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← Navnat Vanik Association Of The United Kingdom

2024-12-31-accounts

REGISTERED CHARITY NUMBER: 1173042

REPORT OF THE TRUSTEES AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM

NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Page
Report of the Trustees 1 to 9
Report of the Independent Auditors 10 to 12
Statement of Financial Activities 13
Statement of Financial Position 14 to 15
Statement of Cash Flows 16
Notes to the Statement of Cash Flows 17
Notes to the Financial Statements 18 to 30
Detailed Statement of Financial Activities 31 to 32

NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

The trustees present their report with the financial statements of Navnat Vanik Association of the UK (herein after referred to as the "Charity"), for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and 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 published in October 2019.

OBJECTIVES AND ACTIVITIES

Objectives and aims

The aim of the Charity is to promote any charitable purpose for the well-being of its members, for the advancement of education, religion and the provision of facilities in the interests of social welfare, for recreation and leisure-time occupation with the object of improving the conditions of life and health for the said members; to associate with local authorities, voluntary organisations and residents in a common effort to advance all forms of education for its membership; and to foster a community spirit for the achievement of these.

The Charity's real strength lies in the enormous amount of voluntary service it receives from its members who willingly and generously give their time at all hours. Volunteers do not receive any remuneration. The Charity's Executive is responsible for the management of the building including rental of halls and their maintenance. All other activities of the Charity are organised by the Charity or done through its affiliates comprising of Navnat Vanik Bhagini Samaj, Navnat Vadil Mandal, Navnat Bridge Club and Navnat Golf Club.

Organisation

Executive Committee ("EC"):

Under the terms of the constitution, the management of the Charity is vested in the Executive Committee, which is elected every two years by the members at its AGM. An AGM is held every year. The membership of the Executive Committee is set later in this report. The Executive Committee members are not remunerated for their services and they rely on substantial voluntary help from the Community members. The Executive Committee meets monthly and additionally as required. The Executive Committee members are also the Trustees of the Charity for the Purpose of the Charities Act 2011.

Board of Advisors:

The Board of Advisors, whose names appear later in the report, are nominated by the Executive Committee. The Advisors hold office for a term of five years.

Management of the Charity's Affairs:

The Executive Committee convenes on a regular basis to plan and discuss the Charity's activities and events. The Executive Committee has set up additional supporting sub-committees with the objectives to supervise particular activities of the Charity and/or to provide additional assistance and guidance. The sub-committees have their own terms of reference and their reports, findings and recommendations are discussed by the Executive Committee at each Board meetings. The sub-committees and their objects are:

Building committee To maintain and refurbish the Navnat Centre
Health and Safety To advise EC on all H & S matters. To ensure Navnat follows all relevant H &
Committee S guidelines
To manage the Charity's website, posts on Eventbrite, regular mailshots and
Web committee social media
Editorial committee To manage the Charity's newsletter and other associated publications
Grievance committee Independent mediation body to resolve any grievances from EC members.
NCCP upgrade
committee Managing the Navnat Centre Car Park to exploit its potential for the Charity
Systems committee To maintain the technology solutions for the organisation

The Executive Committee may at times also appoint other persons / support groups in order to manage special events, such as Paryushan, Janmashtami, Building Projects etc.

Page 1

NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

The Charity also includes affiliates, which cater for different needs of the community:

- Navnat Vanik Bhagini Samaj:

The Navnat Vanik Bhagini Samaj operates for the benefit of the welfare of the Charity and Community's ladies. It has its own Executive Committee, elected by Bhagini (ladies) members at its annual general meeting held each year.

- Navnat Bridge Club:

The Navnat Bridge Club operates for the benefit of the Charity and community members to give them knowledge about Bridge as well as playing Bridge on a weekly basis. It has its own Executive Committee elected by members of Navnat Bridge Club.

- Navnat Vadil Mandal:

The Navnat Vadil Mandal is for the benefit of the elderly members of the Charity and community. They meet every Friday to do Yoga, to pray, engage in cultural activities, to play cards and to enjoy food lovingly made by a wide group of kitchen volunteers. It has its own Executive Committee elected by members of Navnat Vadil Mandal.

- Navnat Golf Club:

The Navnat Golf Club operates for the benefit of the Charity and community members to give them knowledge about Golf. It has its own Executive Committee elected by members of Navnat Golf Club.

In addition to the affiliates mentioned above that elect their own Executive committees while operating under the overall guidance, rules and constitution of NVA, there are also groups that operate within Navnat running regular activities like Jalsa club that meets every Tuesday and Badminton Club that plays weekday evenings from Tuesday to Thursday at Navnat Centre. Navnat Next Gen is a group within the charity, that has been formed since 2021, specifically created to engage the 25-45 years age group.

Public benefit

In reviewing our aims, objectives and planning future activities, the Trustees have considered the Charity Commission's general guidance on public benefit and in particular its supplementary public guidance on the advancement of religion for the public benefit.

The Trustees always ensure that the activities undertaken are in line with the charitable objectives and aims of the Charity.

One of the Charity's principal aims, and objectives is to promote the well-being of its members and for the advancement of education, religion and the provision of facilities in the interest of social welfare and so playing an important part in building a better society.

Page 2

NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

STRATEGIC REPORT Achievement and performance Charitable activities Internal Control

The Trustees have overall responsibility for ensuring that the Charity has appropriate systems of internal controls across the entire organisation. They are also responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements follow best practice.

The systems of internal control are designed to provide reasonable, but not absolute, assurance against material misstatement or loss. Internal control processes implemented by the Trustees include:

Risk Management

The Trustees actively review the major risks which the Charity faces on a regular basis and believe that maintaining the free reserves at around £350,000 combined with the annual review of the controls over key financial systems will provide sufficient resources in the event of adverse conditions. The Trustees have also examined other operational and business risks which the Charity faces and confirm that we have established systems to mitigate the significant risks.

Review of Activities

(i) Freehold Property:

The Charity owns the freehold property at Navnat Centre, Printing House Lane, Hayes Middlesex, UB3 1AR. The property is available to any individual or organisation in accordance with the standard hiring agreement and scale of charges adopted for the year.

The income from hall hire during the year was £125,599 (2023: £159,640) and income from the rental of the car park was £519,946 (2023: £543,255). Total costs for running and maintaining the Charity 's property amounted to £264,097 (2023: £298,922).

Page 3

NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

(ii) Core Activities and Projects:

All our religious, social and cultural programmes - Mahavir Janma Kalyanak, Ram Navmi, Janmashtami, Paryushan & Pritibhojan and Navratri were celebrated at the centre. For the past couple of years we have alongwith the Indian diaspora celebrated India's Independence Day under the auspices of Azadi ka Amrit Mahotsav. This has been a hugely successful event celebrated in our grounds. This has raised our profile considerably amongst other cultural and charitable organisations and also enabled additional income generating events for the charity.

Our Next Gen group celebrated a number of events like Dating event, Easter egg hunt and their marquee event couple of fun filled events at Navnat Centre - Holi. It is heartening to see and support the next generation of Navnat organise events successfully and bring in different perspectives and new audiences to Navnat.

(iii) Communication to the Members:

The Charity's website serves to inform members of upcoming events and news of birth, marriages and death within the community. The website also enables online booking for hire of the Navnat Centre facilities. Web-blasts from our web team have also become a very important and useful mode of communication to our members. The Charity also makes use of social media to interact with its members including Facebook, Twitter & YouTube.

Page 4

NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

STRATEGIC REPORT Financial review

Financial position

The financial statements comply with current statutory requirements and with the requirements of the Constitution.

Governance and Support costs have been allocated by activity in the statement of financial activities, across the activities that the function supports in order to arrive at the full cost for each reported activity.

(i) Results:

The results for the year are shown on page 13 of the financial statements, which the Executive Committee considers to be satisfactory.

Total Income and Endowments received in 2024 are lower than those received in 2023. The hall hire income was also lower, whilst our car park income remained stable through active management

Surplus for the year from normal activities (excluding Building Fund) has decreased this year.

The Charity had a surplus of £263,113 (2023: £282,375) during the year. The Trustees would like to acknowledge and thank the tremendous efforts of the volunteers and the many supporters of the Charity for their kind and generous donations.

(ii) Total Reserve Funds - Restricted and Unrestricted:

The Charity's total reserve funds as at 31st December 2024 stood at £6,157,582 (2023: £5,894,469).

(iii) Jiv Daya Fund

The fund is a restricted fund, which was set up for the purpose of improving the living condition of all living beings (human and animals). The Executive Committee have made donations from the Jiv Daya Fund to various other charities totalling £66,538 (2023: £67,153). Donations received for Jiv Daya purpose including Gift Aid amounted to £45,393 (2023: £40,882).

Our Bank of Baroda India account that is used to remit Jivdaya Funds to charities in India is in the process of being closed.

(iv) The Building Reserve Fund

During the year, total donations including Gift Aid received amounted to £2,917 (2023: £60,570). Based on the guidance of Charities-SORP-FRS 102-2019A Section 2.12, as the extended and refurbished building was completed in February 2022 and as the asset is being used on an unrestricted basis for any charitable purpose the Trustees have discussed and agreed to transfer the balance in Building Fund to General Fund and account it as General Fund going forward.

(v) Navnat Centre

The Trustees ensure the use of the Centre is split between its affiliates' bodies and the printing and distribution of Darpan so as to continually promote the activities and Objects of the Charity.

(vi) Fixed Assets Investments

The Fixed asset investments comprise funds held in treasury deposits and these have increased from £1,277,980 to £1,555,265 this year.

Page 5

NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

STRATEGIC REPORT Financial review

Investment policy and objectives

The Charity receives income on an annual basis through donations from its members and general public, membership subscriptions, income from hall hire, car park and other sources. It plans activities over a twelve-month time horizon and budgets to expend anticipated income in furtherance of the Charity's objectives, except for retaining a prudent amount in reserves.

At present, the Trustees and Board of Advisors do not consider that it is prudent to invest in riskier assets (such as listed shares and other similar securities) for the longer term. The policy for investment is therefore to retain funds as cash and place them in bank/treasury deposits at the best interest rate obtainable.

Reserves policy

The Trustees conduct an annual review of the level of unrestricted reserves in the general fund by considering risks associated with the various income streams, expenditure plans and balance sheet items. This enables an estimate to be made of the level of reserves that are sufficient:

Risks and issues considered by the Board of Advisors in making this judgement on the level of unrestricted reserves include:

The Trustees consider that the Charity should have free reserves of approximately £350,000 to cover its core activities for 15 to 18 months. Actual free reserves (including short term investments in money market instruments) as at 31st December 2024 were £855,474 (2023: £911,050). Unrestricted funds were £5,926,096 (2023: £5,654,445) and restricted funds were £231,486 (2023: £240,024) as at 31 December 2024. These additional reserves would contribute towards the future plans of the Charity.

Future Plans

Car Park Resurfacing

We are pleased to inform that the root treatment on the trees lining our boundary fence was completed after protracted follow up and negotiations in January 2023. We have now started the process of planning out the resurfacing of our car park for the benefit of our users. This will be combined with the provisioning of Electric car charging points at suitable places in the car park.

Sports Facilities

On a medium-term basis, our vision is to expand our sports activities by building an all-weather sports complex over the present disused tennis court. From 2021, we have started free cricket training sessions for young kids, All Stars cricket (5-8 yrs) and Dynamos cricket (8-11yrs), for both boys and girls under the auspices of English Cricket Board (ECB). All equipment is provided to the kids and we have had Navnat gents and Bhagini ladies trained as activators to provide training to the kids.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Charity is Charitable Incorporated Organisation and is governed by its Governing document, a constitution and related rules.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

Page 6

NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

CE009991 (England and Wales)

Registered Charity number 1173042

Registered office

Navnat Centre Printing House Lane Hayes Middlesex UB3 1AR

Trustees

D Mithani S Sanghraika K Batavia J Doshi D M Kamdar H Doshi S Bavisha D Holden S B Varia B Mehta K C Vora P J Vora K Jashapara (appointed 12.5.24) S Bakhai (appointed 12.5.24) K Batavia (appointed 12.5.24) M Doshi (appointed 12.5.24) S Mithani (appointed 12.5.24) A C Mehta (appointed 12.5.24) N Mehta (appointed 12.5.24) K Adani (resigned 12.5.24) R Shah (resigned 12.5.24) P PD Mehta (resigned 12.5.24) H Shanghavi (resigned 12.5.24) M P Kothary (resigned 12.5.24) N G Udani (resigned 12.5.24)

Auditors

AKS Advisers Limited, Statutory Auditor Fourth & Fifth Floors 14-15 Lower Grosvenor Place London SW1W 0EX

Honorary Solicitor

Spencer West LLP Mrs Mamta Parekh 20 Chiswell Street London EC1Y 4TW

Page 7

NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

REFERENCE AND ADMINISTRATIVE DETAILS Advisors Executive Committee

President: Vice-President: General Secretary: Joint Secretary: Treasurer: Assistant Treasurer: Membership Secretary: Hall Secretary:

Mr Jaswantrai Doshi Mr Kishorechandra Vora Mr Subhash Bakhai Mr Bachoolal Mehta Mr Ketan Jashapara Mr Dilip Mithani Mr Kirit Batavia Mrs Hasmita Doshi

Committee Members comprise:

Mr Kishorekumar Batavia Mrs Sangeeta Bavisha Mr Mayur Doshi Mr David Holden

Mr Shirishkumar Mithani Mr Shamir Sanghrajka Mr Piyush Vora

Board of Advisors

Mr Amit Lathia Mr Nitin Parekh Mrs Bina Sanghvi

Mr Sunil Sangani (resigned 12 May 2024) Mr Koolesh Shah Mr Jayesh Doshi (appointed 12 May 2024)

Bankers

National Westminster Bank Plc PO Box 39952 2/12 Devonshire Square London EC2M 4XJ

Bank of Baroda Indian Khetwadi Branch Mumbai 213, Khetwadi Main Road Mumbai Maharastra - Pin 400004 India

State Bank of India King Street London EC2V 8EA

HSBC 28 The Broadway Southall Middlesex UB1 1PU

Close Brothers 4th Floor 10 Crown Place London EC2A 4FT

Metro Bank One Southampton Row London

Bank of Baroda 213 Kenton Road Harrow HA3 0HD Barclays Bank Plc P O Box 299 Birmingham B1 3PF

Page 8

NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

EVENTS SINCE THE END OF THE YEAR

Parkway Parking ( Trading as Samy FM and NK Service Ltd) were given notice to terminate their contract, however they filed for an injunction to stay, which was heard on the 14th April 2025, and the case adjourned till 20th May 2025.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees a re responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom A ccounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

AUDITORS

The auditors, AKS Advisers Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, on ............................................. and signed on the board's behalf by:

................................................................. J Doshi - Trustee

Page 9

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM

Opinion

We have audited the financial statements of Navnat Vanik Association of the United Kingdom (the 'charitable company') for the year ended 31 December 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'.

In our opinion the financial statements:

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.

Page 10

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

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.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

of material misstatement due to fraud;

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 11

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

AKS Advisers Limited, Statutory Auditor Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 Fourth & Fifth Floors 14-15 Lower Grosvenor Place London SW1W 0EX

Date: .............................................

Page 12

NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
5
Income of NVA affiliates
Religious functions
Social and cultural functions
Other trading activities
3
Investment income
4
Total
EXPENDITURE ON
Raising funds
6
Charitable activities
7
Religious functions
Social and cultural functions
Expenditure by NVA affiliates
Other Expenses
Building
Total
NET INCOME/(EXPENDITURE)
Transfers between funds
18
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
16,476
-
78,395
84,462
645,545
50,203
875,081
90,236
284,803
148,266
-
(136)
88,762
611,931
263,150
8,501
271,651
5,654,445
5,926,096		 Restricted
funds
£
53,894
210,959
-
-
-
-
264,853
-
66,402
-
198,352
136
-
264,890
(37)
(8,501)
(8,538)
240,024
231,486		 31.12.24
Total
funds
£
70,370
210,959
78,395
84,462
645,545
50,203
1,139,934
90,236
351,205
148,266
198,352
-
88,762
876,821
263,113
-
263,113
5,894,469
6,157,582		 31.12.23
Total
funds
£
125,039
162,056
67,565
81,740
702,895
25,179
1,164,474
181,601
284,407
173,899
153,430
-
88,762
882,099
282,375
-
282,375
5,612,094
5,894,469

The notes form part of these financial statements

Page 13

NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM

STATEMENT OF FINANCIAL POSITION 31 DECEMBER 2024

Notes
FIXED ASSETS
Tangible assets
13
Investments
14
CURRENT ASSETS
Debtors
15
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
16
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
18
Unrestricted funds
Restricted funds
TOTAL FUNDS		 31.12.24
£
4,659,637
1,555,281
6,214,918
80,273
114,988
195,261
(252,597)
(57,336)
6,157,582
6,157,582
5,926,096
231,486
6,157,582		 31.12.23
£
4,737,689
1,277,980
6,015,669
29,884
66,304
96,188
(217,388)
(121,200)
5,894,469
5,894,469
5,654,445
240,024
5,894,469

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 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

These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

The notes form part of these financial statements

Page 14

continued...

NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM

STATEMENT OF FINANCIAL POSITION - continued 31 DECEMBER 2024

............................................. J Doshi - Trustee

............................................. K Jashapara - Trustee

The notes form part of these financial statements

Page 15

NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Purchase of fixed asset investments
Sale of fixed asset investments
Interest received
Net cash used in investing 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		 31.12.24
£
309,394
309,394
(33,614)
(788,799)
511,500
50,203
(260,710)
48,684
66,304
114,988		 31.12.23
£
383,044
383,044
(20,080)
(586,386)
-
25,179
(581,287)
(198,243)
264,547
66,304

The notes form part of these financial statements

Page 16

NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM

NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES OPERATING ACTIVITIES
31.12.24 31.12.23
£ £
Net income for the reporting period (as per the Statement of
Financial Activities) 263,113 282,375
Adjustments for:
Depreciation charges 111,664 111,875
Interest received (50,203) (25,179)
Increase in debtors (50,389) (13,103)
Increase in creditors 35,209 27,076
Net cash provided by operations 309,394 383,044

2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24 Cash flow At 31.12.24
£ £ £
Net cash
Cash at bank and in hand 66,304 48,684 114,988
66,304 48,684 114,988
Total 66,304 48,684 114,988

The notes form part of these financial statements

Page 17

NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 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 financial statements incorporate the accounts of Navnat Vanik Bhagini Samaj, Navnat Bridge Club, Navnat Vadil Mandal and Navnat Golf Society.

The Charity constitutes a Public Benefit entity as defined by FRS 102.

Going Concern

The Trustees consider that there are no material uncertainties about the charity's ability to continue as a Going Concern.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

i) All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.

ii) Rental and other investment income are included in the Statement of Financial Activities on accruals basis.

iii) "Donations in kind" such as property and other assets are included as income at their estimated market values. Other donations are recognised when received. Where tax has been deducted at source, income is grossed up where a claim for the tax repayment has been made. The tax recoverable is shown as a debtor at the year end.

iv) The value of voluntary services is not recognised, as the cost of estimating these exceed any benefits to the users of these financial statements.

v) Grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment. Grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

vi) Annual membership fees are recorded on a receipts basis. Subscriptions received for Life Membership are credited to a separate unrestricted fund and released to the income and expenditure account on a straight line basis over twenty years. Life membership funds are not refundable.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

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NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES - continued

Expenditure

Resources expended

i) Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

ii) Voluntary expenses include the Jiv Daya and other donations made by the Association and catering expenses.

iii) Expenditure by Navnat Vanik Associates includes the expenses incurred by Navnat Vanik Bhagini Samaj, Navnat Bridge Club, Navnat Vadil Mandal and Navnat Golf Society as agreed by the Executive Committee.

iv) Religious functions comprise all expenses incurred in hosting religious events such as Paryushan, Ram-Navmi, Janmashtami, etc.

v) Social/Cultural expenses include expenses for the services provided by the Association and will comprise picnics for members, graduation ceremonies, trips, seminars, etc.

vi) Other expenses include the costs of the newsletter (Darpan) and other expenses which do not fit in the above categories.

vii) Property expenses are expenses incurred in the running and maintenance of the Navnat Centre.

viii) Governance costs include the costs of governance arrangements which relate to the general running of the charity. These activities provide the governance infrastructure which allows the charity to operate and to generate the information required for public accountability.

Allocation and apportionment of costs

Support costs are allocated to Charitable expenditure of Unrestricted funds except for the depreciation on the building. The depreciation on the building is charged to the Building Fund. All the other support costs are apportioned between religious function costs and social and cultural function costs in the ratio of these two cost categories to the sum of these two; prior to the allocation of support costs.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses.

The estimates and assumptions used in the accompanying financial statements are based upon management's evaluation of the relevant facts and circumstances as on the date of the financial statements. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.

Information about estimation uncertainties that may have a significant risk of resulting in a material adjustment within the next financial year are:

Tangible fixed assets

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

Freehold property Fixtures and fittings

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NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES - continued

Tangible fixed assets

The residual values of the fixed assets (excluding land) are reviewed annually after considering the remaining life of the asset and projected disposal values. The estimation of the useful lives is based on historic performance as well as expectation about future use and, therefore, requires a degree of judgement to be applied. The depreciation rates represent management's current best estimate of the useful lives of the assets. A material change in these estimates may significantly impact the carrying values of these assets.

Donated assets - donated assets are recorded at fair values ascertained by the Trustees or external professional valuers at the time of the donation. Valuation exercise can involve assumptions and professional judgements and small changes in the assumptions and professional judgements can cause large deviations in the fair values of the donated assets.

Assets with a cost in excess of £1,000 intended to be of ongoing use to the Association in carrying out its activities are capitalised as fixed assets.

Freehold land is not depreciated.

Assets under construction are not depreciated until the assets are brought into use.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of opening of the deposit or similar account. Creditors and provisions

Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Taxation

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

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

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NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits

Employees of the charity are entitled to join "NEST" pension scheme. NEST was created by the government to make sure that every employer has access to an auto enrolment workplace pension scheme. The charity contribution is restricted to the contributions disclosed in note 11. The costs of the scheme are included within support and governance costs and charged to the unrestricted funds of the charity using the methodology set out in note 8.

Fixed assets investments

Fixed assets investments are valued at costs less any provision for impairment in value.

2. DONATIONS AND LEGACIES

Donations
Subscriptions
3.
OTHER TRADING ACTIVITIES
Hall hire income
Car park rental income
4.
INVESTMENT INCOME
Interest receivable		 31.12.24
£
64,757
5,613
70,370
31.12.24
£
125,599
519,946
645,545
31.12.24
£
50,203		 31.12.23
£
120,306
4,733
125,039
31.12.23
£
159,640
543,255
702,895
31.12.23
£
25,179

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NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

5. INCOME FROM CHARITABLE ACTIVITIES

Activity
Navnat Vadil Mandal
Income of NVA affiliates
Navnat Bhagini Samaj
Income of NVA affiliates
Navnat Bridge Club
Income of NVA affiliates
Navnat Golf Club
Income of NVA affiliates
Paryushan and Pritibhojan Religious functions
Navratri
Religious functions
Other religious functions
Religious functions
Social and cultural
functions
Social and cultural functions
RAISING FUNDS
Raising donations and legacies
Cleaning and premises expenses
Repairs and renewals
Hall hire event expenses
Car park expenses		 31.12.24
£
118,197
28,364
19,604
44,794
35,464
29,720
13,211
84,462
373,816
31.12.24
£
14,404
67,966
4,186
3,680
90,236		 31.12.23
£
96,033
33,926
15,222
16,875
34,706
21,691
11,168
81,740
311,361
31.12.23
£
15,369
127,300
12,207
26,725
181,601

6. RAISING FUNDS

7. CHARITABLE ACTIVITIES COSTS

Direct
Costs		 Support
Costs(See note 8)		 Total 2024 Total 2023
£ £ £ £
Religious functions 174,253 176,952 351,205 284,407
Social and cultural functions 78,236 70,030 148,266 173,899
Expenditure by NVA Sub-Committees 198,352 - 198,352 153,430
Building - 88,762 88,762 88,762
450,841 335,744 786,585 700,498

The Charity made the following donations/grants during the year for Jivdaya purposes:

2024 2023
£ £
- Grants/donations to Institutions 66,538 67,153
- Grants/donations to Individuals Nil Nil
Total 66,538 67,153

There were no support costs allocated to the grant-making activities.

The above donations were made for the improvement of living and health conditions of all living beings and creatures and would include donations for support for humanitarian causes and animal welfare.

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NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

8. SUPPORT COSTS

Management
£
Religious functions
145,964
Social and cultural functions
53,467
Building
88,762
288,193		 Governance
Finance
costs
£
£
5,932
25,056
-
16,563
-
-
5,932
41,619		 Totals
£
176,952
70,030
88,762
335,744

The total support cost attributable to charitable activities is apportioned pro-rata to the Charitable Expenditure of Unrestricted Funds in proportion of their share of the Total Charitable Expenditure of Unrestricted Funds. The Trustees have decided to meet all Governance Cost from NVA only and not from the affiliates. Depreciation is charged to the General Fund. No allocation or charge is made to Restricted Affiliates funds for any other Governance or Support related costs.

Support costs, included in the above, are as follows:

Management

Wages
Social security
Pensions
Rates and water
Insurance
Light and heat
Telephone
Postage and stationery
Travel & subs
Computer expenses
Depreciation of tangible
and heritage assets
Finance
Bank charges
Foreign exchange differences		 31.12.24
Social
and
Religious
cultural
Total
functions
functions
Building
activities
£
£
£
£
77,520
33,743
-
111,263
3,822
1,664
-
5,486
2,683
1,168
-
3,851
4,812
2,095
-
6,907
6,522
2,839
-
9,361
22,374
9,725
-
32,099
1,609
700
-
2,309
858
373
-
1,231
196
-
-
196
2,666
1,160
-
3,826
22,902
-
88,762
111,664
145,964
53,467
88,762
288,193
31.12.24
Religious
functions
£
5,764
168
5,932		 31.12.23
Total
activities
£
99,785
4,886
3,106
5,045
8,731
14,092
1,730
3,209
953
(344)
111,875
253,068
31.12.23
Total
activities
£
2,501
903
3,404

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NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

8. SUPPORT COSTS - continued Governance costs

SUPPORT COSTS - continued
Governance costs
31.12.24 31.12.23
Social
and
Religious cultural Total Total
functions functions activities activities
£ £ £ £
Accountants' fees 8,071 3,513 11,584 9,281
Auditors' remuneration 8,361 3,639 12,000 11,500
Accountancy and legal fees - - - 2,300
Sundry expenses (305) 5,746 5,441 1,867
Annual general meeting 8,929 3,665 12,594 2,380
25,056 16,563 41,619 27,328

9. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.12.24 31.12.23
£ £
Accountants' fees 11,584 9,281
Auditors' remuneration 12,000 11,500
Depreciation - owned assets 111,666 111,876

10. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.

11. STAFF COSTS

2024 2023
£ £
Wages and salaries 111,263 99,785
Other staff costs 9,337 7,992
120,600 107,777

The above costs are the full staff costs for the charity. Some of these costs are for specific events, such as Navratri and Paryushan, and are included within these event costs. A breakdown of staff costs that are allocated to specific events are shown in note 8.

Other staff costs of £9,337 includes employers pension contribution of £3,851 (2023: £3,106) and employers NIC of £5,486 (2023: £4,886).

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NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

11. STAFF COSTS - continued

The average monthly number of employees during the year was as follows:

Employees
No employees received emoluments in excess of £60,000.
12.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
84,157
Charitable activities
Income of NVA affiliates
-
Religious functions
67,565
Social and cultural functions
81,740
Other trading activities
702,895
Investment income
25,179
Total
961,536
EXPENDITURE ON
Raising funds
181,601
Charitable activities
Religious functions
217,254
Social and cultural functions
173,899
Expenditure by NVA affiliates
-
Building
88,762
Total
661,516
NET INCOME/(EXPENDITURE)
300,020
Transfers between funds
10,503
Net movement in funds
310,523
RECONCILIATION OF FUNDS
Total funds brought forward
5,343,922
TOTAL FUNDS CARRIED FORWARD
5,654,445		 31.12.24
11
Restricted
funds
£
40,882
162,056
-
-
-
-
202,938
-
67,153
-
153,430
-
220,583
(17,645)
(10,503)
(28,148)
268,172
240,024		 31.12.23
11
Total
funds
£
125,039
162,056
67,565
81,740
702,895
25,179
1,164,474
181,601
284,407
173,899
153,430
88,762
882,099
282,375
-
282,375
5,612,094
5,894,469

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NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

13. TANGIBLE FIXED ASSETS

COST
At 1 January 2024
Additions
At 31 December 2024
DEPRECIATION
At 1 January 2024
Charge for year
At 31 December 2024
NET BOOK VALUE
At 31 December 2024
At 31 December 2023		 Freehold
property
£
5,558,121
11,903
5,570,024
951,412
88,762
1,040,174
4,529,850
4,606,709		 Fixtures
and
fittings
£
385,293
21,711
407,004
254,313
22,904
277,217
129,787
130,980		 Totals
£
5,943,414
33,614
5,977,028
1,205,725
111,666
1,317,391
4,659,637
4,737,689

Included in cost or valuation of land and buildings is freehold land of £1,120,000 (2023: £1,120,000).

The Board of Trustees and the Executive Committee are of the opinion that the market value of the freehold land and building exceed the net book value.

The Charity hires out the Car Park on a rolling short-term basis. The costs and accumulated depreciation of this asset have not been disclosed separately because the expenses that the Charity will incur in determining the historical cost and any accumulated depreciation is disproportionate to the value of this information to the users of the financial statements.

14. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
Other
There were no investment assets outside the UK.		 31.12.24
£
1,555,281		 31.12.23
£
1,277,980

Investments (neither listed nor unlisted) were as follows:

Bank deposits
Bank deposits - additions
Bank deposits - maturities		 31.12.24
£
1,277,996
1,159,785
(882,500)
1,555,281		 31.12.23
£
691,594
957,386
(371,000)
1,277,980

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NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade debtors
Other debtors
Prepayments and accrued income
16.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Social security and other taxes
VAT
Sundry creditors
Accruals and deferred income
17.
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted
Restricted
funds
funds
£
£
Fixed assets
4,659,637
-
Investments
1,287,830
267,451
Current assets
120,250
75,011
Current liabilities
(141,621)
(110,976)
5,926,096
231,486		 31.12.24
£
14,992
6,887
58,394
80,273
31.12.24
£
30,733
2,799
31,214
36,905
150,946
252,597
31.12.24
Total
funds
£
4,659,637
1,555,281
195,261
(252,597)
6,157,582		 31.12.23
£
2,200
4,929
22,755
29,884
31.12.23
£
38,309
7,191
15,565
36,736
119,587
217,388
31.12.23
Total
funds
£
4,737,689
1,277,980
96,188
(217,388)
5,894,469

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NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

18. MOVEMENT IN FUNDS

Net
movement
At 1.1.24
in funds
£
£
Unrestricted funds
General fund
5,582,618
257,537
Life membership fund
71,827
5,613
5,654,445
263,150
Restricted funds
Jiv Daya Fund
41,771
(21,145)
Bhagini Samaj
63,188
9,088
Navnat Vadil Mandal
91,375
8,658
Navnat Golf Society
9,641
3,228
Navnat Bridge Club
34,049
134
240,024
(37)
TOTAL FUNDS
5,894,469
263,113
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
869,468
Life membership fund
5,613
875,081
Restricted funds
Jiv Daya Fund
45,393
Bhagini Samaj
30,864
Navnat Vadil Mandal
123,198
Navnat Golf Society
44,794
Navnat Bridge Club
20,604
264,853
TOTAL FUNDS
1,139,934		 Transfers
between
funds
£
12,373
(3,872)
8,501
-
(2,500)
(5,001)
-
(1,000)
(8,501)
-
Resources
expended
£
(611,931)
-
(611,931)
(66,538)
(21,776)
(114,540)
(41,566)
(20,470)
(264,890)
(876,821)		 At
31.12.24
£
5,852,528
73,568
5,926,096
20,626
69,776
95,032
12,869
33,183
231,486
6,157,582
Movement
in funds
£
257,537
5,613
263,150
(21,145)
9,088
8,658
3,228
134
(37)
263,113

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NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

18. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Life membership fund
Restricted funds
Jiv Daya Fund
Bhagini Samaj
Navnat Vadil Mandal
Navnat Golf Society
Navnat Bridge Club
TOTAL FUNDS		 At 1.1.23
£
5,273,048
70,874
5,343,922
68,042
68,249
96,742
5,848
29,291
268,172
5,612,094		 Net
movement
in funds
£
295,287
4,733
300,020
(26,271)
(2,560)
(365)
3,793
7,758
(17,645)
282,375		 Transfers
between
funds
£
14,283
(3,780)
10,503
-
(2,501)
(5,002)
-
(3,000)
(10,503)
-		 At
31.12.23
£
5,582,618
71,827
5,654,445
41,771
63,188
91,375
9,641
34,049
240,024
5,894,469

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Life membership fund
Restricted funds
Jiv Daya Fund
Bhagini Samaj
Navnat Vadil Mandal
Navnat Golf Society
Navnat Bridge Club
TOTAL FUNDS		 Incoming
resources
£
956,803
4,733
961,536
40,882
33,926
96,033
16,875
15,222
202,938
1,164,474		 Resources
expended
£
(661,516)
-
(661,516)
(67,153)
(36,486)
(96,398)
(13,082)
(7,464)
(220,583)
(882,099)		 Movement
in funds
£
295,287
4,733
300,020
(26,271)
(2,560)
(365)
3,793
7,758
(17,645)
282,375

Brief description of the various funds: Unrestricted Funds:

General fund

This constitutes the total funds received and generated by the Charity. The Trustees review the activities and financial accounts of the Navnat affiliates and any shortfall of these affiliates' accounts are made up from the general fund. The General Fund has a transfer of £5,001 from Vadil Mandal, £1,000 from Navnat Bridge Club and £2,500 from Bhagini in 2024. These are contributions made by these affiliates to NVA General fund towards usage of the premises.

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NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

18. MOVEMENT IN FUNDS - continued

Life membership fund

This fund represents the life membership fees that are collected from Navnat members. The life membership fees are amortised to the Statement of Financial Activity on a 20-year period.

Restricted Funds:

Building fund

This fund comprises of donations and income from various functions received for the development / expansion of Navnat Centre and also includes bank deposit interest. Once the corresponding asset has been commissioned / completed and put into general use of the charity on an unrestricted basis for any charitable purpose then the asset and the corresponding building fund values are treated as unrestricted and included within the General Fund values.

Donations received for future projects related to the building will continue to be treated as restricted until the project is completed.

Bhagini Samaj

This fund is designated for the cost of operating the Navnat Bhagini Samaj (London).

Jiv Daya Fund

This fund represents donations for the improvement of living and health conditions of all living beings and creatures.

Navnat Vadil Mandal

This constitutes designated funds set aside and donations received for a club for the elder community members.

Golf Club

This represents the designated donation income and expenses with regards to the Golf club for the Navnat community.

Bridge Club

This fund represents the designated monies collected and expenses spent by the Bridge Club members.

19. RELATED PARTY DISCLOSURES

There are no related party disclosures.

Page 30

NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Subscriptions
Other trading activities
Hall hire income
Car park rental income
Investment income
Interest receivable
Charitable activities
Navnat Vadil Mandal
Navnat Bhagini Samaj
Navnat Bridge Club
Navnat Golf Club
Paryushan and Pritibhojan
Navratri
Other religious functions
Social and cultural functions
Total incoming resources
EXPENDITURE
Raising donations and legacies
Cleaning and premises expenses
Repairs and renewals
Hall hire event expenses
Car park expenses
Charitable activities
Advertisement
Navnat Vadil Mandal expenses
Navnat Bhagini Samaj expenses
Navnat Bridge Club expenses
Carried forward		 31.12.24
£
64,757
5,613
70,370
125,599
519,946
645,545
50,203
118,197
28,364
19,604
44,794
35,464
29,720
13,211
84,462
373,816
1,139,934
14,404
67,966
4,186
3,680
90,236
2,450
114,540
21,776
20,470
159,236		 31.12.23
£
120,306
4,733
125,039
159,640
543,255
702,895
25,179
96,033
33,926
15,222
16,875
34,706
21,691
11,168
81,740
311,361
1,164,474
15,369
127,300
12,207
26,725
181,601
1,401
96,398
36,486
7,464
141,749

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Page 31

NAVNAT VANIK ASSOCIATION OF THE UNITED KINGDOM

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

Charitable activities
Brought forward
Navnat Golf Club expenses
Paryushan and Pritibhojan
Navratri
Jivdaya donations
Other religious functions
Social and cultural functions
Support costs
Management
Wages
Social security
Pensions
Rates and water
Insurance
Light and heat
Telephone
Postage and stationery
Travel & subs
Computer expenses
Freehold property
Fixtures and fittings
Finance
Bank charges
Foreign exchange differences
Governance costs
Accountants' fees
Auditors' remuneration
Accountancy and legal fees
Sundry expenses
Annual general meeting
Total resources expended
Net income		 31.12.24
£
159,236
41,566
64,453
13,627
66,538
29,635
75,786
450,841
111,263
5,486
3,851
6,907
9,361
32,099
2,309
1,231
196
3,826
88,762
22,902
288,193
5,764
168
5,932
11,584
12,000
-
5,441
12,594
41,619
876,821
263,113		 31.12.23
£
141,749
13,082
52,666
14,612
67,153
22,517
104,919
416,698
99,785
4,886
3,106
5,045
8,731
14,092
1,730
3,209
953
(344)
88,762
23,113
253,068
2,501
903
3,404
9,281
11,500
2,300
1,867
2,380
27,328
882,099
282,375

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Page 32