REGISTERED COMPANY NUMBER: CE(X)9991 (England and Wales) REGISTERED CHARITY NUMBER: 1173042 REPORT OF THE TRUSTEES ANO AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 FOR NAVNAT VANIK ASSOCIATION OF THE UNITED KINGOOM
NAVNAT VANIK ASSOCIATION OF THE UNITED KINGOOM CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Report ofthe Tru•tees 1 to 9 R•port of the Independ•nt Auditor• 10 10 12 statem•nt ot Fin•ncial Activiti•s 13 stAt•m•nt of Fin•nci•l Po•ltlon 14 to 15 stat•m•nt ol Ca•h Flows 16 Nots• to the St•tement of Cmh Flow¥ 17 Not•• tts th¢ Fln•nclal Statem•nts 18 to 32 Detall•(I St•tèment of FlTrancial A¢tlvMle• 33 to 34
NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees present their report wrth the finan¢ral stattments of Navnat Vanik AssocI8t)n ol the UK (herein after referred lo as the'charill'l, for Ihe year ended 31 Decemb8r 2023. The financial ststemenls have been prepared in accordance wrth the accounbng policies sel In notes to the accounts an¢J comply with the ehartys goernin9 csocumenl. the Charrt185 Act 2011 and Accounting and Reporting by Charthes Statement of Recommended Practice applicable to cbarrtie5 preparing thèir aeeounts In accordance wrth the Financial R8POrting Standard applicab in the UK and Republic of Ireland published in Octob•r 2019 OBJECTIVES ANO ACTMTIES ObJectlv• and alm• The aim of the Charrty Is to promote any charitsb purpose for the well-being ol rts members, for tre 8dvanc8ment of educatson, religion and the prowsion of facilrties In the Interest5 of social welfar•, lor recrealion and letsurè-time occupation wlh the object of improving the condrtions of lif8 and heaf(h lor the said members, lo o$sociate with ItX818Uthorrt$. voluntary organisations and rosidents In a common effort to advance all forms of 8ducatKJn for rts membership, and to foster 8 communty splrlt lor the achwvemènt ol these The Charty's real strengttt lies in the enorTr,ous aUnt of voluntary SeCe rt receNes from its memb¢rs who willingly and gengrously give their tim• at all hours. Volunleer5 do not reCee 8ny remuneration Thè Charitys Executive Is responsible for the monagement ol the building Including rantal of halLs ano ihelr maintpnance. All other actwilies of the Charrty are organised by the Charty or done through rts affiliatès comprising of N8vnat Vanik Bhagini Samaj, Navnat Vadil Mandal. Navnat Bfidgo Club and Navnat Goll Club Oiganisaticn Ex•cutwe Comrnrtto• I"Ée"I'. Under the tèrms of the constitution, the monagem¢rtt ¢1 the Charrty Is vo$t¢d In th¢ Ex•eutNe C¢mmrttee, which is elècted •very fv40 years by the memb¢fS at its AGM An AGM is hgkl every yegr Thè mombership of the Exeeutwe Committe• 1$ $t lat•f in thi5 rpport. The Executive Committee members are not remunerated fcr their 5ervice$ and they rely on sub5t8th.al voluntsry h•Jlp from the Communrty Members The Executivé Committ00 moats monthly and addrtion8lly as required The Execuli¥e Cornmittee memb¢r$ are aLso tho Trustees ol Ihe Charity loi the P4Jrpose of the Chantses Act 2011. Board of Advisor5 The Qo?rd of Advlsors. nomes appeal later in the report. gro nominated by the Ex¢ubve Commrttea The Advisors holé office for a term ol fivè yèars. Management ol th• Charitvs Affair8. Th Executive Commrttee conv8ns on a r•gvlar bas to pLan and dracvss thè Chariws activrties and events. The ExecutNe Commrttee has sel up additional supporting sub-eommrttees wrth the objectives to supervise particular activrttj of the Ch8rty andlor to prowde 8Odrtional assistance and guidance The sub-committees have their (Jwn terms of refef¢n¢e and their reports, findin9s and recornmendatK)ns are discussed by the ExecuiWO Commfflee at e8c# Boar(J mè•tings The sub-¢ommittees and their obie¢ts are. Buiiaing committee Heatth and Safely TO mainiain an¢J returDlSn me Navnat CentTe To advisè EC on all H & S matters. To ensure Navnal folk)ws all relevant H & 8 guidolinv$ To manage the Chartys websrte. posts on EnIbr1te, rtgular mailshots and soeial media To manage the ChatTtf5 newslettei ond omer associated publicatiot)S Indep¢n¢Jent mediatson bo¢Jy to reS0e any gnevances from EC member5. Managing Ihe Navnat Centr• Car Park to explo(( ts potential foi the Chanty Committoe Wéb eommrttee Edrtorial commrtte• Grievance commrttee NCCP committee The Executwe Comrnrttee may at times also appoint other persons I support groups in order to manage special events, such as Paryu$hen, Janmashlami. Buildin9 ProJeLts etc. Pag• I
NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 The Charrty 8150 Includes affilratss. Trthich cater for drff•reDt n•8ds tsf th& ¢ommunty. Navnat Vanlk Bhagini Samaj.. The Navnat Vanik Bhagini Samai operates loi the benefit of the vrtlfare of Ihe Chafity and Communitys ladies. 11 ttas fts own Ex¢utlve Comrnrttee. elected by Bhagini Iladiesl members al its annual g•noral meeting hgld each yèar. Navnt Brldge Club.. The Navnal Brge Club tsperates for the benelrt 91 the Charrty and communty members lo oNe thém knowledge about Bridge as well a$ playing Brge on a wéekly basis It hès rts own Exe¢utive Committee al•cted by members 01 Navnat Bridge Club Navnt Vadil Mndl: The Navnat Vadil Mandal Is lor the benefit ol the elderly members of th8 Charity and communrty Théy meet every Friday lo do Yoga. to pray, enga9è In cuttural actrts, to play cards and to enjoy food lovingly macje by a wide group ol krtchèn volunle¢rs rt has It$ ExècutN• Commthee elèeted by membors ol Navnat Vadil Mandal. N•vnat Golf Cluty: The Navnal Gott Club operato$ for th• benefrt of the Ch?rrty end community m•mbers to give thèm knoYl6dge aboul Goll It has It5 cwn Exg¢utNe Commrttee •ct•d by members of N8vnat Goll Club In 8ddrtion to th• ¥ffiliate$ mentioned 8bov¢ that eKect theii own Ex¢cutiv¢ commrttees whil• ¢p8rnting und•T the over811 guidance. rules and constrtutrort of NVA. there ar? also groups that operate vithin Navft81 running Te9olar activllies liké Jalsa Glub Ihat meets every Tuesd8y and Badminton Club that plays weekday evènings from Tuesday to Thursday al Navnal Centre. Navnat Next Ggn Is a fi•w group wrthin the ¢haTity, that has beert IoTme(J Since 2021, specifically created to engage the 25-45 years age group Publlc b•ft•flt In reviewing our aims. obie¢lNés and planning future adivities. the Trustees have considered the Charrty Commission's general guidanc on publi¢ benefrt and In particular rt5 supplemèntary public suKdan¢è on the advancement of rellgion low tre public tsenelrt The Trusteès always ensure that the a¢tNthes undertaken are in line wth the charrtable objectives and aims of thé Charity. On• of thé Charrtvs pnncipal aims, ano obièctwes 1$ io promote th8 welbeing ol ts membèr¥ and lor the adv8ncem8nt of education, religion and tle prtsvisn ol fac11rt$ In the interèst of social welfare and $0 playing an important part in building a better society. Page2
NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 STRATEGIC REPORT Achievement and performance Charilable actlvitles Internal Control The Tru5tee5 have overall responsibility for en$urin9 that the Charrty has appropriate systems tsf Internal controls across the èntire organisatn They are also responsbble for keeping prop•r accounbng record5 which disclote wrth re8s¢nable a¢cufaey at any time the financial posrtion of the Charty and enable them to ensure that le financial 51at¢ments follow best practe. The systems ol Internal eontrol are des1gned to promde reasonable. but not absolute. assurance agaln8t material misststement or loss. Intsrnal control procèsses impl8mente¢J by th Trustees Include. Produetiot) of perMidK management accounts and rew•w of finanual r••ults and perfoTman¢e Indicator5 by the Trustee$ Oèlégalion of authority and segregatn of duties. Idenlilicati(>n and management el risk Rl•k Man•gement Tho Trustes aclNely reVW th• major risks which the Chafrty faces on a regular basls and belleve tnai maintaining ih¢ Iree reseNès at around £350.000 combined wrth the annual rew8w ol the controls over key financial Systems wll providè sufficient resources in th8 event of adverse condiknons The Trustees have also examined other operational and business risks which the Charty loees and eonlirm ihal we hav8 established systems lo nirtioatè th& Signifan1 risks R•vl•w of ACtIv1•¥ 111 Fre•hold prtY. The Charity owns the freehold property 81 Navnat Centre. Printlng House Lane, Hayes Mid¢Jles•x, U83 1Afl The propety Is available io any Individual or organisabon in accordance Yh the standard hinng agreement and scale ol charges a¢Jopted for the year. The Incomè from hall ttire during the year wa$ £159.64012022 £82.$4118nd income from rental of th8 car park was £543,255 12022 £317.8281 Toial costs lor running and maintaining the Ch8rty '6 property amounted to £29e.92212022 £1.249) Further lo tbe completKn of the dining hall extension, th ¢haTty has a150 Invested in getting • ¢omplelely new AV system In che aining hall extension and ha5 vpg.aoed the extsting AV In the niain hjll We have als9 Invested In upgradalion ol the lighting Inside and outside of the Navnal Centre. We havg Installed and upgraded our CCTV camer85 around the property lor the safeguarding of our people and assets and actsng as a deterrent. Page 3
NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 lill Core PKlivitie• and Projects.. l our rellgious. soci81 and cuf(ural progTammes Malavlr Janm8 KaiyanaK, Ram N8VTni. J8nm85hl8ml, Paryushan & Prrtibhoian an(5 Navratri were celebrated at the centre For tht past covplts of years we have alongwrfch the Indian diaspora celebialed inllia's Independence Day under the au5pice5 tsf Azadl ka Amrrt Mahotsav. This has been a hugely successful event cebr*ed in our grounds This h85 r815ed our profile Gonsiderably amongsl othe". curtural and Gh4rr(abl& OTganl5atnj and a150 enabled additional Incom¢ generating events for the charty Our Next Gen group Gelebrated a numbei ol events lTrke Dabng event. Easter egg hunt #nd their marquee event couplLk of fun filled events at Navnat Centre Holi tt Is heartening to see and support the next genèration of Navnat organLsè •vonis suce•sslully and bring In difforèni rspecV¢S and new adnceS to Navnat. {1111 CommunIclOn to the Memb•r•'. The Charills websrte serves lo inform members of uwming events and news of tyirth, marrKages and death wthin the ¢ommunty The websrf(• also enables online booking for hire ot the Navnal Centre facilrties Web-blasts from our web team have also become a very Importanl and useful mode of comrnunic8tion to our members Ttte Charity also maKO$ us• of socMI medw to interaa wrth ils members Including facebook. Twffter & YoJTube. Page 4
NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 STRATEGIC REPORT Financial r•view Financial posttlon The financial statemènts compty wth curfort ststtrtory requirements and wf(h the iequir¢men18 of th¢ Constrtution. Governance and Support eosts have been allocated by actryrty in th8 statement ol financial activrties. across the aetNrties Ihat the function supports In order to arre at tho full cost for eoch reported activrty. 111 Result8'. The fesults for Ihe year are shown on page 13 of the finan¢ial stat¢rn8nts, whKh the ExecutNe Commrtiee ¢onsiders to be satisfactory lor the first full year post cOd Total Income and Endowments rceNed in 2023 are higher than those received in 2022 Our hall hire Incom has be¢n picking up and we have managed to gel lot nJ)rg revenue gengrated from the park by adivè managemant ol the asset We let our ear park out when surplu5 to our requirement$ Surplus for the year from normal actwrtEs lexcluding Building Fund) has Increased this y•ar when compared wlth last yèar primarily on account ot the Increase In Car park Income. Thè Charity had 8 surplus of £282.375 12022.. £218.7931 during the year. The Trust•e5 would like to acknowledat and thank the tremendous efforts of the volunteers and th• many supporter5 of the Charrty loi thir kind anil generous donaiKsns 1111 T¢tal R¢¥•rv• Fund• - R•trided and Unrnstiithd: The Chairty's tota5 reserve lunds as at 31st DeCemr 2023 stood al £5.894.48912022' £5,812.0941. 11111 Jlv Fund Tho lund is a restricted fund, which was set up lor the purpose ol Improwng the INing conditson of all living belngs Ihurnan and animals). Thè Executivè Commrttee have made donalions from the Jw Daya Fund to various other ¢hariti8s tolalling £67,15312022 t18.1881. Don8tions recewed for Jiv Daya purpose Including Gift Aid amounld lo £40,88212022' £37,0521 Our Bank of 8aroda India account that Is used to remrt JNdaya Funds to charrtie5 in Ind Is held In the joint names ol Amit Rohit Lalhia and Dhirendra Gal8ni a$ nominees in trust lor the tyènefit of th8 ch8rrty This a¢¢¢unt 1$ due to be closed as a resutt of the changes In re9uI8iKJns in India and we are Invesligatlng how w? can support charities in India, spe¢ifi¢ally for JNd•ya that complieg With Indk8n and UK fegulatsons. Ilv) The Bulldlng R•r¥e Fund During tho year, total donations including Grft Aid TeceNed amounl8d to £80.57012022. £91,488) 8a$ed on the guidance ol Charrtiès-SORP-FRS 102-2019A SeCt)n 2.12. as the extended and refurbished buikjing was completed In February 2022 an(J as ttte asset Is being used on an unrestrict8d basis for any charthble purposè th• Trustèes have discussed and agreed to transtef th8 baianco In Builling Funa io General Fund and account it as General Fund ooing lonafd Iv) Navnat Centre The TN$ts($ ensure th? use of the Cenlre splrt befvleen rts affilptes. bodies and the printing and distribution ol Darpan so as to cor*tinually promote the actmties and Objects of the Charity Ivil FI¥ Assets Investment• The Fixed asset Investments comprise fvnds held in trtasury deposts and th¢se have incr88sed from £fj91,594 to £1,277,980 this yèar. Page 5
NAVNAT VANIK A8SOCIATION OF THE UNITED KINQDOM REPORT OF THE TRUSTEES FOR THE YL4R ENDED 31 DECEMBER 2023 STRATEGIC REPORT Financlal reyièw Investment pollGy and obJ¢ctive$ The Charity ieceive> iDcome on an annual basis through donatK>ns from its membefs Jnd 9eneial publK, mèmbership subscriptions, Income from hal,, hire. caf paik and olher sources rt plans aCtrt$ over a twtlve-montb time horvzon and budgets to expend all1Pated Income in furtherance ol the Charty's obje¢bves, except loi retaining a Prudent amount In reserves At presènt, tie Trustees and BoaTd ol Advisors do not eonsid•r that rt Is prudent to Invest In riskier assets (such as listud shares and other similar securrts} for the kgnger term The policy for investment Is th¥refDre to retain funds as cash and place tnem in bankftreasury deposrts atthe best inleTe51 ralè obtainable. Reserve• policy Tha Trusteè.s conduct an annual rèvwi of the levol ol Unr•strted rèserves In the general fund by ¢onsidaring rvsks associated with the variou5 Income streams. expendrture plans and balance sheet rtéms. This enable4 an estimate to be made of the 18v81 of resetV8S that are sufficiènt to allow tine lor re-organisatL)n In the event ol • downtum In incomè or asset values.. lo proteet Jngoing work prograrnrnes. lo allow Cnarily to meet rts obiectN•s. Risks and issues consKltrd by the eoard of Advisors in making this judgement on th¥ lev1 of unr•stTiCted reseNes include". likelihood ol g downturn in Incom¥ slTeams. period ol time rèquired to re-establL4h incorrt 3tream$. period of time requir•d t¢ downsoé the Charrtys operatn8. whether there Is adequa18 control over budget$. potential d0efea5e In the value ¢1 the Inve51menl porlfolio". and roquirernènls for 8 reasonable level of working caprtal The Trustees consiaèr trat th¢ Charty Should have t8 reserves ot approximatew £350,000 to cover rts Cofe aetivilies for 15 to 18 monlhs Actual free reserves lindvding short tem Investments In money market instrumènts) as at 31st Dgcemb•r 2023 wera £911.050 12022 £514.4371 Unrèstrictod fund5 were £5.654,445 12022 £5.343,9221 and restrie funds were £240.L)24 12022 £8.172)8$ 01 31 Decembèr 2023. Thes8 adortn01 reserves would ¢ontsibute toward$ the future plans of the Charity Future Plan• Car P•fk Reitructurbng We are pleased to Inform that the root Ireatment on the tree5 lining ¢tUf boundary fèn¢• was CQfnpl8ted aftef protracted lollow up and negotiation$ in January 2023 We fiave started Ihe process of planning out the fesurfa¢lns of our car park lor the benefrt ol our users This vrtll be combined with the provL%ionin9 of Eléctric c8r ehargLPg points ai suitable pla¢es In the car rk. Sport• F•cllltie• On a medium-tÈrm basis, our wsion 1$ to expand our sports actmties by building an all-weather Sports complex over the present ¢Jiau5td tennis ¢ourt From 2021 w ha started tree cricket Iratniny s•ssitsns tor youna ks. AIS Stsrs cncket15-8 yrsl and 0£M05 cricKel 1&11yTS1, for both boys and girls under the auspi¢ès of English Cncket Board IECBI All equtpment Is provided io me kids ond we have had N8vnat g•nt$ 8nd 8hagiiii laijles trained as actNators to provitte training to Ihe Kids STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Charity ts charitable Incorporateo Organisatrfjn ¥nd ts govemed by ts Governing do¢umèn( a con51rtuti04 and related rules Rl8k management The trustt¢s have a duty to identify and review the risks to which the chanty Is exposed and to en6urt apProprte contro are In pl8¢8 to provhye reasonable assurance a9ainst fraud and errol Page 6
NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number CE009991 IEi9land and Wales) R¢glsteMd Charity number 1173042 Reglstered office Navnal Centre Printing House Lane Hayès Middl•sex U83 1AR Tru•tse• D Mrthani K Adani J Doshi S Sanghralka K Batavia R Shah P PD Mehta H Ooshi N Mthla Ir•signèd 8.6 231 S 8ovish8 D Holden H Shanghavi B Mehta Kcvorb P J Vora lappoint•d 7 9 231 D M Kamdar M P Kolhary N G Udani S 8 V*fl8 Audltor• AKS Advisers Lirniled. Statuttsry Audrtor Fourth & Fifth FIooT£ 14-15 Lower Gro6venor PLg¢e London SW1W OEY Honorary Sollcitor VymaFTr Soliritgrs Mrs Mamta Parekh Vyman House, 104 College Rd. Harrow HA1 18Q P•g8 7
NAVNAT VAf+llK ASSOCIATION OF THE UNITED KINGDOM REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OECEMBER 2023 REFERENCE AND ADMINISTRATIVE OETA]LS Advloors Executive Commlttee President Vi¢e-PresKlent' G¢noral Secretary Joint Secretary. Mernbership )e¢r¢tory. Treasurer" Assi$tant Treasurer. Hall Secretary. Mr Dilip Mithani MT Ketsn Adani Mr Jaswantrai Doshi Mr Shamir S8nghraika Mr Kirrt Balavsa Mr Ramesh Shah Mr Paresh PD Mehta Mts Hasmrta Doshi Commltt•• Member• eompriw.. Mr Nemish Mahta (resigned 08 Jufte 20231 Mrs Sangeeta 8avisha Mr Hare$h Snanghavi Mr Nthn Plehta Mr OavK1 Holden Mr 8a¢hooLal Mehta hAr Piyush Jaisukh Vor• (co-opted 07 Sept8mber 20231 Mr Kishorechandra Chhotalal Vora Board ol AdvIrn Mr Amit Lathia Mr Nitin Parvkh Mrs E3ina Sa.Ighvi Mr Sunil Sangani Mr Koolèsh Snah Bankef• National Wa$tminsler 8ank Pl¢ PO Box 39952 2112 Devon¢hire Square Lond¢n EC4M 4XJ Close 8fOthers 4th Floor 10 Crown Plac8 London EC2A 4FT Bank ol Barvda InQi)n hadI Branch Mumbol 213, h¢8d1 Main Road Mumba Maharastra - Pin 40CJ04 India M•tro 8ank One Southampion Row London Stale Bank ,)f India King Slr*et London EC2V 8EA 8ank of Baroda 213 Kenton Road Harrow HA3 OHD HSBC 28 The Broadway Southall mdIe$eX UB1 1PU garcLryys Bank PIC POBox299 Bimingh•m 81 3PF Pa99 8
NAVNAT VANIK ASSOCIATION OF THE UNtfEO KINGDOM REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 STATEMENT OF TRUSTEES. RESPONSIBILITIES The tIU5tees Iwho are also the directors of Navnat Vanik Assocotion of the Unite¢ Kingdorri for the purposes of company L4wl are responsible lor preparing the Repon of the Trustees and the financial statements in a¢eor¢anee witn applicab law and Unrted Kingdom Accounbng St•naards Iunrtecs Kingdom Generally Accepted Accounting Praclictl In¢luding Financral Reporbng Standard 102 Financial Reporting Standard applicable in the UK and Republic of Ireland Company IWN requires the trustees lo prepare linan¢rdl ststements for each financial year wh5ch give a tiue and fair view of the State of aftsirs of the chairtable Company and of the Inetsming re$our¢es and application Df rsources, in¢luding ttte Income and èxpendrture, of the charrtable company f¢r that period In prep8r5ng those financ al statomentS, the tTUStees are required to select 5Urtable accounting policies and Ihen apply Ihtsm consistentty". obseNe methods and PnnCpIeS in the Charity SORP". make iud,Jement5 and estimates that are reasonabte and prudent", state whi..Iher applicable accounting sténdards have been followed, subJe¢t lo any material departures disclosed and explain¢0 In the financial statements, prepare the financial statements on the going ¢on¢ofn basis unless rt ts Inapproprrdte to presumè that the Charitable company will conlinue In business Th• trusl•es are responsibk lor keeping proper accounting records which disclose Wrth reasonab accuracy al any time the financial posftion ol the charr(abie company and to enab them to ensure that the fvn4nci•l slalemenls -omply wrth the Companva5 Act 20 They are also tesponsibl8 lor safeguarding the asse1$ ol the chantabie company ond hence lor tsking reasonab steps for the prevention and delection ¢f fraud and ther Irregularitie$ In 50 far •$".hè trust•es are aware there ts no relevant audrt information ol whi¢h thé charrtable compenls 8udthrs are unaware. and th• tru6tees have lak•n all slep$ Ihat they oughl to have takèn to make themselves 8wore of any relevant audit Inlormalion and lo estsblish that the audrtors a aware of thit information AUDITORS The auditors, AKS Advisors Limrted, Slotutory Audrtor. wll b• pfoposed for re-appointment at the forthcoming Annu81 Genoral Meeting. Report ol the trustees, Incorporating ¥ str8legK report. approved by order of the board of truste8s, 85 the company directors, on ...IZ s.rftH..kn... •nd signed on the board's behalf by. D Mithani - Trustee Page 9
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM Oplnion We have audited the financial statement5 Ot Navnat Vanik Associath)n of the Unrtèd ngdorn (the 'charrtable comp8nYI for the year ended 31 uecember 2023 whh cornprise thé Stat•m&nt of Financial Actiwties, the Statement ol Financial Posrtion. the Statement ol Cash Flow5 and notes to the financia1 statements, including a sumfflary cl s>Jnificanl accounting polics. The financrdl reporting framework that ha5 been epplied In their preparation ss applicable ano united Kingdom Accountsn9 Standaid5 IVnit¢d Kingdom Generally Accepted Accounting Practieel, including Financi81 Reporting Standafd 102 'Th• Financial Raporting Standard appIable In the UK and Rèpubl of Ireland.. In our opinion the financial stslemènts. gwe a trup and fair wew ol the ste of Ihe Charrtable eompanws affairs as at 31 December 2023 and ol rts incoming resources and applicatK•n ol resources Including ffs Income and expenditure. for the year then ended., hava bèén properly prèparetl In a¢eordanc8 wrth Unrted Kingdom Generally Accepted Accounting Practsce, Including Financial Reporting Standard 102 'The Financi81 Reportin9 Standard appIable in tho UK and Republic nl Ireland,. and have been prapared In accordance wilh the requirements ol the Companies Act 21M. Basis for opinlon We conducted our audrt in accordanct wrth Intern•tsonal Standards on Audrting IUKI IISAS IUKII and applicable law Our responsibilrties under those standards are further described In the Audrtors, responsibilities for thè audit ol the financial slaternents seciK)n of OUT feport We are Independent of the charitablè eompany in Jccord8nc• wrth the 8thical requirements Ihai are relevant to our aLbdit of the financial statements In th• UK, Inclu¢in9 the FRC'S Ethal Standard. and we h¥VO lutrilled our other eth¥cal responsibilities In accordance wrth these requirements We believe thèt Ihe audit eviaence wè have oDiained 1$ sufficient and appropriat8 to Pfovide a basis for our opinion. Conclu•lon• f•l4tlng to goln9 concern In auditing lie financial slatem¢nts, w• have concluded that thè tnJst006' us• of th• going eonctrn basis of accounting In the preparat1n ol the IinaneLqI statements 1$ gppropnate Based on thè yrk have peffomed. we hove not Identil any mat•nal uncertaintiès ielating to events or conditions that, Individually or colle¢tively. may ¢05t slgnrfènt doubt on the chafrtable ¢ompanls abilty lo ¢ontinue as 8 goirig concern for a pervJd of at kast le1ve rrKJnlhS from when the financial statements are authorised l?r Issue Our respon4>ibililies and the responsibilities ol the trustees wth respect to going ¢oncern are describ?d In the relevant 5ecti'on8 of this r¢port. oth•r Inlormatlon The Iiustees are rèsponsible for the olheT Informaln. The other informatn comprises th• Information Included In the Annual Report. other than the financial Statèments and our R&port ol thè Indépendent Auditors Ihereon. Our opinior on the financrdl statomenls d¢s not cover the other information and. except lo thé extent otherw15e eXpl1Y Stated in our report wts do not XPlèS$ any form ol a$%urance conclusion thèrèon In connection wrth gur audrt of the finantyal slatem8nts, Ouf respon$ibilty Is to read the other Inforrnalion and. in doing so, ¢onsidef whether the other Information Is rnaleNally Inconsistent the financial statements or our knowledg8 obtained in the audrt or otheMs appears lo be m8tenally misstsied If we iclentify such material Incjnsislencies or apparent matenal mtsststements, we are required to determine whether this gwes r15e to a maleriol misstatement in the fin&nei81 st8lementg themsetves If. based on th8 Irk we have performed, we conclude that there 15 a maierial misstatemerst ol this other infolrnatn. we are required to report that fact We have nothing to report in this fegafd. Pa98 10
REPORT OF THE INDEPENDENT AUOITORS TOTHE TRUSTEES OF NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDO Matt•rs on whlch we are required to r•port by eXptIon We have notiing to report in respect of thè lollowng matter5 in r8lab.on to bthich Ihe Charities IAccounts and Reportsl R8gulation5 2008 require us to report to you rf. In our opinion thè information given In the financial ststgments is inconsistent In any material respect with the trustees. report, or sufficient accountn9 r•cords hav8 not been kept, or the financial statemenis are not In agreement wrth Ihe aecounting records. or we have ntst receNed all the InformatKsn 4n¢J explanations we i•quirg lor our audrt Rpon01bhl1tlej ol trustee8 A5 explained more fully In the Slaternent ol Trustses, RosponSibilès. Ihe trustees (who are the diredofs ol the charrtable company lor the puwposes of company lawl 8re responsible for the preparation of thè financial slatements and lof being satssfied that they gwe a true and fair vl•W, and for sucn Intsrnai control as the trusteos determine 15 ne¢es$4ry to enable the preporaknon of fin¥ncial statements that afe free from matonal mM5tatemenl, whethèr due to frau¢J or error. In preparing financial statements, the trustees ore responsible fof Jssessing the chartsble company's ability lo continuè as a going concern. dksclosing, as applicablè. matter5 ielated to going Coicèrn and using the geing coicern basis of #eeountsng unlèss ttte trustees either intend to Iiqumyate tho charrtable company or to cease operalions. or have no reolistie JtternatNe but to SO Our re•ponslbllttles for the audlt of the financlsl statsment• We have b¥en appointed as auditors under Section 144 01 the Chanties Act 2011 8nd report In occordance with th• Act and relevènt regulations m84• or having effect ther•under. Our obiectivos are tg obtain raason8ble assuranc• about vknelhèr the finan¢ial slatemenis as a whole are free from material misstatement, wh•ttter duè to fraud or effor. and to Bsue a Reporl of the Independent Auditors that Ineludes our opinion Raasonable assurart¢é Is a high level ol assurance. but is not a guarantee that an audit ¢onOuXed In aeeord8n¢¢ wrth ISAS IUKI will alayS deleet a matefial m1sslateFnenl when st exist6 Misslatemènis can arise Irom fraud or error anJ are ¢onsider•d malefial il. Individually or In the aggregate, they reasonably bo exp•¢t•d to influ•nce th• •ConOm d•etsions ¢1 u$•rs takn on the tsasis of these finan¢ial sla".ementS The extent t) which our procedur•s a ¢ap8bl• of delecling Irregularr($. ¢ncluding fraud Is detailed below. w• revievied Ihe Iinancial statement dbscbsurès and testing to supporbng documentatron to 855e38 complian¢e wrth prov1sions of relevant laws and regulations that have a direct effect on the finaneial stat•ments', - we enquired with th• manag•ment team ¢onceming actual and wtentwl lrtlgations and claims, we performed 8n811¢•I procedure$ to tdentify arty unu•v•l Of un•xpec4ed relatitrnships Ihat may indicate rraks ol MatrIal rn155t8temenl due to fraud, - we read rninute5 of meetings of those Charged wrth go¥fnanc•. we obtained an understandiry of any prov1510ns and h•il dL8cussions wth m8nagem•nt to understand the basis ol recognrtion or non-recognthon of 5u¢h pro¥i$ions. antt we adtlressed the risk of fraud through management overnde of Contro by testing the appropriateness of journal ¢ntrJ¢$ and other aaiu$tm?nts,' a$$es51ng whether Iho judgements made In making accountin9 estimates &Te Indicative or a potential Dias. ana evaiuaiing ine rationa* of any significani tr#n$¥¢tK)n$ tho1 #re unusual or c.ulside the normal ¢ourse ol Charty. A further descriptKJn of our responsibilit188 lor the audrt of the finBncial staternents is loeated on the Financial R•perting Couneil's websrt• at bwM.Ire.org uklauditorsresponsibilths. This description forms part of our Report of th• Independent Auditors. Page11
REPORT OF THE INDEPENDENT AUOtTORS TO THE TRUSTEES OF NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM Use of our report This report Is made solely to the Charrtab companys trusiees, as a body. in accordance wrth Part 4 of the Charrties (Accounts and Reports) R•gulations 2008 Our audrt WOTk ha5 been undertakon so that we might state to the Chantab companls trustees those rnatters we are required to 5t8te to them in an audrtDrs' report and lor No other purpose. To the lulle5t extent permrtted by law, we do pot accept or assume rÈspon$ibilrty to anyone gther than tha charrtable eompany and the eharrtable companys trustees as a bo¢y, lor our aud work. for this report, or for tho opinions wè have formed. AKS Advisers Limrted. Slatulory Audrtor Ellgible to act as an audrtor In terrns oi Sectson 1212 01 the Companies Act 2006 Fourth & Flfttr Floofs 14-15 Lower Grosvenor Plac& London SW1W OEX Dale.. Page 12
NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 31.1223 Total fund• 31.12.22 Total fund$ Uftreslri¢ted funds RestnLted luntts Notes INCOME AND ENDOWMENTS FROM Donations and legacs 84.157 126.039 168,630 Charlt•ble activltle• Income of NVA affiliatès Roligious function5 Soci81 gnd CLihural lundions Oarpan and othèr charitable actiwbes 162.056 162.056 87,505 81.740 145,709 97,216 78.558 1.119 67J65 81,740 Other trading actwrties Investment iri¢ome Other incom 702.895 25.179 702,895 25.179 400,367 5.542 6.2g7 Total 1,$36 202.038 1.164.4T4 903,438 EXPENDITURE ON R•ising fund5 181.801 181.601 92,793 Charltabl actlvltl•• Religious fur ctions Social and cijttural lun¢tions Darpan and )Iher charrtable actiwDèS Expenditure by NVA affiliates 8uilding 217,254 173.899 07,153 284,407 173,899 217.810 181,930 3.32S 125,651 83,134 153,430 153,430 88.762 88,762 Tot•1 801.S16 220.583 882,099 684,643 NET INCOMeiiEXPENDITURE) Trartl•r• bètr•en tund* 3NJ.020 10.503 117.8451 110.5031 282,375 218,793 18 N•t mov•m•nt In lund• 310.523 128.1481 282,375 218,793 RECONCILIATION OF FUNDS Total funds brought forward 5,343,922 218,172 5,612,094 5.393,301 TOTAL FUNDS CARRIED FORWARD 5.654.445 240,024 S.894,489 5,812,LW The notes lorm part ofthese financial statements Page 13
NAVNAT VAf4iK ASSOCIATION OF THE UNETED KINGDOM STATEMENT OF FINANCIAL POSITION 31 DECEMBER 2023 31.12.23 31 1222 Notes FIXED ASSETS Tangible as5els Invtstmants 13 14 4.737,689 1.277,980 4,829,465 691.594 S,015,869 5.521,079 CURRENT ASSETS Dgblor5 Cash at bank and in hand 15 29,884 66.304 16,781 2S4.547 96,1 281,328 CREDITORS Amounts falling due wrthin one year 16 1217.3881 1190.3131 NeT CURRENT ASSETS 1121.2001 g1,015 TOTAL ASSETS LESS CURRENT LIABILITIES 5094,469 5.612,094 NET ASSETS 5A94,469 5,812.094 FUNDS Unioslrictgd funds Restricted funds 18 5,654,445 240,024 5,343,9T2 268.172 TOTAL FUNDS 5,894,469 5.812.094 Th& charitabl• company 1$ enlrtld to exemption from au4rt under SeCtn 477 of tnè Compans Act 2006 for tho year endèd 31 Deeèmbèr 2023 rhe m•mbers have not deposited notK8. pursuant to Seebon 478 of the Componiès Act 2006 rèquiring an audrt of these tinancièl s18lemernls The trustees a¢kngwW9e tho11 rosponsibilrties for ensur ng that thé charitablè company keeps accounting ItrdS that ¢ompty wrth Se¢tions 366 and 387 of the Companies Act 2006 and preparing financial statemènts which gwe a truè and lair of the slate of affairs ol the charrtable eompany ag at tho •nd ol •oeh Iin•ncio1 y••r •nd of rt surplus or dfieil fol financial yqar in accor(Jance Ythh the requirements ot Sectsons 394 and 395 an¢ which otherwise comply with the requirements of the Compan5 Act 2006 relatin9 to financwl slalem¢nl$, so far as applicable to the charitable company Th8s• ffnanrial statements have been audrted under the requirements of Section 145 of the Chantles Act 2011 The financial statements were approved by the Board of Trustees and aulhonsed for issue on ¥E . and were signed on rt5 behalf by. The notes forni part ofthese fi"nan¢i81 ststements Paoe 14 continued...
NAVNAT VAYIK ASSOCIATION OF THE UNITED KINGDOM STATEMENT OF FINANCIAL POSITION -¢ontinued 31 DECEMBER 2023 D Mithani- Trustee Trustee The notes form part ol tht$• linancial statements Page 15
NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 31.12.23 31 1222 Not¢$ Cash fl¢)w$ from operating xtivit$ Cash generat8d from operations 383,044 230,281 Not cash provided by opeTaling actNits 383.044 230,281 Cash fl¢w• from investing ¥cti¥ttie• Purch85È of tangible Iixed assèts Purchase of fsxod asset investments Sale of tangib fixgd assets Sale ol fixed asset Investments Interest rce1ved 120.0801 1586J861 188.6461 1811,3501 4,575 516,704 5,542 25.179 Not c8sh us)d in Investing actNf(s 1581.2871 1373.1751 Change In cash and ca•h ¢qulv•l•nt• in th• reportlng perknd C4•h and ca•h •quivalent• at th• b•glnnlng ol the r•portlng perlod CoAh and cA•h tqulval•nts at the •nd of the r•portlng perlod 1198.243) 1142,8941 264.547 407 441 264,547 The notes form part ol these financial 5tstementS Page 16
NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBeR 2023 RECCNCILIATION OF NET INCOMe TO NET CASH FLOW FROM OPERATING ACTMTIES 31.12.23 31 1222 Net ineome lor the reporting perlod la• per the staterne ol Flnancial Activities) Adjustments for= Depreciation ch8rges Intere'>t receive¢J Iln¢rè)selldècrease in debtors Incretselldecreasel in creditors 282.375 218.793 111.875 125,1791 113,1031 27.076 107.605 15.5421 3,532 194.1071 N•t cash provlded by operation• 383.044 230,281 ANALYSIS OF CHANGES IN NET FUNDS At1 123 Cash flow At 31.12.23 Net cash Cash at bank ond In hand 284,547 1198.2431 86,304 264,547 1198,2431 66,304 Total 264.547 1198,2431 68,304 The nDtes form part of these finan¢iai aterneThts Page 17
NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEIR ENDED 31 DECEMBeR 2023 ACCOUNTING POLICIES Boslo ol preparing th¢ fin•ncial statemertts The financial statements of thè e.afrtable eompany. which ts a public benelrt ent under FR8 102, have been prepareQ tn accordanco with the Charrties SORP IFRS 1021 'A¢¢ounliD9 ond Reporting by Charitlb3S. Statement of Recommended Praclice applicable to charities preparing their accounts In accordance wrth thè Financial Reporting Standard appIable In the UK and R8public of Ireland IFRS 1021 Ivffective 1 January 20191, Financial Reporting Standard 102 'The Financial Reporting Standard appliciible in the UK and Republic ol Ireland. and the Companies 2006 The Iinancial statements have been prepared under the hL4tori¢al cost conv8ntKn, wrth the exception ol invèstrnents which are included at marke,, value Th fiyancial staternents Incorpora1¢ the a¢¢ounts of Navnat Vanik 8hagini Samaj. N8vnat Bridgè Club, Navnat Vadil Mand81 and Navnot Golf Sooety. The Charity eon5titutes a Public 8en$fft ¢ntty as defLned by FRS 102 Gn9 Conwn The Trustees consider thal there are no malerial un¢ertainti8s about the ¢hariWs abilrty lo continue as Goiig Concern. Incom• All ini.ome ts recogni$ed In the Slatemenl of Financial ActNits oneo the charity ha6 entrtlement lo th fundE, rt is probgble that the Income VAII be re¢&Ned and the amount ¢an ma5ured reliabty. il All incoming resources are Includtd on Ihe Staiement ol Financial AetNrties when Ihe charrty i¥ legally entitled to In¢ome and the amounl can be quantifd wrth reasonable accuracy ill Rental and otn•f inv•stment ineorn• •r¢ Included in the Statèmenl of Finan¢ièl Activrties on accruals asis iiil "Donations in kind" Such 8s proporty 8nd other ass•ts are Ineludtd a5 income 8t thèiT estimated markot values Other donations are recognised when feceNèd Wherè tax has be8n deducted al sourfte, Inc¢me Is grossed up wbere a claim lor the tax repayment has been ma¢e. The tax recoi•r8ble 15 shown as a debtor at the ytar end iv) T he value of vgluntary serves ts not recognisgd. as th• c05t of rfimating thése èxe•e4 any bent,.fils to the us•rs of these financial stat?nwnts. vl Grants are recogfflisad when rt Is reasonabl• lo expeet ihat the giants will be received and that all falaled conditions will be mpt. usually on stsbmissitsn of a valid claim fpT payment Granls in respect of capr.al expendrture are credrted lo a deferred Income account and ai• released lo profrt Over the expticled lives ol the relevant ass¢ts by equal annual instalments Grants ¢1 a revenue nature gre credrted to Income so as to match them wrth the expen#rture to whi¢h they relate vil Annual membership fees are recor(Jed ofi a receipts b85Ks. Subs¢riplw)ns rgceNed lor Lif• MeFnbetship ere credrte(J to a separ8 unrestrKted lund ana rekased to the in¢Dme and oxpendtture 8wounl on a straight line basis over trnty years Lrfe ffembership funds are not refundable Expendftur• Liabilrties are recognised as exp8ndiiure as s¢)on as there 15 a legol ol ¢OnstrUe obligation ¢off,mitting the ¢harity to that expendrture. rt Is probable Ihat a tfansf•r of ecDnOml¢ benefits will b¢ required In settlemeni and the amount or the otjligation can be measurèd reliably Expenditure ts accounted lor on an ac¢ruab basis and has been clas51fied undei headings that aggregatè all cost related to the category. Whère cosis cannot be directy attributtd to Partlar heading5 they have been 8liocated to actNrti*s on a basis con51Stent the us• of resources. Pege 18 continued...
NAVNAT VANIK PSSOCIATION OF THE UNITEO KINGDOM NOTES TO THE FINANCIAL STATEMENTS-contlnued FOR THE YEAR ENDEU 31 DECEMBER 2023 ACCOUNTING POLICIES -continued Expenditure Re•ource$ expended il Expenditure is accounted for on an accruals basis and has been cl8ssifie(l undèr hta¢Jings that aggrèiJate all cost related to the ¢alegory. Where costs cannot be directly 8ltTibuted to partular headiiigs they have tr>een allocated lo actNrties on a basr& ¢on$15tenl wrth the use of r?sources. ill Volijnlary expenses Include the Jw Daya an(1 other donatyons m8de by the Association and caterin9 expenses iiil Expendrture by Navnat V¥nik Associatès Inclu¢Jes the xpenses incurréd by Navnat Vanik 8Magini Samai, Navnat 8ndge Club, Navnal Vadil Manaal and Naal Gorf Souéty as agreed by Ihp Executiv Comnirttee. l Religious lunctions eompnse all èxpenses incurred in hosts'ng religiovs events such as Paryu5han. Ram-IMavmi, J8nmashtami. etc vl So-iallcultural expenses include expen lor the sefwces provided by the Associatiort and w¢ll comp'ise picnics lor members. graduation c8remoni&$. trips, 5emin8rs. at¢ vil Other expenses Include the costs of the nwsl•tt8T IDarpanl and other expenses which do not ftt in the above categories. vill Property expenses are expenses Incurred In the iunning and maintenance of the Navnet Cenlr viiII Gov8rnan¢e Costs include the Costs ol governance arrangements whh relota lo the general running of the charty Thtse actwrts prowdt th• govemance Infrastructur whi¢n allows the ¢harity to operate and 10 9enerate the Inlormathon required for public accountabilrty. locatlon and apportlonm•nt of ¢o•t• Suppi)rt costs are allocated io Gharrtable expenditure of unrestrted fund5 except for the deprec11&n on the buildtng The depreciation on the building Is charged to the Building Fund All the other 5UPPOrt ¢osl$ afe apportioned between relig)US function costs and Social an# cultural function costs In th• ratio of these two cost cat8gories to the sum ol thesè fvvo. prior to the allocation of support costs Slgnifi¢antJudgements and e4timatt• The prp8r8tion of the Iinancial statements requires monagemenl lo make judgements. estimates and 85sur1pns that affeLt the applulK•n of a¢¢ounting poliCS and the reported amounts of a55ets. 118blllt es, Income 8nd expenses The tr5brnates and assumption5 used in th• aceompanying fin8n¢ial statements are based upon manajement's evaluation of the relevant latts and circumstance5 as on the datg of the finènci81 alatements. A¢tU81 resutts may differ from these estimates Estimates and undeilying assumptions are r8viewea on an ongoing basis Rev1510ns to accounting estimatgs are recognisèd In the period in whieh thè estim8tes are revised and In any lulure periods èffècte InforMatn about estimation uncèrtainlies that may have a signthcant risk of resufting in a matgrial adjuslment wrthin the nekl financial year are". TAngible flxed auets Oeprecialion Is provided at the following annual rates In order to wrrte off 8ach asset over its 951imatgd Freeh)kl propèrty Ftstures and ffttings 2% on cost 15% on dUcIng baknce Page 19 Continued...
NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OECEMBER 2023 ACCOUNTINO POLICIES - contlnued Tangible fixed assets Th¢ r•sidual values of the fixed assets (excluding landl ale r8viewed annually 8Per considering the remainlng lrfe ol the asset and proieu.ed disposal wdlues. The estimation of the useful lives is based on hi51orc performance as well a$ ¢xpectatK)n about future use and, ther8fore. requires a (Jegree of judgement lo be applied Tho d•precltIOn rates represent managements eurrènt best estimate ol the uselu. Iwes of thé assets. A mater1 changè In these esbmates may signifi'cantly impaet the Carrying value4f ol these assets Dona-.ed assets donated assets are recorded . lair values ascertained by thè Trustees Of externèl professional valuers at thé time of the donation Valuation exerctse can Involve assumptions and profèssson31 judgements and small changès In th• assumptK)ns and professional ju(Jgements can cause large deviations the fair values ol the donated assets. Asse1s a wJt In excess 01 £1.000 Intend•d to be of ongoin9 use lo the A550cialion in carrying out rt5 ar.Ivities are capitalised as fixed assegs Freetriold land is not depreciated. Assets under eonstruction ar• not deprecigled unbl ihe assets are brought Into u$e. Debtor• Tradi: and othèr debtors are recognised at the settlement amount duo after any tradè di5eounl offer8d. Prepdyments are Wdlued at the amouni piepaid nel of any trade discounts due. Ca•h at bnk and In hand Cash ?t bank and cash In hand includes cash and Short term hwhly Iiqukl inv•stmonl$ wKh a shofl malu-rty ol three months or less Irom in¢ dat8 ol opening of the d&po$rt or similar accDunl Cr•ditor¥ and provi•iong Creditors and provisions are r6¢ognisèd wnere the Charty has a present obligation resuhing from past event Ihat will probably resutt In tre transler ol funds to a third party and the amount (Jue lo settle the o?11gation can be mèasured or estimated relrdbly Creailors and provisions are normally recognised al Ihir 6etNement pmount attèr allowing lor any trasJe discounts due. Taxatlon The (.harity is èxempt from rP¢r01tn tax on (($ ¢harrtable aebvthes. Fund accounting Unreii tricted funds can be used In accordartct wrth the charrtable obiectryes al the discretion Of the trustÉ•s R•$tricted funds can onty be used lor parti¢ular restricted purposès within the objects ol the charrty. RÉslrictions arLse when spe¢rfserJ by tno donor or when funds aw8 r8tB8d for partieular restricted purposes. Further eXplanatn of the nature and purpose of each fund is Included in the notes to thè financwl staleinents P•nion costs and other postrtlrement b•n•fft The charitable company op8rates a defined contri)utson pension scheme. ContnbutKJns payable to tha eharrtablo companys pèn5 scheme afè eh¥fged to Ihe Statemènt of Financial Activities in the period to which they rei*e Page 20 continued
NAVNAT VANIK ASSOCIATION OF THE UNITED KINQDOM NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENoeD 31 DECEMBER 2023 ACCOUNTING POLICIES- continu Pension wsts and other po•t-r¢tlrement benerrts Emplo¥ees of the ¢harty art entitled lo join "NEST pension scheme NEST vrd5 cleated by the government to make sure that every employer has access to an atho eniolment workplace pension scheme. The ¢harrty contTibulion is rèstricted to the contribthion$ dffsclosed In note 11. The costs of the scheme are Includèd wrthin support governan¢e costs and charged to the uniestricted funds ol the eharrty using the methodology set out in note 8. Flxed assets IVements Fixed a55ets investmènts are valued at costs less any Provision for impainnent in value. DONATIONS ANO LeGACIES 31.12.23 31 1222 120.X6 4.733 163.594 5,036 Donatyons Subscriptions 125,039 168,630 OTHER TRADING ACTIVITIES 31.12.23 31 1222 159,640 543,255 82,541 317.826 Hall hiT8 Income Car park rental ineome 702.89J 400.367 INVESTMENT INCOME 31.12.13 31 1222 Interest roeewable 35,179 5.542 Page 21 conlirsued
NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS-¢ontfinued FOR THE YEAR ENDED 31 DECEM8ER 2023 INCOME FROM CHARITABLE ACTP4tfiES 31.1223 31.12.22 Navndt Vadil Mandal In¢ome ol NVA affiliaies Navniil 8hagini Samaj Income of NVA affilia'.es Navn<lt Bridge Club Income of NVA affiliatès Navniit Goll Club Income ot NVA affilia'.es Paryushan and Prrtibhojan Relvjious lunctKJns Navratri Religious fUnCtnS other rèligious functions RelIguS function$ Social and ¢ultural funcli,)ns Darpdn and ottter trading actiwiies 98,033 33,920 15,222 16.875 34.706 21.691 11,168 77,135 22.054 15,038 31,482 67.573 14.053 1S,590 Social and cuhurxl functions 81,740 78,558 Darpan and other charrtabla actmt 1.119 311.381 322,600 RAISINQ FUNDS R4i•lng donAtlons *nd leg•cie• 31.12.ZJ 31 12.22 Cleaning and premsses expenses Repa1rs and renewals H811 hire event expenses Car Fark expenses 1S,369 127,300 12,207 20.725 11,667 52,449 2.787 181,601 66,903 Oth•r tradlng •Ctlvltl•s 31.12.23 31 1222 Bad debts 25,890 Aggri:gate amounts 181,601 92,793 Page 22 continued
NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS-¢ontinued FOR THE YEAR ENDED 31 DECEMBER 2023 CHARITABLE ACTIVITIES COSTS Support CostslS•• nat• 81 T•)til 2023 Total 2022 Rdigiou$ knCtn8 Socrdl Eryj cuiiwal lurtlions ExpenditUFP by NVA Sub-Commitl•es Olhei Expen3 1.c6S 107.172 153.430 126,311 66,727 284.407 173.899 153,430 217.810 161.9x1 125,651 3.325 Buiwing 88.782 88.762 83.134 416.698 T,498 591,e50 The Cyarity made the following donationslgrants during the year for Jwdaya purposes". 2023 2022 Grartsldonations to Inslrtution5 67. 153 Grortsldonations to Indwiduals Total 18,168 67.153 18,188 There were no support costs allocated to the granl-making a¢tMtie5 The above donations were made for the improvement ol INing and health conditions of all INing beings and ci"tature5 and would Include donation5 lor support for humanitarian causes and ¥nirnal we1f8ra. SUPPOR T COSTS Governance ¢051s Manaoement Finance Totals Religious functions Social and cultural functions Building 108,399 55.W7 08.762 18,508 10.820 128,311 66,727 88.762 253.068 3,404 27,328 283,800 The Ictal support C05t attnbutable to eharrtable actmbes L8 appOrtned pro-rala lo the Charrtable Expendrtur• ol UnStrICted Funds In proportion of their share of the Total Charrtable Expènditure ol Unreiiricled unds. The Trustees have decided to meet ali (3)vernance Cost from NVA only and not frorn the offiliète$ Oepreciatson is ch8r9d to the General Fund No allocatio, or Chgrge Is made to Restricleé Affiliate$ funds lor any other Governan¢¢ or Support related costs Page 23 conliThue¢J
NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS-conlinued FOR THE YEAR ENDED 31 OECEMBER 2023 SUPPORT COSTS - continued Support costs. Include¢ In the above. are as follows. Management 31.12.23 31.12 22 Social and cvllural functn5 Reli9KIUS fundi)ns Total activrt•s Totsl actNities Building Wages Socia. securrty Pensions Rates and watèr Inyurlince Light and heat Telephone Postage and 518tionery Trave l & subs Comi)uter expen5¢S D•pri)¢ialicn af tangib and feirtagé assets 60.275 2.951 1.876 3.047 5,274 8.512 1.045 1.938 576 1208) 39,510 1.935 1230 99.785 4.886 3.106 5.045 ,731 14.092 1.730 3.209 953 13441 70.097 1.714 6,325 7,463 7.798 2,599 2,344 141 1,450 3.457 1271 377 11361 23,113 88.782 111.875 107,605 108.399 $5.W)7 8B,762 253,068 207,S36 Fln4nc• 31.12.23 Religious functions 31.12.22 Total activities Bank chaig*s Foreign exchange drfferenc•s 2,$01 903 1,449 11091 3,404 1.340 Governan co•t• 31.12.23 31 1222 Social and eunural function5 Religiou$ functions Total adNIlios Ttstul aclivities Accountants. lees Auditors, remuneration Accountancy and legal fees Sundry expenses Annua1 general meeting 3,S75 4,553 911 739 942 9.281 11.500 2.300 1,867 2.380 9,230 17,500 1,990 639 4.225 6.947 1.389 1,128 1.438 16.50 IOA20 27.328 33J92 Page 24 continued
NAVNAT VANIK ASSOCIATION OF THE UNITeo KINGDOM NOTES TO THE FINANCIAL STATEMENTS -contin¥ed FOR THE YEAR ENDED 31 OECEM8ER 2023 NET INCOMEllEXPENDITUREI Net incomellexpendrtufel B slated after chargin(Credn9I. 31.12.2J 31 12.22 Accountants. fee5 AuditOl"5' remuneration Depro1:ialion- owned asse1$ 0,281 11,SOO 111.878 9,23e 17.500 107.604 10. TRUSTEES, REMUNERATION AND BENEFITS Theré were no trustees, remuneration or olhef benefrts for the year end•d 31 December 2023 nor for tho year end¢d 31 O¥cember 2022. Tru•toes' expen••• Tttere wore no trustees, expensès paid lor the year ended 31 December 2023 nor lor the yaar ended 31 Deeèmbor 2022. 11. STAFF COSTS 2023 2022 Wagw5 and s8rIeS Othèr slaff costs 99,785 7,992 99.131 2,445 107,777 101,576 The abov• co$ts are the full staff costs lor th• charrty. Some of these Costs are lor specific evenls, such as N8vratri an¢ Paryushan. ar,d are included wrthiTr Ih85• event costs A breakdown ol staff co$15 that 41r8 allocated lo specific events are shown In note 8. Other staff costs of £7,992 In¢lude5 •mployers pènsion ¢onlribution of £3.1( 12022. £1,932) and 8mployers NIC of £4,88612022 £5131 The Mv¢rage monthly numb*r of employe•s dunng the year wgs as follthvs. 31.1123 11 31.12.22 Emp oyees No emp85 receivety emoluments In ¢XGess of teo.000. Page 25 Continued
NAVNAT VANIK ASSOCIATION OF THE VNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS - ntInUed FOR THE Y&IR ENDED 31 DECEMBER 2023 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted lund5 funds Total funds INCOME AND ENDOWMENTS FROM Donatsons and bgac 39.190 129,440 168,630 Chari¢abte a¢tivitle¥ Incoma of NVA ?ffiliales Religi(ius functions Social and cultural functions Oarpan and other Charrtab actNrts 145.709 145.709 97,216 78,556 1.119 97.216 78,556 Other trading actNth•s Investm8nt Income Other Income 400,367 5542 6.297 400.367 5,542 8.297 903,436 T¢)tl 626,287 275.149 EXPENDITURE ON Rai$i119 funfjs 92,793 92,793 Ch•rrtabl# actlvltl Religious funcllons Soc181 and cultklTal functKJns Darpiin and other Charitab actNrfi•s Expendrtur• by NVA affiliaies 8uild.ng 199.622 161,930 3,325 18,188 217.810 161.930 3,325 125,851 83,134 125,651 83.134 Total 540.804 143,839 6e4,643 NET INCOME Tr*n•f•rg be••n funds 87.483 3,753.984 131.310 13,753,984) 218,793 N•t movem•nt In fundfj 3,841,487 13.6# 8741 218.793 RECONCILIATION OF FUNDS Totsl funds brought forward 1,S02.455 3.890.846 5.393,301 TOTAL FUNOS CARRIED FORWARO 5.343,922 268.172 6,612,094 Page 26 cont)nued..
NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOII NOTES TO THE FINANCIAL STATEMENTS-continu•d FOR THE YEAR ENDED 31 DECEMBER 2023 13. TANGIBLE FIXEO ASSETS Fi%tures and ffttings Freehold propety Tot815 COST At 1 J.3nuary 2023 AdditioDs 5.553.472 4.649 369.862 15.431 5,923a34 20,080 At 31 December 2023 5,558.121 385,293 5.943.414 DEPRECIATION At 1 January 2023 Charc e for year 882,6S0 88.762 231,199 23.114 1.093,849 111,87 At 31 December 2023 951.412 254.313 1205.725 NET BOOK VALUE At 31 De¢emb¥r 2023 4.600.700 130,980 4,737.889 At 31 08c•mtsor 2022 4.090,822 138,683 4,829.485 Included In cost or vgluation of land •nJ buiklings is freohold Jartd of £1.120,00012022 £1.120.0001 The Eloard ol Trustees an¢ the ExecutN8 Commrtteè ar• of the opinKJn that the mark•t value of thè freehold land and builJing exeeed the net book value. Th8 harrty has leased out th• Car PaTk over a short-tem lease The costs and aCCUTnular¥d doproeiation of this asset have not been discbsed separately be¢ause thè expenses that the Charity will Incur In (Jeiermining Ihe historical ¢o$t and any aGcumulaled depreciation 15 dispropoth'onate lo the value ol this Information to the users of the financkql statements. 14. FIXED ASSET INVESTMENTS 31.12.23 31 1222 Oth•1 1.277.980 691.594 Thère w•r• no Investment assets outsJe me UK. InY¢itmeni¥ Inerther listed nor unlisted) were a6 lollow5. 31.1223 31.12.22 Bank dep05rt5 8ank deposrts- additions Bank deposrts- disposals 691.$94 957.386 1371,OWI 3.94fj 811.350 1516.7041 1,277,980 691.594 Page 27 conlinu¢d
NAVNAT VANIK ASSOCIATION OF THE UNITED KINGOOM NOTES TO THe FINANCIAL STATEMENTS - conts.nued FOR THE YEAR ENDED 31 DECEMBER 2023 15. DE8TORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.23 31 12.22 Trade debtors Olher debtor5 Pf8Pgiiments and a¢¢rue(J incomè 2.200 4,929 22,755 6.739 10,042 29.884 16,761 16. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.23 31 13.22 Trade credrtors Soci81 securty and other taxes VAT Sundry creditors Accruals and d*lerred incom• 7.191 15.565 36,736 119,587 75.520 114,792 217.388 1è0,313 17. ANALYSIS OF NET ASSETS BETweeN FUNDS 31.12.23 31 1222 Total funds Unrèstrict•d fun¢Js Restiicteij funds funds Fixed assèts Inve$".mènts Current assels Current lbilitieS 4,737.¢89 1.019.383 44.873 1147,5LN)I 4,737.689 1.277.980 96,188 {217,3881 4.829,485 691.594 281,328 1190,3131 258.597 51.315 169,8881 5.854,445 240,024 3.894,489 5,812,094 Pa9è 28 Continued
NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 MOVEMENT IN FUNDS Net movement In funds Transfers betr4een funds At 31 12.23 At 1.1 23 Unrestrlcted lunds General fund Lffe memb•rship fund ,273,048 70M74 5.287 4,733 14.283 13.7801 5,582,618 71,827 5J43.922 300.020 10.$03 5,654,445 Restricted lund• Jiv Daya Fund 8hagiii Samai Navn•t Vadil Mandal Navn<lt Golf Society Navntht Bridge Club 68.042 88.249 98.742 126.2T11 12.S601 13851 3,793 7.758 41,771 83.188 91,37S 9,641 34,049 12.5011 1S,OD21 29.291 {3.0001 268.172 117.6451 110.5031 240,024 TOTAL FUNDS 5.612,094 282.375 5.894A69 Nel rriovernent In lund$, ineluded in the above are as follows Incoming resources Resources expendeu Movem*nt In funds Unrestrlcted lund• Gener81 fund Lifè niemb•rship fund 956.803 4.733 1681.5161 295,287 4,733 961,536 31x1,020 Re•trl¢t•d fund• JN Diiya Fund 8hagini Samaj Navn at Vadil Mandal Navn,yl Golf Society Navnat Brkdge Club 40.882 33,926 96,033 16,875 15.222 187,1531 136.4881 196.3981 113,0821 17.4841 126,2711 12,5601 13651 3,793 7,758 202.938 1220J83} 117,8451 TOTAL FUNDS 1.164,474 1882.0991 282.375 Page 29 continued.
NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM NOTES TO THE FINcIAL STATEMENTS-¢ortlnued FOR THE YEAR ENOED 31 OECEMBER 2023 18. MOVEMENT IN FUNDS-continued Comparatlves for movement in fund$ Net movement In lunds Transfers bets¥Éen fvnds Al 31.1222 At1 122 Unre•lrlcted lund• Generiil fund Life membership fund 1.432.887 69.568 82.447 5.036 3,757 714 13,7301 5.273,048 70,874 1,502 455 87.483 3.753.984 5,343,922 Re8trlGted fund Buildir g lurtd Jiv t)aya Fund 8hagini Sarnai Navnat Vadil Mandal Navnilt Goll Society N8vn#t Bridge Club 3.653 495 48.278 63.648 94.150 6.897 24.378 91 488 {3,744,9831 19 764 7.601 13.0001 7.593 15,0011 11,0491 5.913 66,042 68,249 96,742 5.848 29.291 11.0001 3,8go.846 131.310 13.7S3,9841 26B.172 TOTAL FUNDS 5.393.301 218.793 5,612,094 ComparatNe net movement in fvnds. inelud¢d m the above are as follows Incoming resour¢•s Resources exptnded Movement In funds Unre•trlct•d fund• Geni?ral fund Life membèrship lund 82,447 5.036 823.251 5,036 1540.8041 628,287 1540,8041 87,463 R••trl¢t•d fund$ 8uil(Iing lund JN Cl8ya Fund Bhaiiini Samai Navnat Vadil Mandal Navn81 Golf Society Naviat 8ridg¢ Club 91 488 37.952 22,054 77.135 31 462 15.038 91,488 19.764 7.601 7,593 11.0491 5.913 118.1881 14 4531 169 5421 132.5311 19,12SI 275.149 1143 8391 131.310 TOTAL FLJNDS 903.436 1684.6431 218.793 Page 30 continuèd..
NAVNAT VAPIIK ASSOCIATION OF THE UNITED KINGDOM NOTES TO THE FINANCIAL sfATEMENTS- Mntinued FOR THE YEAR ENDED 31 DECEMBER 2023 18. MOVEMENT IN FUNOS - Gontinu¢d Brsèf descrlpin of the vrk)u• funds.. Unre8trlcted Funds: Gènèral fund Thi5 (".onstrtules the iotsl fvnds receNed and generatefl by the Charity The Trustees review the ctwities and financial accounts of the Navnat affIlte5 and any shortfall ol these affiliat¥s' aecounts are made up from the genaral fund. The General Fund ha5 a transfer of t5.002 from Vadil Mandal, £3.000 Irom Navnat 8rioge Club and £2,501 from Bhagini In 2023 These are contributions mode by thes• affiliatès to NVA General fund towards u5a9e of the premises. Llfv membershlp fund This fund represents the Ill¥ membership lee5 that ale ¢Olkcted from Navnat members. The lil¥ Memr$1p tees are amort15ed Ic the Statement of Financial ActNrty on a 20-yoar period. Regtncted Fund•'. Bullding fund rmis lund compnses ol don¥tion$ and Income from various lunth'ons reNed for the dveloprngnt I exparision ol Navnat Ctntre and also includes bank deposit snterest Once the corresponding a$s8t ha5 boen commissionèd I cornpleted and put Into general use of Ihe ¢harrty tsn an unrestricted basi6 lor any ¢haiitable purpose then thè assei and the c¢rregponding building fvn¢ Values are Iietyted as unreslrict•d and Included wrthin the General Fun(J values. Don¥tions re¢giv•d lor future projects f•L9tèd to the buikaing will contsnue lo b8 treated as restricted until th• pr¢i•ct is complètpd Bhaginl S8moJ This fund Is designated lor Ihe ¢o$t of OP¢Tating the Navnat Bhagini Samaj ILondonl. Jlv Day4 Fund This lund repr$ents donatn¥ for the improvement of INing and hgalth condition5 of 811 INing beings ( realures. N•vnat Vadll M•ndl This =¢nstrtuies designaied funds set as* and donatsons receNed for a club for the elder ¢ommunty members Golt Club This represents the designatsd donatron Income and expenses th regards lo the Golf club for the Navnal cornmunrty Brldge Club This fund represents the deswJnated monie5 collected and expenses Spent by th¢ Bridge Club meFnt)ers Page 31 eontinued...
NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM NOTES TO fHE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 19. RELATED PARTY DISCLOSURES Bank of Baroda Indw account K% heid by Arnrt LaLlia and Mi. Dhiru Galani lour prewou5 EC members and ex-trustessl as nominess on bÈh#ll of the Chanty Page 32
NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM DETALED SIATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 31.1223 31 12.22 INCOME AND ENDOWMENTS D¢natkJn8 and l•gacle• Donations Subscriptions 120.306 4,T33 163,594 5,036 125.039 168,630 other tradlng xtivitiès Hall hire Incoin• Car park rental Inc¢m• 159.640 543.255 82.541 317,826 702,895 400,3e7 Inv•$tment Income Interest recei'oabl• 25,179 5,542 Charitawe *¢tlvitl•¥ Navnat Vadil Mandal Navnal 8hagini Sarnai Navnal Bridge Club Navnat Goll i=lub Paryushan and Prili>hojan Navratii Other religioiis funCt)n¥ Social and cuttural functions Darpan and other trading activrties 96,033 33,928 15.222 16.875 34,706 21.691 11,188 81,740 77.135 22,054 15,038 31,482 67.573 14,053 15,590 78.sse 1,119 311,361 322,600 oth•r Incon Other Income 6,297 Totol Incomlng re•ource• 1.164,474 903,438 EXPENDITURE Ral•lng don4tlon• And l•g•cio• Cleaning anij prernsses èxpense$ Repairs and rÈnewals Hall hire event expens8S Car park 8xpèns•s 15.369 127,300 12207 26.725 11,687 52.449 2,787 181.601 66,903 Oth•r tradlng activities 8ad debts 25,890 This page does not form part of the statutory finan¢wl statement5 Page 33
NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 31 12.23 31.12.22 othèr tradlng *etlvitle8 Charitable activities Advert15ement Navnat Vadi Mandal expenses Navnat Bhaqini Sarnai expenses NavTlat Bridqe Club expenses Navnai Goll Club expènses Paryushan znd Pritibhojan Navratri Jivdaya donations Other religious functtons Social and cuttural functions Darpan oxp8ns•s 1.800 69,542 14,453 9,125 32,531 55 589 17,722 18.168 57,592 69.515 3325 96,398 38.488 7.484 13.082 52.666 14.612 67,153 22,517 104,919 416.698 349,382 Support co•t• Management Wages Social securty PenSn$ Rates and w•t8r Insurance Light and h8at TelephonÉ'. Postage and stationery Travel & subs Compuier •xpensts Freehold Iiropety Fixiurej and fittings •9.785 4.888 3,100 3,045 8.731 14,092 1,730 3,209 953 13441 88.782 23.113 70,097 1,714 6.325 7463 7,798 2,599 2,344 141 1,450 83,134 24.471 253.066 207,536 Financ• Bank charges Foreign •.'<eh8nge diffèrences 2J01 903 1,449 11091 3,404 1,340 Govarn•nc• co•ts Accountants. lees Auditors, iemuneraiion Accounlaiicy and legal fees Sundry e) penses Annual 9tner81 rneeng 9,281 11,500 2,3OD 1.867 2,380 9.238 17,500 1,990 639 4.225 27,328 33.592 Total re$oL rces expen¢Jed 882.099 684,643 Net Income 282,375 218,793 This page does not lorm part of the slatulory financi81 staternents Page 34