REGISTERED CHARITY NUMBER: 1092679 Report of the Trustees and Finantial Statements for Éhe Year Ended 31 Mareh 2025 for Shree SwgmiDar2yall Salsang
Shree Swaminarayan Satsang Contents of the Financial Statements for the year ended 31 March 2025 Page Reference #nd AdministT*tive Detsits Report of the Trustees Report of the Independent Auditors 8 to 10 ststement of Financial Activities Balallce Sheet 12 to 13 C#sh Flow Statement 14 Notes to tbe Cash Flow Statement 15 Notes to the Financial Statements 16 to 25
Shree Swaminarayan Satsang Reference and Administrative Details for the year ended 31 March 2025 I'RUSTEES MrDDGami Mr K R Patel Mr L M Vekaria Mr P M Vekaria Mr P G Patel Mr M M Vekaria Mr J M Vekaria TRUSTEES HOLDKNG TITLE TO PROPERTY BELoNGG TO CHAKITY MrDDGami MrK R Patel TRADtNG IIDDRESS Dharn Bhaktt Manor Wood tAne Slanmore HA7 4LF REGISTERED ADDRESS 81 St. Andrews Drive Stanmore Middlesex HAI IBE REGISTERED CHARITY NUMBER 1092679 AUDITORS KNAV Flygeia Building 66-68 Collcge Road Harrow Middlesex HAI IBE WEBISTE https'.Ilstanmoretemple.com Page I
Shree Swaminarayan Satsang Report of tbe Trustees for the year ended 31 Mareh 2025 The Trustees present their retKIrt and financial statements of Shree SwaminarayaT] Satsang (S.S.S) "the Charity" for the year ¢nded 31 March 20245 The financial statements have been prepaTed in acwrdance wilh the accounting policies set out in the notes to the financial statements and comply with the charity's current statutory requirements, the Charities Act 2011 and "Accounting and Reporting by Charities: Stalenient of Recommended Prdctice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended lor accounting periods wmmencing from l January 2016} OBJECTIVES AND ACTIVTfiES Objectives and gctivities In accordance with the charity's objectives set out in the CotitUtion of the charity. the charity has the following aims. l. To advance the Sanatsn Dhanna (Hindu religion) in accordance with teachings and principles of the Shree Swaminarayan. founded and ordained by Lord Shree Shhajanand Swami. 2. The Charity's main objective for the year wntinues to be that of providing a spiritual place of worship for devotees and the wider community, to practice and adhere to the Swaminarayan (Hindu) faith. to observe all the regular festtvals and cultural activities coupled with a place to extend voluntary service (seva). 3. The strategy to achieve these objectives include the PTovision of a safe place of worship. including separate Temple halls for IK)th males and female5, substantial open grounds. halls and buildings and recreational facililie5 for all ages to participate in. integrate as a community and to instill humble, moral, peaceful and religious values. Each year, the trustees review our objectives to ensure that they continue to reflect OUT aims and in planning its activitie5 for the year. Page I
Shree Swaminarayan SaÉsang Report of the Trustees for the year ended 31 March 2025 OBJECTIVES AND ACTIVITIES Public benefit statement The charity is a public benefit entity. The trustees have complied with the duty in section 4 of the 2011 Charities Act to have due regaTd to guidance published by the Charity Commission, including public benefit guidance. The charity has achieved its primary public benefit objectives by continuing to meet the spiritual requirements of the congregation and the wider community. This was achieved by holding all daily aarti, thaals, poojans, katha and Nitya Niyams coupled with celebrating with grand fashion all key festivals. The Temple has continued to an increase in the number of people coming for darshan and at key festivals and therefore remains an attractive place for those wanting to follow the faith of Lord Swatninarayan. The congregation welfare needs were also met with the various programs and activities. Our Samprady BhagwaT] Shree Swaminhrayan was born in the Koshal region of Indi4 in a village called Chhapaiya (near Ayodhya. UP). Having served HAS parents until their demise. the Almighty took to a pilgrimage of India. adopting the life of a nomadic herniit. On completion of the 7 years, sojourn of LDdi4 the Lord met up with Ramanand Swami. and estsblished the purest and unadulterated forni of religion, based on ultimate devotion to God only, with total observance of non-violent dhanna. Shreeji Maharaj re-introduced the non-violent yagnas. on a grand scale. He instructed numerous acts of social welfare- alms-houses, digging of village wells / lakes. explained in detsil why it is important to worship Satvic deities. Shreeji Maharaj discredited the act of enforced Sati & female infanticide. After the passing of Shree Ramanand Swami. Shreeji Mahardj held a large gathering of the followers at the town of Faneni. It was during this sabhL whilst explaining that God is one. He is Narayan, He is our Swxmi, Shreeji Maharaj introduced Ihe father of all Mantras,, Swaminarayan. The name refets wholly & solely to Bhagwan Purushottam Narayan (Shret Swaminarayan Bhagwan). He established temples at- Ahmedabad, Bhuj. Muli, Vadtal. Junagadh. Dholerffj Dholka, Gadhpur & Jetalpur installing images of various manifestations of God, such as Nar Narayan Dev, Laxmi Narayan Dev, Radha Krishn4 Radha Raman, Revti Baldevjffi, etc. Shreeji Maharaj made Gadhpur His home. An recognition of the exceptional devoted love from Dada Khachar. In Vadtal. on Prabodhini Ekadashi of Vikram Samvat l 882. after due deliberation Shreeji Maharaj adopted His nephews Ayodhyaprasadjl Pande and Raghuveerji Pande as His sons. Establishing the two Gadis i.e. NarNarayhn Dev Gadi at Ahmedabad and LaxmiNarayan Dev Gadi at Vadtsl. Shreeji Maharaj instCted the two brothers to draw lots. to decide who would be seated on which Gadi. Shreeji Maharaj then instructed all the followers present to do poojan of their respective Acharyas. Ayodhyaprasadji Mhharaj) was appointed the inaugural Acharya of the NarNarayan Dev Gadi {also known as the Uttar Vibhag - Northern division). whilst Raghuveerli Maharaj became the inaugural Acharya of the LaxmiNarayan Dev Gadi (also known as the Dakshin Vibhag - Southern division. This legal document (known as Desh VTbhagno Lekh). which is effedively the constitLrtion of the Swaminarayan religion which he dictated and got written by Shukanand Swami. Learned saints and elder satsangis wilDessed this document. Copies were presented to Ayodhyaprasadji Maharaj & Raghuveerii Maharaj -these are currently in the possession of the current Acharya5. Shreeji Maharaj appointed Shree Raghuveerii Maharaj to the Laxmi Narayan Dev Gadi at Vadtal,and Shree Ayodhyaprasadji Maharaj to the Nar Nardyan Dev Gadi at Ahmedabad. Presently. HH AGharya Maharajshri Rakeshprasadji Maharaj adorns the illustrious seat of Laxmi Narayan Dev Gadi, whi15t HH Acharya Mahai'ajshri Koshlendraprasadji Maharaj has spread the glory of God as Acharya & leader of the Nar Narayan Dev Gadi at Ahmedabad. It is the uniqueness of the authentic bonafide Swaminarayan Sampraday. that the Glosest a tyagi (saint) comes to leadership is being appointed the Mahant Swami (head-saint) of a Shikharbandh Temple. At all times, the te saints of the Sampraday tske their knstructions from the Acharya. their ultimate Guru & leader. Page 3
Shree Swaminarayan Satsang Report of the Trustees for the year ended 31 March 2025 OBJECTIVES AND ACTIVITIES The Acharya of Éh¢ NarNarayan Dev Qadi at Ahrnedabad is presently His Holiness Acharya Shri Koshlendraprasadji Maharaj. The method by which future Acharyas are to be Appointed is enshrined in the document known as Desh Vibhag No Lekh. It ts not only a legal docuTnent and also ¢ff¢¢tively the constitution of the Swaminarayan religion that has stood the test of times since its existence, it is an instruction primarily to the Acharyas. Santos bul with specific instructions for the ordinary followers also. It is a widely Accepted fact that the Swaminarayan sampraday has a unique heritage of leadership that strelches back to the Lord Almighty Purushottam Narayan Hffimself-Bhagwan Shree Swaminarayan. As a final note the passage below encapsulates our duty from this day forward: "You two, who hold the Gadis. have been appointed spiritual preceptors. hence all Sadhus. Brahmacharis and Palas and all our followers shall always remain obedient to your commands, and shall serve you. Should any person of a sect (beliefj other than that of the two ruling spiritual preceptors of the line of Dhamiadev be pre- eminent for his knowledge of the Shashtras or for his practice of Yoga or asceticism or for self renunciation, or for any other virtue, and if thereby the two ruling preceptors of the line of Dharnladev be lowered in estimation, nevertheless we command all Sadhus and Brahmacharis and Palas and all our followers, that in order to the salvation of their souls, Éhey always and for ever hoDour the two ruling spiritual preceptors of the line of Dharniadev, and obey them in thought. word and d¢ed. Should one. failing this, seek refuge in another and honour him, his soul shall never have happiness in this world or in the world to come but shall suffer extreme pains. (Desh Vibhaag Lekh. paragraph 10) The Shikshapatr& was written by Bhagwan Shree Swaminarayan's awn blissful hand on Vasant Panchmi day of Vikram Samvai 1882, this is a bklet of 212 Shlokas. Shreeji Maharaj sat in the Hari Mandap-His residence at Vadtal Temple -and wrote it in Sanskrit. He instructed the pandit Saint Nityanand Swami to translate it into Gujarati. To the followers of the Swaminarayan Sampraday, who love and adore their Ishtadev, these are words of divine guidance an how to Itve a moral and peaceful life. The Shikshapatri comprises the essence of all the scriptures of Sanatan Dhami so Swaminarayan followers read it daily. Il contains general guidance and specific instructions to a variety of categories of followers -the Atharyas & their wives, householder males and females. widows, saints and brahmacharies. At the age of 49 years. Shreeji Mahardj left His physical body at Gadhpur, promising to remain within the sWamin'aYan Sampraday in: l. the images He installed (and the Acharyas succeeding Him as per the Desh Vibhagno Lakh) 2. the Acharyas installed by Him (and those in direct succession) 3. the saints He initiated (and those initiated by succeeding Achary&s) 4. the scriptures, such as Shikshapatri, Satsangi Jeevan. Satsangi Bhushan. etc (and those authorised by succeeding Acharyas) Volunteers The Charity relies on the selfless help and assistance of the volunteers.The charity would not have been able to assist others without the selfless act of its volunteers. Page 4
Shree Swaminarayan Satsang Report of the Trustees for the year ellded 31 March 2025 ACHIEVEMENTS AND PERFORMANCE Charitable activities l. The Temple has seen an increasing turnout for all major festivals like Holi. Ramnavmi, Diwali, Janmastmi, Navratii- Dusshera and Patotsav since the end of the covid pandemic. 2. Yuvak and YuvatTr Tnandal classes operate each FrÉday and help organise all Youth engageTnent activities, which Irsumed after the pandeTnic. 3, The Temple website and social networking sites are continually updated with features such as photos and videos from past event5 and announcements for the future events. 4. Community, Health and Well-being seminars are being held on a regular basis to raise awarene55 on key issues such Dementia, Cancer and others, these started to resolve slowly after the pandemic. 5. Intemationxl Sewa Day is held to allow devotees to continue with selfless service to the enviromnent. In common with all Charities, the Charity is heavily reliant on the continuing contribution and support of its unpaid volunteers who have assisted with the day to day operation of the Temple. The Trustees thank all of our volunteers for the hard work put in during the year. in all aspects including Prashad preparation. various educational activities, library, leaning and organization of various events. Criteria to measure suc¢ The Charity measures it success in ternis of numbers attending and participating in ihe many activities and festivals. It continues to promote greater attendance and the increase in the education of those Goming to the temple. The numbers of people attending at the Diwali festivals hre usually approximately 10,000 a year. Going eoncern In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concem, disclosing, as applicable. matters related to going concern and using the going concern basis of accounting. The Trustees believe that there are no going concern matters that would affect the Charity for the foreseeable future. The Board believes that adopting the going concem basis in preparing the financial statements is appropriate for the charity. There are no other significant risks that are required to be reported for the financial year ending 2025. Reserves Policy It is the policy of the charity that unrestricted funds which have not been desIated for a specific use should be maintsined al a level equivalent to betweeT] three and six month's expenditure. The Trnstees considers that reserves at this level will ensure that, in the event of a significant dTOP in funding. they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. Availability and adequacy of assets of each of the funds The Board of Trustees are satisfied with the perfonnance of the Charity during the year and consider that the Charity is in a position to Continue its activities during the coming year, and that the charity's assets in each fund are adequhte to fulfil its obligations. The ChaTity continues to prosper through increasing donations and Trs in a strong financial position to meeting all foreseeable charitable obligations, particularly as the initial funding bank loan has now been repaid. Page 5
Shree Swaminarayan Satsang Report of the Trustees for the year ended 31 March 2025 FINANCIAL REVIEW Financial review Statement of Financial Activities show net income for the year of review of £451.367 (2024: net income of £619,844). The total funds al the year-end stand at £10,528.9411 (2024= £10.077.574) of which £52,026 (2024.- £44,301) are held as restricted fi]nds for Bhuj Temple and Nepal earthquake. Boih incoming resources 3nd expenditure have been largely consistenl year on yexr. During the year the charity entered into a social investment in the forni of an interest-free, unsecured loan of £560,000 advanced to a sister charity- The loan has no fixed repayment temi. Such transactions are initially recognised and measured at the amount advanced and is adjusted in subsequent periods to reflect any repayments received. A pi'ovision s made for any unrecoverable amounts. The social investment is considered to meet the objectives of the chhrity as it provides a spiritual place of worship for devotees and the wider community. to practice and adhere to the Swaminardyan (Hindu) faith. Principal funding The principal funding sources for the Charity continue to be through general donations from the congregation and wider community for religious activities and festivals including Darshan, Thaal/Bhet and festival related income such as Holi, Diwali, Patotsav, Ramnavmi. Janmashtami and halls usage contrtbution from various relgious and cultural activities. The charity now also has rental income from two inve5tm¢nt properti Global ]Yetivork of Temples The Charity is one of a large number of Temples which come under the Nar Narayan Dev Diosese based in Ahmedabad, Indta. The Charity is also involved in other Temples under this Diocese. FUTURE DEVELOPMENTS The Charity, trustees and volunteers have worked hard to increase the number of attendees of the Temple by increasing the number of religious, education and cultural activities. As result of this hard work 3nd improved financial positioning. the trustees are discussing future building use options and various development options to increase facilities on STte to contiT)ue to further the Charity's objectives. Risk Managemellt The trustees identify the major risks to which the Charity is exposed to each financial year when preparing and updating a strategic plan, in particular. those areas related to the operations and finances of the Charity. The Trustees then review any major risks which have been identified and establish systems to mitigate those risks. The Tnjstees continue to put in place appropriate internal controls and monitoring procedures to minimize financial risks. The Board recognizes that risks exist from a social. economic and legislative aspects of the economy, but believe that these are mitigated with the help and assistance from our volunteers and the community at large. The increase in the attendance at major festivals is testsment to this outside of the pandemic period. The Trustees have assessed the major risks to which the charity is exposed and are satisfjed thht systems are in place to mltigate exposure to the major risks. STRUCTURE. GOVERNANCE AND MANACEMENr Governing document The charity is controlled by its governing documenL a deed of trust and constitutes an unincorporated charity. Management & Method of Appointment of Trustees The Board of trustees hold regular meetings to administer and manage the charity and make decisions at such meetings. Other ad-hoc decisions are taken by the bSleeS with executive positions. The Board of trustees have the power to elect new truslees. Every 6 years. the 3 eldest Trustees shall voluntarily resign. and the remaining trustees will select new Trustees, though the voluntarily resigned trustees are eligible for reselection. New Trustees need to have Served in the advisory committee for minimum of 6 years. Page 6
Shree Swaminarayan Satsang Report of the Trustees for the year ended 31 March 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Induction and tr3illing of llew trustees As part of their induction program, new trustees are made aware of their responsibilities and this includes an introduction to the objective5, scope and policies of ihe Charity, the Charity Commission guidance on Tw5tee responsibilities and a copy of the Constitution. Additional trnining is available to keep up with all new regulations concerning the Charity's activities and objectives. STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and Unffited Kingdom Accounting Standards Iuniled Kingdom Generally Accepted Accounting Practice). Charity law requires the trustees to prepare financial statements for each financial year. Under that law, the Irustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under charity law the trustees must not approve the financial statements unles5 they are satisfied that they give a true and fair view of the state of affairs of the charity and of ihe incoming r&sources and application of resources, including the income and expenditure, of the charlty for that period. In preparing those financial statements, the trustees are required to select suitable accounting policies and then apply them consistently. observe the methods and principles the Charities SORP- make judgements and estlmates that are reasonable and pruden¢ state whether applicable accounting standards have been followed, subjert to any material departures disclosed and explained in the financial statements. prepare the financial statements on the going concern basis unle&s 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 accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011 and The Charity (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the charity and hence for tsking reasonable steps for the prevention and detection of fraud and other iiyegularities. Approved by order of the board of trustees o . and signed on its behalf by: Mr K R Patel - Trustee Page 7
Report of the Illdepemdent Auditors to the TrusteLs of Shree Swaminarayan Satsang Opinion We have audited the financial slatements of Shree Swaminarayan Satsang (the'charity,) for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance SheeL the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework ihat has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Prdctice). In our opinion the financial statements= give a true and fair view of the slate of the charity's affairs as at 31 March 2025 and of its incoming resources and application of resources, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinio We conducted our audit in awordance with International Stsndards on Auditing (UK) (ISA5 (UK)) and applicable law. Our responsibiltties under those standard5 are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the cthical requirements thht are relevant to our audit of the financial sÉatements in the UK including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained 15 sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the ISte¢s, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied. we have not identified any material uncertaintie5 relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concem for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trnsttts with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the oiher information. The other information comprises the infomiation included in the Annual Report. other than the financial statements and our Report of the Independent Auditors thereon. OUY opinion on the financial statements does not cover the other infonnation and, except to the extent otherwise explicitly stated in our report. we do not express any forni of assurance conclusion ther¢on. In connection with our audit of the financial statements. our responsibility is to r¢ad the other information and, in doing so. consider whether the oiher inforniation is materially inwnsistent with the financial ststements or our knowledge obtained in the audit or othenvise appears to be materially misstated. If we identify such material inconsistencies or apparent materi21 misstatements, we are required to deterniine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed. we conclude that there is a material misstatement of this other infonnation. we are required to rq)ort ihat fact. We have nothing to report in this regard. Matters on whieh we are required to report by exeeptio We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if. in our opinion: the information given in the Report of the Trustees is inconsistent in any material respect with the financial stalements. or sufficient accounting records have not been kept- or the financial statements are not in agreement with the accounting records and returns- or we have not Teceived all the inforniation and explanations we require for our audit. Page 8
Report of the Independent Auditors to the Trustees of Shree Swaminarayan Satsang Responsibilities of trustees As explained more fully in the Statement of Trustee5' Responsibilities, the tSteeS are responsible for the preparation of the financial statements which give a ttve and fair view. and for such internal control as the tteeS determine is necessary to enable the preparation of financial stalements that are free from material misstatement, whether due to fraud OT error. In preparing the financial slalements, the trustees are responsible for assessing the charity's ability to eontinue as a going concern, disclosing. as applicable, matters related to going concern and ustng the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease op¢rdtions or have no realistic alternative but to do so. Our responsibilities for the audit of the finantial st¥tements We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulktions made or having effect thereunder. Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee ihat an audit conducted in accordance with ISAS {UK) will always detect a material misslatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate. they could Teasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below: We design our procedures so as to obtain suificient appropriate audit evidence that the financial statements are not materially misstated due to non-compliance with laws and regulations or due to fraud or emr. W¢ are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations - this responsibility lies with management with the oversight of the Trustees. Based on our understanding of the Charity. diSs1OnS with management, we identified the Charitie5 Act and Financial Reporting Standard 102 as having 2 direct effect on the amounts and disclosures in the financial statements. As part of the engagement team discussion al)out how and where the Charity's financial statements may be materially misstated due to fraud. we did not identify any areas with an increased risk of frdud. Our audit procedures included: enquiry of management about the Charity's polictes, procedures and related controls regarding compliance with laws Mnd regulations and if there are any known instances of nOnOMpliance. examining supporting documents for all material balances, transactions and disclosures. review of the trustee minutes. enquiry of management and review and inspection of relevant correspondence with any legal fimis. evaluation of the selection and application of accounting policies related to subjective measurements And Complex transactions. analytical procedures to identify any unusual or unexpecied relationships. - testing the appropriateness ofjournal entries recorded in the general ledger and other adjusknents made in the preparation of the financial statements- review of accounting estimates for biases. Owing to the inherent limitations ofan audiL there is an unavoidable risk that some material misstatements of the financial statements may not be detected. even though the audit is properly plaIed and perfornied in accordance with the ISAS (UK). The potential effe¢ts of inherent limitations are 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. Collusion or intentional misrepresentations being tnade to us. A fvrther description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibilities. This description fonns part of our Report ofthe Independent Auditors. Page 9
Report of tbe Independent Auditors to the Trustees of Sbree Swaminarayan Satsang Use of our report This report is made solely to the charity's tnttt as a body. in accordance with Part 4 of thc Charities {Aceounts and Reports) Regulations 2008. Our audit ivork h&s been undertaken so that we might state to the charity's trustees those tnattcr5 we are required to state to them in an audilor5' report and for no other PUTpose. To the fullest ¢xtenl pcrmittcd by law, we do not accrpt or assume responsibiliry to anyonc other than the charity and thc charity's trustees as a body, for our audit work, for this report. or for the opinions we have formed. krdh/ Amanjit Singh FCA, Senior Siatuiory Auditor For and on behalf of KNAV Limited. Statutory Auditor Hyg¢ia Building 66-68 Colleg¢ Road Harrow Middlesex HAI IBE Date.. 2026-13-UK 5"...MaKh. Page 10
Shree Swaminarayan Satsang Statement of Financial Activities for the year ended 31 March 2025 31.3.25 Tot81 fundg 31.3.24 Tolal funds Unrestricted funds Restricted fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies 341,442 27,725 369,167 405.033 Charitable activities Charitable Activities 601,737 601,737 617,310 Investment income 163.S08 141.749 Total 1,106.687 J,134,412 1,164,092 EXPENDITURE ON Charitable activities Charitable Activities 5,6,7 578,045 598,045 589 248 Net gain(lOsses) on investments 85,IKIO) 85,000 45,000 NET INCOME 443,642 7,725 451,367 619,844 RECONCILIATION OF FUNDS Total funds brought forward 10,033373 44JOi 10,077,574 9,457,730 TOTAL FUNDS CARRIED FORWARD 10,476,915 52,026 10,528,941 10,077 574 CoNNUING OPERATIONS All income and expenditure has arisen from continuing activities. The notes forni part of these financial statements Pagell
Shree Swaminarayan Satsang Balance Sheet 31 March 2025 31.3.25 Totjl funds 31.3.24 Total funds Unrestricted funds Restricted funds Notes FIXED ASSETS Tangible assets Heritage assets Investment property 10 4.163,278 87,929 1.650,000 4,163,278 87,929 1,650,000 4,243,828 82,829 1,735,000 12 5,901,207 5,901,207 6,061,657 CURRENT ASSETS Debtors Social investments Cash at bank and in hand 13 14 15 9A998 560,000 4,077.243 96,998 560,000 4,129,269 89,584 026 4 054.768 4,734241 52,026 4,786,267 4,144,352 CREDITORS Amounts falling due within one year 16 (151J83) (151383) (128,435) NET CURRENf ASSETS 458 858 52,026 4.634,884 4.015,917 TOTAL ASSETS LESS CURRENT LIABILITIES 10,484,065 52,026 10,536,091 10,077,574 CREDITORS Amounts falling due after more than one year 17 (7.150) (7,150) NET ASSETS 10,476,915 52,026 10,528,941 10.077,574 The notes fomi part of these fmanctal statements Page 12 continued...
Shree Swaminarayan Satsang Balance Sheet- continued 31 March 2025 FUNDS 19 Unresti'icted fi]nds'. General fund Revaluation reserve 9,63&420 838,495 9,096,749 936,524 10,476,915 10,033,273 Restricted fund5: General fund restricted S2,026 44,301 TOTAL FUNDS 10,528,941 10,077,574 The financial statements were approved by the Board of Trustees and authorised for issue on ......... ................... d were signed on its behalf by.. J, (JoLfS-W. Mr L M Vekaria - Trustee Ic. A,Prt*¢4, Mr K R Patel - Trustee The notes forni part of these financial statements Page 13
Shree Swaminarayan Satsang Cash Flow Statement for the year ended 31 March 2025 31.3.25 31.3.24 Notes Cash llows from operating aetivities Cash generated from operations 40,037 583,711 Net cash provided by operating activities 40,037 583,711 Cash flows from investing aetivities Purchase of tangible fixed assets Interest received (37,644) 77,108 {25,244) 56,284 Net cash provided by investing activities 39,464 31,040 Cash flows from finaDcing activities Loan repayments in year 5,000 Net cash (used inyprovided by financing activities 5,0110 Ch¥nge in cash and cash equivaleDts i the reporting period Cash and cash equivalents at the begilllllllg of the reporting period 74,501 614,751 4.054.768 3,440.017 Cash cash equivalents at the ¢lld of the reporting period 4.129 269 4,054,768 The notes fonD Part of these financial statements Page 14
Shree Swaminarayan Satsang Notes to the Cash Flow Statement for the year ended 31 March 2025 RECONCILIATION OF NET INCOME TO NET CASH FtA)W FROM OPERATING AcfIviTIES 31.3.25 31.3.24 Net income for the reporting period {as per the Stxtement of Fingneial Actsvities) Adju5tmellts for: Depreciation charges Losses/{gain) on investments Interest received Non-cash donations received Increase in social investments Increase in debtors Increase/(d¢cTease) in creditOFS 451J67 619,844 118,194 85,000 (77,108) {5,100) (560,000) (7,414) 116,584 (45,000) (56,284} (22,430) (20,535) 8.468 Net Cgsh provided by operations 40,037 583,711 ANAL YSIS OF CHANGES IN NET FUNDS Movement in the period At 1.4.24 At 31.3.25 Net cash Cash at bank and in hand 4,054.768 4,J29 269 4,054.768 74,501 4.129.269 Liquid resources Deposits included in cash Current asset investments 560,000 560 000 560,(HIO Debt Debts falling due within l year s,000 s,000 Total 4,049,768 639,501 4,689,269 The notes form part of these financial statements Page 15
Shree Swaminarayan Satsang Notes to the Financial Statements for the year ended 31 March 2025 ACCOUNTING POLICIES Basis of preparing the financial statements The financial staÉemenls of the charity. whtch is a public benefit entity under FRS 102, have been prepared In accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities.. Statement of Recommended Practice appl&cable to charities preparing their accounts in accordance with the Finan¢ial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),. Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historic31 eost convention. Recognition is initialty at historic costl transaction value unless stated in the accounting policies. The financial ststements are prepared in sterling. which is the functional currency of the entity. Ineoming resourees Income is recognised when the charity has entitlement to funds, any perforniance conditions attached to the item{s) of income have been meL it is probable that the income will be will be received and the amount can be measured reliably. Cash donations are recognised on receipt. Other donations and grants are recognised when receivable. In the event that a donation is subject lo l[lIling perfomiance conditions before the chastity is entitled to the funds, the income is deferred and not recognised until it is probable that those conditions will be lfilled in the reporting period. Income from Gift Aid tax claims is recognised where the donor has confirnied that gtft aid can be claimed on their donation. Any amounts of Gift Aid received in the year by the year-end are accounted for in income and accrued income in debtors. For legacies, entitlement is taken on a case by case basis as the earlier of the date on which- the charity is aware that probate has been granted, the estate has been finalised and notification 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 amount can be measured reliably ind the charity has been notified of the executovs intention to make 8 distribution. Income from religious services. relates to hiring of some parts of the charity's premises and is recognised once the hall hire has taken place. Rental income is recognised in a straight line over the le. Interest on ndS held on dep)sit is Included when receivable and the amount can be measured reliably by the charity- thi5 is nornlally upon notification of the interest paid or payable by the bank. Expenditure Expenditure As recognised once there is a legal or constTUCtive obligalion lo make a payment to a third party. it is probable that settlement will be required; and the amount of the obligation can be measured reliably. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Expenditure on charitable activities includes the costs of delivering services and other activities undertaken to further the purposes of the charity and their associated support cosls. Irrecoverdble VAT is charged as a cost against the activity for which the expenditure was incurred. Page 16 continued.
Shree Swaminaray2n Satsang Notes to the Financial Statements - continued for the year ended 31 March 2025 ACCOUNTING POLICIES - continued Tallgible fixed assets Txngible assets are initially recorded at cos¢ and subsequently stated at cost less any accumulated depreciation and impairnient losses. Depreciation Depreciation is provided at the following annual rates in order to write off each asset over its estimated usethl life. Freehold property Fixtures and fittin8S 2/0 on cost - 2/0 on reducing balance Heritage assets Heritage assets comprise of Idols of deities and the jewellery adorning them, which are displayed in the temple and accessible to visitors daily. These items are designed in accordance with traditional artislic styles that have been used in temples for centuries, reflecting the Indian religious and cultural heritage passed down through generations. Heritage assets are recorded at cost when acquired, whether by purchase or donation. In line with FRS102, the as5et5 are not depreciated, as they are considered to have indefinite useful lives and their residual value is unlikely to be less than their Carrying amount. The trustees wnsider that any diminution in value is not material. Acquisitioll* preservation, management and disposgl of heritage assets The charity maintains a register for its Heritage assets whieh is available for public inspection. Heritage assets are held and maintained in order to preserve their historic and cultural significance. Appropriate medsures are taken to ensure their ongoing protection and preservation. The charity does not normally dispose off heritage assets. should a disposal occur, the proceed5 would be applied in accordance with the charity's objectives, typically towards the aulSItion or preservation of other heritage assets. Investment property Investment property. which is property held to earn rentals andlor for capital appreciation. is initially recognised at cost, which includes the purchase cost and any directly attributsble expenditure. Subsequently it is measured at fair value at the reporting end date. The suu$ or deficit on revaluation is rec4)gnised in the statement of financial activities. Charitable funds Unrestricted funds are available foT us¢ at the discretion of the Trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The PUTposes and uses of the restrided funds are s¢t out in the notes to the financial statements. Endowment funds are subject to specilic conditions by donors that the capitsl must be maintained by the charity. Goillg concern In preparing the financial statementy the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as appltcable, matters related to going concern and using the going concern basis of Xccounling. The Trustees believe that there are no going concern matters that would affect the Charity for the foreseeable future Page 17 continued...
Shree Swaminarayan Satsang Notes to the Financial Statements - continued for the year ended 31 March 2025 ACCOUNTING POLICIES - continued FinADcial instruments The charity only has financial assets aTJd financial liabtlities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured at their settlement value . Creditors and provisions are recognised where the charity has a present obligation resuliing from a past event that will probably result in the transfer of funds to a third party, and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally Tecognised at their settlement Amount after allowing for any trade discounts due. Pensions and other post retirement oblig8tiolls The charity operates a defEned Contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient a55ets to pay all employees the benefits relating to employee service in the cuffent and prior periods. Contributions to defined contrlbution plans are reeognised in the Statetnent of Financial Activities when they are due. If contribution paylnents exceed the contribution due for service. the excess is reGognised as a prepayment. Social investmellts Loans advanced in furtherance of the charity's charitable objectives are initially recognised and memsured at the amount advanced. The carrying amount is adjusted in subsequent periods to reflect ttny repayments received. and a provision is made for any estimated irrecoverable amounts. The carrying value of the loan is reviewed at each reportiTJg date, and impairn]ent provisions are recognised where there is objective evidence that amounts may not be recoverdble. Any impairment losses are recognised in the ststement of Financial Activities in the year in which they arise. Trustees assess rewverability based on available information. including the financlal posilion of the IK)rrower and the expected outcomes of the charitable activity supported. DONATIONS AND LEGACIES 31.3.25 Tot81 31.3.24 Total funds Unrestricted funds Restricted funds Donations and gifts 341,442 369,167 405,033 INCOME FROM CHARITABLE ACflVITIES 31.3.25 31.3.24 Activity Charitsble activities Religious services 601,737 617,310 Page 18 continued...
Shree Swaminarayan Satsang Notes to the Financial Statements - continued for the year ended 31 March 2025 INVESTMENT INCOME 31J.25 Total funds 31.3.24 Total funds Unrestricted funds Restricted nds Rentsl income on investTnent PToperty Other interest receivable Solar rebat¢ 86,400 77.108 86,400 77,108 84,258 56,284 1,207 163,508 163,508 141,749 CHARITABLE A[vrIEs COSTS Direct Costs (see note 6) Support costs {s¢e note 7) Totals Charitable activities 510,805 87,240 598,045 DIRECT COSTS OF CHAIUTABLE ACftVITtES 31.3.25 31.3.24 Unrestricted funds Restricted funds Total fi]nds Total funds Staff costs Rates & water Light and heat Poslage and stationery Adverltsing Sundries Premise5, repairs & renewals Festivals & raasan Molor & travel Bank charges Charitable donalions Health & safety Staff training and welf Catering Depreciation 114,062 7,024 42,695 13,611 2,052 5J42 38,017 134,481 114,062 7,024 42,695 13.611 2,052 5,342 38,017 134,481 7,550 4,179 20,000 2224 1,006 368 118,194 98,238 19,980 39,517 25,450 350 22,689 73,664 128,600 6,460 1.564 4,179 20,000 2224 1,006 368 118,194 2,067 1,598 1,800 116,584 490,805 20,000 510,805 5311,561 SUPPORT COSTS Governance costs Other Totals Charitable Activities 66J40 20,900 87,240 Pag¢ 19 continued...
Shree Swaminarayan Satsang Notes to the Financial Statements - continued for the year ended 31 March 2025 SUPPORT COSTS- eontillued Support COS included in the above, are as follows: Other 31.3.25 31.3.24 Unrestricted fiJnd5 Restricted funds Total funds Total fullds Insurdnce Telephone Computer softwaff matntenance Leg81 & professional fecs 24,010 9,687 10,665 24,010 9,687 10,665 21,796 8,657 711 12.023 43,187 66J40 66,340 Goverllanee costs 31.3.25 Charitable Activities 31.3.24 Total activities Auditors, remuneration Accountancy fees 12JOO 8,600 5,000 2,500 20,900 7,500 TRUSTEES, REMUNERATION A]W BENEFrrs There were no trustees, remunerdtion or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024. Trnstees, expenses There were no trustees, expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024. STAFF COSTS 31.3.25 31.3.24 Wages and Salaries Social security costs Other pension costs 106,733 2,575 4,754 94.868 1.606 114,062 98,238 The average monthly number of employees during the year was as follows.. 31.3.25 31.3.24 No employees received emoluments in excess of £60.000. Page 20 continued...
Shree Swaminarayan Satsang Notes to the Financial Statements - continued for the year ended 31 March 2025 io. TANGIBLE FtXED ASSETS Fixtures and rittings Freehold property Totals COST At l April 2024 Additions 5.000,000 672,178 37,644 5,672,178 37,644 At 31 Mah 2025 S,OIKI,000 709.822 5 709,822 DEPRECIATION At l April 2024 Charge for year 843,750 93,750 584,600 24,444 1,428,350 118,194 At 31 March 2025 937,500 609,044 1,546,544 NET BOOK VALUE At 31 Mah 2025 4,062,500 100,778 4 163,278 At 31 March 2024 4,156,250 87,578 4,243,828 ii. HEIUTACE ASSETS Total MARKET VALUE At l April 2024 Additions 82,829 5,100 At 31 March 2025 NET BOOK VALUE At 31 March 2025 87,929 At 31 March 2024 82,829 There were no acquisitions, disposals or impainnents of heritage assets in the year ended 31 March 2021. Acquisitions during the years ended 3 1st March 2022. 31st March 2023. 3 1st March 2024 and 31 st March 2025 amounted to £10.212. £3.775. £430. £5.1 respectively. Capitsl commitments as at 31 March 2025 totalled to £nil (2024= £nil}. Page21 continued...
Shree Swaminarayan Satsang Notes to the Financial Statements - continued for the year ended 31 March 2025 12. JNVESTMENT PROPERTY FAIR VALUK At l April 2024 Revaluation ,735,000 85,000 At 31 March 2025 1650 000 NET BOOK VALUE At 31 March 2025 1,650,000 At 31 March 2024 1,735,000 The charity's investment properties were valued at fair value as of 31 March 2025. This valuation was conducted on 7 January 2026 by Anderson Wilde and Harris. an independent valuer with professional qualifications from the Royal Institution of Chartered Surveyors (RICS). The valuer undertook the valuation with specific reference to the fair value of the properties at 31 March 2025. in accordance with the IUCS Code of Measuring Pi'actice. In determining this fair value, the valuer considered market rents and yields of Comparable re21 estate properties 2S of 31 March 2025, making necessary adjustments for differences in the assets. nature. location. or condition to ensure an accurate and fair valuation for that date. Upon review, the tnjstees have confirnied that the valuation appropriately reflects the investment properties, fair value as of the balance sheet date, 31 March 2025, resulting in a loss on revaluation of £85.000 for th¢ ¢urreDt year (2024: £45,000 gain) being recognised in the Statement of Financial Activity. Fatr value at 31 March 2025 is represented by". Valuation in 2025 1,650,000 13. DEBTORS: AMOUNTS FALLtNG DUE WITHIN ONE YEAR 31.3.25 31.3.24 Other debtors Prepayments 87,382 9,616 89,584 96,998 89,584 14. CURRENT ASSET INVESTMENTS 31.3.25 31.3.24 Social investments 560,000 The charity holds a social investment in the form of an interest_free, unsecured loan advanced in furtherance of its charitable objectives. The loan has no fixed repayment terni. The loan is reviewed at each reporting date for recoverability. No impairnient was recognised during the year. Page 22 continued...
Shree Swaminarayan Satsang Notes to the Financial Statements - continued for the year ended 31 March 2025 15. CASH AT BANK AND IN HAND 31.325 31.3.24 General fund restricted General fitnd Total funds Total funds Pety cash account Cash at bank 2.327 4,074,916 2J27 4,126,942 14.137 4,040,631 52,026 Total 4.077.243 52.026 129,269 4,054,768 The charity has no overdraft facilities OT bank lending that were neither repayable on demand or over a period of time. 16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.25 31.3.24 Chher loans (see nole 18) Trade creditors Social Security and other tsxes Pension control Other creditors Deferred income (see note 17) Accrued expenses 5,000 9,481 4,193 458 55,036 53,415 28,800 3,779 458 30.735 54,463 34.000 151,383 128,435 17. DEFERRED INCOME 2025 2024 Deferred income at l April 2024 Deferred income for the year Amounts released from prior years 54,463 60,565 73,572 52,313 Defe¢d income at 31 March 2025 Deferred income relates to amounts received in advance for religious services and rental income received which pertain to the following financial year. All such income is expected to be recognised in fvll in the following year. 18. LOANS An analysis of the maturity of loans is given below- 31.3.25 31.3.24 Amounts falling due within one year on demand.. Concessionary loans 5,000 The ConcessioTthry loans are interest fee. unsecured and repayable on demand. Page 23 continued...
Sh ree Swaminarayan Satsang Notes to the Financial Statements - continued for the year ended 31 Mareh 2025 19. MOVE11[ tN FUNDS Analysis of movement ill funds in the year Balance at I lllcoming April 2024 resources Resources expended Gains ad losses Balance at31 March 2025 Transfers Unrestricted funds General funds General Reiialliation reserve Tothl general funds 9,096,749 936.524 10,033.273 1,106,687 {578.045} 13.029 13,0291 9,638,420 838.495 10.476,915 85.(X)O) {i78.045) 185.000) 1.106.687 Restricted funds Bhuj Temple Nepal Earthquak¢ Total funds 24,091 20,210 10,077.574 27,725 (20,000) 31,816 20,210 10,528,941 1,134.412 (i98,045} (85,0001 Analysis of movement in funds in th¢ previous year Balance at I Incoming April 2023 resources Resources expended Gains and losses Balanee at 31 March 2024 Transfers Unrestricted funds General funds General Revaluation reserve Tot81 general funds 8,526,880 904.553 9.431,433 1.146.088 (589,248) 13,029 13.029) 9,096,749 936,524 10,033,273 45000 45000 1,146,088 (481.980) Restricted funds Bhuj Temple Nepal Earthquake Total funds 6,087 20,210 9.457,730 18,004 24,091 20,210 10,077,574 1,164,092 {494.150) 350(M) The transfers from general funds to the revaluation reserve in the current and prior years relate to excess depreciation charged on the historic revaluation of frtthold propety. Purposes of restricted fud5'. Bhuj Temple Fund - Donations received for the support and development of the Shree SwaminaTayan Temple in Bhuj. Nepal Disaster Relief Fund- Donations received to provide disaster relief aid in Nepal. Page 24 continued...
Shree Swaminarayan Satsang Notes to the Financial Statements - continued for the year ended 31 March 2025 20. EMPLOYEE BENEFIT OBLIGATtONS The charity operates a defined contribution pension scheme. The pension cost charge for the year repi'esent5 contributions payable by the Charity to the scheme and amounted to £4,754 (2024: £1,764), contributions totalling £458 (2024.. £458) were payable to the scheme al the end of the year end and included in creditors. 21. RELATED PARTY DISCLOSURES The following trustees and previous trustees were holding property in lieu of the charity. Current trustees.. MrDDGami Mr K R Patel Previous trustees: Mr H J Halal Mr M K Varsani MrNHGami Mr D D Patel During the year, there were no related party transactions and no balances outstanding with related parties. In addition. there were no donations received from related parties outside the nonnal course of business and no restricted donations were received from relaied parties. 22. TAXATION The charity is exempt from Corporation Tax as all its income is charitable and is applied for charitable purposes. The charity Is considered to pass the lests sel out in Paragraph I Schedule 6 Finance act 2010 and therefore it meets the definition of a charitable company for UK Corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 part 1 I Corporation Tax Act 201 O or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains applied exclusively to Charitable purposes. Page 25 continued...