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← Swaminarayan Gurukul Rajkot

2024-06-30-accounts

Swaminarayan Gurukul Rajkot

Charity No. 1158513

Company No. 08567344

Trustees' Report and Unaudited Accounts

30 June 2024

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 14
Detailed Statement of Financial Activities 15 to 16

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 2024.

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 their Trustees for the purposes of charity law. The following Directors and Trustees served during the year:

Bharatkumar Desai Dhirajlal Babria Dilipkumar Dholariya (Resigned 27 June 2024) Sadhu Devkrishna Dasji Sadhu Devprasaddas Sadhu Shantipriydas Vipulkumar Kyada

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, particularly Bhagwan Swaminarayan.

The Trustees have paid due 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 involves 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.

The charity regularly organise weekly assemblies to provide discourse to the community members.

FINANCIAL REVIEW

During the year, the donation income was 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 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 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

Vipulkumar Kyada Trustee 30 April 2025

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 2024.

Responsibilities and basis of report

As the charity's trustees of the company (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:

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

30 April 2025

Page 4

Swaminarayan Gurukul Rajkot Statement of Financial Activities

for the year ended 30 June 2024

Notes
Income and endowments
from:
Donations and legacies
4
Total
Expenditure on:
Charitable activities
5
Other
6
Total
Net gains on investments
Net income
7
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
2024
£
137,526		 Total funds
2024
£
137,526		 Total funds
2023
£
291,148
137,526
26,720
50,486		 137,526
26,720
50,486		 291,148
47,037
28,262
77,206
-		 77,206
-		 75,299
-
60,320
-		 60,320
-		 215,849
-
60,320 60,320 215,849
60,320
385,167		 60,320
385,167		 215,849
169,318
445,487 445,487 385,167

Page 5

Swaminarayan Gurukul Rajkot Summary Income and Expenditure Account

for the year ended 30 June 2024

Income
Gross income for the year
Expenditure
Depreciation and charges for
impairment of fixed assets
Total expenditure for the year
Net income before tax for the year
Net income for the year		 2024
£
137,526
137,526
68,885
8,321
77,206
60,320
60,320		 2023
£
291,148
291,148
66,978
8,321
75,299
215,849
215,849

Page 6

Swaminarayan Gurukul Rajkot Balance Sheet

at 30 June 2024

Company No.
08567344
Notes
Fixed assets
Tangible assets
9
Current assets
Cash at bank and in hand
Creditors:Amount falling due within one year
10
Net current liabilities
Total assets less current liabilities
Net assets excluding pension asset or liability
Total net assets
The funds of the charity
Restricted funds
11
Unrestricted funds
General funds
11
Reserves
11
Total funds
2024
£
815,429
815,429
116,658
116,658
(486,600)
(369,942)
445,487
445,487
445,487
445,487
445,487
445,487		 2023
£
823,750
823,750
175,017
175,017
(613,600)
(438,583)
385,167
385,167
385,167
385,167
385,167
385,167

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 2024 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 30 April 2025.

And signed on its behalf by:

Vipulkumar Kyada Trustee 30 April 2025

Page 7

Swaminarayan Gurukul Rajkot Statement of Cash flows

for the year ended 30 June 2024

Cash flows from operating activities
Net income per Statement of Financial Activities
Adjustments for:
Depreciation of property, plant and equipment
Decrease in trade and other receivables
Net cash provided by operating activities
Net cash used in investing activities
Cash flows from financing activities
Repayment/(new) borrowings
Net cash (used in)/from financing activities
Net decrease 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		 2024
£
60,320
8,321
-
68,641
-
(127,000)
(127,000)
(58,359)
175,017
116,658
116,658
116,658		 2023
£
215,849
8,321
84,250
308,420
(832,071)
333,000
333,000
(190,651)
365,668
175,017
175,017
175,017

Page 8

Swaminarayan Gurukul Rajkot Notes to the Accounts

for the year ended 30 June 2024

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) and facilities where 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. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets

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.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Tangible fixed assets and depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Freehold property 2% Straight line

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.

Page 10

Swaminarayan Gurukul Rajkot Notes to the Accounts

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 considered in terms of arrival 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. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as 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 straight-line 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.

Page 11

Swaminarayan Gurukul Rajkot Notes to the Accounts

2 Company status

The company is a private company limited by guarantee and consequently does not have share capital.

3 Statement of Financial Activities - prior year

3 Statement of Financial Activities - prior year
Income and endowments from:
Donations and legacies
Total
Expenditure on:
Charitable activities
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
£
126,092
11,434
137,526
Unrestricted
£
26,720
26,720		 Unrestricted
funds
2023
£
291,148
291,148
47,037
28,262
75,299
215,849
215,849
215,849
169,318
385,167
Total
2024
£
126,092
11,434
137,526
Total
2024
£
26,720
26,720		 Total funds
2023
£
291,148
291,148
47,037
28,262
75,299
215,849
215,849
215,849
169,318
385,167
Total
2023
£
271,108
20,040
291,148
Total
2023
£
47,037
47,037

Page 12

Swaminarayan Gurukul Rajkot Notes to the Accounts

6
Other expenditure
Motor and travel costs
Premises costs
Amortisation, depreciation,
impairment, profit/loss on
disposal of fixed assets
General administrative costs
Legal and professional costs
7
Net income before transfers
This is stated after charging:
Depreciation of owned fixed assets
8
Staff costs
No employee received emoluments in excess of £60,000.
9
Tangible fixed assets
Cost or revaluation
At 1 July 2023
At 30 June 2024
Depreciation and
impairment
At 1 July 2023
Depreciation charge for the
year
At 30 June 2024
Net book values
At 30 June 2024
At 30 June 2023
10Creditors:
amounts falling due within one year
Other loans
Accruals		 Unrestricted
£
3,955
27,361
8,321
1,982
8,867
50,486
2024
£
8,321
2024
£
486,000
600
486,600		 Total
2024
£
3,955
27,361
8,321
1,982
8,867
50,486
£
832,071
832,071
8,321
8,321
16,642
815,429
823,750		 Total
2023
£
-
17,166
8,321
2,175
600
28,262
2023
£
8,321
£
832,071
832,071
8,321
8,321
16,642
815,429
823,750
2023
£
613,000
600
613,600

Page 13

Swaminarayan Gurukul Rajkot Notes to the Accounts

11 Movement in funds

Restricted funds:
Unrestricted funds:
General funds
Total funds
12 Analysis of net assets between funds
Fixed assets
Net current assets
13 Reconciliation of net debt
Cash and cash equivalents
Borrowings
Net debt
14 Related party disclosures
Controlling party		 At 1 July
2023
385,167
385,167		 Incoming
resources
(including
other
gains/losses
)
£
137,526

137,526
At 1 July
2023
£
175,017
175,017
(613,000)
(613,000)
(437,983)		 Resources
expended
£
(77,206)
(77,206)
Unrestricted
funds
£
815,429
(369,942)
445,487		 At 30 June
2024
£
445,487

445,487
Total
£
815,429
(369,942)

445,487
At 30 June
2024
£
116,658
116,658
(486,000)
(486,000)
(369,342)

Cash flows
£
(58,359)
(58,359)
127,000
127,000
68,641

The company is limited by guarantee and has no share capital; thus no single party controls the company.

Page 14

Swaminarayan Gurukul Rajkot Detailed Statement of Financial Activities

for the year ended 30 June 2024

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
Motor and travel costs
Travel and subsistence
Premises costs
Rent
Rates
Light, heat and power
Premises repairs and
maintenance
General administrative costs,
including depreciation and
amortisation
Depreciation of land and
buildings
Bank charges
Equipment expensed
General insurances
Software, IT support and related
costs
Telephone, fax and broadband
Legal and professional costs
Audit/Independent examination
fees
Solicitor's fees
Total of expenditure of other costs		 Unrestricted
funds
2024
£
126,092
11,434
137,526
137,526
26,720
26,720
26,720
3,955
3,955
20,740
-
877
5,744
27,361
8,321
418
-
1,292
-
272
10,303
8,867
50,486
600
8,267		 Total funds
2024
£
126,092
11,434
137,526
137,526
26,720
26,720
26,720
3,955
3,955
20,740
-
877
5,744
27,361
8,321
418
-
1,292
-
272
10,303
8,867
50,486
600
8,267		 Total funds
2023
£
271,108
20,040
291,148
291,148
47,037
47,037
47,037
-
-
7,000
1,250
8,266
650
17,166
8,321
111
100
1,011
544
409
10,496
600
-
600
28,262

Page 15

Swaminarayan Gurukul Rajkot Detailed Statement of Financial Activities

Total expenditure
Net gains on investments
Net income
Net income before other
gains/(losses)
Other Gains
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 77,206
-
60,320
60,320
-
60,320
385,167
445,487		 77,206
-
60,320
60,320
-
60,320
385,167
445,487		 75,299
-
215,849
215,849
-
215,849
169,318
385,167

Page 16