REGISTERED COMPANY NUMBER.. 06752627 (England and Wales) REGISTERED CHARITY NUMBER: J131386 ort of the Trustees and Audited Financial Statements for the Yeai. Ended 31 March 2024 for The JAin Network Limited Acom Limited b Guai'antee
The Jain Network Limited Contents of the Fiiianeial Statemcnts for thc Y¢ar Ended 31 March 2024 Page Report of the Trustees Report of the Independent Auditors Statement of Financial Activities 10 Balance Sheet Cash Flow Statement 13 Notes to the Cash Flow Statement 14 Notes to the Financial Statements 15 to 23
The Jain Network Limited stered number: 0675262 ort of the Trustees for the Year Ended 31 March 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report widi the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted tlie provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparintr their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES Objectives and aims The principal activity of the company in the year under review was that of operating as a registered charity in the UK, in fiirtherance of its objectives to advance the Jain religion for the benefit of the public and to promote, for the Jain comn]unities in the UK and Indii by providing education, trdining, relief of poverty and their well-being for improving their conditions of life. Significant activities The charity ha5 currently embarked on a project to build a community centr¢ encomp&ssing a Jain temple situated at the freehold site owmed by the Charity in Colindale. North West London. wliich in the trustees, opinion is valued at not less than the costs incurred to date. Phase one of the construction project costing approximately £3.5m was completed in 2021 and the second and fmal stage is under construction. the budoet for this phase being approximately £6m, of which approx. £5ni ha5 been spent to date with a rther £1 m due to be expended subsequently. The inaugurdtion ceremony for the building was carried out in Summer 2023 and it is expected that the centre will be fully open to members and the public in Autumn 2025. after the site receives health and safety approval. A few months, delay has occurred as expert craftsmen from abroad are Tequired to oversee the intricate marble work being installed in the temple areas. A substantial amount of funds was raised during the inauguratTon ceremony and further efforts are being vnade to raise funds to ensure that all buildinu work is cotnpleted by the end of 2025. The building project entailed a move to alternative premises nearby which enabled continuation of the day-to-day activities of the charity comprising cultural. htrdlth. relioious and sports activities. Public benefit The trustees confirni that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and consider that its activities are being conducted for public benefit. STRATEGIC REPORT Athievernent 2nd performance Charitable activities The charitgs premises are open daily for the conduct of religious. cultural, educational, health awareness and well-being functions. seminars and activities for members and the wider public. FuDdr2isin£ activities With the building project in hand. several functions are held to enable fund rnising and awareness of the project and its funding requir¢meDts. by way of gifts, legacies. interest-free loans. The tSteeS also ViSTt well-wisher5 overseas for these purposes. Page I
The Jain Network Limited Re istered number: 06752627 Re ort of the Trustees for the Year Ended 31 Mareh 2024 STRATEGIC REPORT Financial review Financial positio General In the period under review incoming resources amounted to £1,802,530 (2023 - £3,423,584). The directors have pursued their main actlvity of fiLrtliering the objects of the charity by resolving to build a community centre in North West London encompassing a Jain temple, for the benefit of local Communities and for the wider public, based on Jain values and the site acquired for this purpose is under development with completion expected io be in Autumn 2025, an inauguration ceremony already having been carried out in Summer 202). Reserves policy To achieve its objectives, the charity has elected to expend minimum incoming resources on expenditure on running expenses, to enable retention for the building project in hand. Total funds at 31.03.2024 amounted to £7,789,268 (2023- £6,398,098) of which £7.774,042 are restricted (2023 - £6,283,114). The trustees aim to keep £1 0,000 in reserve to meet general fund expenditure. Investment Powers In accordance with the charitys Memordndum of Association the Trustees ofthe charity have the power to invest in such investments, securities, or property as they see fit. Investment policy Funds are invested in accordance with the donor's wishe5. In the absence of a specific requesL donations received by the charity are placed on bank deposit until distribution in accordance with the objects of the charity. Principal funding sources l) To date, the principal funding source has been the Dr N K Shah Trust (a registered charity in the UK) the Trust, which is a related party and whose founder, Dr N K Shah, was a trustee of both charities until his demise on 6 March 2022. The TTUSt, now governed by his family member5 continues to support the Charity. 2) A project of this size also requires gifts and donations from the UK and overseas to assist in fulfilling the Charity's objectives and to this end members, well-wishers and the wider public have participated to ensure the project's success via fund raising events and centre activities. Going concern Tlie financial statements have been prepared on the going concern basis as the truslees believe that no material uncertainties exist. They have considered the level of fijnds held together with the expected level of income and expenditure likely to be received and paid in the 12 month5 period frorn authorisints these financial statements. In their opinion, the budgeted income and expenditure, are sufficient wtth the level of balances for the charity to be able to continue as a going concern. The committee incurs financial commitments only when funds are available and there is no particular policy to hold reserve funds over and above the minimum requtred to Ineet adininistrative costs. The trustees are confident that the final phase of the building project will be completed within the next 12 months and are taking steps to ensure tliat Sufficient funding is in place to enable final completion. Principal risks and uneertaintios The building project in hand lends itself to certain risks and uncertainties, in terms of timing of the works, funding constraints and general economic risks such as inflation. The trustees have taken appropriate steps to mitigate these risks and hope to deliver the project by Auln 2025. Financial and risk management objectives and policies Having assessed the major risks to which the charity is exposed, in particular those relating to its activities, project management and its finances, the tnLgtees believe that by monitoring reserve lev¢ls, by ensuring that controls exist over key financial systems, and by examining the operational and busine&s risks faced by the charity, they have ¢stablished effective systems to mitigate those risks. Page 2
The Jain Network Limit¢d istered number: 0675262 ort ofthe Trustees for the Year Ended 31 March 2024 STRATEGIC REPORT Future plans The current focus of the charity is on completion of the building project and at the same time to continue its regular charitable activities. In the longer term, the completed community and temple building is expected to serve the requirements of its members and die wider public, &s laid out in the objectives of the company. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Company is a retsistered charitable organisation. registered with the Charity Commission on 27 August 2009 under the Charities Act 201 l. It was incorporated on I S November 2008 under a Memorandum and Articles of Association, as revised on 24.03.2019, which lays out its objects, powers and governanr£ and as such, constitutes a liinited comp)Y, limited by guarantee, as defined by the Companies Act 2006. Recruitment and appointment of new trustees There lias been an average of13 trustees throughoui ille period. Any new appointments are at the recommendation of the board or by election of at least 3 trustees, to fill vacancie5 following retirement of truslees by rotation. The Chariws constitution allows for a maximum of niThe trustee appointments, with a minimum of six, in addition to the position of President, as appointed by the Dr N K Shah Tnt. In addition. donors of gifts in excess of £500,000 have the right to appoint a trustee of their choice. Induction and training of new trustees All new trustees are oiven, in the view of the board. sufFicient training and have enough knowledge of their specific field to undersland the nature of the charity and fully comply with the charity's current view of its progression. They are required to participate in an orientation day to ensure they are aware of both their legal and professional responsibilities under charity and company law. Frequent reviews are carried out by experienced staff members to ensure that they are all sufficiently manatying their dulles and attend internal and external training sessions where appropriate. Related parties l) Dr S N Shah, Dr A M Shah and Ms L Shah are also trustees of Dr N K Shah Trust (a registered charity in the UK), which has made significant gifts to this charity, amounting to £650,000 during the year. 2) Various tteeS have made gifts to the charity in the current year which do not exceed £75,000 in total. 3) Tlie charitable company set up a wholly owned company called Jain Centre Jinalay (Temple Project) Ltd. Dr S N Sliah, Mr D U Shah and Mr A Mehta, directors of The Jain Network Ltd are also directors of Jain Centre Jinalay (Temple Project) Ltd. which was dormant durincr the year. 4) As at tl)e Balance Sheet date. Jain Centre Jinalay (Temple Project) Ltd owed £6,984 (2023- £6,416) to The Jain Network Ltd. 5) Mr P Meisheri, who has a controllin¢r interest in a travel agency business, provided support services to the charity amounting to £15,525 for the charity's travel arrdnoements. Risk management The trustees have a duty to identify and review the risks to which the Gharity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 06752627 (England and Wales) Page 3
The J&in Network Limited istered number.. 06752627 ort of the Trustees for the Year Ended 31 March 2024 Registered Charity number 1131386 Registered offiee 20, James Close Woodlands London NWI19QX Trustees A Shah (resigned 6.5.24) B Mehta D U Shah FCA V Mithani V Sheth A Mehta A Chopada (resigned 6.5.24) P Meisheri S Ranka B K Holden Amshah L Shah SNShah Auditors Prestons and Jacksons Partnership LLP 364-368 Cranbrook Road Ilford Essex IG2 6HY STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also the directors of The Jain Network Lirnited for the PUTposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice)- Company law requires the trustees to prepare financial staternents for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incomino resources and application of resources, including the income and expenditure, of the charitable company 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 in the Charity SORP. Inake judgements and estimates that are reasonable and prudent. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any tiine the fInancial position of the cliaritable company and to enable them to ensure that the financial statemeiits comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irr¢gularities. In so far as the trustees are aware: thei-e is no relevant audit information of which the Charitable company's auditors are unaware. and the trustees have taken all steps that they ought to have talcen to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. Page 4
The Jain Network Litnited istered number: 06752627 ort of the Trustees for the Year Ended 31 March 2024 AUDITORS The auditors, Prestons and Jacksons Partnership LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. Repoit of tlie trustees, incoi'poratino a stratetsi¢ report, approved by order of the board of trustees, as the company directors, on 26 June 2025 and signed on the board's behalf by: D U Shah FCA - Trustee / DiKd Page 5
ort of the liide endent Auditors to the Trustees or The Jain Netwoi'k Livnited Opinion We have audited the finaii¢ial statements of The Jain Network Liinited (the 'charitable company,) for tlie year ended 31 Marcli 2024 wliich comprise the Statement of Financial Activities, the Balance Slieet, the Cash Flow Statement and notes to the finaiicial stateinents, including a sumniary of Sicvnificant accounting policies. Tlie financial reportinLY framework that has beeii applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Pixctice). In our opinion the financial statements: give a ti'ue and fair view of the state of the chai-itable company's affairs as at 31 March 2024 and of its incoming resources and application of resoui-ces, including its income and expendituiE, for the year then ended. have been properly pi'epared in accordance with United Kingdom Generally Accepted Accounting Practice. and liave been prepared in accordance with the requirements of tlie Companies Act 2006. Basis for opinion We conducted our audit in accoi'dance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requireinents that are relevant to our audit of the financial statements in the UK, includino the FRC'S Ethical Stalldai, and we havc fulfilled our other ethical responsibilities in accordaiice with these requirements. We believe that the audit cvidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conelusions relating to going concern In auditino the financial statements. we have conclllded that the tt'ustees, use of the going conceni basis of accounting in the preparation of the financial slatements is appropriate. Based on tlie work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significani doubt on the cliaritable company's ability to continue as a going concern for a period of at least twelve nionths from wlien the financial statements are authorised for issue. Our responsibilities and the respoJJsibilities of the trustees with respect to going concern are described in the relevant section5 of this report. other iDformation The trustees are responsible for the other inforn]ation. The otlier inforination comprises the information included in the Annual Report, other than tlie fInancial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our r¢port. we do not exprcss any form of assurnnce conclusion diereon. In connection with our audit of the financial statements, our responsibility is to read tlie other information and. in doing so, consider whetlier the other infonnation is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be Jnaterially misstated. If we identify such material inconsistencies or apparent material inisst2tements. we are required to determine whether this gives rise to a material inisstatemeiit in the financial statements themselvcs. If, based on the work we have performed. we conclud¢ that there is a material misstatement of this Otliei- information, we are required to report tliat fact. We have nothing to report in this regard. Matters on which we al'e required to report by exception We liave nothing to repoi't in respect of the followino matters where tlie Chai-ities (Accounts and Reports) Regulations 2008 requires us to report to you if, in oui. opinion- the informatioii given in the Report of the Trustees is inconsistent in any material respect witli the financial statemenls. or the charilable company has not kept adequate accounting records. or the financial statements are not in agreement willi tlie accounting itcords and returns. or we have not received all the infoi'iiiation and explanations we require for our audit. Page 6
ort of the Inde endent Auditors to the Trustees or The Jain Network Limited Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities, the trustees (who are also the directors of the charitable company for the purp.oses of coinpany law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatemenL whetlier due to fraud or ei-ror. In preparing the financial statements, the trustees are responsible for 8ssessing tlie charitable company's ability to continue as a going concern, disclosing. as applicable, matlers related to going concern and using the goinu concern basis of accoiinting unl¢ss the tnTStees either intend to liquidate the charitabl¢ coinpany or to cease opei'ations, or liave no realistic alten)ative but to do so. Page 7
miknl vAJdhcr due frdud (ff ettor. and to issue & Rw(Yt of the ljjdepoxknt Auditors thAt Includ our opiniw .R¢8sonabl¢ &894uance is a hi8h I1 of assuranc4 (t is not a that AD audit in rdance ryth ISAS (UK) will Iwgy& dete£ A matexAal MisState#l WIKI it exlsts. MiJa¢anans ¢aD arw fr(Kn fraud or aror and are consid¢red matuiai if, indiv]th1lY or in the they Uld rtA4MTrabty be • to the of vs¢rs tskth OD the of thwe finan¢itti stqllt& lThegulthtle4 including fiau4 arc instan5 of lIa¢¢ wjth J4w8 and rc8u]ations. W¢ idthtified asse4so4 the ri5k6 of materiol misstotetnajt of the financial statanthts frn iuegul#riW whether to fra or ond discuswl th between our audit ttsm manbus. We then dssign and pthme41 a11 rwnsive to those risk4 includin¥ obtaining audit evidoKe sufficient and apwpiateto abAsJs tr(Ar wicffj. W¢ obtsincd an underthding of the le8al within 4Yhi¢h thc ¢haritAbl¢ opa8t4 focu those laws ond reBulatioD5 that have a dir&# eff¢ct th the dttrmin&tiQD of matuial amouDts and diyclosure8 in thc financial stytem¢nts. The Mw5 8nd TEgulation8 W¢ t}81d¢VAl iu thls 4xRrfaKt wue the Cmp8nie8 Art 26 tog4xho with the CharitieB SORP (FRS102). Wc aJ5case41 the w11r1 ¢cffnpliaT th¢ •nd w]atioJ3 a5 of our audit JxoctduS on the TelAthJ fiuan¢iAI ¥t8t¢mt itqn8. ID addition, Ive co]18idered PTovision8 of othtr laws ond TeBuJati(Th that thtr not hove a dlrt ¢ff#t on th¢ finanrijl sthtejnents bul ¢ornplianc¢ with whith rnight be fundamental to the clw7t8ble uvw)Y'3 abi]ity to (lt¢ or ¢0 ovoid m&ttXi81 pen83ty, Wc 8Jso consldtred the (ryyortunitiLY and inLYnttveg that moy ¢xi within the thlble Lxwgny for frnud Thc IAWS ond re8ulations ¢on$idered wve Grnryal Data Prot9#1 Rryul4li (GDPRA aThp1wt l¢gi$lation4 taxotico le8Silations and aati.fraud, briboy d c(nuption Iw8latso Auditing stan41ath limil the audlt pr(Mlwe8 to ideotify non<1p178n¢e theJ¢ law8 Twl4tion5 to a4ulry of the We Identifi the great¢8t risk of material imkrt the finaDcial rtatts irre8ul8ritie4 includln8 to within the timing of rw08nRti of inom?¢ and the ovuridc of cthtrols by m8no8emaJL Chr audit PTo¢eduTeN ¢0 respond to these riBk8 included enquirit4 of mana89mt, iDternal Audit And oiM)ut their own id¢otifJca¢ioJb and 98sesSmt of the risks Bnd iTr¢8ularili4 8wnple testln8 on th¢ postlng of joumal4 revw accowÈ¢inE tinte$ for bios4 rnii¢win8 regulatory corr¢spondenc4 with Charity COmTni&ryio and tradin8 of mine5 0fmtill8$ of thos¢ Charg with 8ovunat¥ Owlng lo itihwt Itmitsti(m of an 8udiL tha% 18 QnAvold&bl#ri8k that we may wt have som¢ materia] miJgtatem¢nts in thE financi818tat¢ments, Lwen thougb we have plaDn¢d and pttforn audit In a¢¢ord with auditing BtandaTd& For exAmpl4 the furtlKr remove41 nonrycompli laws gnd re8ultition8 (itregularities) is from the evfJs And transactions Yeficeted In the fllwicial stItants, the les8 lthely the inherY limited Tequirnl by audi¢iftg stAndard8 would id(tify it In addition, as with any Audify thce r¢Thh1 a risk of nrm I110n of in¢8ulariti4 88 th¢sc moy involve Collusio forgoy. intentional omissicw• mis[eptiIN or the oYenid¢ of internal L))ntrols. We are Dol reSp[lIb]e for prmxting non.c¥)mpliancc A furt diiptiLm of our responsibilities for the alt of the fcial 8t8trmatt8 is locaithl on the Fin8Kial Rqyortin8 Ci)widl'$ w¢bslte at www.frc.or&uWaudit(nr<wbiliil Thi8 forntypmt of or Rwt ofthe Indwdent Auditorn U of•)ur report This report is made ]elY to the ehwitsbl¢ truste4 a8 * I, in a¢corthnce with Pjrt 4 of tha ThaTltles (Accounts and Rtyorts) Regulations 2fft)8. Our audit wwk has been utthtkn we might State to the dlIabl¢ company¥ trust thos¢ mAtterB wc are wuircd to state to thern in gn qndit(vg rwt And fcr no other To the fullest rxtryrt pennItt by law. we do ot a¢¢¢pt or &88um¢ rwsAbiJity to than the rhgritabie company and th¢ tharit&bl¢ )MPAnY'S trust¢w as a body* oiir 4udit wort forthis rqM)rL (rfor th¢Opini8 wehav¢ frAme4L Statutory Audito Eligible to a8 an juditor In trn5 of Se(lion 1212 of the Act 2(KJ6 3368 CrnJlKook Road Ilford 102 6HY Pag¢%
ort of the Inde endent Auditors to the Trustees of The Jain Network Limited Statement of Financial Activities oratin an Income and Ex enditure Account for the Year Ended 31 March 2024 Incor See nextpage..... Page 9
The Jain Network Limited Statement of Finan¢ial Activities oralin an Income and Ex enditure Account for the Year Ended 31 Mareh 2024 ncor 31.3.23 Total funds Unrestricted nd Restricted funds Total funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 218,137 1,583,956 1,802,093 3,422,985 Investment income 130 307 437 599 Total 218,267 1,584,263 1,802,530 3,423,584 EXPEIYDITURE ON Raising funds 323,498 323,498 76,796 Chai'itable aetivities Event management 59,850 59,850 37,780 Other 26,986 1,026 28,012 20,582 Total 26,986 384,374 411,360 135,J58 NET INCOME Transfers between funds 191,281 (291.038) 1,199,889 291,038 1,391,170 3,288,426 17 Net movement in funds (99,757) 1,490,927 1,391,170 3,288,426 RECONCILIATION OF FUNDS Total funds broucrht forward 114,984 6283,114 6,398,098 3,109,672 TOTAL FUIYDS CARRIED FORWARD 15,227 7,774,041 7,789.268 6,398,098 CONTINUING OPERATIONS All income and expenditure has arisen from continuing activities. The notes forni part of these financial statements
The Jain Network Limited stered number: 06752627 Balance Sheet 31 March 2024 31.3.24 Total funds 31.3.23 Total funds Unrestricted fiind Restricted funds Notes FIXED ASSETS Tangible assets Investments 20,799 loo 7,889,341 7,910,140 100 6,482,668 100 12 20.899 7,889,341 7,910,240 6,482,768 CURRENT ASSETS Debtors Cash at baiik and in hand 13 1,950 10.896 6,984 205,179 8.934 2J6,075 9,212 255,087 12.846 212,16) 225,009 264,299 CREDITORS Amounts falling due within one year 14 (18,519) (302,462) (320,981) (303.696) NET CURRENT ASSETS (5,673) (90,299) (95,972) (39,397) TOTAL ASSETS LESS CURRENT LIABILITIES 15226 7.799,042 7,814,268 6.443.371 CREDrroRS Amounts falling due after more than one year 15 (25.000) (25,000) (45,273) INET ASSETS 15,226 7,774,042 7,789,268 6.398,098 FUNDS Unrestricted funds Restricted funds 17 15,226 7,774,042 114,984 6,283,114 TOTAL FUNDS 7,789,268 6,398,098 The charitable company is entitled to exemption from audit under Section 477 of the Companie5 Act 2006 for the year ended 31 March 2024. The member5 have not deposited notice, pursuant to Section 476 of the CoJnpanies Act 2006 requlring an audit of these financial statements. The trustees acknowledge their respoT)sibilities for (a) ensurints that the cliaritable company keeps accounting records that comply witli Sections 386 and 387 of Ihe Companies Act 2006 and preparing financial statements which give a true and fair view of the state of affairs of the charitable cornpany as at the end of each financial year and of its sU]uS or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwis¢ comply with the requirements of the Companies Act 2006 relating to financial statements, so far &5 applicable to the charitable cotnpany. (b) These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011. The financial statements were approved by the Board of Trustees and auihorised for issue on 16 June 2025 and were signed on its behalf by- The notes form part of th¢s¢ financial statements Pagell continued...
The Jain Network Limited Balance Sheet- eontinued 31 March 2024 P Meisheri - Trustee D U Shah FCA - Trustee 16.0&.uJs The notes form part of these fLnancial statements Page
The Jain Network Limited Cash Flow Statement for tlie Year Ended 31 March 2024 31.3.24 31.3.23 Notes Cash flows from operating activities Cash generated froin operations Interest paid 1,406,610 (1,443) 3,232,841 (1,227) Net cash provided by operating activities 1,405,167 3,231,614 Cash noivs from investing activities Pui'cliase of tanoible fixed assets Interest received (1,433,425) 437 (1,235,842) 599 Net cash used in investing activities (1,432,988) (1,235,243) Cash flows from financing activities Bonds paid Loan repayinents in year Group company (1,000) (9.620) (571) (1,829,727) (586) Net cash used in financing activities (11,191) (1,830,313) Change in cash and Cash equivalents in the reporting period Cash and cash equivalents at the beginning ofthe reporting period (39,012) 166,058 255,087 89,029 Cash aiid eash equivalents at the end of the reporting period 216,075 255,087 The iiotes form part of these financial statements Page 13
The Jain Network Limited Notes to the Cash Flow Statement for the Year Ended 31 March 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.3.24 31.3.23 Net income for the reporting perlod (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Interest received Interest paid Decrease in debtors Increase/(decrease) in creditors 1,391,170 3,288,426 5,953 (437) 1,443 846 7,635 1,699 (599) 1.227 9,219 (67,131) Net cash provided by operations 1,406,610 3,232,841 ANALYSIS OF CHANGLS IN IYET FUNDS At 1.4.23 C&sh flow At31.3.24 Net cash Cash at bank and in hand 255,087 (39.012) 216.075 255,087 (39,012) 216,075 Debt Debts falling due within l year Debts falling due after l year (124,000} (45,273} (9,650) 20,273 (133,650) (25,000) {169.273) 10.623 (158,650) Total 85,814 (28,389) 57,425 The notes forni part of these financial statements Page 14
The Jain Network Limited Notes to the Financial Statements for the Year Ended 31 March 2024 ACCOUNTING POLICIES Basis of preparing the fiiiaT]cial statements Tl)e financial statements of tlie cliaritable company, which is a public benefit entity under FRS 102, have been prepaiEd in accordance with the Cliarities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recoinmended Practice applicable to charities preparing their accounts in accordance with tlie Finaiicial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Repoiting Standard 102 'The Financial Repoi'ting Staiidard applicable in tl)e UK and Republic of Ireland, and the Conipanies Act 2006. The financial statements have been prepared undei. tl)e historical cost convention, with the exception of investments which are included at market value. Preparation of consolidated financial statements The charity has a subsidiary which was considered iminaterial and has not beei) trading. The balances on the subsidiary company are immaterial ano we Iiave taken exernption under the Charity SORP 24.13A to not prepare consolidated financial statements, this being the only subsidiary lield by the charity. Income All income is recognised in the Statement of financial Activities once the chai'ity has entitlement to the nds, it is probable tliat the income will be received and the amount can be ineasured reliably. Incoine from government and other L7rants, whether capital gi'ants or "revenue" grants, is Tecognised when the charity lias eiititlei]]ent to tlie funds, any pgrfoi'inance conditions attacl)ed to the oJants have been mel it is probable that the income will be received and amount can be measured reliably and is not deferred. Donated facilities is recognised at is estimated market value. Expenditure Liabilities are recognised as expenditure as 500n as there is a legal or constructive obli(vation committing tlie charity to that expenditure, it is probable that a transfer of econaniic benefits will be required in settlement and the amount of the obligation can be Ineasured i'eliably. Expenditure is accountcd for on an accriials basis and has been classified under headintys that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings tliey have been allocated to activities on a basis consistent with the use of resources. Tangible fixed assets Depreciation is provided at tli¢ following annual rates in order to write off each asset over its estimated useful life. Freehold property Fixtures and fittings not pi'ovided 150/D on reducing balance IAnd is not depreciated and no depreciation is cliarged in tlie year of acquisition. Freehold property is not depreciated as the property 15 under construction and not yet put to use. Tangible fixed assets are capitalised at Cost or revaluation basis less accumulated depreciatTon and any accumulated impaii'inent losses. Historical cost includes expenditure directly atti'ibutable to bi'inging the asset to the location and condition necessary for it to be capable of operating in the manlier intended. Taxation Tlie charity is exeinpt from corporation tax on its charitable activities. Fund aceounting Unrestricted funds can be used iii accordance with tlie cliaritable objectives at the discretion of tlie trustee5. Resti'icted funds cali only be used for particular restricted purposes witliin the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Page 15 continued..
The Jain Network Limited Notes to the Financial Statements - continued for the Year Ended 31 March 2024 ACCOUNTING POLICIES - continued Hire purchase and leaslng commitment5 Rentals paid under operating leases are cliarged to the Statetnent of Financial Activities on a straight line basis over the period of tjie lease. Pension eosts and other post-retirement benefjts The charitable coinpany operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheine are charged to the Statement of Financial Activities in the period to which tliey relate. Going concern policy The Charity's Financial Statements show total income of £1,802,530 (2023: £3,423,584) for the year and free reserves of £15,226 (2023: £114,984). The trustees have assessed whether the use of the goints concern &ssumption is appropriate in preparing these financial staternents with respect to a period of at least one year fi'om the date of appi-oval of these financial statements including considering the impact of cost of living on the charity's income, expenditui-e and reserves, and its beneficiaries. Tliey have concluded that there are no material uncertainties related to events or conditions that inay cast significant doubt on the ability of the charity to continue as a going concern and are llY engaged on a strategy to create a sustainable and resilient organisation, once the building project is completed during the next 12 IT]onths. The trustees are confident that sufficient funding will be in place to achieve this goal and are taking steps to ensure that fi]nding is in place to continue Iiorinal activities thereafter. The trustees incur financial comrnitments only when fijnds are available and there is no particular policy to hold i'eserve funds over and above the minimum required to meet adininistrative costs. Debt013 Trade and other debtors are recognised at the settlement amount due after any discount offered. Prepa)qnents are valued at the amount paid net of discounts due. Creditors Creditors and provisions are re¢ognised where the charity has a present obligation resulting from a past event that will probably result in 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 recognised at tl)eir settlement amount. Winding up or dissolution of the charity If upon winding up or dissolution of tlie charity, there remain any assets, after the satisfaction of all debts and liabilities, the assets represented by the accumulated fund shall be transferred to some other charitable body or bodies having similar objects to the charity. DONATIONS AND LEGACIES 31.3.24 Total funds 31.3.23 Total funds Unrests'icted funds Restricted nds . Donations Giftaid Buildinty Fund Membei3hip & Member donations Religious events 144,130 46,689 144,130 46,689 1,543,700 27,318 40,256 94,670 39,959 3,228,101 25,702 1,543,700 27,318 40,256 218,137 1,583,956 1,802,093 3,422,985 Page 16 continued...
The Jain Network Limited Iyotes to the FinAneial Statements - continued for the Yeai. Ended 31 March 2024 INVESTMENT INCOME 31.3.24 Total funds 31.3.23 Total funds Unresti'icted funds Restricted funds Deposit account interest 130 307 437 599 RAISING FUNDS Raising donations and legacies 31.3.24 Total funds 31.3.23 Total funds Unrestricted funds Restricted nds Staff costs Legal & professional Sundries, travel & advtg Fund raising events and costs 40,089 40,089 19,750 2,160 5,226 49,660 10,738 272,671 10,738 272,671 J23,498 323,498 76,796 CHARITABLII ACTIVITIES COSTS Support costs (see note 6) Direct Cosls Totals Event management 59,851 (i) 59,850 SUPPORT COSTS Governance Costs Management FiJ)ance Totals Other resources expended Event management 18,326 (i) 1,026 8,660 28,012 (i) 18,325 1,026 8,660 28,011 NII T INCOMEI(EXPENDITURE) Net in¢ome/(expenditure) is stated after chargingl(crediting)'. 31.3.24 31.3.23 Auditors, remuneration Depi'eciation - owned assets Otlier operating leases 3,600 5,953 1,080 6,600 ,699 720 Page 17 contiiiued...
The Jain Network Limited Notes.to the Financial Statements- eontinued for the Year Ended 31 March 2024 TRUSTEES, RE]WtUNERATION AND BENEFITS There were no trustees, reiiiunei'ation or otlier benefits for t]i¢ year ended 31 March 2024 nor for tlie year ended 31 March 2023. Trustees, expenses There were no trustees, expenses paid for the yeai. ended 31 March 2024 nor for the year ended 31 March 2023. STAFF COSTS 31.3.24 31.3.23 Wages and salaries Other pension costs 50,228 231 26,622 29 50.459 26,651 The average monthly number of employees during the year was as follows.. 31.3.24 31.3.23 Administration No employees received emoluments in excess of £60.000. io. KEY MANAGEMENT PERSONNEL The Key Management Personnel comprises of the Board of Trustees. ii. T ANCIBLE FIXED ASSETS Fixtures and fittings Freehold properly Totajs COST At l April 2023 Addition5 6,463,753 1,410.060 37,847 23,365 6,501,600 1,433,425 At 31 March 2024 7,873.813 61,212 7,935,025 DEPRECIATION At l April 2023 Cliarge for year 18,932 5.953 18.932 5,953 At 31 March 2024 24,885 24,885 NET BOOK VALUE At 31 Mah 2024 7,873,813 36,327 7,910,140 At 31 March 2023 6,463,753 18,915 6.482,668 Page 18 continued...
The Jain Network Limited Notes to the Finaneial Statements - continued for the Year Ended 31 March 2024 12. FIXED ASSET INVESTMENTS Shal'e5 in groiip undeitakings MIiRKET VALUE At l April 2023 and 31 March 2024 loo NET BOOK VALUE At 31 March 2024 loo At 31 Marcli 2023 loo There were no investment assets outside the UK. The company's investments at the balance slieet date in the share capital of companies include the following: Jain Centre Jinalay (Temple Projeet) Ltd Registered office: Re(ristered in England & Wales Nature of business: Non-profit Project Management Class of share: Ordinary holdino loo 31.3.24 31.3.23 Aggregate capital and reserves loo loo There were no investment assets outside the UK. 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 Amounts owed by group undertakinlys Otlier debtors Prepayments 6,984 6,416 846 1,950 1,950 8,934 9,212 Page 19 continued...
The Jain Network Limited Notes to the Financial Statements - continued for the Year Ended 31 March 2024 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 Bank loans and overdrafts (see note 16) Other loans (see note 16) Ti?de creditors Social security and other taxes Accrued expenses 10,650 123,000 168,812 1,895 16,624 124,000 158,912 1,160 19,624 320,981 303,696 Building Fund Bonds in £lOOO and £5000 denominations were introduced in August 2018, with the aim of raising finaiice from well-wishers of tlie charity. They are interest free, repayable on the 5th anniversary of issue oi. on demand by giving 3 months, notice. 15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.3.24 31.3.23 Bank loans (see note 16) 25,000 45,273 Creditors over 12 months include bank loans of £25,000 which are unsecured, repayable as shown in Note 16, and bear interest at BBL rates. io. LOANS An analysis of the maturity of loans is given below.. 31.3.24 31.3.23 Amounts falling due within one year on demand: Bank loans Building fund bonds 10,650 123,000 124,000 133,650 124,000 Amounts falling between one and two years: Bank loans - 1-2 years 10,650 Amounts falling due between two and five years.. Bank loans - 2-5 years 14,350 45,273 Page 20 continued...
The Jain Network Limited Notes to the Financial Staternents- continued for the Year Ended 31 March 2024 17. MOVEMENT IN FUNDS Net movement in funds Transfers between funds At At 1.4.23 Unrestrieted funds Genei?I fund 114,984 191,280 (291,038) 15,226 Restricted ffunds Restricted Fixed Assets-Temple Project Religious events Healih/Organ donation 6,178,274 86,608 18,232 447,558 752,332 1,124,124 (814,854) (18,232) 7,749,956 24,086 6,283,114 1,199,890 291,038 7,774,042 TOTAL FUNDS 6,398,098 1,391,170 7.789.268 Net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 218,267 (26,987) 191,280 Restricted funds Restricted Fixed Assets-Temple Project Religious events 785,298 798,965 (337,740) (46,633) 447,558 752,332 1,584,263 (384,373) 1,199,890 TOTAL FUNDS 1,802,530 (411,360) 1,391,170 Comparatives for movement in funds Net movement in funds At 31.3.23 At 1.4.22 Unrestricted funds General fund 39.718 75,266 114,984 Restricted funds Restricted Fixed Assets-Temple Project Religious events Healthlorgan donation 3,026,810 25,489 17,655 3,151,464 61,119 577 6,178,274 86,608 18,232 3,069,954 3,213,160 6,283.114 TOTAL FUNDS 3,109,672 3,288,426 6,J98,098 Page21 continued...
The Jain Network Limited Notes to the Financial StatemeDts- eontinued for the Year Ended 31 Mareh 2024 17. MOVEMENT IN FUNDS- eontinued Comparative net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in ndS Unrestricted funds General fund 100,774 (25,508) 75,266 Restrleted funds Resti'icted Fixed Ass¢ts-Temple Project Relj¢Jious events Healthlorgan donation 3,228,10 I 94,132 577 (76,637) (33,013) 3,151,464 61,119 577 3,322,810 (109,650) 3,213,160 TOTAL FUNDS 3,423,584 (135,158) 3,288,426 A current year 12 month5 and prior year 12 months combined position is as follows: Net movement in funds Transfers between funds At 31.3.24 At 1.4.22 Unrestricted funds General fund 39,718 266,546 (291,038) 15,226 Restricted funds Restricted Fixed Assels-Temple PrOjL Religious events Healthlorgan donation 3,026,810 25.489 17,655 3.599,022 813,451 577 1,124.124 (814,854) { 18,232) 7,749,956 24,086 3,069,954 4,413,050 291,038 7,774,042 TOTAL FUNDS 3,109,672 4,679,596 7,789,268 A current year 12 inonths and prior year 12 months combined net moveinent in funds, included in the above are as follows: Incoming resources Resources expended Movement in fijnds Unrestricted funds General fund 319,041 {52,495) 266,546 Restricted funds Resti-icted Fixed Assets-Temple Project Relioious events Health/Organ donation 4.013,399 893.097 577 (414.377) (79,646) 3,599,022 813,451 577 4.907.073 (494,023) 4,413,050 TOTAL FUNDS 5.226,114 (546,518) 4,679,596 General Pag¢ 22 continued...
The Jain Network Limited Notes to the Financial StaleJnent5- continued for the Year Ended 31 March 2024 17. MOVEMENT IIY FUNDS - continued These funds Comprise of membership, general gifts, hall hire and gift-aid and are utilised for the charity's operations. Restricted funds l) Fixed ass¢t Temple nd - currently all funds received for the building project undertaken by the trustees, may only be utilised towards the completion of the building work. 2) Religious events fi]nds - the surplus on these funds may only be utilised towards annual and periodic religious events in the filture. Deficits may be funded from general reserves. 3) Health and Organ donation fund any surplus from grants and health and similar social funds collected for such activities are restricted for utilisation in health seminars, food-aid and 5imilai' activities. 4) Surplus on religious OT health ndS arising from events held for raising ndS for the buildintr project may be transferred to the restricted fixed assets - Temple Project fund. 18. CAPITAL COMMITMENTS The charity has committed to complete phase 2 of its temple project by Autumn 2025 and building costs amounting to £1.8m have been contracted for but not provided in these accounts, as the contract a]lows for halts in the project depending on availability of funds. 19. RELATED PARTY DISCLOSURES l) Dr S N Shah, Dr A M Shah and Ms L Shah are alw tru5t¢es of Dr N K Shah Trust (a registered charity in the UK), which has made significant gifts to this charity, amounting to £650,000 during the year. 2) Varlous trustees have made oifts to the charity in the current year which do not exceed £75,000 in total. 3) The charitable company set up a wholly owned company called Jain Centre Jinalay (Temple Project) Ltd. Dr S N Shah, Mr D U Shah and Mr A Meht4 directors of The Jain Network Ltd are also directors of Jain Centre Jinalay (Temple Project) Ltd, which was dorniant during the year. 4) As at the Balance Sheet date. Jain Centre Jinalay (Temple Project) Ltd owed £6,984 (2023: £6,416) to The Jain Network Ltd. 5) Mr P Meisheri, who has a controlling interest in a travel agency business, provided support services to the charity amountino to £15,525 for the charity's travel aan(vernents. Page 23