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2022-07-31-accounts

Swaminarayan Mandir Vasna Sanstha

Charity No. 1166090

Company No. 09196187

Trustees' Report and Unaudited Accounts

31 July 2022

Swaminarayan Mandir Vasna Sanstha CONTENTS

Pages
Trustees' Annual Report 2 to 6
Independent Examiner's Report 7
Statement of Financial Activities 8
Balance Sheet 9
Statement of Cash flows 10
Notes to the Accounts 11 to 17

Page 1

Swaminarayan Mandir Vasna Sanstha 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 31 July 2022.

REFERENCE AND ADMINISTRATIVE DETAILS

Company No. 09196187

Charity No. 1166090

Principal Office

6 Bowman Trading Estate Westmoreland Road London NW9 9RL

Trustees

The following Trustees served during the year:

Sadhu Divyaswarupdasji Swami Valji Mavji Ramji Devshi Bhojani Kamlesh Ramani Suresh Patel

Independent Examiner

RMR Partnership LLP Chartered Accountants and Statutory Auditors Vyman House 104 College Road Harrow, Middlesex HA1 1BQ

Bankers

Metro Bank Unit 1 The Mall Edgware Middlesex HA8 7BD

Page 2

Swaminarayan Mandir Vasna Sanstha TRUSTEES ANNUAL REPORT

OBJECTIVES AND ACTIVITIES

The objects of the charity set out in its governing document are as follows: To advance the Swaminarayan Religion (as explained by Shri Abjibapashri) in Particular but not exclusively by establishment of a Centre, the provision of conferences, debates, lectures, classes, parayans, reading rooms, libraries, periodicals, pamphlets, booklets, books, videos, audios, DVD’s or another electronic device. To advance education in the Swaminarayan Religion and Culture in particular but not exclusively by the provision of youth programmes, related activities, books and scholarships. To relieve sickness, preserve and protect health and relieve poverty by distribution of financial aid and medical necessities. To work collaboratively with other charitable trusts, institutions or societies in order to achieve the objects of this trust.

The main activities undertaken in relation to those purposes are religious activities, education training & youth awareness, arts and culture, sport and recreation activities, advice and information, climate change & sustainability, community cohesion.

In setting our objectives and planning future activities the Trustees have given careful consideration to the Charity Commission's general guidelines on public benefit. The Charity look to promote for the benefit of the communities in the area surrounding Swaminarayan Mandir Vasna Sanstha, the provision of facilities with the object of improving the condition of life in the community.

ACHIEVEMENTS AND PERFORMANCE

A summary of the main achievements of the charity, identifying the difference the charity's work has made to its beneficiaries and society as a whole are: Our youth take part in and help organise street walks and street briefing every few months with our police community support officers in Queensbury. The aim is crime prevention and knowing our local community in Queensbury.

Religious Activities: The aim of the charity is to provide service of worship and meditation and also allow believers to practice their faith, to foster harmony, non-violence, tolerance and good citizenship of the people. The charity also provides resources (sacred printed material, CD-ROMS, Videos, and audio Cassettes etc.). The charity actively encourages individuals of all backgrounds, regardless of their level of literacy to participate in the activities.

Education Training and Youth Awareness: Classes are carried in our centre, including; devotional singing, yoga classes, flower arranging, making Indian sweets and savouries, organising trips to national heritage sites, parks, beaches and other places of interest. Youth awareness discussions relating to dangers of drug & solvent misuse, bullying, Alcohol, drugs & car crime, bullying, vandalism, anti-social behaviour, smoking. Sports, Arts and Culture: The Charity is now providing funding for indoors and outdoors sports equipment and facilities for our members. This has played a major part in promoting healthy living, enhancing the team spirit and keeping fit. The charity is actively encouraging the Youth to learn about Arts and Culture. Musical instruments are provided; training classes on learning to play on the keyboard, tabla, brass musical instruments etc. are carried out. Folk music, dance classes, dramas and plays are organised on a regular basis.

Page 3

Swaminarayan Mandir Vasna Sanstha TRUSTEES ANNUAL REPORT

Advice and Information: We are on the local Queensbury ward panel members committee who help and work with the local Community Police support officers who police and patrol the local area. Our Youth members regularly meet with Our Community Police Support officers at the Local Police station to discuss local issues. We also help to organise Street Briefings with our local police. We print and distribute leaflets, provide gazebos, table and light refreshments. The street briefing has played an important part in helping to reduce crime in our area and brought the community together. We work collaboratively with the Local Councillors in the Area Consultative Forums working in partnership as an umbrella group including the police, Primary Care trust, business community, voluntary and community sectors. We are actively involved in community hygiene and safety, such as enforcement of fly tipping clearance and alerting the relevant authorities on the issues. In the bigger picture these may be small improvements but collectively they lead to a much improved local landscape and safer and cleaner environment for our local community.

Sustainability and Community Cohesion: We are members of Brent Sustainability Forum. We have been contributing our efforts to reduce air pollution and prevent global warming by becoming more sustainable by saving energy, using it more efficiently, consuming less and making less waste. Once again, our Youth members took part in tree planning and litter cleaning events in Brent River Park and open ground where local residents and school children took park. In the Brent Fryent Country Park nature conversation and Walk day, our youth members volunteered at check points, providing directions and water to walkers. We also provided a local community group our charities marquees, tables and other equipment for their Charity walk. The organisation prides itself of being resourceful and active in recycling and being creative in their use of materials and resource wherever possible. We encourage our members to walk or cycle whenever they can thus create less pollution, keeps us fit and healthy. This results in a relatively low cost base. Community cohesion has enabled our members and other community groups of people to bond and has enhanced Awareness and respect for one another. Our members strive to fulfil their potential and feel a strong sense of duty and belonging towards the community, which encourages them that Contribute to their localities at all possible. We feel that our involvement in these initiatives has been fruitful in raising awareness of our organisation amongst the community, thereby facilitating positive PR for the Organisation. Diwali and Annakut Celebration: Diwali welcomes in the New Year for Hindus and celebrates the triumph of good over evil in scriptural events. For many visitors, the most popular attraction of the festivities was the Annakut festival, where hundreds of different traditional Indian foods were prepared by devotees and offered to the Mandir’s sacred images. In the evening, the offered dishes were provided to devotees and visitors as prasad. Yoga Day: A yoga session involving 50 participants was held on International Yoga Day, this was a very popular event for the wider local community.

FINANCIAL REVIEW

The Trustees were pleased with the level of incoming resources during the period. The Statement of Financial Activities on page 8 shows net incoming for the year of £64,587. At 31 July 2022, the Charity had net assets of £4.25 million.

The Trustees consider the key measure of sustainability for the Charity to be current and future liquidity cover, rather than the surplus or deficit accounting position. As a consequence, the Trustees have set appropriate reserves policies relating to liquidity based on the relationship between readily realisable assets, on-going level of donations received and the cash requirements associated with sustaining the Charity's operations for a period.

Page 4

Swaminarayan Mandir Vasna Sanstha TRUSTEES ANNUAL REPORT

In establishing this policy, the Trustees conducts an annual review of the level of unrestricted reserves in the general fund by considering risks associated with the various income streams, expenditure plans and balance sheet items. This enables an estimate to be made of the level of reserves that are sufficient to allow time for re-organisation in the event of a downturn in income or asset values; to protect ongoing work programme; and to allow the Charity to meet its objectives.

The Trustees review the Charity's reserves policy annually and are satisfied with the level of cash reserves at the year end and are confident that the cash reserves will increase in subsequent years.

PLANS FOR FUTURE PERIODS

The new temple and community centre construction has been completed and the Charity has started its day to day operational activity from there for the community and general public. The charity is aiming to organise murti-pratishtha utsav in 2024.

The Trustees wish to aim to maintain the continued success achieved by the Charity in delivering its aims and objectives.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Swaminarayan Mandir Vasna Sanstha, Registered Charity No. 1166090 was founded in 2014. The charity is an incorporated charity which is governed and operated within the requirement set out in its article and memorandum of association. The body responsible for the management of the Charity is the Board of Trustees, The Trustees meets monthly and additionally as required. Trustees are appointed or removed by the Board of Trustees. Potential new trustees are periodically identified by the Board of Trustees. These individuals work alongside existing trustees for a period of three years before considering their appointment. No new trustees were appointed during the year.

Statement of trustees' responsibilities in relation to the financial statements

The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities requires the charity trustees to prepare financial statements which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

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 Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. 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.

Page 5

Swaminarayan Mandir Vasna Sanstha TRUSTEES ANNUAL REPORT

Statement of disclosure of information to auditor

So far as the trustees are aware, there is no relevant audit information of which the company's auditors are unaware and each trustee has taken all the steps that he or she ought to have taken as a trustee in order to make himself or herself aware of any relevant information and to establish that the company's auditors are aware of that information.

Signed on behalf of the charity's trustees

Kamlesh Ramani Trustee 22 August 12 July 20 2 3 020

Page 6

Swaminarayan Mandir Vasna Sanstha AUDIT REPORT UNQUALIFIED

Independent Examiner's Report to the Trustees of Swaminarayan Mandir Vasna Sanstha

I report to the charity trustees on my examination of the accounts of Swaminarayan Mandir Vasna Sanstha for the year ended 31 July 2022 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet 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 accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).

Having satisfied myself that the accounts 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 accounts 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:

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 accounts to be reached.

Mahendra Pattni RMR Partnership LLP

Vyman House Harrow Middlesex HA1 1BQ

12 July 2023

Page 7

Swaminarayan Mandir Vasna Sanstha STATEMENT OF FINANCIAL ACTIVITIES

for the period ended 31 July 2022

Notes
Income and endowments
from:
Donations and legacies
3
Investments
4
Total
Expenditure on:
Charitable activities
5
Other
6
Total
Net gains on investments
Net income
7
Net income before other
gains/(losses)
Other movements in funds:
Transferred from the related
charity
15
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
Unrestricted
funds
2022
£
247,054
-
Total funds Total funds
2022
2021
£
£
247,054
483,443
-
-
247,054
483,443
14,373
-
168,094
85,049
182,467
85,049
-
-
64,587
398,394
64,587
398,394
-
195,000
64,587
593,394
4,188,533
3,595,139
4,253,120
4,188,533
Total funds Total funds
2022
2021
£
£
247,054
483,443
-
-
247,054
483,443
14,373
-
168,094
85,049
182,467
85,049
-
-
64,587
398,394
64,587
398,394
-
195,000
64,587
593,394
4,188,533
3,595,139
4,253,120
4,188,533
247,054
14,373
168,094
247,054
14,373
168,094
483,443
-
85,049
182,467
-
182,467
-
85,049
-
64,587 64,587 398,394
64,587
-
64,587
-
398,394
195,000
64,587
4,188,533
64,587
4,188,533
593,394
3,595,139
4,253,120 4,253,120 4,188,533

Page 8

Swaminarayan Mandir Vasna Sanstha BALANCE SHEET

at 31 July 2022

Charity No. 1166090

Charity No. 1166090
2022
£
Fixed assets
Tangible assets
9
5,419,031
5,419,031
Current assets
Debtors
10
260,479
Cash at bank and in hand
156,003
416,482
Creditors:Amount falling due within one year
11
(582,789)
Net current assets
(166,307)
Total assets less current liabilities
5,252,725
Creditors:Amount falling due after one year
12
(999,605)
Net assets excluding pension asset or liability
4,253,120
Total net assets
4,253,120
The funds of the charity
Unrestricted funds
General funds
13
4,253,120
4,253,120
Total funds
4,253,120
2021
£
5,207,965
5,207,965
296,241
106,795
403,036
(559,923)
(156,887)
5,051,078
(862,545)
4,188,533
4,188,533
4,188,533
4,188,533
4,188,533

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.

22 August 2020 Approved by the trustees on 12 July 2023.

And signed on their behalf by:

Kamlesh Ramani Jesani

Trustee

12 July 2023

Page 9

Swaminarayan Mandir Vasna Sanstha STATEMENT OF CASH FLOWS

for the period ended 31 July 2022

Cash flows from operating activities
Net income per Statement of Financial Activities
Adjustments for:
Depreciation of property, plant and equipment
Dividends, interest and rents from investments
Transfer from the related charity
(Increase)/Decrease in trade and other receivables
Increase in trade and other payables
Net cash provided by operating activities
Cash flows from investing activities
Purchases of property, plant and equipment
Dividends, interest and rents from investments
Net cash (used in)/from investing activities
Net cash from financing activities
Bank loan proceeds
Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period
Components of cash and cash equivalents
Cash and bank balances
2022
£
64,587
87,148
-
-
35,762
22,866
210,363
(298,214)
-
(298,214)
137,060
49,209
106,794
156,003
156,003
156,003
2021
£
593,394
11,012
-
-
(83,931)
24,547
545,022
(1,408,806)
-
(1,408,806)

862,545

(1,239)
108,034
106,795

106,795
106,795

Page 10

Swaminarayan Mandir Vasna Sanstha NOTES TO THE ACCOUNTS for the period ended 31 July 2022

Basis of preparation

The financial statements have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

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.

Income

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 11

Swaminarayan Mandir Vasna Sanstha 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 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% on cost Furniture & fixtures 25% on cost

Freehold investment property

Investment properties are revalued annually and any surplus or deficit is dealt with through the Statement of Financial Activities. No depreciation is provided in respect of investment properties.

Intangible fixed assets and amortisation

Intangible fixed assets (including purchased goodwill, patents and trademarks) are carried at cost less accumulated amortisation and impairment losses.

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.

Page 12

Swaminarayan Mandir Vasna Sanstha NOTES TO THE ACCOUNTS

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.

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. 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.

Page 13

Swaminarayan Mandir Vasna Sanstha NOTES TO THE ACCOUNTS

2 Statement of Financial Activities - prior year

2
Statement of Financial Activities - prior year
Income and endowments from:
Donations and legacies
Investments
Other
Total
Expenditure on:
Charitable activities
Other
Total
Net income
Net income before other
gains/(losses)
Other movements in funds:
Transferred from the related
charity
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
Unrestricted
funds
2021
£
483,443
-
-
483,443
-
85,049
85,049
398,394
398,394
195,000
593,394
3,595,139
4,188,533

Total funds

2021

£
483,443
-
-
483,443
-
85,049
85,049
398,394
398,394
195,000
593,394
3,595,139
4,188,533

3 Income from donations and legacies

General donation
Gift-aid received
Unrestricted
£
247,054
-
247,054
Total
2022
£
247,054
-
247,054
Total
2021
£
378,728
104,715
483,443

Page 14

Swaminarayan Mandir Vasna Sanstha NOTES TO THE ACCOUNTS

4 Income from investments

Bank interest received
5 Expenditure on charitable activities
Expenditure on charitable
activities
6
Other expenditure
Premise’s cost
Amortisation, depreciation,
impairment, profit/loss on
disposal of fixed assets
General administrative costs
Finance costs
Legal and professional costs
7 Net income before transfers
This is stated after charging:
Depreciation of owned fixed assets
Unrestricted
£
-
-
Unrestricted
£
14,373
14,373
Unrestricted
£
4,204
87,148
1,290
73,148
2,304
168,094
2022
£
87,148
Total
2022
£
-
-
Total
2022
£

14,373
14,373
Total
2022
£

4,204
87,148
1,290
73,148
2,304
168,094
Total
2021
£
-
-
Total
2021
£
-
-
Total
2021
£
3,067

11,012
1,820

42,237
21,913
85,049
2021
£
11,012

8 Staff costs

None of the Trustees received any remuneration or any benefits for their services and no employee received emoluments in excess of £60,000.

Page 15

Swaminarayan Mandir Vasna Sanstha NOTES TO THE ACCOUNTS

9 Tangible fixed assets

Cost or revaluation
At 1 August 2021
Additions
At 31 July 2022
Depreciation and impairment
At 1 August 2021
Depreciation charge for the year
At 31 July 2022
Net book values
At 31 July 2022
At 31 July 2021
10 Debtors
Other debtors
Prepayments and accrued income
11 Creditors:
Amounts falling due within one year
Other creditors
Accruals and deferred income
12 Creditors:
Amounts falling due after one year
Bank loan
Land and
buildings
£
5,357,410
298,214
5,506,179
149,445
87,148
-
-
Furniture &
fixtures
£
24,741
-
24,741
24,741
-
24,741
Total
£
5,382,151
298,214
5,530,920
174,186
87,148
5,419,031
5,207,965
2022
£
257,891
2,588
260,479
2022
£
579,660
3,129
582,789
2022
£
999,605
236,593
261,334
___ 5,419,031
5,207,965
2021
£
294,118
2,123
296,241
2021
£
557,138
2,785
559,923
2021
£
862,545

Bank loan is secured by a debenture over the assets of the Charity and first legal charge over the freehold property. Interest and capital repayments are made monthly. Commercial rates of interest charged on the loan.

Page 16

Swaminarayan Mandir Vasna Sanstha NOTES TO THE ACCOUNTS

13 Movement in funds

Restricted funds:
Unrestricted funds:
General funds
Revaluation Reserves:
Total funds
14 Analysis of net assets between funds
Fixed assets
Net current liabilities
Incoming
resources
(including
At 1 August
other
2021
gains/losses)
£
£
4,188,533
247,054
4,188,533
247,054
Resources
expended
£
(182,467)
(182,467)
Unrestricted
funds
£
5,419,031
(166,307)
5,252,724
At 31 July
2022
£
4,253,120
4,253,120
Total
£
5,207,965
(166,307)
5,051,078

15 Related party transactions

During the year, various trustees made donations to the charity totaling £16,825 (2021: £27,750).

16 Capital commitments

At the year end, the total capital commitments were of £150k. These were for the construction of the temple and community centre in Queensbury.

Page 17