple has contin￿ed to an in¢rease in the number 0f￿PIe corning for daTshan and at ke), festivals and therefore rematns an attrfive place fortlM>5e wanting to follow the faith of RA)rd Swamillarayan. The congregation welfar¢ needs were also met with the vario￿$ Progra￿ and actiYitic& Our Slmprady Bhagwan Shree Swaminardyall W&5 Ix)rn in the Koshal regi¢)n of Indi4 in avillage called Chhapaija (nearAyodhya. UP). Having 5ervcd His parenL8 until their d￿lSe, the Almighty t(K)k to a pilgrimage of Indii adopting the life of a nomadic herniit. On completion of the 7 years. sojourn of Indti the Lord Tllct up with RaTTwiand Swami, and establishal the purest and unadUIter￿ed fomi of religion. b&sed on ultimate devotion to c￿￿1 only. with ￿tal observance of non-violent dharm Shreeji Mahar&j re-intrLxlu¢ed the non-violent yagt]as. on a grand scale. He instructed nurnerous acts of social welfare. alms-houses. digging of village wells I lak￿ explatned in ddail why it is imr￿ant to worship Satvic deities. Shreeji Mahardj discredited the a¢t of enforced Satt & female infanticide. After the passing of Shree Rarnanand Swdmi, Shreeji Mahayaj held a large g2thering of the followers at the town of Faneni. It was during this sabh< whilst explaining that God is on& He is Narayan. He is our Swatni: ShTeejL Maharaj introduced the father of all fvlantras., Swaminarnyan. The name refers wholly & solely to Bhagwan Purnshottam Narayan (Shree Swa￿l￿aTrYan Bhagwan). He estsblÈshed temples a¢ Ahmedaw Bhuj, Muli. Vathal. JuEkgadh. tknlert DI￿1￿ Gadhpur & Jdalpur instslling image5 of various manifeststions of GIKI. such as N.arNarnyan Dev. LLxr¥hi Narayan Dev. Radha KTishni Radha Raman. Revti Baldevji, ¢t¢. Shreeji Maharaj made Gadhpur His home, in recognition of the exceptional devoted love from Dada Khachar. Ill Vadtal. on PrdtrK)dhini Ekadasht of Vikram Sarnvat 1882. after thie deliberation Shreeji Maharni adopted His t]ephew5 Ayodhyaprwdji Pande and Raghuveerii Patmle as Hts sons. Estsblishtno the two Gadis i.e. NarNi ardyan t)ev Gadi at AhTn¢dabad and LaxmiNarayan Dev Gadi at Vadtsl. Shreeii maha￿ instruckd the two brothers to draw lots. tts decide who would be seated which Gadi. Shreeji ￿aharaJ then instructed all the followers p￿ent io do pwjan of their r¢sp¢ctive A¢harya5. Ay(yJhyaprasadji Maharaj) wds appoin*d the Inaugwaj Acharya of the NarNardyan Dev Gadi (also known as the UttaT Vibhag - Notthem division). whilst Raghu*e£rli Maharaj became the inaugurdl Acharya of the LaxmiNarayan Dev Gadi (a]50 known as the Dakshin Vib￿g- Southern division. This legal docum¢ni (known a5 De5h Vibha8TKTr Ixkh). which He dicthted and got written by Shukanand Swami. Learned saints and elder 5atsangis. including the two Acharyas. wttnessed this d￿uMent. Copies were presenled to AyodhyapTasadji Maharaj & Raghuveerii M8h2raj 4ese are CUT￿tlY in th¢ wssession of the current Acharyas. Shreeji Mahardj appoin￿ Shree Raghuytrrii Mah8taj to the Laxmi Narayan Dev Gadi at Vthl. and ShreeAyodhyaprasadji Maharaj io the Nar Narayan Dev Gadi at Ahmedabad. P￿se￿ily, HH Aeh8ry'a .Iqaharajsh Rakeshprdsadji Maharaj adorns the illustrious seat of Laxmi Nardyan Dev Gadi. wthi15t HH Acharya Maharaj5hri Koshlendrapra5adji Mahardj has SPTead the glory of G(¥J as Acharya & leader of the Nar Narayan Dev Gadi at Ahmedabad. It is the uniqueness of the authemic FM)nafide Swaminarayan Samprdday, that the closest a tyagi (saint) comes to leader5hÉp is being app)in*d the Mahant Swami Ihead-saint) of a Shikhatbandh TeTnple. At ajl time5. the true Saints of the Samprdday tak¢ ihetr instruction5 from the AcharyL theÈr uhimate Guru & laer. Shree Swaminarayan Satsang Report of the Trustees for th¢ year ended 31 March 2023 0￿Ecr[VEs AND ACTIVITIES The Acharya of the NarNarayan Dev Qadi at Ahmedabad is presendy His Holines5 Acharya Shri KothlendTapTasadji Maharaj. The meth(xl by which ￿t￿re Acharyas are to be opp)tnl￿ is enshrined in the d(Kument known a5 Desh Vibhag No l£kh. It is not only a legal document that has sto(yJ the test of tirnes SiTKe its extstence. it is an instJu¢tion primarily to the Acharyas, but with specifjc instruciions for th¢ ordinary followets also. It 15 a widely accepted fact that the Swdminarayan sampraday has a Unique berits8e of leadership that stretches back to the Lord Almighty Purushottam Narnyan Hirnself -Bhagwan ShTee Swaminarayan. As a final note the passage below eE]wuJates ourduty fr(xn this day foThv8Fd: ou two, who hold the Gadis. have been aP￿illIed spiritual Pr￿ep￿￿ hence all Sadhus. Brahma£haris and Palas and all our followers shall always remain oFdienl to your Commands. and Shall seThe you. Should any per￿)n of a sect (kliefj other than that of ￿ two ruling 5pirttual preCept￿S of the line of Dharniadev be pr¢- eminent for his knoThledge of the Shashtras or for his po¢h¢e of Yoga or aseeticism or for self renunciation. or foT any other virtue, and if ihereby ihe two Tuling pre£eptor5 of the line of DhaTtnadew be lower￿ in estimation, nevertheless we commarkd all Sadhus and Brahmacharis and Palas and 211 our follower4 that in order to the salvation of their soul& they a]ways and for ever honour the two ruling spiritual pre£eptOf5 of the line of Dhamadev, and obey them in thought. word and ¢ked. Should one. failing this, seek refijge in another and honour him. his soul shall have happiness in this world LY in the world to but shall suffer extreTlle paills. (De5h Vibhaa8 Lekh, paragraph 10) The Shikshapatri was WTitten b). Bhagwan Shree Swaminarnyan's awn blissful hand on V&sant Panchmi day of Vikram Samvat 1881 this is a tKX)klet of 21 ? Shlokas. Shreeji Maharaj sai in the Hari Mandap-His residence at Vadtal Tetnple -and MTOte it in San5krit. He iEJstruded the pat￿lt Saint Nityanand Swami to trdn51ate it into Gujarati. To the followers of the Swamillarayan San]prdday. who love and adorethetr Ishtadev. these are words of divine g￿]dance an how to live a tnoral and peaceful life. The Shikshapatri comprises the essence of all the scripture5 of Sanatan Dham so Swominarayan followers read it daaly. It coHtain5 generdl guidanc£ and spe£ific inst¥uctÉons to a variety of ¢ategories of followers -the Acharyas & th¢ir wives. householder males and f•naJes. widows. saints and brahrnachartes. At ihe agt of 49 Shre£ji Mahardj left His physical b￿Y at Gadhpur. promising to rernaill within the Swatninarayan Sampraday in.. l. the images He installed (and the A¢haryas sv¢¢eedtng Him as per the tksh Vibhagno iakh) 2. the Acharyas installed by Ffim land those in dir￿1 succession) 3. the saints He initiated (and those initiaÈed by suceeeding Aehary&s) 4. the SCrip￿res, such as Shikshapatri. Satsangi Jeevaffj Satsttn￿ Bhushan. etc (and those authorised by succe£ding A¢haryas) Volunteers The Charity relies on the selfles5 help and a55i5tancc of t￿ volunteers helping in it would not hav¢ been abl¢ to assi* tsther5 durin8 the pandemic without the selfl¢ss aci of Èis volun*ers. Shree Swaminarayan Satsang Report of the Trustees for the year eDded 31 March 2023 ACHIEVEMENT AND PERFORMANCE Ch8ritable a¢tivÉti¢s l. The Tetnple has sttn an increasing turnout for all major femivals like Ramnavmi, Diwa]i. Janm&stmi, NaTrThtri- Dusshera and P*otsav since the end of the covid pandemic. 2. Yuvak and Yuvati Tnandal classes op¢rdt¢ ¢a¢h Friday and help organts¢ all Yoth enwdgement acttvitie5. which resumed after the pattdemic. 3. The TeEnple website and wia] neNofking sites are continuatly updated with featu￿ such as photos and videos from past events and annoull¢e¥nents forthe firture events. 4. Community. Health aThJ Well-being seminars are ￿Ing held on a regular b&sis to Trise awareness on key i55ues such Dem¢[]ti￿ Cancer and othets. These started to reslune slowly after the pandani¢. 5. International Sewa Day is h¢ld to allow devotees to continue wtth selfiess seThi¢e to th¢ environment. In common with all charitie% the Charity is heavily reliant ort the eot)iinuing contr]￿tion and supwrt of its unpaid volunteers who have assisted wtth the dav to da). 0￿rdt10Th of the Ternple. The Trusttt5 thank all of our volunteers for the hard work put in during the year. in all aSp￿ts including Pr&shad Prepardti0￿ various educational activitie& library. ¢leaniRg and or8anizAtion of various ¢vetJts. Criteria to me8sure succ The Chariry measures it succes5 in terFns of numbeTS attending and participating in the many activities and festiva15. It continues to promo1¢ greater attendance and the illCfE&se in the eduL¥tion of those th>￿Eng to the *mple. The numbers of people attending at the Diwali festivals are US￿allY appmximately 10,I)00 a year. Coing concern In preparing the financial statetnent& the trustees are resw)nsible lor assessinq the charity's ability. to continue a5 a going ¢oncern. disc105ins applicable, rnatt￿ ￿lated to going Col￿erTr and using the going ¢on¢ern basis of a¢counting. The Trustees believe that there are no going concern matters that would affect the Chartty for the fore5ethle fjjture. The Board believes that ad¢4)ting ihe going basis in prqwing the fina￿18[ Statements is appTopriate for the ¢hariiy. There arr llo other significant risks that a￿ required to be rerKTrned for the financi￿ year ending 2023. Reserves Poiiey It is the rK)licy of thecharity thai UnreStrÉc￿d fundswhich have not P£en designated for a 5pecifEC Use should bernaintailled at a level equivalent to betsveen three and six M￿th'S expendÉture. The Trustees considers that reserves at this levtl will ejisure thaL in the event of a significant drop in funding, they will be able to conijnue the chariiy's current artivities while consideration is given to ways irt which additiontl futKIs njay be ral￿d. Thi5 level of reserves has been n￿]ntained throughoui the year. Availability aod adequ*ey of assets ofe8th of the fuDds The Board of Trustets are satisfied with the ￿orI￿an(¢ of the Charity durillg the year and consider that the Charity is in a position to continue its aciivitics during the Coming year. and thai the ¢liaJity's assets in ea¢h fund are adequate to Ifil its obligations. The Charity continues to prosper throllgh increasing donatii)ns and is in a strong financial position to Tlleeting all foreseeable charitsble obligwioTh% part]￿larlY as the initial fimding bank l(An now been repai Shree Swaminarayan Satsang Report of the TnJ$t for the year ended 31 March 2023 FINANCIAL REVIEW FillADci&l review Ststement of Financia] A￿l¥ll1¢S show net income ft>r the year of review of £449.9881?022'. net income of £443,974). The iotal funds at t]* yVdr ￿ with all new wl*ions ¢on¢eming the Charity's activities. Shree SwanJinarayaD Satsang Re￿rt of the Trustees for tbe year eDded 31 Mareh 2023 STATEMENT OF TRUSTELS. RESPONSIBILITIES The trustees are resw>nsible for preparing the Report of the Trust￿ 3nd the financial stst¢ments in accordance with applicable law and Untted Kingdom Accounti￿ Standards (United Kingdom G￿et￿lY Awtxl A¢counting Practice). The law applicable loclwities in England and W￿e5. the Chartties Act2011, Charity {A¢countsand Rewrts} Regulation5 2008 and the provisions of the Itu￿ deed require5 th¢ttusie¢sto pwe financial statements fOrG￿h fi¥wicial year which give a true and fair view of the stale of affairs of the eharity and of the incoTning resources and application of resources, including the income and eX]￿dIt￿re, of the ¢harity for wiod. In prqwing those financial statements, the tn￿ee$ are required to select suitsble accolmting TKbli¢ies and then apply theln consistently. observe the methods ond principles in the Chariti. SORP" make judgements and e51]rn￿¢S that are reasonable and prudent. st&te whether applicable accounting Standa￿ have been followed. subjeit to any material departures disclosed and explained in the financial stateTllthts- prepare the financial sthtern￿ on the going o)n¢¢rn basis unless it is imppropTiate to p￿sUMe the charity will continue in busine The tn]stees are responsible for keeping aco)un¢ing records whi¢h dtsclose with rea8oTtable accuracy at ￿￿Y tiFne the financial position of the charity aT￿ to tllable them to ¢￿sure that the fi￿O￿tI￿1 siaternents comply with the Charities Act 2011, the Chariiy IAt¢ounts and RepoTts) Regulations 2008 and the provisions of the trnst de&J. They are also rwnsible forsafrguardingtheassets ofthe charity and h￿ce fortskingrtasonablestrps forthe prevention and detectton of fraud and other itTegularities. Approved by order of the IM)ard of trustees 0&¥..￿.....￿k￿. and Signed on its behalf by: Report of the Independent Auditors to the Trnstees of Shree Swamillarayan Sats2ng Opithion 'e have audtid the financial 5tat¢ments of Shree Swaminaravan Satsang(the'charity) forthe year emded 31 M8r¢h 2023 which comprise the Stsiement of Financial Activities. the Balance She£L the Cash Flow Statement and notes to the financi81 statementy including a summary of signifi￿1 a¢o)unting Wplicies. The financial rewrtsng fiwnework that has been applied in their prepatation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practic¢). In our opinion the financial $iatements= give a trne and fair view of the state of the charity's affairs &$ at 31 March 2023 and of ats incoming resources and applicaiion of resources, for the year then ended," have been properly prepared in accordan￿ with L'ni*d Kingdom GO￿llY Accwed Acco￿ting Pra¢ti¢e' and have been prepared in accordan¢e with the requsreTnen(s ofthe Charitie5 Act 2011. Ba$1$ for opiuion We conducted 0￿r audit in accordance with International Standar(L4 on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors. iesp)nsibilities for the audit of the financial Statements section of our rwlt We are Inde￿ident of the ¢harit)' in a¢eordance with the ethical requirements that are r¢l¢vant ¢0 our audtt of the financial sratements in the UK incltsdtng the FRC'S Ethical Standard, and we hawe fvlfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is suifLcier]t at]d appn)priate io provide a basÉs for TrJr opinion. Conclusions relating to g(&ittg toncent In auditing the linancial statements. we have concluded the trustees, use of the going Concern basis of accounting in the preparation of the financial statements is appropriate. Based on Éhe work we have perfomed, we have not identified arjy matrrial uncertaitatie5 relating to events or conditions that, Indi￿.)duallY or collectively. may c&st significant doubt on the ehartty's ability to continue as a going concern for a period of at least twelve monihs from when the financial statements are auth0ri5ed for issue. OUT resEX)nsibilities and the responsibiliti¢s of the tn&ees wtth to going concern are described an the relevant sertions of this report. Other Infor￿ation The trnstees ar¢ responsible for the other inforn)atton. The other infomwtion ¢omprÈses the infonnation in¢luded in the Annual ReporL than the financial 4aTrments and our Repxjrt of the Indqxndeni Auditors thereoll. Our opinion on the financial statements d¢)es not coverthe other illfor¥nation &]d. except to the extentotherwise explicitly sxated in our reporL Vit do nol express any fomi of assllran¢e conclusion thereon. In connection with nur audit of the financial statemen15. our reSEx>nsibilTty is to read the other information and. doing so. consider whether ihe other information És materially inconsisient with the financial statements or our knowldge obtained in the audit or oiherwÈse appears to be matrrially TlliS5tated. If we identify suth material inconsistencies or apparent material rnasstaiem¢nl4 we are required to deierniine whether this gives rise to a material misstatem¢ni in the financial statements themselves. If, based OEJ the work we have TKrforme4 we conclude that there is a material tnisstatement of this other inforFnation. we are required to rep)rt fact. We have nothing to rep)rt in this regard. Matters on which we are required to re￿rt by exception We have nothing to Teport in respect of the following Inat￿ where the Charitie5 (Accourts and Reports) Regulatrons 2008 requires us to rep()rt to you if. in our opinion= the information given in the R£rM)n of the Trustee5 is iDconsastent in any matertal respectwith the financial statements,. tsr sutTicjent a¢countillg T￿)rdS have not ￿en kept; or the financial statements are not in agreement with the a￿ountIng rttords and returns; or we have not received all the inforniation and explanatiotts we requi￿ for our audil Report of the Independent Auditors to the Trnstees of Shree Swaminarayan Satsang Responsibilities of trustees As explained mor¢ fvlly in the S￿emfflt of Tntstees, Re5ponsibiliii* the trustees are responsible for the preparation of the financial statementswhi¢h give a ¢rue and fair view: and for such internal conrrol asthetrllstees deteTmine is necessary to enable the prqiaTation of financiaI Statements are free from material missthtemenL whether due to fraud or error. In preparing the financial statement¥ the tn￿¢¢5 are responsible for &ssessing the charity's ability to o)ntinue &s a going ¢oncern, disclosing. applicable, matt￿S rela*d to going concern and using the goillg concern ba5]5 of accounting unless the trustees either intend to liquidate the charity or to cease operation5. or h&v¢ no realistt¢ altemative bui to do so. Auditors responsibilities for the audit oftht fin4D¢ial statemeDts Olli objectives are to obtatn reasonable assuranceatX)Uiwhether the financial statements as a whole are free from ]naterial misstaiemenL whether due to fraud or error, and to issue a RetM)n of the Independent Auditors that includes our opinion. Reasonable a5suran¢e i5 a high level of &SSUfdn¢e but is not a guarantee that an audit conducted in ￿OrdanCe ￿7th ISAS (UK) will always detect a materid misstatement when it exists. Missratements can ￿15¢ from fraud ortrror and are considered material if, I￿]IViduallY or tn the aggregate, they could reasonably ￿ expecied to influence the econotnic de¢isions of useF5 tsken on the basis of these financial Slatements. Extent to whieh the audit w8s capgblt of deteeiing irregulxritie& iDtl*dinE frAud We design our procedures so &s to obtsin sufficient approptiate audit evidence that the financial ststernents are not materially misstated due to notJ-¢omplJance with laws aod regulatio￿$ ordue to fraud or error. We are not responsible forpreventing norÈ-¢omplian¢e and cannot be expeetLxl to detect noncompliancc with all laws and ￿guI*10￿s- this responsibility lies with managernent with the ov*5ight of the Tnjstees. Based on our understanding of the Charity. di%ussions with manag¢menL wc ideniified the Charlties Act and Financial Reporting Standard 102 as having a dire£t effect on the amounts and disclosures in the finanei81 statements. As part of the engagetReTrt tealn discussion alK>Ut how and where the Charity's financia] statements may be materially misststed due to frau￿ we did not Id￿lify any aras with an in¢rta5ed risk of fraud. Our audit procedure5 includ￿-. •enquiry of Mat￿ementab0U1 the Chartws policiL% Pr¢￿Ill￿$ and Yela*d controls regarding eompliance with laws and reglllations and if there are any knowll insthncts of Jton-(x)mpliance,' •examining supw>rting dctuments for dl mat¢rial trans&tions and dasclosures; ' revÉew of the tnwee minlltes= 'enquiry of Tnanagement and revi￿ and insrrttion of relevant ¢orrespondence at]y legal firn)s" *evaluaiion of the sele¢tron and applEcation of accowiting policÈe5 related to subj&ttive me&£urements atld complex trdnsartions" 'analJtical procedure5 to identify any unusual or unexpected relationships: th￿$1]ng the appropriatenes5 ofjourna] et]tries rtrorded in the general ledger and other adjustments made in the Preparation of the f￿ne1￿ statements; "review of a¢cowJting estimates for biases. Owing to the ir]heMt limitattons of an audiL there is aft unavoidable risk that some Materi￿ misstatements of the financial statements may not be detwted even th(MJgh the audtt is prO￿rIY planned and performa in a¢¢ordance with the ISAS (UK). The potential effects of inherent limirations art partt¢ularly signifiL￿1 in the case ofmi&statetnent resulting from fraud because fraud may involve sophisticated and ¢arefvlly orqani2ed schemes designed to conceal IL including deliberate fatlÈtre to record tran5aetion5. collusion or intentional misrepresentsiions being made lo us. A further description of our res￿nsibIlItieS for the audit of the finan¢ia] 5tstements is located on the Finan¢tal Reporting Council'swebsiie* Mvw.frc.org.uklauditorsreswibilitie5. Thi5descrtPiitsn fom15 partof our report Page 9 Report of the Independent Avditors lo the Trustees of Shree SiTh'atllinaravaD Satsallg Use olour report This iewtl is tn￿¢ stslelj" to the ch￿ily'S tru5teffj &s a in acL¥)rdance M'ith Part 4 of the Charitie5 (Accounts and Rep)rtsl Regulations 2LM)8. Our audit WOTk ha5 been under￿￿en so that might 5tste io the charity's trust¢e5 those matters we are required io state to thern in an auditor5. rerA)rt and for tLO other purFK)5e. To the fullest ektent per￿]lled by law, we do not &Ltept or 355um¢ re5ponsibiliTr to 8JLyone other than the chariTh and the Charit￿,5 trustees a5 a EKKfv, for our audit w rl for this rewo or for the opinions we haTre forrlled an A (Senior Statutory. ofKNAV, S￿tUtO￿. ditor) udi￿r on behal ygeia Building 66-68 Colleg¢ Road HaYn)iY Middlesex HAI IBE .09 2025 2025-81-UK P4e 10 Shree Swaminarayan Satsang Statement of Financial Activities for the year ended 31 March 2023 31.3.23 Total fuDd5 31.3.22 Tota] funds as reststed Unrestricted fund5 Restricted fund Notes INCOM£ AND ENDOWMEhTS FROM tk)narions and legacies 345150 9,761 355kn11 322.733 Charitable &ctivities Charitable Activities 456.669 456th69 381,957 Investment income 96J58 96.858 84,511 Total 899J77 9.761 9￿1.138 789.201 EXPEliDrfuRE ON Charitable activitits Charitsble A¢tivities 5,6,7 481.980) 494.150) 420227} Net gains OIL invcstsnent assets 12 35,OIKI 75.000 NET INCOMEI(EXPENDrruRE) 452J97 12,409) 449,988 443,974 RECONCILIATION OF FUNDS Total funds brought fonvard &979.1)36 2&706 9.007.742 8.563,770 TOTAL Fuf4DS CARRIED FORWARD 9,431.433 26297 9,457.730 9 007,742 CONTINUING OPERAT10Tr4S All tncome and expenditure has arisen fro￿ c(Krtinuing activiti Shree Swaminarayan Satsang Balance Sheet 31 Mareh 2023 31.323 Totsl funds 31.3.22 Tots] funds as restated nds fund Notes FIXED ASSETS Tangible &￿ts Herithge assets Investrnent property 10 4J3S168 82Jg) 1/)90,0 4J3S168 82J99 4.428.744 78,624 1.655.000 12 107J67 107J67 6,162,368 CURRENT ASSEIS Debiors Cash at bank and in hand 13 14 69,049 69,049 3A13.720 ￿￿7 3.440,017 239.959 2 740 425 3A81769 2V97 3J09,066 1980,384 CREDITORS Amounts fa]ling due wtthin one year 15 115&903) {15&903) (135.010) NET CURRENT ASSETS 3J23J66 26297 50.ILI 2 845 374 TOTAL ASSETS LESS CURRENT LIABILITIES 9.431.433 26297 9.457.730 9,007,742 NET ASSETS 9.431.433 26297 9 457.730 9.007.742 Page 12 cot)tinued... Shree Swaminarayan Satsang Balance Sheet- continued 31 March 2023 FUNDS Unrestricted funds.. Generdl fund Revaluation reserve 17 952&8811 904.533 .096,454 882,582 979,036 Resthrted fimds.. General fund resthrted TOTAL FUNDS 57,7311 9.007,742 The finan¢ial SthieMen￿ Èntluding the notes on page5 16 to 25 were approved by the Board of Tn￿tee$ and authorised for Issue on Sax.￿&[￿...53lrOrtd were signed on its behalf by: Mr L M VekaTia- Tru5te¢ aTlli - Tru51ee Page 13 Shree Swaminarayan Sats¥4Dg Cash Flow Statement for the year ended 31 March 2023 31.323 il.322 Cash flows fro￿ operating activiti Cash generated from operatioTts 7D7J67 440.(hSO Net osh provtded by operating a¢liviiies 707J67 440.060 Cash flow5 from invuting •ctiYitie5 Purchase of tangible fixed ass¢ts Inierest received (21,935) 14.1(4) (9,283) 1,813 Net cash used in investing activitt¢s 7,77 7.470) Cash flows from financitsg *ctivlties Loan repayments in year Net cash provided byl(llsed in) fJnancEng a¢tÉvities 5.0(K)) Change in c8sh *nd cash equivalents i the reporting period alld cash eqknivalents at tbe beginning of the reporting period 427,590 2 74￿425 2312835 C8sh cash equiyalents #t the end of the r¢porting period 3.44Q017 2.740.4 Page 14 Shree Swaminarayan Satsang Notos to the Cash Flow Ststement for the year ended 31 March 2023 RECONCILIATRON OF NET INCOME TO NET CASH FiL)W FROM OPERATING AcfivITIES 31J23 31.3.22 Net income forthe reporting I)eTi￿ (95 per the Statement of fJngnei*l Activities) Adjust￿e￿ts for: Depreciation charges Ga2n on investment assets Interest receii'ed NOn-C￿h donations received tk¢reasel(iTtcrease) in debtor5 Incrvdse in ¢redktor5 449,988 443,974 112,678 {75.0001 (1.8131 (10.212) {35,758) 6.191 {3S.11110) {14.160) (3,77S) 170,910 23,893 Net cash proyided by OPEratioDs 7O7J67 440,060 ANALYSIS OF CHANGLS IN liET FL'NDS At 1.422 Cash flow At 31J.23 Net eash Cash at bonk and in hand 425 699 592 174Q425 3.440.017 Debt Debts falling due within l y 27,IMIO 27.IKbO 27.IXIO 27.IIIMI Totsl 1713,425 099592 3.413,017 Page 15 Shree Swaminarayan Satsang Notes to the Financial Statements for the ye2r ended 31 March 2023 ACCOUNTING POLICIFS Basi5 ofprewdring the f￿*￿£181 st*temeDts The finan¢ial statements of the charity. which is a public F*nefit entity under FRS 102. have been prepared in attordance with the Charities SORP {FRS 102) 'Accourtting and Reporting by Chorities: Ststem¢nt of Recommended Prdctice appliL¥ble to Charities preparing theiraccounts tn xcordance with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland {FRS 102) (effective l January 2019),, Financiol Reponing Standard 102 The Financial Reporting Standard applieablt in the UK and Republic Of Jreland, and the Charitie5 Act 2011. The f￿anCial ststements hav¢ be￿ prepared under the historical wst convention. Recogniti¢M is iniiially * histotic ¢oxltran5action value unless stated in the 8¢couniing w>li¢ies. The financial statements are prepared in Striling. which is the fiu)ctional currency of the entity. Incomirtg r¢sourees Incotne i5 recognised whenthecharity hasentidement to fiEnd% any wfomiance conditionsattached to the item(s) of income have been meL it is probablethat the incorne will be received and the amount ¢4n be measured reliably. Cash donwions arereco8nised on receipt. Other donationsand grdnts are recognised when receivable. In the event that a donation is subject to ￿lfIllIng ￿rf0Mlan¢t conditions beforethe charity is entitled to the fimds, the in¢ome is deferred and noi te¢ogRi5ed ut]til il is probable that those conditions will be fvlfilled in the reptsrting peTlOd. Income from Gifi Aid tsx re¢laims is recogr]i5ed where the donor has confinned that gift aid can be ¢laim¢d on their donation. Any amounts of Gift Aid not received by the year-end are accounted for in income and attrued income in debtors. For legacies. entitlement is tsken on a case by case basi5 as the earlier of the date OT] which.. the Charity 15 aware that probate ha5 beeTt granted. the estste I￿S been fit￿ised 2nd notifjcation has been made by the executorfs) to the charity that a distribution wll be made. or when a distrtbution is te¢eÈved from the estste. Rweipt of a leg8¢y, in whole or in paT¢ 15 only considered probable when the amount Ggn be me&8ured re]%ably and the charity has been notified of the eXeCu￿r.5 intention to make a distribts(i¢)n. Income from religio￿5 Servi￿ relat4s 10 hiring ofsome wts Of￿ charity's premises and is wogniS￿ onc¢ the ha51 hire has tsk¢n pla(t. Rents] income ig recO￿E5¢d in a straÉght line over the life of the lease. Interest on fimds held on detK>Sit j5 included when receivable and the amount Lxn be M￿u[ed reliably by the ¢hari¢y" this is normally upon notific￿10￿ of the interest paid or payable by the bank. Expenditure Expendlture 15 recognised once there is a legal or constTU¢tive oblig*i0o to make a payment to a third party; It is probable that settlemet]t will required: and the amount of the obligati(xt rne&sured reliably. Where costs cannot be directly attrlbuted to particular heading5 they have Fttn allocated to activities on a basi5 COll515tent with the use of resources. Expenditure on charithble artivities Éncludes the costs of delivering services and other activittes undertaken to ￿¢ther the purposes of the charity and their a55(Kia*d support Costs. Ir￿cOVerable VAT 15 charged &s a cost against the aaivity for which the eX￿nd￿l￿re was incurred. Tangible fixed gssets Tangible assets are initially recorded at cost and wbSeqUen￿Y tstrted at cost less any ￿UmUlated depr¢ciation and impairment losses. Depretiatio Depreciathon is provided at the folk)wing annu21 ratrs in order to WTite off each a$5et over its estimated usefvl life. Frtehold property - 2Y*l on cost Fixwres at)d fittings - reducing balance Page 16 continued... Shree Swaminarnyan Satsang Notu to the Financial Statem¢nts- continued for the year ended 31 March 2023 AccouNfiNG POLICIES- tontinued Heritage assets Heritsge assets comprise tdols of deities and the jewell￿Y wjoming thenL which ar¢ displayed in the temple and accessible to visitors daily. These itern5 are designed in accordance with traditional artistic styles that have been used in temples for centuries, reflecting the I￿11￿￿ reltgious and cultural heritsge pa&8ed do￿￿ through generations. The herilage &ssets are recorded at cost when wuire5e of heritagt assets. thould o disposal orcur, the proceeds would be applied in accordance with the charity's objectives typically towards the acquisition or preservation of other heritsge assets. Investment property Investmellt property. which is property held to earn rcntals andlor fv capitsl appreciatio￿ is initially recognistd at cosL which includes the purchase ¢ost and any dire¢lly aurtbu¢able expenditure. Subsequently it is measured at fair value at ihe rew)rting end datE The surplus or deficit on revaluation is recogmised in the ststement of financial aGtivities. Charitxble futtd$ Unrestrtcted fimds are available for ￿t at the discretion of the Trustees in of their ¢haritabl¢ objective5. Restri¢ted funds are subjtct to specific condttions by don￿5 to how tIKy may be ttsed. The purposes and uses of the restricted fvnds ore set otrt in the notes to the financia] staiement& Endowment fvnds are subjea to stttific conditions by donors that the ¢apir31 rnust be maintsined by the charity. Going cott¢er In prq)aring the financial Statements, the tn]stee5 are responsible for &sse55ing the charity's ability to continue as a going concern. disclosing, as applicable, matters related to going con¢em and using the going eoncern b&sis of a¢couniing. The T￿￿CeS believe th* there are no going conctrn lE￿tter5 that would affect the Charity for the foreseeable future Financial instrnments The charity onlv h&s financi￿ &ssets and financial liabiliiies of a kind that qualify &s basic financial instruments. Basi¢ financial instruwnents are inÉtially recognised at transaction value and subwuently measured at their settlement value. Crediiots and prov1510n5 are r￿0gIbiSed where thechaTity has a present obligation resulting from a past event that will probably result the transfer of fitnds to a third party. and the atnout]t due to settle the obligation can be Mea$￿￿d or esiimated teliably. Creditows and provisions are nomially rtcognised at their settlement amount after allowing for any trade dis¢ourtts due. Ptnsiolls #nd other post retirement oblig&tioD5 The charity operates a defined ¢on¢ribution pension sd)eme whi¢h is a pension plan under which fixed contributions are t￿ld into a pension fund and the ¢harity has no legal or constnjaive obligation to pay further c4)ntributi(ms even if th¢ funddoes nothold sufficienta$5ets to pay all employees the benefits relating to employee service in tht current and prior ￿n(MIS. Contributions lo defined contribution plans are recO￿lSed in the Statemellt of Financial ActivÉlie5 when they are due. If contribution paymertts exceed thr wntri￿tton due for serviK the excess is recognised as a prepayment. Page 17 continua... Shree Swaminarnyan Satsang Not¢5 to the FiDan¢ial Statements - continued for the year ended 31 March 2023 IK)NATIONS AND LEGACILS 31J23 Total fimds 31J.22 Total fitnds Restricted tkpnation5 and gift5 9,761 355.611 322.733 345J50 355.611 322.733 INVESTMEKf INCOME 31J23 Total fi]nds 31J22 Total funds nds fund5 Rentsl income from investsn¢nt proi Ixher interest receivable Solar rebate 81698 12J98 1,762 81&)8 12J98 1.702 82,698 297 1,516 96J58 96.858 84.511 INCOME FROM CHARITABLE AcrivrriES 31J23 Charitsble activities 31.322 Total auivities Ch*itable activilies 456,609 381,957 CHARITABLE AcrIvrriES COSTS Direct cA)sts (see ote 6) Support costs (see note 7) Clwitable activiiies 443,020 51.130 494 150 Page 18 colltinued... Shree Swaminarayan Satsang Notes to the Financial Ststements- continued for the year ended 31 March 2023 DtREcf COSTS OF CHARrrABLE AcnvrfiES 3JJ.23 Total fund5 31.3.22 Total funds fi￿d5 Sthff costs Rates & water Light and heat Posthge and ststionery Advertising Sundrie5 P￿MISes. repaits & renewals Festivals & raas8ll Motor & travel Bank charges Charitable donaiions Health & safety tkpreciatÉon 8S432 9316 3SI)89 1&432 S.432 9.516 3SII89 IA432 2,1180 S295 69,899 4,754 25,192 15,520 850 19.039 21,515 64,632 1,837 347 23,243 1,831 112,678 5295 5&819 9￿64$ iJ23 1,003 Ill￿7 1.798 90.645 lJ23 ,173 21907 1,798 115,511 170 443.020 361.i37 SUPPORT COSTS (Ah Govern¥nce costs Tots] Charitable a¢tiviti¢s 39.630 Support costs, included in the abové are as follows: Other 31J23 Totsl fijnds 31.3.22 Total funds Restricted fiJR In5uran¢e Telephone Computer 50ftware ma]nteE￿ice Legal & professionaE fees 2Q196 20,196 17.891 9,301 3.600 17.798 IIV74 JOJ74 39.630 39.630 48.5 Page E9 continued... Shree Swaminarayan Satsang Notey to the FiDancial StatemeDts- ¢ontinued for the year ended 31 March 2023 SUPPORT COSTS- ct)nts•ued GoYernaNte costs 31J.23 Charitable a¢tiwti¢s 3 1.3.22 Total activities Auditors, remuneration AccouEJtancy fees 9.11011 25IMI 5,000 sJoo TRUSTEES. REMUNERATION AND BENEFITS Trustee5' remuneration bener There w•t llo T￿Slee5. rrwnuneratÈon OT other benefits for the yvdr ended 31 March 2023, nor for the y¢ar ended 31 March 2022. In addttion, no chaTity Trustee received any paymtht for professional or other services supplied to the Charity during the year (2022.. £nil). Trnstees. ¢xp¢Ds¢s There were no tnLStees' expenses paid for the year Mded 31 Match 2023 nor for the year ended 31 March 2022. STAFF COSTS 31J23 31.3.22 Wag¢s alld salaTie5 Social Security costs Other pensiort ¢osts 81.481 71.139 (2,066) 826 3.717 85.432 The averdge monthly numberof employ￿5 during the ye4r w&s follows: 31.323 3 5.3.22 No employecs rffeived anoluments in exctss of £&l,O(K>. Page 20 continued... Shree Swaminar2yan Satsang Not￿ to the Financial Statements- continued for the year ended 31 M2rch 2023 TANGJBLE FIXED A&SETS Fixtures Freehold fittings Totals COST At l April 2022 Addition5 624.999 21.935 5.62{999 21,935 Ai il March 2023 646.934 ￿934 DEPRECIATION At l April 2022 Charge foryear 6562SO 93,750 Slo.(￿5 21,761 1.19fi25S J 15.511 At 31 March 2023 750.llll 561.766 lJll,766 NET BOOK VALUE At 31 March 2023 85.168 4J3S168 At 31 March 2022 4 343 750 4 428 744 ii. HERITAGE ASSETS Tots] MARKET VALUE At l April 2022 Additions 78,624 At 31 March 2023 82 NET BOOK VALUE At 31 March 2023 82J99 At 31 March 2022 There were no acquisitions, disr4)sals or impoiTTU¢Ets of hertlag¢ assets in the yeaws ended 31 March ?019 10 31 March 2021. During the year ended 31 March 2022, acqui5itiOllS amoullteAJ to £10,212. with no disposa]s or Impairments in the year. Capitsl cornrnitments &$ at 31 March 2023 totsild £nil (2022: £nil). 12. II¥VESTMEKf PROPERTY FAIR VALUE At l April 2022 Revaluation 1.65&iKKI At 31 March 2023 NET BOOK VALUE At 31 Mwh 2023 At 31 March 2022 1.655,(K)O Pa8e21 Shree Swaminarayan Satsang Notes to the Financial Statements- contlDued for the year ended 31 March 2023 12. INVESTMENT PROPERTY- continued Fair Y￿U¢ at 31 March 2023 is represented by: Valuatt¢)n ID 2023 1.690.OIK The charity's investment propernes were valued at fairvalue as of 31 March 2023. This valuation was conducted on 18 Septernber 2024 by Anderson Wilde and Harri5. an independent valuer professional qualifications from the Royal Institulion of Chartered Surveyors (RICSI. The valuer underto)k the valuation with specific reference to the fair value of the prot*rttes at 31 M2r¢h 2023. accordance ￿7th the RICS Code of M¢asuring Pra¢ti¢e. In ddeTminill8 this fair value, lh¢ tra]uer Considered market rents and ytelds of comparable real estate properttes &s of 31 March 2023. making nectssary adjustsnents for differentts in the assets, natur< location. or condition to ensure an ￿￿ra￿ and fair valuation for that date. Upon review. the trustees have ¢onfiTmed thatthe valuation appropriately reflects th¢ investment properties, fair value as of the balance sheet d*e. il March 2023, resulting in a gain on revaluation of £35.¢M)O for the cu￿ent year {2022.' £75.4)00) being recognised in the Statemeni of Financial Adivity. 13. DEwfoRS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31J23 31.3.22 (restated) 239,959 (hher debtors 69,049 Gift Aid of £180297 was received in the bank during the year endaj 31 Mar¢h 2023. This amount related 10 claims made piior to 2020 but had been re¢¢)gnised as income in the year ended 31 March 2023. Following a review. the Trustees have restxted the prior year fjgures for c4)nsisiency of presentation, ￿gnising this balance as a debtor and adjusting opening ie5ervcsaccordingly. as ifthe income h•1 been re¢ognised In the c0￿C£tpeTiTrJ. The iTnpact of this restatemetit is surnmari5ed btlow: Other debtors increased from £59.661 to £239.959 (incr¢as¢ of £180297). Gener￿ unrestriGted fijnds (brought forward) iTKreaseJ from £7.526.701 to £7.706.998 (incre￿ of £180.?97). There ts no impaci on the curtent year's tiet income or net &￿ts a result of this adjustment 14. CASH AT BANK AI¥D IN HAND 31J23 Tot fimds 31.322 rotal funds funds fimds Petty ¢ash Cash at bank 17586 3J9&134 17J86 3.421431 23.885 2,716,540 26397 3,413.720 ￿97 Th¢ ¢harity h&s no overdraft fa¢ilities or FAnk lending that are either repayable on demand or over 8 peri(￿ of titne. 3,44￿1117 2.740.425 Page 22 Shree Swamin2r2y2n Satsang Notos to the Fillan¢ial Statements- eontinued for the year ended 31 March 2023 15. CREDITOILS: Amouiyfs FALLING DUE WITHIN ONE YEAR 31.3.23 31.3.22 Concessionary loans (se¢ note 16) Trad¢ ¢raitors Other creditors Pet]sion control S(Kiai security and other t&xe5 A¢¢Ned expeEtses Deferr￿ income (se¢ not¢ 20) 27.0(Kl 2J37 2&lSI 305 738 2&500 73.872 27.0(K> 1,038 28,501 318 833 16,649 50,670 135,009 16. LOANS An analysis ofth¢ matiwtty of loans is given below: 31J23 31.3.22 AmoLmts f811in8 due within one year on dem￿.. Conc¢ssionary loans 27.0(WJ 27.0(K> The CoEwionary loans are intrTe5t fee. uE￿ and repayable on demand. 17. MOVEMENT IN FUNDS ANalysi5 of movement fuThd$ im the year B31ance at l April 2022 {&$ restated) Incorning Reswrce9 resources expended and Transfas B￿aT￿ce at 31 Mar¢h 2023 iinrestricted fll￿d$ General funds Genera] 8.096.454 Revaluation reserve 882.582 Totsl general fulld 8,979,036 89),377 (481.980) 13.029 {13,029) 8,526,880 904,553 9.431.433 35,0(K) 35.(NX) 899.377 {481,980) Restricted fvttds Bhuj Temple epal Earthquake Totsl fllttd$ 8.496 20,210 9,007,742 9,761 {Ei170) 6,087 20.210 9.457.730 909.138 (494,150) 35,0(Kl The transfers fn)m general funds to the revaluation reserve in the current and prior years relate to excess depT￿l2t10ll charged on the historic reva]uation of freehold pn)petty. Refer to note 13 for detsils of the resta1￿￿t Page 23 Shree Swaminarayan Satsang Notos to the Financial Statements- eontinued for the year ended 31 March 2023 17. MOVEMEKf JN FUNDS (contillued) alysis of rnovemeDt in fullds in tbe prior year Ba]ance l April 2021 {as ￿e￿t￿) Incoming Resourc exF¢nded G￿n$ and losses anceat31 March 2022 (as restated) reststed) Uttrestrieted fund8 GenerAI futtds General 7,706.998 Revaluation reserve 820.611 Totsl geneT&I fund 8.527,609 783,206 (406.779) 13,029 (13.0291 8.096.454 882.582 8,979,036 75.0(X) 75,000 78i.206 406,779 Restrieted fuDds Bhuj Temple Ahmedab*J Temple Nepal Earthquake Tot81 fullds 15.949 2,701 (10.154) 8,496 (3294) 20,210 8.i83 671 20,210 9,007.742 789.201 75.0(M) Refer tt> note 13 for details ofth¢ testatemeDt. Purposes of restyrcted fijnds: Bhuj Temple Fund- tkJs]ations receÈved forthe suiiN)rt alld development of the Shree Swaminarayan Temple in Bhuj. Ahmedabad Temple FtuwJ- Ik)nations received for the SUp￿t and development of the Shree Swaminardyan Temple in Ahmedabad. Nepaj Ihsaster Relief Fund- Donations r￿tIVed to provide disaster relief aid in Nepal. EMPtA)YEE BEIYEFIT OBLIGATJONS The charity operates a deftned contribution pension scheme. The pension cost charge for the year represents contributions payable by the Compan>. to the s¢heme and amowited to £3.717 12022.. £826). Contributi¢)ns totslling £305 (2022-. £318) were payable kn the %heme at the end of the year t￿d atjd are included in ¢reditors. 19. RELATED PARTY DISCiDSURES The followiEJg trustees and previous tnK%iets were holdin8s property in lieu of the t1￿lty. Current tru5tw'. MrDDGami Mr K K Patel Previous trnstees: Mr H J Halai Mr M K Var5ani MrN HGami MrDDPa*l During the year, there We￿ no related party transactions and no balan¢e5 outs12ndin8 with related parties. In addiuon. there were no donations received from related parties Outside the normal course of business and no restricted donations from related ￿rtieS. Page 24 Shree Swaminarayan Satsang Notes to the Financial Statements- continued for the year ended 31 March 2023 20. DEFERRED INCOME 31.3.23 31.3.22 Deferred inc¢)me brought forward D¢ferred in¢ome for the ye4r Amounts rele&sed from prioryews 50,670 73372 {$0ffj70) 66,625 48.370 {64,3251 73J72 50,670 Deferred inc4)me relates to amounts rtteivd in adyance forr¢ligious wvi¢es and rentsl income, which Eertain to the following financia] year. All such income is expected to be rttognised in ￿11 in the following year. 21. TAXATION The charity is exe¥npt from CorpordtÈon Tax as all Tts income is charitable and is applied for charitable purposes. The charity is considered to pas5 the tests set out in Paragraph I S¢hedule 6 Finance Act 2010 and fherefore it meets the definition of a charitable companj for UK CorporatiOEJ t&x purtK)ses. Accordingly, the charity is Fx)tentially eX¢EnPt from taxaiion in iespe¢i tsf in£x>Tne or Capit￿ gains received within categories covered by Chapter 3 Part I I CoTptsr*ion Tax Aa 2010 or Seaiort 256 tsf the Taxation ofchargeable Gains Act 1992. to the extent ihat such income or gains are applied eXcI￿57ve]Y to Cl￿rItable purwjses Page 25 Shree Swaminarayan Satsang Detailed Statement ofFillanci¥l Activities for the year ended 31 March 2023 31.3.23 Total nds 31.3.22 Total funds as T¢Stat Unrestricted Restricted funds nds INCOME AND ENDOWMEIITS Donation$ aod Iwcies Donations and gift5 345.&50 9,761 355,6J I )22,7)3 34S850 9.761 355.611 322.733 Investment income Rentsl income on inv woperty Other interest Ttceivable Solar rebate 82,698 12J98 82,698 12J98 ,762 82,698 297 96*58 84,51 Charitable 8etivities Religious servic 45&669 456,669 381.957 Total incoming reswirt¢s 899J77 9.761 909,138 789,201 EXPENDITURE ChAritable aetivities Wage3 & salarie5 Social se¢urity Pensions Rates & water Light and heat P05ta8e and ststionery AdvertiStrt8 Sundries Premises, repaiis & ￿newa]S Festivals & rda5an Motor & tfdvel Bank charges CharÈtable donations Health & sBfety Freehold property Fixtures aT)d flttings 81.481 81,481 234 3.717 9516 35,089 1&432 2,080 5295 55,819 90,645 lJ23 1,173 22.907 1.798 93.79) 21.761 71.139 {2.066) 826 4.754 25,192 15,520 850 19,039 21,515 64,632 1,837 347 23.243 1,831 93.750 3.717 9516 3SI)89 1&432 2,080 5295 55,819 .645 lJ23 170 1.798 93.750 21.761 11170 443,020 361,337 Pag¢ 26 Shree Swaminarayan Satsang Detailed Statement of Financial Activities for the year ended 31 March 2023 31.3.23 Tot81 funds 31.3.22 Total funds funds fifftds Support costs Other Insurance Tel¢phone CO￿pU1er softw8re& maintenance Legal & prOFe￿I0nal fees 20.190 20.196 17.891 9.301 3.600 17.798 IOJ74 IOJ74 39.(A3D 39,630 48,590 Covernan¢e eosts Auditors, remunerdtion Accountancy fees 9,000 5.000 5,300 Tots] resources expetKted 420.227 Net ineome before #Dd losses 417J97 409) 414.988 368.974 Realised reeognised g&ins l¢)sses Realised gains](losses) on invtstment prO￿ty 3SI)(KI 75.0(K> Net intome 452J97 449.988 443,974 Pag¢ 27