2024-09-30-accounts - Vaishnav Sangh Of UK

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

TRUSTEES' REPORT AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

VAISHNAV SANGH OF UK CIO

(A COMPANY LIMITED BY GUARANTEE)

AGK Partnership Ltd 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 2024

		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 2024

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 September 2024. 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

The charity's objectives and aims are to:

Advance the Hindu religion by providing places of worship.
Advance the education of the public in the Hindu religion, culture and traditions, including yoga and meditation.
Promote religious harmony by fostering knowledge, mutual understanding, and respect for different religious faiths' beliefs and practices.
Support local charities, research and community projects and educational establishments.

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:

to ensure the Havelis are governed by the principles established over 500 years ago and are open daily to offer Darshan (sighting opportunity of the deities present) to members of the public.
to hold regular classes to elucidate members of the public with the principles of the Hindu religion.
to provide opportunities for a broad range of people to get involved in research and presentation of the subject matters of the Hindu religion, for all ages from the 5 years to 80 years old.

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 at Shrinathdham.

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 £143,393 and the balance of the Unrestricted Funds is £438,099. 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 2024

FINANCIAL REVIEW

The financial statements reflect the activities for the period from 2023 to 2024.

This fifth 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 £438,099.

This year we managed to hold Mahotsavs and Manoraths at both the Havelis. A seven days Katha Mahotsav was held at Harrow Leisure Centre from 3 to 9 August 2024, named Shree Yamunaji 41 Pad Raspaan Katha, Yamuna Swaroop Aradhna 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 2nd to 8th August 2025 named 108 Shreemad Bhagwat Mahotsav.

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 fifth 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:

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.

Page 2

VAISHNAV SANGH OF UK CIO (REGISTERED NUMBER: CE017513)

TRUSTEES' REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2024

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 M Popat Chairperson/Trustee P Thakkar Trustee S Shah Trustee

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

Bankers

Lloyds Bank 286-288 Station Road Harrow HA1 2EB

AUDITORS

The auditors, AGK Partnership Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Approved by order of the board of trustees on 17 June 2025 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 2024

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:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK 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 charity will continue in operation. As explained on page 3, the activities have continued through the CIO.

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 2024 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 September 2024 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

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:

the information given in the trustees Report is inconsistent in any material respect with the financial statements; or
the charitable company has not kept adequate accounting records; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.

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 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:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the computer component manufacturing and supply sector; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental (including Waste Electrical and Electronic Equipment recycling (WEEE) Regulations 2013) and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

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

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

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

performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.

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

agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's
legal advisors.

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 Partnership Ltd 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

17 June 2025

Page 7

VAISHNAV SANGH OF UK CIO

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2024

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) Transfers between funds 17 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD	Unrestricted fund £ 682,965 67,115 750,080 221,005 6,000 346,565 573,570 176,510 (150,646) 25,864 412,235 438,099	Restricted funds £ - - - - - - - - - - - -	London Building Fund £ 28,627 -
			28,627
			- - 106,414
			106,414
			(77,787) 154,223
			76,436 2,154,229
			2,230,665

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 2024

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) Transfers between funds 17 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD	Leicester Building Fund £ 9,578 - 9,578 - - 15,780 15,780 (6,202) (3,577) (9,779) 447,814 438,035	2024 Total funds £ 721,170 67,115 788,285 221,005 6,000 468,759 695,764 92,521 - 92,521 3,014,278 3,106,799	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

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 £2,230,665 and £438,035.

The notes form part of these financial statements

Page 9

VAISHNAV SANGH OF UK CIO (REGISTERED NUMBER: CE017513)

BALANCE SHEET 30 SEPTEMBER 2024

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 £ 98,898 29,127 336,924 366,051 (26,850) 339,201 438,099 - 438,099	Restricted funds £ - - - - - - - - -	London Building Fund £ 3,666,613 - -
			- (110,644)
			(110,644)
			3,555,969 (1,325,304)
			2,230,665

The notes form part of these financial statements

Page 10

continued...

VAISHNAV SANGH OF UK CIO (REGISTERED NUMBER: CE017513)

BALANCE SHEET - continued 30 SEPTEMBER 2024

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 £ 438,035 - - - - - 438,035 - 438,035	2024 Total funds £ 4,203,546 29,127 336,924 366,051 (137,494) 228,557 4,432,103 (1,325,304) 3,106,799 438,099 2,230,665 438,035 2,668,700 3,106,799	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

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.

The trustees acknowledge their responsibilities for

(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

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

The financial statements were approved by the Board of Trustees and authorised for issue on 17 June 2025 and were signed on its behalf by:

The notes form part of these financial statements

Page 11

continued...

VAISHNAV SANGH OF UK CIO (REGISTERED NUMBER: CE017513)

BALANCE SHEET - continued 30 SEPTEMBER 2024

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 2024
2024
Notes
£
Cash flows from operating activities
Cash generated from operations
1
296,403
Interest paid
(77,060)
Net cash provided by operating activities
219,343
Cash flows from investing activities
Purchase of tangible fixed assets
(11,184)
Interest received
6,262
Net cash used in investing activities
(4,922)
Cash flows from financing activities
Loan repayments in year
(110,645)
Net cash used in financing activities
(110,645)
Change in cash and cash equivalents in
the reporting period
103,776
Cash and cash equivalents at the
beginning of the reporting period
233,148
Cash and cash equivalents at the end of
the reporting period
336,924

2023
£
248,814
(73,062)
175,752
(23,733)
-
(23,733)
(109,987)
(109,987)
42,032
191,116
233,148

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 2024

1.	RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM	RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM	OPERATING	ACTIVITIES
			2024	2023
			£	£
	Net income/(expenditure) for the reporting period (as per the Statement
	of Financial Activities)		92,521	(43,040)
	Adjustments for:
	Depreciation charges		139,714	136,766
	Interest received		(6,262)	-
	Interest paid		77,060	73,062
	Fixed asset written off		-	5,708
	Decrease in debtors		17,150	58,003
	(Decrease)/increase in creditors		(23,780)	18,315
	Net cash provided by operations		296,403	248,814
2.	ANALYSIS OF CHANGES IN NET DEBT
		At 1.10.23	Cash flow	At 30.9.24
		£	£	£
	Net cash
	Cash at bank and in hand	233,148	103,776	336,924
		233,148	103,776	336,924
	Debt
	Debts falling due within 1 year	(109,985)	(660)	(110,645)
	Debts falling due after 1 year	(1,436,608)	111,304	(1,325,304)
		(1,546,593)	110,644	(1,435,949)
	Total	(1,313,445)	214,420	(1,099,025)

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 2024

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 Computer equipment - 20% 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 2024

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	2024 £ 690,854 15,315 15,001 721,170 2024 £ 60,853 6,262 67,115	2023 £ 618,361 18,831 8,502	2023 £ 618,361 18,831 8,502
		645,694
			2023 £ 67,440 -
			67,440

4. CHARITABLE ACTIVITIES COSTS

Charitable costs Governance costs	Direct Costs £ 221,005 - 221,005	Support costs (see note 5) £ - 6,000 6,000	Totals £ 221,005 6,000
			227,005

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VAISHNAV SANGH OF UK CIO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2024

5. SUPPORT COSTS

Other resources expended
Governance costs
Other resources expended
Governance costs
Support costs, included in the above, are as follows:
Management
Wages
Rates and water
Insurance
Light and heat
Telephone
Postage and stationery
Advertising
Sundries
Service charges
Bad debts
Premises expenses
Health and safety
Finance
Bank charges
Bank loan interest

Information
Management
Finance
technology
£
£
£
167,604
83,556
26,947
-
-
-
167,604
83,556
26,947
Human
Governance
resources
Other
costs
Totals
£
£
£
£
5,349
139,714
686
423,856
-
-
6,000
6,000
5,349
139,714
6,686
429,856
2024
2023
Other
resources
Total
expended
activities
£
£
60,374
56,520
5,651
9,714
17,182
19,820
48,993
49,871
5,770
6,562
3,310
5,788
500
400
10,928
12,586
3,769
3,568
-
11,900
5,501
1,345
5,626
1,786
167,604
179,860
2024
2023
Other
resources
Total
expended
activities
£
£
6,496
4,195
77,060
73,062
83,556
77,257

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VAISHNAV SANGH OF UK CIO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2024

5. SUPPORT COSTS - continued Information technology

Repairs and renewals Human resources Software licences Other Loan arrangement fees Depreciation of tangible fixed assets Governance costs Other resources Governance expended costs £ £ Auditors' remuneration - 6,000 Accountancy fees - - Legal fees 686 - 686 6,000 NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Depreciation - owned assets Auditors' remuneration	2024 Other resources expended £ 26,947 2024 Other resources expended £ 5,349 2024 Other resources expended £ - 139,714 139,714 2024 Total activities £ 6,000 - 686 6,686 2024 £ 139,713 6,000	2023 Total activities £ 39,766 2023 Total activities £ 8,322 2023 Total activities £ 29,215 136,766
		165,981
		2023 Total activities £ 6,000 59 18,454 24,513 2023 £ 137,905 6,000

6. NET INCOME/(EXPENDITURE)

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VAISHNAV SANGH OF UK CIO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2024

7. GOVERNANCE COSTS

	Unrestricted	Restricted	Total
	£	£	£
Auditors' remuneration	6,000	-	6,000

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30 September 2024 nor for the year ended 30 September 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 30 September 2024 nor for the year ended 30 September 2023.

9. STAFF COSTS

Wages and salaries Other pension costs The average monthly number of employees during the year was as follows: Management Priests No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES London Unrestricted Restricted Building fund funds Fund £ £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 630,513 - 15,181 Investment income 67,440 - - Total 697,953 - 15,181 EXPENDITURE ON Charitable activities Charitable costs 205,056 - - Governance costs 6,000 - - Other 422,600 - 111,712 Total 633,656 - 111,712		2024 £ 82,574 1,104 83,678 2024 3 2 5 Leicester Building Fund £ - - - - - 10,806 10,806		2023 £ 96,838 1,070 97,908 2023 3 3 6 Total funds £ 645,694 67,440
				713,134
				205,056 6,000 545,118
				756,174

10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

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VAISHNAV SANGH OF UK CIO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2024

10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued

NET INCOME/(EXPENDITURE) Transfers between funds Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD	Unrestricted fund £ 64,297 (146,257) (81,960) 494,195 412,235	Restricted funds £ - - - - -	London Building Fund £ (96,531) 146,257 49,726 2,104,503 2,154,229	Leicester Building Fund £ (10,806) - (10,806) 458,620 447,814	Total funds £ (43,040) -
					(43,040) 3,057,318
					3,014,278

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

		Fixtures
	Freehold	and		Computer
	property	fittings	Artefact	equipment	Totals
	£	£	£	£	£
COST
At 1 October 2023	4,580,937	202,179	57,042	739	4,840,897
Additions	-	6,878	4,306	-	11,184
At 30 September 2024	4,580,937	209,057	61,348	739	4,852,081
DEPRECIATION
At 1 October 2023	366,476	120,947	21,153	246	508,822
Charge for year	91,618	41,812	6,135	148	139,713
At 30 September 2024	458,094	162,759	27,288	394	648,535
NET BOOK VALUE
At 30 September 2024	4,122,843	46,298	34,060	345	4,203,546
At 30 September 2023	4,214,461	81,232	35,889	493	4,332,075

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VAISHNAV SANGH OF UK CIO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2024

2023 £ 46,277 - 46,277 2023 £ 109,985 2,663 218 47,748 160,614 2023 £ 1,436,608	2023 £ 46,277 - 46,277 2023 £ 109,985 2,663 218 47,748	2023 £ 46,277 -
		46,277
	160,614
2023 £ 109,985
109,985
309,956
1,016,667 At 30.9.24 £ 438,099 2,230,665 438,035
2,668,700
3,106,799

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VAISHNAV SANGH OF UK CIO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2024

17. MOVEMENT IN FUNDS - continued

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	At 1.10.22 £ 494,195 2,104,503 458,620 2,563,123 3,057,318		Incoming resources £ 750,080 28,627 9,578 38,205 788,285 Net movement in funds £ 64,297 (96,531) (10,806) (107,337) (43,040)		Resources expended £ (573,570) (106,414) (15,780) (122,194) (695,764) Transfers between funds £ (146,257) 146,257 - 146,257 -	Movement in funds £ 176,510 (77,787) (6,202) (83,989) 92,521 At 30.9.23 £ 412,235 2,154,229 447,814 2,602,043 3,014,278

Comparative 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	Incoming resources £ 697,953 15,181 - 15,181 713,134	Resources Movement expended in funds £ £ (633,656) 64,297 (111,712) (96,531) (10,806) (10,806) (122,518) (107,337) (756,174) (43,040)

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VAISHNAV SANGH OF UK CIO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2024

17. 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 London Building Fund Leicester Building Fund TOTAL FUNDS	At 1.10.22 £ 494,195 2,104,503 458,620 2,563,123 3,057,318	Net movement in funds £ 240,807 (174,318) (17,008) (191,326) 49,481	Transfers between funds £ (296,903) 300,480 (3,577) 296,903 -	At 30.9.24 £ 438,099 2,230,665 438,035
				2,668,700
				3,106,799

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	1,448,033	(1,207,226)	240,807
Restricted funds
London Building Fund	43,808	(218,126)	(174,318)
Leicester Building Fund	9,578	(26,586)	(17,008)
	53,386	(244,712)	(191,326)
TOTAL FUNDS	1,501,419	(1,451,938)	49,481

18. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 30 September 2024.

Page 23

VAISHNAV SANGH OF UK CIO

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2024

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 Donation paid Catering expenses Manorath expenses Other Wages Pensions Cleaning Travel and subsistence Support costs Management Wages Rates and water Insurance Light and heat Telephone Postage and stationery Advertising Sundries Service charges Bad debts Premises expenses Health and safety Finance Bank charges Carried forward	2024 £ 690,854 15,315 15,001 721,170 60,853 6,262 67,115 788,285 51 5,312 215,642 221,005 22,200 1,104 18,916 2,683 44,903 60,374 5,651 17,182 48,993 5,770 3,310 500 10,928 3,769 - 5,501 5,626 167,604 6,496 6,496	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 4,566
		55,419 56,520 9,714 19,820 49,871 6,562 5,788 400 12,586 3,568 11,900 1,345 1,786
		179,860 4,195 4,195

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 2024 Finance Brought forward Bank loan interest Information technology Repairs and renewals Human resources Software licences Other Loan arrangement fees Depreciation of freehold property Depreciation of fixtures and fittings Depreciation of computer equipment Depreciation of artefacts Governance costs Auditors' remuneration Accountancy fees Legal fees Total resources expended Net income/(expenditure)	2024 £ 6,496 77,060 83,556 26,947 5,349 - 91,619 41,812 148 6,135 139,714 6,000 - 686 6,686 695,764 92,521	2023 £ 4,195 73,062 77,257 39,766 8,322 29,215 91,619 39,295 148 5,704 165,981 6,000 59 18,454 24,513 756,174 (43,040)

This page does not form part of the statutory financial statements

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