Swaminarayan Gurukul Rajkot
Charity No. 1158513
Company No. 08567344
Trustees' Report and Unaudited Accounts
30 June 2022
Swaminarayan Gurukul Rajkot Contents
| Pages | |
|---|---|
| Trustees' Annual Report | 2 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Summary Income and Expenditure Account | 6 |
| Balance Sheet | 7 |
| Statement of Cash flows | 8 |
| Notes to the Accounts | 9 to 15 |
| Detailed Statement of Financial Activities | 16 to 17 |
Page 1
Swaminarayan Gurukul Rajkot Trustees Annual Report
The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 30 June 2022.
REFERENCE AND ADMINISTRATIVE DETAILS
Company No. 08567344
Charity No. 1158513
Registered Office
363 Kenton Lane Harrow Middlesex HA3 8RY
Directors and Trustees
The Directors of the charitable company are its Trustees for the purposes of charity law.
The following Directors and Trustees served during the year:
Dhirajlal Babria Ghanshyam Vadodariya Naresh Savalia Sadhu Devkrishna Dasji Sadhu Devprasaddas Sadhu Shantipriydas Sanjaykumar Zalawadiya
Accountants
RMR Partnership LLP
Vyman House 104 College Road Harrow, Middlesex HA1 1BQ
OBJECTIVES AND ACTIVITIES
The purpose of the charity as set out in its governing document is the advancement and propagation of the Hindu faith, in particular Bhagwan Swaminarayan.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.
ACHIEVEMENTS AND PERFORMANCE
The charity's foundation derives from the Shree Swaminarayan Gurukul Rajkot organisation in India. The charity is constitutionally independent of the Indian organisation but relates to the mission of advancing and propagating the Swaminarayan faith.
Page 2
Swaminarayan Gurukul Rajkot Trustees Annual Report
Worship of Bhagwan Shree Swaminarayan, this involved prayers, singing devotional hymns and shared religiously blessed food. Organised Hindu festival celebrations, for example Diwali, the New Year (according to the Hindu calendar), Janmashtami, Ram Navami, Swaminarayan Jayanti, and various other festivals.
All the operational activities of the charity have returned back to pre-Covid level and the trustees are very optimistic to continue working towards achieving the charity objects.
FINANCIAL REVIEW
During the year, the donation income received as per expectations. The Trustees would like to thank all the members for the successful activities for generating funds such as Diwali program.
It is the policy of the trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the trust’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.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity is controlled by its governing documents, the memorandum and articles of association and is constituted as a company, limited by guarantee, as defined by the Companies Act 2006.
All Trustees have been allocated an area of responsibility which, where possible, is in accordance with their skills and experience.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).
Signed on behalf of the board
Naresh Savalia Trustee 22 September 2022
Page 3
Swaminarayan Gurukul Rajkot Independent Examiners Report
Independent Examiner's Report to the trustees of Swaminarayan Gurukul Rajkot
I report to the charity trustees on my examination of the financial statements of Swaminarayan Gurukul Rajkot for the year ended 30 June 2022 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet, the Statement of Cash Flows and the related notes.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's financial statements as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that:
-
accounting records were not kept in accordance with section 386 of the 2006 Act; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the accounting requirements under section 396 of the 2006 Act other than any requirement that the financial statements give a 'true and fair' view which is not a matter considered as part of an independent examination; or
-
the financial statements have not been prepared in accordance with the Charities SORP (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Mahendra Pattni RMR Partnership LLP Vyman House 104 College Road Harrow, Middlesex HA1 1BQ
22 September 2022
Page 4
Swaminarayan Gurukul Rajkot Statement of Financial Activities
for the year ended 30 June 2022
| Notes Income and endowments from: Donations and legacies 4 Total Expenditure on: Charitable activities 5 Other 6 Total Net gains on investments Net income Transfers between funds Net income before other gains/(losses) Other gains and losses Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds 2022 £ 148,590 |
Total funds 2022 £ 148,590 |
Total funds 2021 £ 147,729 |
|---|---|---|---|
| 148,590 178,031 39,924 |
148,590 178,031 39,924 |
147,729 - 26,186 |
|
| 217,955 - |
217,955 - |
26,186 - |
|
| (69,365) - |
(69,365) - |
121,543 - |
|
| (69,365) | (69,365) | 121,543 | |
| (69,365) 238,683 |
(69,365) 238,683 |
121,543 117,140 |
|
| 169,318 | 169,318 | 238,683 |
Page 5
Swaminarayan Gurukul Rajkot Summary Income and Expenditure Account
for the year ended 30 June 2022
| Income Gross income for the year Expenditure Total expenditure for the year Net income before tax for the year Net income for the year |
2022 £ 148,590 148,590 217,955 217,955 (69,365) (69,365) |
2021 £ 147,729 |
|---|---|---|
| 147,729 | ||
| 26,186 | ||
| 26,186 | ||
| 121,543 | ||
| 121,543 |
Page 6
Swaminarayan Gurukul Rajkot Balance Sheet
at 30 June 2022
| Company No. 08567344 Notes Current assets Debtors 8 Cash at bank and in hand Creditors:Amount falling due within one year 9 Net current assets Total assets less current liabilities Net assets excluding pension asset or liability Total net assets The funds of the charity Unrestricted funds General funds 10 Total funds |
2022 £ 84,250 365,668 449,918 (280,600) 169,318 169,318 169,318 169,318 169,318 169,318 169,318 |
2021 £ 525 239,047 |
|---|---|---|
| 239,572 (889) |
||
| 238,683 238,683 |
||
| 238,683 | ||
| 238,683 | ||
| 238,683 | ||
| 238,683 | ||
| 238,683 |
These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
For the year ended 30 June 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
Approved by the board on 22 September 2022 and signed on its behalf by:
Naresh Savalia Trustee 22 September 2022
Page 7
Swaminarayan Gurukul Rajkot Statement of Cash flows for the year ended 30 June 2022
| Cash flows from operating activities Net income per Statement of Financial Activities Adjustments for: (Increase)/Decrease in trade and other receivables (Decrease)/Increase in trade and other payables Net cash provided by operating activities Net cash from investing activities Cash flows from financing activities New other loans Net cash from financing activities Net increase in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year Components of cash and cash equivalents Cash and bank balances |
2022 £ (69,365) (83,725) (289) (153,379) - 280,000 280,000 126,621 239,047 365,668 365,668 365,668 |
2021 £ 121,543 275 124 |
|---|---|---|
| 121,942 | ||
| - | ||
| - | ||
| - | ||
| 121,942 117,105 |
||
| 239,047 | ||
| 239,047 | ||
| 239,047 |
Page 8
Swaminarayan Gurukul Rajkot Notes to the Accounts
for the year ended 30 June 2022
- 1 Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with 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) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Change in basis of accounting or to previous accounts
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
Fund accounting
-
Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
-
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes.
-
Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
-
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.
Income
-
Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
-
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA.
-
Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
-
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates.
-
Donated services These are only included in income (with an equivalent amount in expenditure) where and facilities the benefit to the Charity is reasonably quantifiable, measurable and material.
-
Volunteer help The value of any volunteer help received is not included in the accounts.
Investment income This is included in the accounts when receivable.
Page 9
Swaminarayan Gurukul Rajkot Notes to the Accounts
Expenditure
Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered and is reported as part of the expenditure to which it relates. Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs. Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid. Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs. Other expenditure These are support costs not allocated to a particular activity.
Page 10
Swaminarayan Gurukul Rajkot Notes to the Accounts
Taxation
The charity is exempt from corporation tax on its charitable activities.
Freehold investment property
Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.
Stocks
Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.
Trade and other debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
Trade and other creditors
Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Foreign currencies
Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred. All exchange differences are taken into account in arriving at net income/expenditure.
Leased assets
Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.
Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.
Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation.
Page 11
Swaminarayan Gurukul Rajkot Notes to the Accounts
Lease payments are apportioned between finance expenses and reduction of the lease obligation to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.
Assets held under finance leases are depreciated in the same way as owned assets.
Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straightline basis.
Pension costs
The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Receipt of donated goods, facilities and services
All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.
2 Company status
The company is a private company limited by guarantee and consequently does not have share capital.
Page 12
Swaminarayan Gurukul Rajkot
Notes to the Accounts
3 Statement of Financial Activities - prior year
| Income and endowments from: Donations and legacies Total Expenditure on: Other Total Net income Net income before other gains/(losses) Other gains and losses: Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 4 Income from donations and legacies General donations Gift-aid received 5 Expenditure on charitable activities Expenditure on charitable activities Charitable activities Governance costs |
Unrestricted £ 135,471 13,119 148,590 Unrestricted £ 178,031 178,031 |
Unrestricted funds 2021 £ 147,729 147,729 26,186 26,186 121,543 121,543 121,543 117,140 238,683 Total 2022 £ 135,471 13,119 148,590 Total 2022 £ 178,031 178,031 |
Total funds 2021 £ 147,729 |
|---|---|---|---|
| 147,729 26,186 |
|||
| 26,186 | |||
| 121,543 | |||
| 121,543 | |||
| 121,543 117,140 |
|||
| 238,683 | |||
| Total 2021 £ 136,982 10,747 |
|||
| 147,729 | |||
| Total 2021 £ - |
|||
| - |
Page 13
Swaminarayan Gurukul Rajkot
Notes to the Accounts
6 Other expenditure
| Premises costs General administrative costs Legal and professional costs 7 Staff costs No employee received emoluments in excess of £60,000. 8 Debtors Other debtors Prepayments and accrued income 9 Creditors: amounts falling due within one year Other loans Trade creditors Accruals 10Movement in funds At 1 July 2021 Unrestricted funds: General funds 238,683 Total funds 238,683 11Analysis of net assets between funds Net current assets |
Unrestricted £ 38,207 1,117 600 39,924 2022 £ 80,000 4,250 84,250 2022 £ 280,000 - 600 280,600 Incoming resources (including other gain/loss) £ 148,590 148,590 |
Total 2022 £ 38,207 1,117 600 39,924 Resources expended £ (217,955) (217,955) Unrestricted funds £ 169,318 169,318 |
Total 2021 £ 25,095 491 600 26,186 2021 £ 525 - 525 2021 £ - 289 600 889 At 30 June 2022 £ 169,318 169,318 Total £ 169,318 169,318 |
|---|---|---|---|
Page 14
Swaminarayan Gurukul Rajkot Notes to the Accounts
12 Reconciliation of net debt
| Cash and cash equivalents Borrowings Net debt |
At 1 July 2021 £ 239,047 239,047 - - 239,047 |
Cash flows £ 126,621 126,621 (280,000) (280,000) (153,379) |
At 30 June 2022 £ 365,668 |
||
|---|---|---|---|---|---|
| 365,668 (280,000) |
|||||
| (280,000) | |||||
| 85,668 |
13 Related party disclosures
Controlling party
The company is limited by guarantee and has no share capital; thus, no single party controls the company.
Page 15
Swaminarayan Gurukul Rajkot Detailed Statement of Financial Activities
for the year ended 30 June 2022
| Income and endowments from: Donations and legacies General donations Gift-aid received Total income and endowments Expenditure on: Charitable activities Charitable activities Total of expenditure on charitable activities Premises costs General administrative costs, including depreciation and amortisation Bank charges General insurances Sundry expenses Telephone, fax and broadband Legal and professional costs Audit/Independent examination fees Total of expenditure of other costs Total expenditure Net gains on investments Net income Net income before other gains/(losses) Rent Rates Light, heat and power Premises repairs and maintenance |
Unrestricted funds 2022 £ 135,471 13,119 148,590 148,590 178,031 178,031 178,031 38,207 6 700 360 51 1,117 600 600 39,924 217,955 - 30,457 2,426 2,009 3,315 (69,365) (69,365) |
Total funds 2022 £ 135,471 13,119 148,590 148,590 178,031 178,031 178,031 38,207 6 700 360 51 1,117 600 600 39,924 217,955 - 30,457 2,426 2,009 3,315 (69,365) (69,365) |
Total funds 2021 £ 136,982 10,747 |
|---|---|---|---|
| 147,729 | |||
| 147,729 - |
|||
| - | |||
| - 21,000 2,307 1,703 85 |
|||
| 25,095 | |||
| - 311 - 180 |
|||
| 491 | |||
| 600 | |||
| 600 | |||
| 26,186 | |||
| 26,186 - |
|||
| 121,543 | |||
| 121,543 |
Page 16
Swaminarayan Gurukul Rajkot Detailed Statement of Financial Activities
| Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
- (69,365) 238,683 169,318 |
- (69,365) 238,683 169,318 |
- |
|---|---|---|---|
| 121,543 | |||
| 117,140 | |||
| 238,683 |
Page 17
Swaminarayan Gurukul Rajkot Detailed Statement of Financial Activities
Page 18