Docusign Envelope ID: F66F72D7-6C2C-4222-AF6E-1A3CE9D1C4A1 

**Charity registration number 1150267 (England and Wales) Company registration number 08125854** 

**SHREE SWAMINARAYAN AGYNA UPASNA SATSANG MANDAL UK** 

**(A COMPANY LIMITED BY GUARANTEE)** 

**ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024** 



Docusign Envelope ID: F66F72D7-6C2C-4222-AF6E-1A3CE9D1C4A1 

## **SHREE SWAMINARAYAN AGYNA UPASNA SATSANG MANDAL UK (A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION** 

## **Trustees** 

Mr B Dobariya Mr Y D Devani Mr S V Dholaria Mr G J Patel Mr S R Patel 

**Charity number (England and Wales)** 1150267 **Company number** 08125854 **Registered office** Shree Swaminarayan Hindu Temple Bridle Road Pinner HA5 2SH **Auditor** KLSA LLP Kalamu House 11 Coldbath Square London EC1R 5HL **Bankers** Metro Bank One Southampton Row London WC1B 5HA 



Docusign Envelope ID: F66F72D7-6C2C-4222-AF6E-1A3CE9D1C4A1 

## **SHREE SWAMINARAYAN AGYNA UPASNA SATSANG MANDAL UK (A COMPANY LIMITED BY GUARANTEE) CONTENTS** 

||**Page**|
|---|---|
|Trustees report|1 - 5|
|Statement of Trustees responsibilities|6|
|Independent auditor's report|7 - 10|
|Statement of financial activities|11|
|Balance sheet|12|
|Statement of cash flows|13|
|Notes to the financial statements|14 - 26|





Docusign Envelope ID: F66F72D7-6C2C-4222-AF6E-1A3CE9D1C4A1 

## **SHREE SWAMINARAYAN AGYNA UPASNA SATSANG MANDAL UK (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 JULY 2024**_ 

The Trustees present their annual report and financial statements for the year ended 31 July 2024. 

Shree Swaminarayan Agyna Upasna Satsang Mandal UK (hereafter referred to as "the Charity") is a charitable organization governed by its Trustees. 

The Charity was registered on 21 December 2012 as Standard registration with the Charity Commission under Charity Number 1150267. It is also a Private Limited Company by Guarantee without share capital, using the 'Limited' exemption, incorporated on 2 July 2012 with Company Number 08125854. 

Other names: Shree Laxminarayan Dev Gadi Vadtal-Aashirt Shree Swaminarayan Satsang Samaj U.K and SSAUSM 

The Charity supports a variety of causes, including General Charitable Purposes, Education and Training, Religious Activities, the Promotion of Human Rights, the Advancement of Religious or Racial Harmony, Equality and Diversity, as well as Recreational Activities. 

The Charity operates from its premises located at Bridle Road, Pinner Green, Pinner, HA5 2SH. 

The accounts have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the charity's governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice 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 for accounting periods commencing from 1 January 2016). 

## **Objectives and activities** 

The objectives of the charity are summarised as follows: 

A) To promote and advance the Hindu faith in alignment with the teachings and principles of Lord Shree Swaminarayan, and to further the religious education of the public in these principles, as outlined in Satsangi Jivan, Lekh, Shikshapatri, and Vachhanamrut 

B) To undertake such other charitable activities for the public benefit that are exclusively charitable under the laws of England and Wales, as determined by the Trustees from time to time. 

The objectives are set to reflect and preserve our faith and to actively promote our faith within the community. 

The main objectives for the year continued to be that of facilitating the spiritual well being of the congregation by ensuring that adequate administrative resources were available to observe all the regular festivals and cultural activities as well as to inspire people to give their time for the advancement of Hindu Religion and voluntary service. 

Each year our trustees review our objectives and activities to ensure they continue to reflect our aims. In carrying out this review the trustees have considered the Charity Commission's general guidance on public benefit and in particular its guidance on the advancement of religion for the public benefit. 

## _Public benefit_ 

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake. 

The charity advances the Hindu religion and promotes moral, spiritual, and community welfare through public worship, educational events, and cultural programs. These activities are accessible to all and provide clear public benefit by fostering spiritual growth, social inclusion, and community engagement. 

## _Volunteers_ 

The volunteers and staff are involved in general management and core activities of the Charity. 

The Board of Trustees would like to acknowledge the tremendous efforts of the volunteers, staff and the many supporters of the Charity for their kind and generous donations as well as their continued support in helping the Charity to achieve its objectives. 

- 1 - 



Docusign Envelope ID: F66F72D7-6C2C-4222-AF6E-1A3CE9D1C4A1 

## **SHREE SWAMINARAYAN AGYNA UPASNA SATSANG MANDAL UK (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 JULY 2024**_ 

## **Achievements and performance** 

## _Significant activities and achievements against objectives_ 

The Charity has successfully celebrated a number of major Hindu festivals, including Diwali, Janmashtami, Ram Navami, Shivaratri, and Navaratri, on a larger scale. Additionally, it has promoted a healthy lifestyle through Yoga classes, , promoted blood donation through NHS and carried out various activities aligned with its objectives. 

## **Financial review** 

During the year, the Charity undertook a review of the classification of certain liabilities and reserves to ensure that the financial statements accurately reflect the nature and intended use of its funds. As a result, certain balances were reclassified between long-term and short-term liabilities, between general and restricted reserves, and between creditors and income where appropriate. These adjustments have been applied retrospectively, with comparative figures restated accordingly. The adjustments resulted in a change to the total funds and net assets reported. 

In 2024, the Charity generated total income of £751,825 (2023: £352,348) from donations and Gift Aid. Total expenditure for the year amounted to £208,692 (2023: £180,667). The Charity also received other income of £68,379 (2023: £66,555). 

Income exceeded resources expended in 2024, resulting in a surplus of £611,512 (2023: £238,236). Net assets as at the year-end stood at £2,861,284 (2023: £2,249,772), reflecting the positive financial performance and the impact of the retrospective adjustments. 

The Charity’s general reserves brought forward were £2,223,253, increasing to £2,828,853 at year-end. Restricted reserves carried forward increased from £26,519 to £32,431. 

The Charity’s funds are being actively utilised in the short term to support the running of Temple activities and to enhance its facilities, thereby advancing the Charity’s objectives and mission. 

The Trustees are satisfied with the Charity’s financial position as at the year end. 

## _Going concern_ 

The financial statements have been prepared on a going concern basis. The trustees have assessed the charity’s financial position and confirm that there are no material uncertainties regarding the charity’s ability to continue as a going concern. 

Based on the charity’s historical support from donors and devotees, its current and expected financial performance, and the trustees’ confidence in its ability to meet ongoing obligations, they believe the charity will have sufficient resources to continue operating for at least 12 months from the date of approval of these financial statements. 

## _Reserves policy_ 

It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between one and six month’s expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop 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. 

Reserves are also held to sustain operation when income generating activities are not feasible. 

- 2 - 



Docusign Envelope ID: F66F72D7-6C2C-4222-AF6E-1A3CE9D1C4A1 

## **SHREE SWAMINARAYAN AGYNA UPASNA SATSANG MANDAL UK (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 JULY 2024**_ 

## _Major risks_ 

The Trustees have formally assessed business risks, and this has involved assessing the types of risk facing the Charity, prioritising them in terms of the potential impact and likelihood of occurrence, and identifying means of mitigating the risks. As part of this process the Trustees have assessed the adequacy of the Charity’s internal controls and the costs of operating particular controls relative to the benefits obtained. 

A major risk identified is the charity's reliance on donations as a primary source of funding. To mitigate this risk, the Trustees are focused on diversifying funding streams, strengthening donor relationships and with wider community. 

## **Risk management** 

The Board of Trustees is responsible for ensuring effective risk management, and that internal controls are in place to appropriately manage the risk exposure of the Charity, in particular, the Board of Trustees has considered: - the major risks to which the Charity is exposed; 

- the potential impact and probability associated with each risk; 

- existing internal controls and accountability for them; and 

- mitigating actions needed to reduce each risk to a level that the Trustees considers to be acceptable. 

All significant activities undertaken are subject to risk review as part of the initial project assessment and implementation. The Board of Trustees reviews the major risks that the Charity faces on a regular basis and controls are established as appropriate. 

## **Internal control** 

The Trustees have overall responsibility for ensuring that the Charity has appropriate systems of internal controls across the Charity . 

The key internal controls used by the Charity include: 

- Formal agendas and minutes of all Board of Trustees meetings; 

- Established organisational structure and lines of reporting; and 

- Engagement of external professional advisors as and when necessary. 

Through the controls established for the running of the Charity, the Board of Trustees are satisfied that the major risks identified are adequately mitigated where necessary. It is recognised that the controls established can only provide reasonable but not absolute assurance that major risks have been adequately managed. 

## **Plans for future periods** 

The Charity is committed to strengthening its relationship with the community through various programs that benefit both devotees and the local population. 

Our plans include expanding the temple to accommodate a larger number of devotees and to enhance the overall experience for all. 

Our core objectives focus on advancing the Hindu faith and improving the well-being of the community. 

This includes maintaining a Temple for worship and ceremonies, organizing congregational activities, celebrating Hindu festivals, and providing education on the Hindu faith to younger generations. 

Furthermore, we aim to promote Hindu culture within the broader community, offer recreational and social activities, and provide support to the elderly and those in need. 

The Trustees conduct an annual review of the Charity’s activities to ensure they align with our mission and adhere to public benefit guidelines, ensuring continued progress in line with the principles of the Hindu faith. 

The charity is focused on strengthening its relationship with the community through a variety of programs that benefit both devotees and the local population. Plans include expanding the temple to accommodate more devotees and improve the overall experience. 

- 3 - 



Docusign Envelope ID: F66F72D7-6C2C-4222-AF6E-1A3CE9D1C4A1 

**SHREE SWAMINARAYAN AGYNA UPASNA SATSANG MANDAL UK (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 JULY 2024**_ 

## **Structure, governance and management** 

The Charity is constituted as a registered Charity and a Company limited by Guarantee and has no Share Capital, with the Charity Trustees being the Directors of the Company. The liability of each member in the event of winding up is limited to £10. 

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: 

Mr B Dobariya Mr Y D Devani Mr S V Dholaria Mr G J Patel Mr S R Patel 

## _Recruitment and appointment of trustees_ 

Governance and Management 

The charity is governed by a Board of Trustees, currently comprising five members. They are responsible for overseeing the charity’s activities and ensuring alignment with its objectives and legal requirements. 

Trustees are appointed by H.H. Acharya Maharaj Shree (currently H.H. 1008 Shree Acharya Maharaj Shree Ajendraprasadji Narendraprasadji Maharaj) from among the registered members. The number of trustees must be no fewer than three and no more than seven. 

## _Induction of New Trustees_ 

New trustees undergo an induction program designed to familiarise them with their roles and responsibilities. This includes: 

An overview of the charity's objectives, policies, and operational scope 

Information from the Charity Commission regarding trustee duties 

A copy of the charity’s Constitution 

Ongoing training is provided to ensure trustees stay informed about relevant regulatory updates. 

## _Organisational Structure and Decision-Making_ 

The trustees meet regularly to make key decisions. Day-to-day matters and ad-hoc decisions may be handled by trustees holding executive roles. Major decisions—particularly those involving finance or staffing—are made collectively by the Board. 

Appointed trustees also oversee the daily operations of the Temple. 

## _Organisational structure_ 

The charity operates under a governing document that outlines its objectives, governance, and operational procedures. This document is available on the Charity Commission's website. Charity Commission. 

The charity is managed by a board of five trustees who are responsible for overseeing the charity's activities and ensuring compliance with its objectives and legal obligations. 

## Key Management and Operational Roles: 

President: Leads the organisation and represents it in external matters. Secretary: Handles administrative duties, including communication and record-keeping. Treasurer: Manages the charity's finances, including budgeting, accounting, and financial reporting. Assistant Treasurer: Assists the Treasurer in financial matters and may act in their absence. 

The charity's financial activities are overseen by the trustees, with regular audits conducted to ensure transparency and accountability. The latest financial statements are available on the Charity Commission's website. 

- 4 - 



Docusign Envelope ID: F66F72D7-6C2C-4222-AF6E-1A3CE9D1C4A1 

## **SHREE SWAMINARAYAN AGYNA UPASNA SATSANG MANDAL UK (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 JULY 2024**_ 

## _Organisational structure and Decision making_ 

Decision making duties are carried out by the Trustees at their regular meeting. Other ad-hoc decisions are taken by the Trustees with executive positions. 

All major decisions that have financial or staffing implications are made by the Board of Trustees. Salaries and other running costs are agreed during various meetings. 

## _Remuneration policy_ 

All Trustees are working as Voluntary and no remuneration is paid to any of the Trustees. 

## _Relationship with related parties_ 

Transactions with the Trustees during the year have been disclosed in Note 19 to the financial statements. These disclosures include details of any remuneration, expenses reimbursed, or other transactions involving Trustees or parties closely connected to them. 

The Trustees confirm that all such transactions were conducted in accordance with the charity’s governing document and conflict of interest policy, and were in the best interest of the charity. 

## **Auditor** 

In accordance with the company's articles, a resolution proposing that KLSA LLP be reappointed as auditor of the company will be put at a General Meeting. 

The Trustees report was approved by the Board of Trustees. 



Mr B Dobariya Mr Y D Devani **Trustee Trustee** 

29 April 2025 

- 5 - 



Docusign Envelope ID: F66F72D7-6C2C-4222-AF6E-1A3CE9D1C4A1 

## **SHREE SWAMINARAYAN AGYNA UPASNA SATSANG MANDAL UK (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF TRUSTEES RESPONSIBILITIES** 

## _**FOR THE YEAR ENDED 31 JULY 2024**_ 

The Trustees, who are also the directors of Shree Swaminarayan Agyna Upasna Satsang Mandal UK for the purpose of company law, are responsible for preparing the Trustees Report 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 statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. 

In preparing these financial statements, the trustees are required to: 

- Select suitable accounting policies and then apply them consistently; 

- Observe the methods and principles in the Charities SORP (Statement of Recommended Practice); 

- Make judgments and estimates that are reasonable and prudent; 

- State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 

- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charitable will continue in operation. 

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities Act 2011, and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities. 

The Trustees are responsible for ensuring that the charity complies with the requirements of the Charities Act 2011 with regard to the preparation of an annual report and accounts. 

The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 

- 6 - 



Docusign Envelope ID: F66F72D7-6C2C-4222-AF6E-1A3CE9D1C4A1 

## **SHREE SWAMINARAYAN AGYNA UPASNA SATSANG MANDAL UK (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT** 

## **TO THE TRUSTEES OF SHREE SWAMINARAYAN AGYNA UPASNA SATSANG MANDAL UK** 

## **Opinion** 

We have audited the financial statements of Shree Swaminarayan Agyna Upasna Satsang Mandal UK (the ‘Charity’) for the year ended 31 July 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice). 

In our opinion, the financial statements: 

- give a true and fair view of the state of the charitable company's affairs as at 31 July 2024 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 Companies Act 2006. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the _Auditor's responsibilities for the audit of the financial statements_ section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements 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 is sufficient and appropriate to provide a basis for our opinion. 

## **Other matter - Reclassification, Prior Period Adjustment, and Unaudited Comparative Figures** 

We draw attention to note 19 in the financial statements, which explains that the comparative figures for the year ended 31 July 2023 have been derived from the charity’s unaudited accounts. An Independent Examiner previously examined the accounts and raised no concerns following their examination of the Charity’s financial records. These comparative figures were not audited by us, and we express no opinion on them. Our opinion is solely based on the financial statements for the year ended 31 July 2024, which have been audited by us. 

We also draw attention to Note 23 to the financial statements, which describes the reclassification and prior period adjustment made by management. 

Our opinion is not modified in respect of this matter. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the Trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. 

- 7 - 



Docusign Envelope ID: F66F72D7-6C2C-4222-AF6E-1A3CE9D1C4A1 

## **SHREE SWAMINARAYAN AGYNA UPASNA SATSANG MANDAL UK (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED)** 

## **TO THE TRUSTEES OF SHREE SWAMINARAYAN AGYNA UPASNA SATSANG MANDAL UK** 

## **Other information** 

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine 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 information, we are required to report that fact. 

We have nothing to report in this regard. 

## **Matters on which we are required to report by exception** 

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: 

- the information given in the financial statements is inconsistent in any material respect with the Trustees report; or 

- sufficient accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records; or 

- we have not received all the information and explanations we require for our audit. 

## **Responsibilities of Trustees** 

As explained more fully in the statement of Trustees responsibilities, the Trustees, who are also the directors of the Charity for the purpose of company 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 misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. 

## **Auditor's responsibilities for the audit of the financial statements** 

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 

Our objectives are to 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 an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably 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. 

- 8 - 



Docusign Envelope ID: F66F72D7-6C2C-4222-AF6E-1A3CE9D1C4A1 

## **SHREE SWAMINARAYAN AGYNA UPASNA SATSANG MANDAL UK (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED)** 

## **TO THE TRUSTEES OF SHREE SWAMINARAYAN AGYNA UPASNA SATSANG MANDAL UK** 

**Extent to which the audit was considered capable of detecting irregularities, including fraud and noncompliance with laws and regulations** 

   - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 

   - we identified the laws and regulations applicable to the charitable company through discussions with trustees and other management, and from our commercial knowledge and experience of the sector; and 

   - we focused on specific laws and regulations which we considered may have a direct material effect on the operations of the charitable company 

   - financial statements or the operations of the charitable company, including the Companies Act 2006, Charities Act 2011, data protection, anti-bribery, employment, environmental and health and safety legislation. 

- We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 

   - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and 

   - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. 

- To address the risk of fraud through management bias and override of controls, we: 

   - performed analytical procedures to identify any unusual or unexpected relationships; 

   - 

   - assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and 

   - investigated the rationale behind significant or unusual transactions. 

- 9 - 



Docusign Envelope ID: F66F72D7-6C2C-4222-AF6E-1A3CE9D1C4A1 

## **SHREE SWAMINARAYAN AGYNA UPASNA SATSANG MANDAL UK (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED)** 

## **TO THE TRUSTEES OF SHREE SWAMINARAYAN AGYNA UPASNA SATSANG MANDAL UK** 

To address the risk of non-compliance with laws and regulations, we communicated relevant legal and regulatory requirements to all members of the audit team and remained alert to any indications of non-compliance throughout the audit. The potential impact of such laws and regulations on the financial statements may vary significantly. 

Firstly, the charitable company is subject to laws and regulations that directly affect the preparation of the financial statements, including financial reporting legislation (such as the Charities Act 2011, the Companies Act 2006, and the Charities SORP) as well as taxation legislation (including payroll taxes). We assessed compliance with these requirements as part of our audit procedures relating to the associated financial statement items. 

Secondly, the charitable company is subject to other legal and regulatory requirements, where non-compliance may not directly impact the financial statements but could nevertheless result in material consequences. In particular, we identified compliance with Charity Commission regulations and health and safety legislation as areas of audit relevance. However, auditing standards limit the required procedures in these areas to making inquiries of the Trustees and senior management and reviewing regulatory or legal correspondence, if any. Therefore, where a breach of such regulations is not disclosed to us or apparent from available documentation, our audit would not be expected to detect that breach. 

We communicated identified risks of material misstatement due to fraud and non-compliance with laws and regulations to those charged with governance and throughout our audit team. We remained alert to any indications of such risks throughout the audit. 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to the events and transactions reflected in the financial statements. Furthermore, the risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve deliberate concealment, collusion, forgery, or intentional misrepresentation. 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. 

## **Use of our report** 

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008, the Charities Act 2011, and Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might report to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed. 

## **Shilpa Chheda (Senior Statutory Auditor)** 

For and on behalf of KLSA LLP, Statutory Auditor 

Chartered Accountants Kalamu House 11 Coldbath Square London EC1R 5HL 30 April 2025 

KLSA LLP is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. 

- 10 - 



Docusign Envelope ID: F66F72D7-6C2C-4222-AF6E-1A3CE9D1C4A1 

## **SHREE SWAMINARAYAN AGYNA UPASNA SATSANG MANDAL UK (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** 

## _**FOR THE YEAR ENDED 31 JULY 2024**_ 

|**Unrestricted**<br>**Restricted**<br>**funds**<br>**funds**<br>**2024**<br>**2024**<br>**Notes**<br>**£**<br>**£**<br>**Income from:**<br>Donations<br>**3**<br>745,913<br>5,912<br>Other Income<br>**4**<br>68,379<br>-<br>Investments<br>**5**<br>-<br>-<br>**Total income**<br>814,292<br>5,912<br>**Expenditure on:**<br>Charitable activities<br>**6**<br>208,692<br>-<br>**Total expenditure**<br>208,692<br>-<br>**Net income and movement in**<br>**funds**<br>605,600<br>5,912<br>**Reconciliation of funds:**<br>Fund balances at 1 August<br>2023<br>2,223,253<br>26,519<br>**Fund balances at 31 July**<br>**2024**<br>2,828,853<br>32,431|**Total**<br>**Unrestricted**<br>**Restricted**<br>**funds**<br>**funds**<br>**2024**<br>**2023**<br>**2023**<br>**£**<br>**£**<br>**£**<br>751,825<br>342,273<br>10,075<br>68,379<br>65,750<br>-<br>-<br>805<br>-<br>820,204<br>408,828<br>10,075<br>208,692<br>180,667<br>-<br>208,692<br>180,667<br>-<br>611,512<br>228,161<br>10,075<br>2,249,772<br>1,995,092<br>16,444<br>2,861,284<br>2,223,253<br>26,519|**Total**<br>**2023**<br>**£**<br>352,348<br>65,750<br>805|
|---|---|---|
|||418,903<br>180,667|
|||180,667|
|||238,236<br>2,011,536|
|||2,249,772|



The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 

- 11 - 



Docusign Envelope ID: F66F72D7-6C2C-4222-AF6E-1A3CE9D1C4A1 

## **SHREE SWAMINARAYAN AGYNA UPASNA SATSANG MANDAL UK (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET** 

## _**AS AT 31 JULY 2024**_ 

|**Notes**<br>**Fixed assets**<br>Tangible assets<br>**11**<br>**Current assets**<br>Debtors<br>**12**<br>Cash at bank and in hand<br>**Creditors: amounts falling due within**<br>**one year**<br>**14**<br>**Net current liabilities**<br>**Total assets less current liabilities**<br>**Creditors: amounts falling due after**<br>**more than one year**<br>**15**<br>**Net assets**<br>**The funds of the Charity**<br>Restricted income funds<br>**16**<br>Unrestricted funds<br>**17**|**2024**<br>**£**<br>**£**<br>4,302,179<br>152,653<br>195,571<br>348,224<br>(936,245)<br>(588,021)<br>3,714,158<br>(852,874)<br>2,861,284<br>32,431<br>2,828,853<br>2,861,284|**2023**<br>**as restated**<br>**£**<br>**£**<br>4,303,067<br>-<br>116,769<br>116,769<br>(1,111,910)<br>(995,141)<br>3,307,926<br>(1,058,154)<br>2,249,772<br>26,519<br>2,223,253<br>2,249,772|
|---|---|---|



The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 July 2024. 

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. 

The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476. 

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. 

The financial statements were approved by the Trustees on 29 April 2025 

|Mr B Dobariya|Mr Y D Devani|
|---|---|
|**Trustee**|**Trustee**|



Company registration number 08125854 (England and Wales) 

- 12 - 



Docusign Envelope ID: F66F72D7-6C2C-4222-AF6E-1A3CE9D1C4A1 

## **SHREE SWAMINARAYAN AGYNA UPASNA SATSANG MANDAL UK (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF CASH FLOWS** 

## _**FOR THE YEAR ENDED 31 JULY 2024**_ 

|**2024**<br>**Notes**<br>**£**<br>**£**<br>**Cash flows from operating activities**<br>Cash generated from operations<br>**21**<br>284,083<br>**Investing activities**<br>Investment income received<br>-<br>**Net cash generated from investing activities**<br>-<br>**Financing activities**<br>Repayment of bank loans<br>(205,281)<br>**Net cash used in financing activities**<br>(205,281)<br>**Net increase/(decrease) in cash and cash**<br>**equivalents**<br>78,802<br>Cash and cash equivalents at beginning of year<br>116,769<br>**Cash and cash equivalents at end of year**<br>195,571|**2023**<br>**£**<br>805<br>(12,912)|**£**<br>4,031<br>805<br>(12,912)<br>(8,076)<br>124,845<br>116,769|
|---|---|---|



- 13 - 



Docusign Envelope ID: F66F72D7-6C2C-4222-AF6E-1A3CE9D1C4A1 

**SHREE SWAMINARAYAN AGYNA UPASNA SATSANG MANDAL UK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE  FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 JULY 2024**_ 

## **1 Accounting policies** 

## **Charity information** 

Shree Swaminarayan Agyna Upasna Satsang Mandal UK is a private company limited by guarantee incorporated in England and Wales. The registered office is Shree Swaminarayan Hindu Temple, Bridle Road, Pinner, HA5 2SH. 

The principal activity of Shree Swaminarayan Agyna Upsana Satsang Mandal UK is the promotion and practice of the Swaminarayan faith, including the religious, spiritual, and social welfare of its community. This involves providing a place for worship, religious services, educational programs, and cultural activities that foster moral and ethical values based on the teachings of Lord Swaminarayan. The Mandal also organizes charitable activities, religious festivals, and outreach initiatives to serve the local and wider communities in the UK. 

The charity’s aims are to support the spiritual growth of its members and to promote the values of peace, harmony, and unity, as well as to contribute to the betterment of society in line with the teachings of Lord Swaminarayan. 

## **1.1 Accounting convention** 

The financial statements have been prepared in accordance with the Charity’s governing document, the requirements of the Companies Act 2006, and in compliance with FRS 102, _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ . They also follow the Charities SORP (Statement of Recommended Practice) applicable to charities preparing their accounts in accordance with FRS 102. The Charity is classified as a Public Benefit Entity under FRS 102. 

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. 

The accounts have been prepared under the historical cost convention, as modified by the revaluation of certain financial instruments to fair value. The principal accounting policies adopted, which have been applied consistently in the current and preceding years, are set out below. 

## **1.2 Going concern** 

The charity is able to fund its operational costs and meet its liabilities through the utilisation of existing cash resources, alongside continued support from voluntary donations. The charity is therefore dependent on ongoing financial support from donors to sustain its activities. 

As at 31 July 2024, the charity reported a net surplus of £611,512 (2023: £238,235). Total assets less liabilities stood at £2,861,284 (2023: £2,249,772), reflecting a continued strengthening of the charity's financial position. 

At the time of approving these financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 

## **1.3 Charitable funds** 

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. 

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity. 

- 14 - 



Docusign Envelope ID: F66F72D7-6C2C-4222-AF6E-1A3CE9D1C4A1 

## **SHREE SWAMINARAYAN AGYNA UPASNA SATSANG MANDAL UK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 JULY 2024**_ 

## **1 Accounting policies** 

## **(Continued)** 

## **1.4 Income** 

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. 

Donations are recognised as income when the charity has entitlement to the funds, it is probable that the income will be received, and the amount can be measured reliably. 

- Cash donations are recognised on receipt. 

- Other donations, including bank transfers or pledged amounts, are recognised when the charity is formally notified and there is sufficient certainty regarding entitlement and receipt, unless performance-related conditions exist, in which case recognition is deferred until those conditions are met. 

Gift Aid income is recognised on an accrual basis, at the same time as the associated donation, provided a valid Gift Aid declaration is held and it is probable that the amounts will be received. 

At the reporting date, any Gift Aid recoverable but not yet received is recognised as a debtor within current assets, measured at the amount expected to be recovered from HMRC. 

Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 

## **1.5 Expenditure** 

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. 

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use. 

## **1.6 Tangible fixed assets** 

Tangible fixed assets are initially measured at cost. Cost includes any costs directly attributable to bringing the asset into working condition for its intended use. 

Subsequently, tangible fixed assets are measured at cost or valuation, less depreciation and any impairment losses. 

Freehold land is not depreciated, as it is considered to have an indefinite useful life. 

The temple building is not depreciated as it is deemed to have an indefinite useful life, reflecting its religious and cultural significance and the trustees’ commitment to its ongoing preservation through regular maintenance. The trustees consider the building’s residual value to be not materially less than its carrying amount. Accordingly, the asset is not depreciated but is subject to periodic impairment review in line with the applicable financial reporting framework. 

The building’s carrying value is reviewed annually for any signs of impairment (e.g., physical damage, decline in value). 

- 15 - 



Docusign Envelope ID: F66F72D7-6C2C-4222-AF6E-1A3CE9D1C4A1 

## **SHREE SWAMINARAYAN AGYNA UPASNA SATSANG MANDAL UK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 JULY 2024**_ 

## **1 Accounting policies** 

**(Continued)** 

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: 

Freehold land and Temple buildings Nil Equipments 15% on reducing balance 

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 

## **1.7 Impairment of fixed assets** 

At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 

## **1.8 Cash and cash equivalents** 

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 

## **1.9 Financial instruments** 

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. 

Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument. 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 

## _**Basic financial assets**_ 

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. 

## _**Basic financial liabilities**_ 

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. 

- 16 - 



Docusign Envelope ID: F66F72D7-6C2C-4222-AF6E-1A3CE9D1C4A1 

## **SHREE SWAMINARAYAN AGYNA UPASNA SATSANG MANDAL UK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

_**FOR THE YEAR ENDED 31 JULY 2024**_ 

## **1 Accounting policies** 

## **(Continued)** 

## _**Derecognition of financial liabilities**_ 

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled. 

## **1.10 Taxation** 

The charity is an exempt charity as defined in Schedule 3 of the Charities Act 2011 and meets the criteria set out in Paragraph 1, Schedule 6 of the Finance Act 2010. Consequently, the charity is considered a charitable company for the purposes of UK corporation tax. 

As an exempt charity, the charity is not subject to corporation tax on its charitable activities, provided these activities are undertaken in furtherance of its charitable objectives. Any non-charitable trading activities will be subject to taxation as applicable, in line with current tax regulations. 

## **1.11 Employee benefits** 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. 

Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 

## **2 Critical accounting estimates and judgements** 

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 

## **Key sources of estimation uncertainty** 

## **Useful Economic Lives of Tangible Assets** 

The management regularly reviews the useful lives and residual values of tangible fixed assets to ensure that they remain appropriate. During the financial year, the directors determined that there were no significant changes in the useful lives and residual values of the charity’s tangible assets. 

Freehold land and the temple building are considered to have indefinite useful lives. The temple building is not depreciated, as it is recognised for its religious significance, and the charity has an ongoing maintenance program that preserves its condition. As a result, the temple building is not subject to depreciation, in line with its indefinite useful life. 

Other tangible assets are depreciated over their estimated useful lives, with annual reviews to ensure the values remain accurate. 

- 17 - 



Docusign Envelope ID: F66F72D7-6C2C-4222-AF6E-1A3CE9D1C4A1 

## **SHREE SWAMINARAYAN AGYNA UPASNA SATSANG MANDAL UK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## _**FOR THE YEAR ENDED 31 JULY 2024**_ 

## **3 Income from donations** 

|**Unrestricted**<br>**Restricted**<br>**funds**<br>**funds**<br>**2024**<br>**2024**<br>**£**<br>**£**<br>Donations and gifts<br>745,913<br>5,912<br>**Donations and gifts**<br>Donation<br>553,518<br>-<br>Gift aid<br>192,395<br>-<br>745,913<br>5,912|**Total**<br>**Unrestricted**<br>**Restricted**<br>**funds**<br>**funds**<br>**2024**<br>**2023**<br>**2023**<br>**£**<br>**£**<br>**£**<br>751,825<br>342,273<br>10,075<br>553,518<br>249,427<br>-<br>192,395<br>-<br>-<br>751,825<br>342,273<br>10,075|**Total**<br>**2023**<br>**£**<br>352,348|
|---|---|---|
|||249,427<br>-|
|||352,348|



## **4 Income from charitable activities** 

|||**Unrestricted**|**Unrestricted**|
|---|---|---|---|
|||**funds**|**funds**|
|||**2024**|**2023**|
|||**£**|**£**|
||**Charitable Income**|||
||Charitable rental income|68,379|65,750|
|**5**|**Income from investments**|||
|||**Unrestricted**|**Unrestricted**|
|||**funds**|**funds**|
|||**2024**|**2023**|
|||**£**|**£**|
||Interest receivable|-|805|



- 18 - 



Docusign Envelope ID: F66F72D7-6C2C-4222-AF6E-1A3CE9D1C4A1 

## **SHREE SWAMINARAYAN AGYNA UPASNA SATSANG MANDAL UK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 JULY 2024**_ 

## **6 Expenditure on charitable activities** 

|**Charitable**<br>**Expenditure**<br>**Depreciation**<br>**Total**<br>**Charitable**<br>**Expenditure**<br>**Depreciation**<br>**2024**<br>**2024**<br>**2024**<br>**2023**<br>**2023**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**Direct costs**<br>Depreciation and<br>impairment<br>-<br>889<br>889<br>-<br>1,046<br>Staff costs<br>-<br>-<br>-<br>20,003<br>-<br>Direct charitable costs<br>42,237<br>-<br>42,237<br>42,466<br>-<br>Insurance<br>3,622<br>-<br>3,622<br>2,499<br>-<br>Power, light and heat<br>48,719<br>-<br>48,719<br>22,650<br>-<br>Bank charges and<br>interest<br>93,232<br>-<br>93,232<br>77,011<br>-<br>Repair and Maintenance<br>10,017<br>-<br>10,017<br>6,575<br>-<br>Waste Collection Service<br>152<br>-<br>152<br>124<br>-<br>Broadband/Phone Costs<br>993<br>-<br>993<br>957<br>-<br>General Expense<br>4,631<br>-<br>4,631<br>5,696<br>-<br>Legal and Proffesional<br>-<br>-<br>-<br>140<br>-<br>Examiners Fee's<br>-<br>-<br>-<br>1,500<br>-<br>203,603<br>889<br>204,492<br>179,621<br>1,046<br>**Share of support and governance costs (see note )**<br>Governance<br>4,200<br>-<br>4,200<br>-<br>-<br>207,803<br>889<br>208,692<br>179,621<br>1,046<br>**Analysis by fund**<br>Unrestricted funds<br>207,803<br>889<br>208,692<br>179,621<br>1,046<br>**7**<br>**Net movement in funds**<br>**2024**<br>**£**<br>The net movement in funds is stated after charging/(crediting):<br>Fees payable for the audit of the charity's financial statements<br>4,200<br>Depreciation of owned tangible fixed assets<br>889|**Total**<br>**2023**<br>**£**<br>1,046<br>20,003<br>42,466<br>2,499<br>22,650<br>77,011<br>6,575<br>124<br>957<br>5,696<br>140<br>1,500|
|---|---|
||180,667<br>-|
||180,667|
||180,667|
||**2023**<br>**£**<br>-<br>1,046|



## **8 Trustees** 

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year. 

The Temple has received non-interest bearing cash advances from the Trustee to support its ongoing operational needs. These advances are repayable on demand and are therefore classified as current liabilities. 

During the year ended 31 July 2024, a payment of £56,000 (2023: £Nil) was made to the Trustee as part repayment of the outstanding advance. This amount was subsequently donated in full by the Trustee back to the Temple. The outstanding balance as at 31 July 2024 was £158,166 (2023: £214,166). 

- 19 - 



Docusign Envelope ID: F66F72D7-6C2C-4222-AF6E-1A3CE9D1C4A1 

## **SHREE SWAMINARAYAN AGYNA UPASNA SATSANG MANDAL UK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## _**FOR THE YEAR ENDED 31 JULY 2024**_ 

## **9 Employees** 

The average monthly number of employees during the year was: 

||**2024**|**2023**|
|---|---|---|
||**Number**|**Number**|
|Priest|-|1|



During the reporting period, no paid priest was engaged. However, the Temple remained operational, with regular prayers and rituals conducted by devotees on a voluntary basis. No payments were made in respect of these services. 

There were no employees whose annual remuneration was more than £60,000. 

## **10 Taxation** 

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 

## **11 Tangible fixed assets** 

|**Freehold land**<br>**and Temple**<br>**buildings**<br>**Equipments**<br>**£**<br>**£**<br>**Cost**<br>At 1 August 2023<br>4,297,140<br>13,778<br>At 31 July 2024<br>4,297,140<br>13,778<br>**Depreciation and impairment**<br>At 1 August 2023<br>-<br>7,850<br>Depreciation charged in the year<br>-<br>889<br>At 31 July 2024<br>-<br>8,739<br>**Carrying amount**<br>At 31 July 2024<br>4,297,140<br>5,039<br>At 31 July 2023<br>4,297,140<br>5,927<br>**12**<br>**Debtors**<br>**2024**<br>**Amounts falling due within one year:**<br>**£**<br>Gift Aid Recievable<br>152,653|**Total**<br>**£**<br>4,310,918|
|---|---|
||4,310,918|
||7,850<br>889|
||8,739|
||4,302,179|
||4,303,067|
||**2023**<br>**£**<br>-|



- 20 - 



Docusign Envelope ID: F66F72D7-6C2C-4222-AF6E-1A3CE9D1C4A1 

## **SHREE SWAMINARAYAN AGYNA UPASNA SATSANG MANDAL UK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 JULY 2024**_ 

## **13 Loans and overdrafts** 

|**Loans and overdrafts**|||
|---|---|---|
|Bank loans<br>Payable within one year<br>Payable after one year|**2024**<br>**£**<br>1,149,874<br>297,000<br>852,874|**2023**<br>**£**<br>1,355,154|
|||297,000<br>1,058,154|



The company’s long-term borrowing is secured by a fixed charge registered on 21 September 2018 in favour of HSBC UK Bank PLC. The charge is secured against the freehold property known as Eastcote Reformed Church, Pinner, Middlesex, registered at HM Land Registry under title number MX64700. 

This fixed charge grants the lender a legal interest in the property, thereby restricting the company’s ability to dispose of, lease, or otherwise encumber the asset without prior written consent from the lender. 

In addition, the loan agreement includes a negative pledge clause, which contractually prohibits the company from creating any further security interests over the charged property. This clause ensures that the lender’s secured position remains protected and is not subordinated or diluted by subsequent encumbrances. 

## **14 Creditors: amounts falling due within one year** 

|**Notes**<br>Bank loans<br>**13**<br>Other creditors<br>Accruals and deferred income|**2024**<br>**2023**<br>**£**<br>**£**<br>**as restated**<br>297,000<br>297,000<br>635,045<br>808,910<br>4,200<br>6,000<br>936,245<br>1,111,910|**2024**<br>**2023**<br>**£**<br>**£**<br>**as restated**<br>297,000<br>297,000<br>635,045<br>808,910<br>4,200<br>6,000<br>936,245<br>1,111,910|
|---|---|---|
|||1,111,910|



Other Creditors include cash advances at no interest amounting to £635,045 (2023 £808,910). 

The Temple receives non-interest bearing cash advances from supporters to support its ongoing operational activities. These advances are repayable on demand and are therefore classified as current liabilities. 

Supporters have the option to convert these advances into donations. Such conversions are recognized as voluntary income in the Statement of Financial Activities in the period when the supporter provides explicit consent to donate the outstanding balance. 

## **15 Creditors: amounts falling due after more than one year** 

|||**2024**|**2023**|
|---|---|---|---|
||**Notes**|**£**|**£**|
||||**as restated**|
|Bank loans|**13**|852,874|1,058,154|



- 21 - 



Docusign Envelope ID: F66F72D7-6C2C-4222-AF6E-1A3CE9D1C4A1 

_**FOR THE YEAR ENDED 31 JULY 2024**_ 

## **SHREE SWAMINARAYAN AGYNA UPASNA SATSANG MANDAL UK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## **15 Creditors: amounts falling due after more than one year** 

## **(Continued)** 

The company’s long-term loan is secured by a fixed charge over the freehold property. Further details regarding the security arrangements, including the nature of the charge and the property involved, are provided in Note 13. 

## **16 Restricted funds** 

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. 

||**At**|**1**|**August**|**Incoming**|**At**|**31 July**|
|---|---|---|---|---|---|---|
||||**2023**|**resources**||**2024**|
||||**£**|**£**||**£**|
||||26,519|5,912||32,431|
|**Previous year:**|**At**|**1**|**August**|**Incoming**|**At**|**31 July**|
||||**2022**|**resources**||**2023**|
||||**£**|**£**||**£**|
||||16,444|10,075||26,519|



This is a restricted fund, comprising donations made by devotees and designated exclusively for the Head Priest, Ajendraprasadji N. Pande. The fund balance as at 2024 was £24,843 (2023: £18,931), with donations received during the year amounting to £5,912 (2023: £10,075). 

Also included within restricted funds are donations received for Shree Ram Mandir, with a balance of £5,445 (2023: £5,445), and for the SVG Charity, with a balance of £2,143 (2023: £2,143). 

## **17 Unrestricted funds** 

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. 

||**At 1 August**|**Incoming**|**Resources**|**At 31 July**|
|---|---|---|---|---|
||**2023**|**resources**|**expended**|**2024**|
||**£**|**£**|**£**|**£**|
|General funds|2,223,253|814,292|(208,692)|2,828,853|
|**Previous year:**|**At 1 August**|**Incoming**|**Resources**|**At 31 July**|
||**2022**|**resources**|**expended**|**2023**|
||**£**|**£**|**£**|**£**|
|General funds|1,995,092|408,828|(180,667)|2,223,253|



- 22 - 



Docusign Envelope ID: F66F72D7-6C2C-4222-AF6E-1A3CE9D1C4A1 

## **SHREE SWAMINARAYAN AGYNA UPASNA SATSANG MANDAL UK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 JULY 2024**_ 

## **18 Analysis of net assets between funds** 

||**Unrestricted**|**Restricted**|**Total**|
|---|---|---|---|
||**funds**|**funds**||
||**2024**|**2024**|**2024**|
||**£**|**£**|**£**|
|**At 31 July 2024:**||||
|Tangible assets|4,302,179|-|4,302,179|
|Current assets/(liabilities)|(620,452)|32,431|(588,021)|
|Long term liabilities|(852,874)|-|(852,874)|
||2,828,853|32,431|2,861,284|
||**Unrestricted**|**Restricted**|**Total**|
||**funds**|**funds**||
||**2023**|**2023**|**2023**|
||**£**|**£**|**£**|
|**At 31 July 2023:**||||
|Tangible assets|4,303,067|-|4,303,067|
|Current assets/(liabilities)|(1,021,660)|26,519|(995,141)|
|Long term liabilities|(1,058,154)|-|(1,058,154)|
||2,223,253|26,519|2,249,772|



## **19 Comparative Information** 

The comparative information presented in these financial statements for the prior year was not audited by us. However, an Independent Examiner conducted a review of the Charity’s accounts for that period in accordance with charity accounting standards and reported no issues. Although an Independent Examination provides a lower level of assurance than a full audit, the examiner’s findings support that the financial statements for the previous year fairly reflected the Charity’s financial position. 

Comparative figures have been reclassified to align with the current period’s presentation, enhancing consistency and clarity across the financial statements. 

Furthermore, the General Reserve has been reanalysed into Restricted and Unrestricted funds to better reflect the nature and availability of the Charity’s resources. Prior period figures have been adjusted accordingly. These changes resulted in an impact on the total equity reported. Details of the prior period adjustments are disclosed in Note 23 to the financial statements. 

## **20 Related party transactions** 

The Temple has received non-interest-bearing cash advances from Trustees to support its operational needs. These advances are repayable on demand and are classified as current liabilities. The outstanding balance as at 31 July 2024 was £158,166 (2023: £214,166). 

During the year, £56,000 was repaid to a Trustee and was fully donated back to the Temple. Additionally, the Trustee donated a further £2,400 (2023: £14,720). Trustees were also reimbursed £5,550 (2023: £5,112) for expenses paid on behalf of the Temple. 

- 23 - 



Docusign Envelope ID: F66F72D7-6C2C-4222-AF6E-1A3CE9D1C4A1 

## **SHREE SWAMINARAYAN AGYNA UPASNA SATSANG MANDAL UK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## _**FOR THE YEAR ENDED 31 JULY 2024**_ 

|**21**<br>**Cash generated from operations**<br>Surplus for the year<br>**Adjustments for:**<br>Investment income recognised in statement of financial activities<br>Depreciation and impairment of tangible fixed assets<br>**Movements in working capital:**<br>(Increase) in debtors<br>(Decrease) in creditors<br>**Cash generated from operations**<br>**22**<br>**Analysis of changes in net (debt)/funds**<br>**At 1 August 2023**<br>**£**<br>Cash at bank and in hand<br>116,769<br>Loans falling due within one year<br>(297,000)<br>Loans falling due after more than one year<br>(1,058,154)<br>(1,238,385)|**2024**<br>**2023**<br>**£**<br>**£**<br>611,512<br>238,236<br>-<br>(805)<br>889<br>1,046<br>(152,653)<br>(1)<br>(175,665)<br>(234,445)<br>284,083<br>4,031<br>**Cash flows**<br>**At 31 July 2024**<br>**£**<br>**£**<br>78,802<br>195,571<br>-<br>(297,000)<br>205,280<br>(852,874)<br>284,082<br>(954,303)|
|---|---|



- 24 - 



Docusign Envelope ID: F66F72D7-6C2C-4222-AF6E-1A3CE9D1C4A1 

## **SHREE SWAMINARAYAN AGYNA UPASNA SATSANG MANDAL UK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 JULY 2024**_ 

## **23 Prior period adjustment** 

Certain other long-term creditors have been reclassified to short-term creditors, as they relate to non-interest bearing cash advances received from supporters to fund the Charity’s ongoing operational activities. As these advances are repayable on demand, they have been classified as current liabilities. 

The bank loan balance has been split into short-term and long-term portions based on the agreed repayment schedule, with the portion due within twelve months classified as a current liability. 

A review of the classification of reserves was undertaken during the year to ensure that the Charity’s funds are appropriately presented in accordance with the nature and any restrictions attached to the underlying resources. Following this review, amounts previously included within the General Reserve and certain Donations have been reclassified to Restricted Reserves, as the related funds were identified as being subject to specific restrictions imposed by donors or funders. 

In addition, certain amounts previously recognised under accruals, deferred income, and other creditors have been reclassified to income. This reclassification was made where it was determined that there were no remaining performance obligations or refund liabilities attached to these amounts and that the income should have been recognised in the relevant reporting period. 

These reclassifications have been applied retrospectively, and the comparative figures for the year ended 31 July 2023 have been restated accordingly. The reclassifications resulted in an impact on the total funds and net assets reported for the prior period. 

- 25 - 



Docusign Envelope ID: F66F72D7-6C2C-4222-AF6E-1A3CE9D1C4A1 

## **SHREE SWAMINARAYAN AGYNA UPASNA SATSANG MANDAL UK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 JULY 2024**_ 

## **23 Prior period adjustment (Continued)** 

|**Changes to the balance sheet**||||
|---|---|---|---|
||**At 31 July 2023**|||
||**As previously**|**Adjustment**|**As restated**|
||**reported**|||
||**£**|**£**|**£**|
|**Creditors due within one year**||||
|Loans and overdrafts|-|(297,000)|(297,000)|
|Taxation|(116)|116|-|
|Other creditors|(108,805)|(706,105)|(814,910)|
|**Creditors due after one year**||||
|Loans and overdrafts|(1,355,154)|297,000|(1,058,154)|
|Other creditors|(808,909)|808,909|-|
|Net assets|2,146,852|102,920|2,249,772|
|Capital funds||||
|Income funds||||
|Restricted funds|-|26,519|26,519|
|Unrestricted funds|2,146,851|76,402|2,223,253|
|**Total equity**|2,146,851|102,921|2,249,772|
|**Changes to the profit and loss account**||||
||**Period ended 31 July 2023**|||
||**As previously**|**Adjustment**|**As restated**|
||**reported**|||
||**£**|**£**|**£**|
|Donations and legacies|249,427|102,921|352,348|
|||||
|Net movement in funds|135,315|102,921|238,236|



- 26 - 




## **Certificate Of Completion** 

Envelope Id: F66F72D7-6C2C-4222-AF6E-1A3CE9D1C4A1 Subject: Complete with Docusign: Final Copy of Financial statements.pdf Source Envelope: Document Pages: 29 Signatures: 5 Certificate Pages: 4 Initials: 0 AutoNav: Enabled EnvelopeId Stamping: Enabled Time Zone: (UTC-08:00) Pacific Time (US & Canada) 

Status: Completed 

Envelope Originator: Prinal Shah plshah@klsa.net IP Address: 10.111.40.7 

## **Record Tracking** 

Status: Original Holder: Prinal Shah 4/29/2025 7:47:29 AM plshah@klsa.net 

Location: DocuSign 

**Signer Events** Bhavesh Dobariya bhavesh@dobariya.com Security Level: Email, Account Authentication (None) 

## **Signature** 


## **Timestamp** 

Sent: 4/29/2025 7:58:48 AM Viewed: 4/29/2025 8:20:30 AM Signed: 4/29/2025 8:20:47 AM 

Signature Adoption: Pre-selected Style Using IP Address: 81.148.42.74 

## **Electronic Record and Signature Disclosure:** 

Accepted: 4/29/2025 8:20:30 AM ID: 6589d1d6-1789-490e-ae57-4dfbe26d0275 Shilpa Chheda schheda@klsa.net Partner Security Level: Email, Account Authentication (None) Signature Adoption: Uploaded Signature Image Using IP Address: 79.173.130.147 

Sent: 4/29/2025 7:58:49 AM Resent: 4/29/2025 9:59:00 AM Viewed: 4/30/2025 2:00:20 AM Signed: 4/30/2025 2:01:00 AM 

## **Electronic Record and Signature Disclosure:** 

Accepted: 4/29/2025 9:48:11 AM ID: 35527044-b6d0-4a76-bef4-0cfc54e69897 

Yagnesh Devani yagnesh_56253@yahoo.com Security Level: Email, Account Authentication (None) 


Signature Adoption: Drawn on Device Using IP Address: 81.111.66.64 Signed using mobile 

Sent: 4/29/2025 7:58:48 AM Resent: 4/29/2025 9:59:01 AM Viewed: 4/29/2025 10:55:52 PM Signed: 4/29/2025 10:56:30 PM 

## **Electronic Record and Signature Disclosure:** 

Accepted: 4/29/2025 10:55:52 PM ID: 4151c7a3-8d5a-421b-9123-bcb7e6109de7 

|**In Person Signer Events**|**Signature**|**Timestamp**|
|---|---|---|
|**Editor Delivery Events**|**Status**|**Timestamp**|
|**Agent Delivery Events**|**Status**|**Timestamp**|
|**Intermediary Delivery Events**|**Status**|**Timestamp**|
|**Certified Delivery Events**|**Status**|**Timestamp**|





|**Carbon Copy Events**|**Status**|**Timestamp**|
|---|---|---|
|Mahmood Ladak||Sent: 4/29/2025 7:58:50 AM|
|mladak@klsa.net||Viewed: 4/30/2025 2:03:11 AM|
|Security Level: Email, Account Authentication|||
|(None)|||
|**Electronic Record and Signature Disclosure:**|||
|Not Offered via Docusign|||
|**Witness Events**|**Signature**|**Timestamp**|
|**Notary Events**|**Signature**|**Timestamp**|
|**Envelope Summary Events**|**Status**|**Timestamps**|
|Envelope Sent|Hashed/Encrypted|4/29/2025 7:58:50 AM|
|Certified Delivered|Security Checked|4/29/2025 10:55:52 PM|
|Signing Complete|Security Checked|4/29/2025 10:56:30 PM|
|Completed|Security Checked|4/30/2025 2:01:00 AM|
|**Payment Events**|**Status**|**Timestamps**|
|**Electronic Record and Signature Disclosure**|||





Electronic Record and Signature Disclosure created on: 3/17/2025 4:30:55 AM Parties agreed to: Bhavesh Dobariya, Shilpa Chheda, Yagnesh Devani 

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