OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-09-30-accounts

REGISTERED COMPANY NUMBER: CE017513 (England and Wales) REGISTERED CHARITY NUMBER: 1183435

TRUSTEES' REPORT AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

FOR

VAISHNAV SANGH OF UK CIO

AGK Partners Chartered Accountants & Statutory Auditors 1 Kings Avenue London N21 3NA

VAISHNAV SANGH OF UK CIO

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

Page
Trustees' Report 1 to 3
Trustees' Responsibility Statement 4
Report of the Independent Auditors 5 to 8
Statement of Financial Activities 9
Balance Sheet 10 to 11
Cash Flow Statement 12
Notes to the Cash Flow Statement 13
Notes to the Financial Statements 14 to 20
Detailed Statement of Financial Activities 21 to 22

VAISHNAV SANGH OF UK CIO (REGISTERED NUMBER: CE017513), REG. CHARITY NUMBER: 1183435

TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2021

The Trustees present their annual report together with the audited financial statements as a charitable incorporated organisation (CIO) for the Charity's year ended 30 September 2021.

The trustees confirm that the financial statements comply with current statutory requirements and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their financial statements in accordance with FRS 102.

OBJECTIVES AND ACTIVITIES

Objectives and aims

The Charity's objectives and aims are to

To advance its misson to the Hindu community and wider society, the Charity has ownership of two UK Havelis: Vrajdham Haveli in Leicester and Shrinathdham Haveli & Community Centre in London.

With gratitude and affection, the Trustees oversee the management of the Havelis and the engagement of rigorously trained Mukhyajis (priests) that provide Seva to Shree Thakorji (service to Shree Krishna) and guide worshippers on the spiritual path. The Charity organises varied and regular satsangs (gatherings for knowledge) and manoraths (religious celebrations), both on-line and congregational gatherings. Regular classes are being held for children to enhance spiritual knowledge and wisdom on both Hindu religion and Pushtimarg, the Path of Grace. Yoga classes and other social activities have now recommenced at Shrinathdham Haveli. Vrajdham Haveli as ever, has kept the spirits high during the lockdown period and has gone from strength to strength serving Shree Thakurji, devotees and the community in Leicester and neighbouring areas.

The strategies employed to achieve the charity's objectives include:

Public benefit

The Trustees have referred to the Charity Commission's general guidance on public benefit whilst reviewing Vaishnav Sangh of UK's aims and objectives and in planning the future activities to ensure it meets the public benefit objectives for its congregation as well as the wider community.

ACHIEVEMENT AND PERFORMANCE

Fundraising activities

The Charity has raised funds through regular donations, from on-line events, live events and sponsorship.

The Charity has not engaged in public fundraising and does not use professional fundraisers or commercial participators. The Trustees monitor the relevant fundraising regulations and codes to ensure compliance where applicable.

With the end of Covid19 restrictions, the Charity anticipates an additional source of income from live events, hall and room hire, yoga, conference rooms and other value added community activities. We also conduct Civil Marriage Registry functions at Shrinathdham Haveli.

FINANCIAL REVIEW

Investment policy and objectives

The Charity has no plans for long term investments other than in freehold premises. Cash reserves are held in bank deposit accounts. Besides our two freehold premises, the Charity does not hold any other investments or investment funds. Hence the risk exposure has been kept to a minimum.

Page 1

VAISHNAV SANGH OF UK CIO (REGISTERED NUMBER: CE017513) REG. CHARITY NUMBER: 1183435

TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2021

FINANCIAL REVIEW

Reserves policy

Trustees have agreed to maintain a level of unrestricted reserves equal to at least three months of annual expenditure. Three months of annual expenditure for the current year equates to about £107,648 and the balance of the Unrestricted Funds is £364,017. Thus, at the end of the year, the Trustees consider the Charity to have an appropriate level of liquidity even during these challenging times. However, the adequacy of this policy will be reviewed annually.

The financial statements reflect the activities for the year ended 30 September 2021.

This second period for the Charity was challenging due to constraints placed by the Covid 19 lockdowns and related issues, however it presented an opportunity to consolidate the Charity's position post-acquisition of Shrinathdham Haveli and Community Centre in July 2019.

Below is a summary of the results for this period:

Unrestricted Fund
Restricted Fund - Buildings
Total		 Brought forward
reserves
During the period
226,774
137,243
2,840,981
(126,408)
__
_______
3,067,755
10,835

 Total
364,017
2,714,573
_______
3,078,590

These figures are explained in more detail on page 10 of the financial statements.

The unrestricted funds surplus amounted to £364,017 including brought forward reserves.

The ceremonies that had been planned for 2020/21 in terms of Mahotsavs and Manoraths to be held for the padhramni (inauguration) of other Deities at the Haveli, had to be postponed in light of the pandemic. These events are now being planned to be held in 2022/23, one already announced, a seven days Mahotsav being held at Harrow Leisure Centre from 20 to 26 August 2022, named Sarvottam Charitra Mahotsav.

In the meantime, the Trustees have continued with the challenge to keep the public active in religious and other activities using on-line media. The Charity has continued holding numerous on-line events with very large participation by worldwide audience. The Charity has become renowned as perhaps one of the most active and professional Hindu organisations for such presentations globally.

Vaishnav Sangh of UK, with the headquarters at the Shrinathdham Haveli being at the centre of the vibrant and multicultural Harrow Community, is exceptionally proud of its achievements within the local community, and also keeping in regular touch with other faiths, endeavour to enhance and preserve the well-being of all local citizens.

There are various sources of income that the Charity benefits from, such as daily prayers and homage together with many fold celebratory events in the Hindu calendar. The members participate and donate to divinity whilst participating in private events, communal worship in function rooms as well as the growing on-line presence.

Sponsorship schemes and pledges leading up to the opening of Shrinathdham Haveli have given a foundation for intended charitable activities to flourish. This support and enthusiasm has continued in this second period.

The pandemic has presented challenges effecting the Charity's landscape in different ways. For the trustees, the growing online presence has to an extent counter-balanced the reduced on-site activities during the lockdown as the global telecast coverage of the Haveli increased to worldwide devotees and the funds helped to finance the running of the Haveli.

Unrestricted funds are sufficient to support the Charity's operations and with its diverse and loyal supporter base, the Charity is making in-roads into becoming a self-financing operation.

The Trustees have identified no significant short or medium-term financial risks to the Charity's continued operations, and therefore the financial statements have been prepared on the going concern basis.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document and organisation

The objectives and activities of the CIO, as stated earlier are set up under a Declaration of Trust.

Page 2

VAISHNAV SANGH OF UK CIO (REGISTERED NUMBER: CE017513) REG. CHARITY NUMBER: 1183435

TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2021

Recruitment and appointment of new trustees

Apart from the first Trustees, every Trustee must be appointed by a resolution of the Trustees passed at a Special meeting.

Induction and training of new trustees

New Trustees have to undergo an orientation day to brief them on their legal obligations, the contents of the CIO's Constitution and decision-making processes, the business plan and the recent financial performance of the CIO. During the induction day, they would meet critical employees and other Trustees.

In addition, Trustees are encouraged to attend appropriate external training events where these will facilitate their role

Related parties

Vaishnav Sangh of UK achieves its aims and objectives independently of any other organisation, but where necessary, it seeks to actively collaborate with other organisations.

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.

The trustees have a risk management strategy which comprises: - an annual review of the risks the charity may face; - the establishment of systems and procedures to mitigate those risks identified in the plan and the implementation of procedures designed to minimise any potential impact on the Charity should those risks materialise.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

CE017513 (England and Wales)

Registered Charity number

1183435

Registered office

Shrinathdham Haveli 2A Rosslyn Crescent Harrow Middlesex HA1 2SU

Trustees

S Lakhani Chair M Popat Trustee P Thakkar Trustee D Kotecha Trustee (resigned 8.5.21)

Auditors

AGK Partners Chartered Accountants & Statutory Auditors 1 Kings Avenue London N21 3NA

Bankers

Lloyds Bank 286-288 Station Road Harrow HA1 2EB

AUDITORS

The auditors, AGK Partners, will be proposed for re-appointment at the forthcoming Annual General Meeting. Approved by order of the board of trustees on 31 July 2022 and signed on its behalf by:

……………………………………… S Lakhani Chairman

Page 3

VAISHNAV SANGH OF UK CIO

TRUSTEES' RESPONSIBILITY STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2021

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.

The Charity Trustees 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).

The law applicable to charities in England and Wales requires the charity Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities

Page 4

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF

VAISHNAV SANGH OF UK CIO (REGISTERED NUMBER: CE017513) REG. CHARITY NUMBER: 1183435

Opinion

We have audited the financial statements of Vaishnav Sangh of UK CIO (the 'charitable company') for the year ended 30 September 2021 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), 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.

Matters on which we are required to report by exception

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

Page 5

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF

VAISHNAV SANGH OF UK CIO (REGISTERED NUMBER: CE017513) REG. CHARITY NUMBER: 1183435

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, 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.

Page 6

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF

VAISHNAV SANGH OF UK CIO (REGISTERED NUMBER: CE017513) REG. CHARITY NUMBER: 1183435

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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities, including fraud and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 7

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF

VAISHNAV SANGH OF UK CIO (REGISTERED NUMBER: CE017513) REG. CHARITY NUMBER: 1183435

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.

AGK Partners Chartered Accountants & Statutory Auditors Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 1 Kings Avenue London N21 3NA

Date: 31 July 2022

Page 8

VAISHNAV SANGH OF UK CIO

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2021

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Investment income
3
Total
EXPENDITURE ON
Charitable activities
4
Charitable costs
Governance costs
Other
Total
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
(Please see below remaining two columns)




Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Investment income
3
Total
EXPENDITURE ON
Charitable activities
4
Charitable costs
Governance costs
Other
Total
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
fund
360,812
61,114
421,926
34,386
7,020
243,277
284,683
137,243
226,774
364,017
____


Year Ended
30.9.21
Total
Funds
£
380,312
61,114
441,426
34,386
7,020
389,185
430,591
10,835
3,067,755
3,078,590		 London
Building Fund
19,500
-
19,500
-
-
136,128
135,416
(116,628)
2,361,775
2,245,147
___
Period
15.5.19
to
30.9.20
Total
funds
£
3,700,086
75,989
3,776,075
193,913
7,020
507,387
708,320
3,067,755
-
3,067,755		 London
Building Fund
19,500
-
19,500
-
-
136,128
135,416
(116,628)
2,361,775
2,245,147
___
Period
15.5.19
to
30.9.20
Total
funds
£
3,700,086
75,989
3,776,075
193,913
7,020
507,387
708,320
3,067,755
-
3,067,755

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

Funds and matching expenses have been restricted for building funds of both the London and Leicester Haveli of £2,245,147 and £469,426.

The notes form part of these financial statements

Page 9

VAISHNAV SANGH OF UK CIO (REGISTERED NUMBER: CE017513) REG. CHARITY NUMBER: 1183435

BALANCE SHEET
30 SEPTEMBER 2021

Notes
FIXED ASSETS
Tangible assets
11
CURRENT ASSETS
Debtors
12
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
13
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS
Amounts falling due after more than one year
14
NET ASSETS
(Please see below remaining three columns)

Notes
FIXED ASSETS
Tangible assets
11
CURRENT ASSETS
Debtors
12
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
13
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS
Amounts falling due after more than one year
14
NET ASSETS
FUNDS
16
Unrestricted funds:
General fund
Restricted funds:
London Building Fund
Leicester Building Fund
TOTAL FUNDS
Unrestricted
fund
£
116,770
54,674
224,693
279,367
(32,120)
247,247
364,017
-
____364,017

Leicester
Building
Fund
£
469,426
-
-
-
-
-
469,426
-
469,426		 London
Building
Fund
£
3,973,619
44,267
-
44,267
(163,970)
(119,703)
3,853,916
(1,608,769)
__2,245,147
2021

Total
funds
£
4,559,815
98,941
224,693
323,634
(196,090)
127,544
4,687,359
(1,608,769)
3,078,590
364,017
2,245,147
469,426
2,714,573
3,078,590		 2020

Total
funds
£
4,655,782
164,659
153,040
317,699
(184,348)
133,351
4,789,133
(1,721,378)
3,067,755
226,774
2,361,775
479,206
2,840,981
3,067,755

The notes form part of these financial statements

Page 10

continued...

VAISHNAV SANGH OF UK CIO (REGISTERED NUMBER: CE017513) REG. CHARITY NUMBER: 1183435

BALANCE SHEET - continued 30 SEPTEMBER 2021

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2021.

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

The financial statements were approved by the Board of Trustees and authorised for issue on 31 July 2022 and were signed on its behalf by:

............................................. S Lakhani - Trustee

.............................................

M Popat - Trustee

The notes form part of these financial statements

Page 11

VAISHNAV SANGH OF UK CIO

CASH FLOW STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2021

Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Tax paid
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash used in investing activities
Cash flows from financing activities
New loans in year
Loan repayments in year
Net cash (used in)/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		 Year Ended
30.9.21
£
244,379
(51,525)
(205)
192,649
(15,759)
67
(15,692)
-
(105,304)
(105,304)
71,653
153,040
224,693		 Period
15.5.19
to
30.9.20
£
3,133,598
(76,866)
-
3,056,732
(4,782,816)
1,082
(4,781,734)
1,878,042
-
1,878,042
153,040
-
153,040

The notes form part of these financial statements

Page 12

VAISHNAV SANGH OF UK CIO

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2021

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the reporting period (as per the Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Interest received
Interest paid
Decrease/(increase) in debtors
Increase in creditors
Net cash provided by operations
2.
ANALYSIS OF CHANGES IN NET DEBT		 Year Ended
30.9.21
£
10,835
111,726
(67)
51,525
65,923
4,437
244,379		 Period
15.5.19
to
30.9.20
£
3,067,755
127,035
(1,082)
76,866
(164,659)
27,683
3,133,598
At 1.10.20 Cash flow At 30.9.21
£ £ £
Net cash
Cash at bank and in hand 153,040 71,653 224,693
153,040 71,653 224,693
Debt
Debts falling due within 1 year (156,665) (7,305) (163,970)
Debts falling due after 1 year (1,721,378) 112,609 (1,608,769)
(1,878,043) 105,304 (1,772,739)
Total (1,725,003) 176,957 (1,548,046)

The notes form part of these financial statements

Page 13

VAISHNAV SANGH OF UK CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared in accordance with 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 2015) - (Charities SORP FRS 102) and the Charities Act 2011.

The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

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.

Incoming resources with related expenditure

Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resources and related expenditure are reported gross in the SoFA.

Investment income

This is rental income from the flats held in the London Haveli.

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.

Governance costs include costs of the preparation and examination of statutory accounts, the costs of trustee meetings and cost of any legal advice to trustees on governance or constitutional matters.

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, eg allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Fundraising costs comprise the costs actually incurred by the Charity in the raising of income. Management and administration costs include management of the Charity’s assets, organisational management and administration and compliance with constitutional and statutory requirements.

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 - 2% on cost Fixtures and fittings - 20% on cost Artefact - 10% on cost

Taxation

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

Tax reclaims on donations and gifts

Incoming resources from gift aid reclaims are included in the SoFA at the same time as the gift to which they relate.

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.

Page 14

continued...

VAISHNAV SANGH OF UK CIO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2021

1. ACCOUNTING POLICIES - continued

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.

Building Fund

Building fund represents collections received which are earmarked for use towards the Charity’s building.

Collections include amounts received for the original purchase and subsequent structural and refurbishment works carried out and amounts transferred from general fund towards future maintenance costs.

Property depreciation and property finance costs are charged to the Building fund.

Derivative financial instruments

Derivative financial instruments are recognised at fair value using a valuation technique, with any gains or losses being reported in profit or loss. Outstanding derivatives at reporting date are included under the appropriate format heading depending on the nature of the derivative.

Accounting estimates

The charity should disclose the nature of a change in an accounting estimate and the effects of the change on assets, liabilities, income and expenses for the current period. If practicable for the charity to estimate the effects of the change on one or more future periods, the company should disclose those estimates.

2. DONATIONS AND LEGACIES

Donations - General income for manoraths
Transfer from Old Charity
Building Fund collection - London Haveli
Donation - NHS Covid appeal		 Year Ended
30.9.21
£
360,812
-
19,500
-
380,312		 Period
15.5.19
to
30.9.20
£
627,494
2,285,547
762,045
25,000
3,700,086

3.

INVESTMENT INCOME

INVESTMENT INCOME
Period
15.5.19
Year Ended to
30.9.21 30.9.20
£ £
Rents received 61,047 74,907
Deposit account interest 67 1,082
61,114 75,989

Page 15

continued...

VAISHNAV SANGH OF UK CIO

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2021

4. CHARITABLE ACTIVITIES COSTS

Manorath expenses
Donations paid
5.1
SUPPORT COSTS
Wages and Pensions
Premises costs
Health & Safety
Insurance
Other costs
Finance charges
Depreciation
Repairs and renewals
Computer costs
Legal and Professional fees
5.2
GOVERNANCE COSTS
Auditors’ remuneration
6.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Auditors' remuneration
Depreciation - owned assets		 Unrestricted
£
33,885
501
_
34,386
_
Unrestricted
£
103,640
39,694
2,141
15,465
10,773
2,982
17,343
15,052
4,984
31,203
_
243,277
_
Unrestricted
£
7,020
__
Period		 Restricted
£
-
-
_
-
_
Restricted
£
-
-
-
-
-
51,525
94,383
-
-
-
_
145,908
_
Restricted
£
-
___
Year Ended
30.9.21
£
7,020
111,726		 Total
£
33,885
501
_
34,386
_
Total
£
103,640
39,694
2,141
15,465
10,773
54,507
111,726
15,052
4,984
31,203
_
389,185
_
Total
£
7,020
 Total
£
33,885
501
_
34,386
_
Total
£
103,640
39,694
2,141
15,465
10,773
54,507
111,726
15,052
4,984
31,203
_
389,185
_
Total
£
7,020
_ _
15.5.19
to
30.9.20
£
7,020
127,035

7. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30 September 2021 nor for the period ended 30 September 2020.

Trustees' expenses

There were no trustees' expenses paid for the year ended 30 September 2021 nor for the period ended 30 September 2020.

Page 16

continued...

VAISHNAV SANGH OF UK CIO

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2021

8. STAFF COSTS

Year Ended
30.9.21
£
Wages and salaries
102,719
Other pension costs
921
103,640		 Period
15.5.19
to
30.9.20
£
98,482
604
99,086

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

Period
15.5.19
Year Ended to
30.9.21 30.9.20
Management 3 3
Priests 3 3
6 6

No employees received emoluments in excess of £60,000.

9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND
ENDOWMENTS FROM
Donations and legacies
Investment income
Total
EXPENDITURE ON
Charitable activities
Charitable costs
Governance costs
Other
Total
NET INCOME
TOTAL FUNDS CARRIED
FORWARD AS AT 30.9.2020		 Unrestricted
fund
£
528,907
75,989
604,896
70,154
7,020
300,948
378,122
226,774
226,774		 Restricted
funds
£
25,000
-
25,000
25,000
-
-
25,000
-
-		 London
Building
Fund
£
2,657,193
-
2,657,193
98,759
-
196,659
295,418
2,361,775
2,361,775		 Leicester
Building
Fund
£
488,986
-
488,986
-
-
9,780
9,780
479,206
479,206		 Total
funds
£
3,700,086
75,989
3,776,075
193,913
7,020
507,387
708,320
3,067,755
3,067,755

Page 17

continued...

VAISHNAV SANGH OF UK CIO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2021

10. CHARITABLE INCORPORATED ORGANISATION (CIO)

The organisation has been incorporated as a Charitable Incorporated Organisation (CIO) and as such has no equity holdings. As such the trustees of the CIO have no liability to contribute to its assets and no personal responsibility for settling its debt and liabilities, should the organisation be wound up.

11. TANGIBLE FIXED ASSETS

COST
At 1 October 2020
Additions
At 30 September 2021
DEPRECIATION
At 1 October 2020
Charge for year
At 30 September 2021
NET BOOK VALUE
At 30 September 2021
At 30 September 2020		 Freehold
property
£
4,580,937
-
4,580,937
91,619
91,619
183,238
4,397,699
4,489,318		 Fixtures
and
fittings
£
152,281
15,759
168,040
30,456
15,147
45,603
122,437
121,825		 Artefact
£
49,599
-
49,599
4,960
4,960
9,920
39,679
44,639		 Totals
£
4,782,817
15,759
4,798,576
127,035
111,726
238,761
4,559,815
4,655,782

In line with the respective increases in value of properties both within Leicester and London, the Trustees feel it is reasonable for the open market value of Vrajdham Haveli to be £604,000 and Shrinathdham Haveli to value £4,441,000. This would result in an overall increase of approximately £500,000 from last year to £5,045,000 (2020: £4,545,000 plus purchase costs and property enhancements)

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Outstanding pledges
Other debtors
Tax
Accrued income
Prepayments		 2021
£
12,200
2,500
205
39,026
45,010
98,941		 2020
£
97,496
16,865
-
10,504
39,794
164,659

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans and overdrafts (see note 15)
Trade creditors
Social security and other taxes
Pensions
Net wages
Accruals and deferred income		 2021
£
163,970
9,039
1,791
191
5,104
15,995
196,090		 2020
£
156,665
14,176
1,648
150
4,689
7,020
184,348

Page 18

continued...

VAISHNAV SANGH OF UK CIO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2021

14.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Bank loans (see note 15)
15.
LOANS
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank loans
Amounts falling between one and two years:
Bank loans - 1-2 years
Amounts falling due between two and five years:
Bank loans - 2-5 years
Amounts falling due in more than five years:
Repayable by instalments:
Bank loans more than 5 years
16.
MOVEMENT IN FUNDS
At
1.10.20
£
Unrestricted funds
General fund
226,774
Restricted funds
London Building Fund
2,361,775
Leicester Building Fund
479,206
2,840,981
TOTAL FUNDS
3,067,755
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
421,926
Restricted funds
London Building Fund
19,500
Leicester Building Fund
-
TOTAL FUNDS
441,426		 2021
£
1,608,769
2021
£
163,970
163,970
491,911
952,888
Net
movement
in funds
£
137,243
(116,628)
(9,780)
(126,408)
10,835
Resources
expended
£
(284,683)
(135,416)
(9,780)
(430,591)		 2021
£
1,608,769
2021
£
163,970
163,970
491,911
952,888
Net
movement
in funds
£
137,243
(116,628)
(9,780)
(126,408)
10,835
Resources
expended
£
(284,683)
(135,416)
(9,780)
(430,591)

Page 19

continued...

VAISHNAV SANGH OF UK CIO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2021

16. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Restricted funds
London Building Fund
Leicester Building Fund
TOTAL FUNDS		 Net
movement
in funds
£
226,774
2,361,775
479,206
2,840,981
3,067,755		 At
30.9.20
£
226,774
2,361,775
479,206
2,840,981
3,067,755

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

Unrestricted funds
General fund
Restricted funds
London Building Fund
Leicester Building Fund
NHS Covid 19 fund
TOTAL FUNDS		 Incoming
resources
£
604,896
2,657,193
488,986
25,000
3,171,179
3,776,075		 Resources
expended
£
(378,122)
(295,418)
(9,780)
(25,000)
(330,198)
(708,320)		 Movement
in funds
£
226,774
2,361,775
479,206
-
2,840,981
3,067,755

17. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 30 September 2021.

18. POST BALANCE SHEET EVENTS

The Trustees have reviewed the Charity’s position and reserves as at the year-end, having considered the future for the Charity, and are of the opinion that the Charity is in a position to continue in operational existence for the foreseeable future.

Page 20

VAISHNAV SANGH OF UK CIO

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2021

Year Ended
30.9.21
£
INCOME AND ENDOWMENTS
Donations and legacies
Donations - General income for manoraths
360,812
Transfer from Old Charity
-
Building Fund collection - London Haveli
19,500
Donation - NHS Covid appeal
-
380,312
Investment income
Rents received
61,047
Deposit account interest
67
61,114
Total incoming resources
441,426
EXPENDITURE
Charitable activities
Donation paid
501
Purchases
-
Catering expenses
4,031
Manorath expenses
29,854
34,386
Other
Wages
55,745
Pensions
921
Cleaning
1,329
Health and safety
2,141
Premises expenses
6,220
Travel and subsistence
125
Depreciation of freehold property
91,619
Depreciation of fixtures and fittings
15,147
Depreciation of artefacts
4,960
178,207
Support costs
Management
Wages
46,974
Rates and water
5,483
Insurance
15,465
Light and heat
18,664
Telephone
4,906
Postage and stationery
4,421
Carried forward
95,913		 Period
15.5.19
to
30.9.20
£
627,494
2,285,547
762,045
25,000
3,700,086
74,907
1,082
75,989
3,776,075
25,000
98,759
8,817
61,337
193,913
55,155
604
20,584
8,605
16,482
-
118,287
3,788
4,960
228,465
43,327
12,141
13,226
28,547
4,912
10,321
112,474

This page does not form part of the statutory financial statements

Page 21

VAISHNAV SANGH OF UK CIO

DETAILED STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 30 SEPTEMBER 2021

Year Ended
30.9.21
£
Management
Brought forward
95,913
Sundries
9,319
105,232
Finance
Bank charges
2,982
Bank loan interest
51,525
54,507
Information technology
Repairs and renewals
15,052
Human resources
Software licences
4,984
Other
Loan arrangement fees
-
Governance costs
Auditors' remuneration
7,020
Accountancy fees
898
Legal fees
30,305
38,223
Total resources expended
430,591
Net income
10,835		 Period
15.5.19
to
30.9.20
£
112,474
18,921
131,395
4,044
76,866
80,910
29,823
5,348
7,352
7,020
14,212
9,882
31,114
708,320
3,067,755

This page does not form part of the statutory financial statements

Page 22