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 t￿SteeS 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 Au￿l￿n 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 Tn￿t. 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 t￿￿teeS 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 I￿1 of assuranc4 (￿t is not a that AD audit in ￿rdance ￿ryth ISAS (UK) will Iwgy& dete£* A matexAal MisStat￿e#l WIKI it exlsts. MiJ*a¢anans ¢aD arw fr(Kn fraud or aror and are consid¢red matuiai if, indiv]th￿1lY or in the they ￿Uld rtA4MTrabty be • to the of vs¢rs tskth OD the of thwe finan¢itti st*qll￿t& lThegulthtle4 including fiau4 arc instan￿5 of ￿lIa¢¢ wjth J4w8 and rc8u]ations. W¢ idthtified asse4so4 the ri5k6 of materiol misstotetnajt of the financial statanthts fr￿n iuegul#riW whether to fra￿￿ or ond discuswl th* between our audit ttsm manbus. We then dssign￿ and pthme41 a￿11 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 2￿6 tog4xho with the CharitieB SORP (FRS102). Wc aJ5case41 the w11r￿1 ¢cffnpliaT* ￿ th￿¢ •nd w]atioJ3 a5 of our audit Jxoctdu￿S on the TelAthJ fiuan¢iAI ¥t8t¢m￿t itqn8. ID addition, Ive co]18idered PTovision8 of othtr laws ond TeBuJati(Th that thtr not hove a dlr*t ¢ff#t on th¢ finanrijl sthtejnents bul ¢ornplianc¢ with whith rnight be fundamental to the clw7t8ble uvw)￿Y'3 abi]ity to (l￿t¢ or ¢0 ovoid m&ttXi81 pen83ty, Wc 8Jso consldtred the (ryyortunitiLY and inLYnttveg that moy ¢xi* within the th￿l￿ble Lxwgny for frnud Thc IAWS ond re8ulations ¢on$idered wve Grnryal Data Prot9#1￿ Rryul4li￿ (GDPRA aThp1w￿t l¢gi$lation4 taxotico le8Silations and aati.fraud, briboy d c(nuption Iw8latso Auditing stan41ath limil the audlt pr(Mlwe8 to ideotify non<1￿p178n¢e theJ¢ law8 Twl4tion5 to a4ulry of the We Identifi￿ the great¢8t risk of material imk*rt the finaDcial rtat￿ts 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 mana89m￿t, iDternal Audit And oiM)ut their own id¢otifJca¢ioJb and 98sesSm￿t of the risks Bnd iTr¢8ularili4 8wnple testln8 on th¢ postlng of joumal4 revw accowÈ¢inE ￿tin￿te$ for bios4 rnii¢win8 regulatory corr¢spondenc4 with Charity COmTni&ryio￿ and tradin8 of min￿e5 0fm￿till8$ 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 evfJ*s And transactions Yeficeted In the fllwicial stItan￿ts, the les8 lthely the inher￿Y limited Tequirnl by audi¢iftg stAndard8 would id(*tify it In addition, as with any Audify thce r¢Thh1￿ a risk of nrm I1￿10n of in¢8ulariti4 88 th¢sc moy involve Collusio￿ forgoy. intentional omissicw• mis[ep￿￿tiIN or the oYenid¢ of internal L))ntrols. We are Dol reSp[￿lIb]e for prmxting non.c¥)mpliancc A furt￿ d*iiptiLm of our responsibilities for the a￿lt of the f￿￿cial 8t8trmatt8 is locaithl on the Fin8Kial Rqyortin8 Ci)widl'$ w¢bslte at www.frc.or&uWaudit(nr