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2023-09-30-accounts

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

TRUSTEES' REPORT AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

VAISHNAV SANGH OF UK CIO

(A COMPANY LIMITED BY GUARANTEE)

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 2023

Page
Trustees' Report 1 to 3
Trustees' Responsibility Statement 4
Report of the Independent Auditors 5 to 7
Statement of Financial Activities 8 to 9
Balance Sheet 10 to 12
Cash Flow Statement 13
Notes to the Cash Flow Statement 14
Notes to the Financial Statements 15 to 23
Detailed Statement of Financial Activities 24 to 25

VAISHNAV SANGH OF UK CIO (REGISTERED NUMBER: CE017513)

TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023

The Trustees present their annual report together with the audited financial statements as a charitable incorporated organisation (CIO) for the Charity's period of 1 October 2022 to 30 September 2023.

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 further its objectives and aims, the Charity now owns two Havelis:

Vrajdham Haveli in Leicester Shrinathdham Haveli & Community Centre in London.

With gratitude and love, the trustees oversee the management of the Havelis and the engagement of specially trained Mukhyajis (priests) to provide Seva to Shree Thakorji (service to Shree Krishna) and to guide worshippers. The charity also organises varied and regular Satsangs (gatherings for knowledge) and Manoraths (religious celebrations) that include online presentations. There are regular classes being held for children to educate them, providing an introduction to Hindu religion and Pushti-marg knowledge. Yoga classes and other activities have now recommenced at Shrinathdham.

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

Public benefit

The Trustees have referred to the guidance contained in 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.

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.

The charity anticipates increased level of income from live events, hall and room hire and other activities held and Civil Marriage Registration for which Shrinathdham Haveli has recently been granted Licence.

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.

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 spending for the current year equates to about £158,414 and the balance of the Unrestricted Funds is £412,235. Thus, at the end of the period, the Trustees consider that the Charity has an appropriate level of liquidity even in these challenging times. However, the adequacy of this policy will be reviewed annually.

Page 1

VAISHNAV SANGH OF UK CIO (REGISTERED NUMBER: CE017513)

TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023

FINANCIAL REVIEW

The financial statements reflect the activities for the period from 2022 to 2023.

This third period for the Charity was again a challenging one, after the effects of the pandemic but also an opportunity to consolidate all the activities at both the Havelis.

The Unrestricted Funds surplus amounted to £412,335.

This year we managed to hold Mahotsavs and Manoraths for the padhramni (inauguration) of other Deities at the Haveli. These events were held in August 2023 together with a seven days Mahotsav being held at Harrow Leisure Centre from 12 to 18 August 2023, named Sodas Grantha Saptah Mahotsav.

In the meantime, the Trustees have continued with the challenge to keep the public active in religious and other activities at both the Havelis.We are also organising our annual event again at Harrow Leisure centre on 3 to 9th August 2024(Shree Yamunagi 41 Pad Raspaan Katha).

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. It will 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 third period.

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.

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

The 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:

Page 2

VAISHNAV SANGH OF UK CIO (REGISTERED NUMBER: CE017513)

TRUSTEES' REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2023

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 (resigned 19.1.23) M Popat Trustee P Thakkar Trustee S Shah Chair (appointed 24.2.23)

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 11 July 2024 and signed on its behalf by:

M Popat - Trustee

Page 3

VAISHNAV SANGH OF UK CIO

TRUSTEES' RESPONSIBILITY STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2023

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)

Opinion

We have audited the financial statements of Vaishnav Sangh of UK CIO (the 'charitable company') for the year ended 30 September 2023 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:

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:

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.

Page 5

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF VAISHNAV SANGH OF UK CIO (REGISTERED NUMBER: CE017513)

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 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.

Page 6

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF VAISHNAV SANGH OF UK CIO (REGISTERED NUMBER: CE017513)

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 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

11 July 2024

Page 7

VAISHNAV SANGH OF UK CIO

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2023

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Investment income
3
Total
EXPENDITURE ON
Raising funds
Raising donations and legacies
Charitable activities
4
Charitable costs
Governance costs
Other
Total
NET INCOME/(EXPENDITURE)
Transfers between funds
17
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
fund
£
630,513
67,440
697,953
-
-
205,056
6,000
422,600
633,656
64,297
(146,257)
(81,960)
494,195
412,235		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 London
Building
Fund
£
15,181
-
15,181
-
-
-
-
111,712
111,712
(96,531)
146,257
49,726
2,104,503
2,154,229

The notes form part of these financial statements

Page 8

VAISHNAV SANGH OF UK CIO

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2023

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Investment income
3
Total
EXPENDITURE ON
Raising funds
Raising donations and legacies
Charitable activities
4
Charitable costs
Governance costs
Other
Total
NET INCOME/(EXPENDITURE)
Transfers between funds
17
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Leicester
Building
Fund
£
-
-
-
-
-
-
-
10,806
10,806
(10,806)
-
(10,806)
458,620
447,814		 2023
Total
funds
£
645,694
67,440
713,134
-
-
205,056
6,000
545,118
756,174
(43,040)
-
(43,040)
3,057,318
3,014,278		 2022
Total
funds
£
604,248
59,927
664,175
-
-
210,547
4,980
469,920
685,447
(21,272)
-
(21,272)
3,078,590
3,057,318

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 £2,154,229 and £447,814.

The notes form part of these financial statements

Page 9

VAISHNAV SANGH OF UK CIO (REGISTERED NUMBER: CE017513)

BALANCE SHEET

30 SEPTEMBER 2023

Notes
FIXED ASSETS
Tangible assets
12
CURRENT ASSETS
Debtors
13
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
14
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS
Amounts falling due after more than one year
15
NET ASSETS		 Unrestricted
fund
£
114,870
4,862
233,148
238,010
(44,452)
193,558
308,428
103,807
412,235		 Restricted
funds
£
-
-
-
-
-
-
-
-
-		 London
Building
Fund
£
3,769,391
41,415
-
41,415
(116,162)
(74,747)
3,694,644
(1,540,415)
2,154,229

The notes form part of these financial statements

Page 10

continued...

VAISHNAV SANGH OF UK CIO (REGISTERED NUMBER: CE017513)

BALANCE SHEET - continued 30 SEPTEMBER 2023

Notes
FIXED ASSETS
Tangible assets
12
CURRENT ASSETS
Debtors
13
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
14
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS
Amounts falling due after more than one year
15
NET ASSETS
FUNDS
17
Unrestricted funds:
General fund
Restricted funds:
London Building Fund
Leicester Building Fund
TOTAL FUNDS		 Leicester
Building
Fund
£
447,814
-
-
-
-
-
447,814
-
447,814		 2023
Total
funds
£
4,332,075
46,277
233,148
279,425
(160,614)
118,811
4,450,886
(1,436,608)
3,014,278
412,235
2,154,229
447,814
2,602,043
3,014,278		 2022
Total
funds
£
4,450,813
104,280
358,363
462,643
(315,723)
146,920
4,597,733
(1,540,415)
3,057,318
494,195
2,104,503
458,620
2,563,123
3,057,318

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

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 notes form part of these financial statements

Page 11

continued...

VAISHNAV SANGH OF UK CIO (REGISTERED NUMBER: CE017513)

BALANCE SHEET - continued 30 SEPTEMBER 2023

The financial statements were approved by the Board of Trustees and authorised for issue on 11 July 2024 and were signed on its behalf by:

M Popat - Trustee

P Thakkar - Trustee

The notes form part of these financial statements

Page 12

VAISHNAV SANGH OF UK CIO

CASH FLOW STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023 2022
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 248,814 158,890
Interest paid (73,062) (52,253)
Tax paid - 205
Net cash provided by operating activities 175,752 106,842
Cash flows from investing activities
Purchase of tangible fixed assets (23,733) (24,296)
Interest received - 41
Net cash used in investing activities (23,733) (24,255)
Cash flows from financing activities
Loan repayments in year (109,987) (116,164)
Net cash used in financing activities (109,987) (116,164)
Change in cash and cash equivalents in
the reporting period 42,032 (33,577)
Cash and cash equivalents at the
beginning of the reporting period 2 191,116 224,693
Cash and cash equivalents at the end of
the reporting period 2 233,148 191,116

The notes form part of these financial statements

Page 13

VAISHNAV SANGH OF UK CIO

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2023

1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES FROM OPERATING ACTIVITIES
2023 2022
£ £
Net expenditure for the reporting period (as per the Statement of
Financial Activities) (43,040) (21,272)
Adjustments for:
Depreciation charges 136,766 133,300
Interest received - (41)
Interest paid 73,062 52,253
Fixed asset written off 5,708 -
Decrease/(increase) in debtors 58,003 (5,544)
Increase in creditors 18,315 194
Net cash provided by operations 248,814 158,890
2. ANALYSIS OF CASH AND CASH EQUIVALENTS
2023 2022
£ £
Cash in hand 40 1,177
Notice deposits (less than 3 months) 233,108 357,186
Overdrafts included in bank loans and overdrafts falling due within one year - (167,247)
Total cash and cash equivalents 233,148 191,116
3. ANALYSIS OF CHANGES IN NET DEBT
At 1.10.22 Cash flow At 30.9.23
£ £ £
Net cash
Cash at bank and in hand 358,363 (125,215) 233,148
Bank overdraft (167,247) 167,247 -
191,116 42,032 233,148
Debt
Debts falling due within 1 year (116,162) 6,177 (109,985)
Debts falling due after 1 year (1,540,415) 103,807 (1,436,608)
(1,656,577) 109,984 (1,546,593)
Total (1,465,461) 152,016 (1,313,445)

The notes form part of these financial statements

Page 14

VAISHNAV SANGH OF UK CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

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 15

continued...

VAISHNAV SANGH OF UK CIO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2023

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

3.

Donations - General income for manoraths
Other Income
Building Fund collection - London Haveli
INVESTMENT INCOME
Rents received
Deposit account interest		 2023
£
618,361
18,831
8,502
645,694
2023
£
67,440
-
67,440		 2022
£
567,384
21,360
15,504		 2022
£
567,384
21,360
15,504
604,248
2022
£
59,886
41
59,927

Page 16

continued...

VAISHNAV SANGH OF UK CIO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2023

4. CHARITABLE ACTIVITIES COSTS

Charitable costs
Governance costs
5.
SUPPORT COSTS
Premises costs
Wages
Health and Safety
Insurance
Other costs
Finance charges
Depreciation
Repairs and renewals
Computer costs
Legal and professional costs
Advertising
Service charges
Bad debts
Bank loan interest
6.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets
Auditors' remuneration
7.
GOVERNANCE COSTS		 Direct Support
Costs Costs Totals
£ £ £
205,056 - 205,056
- 6,000
205,056 6,000 211,056
Unrestricted Restricted Total
£ £ £
95,158 2,750 97,908
83,608 83,608
1,786 1,786
19,820 19,820
40,917 40,917
33,410 33,410
16,998 119,768 136,766
39,766 39,766
8,322 8,322
18,513 18,513
400 400
3,568 3,568
11,900 11,900
73,062 73,062
447,228 122,518 569,746
2023
£
137,905
6,000		 2022
£
133,298
4,980
Unrestricted Restricted Total
£ £ £
Auditors' remuneration 6,000 - 6,000

Page 17

continued...

VAISHNAV SANGH OF UK CIO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2023

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30 September 2023 nor for the year ended 30 September 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 30 September 2023 nor for the year ended 30 September 2022.

9. STAFF COSTS

Wages and salaries
Other pension costs
The average monthly number of employees during the year was as follows:
Management
Priests		 2023
£
96,838
1,070
97,908
2023
3
3
6		 2022
£
96,903
1,007
97,910
2022
3
3
6

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

10.

COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
London
Unrestricted
Restricted
Building
fund
funds
Fund
£
£
£
INCOME AND
ENDOWMENTS FROM
Donations and legacies
584,515
-
19,733
Investment income
59,927
-
-
Total
644,442
-
19,733
EXPENDITURE ON
Raising funds
Raising donations and
legacies
-
-
-
-
-
-
Charitable activities
Charitable costs
210,547
-
-
Governance costs
4,980
-
-
Other
298,737
-
160,377
Total
514,264
-
160,377		 Leicester
Building
Fund
£
-
-
-
-
-
-
-
10,806
10,806		 Total
funds
£
604,248
59,927
664,175
-
-
210,547
4,980
469,920
685,447

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continued...

VAISHNAV SANGH OF UK CIO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2023

10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued

NET
INCOME/(EXPENDITURE)
RECONCILIATION OF
FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED
FORWARD		 Unrestricted
fund
£
130,178
364,017
494,195		 Restricted
funds
£
-
-
-		 London
Building
Fund
£
(140,644)
2,245,147
2,104,503		 Leicester
Building
Fund
£
(10,806)
469,426
458,620		 Total
funds
£
(21,272)
3,078,590
3,057,318

11. 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.

12. TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
Fixtures
Freehold and Computer
property fittings Artefact equipment Totals
£ £ £ £ £
COST
At 1 October 2022 4,580,937 184,448 56,748 739 4,822,872
Additions - 23,439 294 - 23,733
Reclassification - (5,708) - - (5,708)
At 30 September 2023 4,580,937 202,179 57,042 739 4,840,897
DEPRECIATION
At 1 October 2022 274,857 81,654 15,449 99 372,059
Charge for year 91,619 40,435 5,704 147 137,905
Charge written back - (1,142) - - (1,142)
At 30 September 2023 366,476 120,947 21,153 246 508,822
NET BOOK VALUE
At 30 September 2023 4,214,461 81,232 35,889 493 4,332,075
At 30 September 2022 4,306,080 102,794 41,299 640 4,450,813

Page 19

continued...

VAISHNAV SANGH OF UK CIO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2023

13.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Outstanding pledges
Other debtors
Accrued income
Prepayments
14.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Bank loans and overdrafts (see note 16)
Trade creditors
Social security and other taxes
Pensions
Accruals and deferred income
15.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Bank loans (see note 16)
16.
LOANS
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank overdrafts
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 5 yr by instal		 2023
£
-
-
46,277
-
46,277
2023
£
109,985
-
2,663
218
47,748
160,614
2023
£
1,436,608
2023
£
-
109,985
109,985
109,985
309,956
1,016,667		 2022
£
11,900
5,504
43,609
43,267
104,280
2022
£
283,409
3,997
2,186
200
25,931
315,723
2022
£
1,540,415		 2022
£
11,900
5,504
43,609
43,267
104,280
2022
£
283,409
3,997
2,186
200
25,931
315,723
2022
£
167,247
116,162
283,409
116,162
338,487
1,085,766

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continued...

VAISHNAV SANGH OF UK CIO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2023

17. MOVEMENT IN FUNDS

At
1.10.22
£
Unrestricted funds
General fund
494,195
Restricted funds
London Building Fund
2,104,503
Leicester Building Fund
458,620
2,563,123
TOTAL FUNDS
3,057,318
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Restricted funds
London Building Fund
Leicester Building Fund
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
Restricted funds
London Building Fund
Leicester Building Fund
TOTAL FUNDS		 Net
movement
in funds
£
64,297
(96,531)
(10,806)
(107,337)
(43,040)
Incoming
resources
£
697,953
15,181
-
15,181
713,134
At
1.10.21
£
364,017
2,245,147
469,426
2,714,573
3,078,590		 Transfers
between
funds
£
(146,257)
146,257
-
146,257
-
Resources
expended
£
(633,656)
(111,712)
(10,806)
(122,518)
(756,174)
Net
movement
in funds
£
130,178
(140,644)
(10,806)
(151,450)
(21,272)		 At
30.9.23
£
412,235
2,154,229
447,814
2,602,043
3,014,278
Movement
in funds
£
64,297
(96,531)
(10,806)
(107,337)
(43,040)
At
30.9.22
£
494,195
2,104,503
458,620
2,563,123
3,057,318

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continued...

VAISHNAV SANGH OF UK CIO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2023

17. MOVEMENT IN FUNDS - continued

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

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 644,442 (514,264) 130,178
Restricted funds
London Building Fund 19,733 (160,377) (140,644)
Leicester Building Fund - (10,806) (10,806)
19,733 (171,183) (151,450)
TOTAL FUNDS 664,175 (685,447) (21,272)

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Restricted funds
London Building Fund
Leicester Building Fund
TOTAL FUNDS		 At
1.10.21
£
364,017
2,245,147
469,426
2,714,573
3,078,590		 Net
movement
in funds
£
194,475
(237,175)
(21,612)
(258,787)
(64,312)		 Transfers
between
funds
£
(146,257)
146,257
-
146,257
-		 At
30.9.23
£
412,235
2,154,229
447,814
2,602,043
3,014,278

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 1,342,395 (1,147,920) 194,475
Restricted funds
London Building Fund 34,914 (272,089) (237,175)
Leicester Building Fund - (21,612) (21,612)
34,914 (293,701) (258,787)
TOTAL FUNDS 1,377,309 (1,441,621) (64,312)

Page 22

continued...

VAISHNAV SANGH OF UK CIO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2023

18. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 30 September 2023.

Page 23

VAISHNAV SANGH OF UK CIO

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2023

INCOME AND ENDOWMENTS
Donations and legacies
Donations - General income for manoraths
Other Income
Building Fund collection - London Haveli
Investment income
Rents received
Deposit account interest
Total incoming resources
EXPENDITURE
Charitable activities
Catering expenses
Manorath expenses
Other
Wages
Pensions
Cleaning
Health and safety
Premises expenses
Travel and subsistence
Depreciation of freehold property
Depreciation of fixtures and fittings
Depreciation of computer equipment
Depreciation of artefacts
Support costs
Management
Wages
Rates and water
Insurance
Light and heat
Telephone
Postage and stationery
Advertising
Sundries
Service charges
Bad debts		 2023
£
618,361
18,831
8,502
645,694
67,440
-
67,440
713,134
5,412
199,644
205,056
40,318
1,070
9,465
1,786
1,345
4,566
91,619
39,295
148
5,704
195,316
56,520
9,714
19,820
49,871
6,562
5,788
400
12,586
3,568
11,900
176,729		 2022
£
567,384
21,360
15,504
604,248
59,886
41
59,927
664,175
5,197
205,350
210,547
41,850
1,007
3,460
2,124
30,608
3,224
91,621
36,051
99
5,529
215,573
55,053
12,745
15,523
39,893
4,701
8,617
10,580
20,145
-
-
167,257

This page does not form part of the statutory financial statements

Page 24

VAISHNAV SANGH OF UK CIO

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023 2022
£ £
Management
Finance
Bank charges 4,195 2,898
Bank loan interest 73,062 52,253
77,257 55,151
Information technology
Repairs and renewals 39,766 19,658
Human resources
Software licences 8,322 2,252
Other
Loan arrangement fees 29,215 2,852
Governance costs
Auditors' remuneration 6,000 4,980
Accountancy fees 59 400
Legal fees 18,454 6,777
24,513 12,157
Total resources expended 756,174 685,447
Net expenditure (43,040) (21,272)

This page does not form part of the statutory financial statements

Page 25