REGISTERED COMPANY NUMBER: 10120963 (England and Wales) REGISTERED CHARITY NUMBER: 1171929
Report of the Trustees and
Financial Statements
for the Year Ended 31 March 2024
for
Shree Swaminarayan Mandir Bhuj (A Company Limited by Guarantee)
Parker Cavendish Chartered Accountants Registered Auditor Suite 301 Stanmore Business and Innovation Centre Howard Road Stanmore Middlesex HA7 1FW
Shree Swaminarayan Mandir Bhuj
Contents of the Financial Statements for the Year Ended 31 March 2024
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Report of the Independent Auditors | 4 | to | 5 |
| Statement of Financial Activities | 6 | to | 7 |
| Statement of Financial Position | 8 | to | 10 |
| Statement of Cash Flows | 11 | ||
| Notes to the Statement of Cash Flows | 12 | ||
| Notes to the Financial Statements | 13 | to | 21 |
Shree Swaminarayan Mandir Bhuj (Registered number: 10120963)
Report of the Trustees for the Year Ended 31 March 2024
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of 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 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
In accordance with the charity's objectives set out in the Articles of Associations of the charity, the charity has the following aims:
1) The advancement and propagation of the Hindu faith amongst its followers and others based upon the original teachings and principles of Lord Shree Swaminarayan as propounded by the Nar-Narayan Dev Gadi, Gujarat, India.
2)The advancement of Education
3)The advancement of such other exclusively charitable purposes under the Law of England and Wales as the Trustees shall determine at their discretion.
Significant activities
Activities Review
The Trustees are pleased with the successful and smooth completion of the Charity's sixth full year and the level of voluntary donations received.
Oldham New Temple Project -
The directors are very pleased with the performance and charitable outcomes for the first full year of Oldham Temple (SSMO). Their standalone financial strength continues to improve through higher donations and this is reflected in the reduction in their outstanding loan balance and in the financials of SSMB in the form of reduced creditor balance.
Mahaprasad Project
During the year, the MahaPrasad project commenced operations at the end of June 2023 for the purposes of establishing a base for Sattvic Prasad preparation and to aid the Charity with a desired social enterprise objective of feeding the needy longer term. Although the project is still in the first phase (start-up and ramp-up), the directors are extremely pleased and thankful to the team at MahaPrasad who have tirelessly dedicated their efforts voluntarily, in taking responsibility for the project and achieving this first milestone. SSMB will continue to extend support in achieving the objectives set out.
Other
During the year, SSMB supported the charitable activities of our parent organisation, Shree Swaminarayan Mandir Bhuj India with financial donations pertaining to "gau charo" (welfare of sacred cows), education, medical efforts and ongoing Utsavs.
SSMB also supported the charitable activities of its sister organisation, SSMB Australia with a financial loan, to aid the purchase of new land for Temple premise expansion.
Volunteers
The charity is reliant upon the contribution made by a number of volunteers in carrying out its activities. The trustees would like to thank all the volunteers for their hard work and dedication to the successful running of all the activities.
Post Year End Note
Additionally, after the period for which these accounts have been prepared and signed, the trustees have exchanged contracts to purchase a 66-acre land and building site located in Cardiff named Ysguborgoch Farm. The trustees will work in close collaboration with its sister Temple - Shree Swaminarayan Temple Cardiff to promote Satsang, Bhajan & Bhakti and physical and mental wellbeing for all, using this site.
Public benefit
The charity is a public benefit entity. The trustees have complied with the duty in section 4 of the 2011 Charities Act to have due regard to guidance published by the Charity Commission, including public benefit guidance. The charity has achieved its primary public benefit objectives by making progress with the opening of the new Oldham temple which will the serve the wider community, the ongoing propagation of the Hindu faith and preparing the launch of our Sattvic prasadam project
FINANCIAL REVIEW
Financial position
The financial statements are set out on pages 7 to 23.The Statement of Financial Activities show net defecit for the year of review of 1,251,316 (2023 £3,483,765 Surplus). The total reserves at the year-end stand at £9,303,290 (2023:£10,554,607) of which £270,201 (2023: £128,586l) are held as restricted funds for Bhuj Temple.
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Shree Swaminarayan Mandir Bhuj (Registered number: 10120963)
Report of the Trustees for the Year Ended 31 March 2024
FINANCIAL REVIEW
Principal funding sources
The principal fund sources for the Charity continue to be through general donations from the global devotee base of the Swaminarayan faith, particularly those of the Shree Nar-Narayan Dev Diocese.
It is the policy of the charity that unrestricted funds are built to meet and fulfil the interest free loan obligations, further facilitate the purchase of the land and buildings for all of the Charity's objectives and deliver positive Charitable outcomes. Additionally, funds which are restricted for specific purposes e.g. specific use for Bhuj Temple are accounted for as such under restricted funds.
Going concern
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. The Trustees believe that there are no going concern matters that would affect the Charity for the foreseeable future.
FUTURE PLANS
The Charity is currently focused primarily on its MahaPrasad social venture. The Board of Directors together with consultations with our spiritual Head Temple, will formulate future growth plans, working alongside sister and umbrella temples to meet the needs of the UK and wider community.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Shree Swaminarayan Mandir Bhuj (SSMB) is a Company limited by Guarantee and registered as a Charity with the Charity Commission. The Charity's affairs are governed by its Articles of Association, that were adopted on 13th April 2016 and revised on1st July 2021. The management of the Charity is undertaken by the Board of Trustees, which is responsible for its overall management and control. The Board will meet regularly to discuss and formulate policy which it implements. Further, the Board can establish various committees to manage particular projects, should they wish. The Charity shall have a minimum of 5 with no maximum, who shall hold office as directed by the Articles of Association.
Wider network
The subscriber of the Charity is Shree Swaminarayan Mandir, Inc, a Delaware non-profit, non-stock Corporation.
The charity is the sole member of the following charities registered in the United Kingdom: i) Shree Swaminarayan Mandir Oldham (Company Limited by Guarantee) ii) Shree Swaminarayan Vidyalay (Charitable application pending-Company Limited by Guarantee) The charity is the sole shareholder of the following Limited Companies registered in the United Kingdom: i) Mahaprasad Ltd (Company Limited by Shares)
Risk management
The trustees identify the major risks to which the Charity is exposed to each financial year when preparing and updating a strategic plan, in particular, those areas related to the operations and finances of the Charity. The Trustees then review any major risks which have been identified and establish systems to mitigate those risks. The Trustees continue to put in place appropriate internal controls and monitoring procedures to minimise financial risks.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
10120963 (England and Wales)
Registered Charity number
1171929
Registered office
502-504 Honeypot Lane Stanmore Middlesex HA7 1JR
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Shrn• Sw4mln•rayan Mandlr Bhuj {RotyJtered number. 10120963) Roport oltho Tru8ta•• forthe Year End•d 31 March 2024 Mahant Swaml Dharaman8ndan Dasji Kanji Khimji Je8ani Hitesh Parbat Bhudia Karsan Arian Vagh8ni Bhimji Ramji Hirani Premji ShNii Halal Parbat Premji Ruda Mltèsh Bhimji PatsF Audits Parker Cavend Chartered Ac£ountants Registere#J Audttor Suite 301 Stsnmore Business and In[wOn Centre H¢Jward Road stanmore Middlesex HA7 1FW 8•nkor8 Natwjnal Wethinister Bank Pl 135 BishopsgaEe London EC2M 3UR STATEMENT OF TRUSTEES. RESPONSIBIUTIES The Iwstees (who are 81s0 the director8 of She Swamin8rayan Mandtr Bhuj frjr the purposes of rnpanY law) ar& respon$iL4e for preparing the Rgport of the Trust¢s¥ and the finanael stat8rnents in acLordarv wth applica law and Unlted Kin9dom Accounting Standards (United lQngdom Generalty Ai£epted Accounting Pr¥(Aicel indudlng F[nanal R•porting Standard 102 Yhg FirhanGiaJ R•wJrting Standard apyic8blB in the UK and RopytAic of Iland". Company law requirgs the truslees to weparg finanLial slat•ments for each ffnanti#l yoarwhich give a true and fair vi&¥ of the state of offair8 of the tharftsble company and of the incoming f•sources and appllction of resoufces. Induding the income and expenditure. of the thaiitable u)mp8ny for that period. In preparing Iho¥o financial sl4tem$nts, the trust98s are requlred to select suit8bJ8 acLounUtvJ pc4tcieB and then apply them consist.' obsèrve the methods and prinryples In thg Charity SORP.. make judgements and estimates th8t arg reasonable and pru¢Jent', prepare the ffinanual statements on the going et¢M basis unl8ss it is inapproprfat• to Fe$ume that tr tharilable company wll continue in busines¥. Tht tru3tee3 are responsTrble for keepiThJ proper accountiTrJ rwds ¢Jlsdose wilh fe8sonaWt accuracy at any lÈme the finamoal po¥itson of the charitskAe company and lo enable them tg ensure that tha finanrial statsmonts ¢ornpFy ih the Companies Aet 2008. They are also re8p¢)nSle fof safgguarding the ass¢l$ of the charrtabk Company and hte fortskirjg r8asonobJe steps for the prevention and det•¢tion of fraud and ottr irTegularitiss. In 80 far as thè Iru¥tees are awarè". there i¥ no relevant audit informallon ofwhich the ¢harltabl& compaws auditor3 are unawe.. and the tnJ3tees have tsken all steps that they ought to have taken to make thgrnselves awaro of any relevant audit infomith.on and to estabksh that the audltors arè #ware of that Infomation. AUDITORS Th9 auditors. Parker Cavendish. 411 proposed for rwpointment al thg fC(t?)mlng Annual General IAgoting. Apprmd by order the board of tnjstees on 27 March 2025 and ¥igned on hs behalf ty. Mrtesh 8hlmji Patel- Trustoe
Report of the Independent Auditors to the Trustees of Shree Swaminarayan Mandir Bhuj
Opinion
We have audited the financial statements of Shree Swaminarayan Mandir Bhuj (the 'charitable company') for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
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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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical 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.
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 charitable company'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.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, 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 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 where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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the charitable company has not kept adequate accounting records; or
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the financial statements are not in agreement with the accounting records and returns; or
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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 charitable company for the purposes 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 charitable company'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.
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Report oflhe Independent Auditors to the Trustee8 of Shrae Swamlnarayan Mandlf Bhul Our respgrlslbillties for the audit of the flnancial ¥taternents We have been appoinied as auditors Under Section 144 of th8 Charities Act 2011 and report in accordance with the Act and levant regulations made or having effecl theunder. Our objectives are to obtain reasonable assurance about whether the ffnanclal Slalernents as a 01@ ar8 free from material Tnis5tatemenl, whether due lo fraud or error, and to issue a Report of the Independent Audilor8 that includes our opinion. Reasonable assurance is a high kvel of assurance, but 15 not a guarantee that an audit conducted in ac¢ordance with ISA5 IUKI wll always detect a material misstal8m&nt when it exists. Misstalefnen15 can ari58 from fraud or error and are considered material if, individually or In the aggregate, they could reasonably be expected to influence the economi¢ deci510r15 of users taken on the basis of these financial statements. The extent to our proureS are eapable of detecting irregularities, including traud is detailed below.. Identification of law5 and regulations appli¢able to the charity which may have a direct Tnaterial effect on the Performing audit work over the risk of managernent override of controls, including lests.ng of large or otheiSe unusual joumal entries and other adjustments for appropriateness". Remewing financial slalernenl disdosures and testing to Supporting doGumenlalion lo assess compliance with the applicable l&ws and regulations., Review of legal and professional nominal a¢counls for indicaiions of any actual ty potential Illigation," R8viewing ¢orrespondence and diseussing Mrith those charged wlh govemance far evidence ol any actual or potential litigation or non-comtAiance with law5 or regulations., ReeW of accounting estimates for indications of management bias.finan¢ial statement5 or the operations of the otnpany, including th8 Companie$ Act 2006, taxation legislation, data A further description of our responsibilities for the audit of the financial statements is lo¢aled on the Financial Reporting Council's website al Nv¥bw.frc.OTg.uklauditorsresponsibililies. This description forms part ol our Report ol the Independent Auditors. Use of our report Th15 report is made solely lo the Charitable companls trustees, as a body, in accordanc8 with Part 4 of the Charities IAttounts and Reports) R8gulations 2008. Our audit work has b88n undertaken so thai we rnight slate lo the charitable company's trustees those rnallers w8 ar8 reqUId to 51ale lo Ihern in an auditors, report for no other purpos8. To the fullest exienl permitted by law, we do not aGpt or a55urne responsibility lo anyone other than the charitable company and the ¢haritsbie cL¥npanVs trust888 as a body. for our audrt w%)rk, for this report, or for the opinions we have rrned. Parker Cavendish Charte Accountants Registe Au(litor Eligible io act a5 an auditor in terrns of Section 1212 01 the Companie5 Act 2006 Suite 301 Stanmor8 Business and Innovation Centre Howard Road Stanmor8 Middlesex HA7 1FW 27 March 2025
Shree Swaminarayan Mandir Bhuj
Statement of Financial Activities for the Year Ended 31 March 2024
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Raising funds 4 Charitable activities 5 Community support Governance costs Donations Depreciation Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 886,748 70,315 957,063 2,007,970 175,626 16,800 - 7,983 2,208,379 (1,251,316) 10,554,606 9,303,290 |
Oldham Mandir restricted £ - - - - - - - - - - - - |
Other restricted £ 270,201 - 270,201 - - - 270,201 - 270,201 - - - |
|---|---|---|---|
The notes form part of these financial statements
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Shree Swaminarayan Mandir Bhuj
Statement of Financial Activities for the Year Ended 31 March 2024
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Raising funds 4 Charitable activities 5 Community support Governance costs Donations Depreciation Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Restricted NZ £ - - - - - - - - - - - - |
2024 Total funds £ 1,156,949 70,315 1,227,264 2,007,970 175,626 16,800 270,201 7,983 2,478,580 (1,251,316) 10,554,606 9,303,290 |
2023 Total funds £ 2,767,137 - 2,767,137 - (795,924) 79,296 - - (716,628) 3,483,765 7,070,842 10,554,607 |
|---|---|---|---|
The notes form part of these financial statements
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Shree Swaminarayan Mandir Bhuj (Registered number: 10120963)
Statement of Financial Position 31 March 2024
| Notes FIXED ASSETS Tangible assets 10 Investments Investments 11 Investment property 12 CURRENT ASSETS Debtors 13 Cash at bank CREDITORS Amounts falling due within one year 14 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 15 NET ASSETS |
Unrestricted fund £ 7,324,974 1 546,600 7,871,575 1,231,755 1,993,697 3,225,452 (1,688,737) 1,536,715 9,408,290 (105,000) 9,303,290 |
Oldham Mandir restricted £ - - - - - - - - - - - - |
Other restricted £ - - - - - - - - - - - - |
|---|---|---|---|
The notes form part of these financial statements
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continued...
Shree Swaminarayan Mandir Bhuj (Registered number: 10120963)
Statement of Financial Position - continued 31 March 2024
| Notes FIXED ASSETS Tangible assets 10 Investments Investments 11 Investment property 12 CURRENT ASSETS Debtors 13 Cash at bank CREDITORS Amounts falling due within one year 14 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 15 NET ASSETS FUNDS 18 Unrestricted funds TOTAL FUNDS |
Restricted NZ £ - - - - - - - - - - - - |
2024 Total funds £ 7,324,974 1 546,600 7,871,575 1,231,755 1,993,697 3,225,452 (1,688,737) 1,536,715 9,408,290 (105,000) 9,303,290 9,303,290 9,303,290 |
2023 Total funds £ 7,754,302 1 200,000 7,954,303 2,304,605 2,990,256 5,294,861 (2,489,557) 2,805,304 10,759,607 (205,000) 10,554,607 10,554,607 10,554,607 |
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The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.
The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.
The notes form part of these financial statements
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continued...
Shree Swamlnarnyan PA•ndFr Bhuj {R•gl•t•r•d nurnbor 101209631 Statement of FiMn¢1 Posltlon. eontinuod 31 2024 Thes¢ financial statem$ h#ve been prepar&J in *cordarKe wilh the provt8ion$ applicable to thgrltable companies subject to the smatl gjmpanies Teglmo. The final81 statements were approvgd by the Board otTrustees and aulhorfsed ftsr issue on 27 March 2025 and were slgngd on its behalf by.. Mrbsh Bhimji Pats]- TruBtse The not¢$ ftsrn part ofthèse finala1 st•tor 10
Shree Swaminarayan Mandir Bhuj
Statement of Cash Flows for the Year Ended 31 March 2024
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash (used in)/provided by operating activities Cash flows from investing activities Purchase of tangible fixed assets Sale of tangible fixed assets Movement in Loans to Related Parties Interest received Net cash provided by investing activities Cash flows from financing activities Movement in Loans Held Net cash used in financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2024 £ (1,420,861) (1,420,861) (42,588) - 987,575 70,315 1,015,302 (591,000) (591,000) (996,559) 2,990,256 1,993,697 |
2023 £ 2,228,358 2,228,358 (1,448,534) 5,434,892 (2,070,000) - 1,916,358 (1,672,894) (1,672,894) 2,471,822 518,434 2,990,256 |
|---|---|---|
The notes form part of these financial statements
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Shree Swaminarayan Mandir Bhuj
Notes to the Statement of Cash Flows for the Year Ended 31 March 2024
1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net (expenditure)/income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Profit on disposal of fixed assets Interest received Decrease/(increase) in debtors (Decrease)/increase in creditors Net cash (used in)/provided by operations |
2024 £ (1,251,316) 125,306 - (70,315) 85,284 (309,820) (1,420,861) |
2023 £ 3,483,765 74,456 (1,525,294) - (162,933) 358,364 2,228,358 |
|---|---|---|
2.
ANALYSIS OF CHANGES IN NET FUNDS
| Net cash Cash at bank Debt Debts falling due within 1 year Debts falling due after 1 year Total |
At 1.4.23 £ 2,990,256 2,990,256 (603,856) (205,000) (808,856) 2,181,400 |
Cash flow £ (996,559) (996,559) 276,000 100,000 376,000 (620,559) |
At 31.3.24 £ 1,993,697 1,993,697 (327,856) (105,000) (432,856) 1,560,841 |
|---|---|---|---|
The notes form part of these financial statements
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Shree Swaminarayan Mandir Bhuj
Notes to the Financial Statements for the Year Ended 31 March 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
The Charity constitutes a public benefit entity as defined by FRS 102.
The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.
Preparation of consolidated financial statements
The financial statements contain information about Shree Swaminarayan Mandir Bhuj as an individual company and do not contain consolidated financial information as the parent of a group. The charity is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.
Critical accounting judgements and key sources of estimation uncertainty
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.
Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.
Restricted funds are subject to specific conditions by donors as to how they must be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Income
All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
Voluntary income is received by way of grants, donations and gifts and is included in full in the statement of financial activities when receivable. Grants where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.
Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included.
Expenditure
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Costs of generating funds comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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continued...
Shree Swaminarayan Mandir Bhuj
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
1. ACCOUNTING POLICIES - continued
Tangible fixed assets
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 & long leasehold properties - land is not depreciated & Building 2% on cost
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 net income/(expenditure} for the year.
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss
Taxation
The charity is exempt from corporation tax on its charitable activities.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
Financial Instruments
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments, cash at bank, debtors and creditors. Basic financial instruments are initially measured at transaction value and subsequently measured at their settlement value.
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.
Debtors
Other debtors are recognised at the settlement amount due and prepayments are recognised when costs have been expended which are in advance of the period to which they relate.
Creditors
Creditors are normally recognised at their settlement amount. Accruals are recognised when costs relating to the period have not yet been invoiced to, or paid by the charity.
Creditors Due after 1 year
The charity has outstanding loans from devotees and temples affiliated to Shree Swaminarayan Temple Bhuj India. These are repayable between 2 to 5 years with a provision that any lender may request a repayment with a 60 day notice. The trustees are of the opinion that even though this provision exists, they consider that these loans should be classified as due after 1 year as they do not consider repayment will be required before the expiry of the term. These loans are classified as public benefit concessionary loans and as such the public benefit concessionary loan exemptions have been applied. The loans are included at cost and are not adjusted or discounted.
Going concern
The Trustees are of the opinion that there are no going concern issues that would affect the charity for the foreseeable future and accordingly the financial statements have been prepared on a going concern basis.
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Shree Swaminarayan Mandir Bhuj
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
2. DONATIONS AND LEGACIES
| Donations Gift aid 3. INVESTMENT INCOME Deposit account interest 4. RAISING FUNDS Raising donations and legacies Support costs Other trading activities Grants Awarded Out Aggregate amounts 5. CHARITABLE ACTIVITIES COSTS Community support Governance costs Donations Depreciation 6. SUPPORT COSTS Raising donations and legacies Community support Governance costs |
Finance £ 7,970 - - 7,970 |
Direct Costs £ 175,513 - 270,201 7,983 453,697 Other £ - 113 - 113 |
2024 £ 1,037,628 119,321 1,156,949 2024 £ 70,315 2024 £ 7,970 2024 £ 2,000,000 2,007,970 Support costs (see note 6) £ 113 16,800 - - 16,913 Governance costs £ - - 16,800 16,800 |
2023 £ 2,616,479 150,658 2,767,137 2023 £ - 2023 £ - 2023 £ - - Totals £ 175,626 16,800 270,201 7,983 470,610 Totals £ 7,970 113 16,800 24,883 |
|---|---|---|---|---|
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Shree Swaminarayan Mandir Bhuj
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
7. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Auditors' remuneration | 7,440 | 7,200 |
| Depreciation - owned assets | 125,316 | 74,456 |
| Surplus on disposal of fixed assets | - | (1,525,294) |
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies EXPENDITURE ON Charitable activities Community support Governance costs Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 2,508,261 (1,183,386) 79,296 (1,104,090) 3,612,351 6,942,256 10,554,607 |
Oldham Mandir restricted £ - - - - - - - |
Other restricted £ 258,876 387,462 - 387,462 (128,586) 128,586 - |
Restricted NZ £ - - - - - - - |
Total funds £ 2,767,137 (795,924) 79,296 (716,628) 3,483,765 7,070,842 10,554,607 |
|---|---|---|---|---|---|
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Shree Swaminarayan Mandir Bhuj
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
10. TANGIBLE FIXED ASSETS
| COST At 1 April 2023 Additions Reclassification At 31 March 2024 DEPRECIATION At 1 April 2023 Charge for year Reclassification/transfer At 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 |
Freehold & long leasehold properties £ 7,860,758 42,588 (385,000) 7,518,346 106,456 125,316 (38,400) 193,372 7,324,974 7,754,302 |
|---|---|
The long leasehold property comprises the temple constructed in Oldham that was opened in July 2022. The property was constructed on long leasehold land owned by Oldham Council under terms set out in an underlease agreement between the parties dated 5 July 2018 which extended until the construction of the Temple had been completed. At the balance sheet date an outstanding liability of £ 426,490 is owing to the Council under the terms of this agreement.
11. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| MARKET VALUE | Shares in group undertakings £ |
| At 1 April 2023 and 31 March 2024 | 1 |
| NET BOOK VALUE | |
| At 31 March 2024 | 1 |
| At 31 March 2023 | 1 |
There were no investment assets outside the UK.
The company's investments at the balance sheet date in the share capital of companies include the following:
Mahaprasad Limited
| Registered office: | ||
|---|---|---|
| Nature of business: Food production and sale | % | |
| Class of share: | holding | |
| Ordinary | 100 | |
| Aggregate capital and reserves | 2024 2023 £ £ 1,159,193 (308,149) |
|
| Profit/(loss) for the year | 1,467,342 (308,150) |
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Shree Swaminarayan Mandir Bhuj
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
12. INVESTMENT PROPERTY
| FAIR VALUE At 1 April 2023 Reclassification At 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 |
£ 200,000 346,600 546,600 546,600 200,000 |
|---|---|
The charity's investment property was valued by the trustees at 31 March 2023. There has been no material change in valuation from the previous year end date.
| 13. DEBTORS Amounts falling due within one year: Amounts owed by group undertakings Other debtors Prepayments and accrued income Amounts falling due after more than one year: Amounts owed by group undertakings Aggregate amounts 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other loans (see note 16) Amounts owed to group undertakings Accruals and deferred income Other Creditors 15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Other loans (see note 16) |
2024 £ 212,434 119,321 - 331,755 900,000 1,231,755 2024 £ 327,856 846,527 87,864 426,490 1,688,737 2024 £ 105,000 |
2023 £ - 150,354 54,251 204,605 2,100,000 2,304,605 2023 £ 603,856 1,061,527 397,684 426,490 2,489,557 2023 £ 205,000 |
|---|---|---|
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Shree Swaminarayan Mandir Bhuj
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
16. LOANS
An analysis of the maturity of loans is given below:
| Amounts falling due within one year on demand: Other loans Amounts falling between one and two years: Other loans - 1-2 years Amounts falling due between two and five years: Other loans - 2-5 years |
2024 £ 327,856 105,000 - |
2023 £ 603,856 105,000 100,000 |
|---|---|---|
These are public benefit concessionary loans from devotees and temples affiliated to Shree Swaminarayan Temple Bhuj India. They are interest free and are repayable on the various anniversary years after their issue as shown by the above classification. There is also a provision that any lender may request a repayment with a 60 day notice. The trustees are of the opinion that even though this provision exists, they consider that these loans should be classified as due after 1 year as they do not consider repayment will be required before the term expiry. Public benefit concessionary loan exemptions have been applied and are not adjusted or discounted.
17. LEASING AGREEMENTS
Minimum lease payments under non-cancellable operating leases fall due as follows:
| Within one year Between one and five years In more than five years MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund Restricted funds Other restricted TOTAL FUNDS |
At 1.4.23 £ 10,554,606 10,554,606 Incoming resources £ 957,063 270,201 1,227,264 |
2024 £ 26,208 131,040 185,685 342,933 Net movement in funds £ (1,251,316) (1,251,316) Resources expended £ (2,208,379) (270,201) (2,478,580) |
2023 £ 26,208 131,040 209,668 366,916 At 31.3.24 £ 9,303,290 9,303,290 Movement in funds £ (1,251,316) - (1,251,316) |
|||
|---|---|---|---|---|---|---|
18. MOVEMENT IN FUNDS
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Shree Swaminarayan Mandir Bhuj
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
18. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net movement At 1.4.22 in funds £ £ Unrestricted funds General fund 6,942,256 3,612,351 Restricted funds Other restricted 128,586 (128,586) TOTAL FUNDS 7,070,842 3,483,765 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 2,508,261 1,104,090 Restricted funds Other restricted 258,876 (387,462) TOTAL FUNDS 2,767,137 716,628 A current year 12 months and prior year 12 months combined position is as follows: Net movement At 1.4.22 in funds £ £ Unrestricted funds General fund 6,942,256 2,361,035 Restricted funds Other restricted 128,586 (128,586) TOTAL FUNDS 7,070,842 2,232,449 |
At 31.3.23 £ 10,554,607 - 10,554,607 Movement in funds £ 3,612,351 (128,586) 3,483,765 At 31.3.24 £ 9,303,291 - 9,303,291 |
|
|---|---|---|
| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are | A current year 12 months and prior year 12 months combined net movement in funds, included in the above are | A current year 12 months and prior year 12 months combined net movement in funds, included in the above are |
|---|---|---|
| as follows: | ||
| Unrestricted funds | Incoming resources £ |
Resources Movement expended in funds £ £ |
| General fund | 3,465,324 | (1,104,289) 2,361,035 |
| Restricted funds | ||
| Other restricted | 529,077 | (657,663) (128,586) |
| TOTAL FUNDS | 3,994,401 | (1,761,952) 2,232,449 |
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Shree Swaminarayan Mandir Bhuj
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
19. RELATED PARTY DISCLOSURES
Related party transactions were as follows:
1) The chairman of the board of trustees of the charity is the head priest of Shree Swaminarayan Mandir in Bhuj, India. During the year a donation of £270,201 (2023: £387,462) was made to Shree Swaminarayan Mandir in Bhuj, India.
2) The charity awarded a grant to its 100% owned subsidiary Mahaprasad Ltd £2,000,000. (2023: £nil). Mahaprasad Ltd is the food project that owned by SSMB.
3) At the year end, SSMB owed £846,527 (2023: £1,061,527) to SSMO for the transfer of interest free loans SSMO gathered from the community
4) During the year, the charity received £78,008 of donations from related trustees of the charity.
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