**REGISTERED COMPANY NUMBER: 11142361 (England and Wales) REGISTERED CHARITY NUMBER: 1180298**
**Report of the Trustees and Financial Statements**
**for the Year Ended 30 November 2020**
**for**
**Shree Swaminarayan Mandir Oldham (A Company Limited by Guarantee)**
Parker Cavendish Chartered Accountants Registered Auditor 28 Church Road Stanmore Middlesex HA7 4XR
**Shree Swaminarayan Mandir Oldham**
## **Contents of the Financial Statements for the Year Ended 30 November 2020**
||**Page**|
|---|---|
|**Report of the Trustees**|1 to 4|
|**Report of the Independent Auditors**|5 to 6|
|**Statement of Financial Activities**|7|
|**Balance Sheet**|8|
|**Cash Flow Statement**|9|
|**Notes to the Cash Flow Statement**|10|
|**Notes to the Financial Statements**|11 to 17|
|**Detailed Statement of Financial Activities**|18|
**Shree Swaminarayan Mandir Oldham**
## **Report of the Trustees for the Year Ended 30 November 2020**
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 November 2020. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
In accordance with the charity's objectives set out in the Articles of Associations of the charity, the charity has the following aims:
1) The advancement of the Hindu faith amongst its followers and others based upon the original teachings and principles of Lord Shree Swaminarayan as propounded by the Nar-Narayan Dev Gadi, Gujarat, India, in the town of Oldham and the county of Lancashire, in particular, but not exclusively, by maintaining a temple and other facilities for Hindu worship; and
- 2) The advancement of education in the Hindu faith, Hindu traditions, history, literature, music and the Gujarati language.
The charity achieves these objectives through the following means:
- 1) Prayer services held twice daily, where discourses, aarti, kirtan, dhun and stotras are performed. All persons are welcome to the services;
- 2) All religious festivals are celebrated with great enthusiasm;
- 3) Learned Sadhus from India regularly visit the temple and hold special discourses;
- 4) Promoting the faith to new and young members is achieved through Yuvak Sabhas (youth services) and Gujarati classes, which are held on a weekly basis and are well attended.
## **Significant activities**
## Activities Review
The Trustees are pleased with the successful and smooth completion of the Charity's year and the level of voluntary donations received and progress it has made in supporting its Charitable activities.
## Oldham New Temple Project -
The trustees are pleased to announce that the new Oldham Temple project received planning approval from Oldham Council in June 2019. As a result, the second instalment for the land cost has been paid, with the balance being paid upon completion of the new Temple, recorded as a creditor of SSMB. Furthermore, Oldham temple devotees were fortunate to have the presence of Mahant Swami and many senior saints from Bhuj India in the UK during the year and in August 2019, the Khat Murat (ground-breaking ceremony) was carried out in grand fashion. Works started in July 2020 and the initial completion timeframe is scheduled for the Summer of 2022.
## Volunteers
The charity is reliant upon the contribution made by a number of volunteers in carrying out its activities. The trustees would like to thank all the volunteers for their hard work and dedication to the successful running of all the activities.
## **Public benefit**
The charity is a public benefit entity. The trustees have complied with the duty in section 4 of the 2011 Charities Act to have due regard to guidance published by the Charity Commission, including public benefit guidance. The charity has achieved its primary public benefit objectives by making progress in the establishment of educational facilities and the new Oldham temple project which will the serve the wider community.
## **STRATEGIC REPORT**
## **Financial position**
The financial statements are set out on pages 7 to 17. The Statement of Financial Activities show a deficit for the year of £799,696 (2019: £111,761) . The total reserves at the year-end are deficient by £117,015 (2019: surplus of £682,681). The deficient position is supported by unsecured loans of £494,500 which are not due to be repaid in the short term.
1
**Shree Swaminarayan Mandir Oldham**
## **Report of the Trustees for the Year Ended 30 November 2020**
## **STRATEGIC REPORT**
## **Financial review**
## **Principal funding sources**
The principal fund sources for the Charity continue to be through general donations from the global devotee base of the Swaminarayan faith, particularly those of the Nar-Narayan Dev Diocese. During the year, Shree Swaminarayan Mandir Oldham converted their £200,000 loan into a restricted donation for the purposes of the new temple construction.
It is the policy of the charity that unrestricted funds are built to meet and fulfil the loan obligations undertaken to facilitate the purchase of the land and buildings for use of establishing educational facilities. Additionally, funds which are restricted for specific purposes e.g. development of Oldham temple are accounted for as such under restricted funds.
## **Going concern**
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting. The Trustees believe that there are no going concern matters that would affect the Charity for the foreseeable future , as its sole parent and ultimate parent together with its creditors have indicated their willingness to support the charity.
## **Principal risks and uncertainties**
The trustees identify the major risks to which the Charity is exposed to each financial year when preparing and updating a strategic plan, in particular, those areas related to the operations and finances of the Charity. The Trustees then review any major risks which have been identified and establish systems to mitigate those risks. The Trustees continue to put in place appropriate internal controls and monitoring procedures to minimise financial risks.
## **Future plans**
The Charity, trustees and volunteers have worked hard to continue to increase the level of donations and to raise funding (both donations and loans) to meet the significantly large capital commitment required to build the new Oldham Temple. This initiative is a key short term priority for the Charity. Momentum has also taken shape with on-line congregational meetings in 2021 given the current COVID pandemic has slowed progress.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document**
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Shree Swaminarayan Mandir Oldham (SSMO) is a Company limited by Guarantee and registered as a Charity with the Charity Commission. The Charity's affairs are governed by its Articles of Association, that were adopted on 26th April 2018. The management of the Charity is undertaken by the Board of Trustees, which is responsible for its overall management and control. The Board will meet regularly to discuss and formulate policy which it implements. Further, the Board can establish various committees to manage particular projects, should they wish. The Charity shall have a minimum of 4 and a maximum of 7 Trustees, who shall hold office as directed by the Articles of Association.
## **Wider network**
The charity's sole member is the following charity registered in the United Kingdom:
i) Shree Swaminarayan Mandir Bhuj (Company Limited by Guarantee) (company number 10120963).
The ultimate parent is Shree Swaminarayan Mandir of Bhuj, Kutch, India.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number**
11142361 (England and Wales)
## **Registered Charity number**
1180298
2
**Shree Swaminarayan Mandir Oldham**
## **Report of the Trustees for the Year Ended 30 November 2020**
## **Registered office**
502-504 Honeypot Lane First Floor Stanmore Middlesex HA7 1JR
## **Trustees**
H P Bhudia J B Kara B K Patel V P Vekaria V R Vekria
## **Company Secretary**
## **Auditors**
Parker Cavendish Chartered Accountants Registered Auditor 28 Church Road Stanmore Middlesex HA7 4XR
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
The trustees (who are also the directors of Shree Swaminarayan Mandir Oldham for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
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:
- there is no relevant audit information of which the charitable company's auditors are unaware; and - the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
## **AUDITORS**
The auditors, Parker Cavendish, will be proposed for re-appointment at the forthcoming Annual General Meeting.
3
**Shree Swaminarayan Mandir Oldham**
## **Report of the Trustees for the Year Ended 30 November 2020**
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 26 September 2021 and signed on the board's behalf by:
H P Bhudia - Trustee
4
**Report of the Independent Auditors to the Members of Shree Swaminarayan Mandir Oldham**
## **Opinion**
We have audited the financial statements of Shree Swaminarayan Mandir Oldham (the 'charitable company') for the year ended 30 November 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement 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).
- In our opinion the financial statements:
- give a true and fair view of the state of the charitable company's affairs as at 30 November 2020 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
- the trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
- the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charitable company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
## **Emphasis of matter**
We draw attention to note 14 of the financial statements, which describes the loan repayment conditions. Our opinion is not modified in respect of this matter.
## **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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Trustees has been prepared in accordance with applicable legal requirements.
5
**Report of the Independent Auditors to the Members of Shree Swaminarayan Mandir Oldham**
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## **Our responsibilities for the audit of the financial statements**
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.
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.
## **Use of our report**
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members 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 members as a body, for our audit work, for this report, or for the opinions we have formed.
Marco Gazza (Senior Statutory Auditor) for and on behalf of Parker Cavendish Chartered Accountants Registered Auditor 28 Church Road Stanmore Middlesex HA7 4XR
26 September 2021
6
## **Shree Swaminarayan Mandir Oldham Statement of Financial Activities for the Year Ended 30 November 2020**
|General
fund
Notes
£
**INCOME AND**
**ENDOWMENTS FROM**
Donations and legacies
2
**616,798**
Investment income
3
**24,760**
**Total**
**641,558**
**EXPENDITURE ON**
Raising funds
**-**
**Charitable activities**
4
Community support
**19,802**
Governance costs
**4,500**
Depreciation
**28,121**
Other
**27,481 **
**Total**
**79,904**
**NET**
**INCOME/(EXPENDITURE)**
**561,654**
**Transfers between funds**
15
**(1,361,350**)
**Net movement in funds**
**(799,696)**
**RECONCILIATION OF**
**FUNDS**
**Total funds brought**
**forward**
**682,681**
**TOTAL FUNDS CARRIED**
**FORWARD**
**(117,015) **|Donations
to other
temples-
restricted
£
**3,195**
**-**
**3,195**
**3,195**
**-**
**-**
**-**
**-**
**3,195**
**-**
**-**
**-**
**-**
**-**|
New
Mandir
£
**711,347**
**-**
**711,347**
**2,072,697**
**-**
**-**
**-**
**-**
**2,072,697**
**(1,361,350**)
**1,361,350**
**-**
**-**
**-**|**2020**
**Total**
**funds**
**£**
**1,331,340**
**24,760**
**1,356,100**
**2,075,892**
**19,802**
**4,500**
**28,121**
**27,481 **
**2,155,796**
**(799,696)**
**-**
**(799,696)**
**682,681**
**(117,015) **|2019
Total
funds
£
304,765
20,475
325,240
354,743
36,578
-
15,366
30,314
437,001
(111,761)
-
(111,761)
794,442
682,681|
|---|---|---|---|---|
The notes form part of these financial statements
7
**Shree Swaminarayan Mandir Oldham**
## **Balance Sheet 30 November 2020**
|Notes
**FIXED ASSETS**
Tangible assets
9
Investments
10
**CURRENT ASSETS**
Debtors
11
Cash at bank and in hand
**CREDITORS**
Amounts falling due within
one year
12
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS**
**CURRENT LIABILITIES**
**CREDITORS**
Amounts falling due after
more than one year
13
**NET ASSETS**
**FUNDS**
15
Unrestricted funds
**TOTAL FUNDS**|General
fund
£
**-**
**2,397 **
**2,397**
**7,956**
**371,632 **
**379,588**
**(4,500)**
**375,088**
**377,485**
**(494,500)**
**(117,015) **|Donations
to other
temples-
restricted
£
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|New
Mandir
£
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**2020**
**Total**
**funds**
**£**
**-**
**2,397 **
**2,397**
**7,956**
**371,632 **
**379,588**
**(4,500)**
**375,088**
**377,485**
**(494,500)**
**(117,015) **
**(117,015) **
**(117,015) **|2019
Total
funds
£
32,515
164,514
197,029
-
488,223
488,223
(2,571)
485,652
682,681
-
682,681
682,681
682,681|
|---|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 26 September 2021 and were signed on its behalf by:
J B Kara - Trustee
The notes form part of these financial statements
8
**Shree Swaminarayan Mandir Oldham**
## **Cash Flow Statement for the Year Ended 30 November 2020**
|Notes
**Cash flows from operating activities**
Cash generated from operations
1
Net cash (used in)/provided by operating activities
**Cash flows from investing activities**
Sale of tangible fixed assets
Sale of fixed asset investments
Interest received
Net cash provided by investing activities
**Cash flows from financing activities**
New loans in year
Net cash provided by financing activities
**Change in cash and cash equivalents**
**in the reporting period**
**Cash and cash equivalents at the**
**beginning of the reporting period**
**Cash and cash equivalents at the end**
**of the reporting period**|**2020**
**£**
**(778,423) **
**(778,423) **
**4,394**
**162,117**
**821**
**167,332 **
**494,500**
**494,500**
**(116,591)**
**488,223**
**371,632 **|2019
£
87,685
87,685
-
297,885
1,335
299,220
-
-
386,905
101,318
488,223|
|---|---|---|
The notes form part of these financial statements
9
**Shree Swaminarayan Mandir Oldham**
## **Notes to the Cash Flow Statement for the Year Ended 30 November 2020**
## **1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|**Net expenditure for the reporting period (as per the Statement**
**of Financial Activities)**
**Adjustments for:**
Depreciation charges
Interest received
(Increase)/decrease in debtors
Increase/(decrease) in creditors
**Net cash (used in)/provided by operations**|**2020**
**£**
**(799,696)**
**28,121**
**(821)**
**(7,956)**
**1,929**
**(778,423) **|2019
£
(111,761)
15,366
(1,335)
200,000
(14,585)
87,685|
|---|---|---|
2. **ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)**
||At 1.12.19|Cash flow|**At 30.11.20**|
|---|---|---|---|
||£|£|**£**|
|**Net cash**||||
|Cash at bank and in hand|**488,223**|**(116,591)**|**371,632 **|
||**488,223**|**(116,591)**|**371,632 **|
|**Debt**||||
|Debts falling due after 1 year|**-**|**(494,500)**|**(494,500)**|
||**-**|**(494,500)**|**(494,500)**|
|**Total**|**488,223**|**(611,091)**|**(122,868)**|
The notes form part of these financial statements
10
**Shree Swaminarayan Mandir Oldham**
**Notes to the Financial Statements for the Year Ended 30 November 2020**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
The Charity constitutes a public benefit entity as defined by FRS 102.
## **Income**
All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
Voluntary income is received by way of donations and gifts and is included in full in the statement of financial activities when receivable.
Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included.
## **Expenditure**
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Costs of generating funds comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings
- 10% on cost
## **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.
## **Financial Instruments**
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments, cash at bank, debtors and creditors. Basic financial instruments are initially measured at transaction value and subsequently measured at their settlement value.
continued...
11
**Shree Swaminarayan Mandir Oldham Notes to the Financial Statements - continued for the Year Ended 30 November 2020**
## **1. ACCOUNTING POLICIES - continued**
## **Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **Debtors**
Other debtors are recognised at the settlement amount due and prepayments are recognised when costs have been expended which are in advance of the period to which they relate.
## **Creditors**
Creditors are normally recognised at there settlement amount. Accruals are recognised when costs relating to the period have not yet been invoiced to, or paid by the charity.
## **Creditors Due after 1 year**
The charity has a loans from devotees and temples affiliated to Shree Swaminarayan Temple Bhuj India. These are repayable at par on the third anniversary of their issue with a provision that any lender may request a repayment with a 30 day notice. The trustees are of the opinion that even though this provision exists, they consider that these loans should be classified as due after 1 year as they do not consider repayment will be required before the expiry of the term. These loans are classified as public benefit concessionary loans and as such the public benefit concessionary loan exemptions have been applied. The loans are included at cost and are not adjusted or discounted.
## **Going concern**
The Covid-19 pandemic and related lockdowns have created economic uncertainty for all organisations including the charity. In assessing the charity's ability to continue as a going concern the trustees have considered the circumstances of the charity, taking into account the impact of the pandemic and the terms of the loans from devotees and Temples affiliated to Shree Swaminarayan Temple Bhuj, India. The trustees have noted that there have been additional loans since the year end, and as a result there are no going concern issues that would affect the charity for the foreseeable future and accordingly the financial statements have been prepared on a going concern basis.
## **2. DONATIONS AND LEGACIES**
|Donations
**3.**
**INVESTMENT INCOME**
Rents received
Income from fixed deposits|**2020**
**£**
**1,331,340**
**2020**
**£**
**23,939**
**821**
**24,760**|2019
£
304,765
2019
£
19,140
1,335
20,475|
|---|---|---|
||||
continued...
12
**Shree Swaminarayan Mandir Oldham**
## **Notes to the Financial Statements - continued for the Year Ended 30 November 2020**
|**4.**
**CHARITABLE ACTIVITIES COSTS**
Community support
Governance costs
Depreciation
**5.**
**SUPPORT COSTS**
Management
£
Other resources expended
**-**
Community support
**15,717**
Governance costs
**-**
Depreciation
**-**
**15,716**|Support
Direct
costs (see
Costs
note 5)
£
£
**4,085**
**15,717**
**-**
**4,500**
**-**
**28,121**
**4,085**
**48,338**
Governance
Other
costs
£
£
**27,481**
**-**
**-**
**-**
**-**
**4,500**
**28,121**
**-**
**55,603**
**4,500**|Totals
£
**19,802**
**4,500**
**28,121**
**52,423**
Totals
£
**27,481**
**15,717**
**4,500**
**28,121**
**75,819**|
|---|---|---|
## **6. NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
|Auditors' remuneration
Depreciation - owned assets|**2020**
**£**
**4,500**
**28,121**|2019
£
-
15,366|
|---|---|---|
## **7. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 30 November 2020 nor for the year ended 30 November 2019.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 30 November 2020 nor for the year ended 30 November 2019.
## **8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Investment income
**Total**
**EXPENDITURE ON**
Raising funds|General
fund
£
300,202
20,475
320,677
350,180|Donations
to other
temples-
restricted
£
4,563
-
4,563
4,563|New
Mandir
£
-
-
-
-|Total
funds
£
304,765
20,475
325,240
354,743|
|---|---|---|---|---|
continued...
13
**Shree Swaminarayan Mandir Oldham**
## **Notes to the Financial Statements - continued for the Year Ended 30 November 2020**
## **8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**
|**Charitable activities**
Community support
Depreciation
Other
**Total**
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**
**9.**
**TANGIBLE FIXED ASSETS**
**COST**
At 1 December 2019
Disposals
At 30 November 2020
**DEPRECIATION**
At 1 December 2019
Charge for year
At 30 November 2020
**NET BOOK VALUE**
At 30 November 2020
At 30 November 2019|General
fund
£
36,578
15,366
30,314
432,438
(111,761)
794,442
682,681|Donations
to other
temples-
restricted
£
-
-
-
4,563
-
-
-|New
Mandir
£
-
-
-
-
-
-
-|Total
funds
£
36,578
15,366
30,314
437,001
(111,761)
794,442
682,681
Fixtures
and
fittings
£
**296,011**
**(4,394)**
**291,617**
**263,496**
**28,121**
**291,617**
**-**
32,515|
|---|---|---|---|---|
continued...
14
**Shree Swaminarayan Mandir Oldham**
**Notes to the Financial Statements - continued for the Year Ended 30 November 2020**
## **10. FIXED ASSET INVESTMENTS**
|**10.**|**FIXED ASSET INVESTMENTS**|||||
|---|---|---|---|---|---|
|||||Unlisted||
|||||investments||
|||||£||
||**MARKET VALUE**|||||
||At 1 December 2019|||**164,514**||
||Disposals|||**(162,117)**||
||At 30 November 2020|||**2,397 **||
||**NET BOOK VALUE**|||||
||At 30 November 2020|||**2,397 **||
||At 30 November 2019|||164,514||
||There were no investment assets outside the UK.|||||
|**11.**|**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||||
||||**2020**|2019||
||||**£**|£||
||Trade debtors||**7,956**||-|
|**12.**|**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||||
||||**2020**|2019||
||||**£**|£||
||Other creditors||**-**|2,571||
||Accrued expenses||**4,500**||-|
||||**4,500**|2,571||
|**13.**|**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**|||||
||||**2020**|2019||
||||**£**|£||
||Other loans (see note 14)|**494,500**|||-|
|**14.**|**LOANS**|||||
||An analysis of the maturity of loans is given below:|||||
||||**2020**|2019||
||||**£**|£||
||Amounts falling due between two and five years:|||||
||Other loans - 2-5 years|**494,500**|||-|
These are public benefit concessionary loans from devotees and temples affiliated to Shree Swaminarayan Temple Bhuj India. They are interest free and are repayable on the various anniversary years after their issue as shown by the above classification. There is also a provision that any lender may request a repayment with a 30 day notice. The trustees are of the opinion that even though this provision exists, they consider that these loans should be classified as due after 1 year as they do not consider repayment will be required before the term expiry. Public benefit concessionary loan exemptions have been applied and are not adjusted or discounted.
continued...
15
**Shree Swaminarayan Mandir Oldham**
## **Notes to the Financial Statements - continued for the Year Ended 30 November 2020**
## **15. MOVEMENT IN FUNDS**
|Net
Transfers
At
movement
between
1.12.19
in funds
funds
£
£
£
**Unrestricted funds**
General fund
**682,681**
**561,654**
**(1,361,350)**
**Restricted funds**
New Mandir
**-**
**(1,361,350)**
**1,361,350**
**TOTAL FUNDS**
**682,681 **
**(799,696) **
**-**
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
**641,558**
**(79,904)**
**Restricted funds**
Donations to other temples- restricted
**3,195**
**(3,195)**
New Mandir
**711,347**
**(2,072,697)**
**714,542**
**(2,075,892)**
**TOTAL FUNDS**
**1,356,100**
**(2,155,796) **
**Comparatives for movement in funds**
Net
At
movement
1.12.18
in funds
£
£
**Unrestricted funds**
General fund
794,442
(111,761)
**TOTAL FUNDS**
794,442
(111,761)
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
320,677
(432,438)
**Restricted funds**
Donations to other temples- restricted
4,563
(4,563)
**TOTAL FUNDS**
325,240
(437,001)|
At
30.11.20
£
**(117,015)**
**-**
**(117,015) **
Movement
in funds
£
**561,654**
**-**
**(1,361,350) **
**(1,361,350)**
**(799,696) **
At
30.11.19
£
682,681
682,681
Movement
in funds
£
(111,761)
-
(111,761)|
|---|---|
continued...
16
**Shree Swaminarayan Mandir Oldham**
**Notes to the Financial Statements - continued for the Year Ended 30 November 2020**
## **15. MOVEMENT IN FUNDS - continued**
A current year 12 months and prior year 12 months combined position is as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
New Mandir
**TOTAL FUNDS**|Net
Transfers
At
movement
between
1.12.18
in funds
funds
£
£
£
794,442
449,893
(1,361,350)
-
(1,361,350)
1,361,350
794,442
(911,457)
-|At
30.11.20
£
(117,015)
-
(117,015)|
|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
Donations to other temples- restricted
New Mandir
**TOTAL FUNDS**|Incoming
resources
£
962,235
7,758
711,347
719,105
1,681,340|
Resources
expended
£
(512,342)
(7,758)
(2,072,697)
(2,080,455)
(2,592,797)|
Movement
in funds
£
449,893
-
(1,361,350)
(1,361,350)
(911,457)|
|---|---|---|---|
## **16. RELATED PARTY DISCLOSURES**
1) The following transactions with Shree Swaminarayan Temple Bhuj (SSMB), a charity which is Shree Swaminaryan Mandir Oldham's (SSMO) sole member are as follows:
i) A property owned by SSMB is in use as a temple and operated by SSMO.
ii) The rent from SSMB's investment properties of £23,939 is retained by SSMO, who are also responsible for the maintainance of these properties for which it paid £17,865 during the year.
2) At the year end, the charity owes £20,000 to the trustees, J Kara the sum of £10,000 and V P Vekaria of £10,000, being related parties who provided interest free loans.
3) During the year, the Charity donated proceeds of £2,072,697 for building the New Mandir to SSMB. It also received an amount of £84,037 from SSMB.
17
**Shree Swaminarayan Mandir Oldham**
**Detailed Statement of Financial Activities for the Year Ended 30 November 2020**
|**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
**Investment income**
Rents received
Income from fixed deposits
**Total incoming resources**
**EXPENDITURE**
**Raising donations and legacies**
Donation to Bhuj Temple
Donation to other organisation
New Mandir
**Charitable activities**
Mahaprasad
Prashad costs
Yuvak Mandal
Events decoration
**Support costs**
**Management**
Rates and water
Light and heat
Phone and postage
Repairs and renewals
Motor expenses
**Other**
General expenses
Fixtures and fittings
**Governance costs**
Auditors' remuneration
Total resources expended
**Net expenditure**|2020
£
**1,331,340**
**23,939**
**821**
**24,760**
**1,356,100**
**2,070**
**1,125**
**2,072,697 **
**2,075,892**
**296**
**3,076**
**713**
**-**
**4,085**
**3,661**
**9,176**
**1,475**
**4**
**1,400**
**15,716**
**27,482**
**28,121**
**55,603**
**4,500**
**2,155,796**
**(799,696) **|2019
£
304,765
19,140
1,335
20,475
325,240
1,249
3,314
350,180
354,743
5,507
8,982
2,531
935
17,955
4,099
9,826
1,871
180
2,647
18,623
30,314
15,366
45,680
-
437,001
(111,761)|
|---|---|---|
This page does not form part of the statutory financial statements
18