REGISTERED COIIPANY MUMBER: 00355737 (England and W41•s1 REGISTERED CHARITY NUMBER: 250851 REPORT OF THE TRUSTEES ANO FINANCIAL STATEME1 FOR THE YEAR EMDED 310ECEMBER 2022 FOR NATIOIIAL SPIRifuAL ASSEPMLY OF THE BAHA'IS OF THE UhllTEO KINGDOM •K6LIJIA• 271C6r2023 ¢PlEs HOUSE A16 7 j
NATIONAL SPIRITUAL ASSEMBLY OF THE BAHA'IS THE UNITED KINGDOM CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 P•9¢ R•port ol thg Truwto•s I to 7 Report of th• hpènd¥n¢ Awdltorn 8 to 11 Sft•m8tht of Flnan¢lal ActtI 12 stst¢moot of Flnanelal P054tion 13 to 14 Ststèment of Cash Flt)WJ 15 Not•s to th• Statement of Cash Flow 16 Not•$ to the FlnaKlo1 Stat•m•nts 17 to
IIA TIONAL SPIRITUAL ASSEIIBLY OF THE BAHA'IS OF THE UNITED KINGDOIA REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEIABER 2022 The trustees who are akn dbreLttsts of the charrty for rpSeS of Companies A¢t 2006. pSent the repgrt with the finala1 statements ol the charity for the year ended 31 Dèmber 2022. The trustees have adopted the provIsK) of Acwjnting and ReF#xbng by Chantses." Staterrent of Rennded Practi¢e applicable to charities prepariro their acccwJnts in acrdan the FinatKial ReportitvJ Standard applicable the UK aTrJ Republic of Ireland IFRS 1021 leffeclive 1 January 20191. OBJECTIVES AND ACTWITES ObleeiSv•s and aims Th8 obJ"•cis of Ihe chanty are.. Shaiing the hleak and asststs.ng the efforts of the Baha'is to estalSh. uphold promote the spiritual. educati81 and hwnanrtarian teathings of human totherhoOd. radiant laith. exaAed character and sèlfiess love reNaled w) INes an($ utterances of all the Pr4)hets a1 M•sservJers of God. Founders of the worVs rebealed relwion$. and gfftn renewed creati¥e ener9y aThJ univ¢rs?1 applicat to the ccffjdrt10 ofthts age in the lrfe ar¥J utterarw of Baha'u'lLah. To administer thè affaws of thè faith of Baha'u'iiah for t befft of the Baha'l$ of the Unsted ngyom a1 the wr Cmunity according to thè prirt1t5 of the Baha'i Faith. created and èstsblished by Baha'u'llah, defined aThJ explained by Abdu'l.8•ha. mterpretad arvj amplrfied by Shoghi Ellendi. and supplernented apF4d by th• UnNersal House ol Jusbce. which Baha'u'iiah d•suJed in His wth.ngs as the swyerrva body of the Baha'l rel3n. 01 the past 25 yeats, thè worth¥i¢ Baha'S communty had embarked on a serles ol plans, directed by the UnNersal House of Justice A Partlar focJJs had bèèn to raise the capacty of irbdivKIu81s to contributtr to the spiritual, malerial and soual •Yvament of their Cornmunit ¥r¥J tts creats a just and prosperous soriety. In this connbon much fccu5 had been gNen to developing a training instrtute with a sequenee ol cour5e$ that aims to buisd th8 reded capaciliès in indiv¥Juals to carry out the many lasks that such an enterprise entsils. In 2022, the ccvnmunty has embarked on a n4 series of plarB, the first of these, a Nine-Yè8r Plan launthed on 21 Aw"1 with a ser$ ofconferences across the Unw tjrowing on the experience of the kist 25 years and fctused on Buikling Vibrant c0mmunrt. PUBUC BENEFIT The trustaes have had règard to tha gubj3 issued by the Charity c0mrn6$ft and ar$ $8ti%fd that the chanty is for public tnefit. Its primary LknJecipi• is the tharKxment of relvJion and its current activ"es, such as its Study circ. de¥tional meei¢ngs. classes for the spirrtual educatN)n of chiklren. programme f¢r the spintual •mpowerm•nt of juniof-youth. youlh and olher aclr¥ths conlrbvi• to the spirtual a¢vJ soaal development of Mmunit aTrJ are w to all. Page 1
NATIONAL sRITUAL ASSEMBLY OF THE BAHA'IS OF THE UNITED KINGDO REPOR7 OF THE TRUSTEES FOR THE YEAR eNDE0 31 DECEMBER 2022 ACHIEVEMENT AND PERFORMANCE Since the lau of the Nine-year Plan &W"12022, the have teen numerous messages re¢Ned from tha Univèrsal House of JuslK2 whrh dearty artKwlate the goats aTrJ aspirations of the worfLlwide Bahai ¢omrnunty. At R wJvan 2022, the House of Juth"ce ststed". As soc1$ experience StSseS ofVaris kinds, ffte ofthe Abha 8e&uty must stand out mor• and ffl¢xs for their qualities of resiherKe and falnnalty, lor their standard ol cdurt and Ihwr adherenc8 to prn¢wle. and tr the ¢tpasS. detachment. 8rnJ lbeanCe Ih&y emStrat• in thèir putsuit of ADVANCING THE GOALS OF THE MINE-YEAR PLAN The exr(lin?ry imFelus of a worfd-N•hYe Wa of con18rerK•s to launch the Nine-yéar Plan around the worf¢J began in Aw"12022, conbnued into the gJmmer, tmthessed an UnPred2nted engagèment of Btha, and the whler te4nmunty in respondiThJ lo the call of the Unwsal House of Juslice. Som8 4.2CQ souls partiopated in these conferen5 at the regal. sub regional. duster, and nevJPthurho&a veL$ in Ihe UK Af9hans. East Timorèsè. Ethiopian. Iranian. and Nepakse ere amoThJ Se of the people from specffic r8C•Ptive Fwulalion5 thal parb¢ipaled. Signikant 9sts sh as he•J teacws. inlerfaith ministers- pfe5entstwes from the pol¢e force, reKwesentatNes from various charty organisations, and Ictal 4ctiVts wore also in attendance. The ¢onfeTences were also an cyportunity for the wmmunty to ra its capaoty to". Eng•Je Lar9e numbers of frn(ts ol ts Faith in sluoirg guidarKe of Ihe UnNersal House ol justi and thinking about how to appty rt in Ihèir communthes". Swiftly organise krge events that cater for families. chibjren. Junior youlh, and youth" to be ready to to various language needs.. Converse with Ihou5and5 of arnj them to conference ab(KJt SoCty bulE1irYJ", Reath out to Btha'is who had not re¢enlly been uyged in communty hre.. And use the arts to joy and enhar understaThJiry. Paje 2
14A TIONAL SPIRITUAL A&SEIIBLY OF THE 8AHA'IS OF THE UNITED KINGDOhl REPORT OF THE TRUSTEES FOR THE YEAR ENOED 31 0ECEIthBER 2022 FINANCIAL REVIEW FINANCIAL POSITIO At the begnnIng 012022. t N8tional Spirrtual Assernb hostsd a Nothem Europe Instrtutional meelin9 wrth some 1K) peoplè attn¢iro in pewn ar#J tl serw ol worbh¥Je 0)nIenCES in thè Unitèd Kingdom also took place. These 9ave tremendou5 inpetus to the communty to launch the Nine-year Plan and placed significant d•man¢J on th• NatK)nal Fund In ihe ccmiry year. The were also summer intensivè train1ng programmes that took pLace across the Unrted lfj"r4JdrMn. whth abo incIed a wonderful copOrtLity lor pa"¢1panIS to •n9age in a n)ber of$ere wqects to SUFplement their leamin9. In the gInni5 012023. fund gatheIings took wrth all trLLStè att•ndiNJ anLI faa1itating al least on?. wth a fcKus of strewhening the relationshp of the Inends with the Funds of the Farth. Regarding the Voritsu$ investments of the Natnal Assembty, the mathets fell drnmaticalty at the beginning 012022 due to the war in Europe. and ts Investrnent Cgrnmrttee ol the Nabonal Spirit¥81 Assèmbty chose not to disinvest and to nde the rnartet volatilty. At the beglftng of 2023 rt Yas recornmeThJed to invest in money markets to lake advanla9e ofthe hvjher irtÈrÈst rS. It ts noted that resefves Te drawn C heavity iknirvJ 2022. aThY a nwnber of strdttgs have now been implemented to try and revarse the outhtrw of lunds." StrerrfJthening the capaoty for ann1r0 and budgeb.rg al all levels.. Reviewing bu&Jets lint-by-line to analyse whem small savirvJs can b• mJe'. Considering how tasks can be forwar(J by a larger body ol volurteern.. R¢fiècb"j on the use of Propert for all auryitses; and Ways to reduce the costs ofcamps that sutwrt 9rtyh. PRINCIPAL SOURCE OF INCOME AND use OF FUNDS RAISED In accordance wrth the TeachirKJs of the Baha'i Faith, onty Baha'is may contnDute to 8aha'l funds. Thus the primary source of income trom the Baha'l communrty in the Vnited ngdL¥n. The NatKinal Spiritual Assembly arso benefits Irom tax rebates receryed Irthm grft.ai¢Jed Contn"but$. Other Sources of income include rents receivabk and de1 int¢r¢st In. GNen the obj¢¢bS arKI ath"vrt Lwlin8d tho Natnal SyitLsal Assembty has enged in a locussed attempt to ensure that all of its expenthtsjs aThY ts assets surwrt the wmary 04èth.ves which have been set. Investment poll¢y and obfv¢tlve$ In accordance wrth the 9UwJan isSd by I chanknes corThmission, the NaiKJnal Spiritual Assembly implemented a rrtjky for investirg any surplus assets to Se¢U thè best finanaal retum Iwrthin the appropriate level of risk) to t used to ath¥e the goals of the Farth. The Investment commrtlee follow a Terms of Refeon¢e whth hwhlwhts the tyF¢$ of investsnents arvj wcposed strategic asset alIctth which the National Spiritual has adopted. Each quartor thè cuttèrt hobjitsjs ar• assessed. both to gnsurè that ihe Ass¢1 Ak¢at)n k8 within tobrance of thè suggested strategy and to ensure that any speofic assets are achviig Ihe vel of 9r(ywth or incem that ihe Nabonal Assembly dee reasonabk- the agreed rth toleranc. Although r( is ¢(snised thal it B rot practrAI to target a Ve1 of retums each year. gNèn IPe natUTe of ertoin in¥eslments, thè Natn31 Spiritual Assembty makes every eNJ•avoui to meel a net return across the investrnent portfolio of &7% Fer annum. In 2022. the investrDent slrategy gerated a h)ss of 9.91%. Any equrtiés suggèsted tts bè a•kl wthin the portfolio conbnL to té strèèned as best as possible to ensure that underlying hol(JirrfJs are not crtjtside ol the ethical framth coThJruent with the principle$ ol th Faith. Page 3
MATIONAL SPIRITUAL ASSEMBLY OF THE BAHA'IS OF THE UNITED KINGDOM REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OECEPA8ER 2022 FINANCIAL RV41EW RESERVES POLICIES In addition to the general fvJryJs the National Assembly Conside r( prudent to have a 9eneral reserve to over tts workiTrJ capital raquirement li.e. the day to day inflows and ouffiows of irt4yne and expenditure). An amount equal to £900.0(M) or 6 rnonths of the annual salary bill _ whithever Is the greater- will thelOre be set asKlè (to be hekl in accèssbkq lundsl as a general feserwd. At 31 December 2022 the balanc4 of free rEser¥8s vrd5 £13.168 plus the genernl r•seNè of £0,751. Th• reserves are rewewed at the bèginning of ¢ach accounting yèar in linè with thè bLK19èts. It Ls antPated that 2022 see an inrJease in the salary bill but not such that the general ere wll ne&J to be increasecl. In vkw ofth• plIeI0 of piwthx lhJ, charty holds a pwjerty maintenance reserve to provhlè lunds for significant renovatws repairs.. the minwnurn tsrgel amount this rasèrve is £350,0fy). At 31 D•cember 2022 the balance was £350,CW Due to th• expected Inase in Growth expenditurt to launch the Nine-year Plan. Ihe Na1Tronal Assembly will foojs crtibulTh to th• Nan81 Fund aThJ to reach the tsrget fol the Terne Lanij FuTh1. Total luTrJs a5 at the yeai4TrJ were £12.226.212 ofwhth £3.461.373 is lj ) Reslricled Funds. During the year. thè National Spirrlual A55embly hdd the arnJnts inv&sted in equrties of £5.768.81% wPxth eCaSed to £4,789.813 due to the su(Jden war in EuroFe and subsequent infiationary pressures, however the inve5trnent5 remain in lirn wrth lh8 5trat•gic asset alkncatth of the National Assembty and they wll continue to be dosety rnonrtored. ASSETS HELD BY THE ASSEMBLY AS TRUSTEE ON BEHALF OF OTHERS Athan LA)rary Twsc share in BrKl9e H¢. Tonth'd9e Afnan Library Trust- other funds Bridge House rese Coniinentsl Pi)neer Cijmmrttee VarK)us LSA fvr¥Js Dr Khosrow Tahen Intsmabon?I cdIaboratiC frJThJ Baha'l Int•rnational Fund Huququ'llah Payam-i-8ahai Other funds £333.923 £39.667 £191.239 £981.730 £114.474 £86.254 £819.855 £11.310 £19.118 £9.077 FUTURE PLANS The ec¥ning year sees the communty move wrto the second ytar ofthe "-Year Pkin, and tIre are plans undeway to have another year of intensive trainiw along a large yixth nferenc9 F4anned for ihe summ8f. The Truste wll there1 cts)bnue to focvs on the Sif•g*s noted earliLY to try and increase ¢he net infkjw into the Funds by erKouraging a spJnrfKant increase in umtributKK6 to ts N•¥1 FU1. and to encouragè the spinlual principks ol Sa¢rits and Unibtrsal Partipation. STRUCTURE, GOVERNANCE AND MANAGEMENT GOVERNING OOCUMEPIT Thè charrty Is eontrolkd by rts govwning document. a deed of trust. and CortIlte$ a hmited c¥Jmp8ny, 1wni(ed by guarantee. a5 defined by the Companw Act 2(K6. Ptye4
NATIONAL SPIRITUAL ASSEPABLY OF THE BAHA'IS OF THE UNITED KINGDOM REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OECEPIBER 2022 The Nats'onal Spiritual Assembty of the Baha'ls ol the Unrted "rjd0rn rs a company limited by guarantee govemed by tts Memorandum Arbdes of A550COtitin 5 August 1939 and eIed io allow for Jffent govemance arraNJèments on 25 March 1950. 21 Odcthr 19g4. 16 September 199S aTrJ 14 May 1999. It Is regiSted as a charity Iht Charty Commission and wih the Scottish Charitk% Office Every Member of National sritUal Assernbty unrtakeS to Contributé such amounts as may be required not exceeding £1. to the National Assernbws assets if rt shtyJld be wouThY up while ts a Mtmbèr or wrthin one year if ceases to a Member. for payment of Nabonal Spirrtual Assembty's debts and liabilrtiès contracted tref9 he ¢eased lo a Mernter, of Ihe costs. charges and expertses of windiThJ up. and for the adjustment of the rvJhts ofthe contrfoulories among tMSels. APPOINThlENT OF TRUSTEES The Trustees. who a aLso kn as ts Member5 and dwectus, corsist of nine Fersons chosen fr nong Il 8aha'ls of the Unrted who have atta1 the >3e of 21 and Ytho are elected by suc Baha'55 in a rnanrr provkyed in its Arith of A55Ocrati, and who shall rwnain Members and contirtu¢ in offic• for the per of one year, or unbl their suc$0[5 are elected on failure to be re-elected to the NatK)nal Spiritual A5sèmbty. shall a$ to be a Member. The offKers of the Natk)nal Spiritual A85embty const of Chaimian, VI-(ham8n. Secretary aTrJ Trèasurer, and such other offThrs as may be found necessary for prcp8r cduCt of ts affairs. The officers are elecled by majorty vote of all Membw5 takén by secret ballot. ORGANISATIONAL STRUCTURE The ASSemY or board of trustee5 of nire mernber5 admintststs the chanty. The Assembly meets pproximatty èv•ry month. Thtrm a age1$, commrttees and counri& whKh m•t regularfy. A Secretary elected by the Assembly as its executi¥e offt(r to manage the day to ijay operathorts ol charity. A Treasurèr is •¢t•d by th• truStS lo manage rts f4)anoal affw'rs. TRLISTEE INDUCTION AND TRAINING New Members uThJergo an onentation to brief thwn on tsir W obligalths uThlef ¢arty anLI company law. the content of thè Mèmorandkm and Arb"des of Assoaation. the Assembty's dec15ion making proc•ss•s and its current plans aTrY aCtive$. During the induction they rneet key empbyees and other Members. Plemter5 are encouraged to attènd apprcpnate exiemal trairing events where tlw bèlv• this will asstst in the fuifiknent of their rde. Tho chanty adopts a pay sca structwe whKh 15 benthmawked to oth•r tharrts and is ated every three years using the Tr$ Vvatson saLary critsria. The ¢harty encourages indiwduals to consthr how Y can Se ts Faitti and many offer their tmè sacrificially. The Truslees we 9ratelul for ts'r Imne and ¢cffitrthrtK)ns to advart8 the Cause. RISK STATEMENT Ths have examMiÉd th• major OFerats)nal ri8ks which ts ¢h8ritable tXmpany I$ and eonfffti Ihat systems have been eStai8hed so Ihat ts rEcssary steps can be tsken to reduc these risks. REFERENCE AND ADhllNISTRA TIVE DETAILS Reglst•rod Cornpany numb•r 355737 IEngLand aThJ Wa) Reglstered Charity number 250851 Page 5
NATIONAL SPIRITUAL ASSEMBLY OF THE BAHA'IS OF THE UNITED KINGDOIA REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022 Reglstered offic• 27 Rutland Ga¢e London 11PD Trust••s Trust••$ information Vw CravJ VKÈndi Momen Patrith O'mara Dr Vafa Ram Darran Smith OlingaTahzib Robert nberg Or Shyin Fozdar-Foroudi Dr R¢)nnie Youselzadeh-Bindr¥ Marco Mil Relwed 2ZQ4r2022 {Secxetaryl (Treaswer) (Charl (Vth Chw) 23KHrd022 Company Se¢r•tsry P O'mara Audltors DNG Oove N8ish LLP, Statutw Awjttor Ea9 House 28 Billi Road Northampton NN1 5AJ Day to day rnanagemtrrrt of ts tharty 15 entrusted to ts chi•f •x•cutN• officer. the Secrnty, Patrid O'mara, and the Treasurer. Darren Smrth. STATEMENT OF TRUSTEES. RESPONSIBILMES The trusia¢s (who a also direclors of Nati(al Spirilual Assambly of th Baha'is of ihè Unrtéd Kngdcyn for the purposes ol company lawl ar• r•sponsAe fer weparirg the Report of the Trustees and the finawal slaiernents in accordance with applb law and United n9orn AcUntIng Stsndards Iunibj Kingdom Generally Accepted Accounting Prath"cl. Cornpany law requires the InBtees to prepa fal91 slaternents ts each finanval year whKh give a twe and fair view ol tht state ol affairs of the Chayrtab eompany aTh1 of the incoming osources and applicabon of rèsour¢e$. induding Ihe inc(Kne and expenrjilure. of Charitable corryany fry I1 r)d. In wep89 those finaal stst8ments, the trust•t5 art requirnd to s•lect suitable COUntin9 poli$ aTrJ appty g)nwstenty." observe the methods aTra pripS in Ihè Chanty SORP." maktr judgernents and ¢5tirnates that are SOnab znd prepare the financial statements on the going COnM basis unkss inappropflate to presume that th• charitab cornpany will Gonbnue in bu&ness. Pa9e 6
NATIONAL SPIRITUAL A&SEMBLY OF THE BAHA'IS OF THE UNITED KINGDOM REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEIABER 2022 STATEMENT OF TRUSTEES. RESPONSIBILMES - continued The trustees arè responsible for keeping proper aczountiry rerdS disck)se reasonal)l¢ •C¢uY at any ts'me the finan¢ial p05th.on of the Gharitable company to enab thèm to er)sure that the finanryal statements compty with the Compans Act 20rJ6. They are a150 rewnSIb for safeguardiry the assèts of thg ¢hari¢aWe Company and here ts lakiwvJ reasonablè steps lor Ihe pm•nts"on and detection of fraud and other Irregulants In so far as Ihe trustees are awa. th8r• is no r81evant atyjit infom)ab"on 01w¢h the thaTilaWe oJryans awjitors are naware". and the trustees have taken all steps that thoy 0ht to have taken to make 1hernsee$ aware of any relevant udr( inlamiation and io eslablish that the audrtors are aware of that infom)th"on. AUWORS The aLklitor3. DNG Dova Nath LLP. Sl¥lutw AJit. Trill t* pfgposod re.apwntment at the forthcomlng Annual Gera1 M••ts"n9. Cfj June 2023 Approved by ort1•r of th8 boa oftrusts&S crf .................................. .... ... and ned on its behall by.. P O'M8ra- Tw5tee Page 7
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF 14AMONAL SPIRITUAL ASSEMBLY OF THE BAHA'IS OF THE UNITED KINGDOM Oplnlon We have auotsd the financi4 statements of National rrtual Assernbty of the Baha'is of the Lknrted Kingdorn lthe chaIrtab conpany) for the ye ended 31 0v2mber 2022 whKh comprise the Ststement of Financial Activities, the Statement of Finanual Posilion. the Statement of Cash Flows and notes to the ncial StateEnts. incluth.ng a gJmmary of ggnrtant a(tounb"ng poIKies. The finanual reporting framework that has been applied n their preparab.on is applicable law and United KJ"ngdcm Ac£ounb"ng Standards (Unrted ngdorn Generalty Accepled A¢un.nu Pracbcel. In our opmiion the ststem &¥vg a true f•r view oflhe stste oflh8 charle companfs affr5 95 at 31 December 2022 and of rts incomi)g resources and aOi¢ab"on of fesources. induthng rts income ¥)¢ eXPendtre. for 1he year then ended.. have been prcperfy prep¥•d in Kcordance 1h Unrted lQ"ngdom Generalty Accepted Accounbng Pracke,. and have been preparod in >xordarte wth the rewements ofthe CompleS Ad 20. Basls for oplnlon We conducted our audrt in xcOre wlh 1ntemath.onal Standard5 on Auth"no IUKI IISAS IUKII and applicable law. 04Jr respor6its"lrt"Jes under those SI(18Tts are futher des¢ribed in the AdtOrS. responsibilities for the aut1it of Ihe finanual statements secbon of our report We are ndependent of Ihe Charitable Company in aOrdCe wrth Ihe elhOI r¢quirements that are relevant to our aud1 of Ihg finanth&l ststements in the UK. IFlUth.ng the FRC'S Eth81 Standard. we have fuffilled our other ethal responsibilib.es in e0rdare wth these reqUirents. We believe that the au&t evioence we hav obtsined 15 sufficient and appropriate to prowde a bass for our opinion. Conelu$lons f•lang ID golng conc•m Irs audibng the ffinwal atements, we have ¢dded that the Intstees. Use of the gOg coeM basis of counts.ng in the prepar"on of the fin•Kial ststemehts is 4)pfowiate. B8sed on the work we have performed. we have not identsfied any rnaterial uncertainb.es relating to events or conrtn$ that. in¢ivi¢Juaty or cdlectivety, may ¢ast Signcant doubt M the charrtae companrfs ability to conbnue as a going concem for a period vf at least tsvelve nxnlts from when the finanoa statements authorised for tssue. Our resp511¥11es the reSpon9.1eS of the InEteos rtspect to going concom described in Ihe relevant seth.ons ofthis report Othei InfornOn rhe trustees are respow8 for th• other IOatr.. Th• oth•r 1nforrrtTrtin COMSeS th• inlormth.on included in the Annual Rep¢x¢ other tran the ffinancial statements our Report of the Independent tditors ther_ Our ownion on the financial stalernents doe5 not cover the other ¢nformation d, except to the extent otheiSe expliThUy stated in our reprt we ijo not exFYes5 any form of a&surance condu5ion IhEreon. In connection our audit ol the ffin1 stm•nts, iesponsibilfy is to r•ad th• oth•r rformabon and, in doing so, Consider %thelher the other informab'on is Material Inconsistent th 1he financial staternents or our knowledge obtained in Ihe autht or olherise 4>pears to be materialy rri5Stated If we idenbfy gJth material incony5tenaes or apparent rnaterial misstatements, we are required to determine whether this wves rise to a material mBstatement in the finanual ststements themselves. If. based on the WDrk we have performed, we corrtlude that there i% a material mi55t3tement of this other information, we are required to report Ihat Ixt We have nothing to rewtin If#s regwd. Paotr 8
REPORT OF THE INOEPENDENT AUDITORS TO THE MEMBERS OF NATIONAL SPIRITUALASSEMeLY OF THE BAHA'IS OF THE UNITED KINGDOM Oplnlons on olher matte15 prescrfld by the Companles Act 2006 In our ownion. based M the work undertaken in Ihe course ofthe aJd the inforrnation given in the Report oflhe Trustee5 for the fin¢1 year for whth the finan81 staternents are prepared is conststent wih the fina14 slatements, 1he Report crf the Trustees ha5 been wep¥ed in ACCwdae wrth wgplieabbe legal requwements Matters en whleh we are requlred to report by exceplkni In the light of the knowledge anLI understanding of the chantsble coftwany and ib environment obtsed in Ihe course ofthe audrt. we have not idents.fjed materi rn1rntnts in the Report of the Trust•es. We have nolhing to report in respect of Ihe folty•Mng rrAtt•rs where the Companiès Act 2006 r•quir•s us to report to you rf. in our opini¢yi". adequats counting record5 h8¥e not been kept or retwns •Jewats for our hav¢ ngt ? received from branches not visited by u5.. or the financial statements are not in aweementwrth the act0v1 records retums,. t ertan disclosures ol tnjstees. rerwnerab.on specffied by l• are not made., or we have not received all the informats.on and explanab.ons we require for our dItr, or the tru5teos were not enbled to take ajvantage of the Small ¢ompanies exempbon frorn the re¢wirement to prepare a Strale9i¢ Report or in prep¥in9 the Report tsfthe TDJstees. Responslblllttes of trusttts As explained rnore fvlty in the Ststement of T1885. ReSpons)il.e5. Ihe trustees (who are 8lso the directors of Ihe Charitse cortyany for the purposes of Company la¥Y} are reSp¥ble for the preparation Df the financial staternents and for n9 sab"sfied Ihat they give a true fair view. and for such internal contrcl as Ihe trustees determine B neceswy to enable the prepwab"¢)n of finarKial slatements that ¥e free from rnaterial misstatement, whether due to frwjd or error. In preparing Ihe finanaal statements, the trustees are responsible for assessing the charrtable company's abilty to conts.nue a5 a going coKem, disdosing, as applicable, matters related to going concem and usng the going concem b*5 of x¢ounting unless the trustee5 ether intend to ts"quidate Ihe charilable cOmpY to cease operafr'ons, or have no reali51K altemative trxrt to do so. Page 9
REPORT OF THE INDEPENDENT AUDITORS TO THE AIEMBERS OF NATIONAL SPIRITUAL ASSEMBLY OF The BAHA'IS OF THE UNITED KINGDOM Our responslbllltles ft>r the audlt af the 11nanclal slaternents Our objecb'ves are to obt•'n re850nable assurCe ajoul whethef the fin)eial statements as a bvhole are free from materiol misstAtemerrt, whether due to frwd or error. to Bsue a Report of the Independent Audrtors that IludeS wr opinion. Reasonable asrae is a high level of 8ssura)ee. but ts not a guarantee thot an audrt tj¢ted in a¢¢Ofdance wth ISAS IUKI will aNvays detect a materia misstatement when it ¢xists. Mis$tstements Can arise frorn fraud or errol are COndered material rf, inthvidually or in the aggregate, they t¢uld reasenly be expected to the ecanoffdc ¢knsions of users taken on the basis of these financaal Staternts. The extent tD our procer¢S ¥e pots of detecb.ng irrewlarrffres, including fraud ts dètaled bel¢)w'. We obtained an understsnthng of the legal and rewlatory frarneworks wthin whicth the charity operates. I¢xusing on those laws regulatioThs that ha¥e a Ore¢l effect on the deterrninab.on of material amounts nd dtsclosures in Ihe finry81 ststements. The laws and regvl"on5 we considered in this context were the chanb.es Ad 2011, Unrted "ngdorn Generlty A¢¢epted A¢¢tnts"n9 Practre and rdevant Taxab"on legiatiOn. We identified the greatest risk of materi imW on Ihe fifttial statements from ieI¥le8. Inclu(ling fraud, to tse the overrKle of c¢ntrols by management ?nd the understatement of revenue. Our audrt procedures to respond to these rtsks ilJded enquiries of managernent aboLrt their own identthcatson and assessment of Ihe rists of irregularib"es, sample testing on Ihe posb.ng of Joumals. revie%ing Meeting minutes. regulatory correspondence and profesonal fees. detailed substantive tesb.ng on the completeness of IOme. and rewewing ceunts"ng estimates thy 'aSeS. will also review the wlatory correSponder8 wilh the Charity Commission. ing to Ihe inherent liwritatscffis of an av¢S( there an unav¢Jidabl• risk thal w• may not have detected Some material misststements the finantial statements. even thou¥th we h8ve properfy planned and performed our audrt in accordance Jd"n9 ts)dards We Are not reskKJnsible for preventing non-coml•e nn0t be expected to ijetect nOrcomplI¢e wilh all and regulations These Inherent Iimrtat¢rts ae Partlarty gnan1 in the case of mBstatement resultrng from fraud as this may involve sophisticatsd sthernes designed to avoid deteth"on. in¢luding deliberate faU¥ to record trantrOn$. collusion N the provigon of intenbonal misrepresentations. A futher des¢ription of respor6bilrties lor the audil of Ihe fina14 gatements is Iated on Ihe Financi Reportw)g Council s websrte at vrnw.frc.org.uWauthtorsresponstJilib"es. This descrwjn foms of our Report ofthe Independent AuditS. Page 10
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF NATIONAL SPIRITUAL ASSEMBLY OF ThE BAHA'IS OF THE UNITED KINGDOM Use of our report This report is made solely to the chantsue company's mombws. as a borty. in sordanCe wilh Chapter 3 of Part 16 of the Companies Acl 2CQ6. Our audrt work has been undertaken so that we Might stste to the ¢haritable cornpafty's members th¢)se matters we ¥e ty1red to stste to Ihern in an audrtors, report and for no other purpose To Ihe fijllest extent permitied by law, we do not p1 or assume responsibility to anyone other than the charrtable coftwany a)d the charrtable companys mertlers a5 ? body, for our audit work. for this rep¢ft or for the opinions we have fomied. Andrew Clrfford (Senior StatyJtY Avth'torl for and on behaf of DNG Dove Naish LLP. Stabjtory Au¢ Eagle House 28 Billing Road Northampton NN15AJ Date". 13 June 2023 Page 11
NATKINAL SPIRITUAL ASSEM8LY OF THE BAHA'IS OF THE UNITED KINGOO STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME ANO ExpeNCMTURE ACCOVMT} FOR THE YEAR ENDED 31 oe¢EM8ER 2022 2022 Totsl Jnd5 2021 Totsl fund$ Unrestrthd R•strictsd funds nds INCOME AND ENDOWMEMTS FROIII DonatKJrts and kgaoes 2.695.895 4.164.8 6,860.791 8,251.812 Chorllabl? athltlos Guardian's RestiThJ Place Plol fees 19.927 19.927 42,186 9.084 46.042 42.186 Othèr tr•aiwyJ •¢tivit Investrnent irorne 20,493 20.493 28,927 J.475 1.079 Total 2.844.479 4.185.9J2 EXPENDITURE ON Raising lunds 27,829 43,005 Charltabl aclivltles Intematsonal hjnds Guardian's Resting Place confenCeS Schools Regional acty'vib'es- tehIng aThJ trainirvJ Communty development OrganisalK)n of MUnIty acbvit Exiemal affaifs ProFerty Costs Depreciation Au¢Jitors remuwation Local Spiritual Assemblies Deputisation 978,815 3.239,534 160,159 4,218,349 160,159 473,601 216.C67 510.287 40.626 eA)1.259 95.CM)4 608.139 147.205 15,610 193.762 5,467.076 58.128 473.601 216.C7 335,386 537.929 32,1C6 735.233 129.679 640.498 147.21XS 15,121 405,461 510,227 40.626 620,9)8 119,6491 576.681 133.156 15.610 31,458 14.049 193.762 Totsl 3 472 457 85737f Net gainslllossesl on investments 1.252.278) 1.257.124 NET INCOMEI{EXPENOITURE} Trnnsl•Ys botr•8fi funds 11.880.256) 30,1141 345,616 30.114 11.534,6401 413.085 21 Net Mov¢nnt In fund• 11,910.3701 375.730 11.534,6401 413.085 RECONCILIATION OF FUNDS Tolal lunds brgLBht lOa 10.675.209 3,085,643 13,760,852 13.347.767 TOTAL FUNDS CARRIED FORWARD 3 461.373 12 226.212 13.760.852 The notes fcrfm part ofthese financial statements Page 12
NATIONAL SPIRITUAL ASSEMBLY OF THE BAHA'IS OF ThE UNITeo KIMGDOII STATEMENT OF FINANCLAL posmoN 31 DECEMBER 2022 2022 Total funds 2021 Totsl funds UnrEsIrd Restr¢¢ funds funds Notes FIXED ASSETS Tawible assets Investments Investments Investment proFerty 13 4.377.142 614.949 4.992.091 5,139.296 14 3.544.997 1S 1.953 323 1.341,856 717.828 4,886.853 2671 151 5,855.422 2 870.(KJO 9,875.462 2.674.633 12,550,095 13.664,718 CURRENT ASSETS Slgck5 16 17 62.801 149.142 1 577 962 62.801 149.142 2 371 443 50.178 838,925 2 703 401 C05h at barth aThJ in hd 1.189.]5 793,481 2,583,386 3.592,502 CREDITORS Amounts Falling due within one year 18 {2,,528) {6.7411 12.S¥)7,2691 13,121,368) NET CURRENT ASSETS 1,110.6231 786.740 323.8831 d71.134 TOTAL ASSETS LESS CURREMT UA8ILITIES 8.764.839 3.461.373 12.226.212 14.135.852 CREDITORS Amounts lalling after rnortr than year 19 1375.0001 NET ASSETS 8 764 839 3 461 373 12 226 212 13 760 852 FUNDS Unrestricted fvnds Restrictsd fvn¢J$ 21 8,764,839 3 461 373 10.675.209 3 085 643 TOTAL FUNDS 12.228 212 13.760 852 The notes fc¥m wt oflhe5e fwwntyal slaterrents Page 13 Jntinu&J...
NATIONAL SPIRtruAL ASSEAIBLY OF THE BAHA'IS OF THE UNITED KINGDO STATEMENT OF FINANCIAL posmoM- ¢ontlnued 31 DECEIIJBER 2022 These fina14 statwnents ha* been in accordanre Iho provisions •ppl1¢0b to charrtab companies suty.ect to small cofflpan r69im. I ststements were approved by ts Board of Ttee5 ar¥J aUlhOr for i5suo on . aTrJ wère signed on its bèham by". P ONara- Trustee D Smith- Trusteè The notes ftym part ofts3e finaw815tatements Pa9e 14
NATK>NAL SPIRITUAL ASSEMBLY OF THE BAHA. OF THE UNITED KINGDO STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEAIBER 2022 2022 2021 Cash flow8 from operatsn9 a1¥1111¥ Cash generated from operations Net cash provid*J byllused inl 0rab"rj acbMtE3 Co$h flows from in¥e¥tin9 oclivitytys Purchase ol fixed asset inveslrnents Acquisitian of insrent propè Sale of fixed assel lnves1rnentprope1ty Interost rerxved DivideThas reIVed 116.0521 1275,OCQI 1602.7331 873 1,670 Net cash usod in investing actMtEs 597 330 Chang• In Cash and rA$h •qul¥ohnts In th• r•porting period Cash and ¢a$h equbv41ents 4¢ the beglnnlng of the reporung perlod 1194.8301 1804.2281 3 370 501 Cash and cash •qufvalents at th• •nd ofthè reporting liOd 2,566.273 The rleS fonn m ofttEse finanoal stalements Page 15
NATIONAL SPIRITUAL ASSEMBLY OF THE BAHA'IS OF THE UNITEO KINGDO NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YeAR ENDED 31 DECEMBER 2022 RECONCILIATION OF NET (EXPENDITUREINCOvE TO NET CASH FLOW FROM OPERATING ACTIVITIES 2022 2021 N•t l•xpendlture)fincorne for th• r•porting p•riod las p•r th• statemtnt ol Financi•l Adivili•s1 Adjustments for. DeKVeciatsC charges Lossesllgoinl on ¥t$ents Intèrnst received Dwidend5 recewed Ilnuèasey¢crease in stocks DeCreasellire0sQ) in tsbtors IDeuèaseYIrea$e in txetJiNs {1.534.640} 413,085 147.205 1,2S7.124 18731 {3,1181 112.625) 689.763 451 971 147,206 1560,5111 11.6701 13,7331 23.160 1735.1721 510 737 N•t talh provid•d byllus•d in) OP•Atiorr 206 898 ANALYSIS OF CASH APID CASH EQUIVALENTS 2022 2021 Cash in hand NotiTr deposrts I$$ than 3 months) Overdrafts Induded in bank knans and obtrdraft5 falliTrJ du• w*hin e year 187 2.371.2 2,294 2.701, 107 137.128 Totsl cash and cash equNaknts 2 371.443 2.566,273 ANALYSIS OF CHANGES 14 NET FUNDS At 111122 Cash flty¥ At 31112122 N•t eash Cash at bank and in hand Bank overdraft 2.703.401 137 128 1331.958) 137 128 2.371.443 2 566 273 194 6301 2 371443 Total 2 566 273 2 371443 The noies fomi w ofthe3e fmart¢ial statement$ Page16
IIA TIONAL SPIRITUAL ASSEMBLY OF THE BAHA'IS OF THE UNITEO KINGDOM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 ACCOUPING POUCIES Basis ol pweparing th• Iln•n¢lal $tat•m•nts The finanThal statements of thè tharitable eCffly, whieh is ¥ public benefft eth.ty under FRS 102. have been prepared in accordance wrth the Charities SORP IFRS 1021'AcUntlTrJ and R8port"ng by Charitres.. Staternent of Recornmended Practice ap1¢ab to charits.es eparIrrtj ther accounts in accordance Vth the Financial Reporting Standard ap1¢able in the UK and Republic of Ireland IFRS 1021 leffeCVe 1 January 20191.. Financbal RÈpthng Starndard 102 'The Financial Reporting Standard applicable in the UK a$ Republic of Ireland. and the Companves Ad 2C(fj. Thè financial ststements have been prepareil under the hislwical cost conventK)n. wrth the excepbon of inv•strn8nts whrh are includvj at mathet valL, as modifd by the ValUatiOn of rtain assets. NalKJnal Spintval ASseMY of the Baha'ls of the UK is a tharty. wistered n Erglal and Walgs. The ¢harity's number and regislered 0fe addre55 can be Ind on th• Company Infomiation page. The pres¢ntsliw curT8ncy olthe ffinanc¥l stments is th8 PouTra Sterfing 1£). The truslees hal ¢bered a FeriTrJ of 12 months Ihe d ol opwoval of t1$8 finarla1 statements an¢J have a asOnable expeclabon that the charty has adequate re50urce5 to ¢ontinu& in jerational existenc? for fr¢See8b fvture Thus they ¢CffiIin to adcyt the g(Mng concem basi of accounting in weparing the anrwAI f•)antial statwnents. Income Al incomè is recc¥Jnised in the Ststèmenl of Finanoal ActitS once the charity has enlitlement to the funds, it v& probab that irKome wil be rtrYed aThJ the amount can mèasurd r•liabty. Exp•nditur• LkqbilrtEs are Tecognised as expendth as soon as there is a legal or constructNe oblKJatKJn comm1tting the charty to that exFend1tu, rt is probable that a tran$ler of onom benefrt5 will bè quirÈd in setuernent the amount of thè tsbligab.on tan bè measured reliably. Expenditure i8 accounted for on an accwa6 basis and has been dassified under headings that aggregate all cost rtLat•d to thè category. Wherè Costs cannot te directy allributed to partular adIrS they have been allcKated to activitses on a basis cortent with the use of resouT¢$. Alloeatlon Ind apportlonmgnt of costs Costs are allocatsd on an actsvty basis. Tan9lble fixed a55ets Depreciation is provKJerJ at followiThJ annual rales in der to write off eath 8ssèt ovèr ts estirnated usefvl lrfe. Fwhokj 2%onc Fixed assets are stated at cost acoJmukt&J depreciati.on anc¢ auMulated impairment los$&s. rè parts of an item of property. plant and quiprn8nt ha dther•nt us•lul li¥e5, they are accounted for as separate rtems of property, plant arK1 equiwent. (pclatIOn methods. useful lffts ar¥J resKlual values a reved at eactt balan sheet date. Tl selection of these resKlual values and estirna lives require5 the exer¢t5e of judgement. The d1ctOrS ar• rÈquired to assess whether there is an inditatJn tsf impaiment to the carry1r value of assets. In making Ihat assessment. Iements are rnade in estimaty'ng value in use. The di0 CL)rIder Ihat the indN#Jual carryirs values of assets we swportab by tsEir value in use. Page 17 ¢ontinued...
NATIONAL SPIRITUAL ASSEMBLY OF THE BAHA'IS OF THE UNITED KINGCK) NOTES TO THE FINANCIAL STATEMENTS - ntInU#d FOR THE YEAR ENDED 31 DECEIABER 2022 ACCOUNTING POLICIES - ¢ontinyed Inv•$kn•nts Inve5trnents which are hekl frjr the l¢xwJ temi are incknJ&J in the ffinancial slal¢m•ntS Ot market value. Inveslments are hekl for specific purpose of prowdiThJ income to support the charitys wo. Inv•stm•nt prop•rty Investment property is shcfivn at most recent valuabon. Ary ag9rege surplus or deTrt arising Irom tharoes in mathel value 15 Sho a5 gain5 Qr k555e5 in the Statsment of Financial Act1wtS. Stocks Stocks am Valued at the lor of cost and nèt Tealisable value. after making due allow#nc for obsolete and SI movir%J items. C051 indude5 all {Jicl exFeftdrtur¢ arnl an appfopriate proportion ol fixed and variable ovetheads. W realtsab ValL Is based estmated sellin9 pric knss ¥ny fvrlher costs expected to be ncurred lo cimnpjetyon and dwosal. TaxatS0 The ¢harAy Ys exeryl frrn ¢orpor8lion tax on it5 chariablè %tMtEs. Fund accounting UnstriCted funds can te used in xcrydance wilh the drise obj8¢S ai the dISc)n ol the tru$t8e5. Degnated fij1$ amtyjnts whh ha an set as¥Je at the discrelb)n of the trustees for SFecihc but not binding purFoses. Restrictsd lunds cw onty be used for partrukr $tricted purp05¢S Wrthin tht obpcts of the charity. Restri¢tion$ ariw when $pecifvd by th& donof or wn luTrJs are rats for partVIar restrthd puOSe$ Further explanatyon of ts Dature and purpose ol each fvTrd is iftdLh in the notes to the financAal $tmènts. FSnanclal instruments Cash and cash equivalènts in lh8 balance sheet compyise cash at banks and hand and short temi deposts with an owinal maturty ¢Jate ol Ihree monlhs w kss. Debtors aThJ treditots wth no 5181ed InteSt rnte and fNable or payable vthin one year are r&corded at transaction pr0. Any losses artsing fr irryainnent are reni5d th• statemènt of ¢omwhensive incom¢ und8r Jministrats¥t expens¢s. Finan¢wl liabilrt$ and instruments arn ¢lassfied accordiThJ to the S(thtan of the contractual arrangements ente into. An equity instrumenl is any contract thal e¥kden5 ? fgsKJual interest in the assets of the enb'ty after ¢Jeducting all of its financ4al 148tylitEs. ere the contractual tI1)nS ol finartial instruments lindudirg Sha Catall arè •quNaK•nt to similar debt instrwnent. th)se finanryal instrurnents are dassed as frnanual Iiabilibes. Finanoal liabilth"•s are presented as such in the balanc S1. Finance costs and gains or losse5 relating to financial liabilit are induded in the profft and k6s accounL FinanL costs arè cakulated so as to oduce a rnnslant rat? of relwn on outandin9 P18 eonb"nu8d...
NATIONAL SPIRITUAL ASSEMBLY OF THE BAHA'IS OF THE UNITED IQNGDQ NOTES TO THE FINANCIAL STATEMENTS - contlnu•d FOR THE YEAR ENDED 31 DECEPABER 2022 ACCOUNTING POUCIES - continued Financlal Itments Where tha contracbJal ternis of share capikl ¢J) not haNE a)y tern meeth.ng definrtion ol a finan¢4al liabilty then this is cl8$5eil as an equty instrument DPIendS * diStributS relating to equity instrurnenis a ebrtJ dired to equly. Forelgn ¢untncle8 Assets and liatslrtP5 in forewJn ¢urrencie5 are tsanslated into Stsrfing * th¢ rates of exch8rvJe ruling at the statemènt ol finanoal posthon dale. Transactions in loreKJn oJrr•Mès arè translated into sterfing at the rate of exchaThJe at the ¢Jate ol transaction Exchan9e d11feren arè taken into account in arriviv4 atthe OFwating resum. Leasln9 ¢omrnS¢m•nts Rentals applicable to cferating wthere gJbslantHIty all of the ben&ffts •nd rtsks of trwnershlp rgmain Ihe lessor are against income as inwrred. Penslon costs and other wt.r•tir•mènt b•Deffts The charrtabk company optrrate5 a defined contnbution p•fts 5thtrne. Contributions payabl• to charitsble company's peTr scheme are thar9ed to the Sta¢wnent of Fin8ncial ActNilies in the Feriod to whth Ih•y reLate. Slgnificant jud9•m•nts and •stimatss The preparaiion of ffftantial statements requKes Ihe use otcrtain uittsl ¥£ounts"rrfJ •stmatÈs. It alsty r¢quiie5 management to exeruse rts judgwnenl in Ihe Pro$$ of apptyi.ng the wpany accounting poliues. Thè areas mvolwng a higher de9 ol ju¢Ygem•nt or Comx, or aaS where assvmptK)ns aThJ esknmates are svJnrftsnt 10 the knnc3al statements a di%dc6ed wrthin the Jividual aUnlIng polKres abo¥e. DONATIONS AND LEGACIES 2022 2021 Donatior Gift aid Le9acies 5.741,304 735,126 6.2BO.173 733.986 1 237 653 6 860.791 8 251812 Page 19 ontinued...
NATIONAL SPIRITUAL ASSEMBLY OF THE BAHA'IS OF THE UNtrED KINGDO NOTES TO THE FINANCIAL STATEIIJENTS - contlnu•d FOR THE YEAR ENDED 31 OECEM8ER 2022 OTHER TRADING ACTIVITIES 2022 2021 Sath from divtshin INVEsTmEP IMCOME 2022 2021 Rents received Oiv*Jends rètewed Deposit account intere 82.993 3,118 873 85,072 3.733 INCOhlE FROM CHARITABLE ACTIVITIES 2022 2021 Actmty Guardrdn's ResbThJ Pla Guardian's RestirvJ Pla¢0 Plot lees Plot f••s 19.927 42.186 46,042 62.113 S5,126 RAISING FUNDS Other tr•ding activities 2ffd2 2021 Purchases ol lrterature ts resale 27.829 Pe 20 contwiued...
NATK)NAL SPIRITUAL AssELy OF THE BAHA'IS OF THE UNITED KINGt)oM NOTES TO THE FINANCIAL STATEhlENTS- ¢onllnu•d FOR THE YEAR ENDED 31 DECEMBER 2022 CHARITABLE ACTNMES COSTS Support costs (see note 81 Direct Totals Intemabonal fvJn¢ts Guardian's Restyn9 Pl Conference5 Schools Regional actsVrt- teathing aTrJ trainiNJ Cornmunity develorffienl Organisabon ol eommur4ty xtivit Extèmal affairs ProFety costs Daprèciation Auditots wrnunefalyon Loc81 Spiritual AssemtAies 4.218.349 1.]59 473,601 216.(7 4,218,349 160.159 473,601 216.067 510.287 S10.287 40,626 601.2S9 95,004 608.139 147.205 15,610 193 762 16.563 95.004 608,139 147.205 584,696 15,610 193.762 6 679 762 7 280 CE8 SUPPORT COSTS Govemance costs Management Finar TotaL Organisation of cornmunty 4¢lMtiès Auditors remunerab.on 429,586 140,175 14.935 584,696 140 175 NET INCOMeiiExpeNDITURE) Net 1rorne11eXpendrtUj is stated after charg1ntylcredryj.. 2022 2021 Audrtors, mneratiOn Deprecith"on- I)wd assets Other operating leases 15,610 147.205 15.120 147,205 229 P•J¢21 ¢ontsnuad...
NA TIONAL SPIRITUAL ASSEIABLY OF THE BAHA'IS OF THE UNITEO KINGDOM NOTES TO THE FINANCIAL STATEMENTS - eonllnutd FOR THE YEAR ENDED 31 DECEMBER 2022 10. TRUSTEES. REMUNERATION AND BENEFITS Dunry the year £3.207 12021". £8.6101 wè5 paij to R Bin(kn. Thts is pemrtted by the goveming docum8nt ol the chanty. Trust••s' •xp••N•s During the year 6 trustees 12021" 31, befflg directots of the thaiitabk cDrry)any. re¢iv¢d £10.691 12021 £2.8801 frr re1MTreMent tsf trxpense5 for hotel and tra%tl costs. 11. STAFF COSTS 2022 2021 Wages and salaries Social secunty costs Other penwin costs 1.142,333 1,138,914 95,882 99.589 1 319920 1 319618 Th• k•y manag•m•nt TSonn are ccffl5thred to be the Trustees onty. Th• average mcrthty number of•M0Y•e5 yew was as blbws.. 2022 2021 49 ErnOyed slaff No empbyeeg received emoknments in exc¥ss of£60.CQ). 12. COMPARATIVES FOR THE STATEIAENT OF FINANCIAL ACTIVITIES Unrestrict•d R•strthd frjnds Ind5 Tolal ndg INCOME AND ENOOWMENTS FROPA DonatKJns and kgaryes 2.739,625 5.512.187 8.251,812 Charllable a¢tlvit•es Guardian's RestirvJ Place Pbt lees 9,084 46,042 9,084 46,042 Olher tradiThJ activiti Investment iwne 28.927 28.927 9299 Total 5 $21 486 8 426 340 EXPENDITURE ON Rai9g fvrbys 43,CXJ5 43.flJ5 Charitsble activilie¥ Intsrnatsonal lunds 1.084.397 4,382,679 5.467.076 Page 22 continuèd...
NATIONAL SPIRITUAL ASSEMBLY OF THE BAHA'IS OF THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 DECEIABER 2022 1Z COIIIPARATIVES FOR THE STATEMENT OF FINANCIAL ACTMTIES- contlnued Unrestncled R&strithd lunds funLts Totsl fund$ Guardian's Resb"rJ S¢hooLs Regional activibes- teathing arJ trainirrfj Comrnunity developNn•nt Organisation of ccrfnmunity 4¢11 Exlemal affai Propety costs Depreci"on Auditors rernureratsjn Local Spiritual Assemb DoputisatJn $8,128 235 537,929 32,1L 713.918 129.679 370,095 133.157 15.121 58.128 335.386 537.929 32.11 735.233 129.679 640.498 147.206 15,121 405,461 335,151 21.315 270.403 14,049 4C6,461 26 938 T•t*l 3.117.770 8 573 766 Net gairts on in¥eslments 4e6.412 94.099 NET INCOME Transfers belw•en fvnds 253.496 185016 159,589 185.016 413.065 N¢t rnovgment In fvnd• 344.605 413.085 RECONCILIATION OF FUNDS Total lunds brgught loThArd 10.6C6.729 2,741,038 13.347.767 TOTAL FUNDS CARRIED FORWARD 10 675 209 13760852 13. TANGIBLE FIXED ASSETS Freehold COST At 1 January 2022 and 31 December 2022 7 404.267 DEPRECIATION Al 1 January 2022 Charge lor yèar 2,264,971 147.205 At 31 D$¢smber 2022 2.412.176 NET BOOK VALUE At31 Oe£8mr 2022 4,992.C61 At 31 Decembor 2021 5 1392g6 P4e 23 continued...
NA TIONAL SPIRITUAL ASSEMBLY OF THE BAHA'IS OF THE UNITEO KINGDOM NOTES TO THE FINANcL STATEPAENTS - conllTrued FOR THE YEAR ENDED 31 DECEMBER 2022 13. TANGIBLE FIXED ASSETS- tontlnu Ilded in cosl Valuath of buikJiTrJs iq Iee of £44.OCQ {2021 - £44,CK)01 which not deprocrated. The Charrtab cpanY has taken knant•3è of the tranSitical prowsbyts of FRS 102 in relation to tangible fixed assets Frorn Ihe date of 1ransrt. a5set5 prevTrJu51y accwnted for on a revaluats.on basis are Instead accounted for on a cost basis. u&r¥J the rt boc4 value at trar6rtion as deemed cKJst. In respeci ol assets slated at valuat1. ts rparab c05t and d¢preciation val$ are as N8V on MBV based thi¥torl¢al on r•valu•d Cost D•prn¢latlon ¢o•t basis amounts Rutland Gate. London 3 Langdale Road, LNerptsJl Ilow Island Iland} Widalord Hill. St Ok. Isles 1i8ndl 735.744 36.952 529,737 19. 2C6,007 17.046 2,100,000 80,600 8.000 549 643 224 053 2 224 600 Propertlès t in trust the Unws House of Ju¥h¢: 99 Marshall's Close. New Soutrwe. London- stated at COSi- £94,800 PrOFert ld in trust for the Afnan Léjrary Trust Thè Old cha1, 14 Pasant Pl7. Saryty- Stat at cost £289,046 14. FIXEO ASSET INVESTMENTS Lisbj Unlk%ted W118nts investments Totals IAARKET VALUE At 1 January 2022 Athjitions Oispo5ats RevaluatKJns 5.768.8Cfj 16,052 11.3471 993,6981 86.616 5,855.422 16.052 11.34n 983.274 10.424 At 31 Decen*•r 222 4 789 813 4.886 853 NET BOOK VALUE At 31 t)ecemter 2022 4789813 4 886 853 At 31 Dernter 221 5 855 422 The wer• no In¥estment assets jts1e the UK. Unlistsd investsnents are $tated at rnot Va at ts year eTrd. The cost of th8 in$trEnt IS £Sfj,542. Pagè 24 continued...
NATIONAL SPIRITUAL ASSEMBLY OF THE BAHA'IS OF THE UNITED KIMGDOIIJ NOTES TO THE FINANCIAL STATEhlENTS . ¢onllnu•d FOR THE YEAR ENOED 31 DECEVXER 2022 16. IMVESTMENT PROPERTY FAIR VALUE At 1 January 2022 Additio R9VUatn 2,670,c0 275.000 273 849 At 31 Detemt*r 2022 2671 151 NET BOOK VALUE At 31 DecÉmber 2022 2.671,151 At 31 Daeembw 2021 2 670 000 Fair value at 31 DeTrknr 21r22 ks represen by.. Valuaticffj in 2022 Valuation In 2018 Valuation in 2021 Cost 1273.8491 1,312,964 1357,0241 1.989 060 2671 151 The chanVs main investrnent prq)ety was 50bJ in January 223 lh¢ Valuats. has teen updated to reflèrt the price. 16. STOCKS 2022 Stoth$ 17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 2021 Other debtors VAT Prep•yments ¥¢wed incune 30,920 33.395 552 804.978 118.222 149.142 638.925 P4e 25 continued...
NA TIONAL sPIRUAL ASSEMBLY OF THE BAHA'IS OF THE UNrrED KINGDOM NOTES TO THE FINANCIAL STATEMENTS - eonknuod FOR THE YEAR ENOED 31 DECEMBER 2022 18. CREDITORS.. AMOUNTS FALLING DUE IWtrHIN ONE YEAR 2022 2021 Bank bans and overdrafts Is•• note 201 Trade ¢itorS Social secunty and other taxes VAT Othof credlors Funds hekj for othe AcwaLq and deferr&J irthme 137,128 302.180 24,786 155.252 1223) 658 82,288 2.607.113 62 181 51,520 2.575.453 30 301 2 907 269 3 121 366 InCrJed within Funds heky tr 0r5 Ifamirvj due wthin ore year aTrl over one yearl a amounts ieceived on behaw olother organiSatn$ or indmduals not reecgntsed in ihese accounts. Rèceipts for year totalled £207,911, payments for the year totalbj £145.064 and irN•Stm•nt movèménts and other adjustments r•-£4C6.187 DelerlI income rekt•s to inccffj• r•cefftd th• yéar relates lo a¢tiwls taking plac8 in the xt financial yew. Balance as at 31 Decethr 2021 Amount leaSed to incornin9 $0c¢S Affioun¢ deferred in year 9,2 19.2CKJI Baan¢e 83 at 31 December 2022 18,636 19. CREDITORS: AIAOUMTS FALUNG Due AFTER MORE THAN ONE YEAR 2022 2021 FuTrJs hell for others 375.000 LOANS analy31$ ol the maturty ol loans is gNen bek)w. 2022 2021 Arnounts falling du& ¥rilhin one year on demaThJ." Bank ¢)verdrafts 137 128 A tsehnical bank overdraft ar wttere a fuTrJ k8 in defnit or where ftjnd ¢Mipries rnainty ncTrc05h assels. This is not indKative OF an actual o¥erdraft facilty at ts bank Pa9e 26 continued...
NAnoNAL SPIRITUAL ASSEMBLY OF THE BAHA'IS OF THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS - continugd FOR THE YEAR ENDED 31 DECEMBER 2022 MOVEMENT IN FUNDS Net rrKJ¥ement in Tiansfèts tetween funds At 31112122 At 111r22 unltriCt+d fund5 General fund Social Action Fund Propefty rna1ntena fvn¢J General r85e Caprtal projects Growth fund Guardian's Restin9 Place UK Ternple Fund- DesKJnaknJ Fun¢J Farcés Centre Fund Funds rewesenting Worert Ik1 79J.033 5,832 39).Q)O 11.198.772) 181 181.2571 187.8411 21,911 67.172 1141,8761 1162.2741 653,379 244,640 6,013 39.613 )8.356 88.592 9W.751 115.611) 6,300 19W.002) 2.252.615 198,506 552,912 109,510 4,185 236 3.175,445 340.382 715.188 1fr3.510 4.288.821 297,SC*JI 193.915 10.675,209 11,880.2561 130,1141 8,764,839 R•slrl¢ted funds oeputisatn UK Temple Fun Guardian's R•sts"NJ ace Paul Malcolm 8th Fund Baha'i Institute of Higher Education Intemational Funds Faroes Centre Fund Residential Centrè rÈs•vt Dopartment of Health Royal York csCent Apartment 5.41 993.189 1.103.567 6.274 51.214 550.734 1140,2321 220 1381 {91.7701 19,694 14.9771 143 56,623 1,543.923 3,335 6.494 91.770 250.1CKJ 238.890 6.298 39) 10B 269,794 233.913 6,255 345.616 3 461 373 TOTAL FUNDS 12 226212 Page 27 continued...
NATIONAL SPIRITUAL ASSEMBLY OF THE BAHA'IS OF THE UNrrED KINGCIOAI NOTES TO THE FINANCIAL STATEMENTS- contlnu•d FOR THE YEAR ENDED 310ECEMBER 2022 21. MOVEMENT IN FUNDS- continuod N8t mowdment in fvThJs. induthd in the above are as folkyw5.' 1mIr9 Resources resour expended Gains and ses Movement in funds Unfosthetod funds General fund Social ActKJn Fund Property rnaintenanco fd General reserve Capital projects Gr(hVth fund Guardian's Resb"rJ Place UK Temple Fund- DeSnated Fund FuTrJs reprg¥ents"ng k1 2,369.230 181 13.070.445) 1497,5571 11,198,772) 181 181.2571 187.841} 21.911 67.172 1141,8761 1162.274 {41,9361 140,4051 190.6271 2.786 21.911 375.673 7.355 14.311 120.675} 1287.8261 1149.2311 1176.5851 2.844.479 {3.472.4571 {1.252.2781 11,880,256) R•striet•d lunds Deputisation UK Temple Fund Gvarijian's Re5tirYJ place Paul Malcolrn Booth Fund Baha'i Institu of HKJher Ekn" International Funds Faroe5 Centre Fund Residentsal Cenlre reserve Derby MuNarth Project Dpartment of Hèalth Lctal Spirf(ual As5ernbl Royal YorfK Crnscerrt Apartment 51.214 550.734 19.927 51,214 550.734 1140.232 220 138) 191.7701 19.694 14,9771 1160,1YJI 216.029 3.152.610 1216,0671 13.239.534) 19,693 14,9771 1601 1441 1193,7621 14.8461 1431 193.762 39 186 4 1852 345616 TOTAL FUNDS 1 534,640 Page 28 ntinued...
NATIONAL SPIRITUAL ASSEMBLY OF THE BAHA'IS OF THE UNITED KINGDOPA NOTES TO THE FINANCIAL STATEIAEP4TS- contlnued FOR THE YEAR ENDEO 31 DECEMBER 2022 21. IAOVEMENT IN FUNDS - contond Comparatfjveg for movement Sn hmdi Transfers At 31112121 At 111121 in fvTrJs funds unTlrI9 fund8 Géneral fund Social Action Fund prorty MatnanCe fun¢J Gènèral res•wve Caprtal projects lund Revaluation Gvafdian's Restiry Hace VK Ternple Fur¥J- DesvJnaled Fund Belfast Temple Funds Belfast Centre Fund Resdential Centre reserve Royal York csCent Faroe5 Centre Fund Funds representing pKoperls heid 1,424.514 5.572 350,CXI .c(Jo 17CQ.4Ck81 74,927 790,033 5,832 350.000 900,000 27,313 1.003.422 127,3131 2.172,023 2.W.449 379.482 611.941 91,248 369.378 2,010.747 113.865 109.510 3.175,445 12.Cfj8.4491 139,1001 103.245 5.945 197.1931 1142.271) 1227.1071 141,035) I1.9.712) 45.125 I158,9) 340,382 715.186 109,510 4,288,821 10.6(,729 253,496 1185,0161 10,675.209 Restrlcted lund# DeputalK)n UK T•mpl• Fund Guardian's ResbrMJ prac* Paul Malcolm BcK)th Fund Baha'i Instrtutè of HvJher Education Intematsonal Funds Faroes Centr• Fund R&sidential Cenlre reseNe Department of Hèalth Royal York cscent Apartmenl 5.409 738.424 1.064.7 6.114 5.631 5,409 993,189 1,103.$67 6.274 38 91.770 250,100 238,890 6,298 254.765 157,9421 {5.$931 91,770 {21.3151 114.1541 271.415 243.e67 6.298 9.177 242 8531 233 781 2.741.038 159.589 185,016 3.085 643 TOTAL FUNDS 13.347.767 413.085 13 760,852 Page 29 continued...
NATIOIIAL SPIRITUAL ASSEMBLY OF THE BAHATr8 OF THE UNITED K114GDOM NOTes TO THE FINANCIAL STATEMENTS . cOnnd FOR THE YEAR ENDED 310ECEIABER 2022 21. MOVEMENT IN FUNDS- ¢•)ntlnu•d ComparatNe net mobEment in fuThJs. I[je n the ab are as folknK.' Ir1rj Resources styjr expended Gains and Movernent in lund5 Unr•stri¢t•d funds Géneral fvnd Social Adh?n Fund Capilal projects GrTrth fund Guarflian's RÈsbng Flat UK Temrle FuTrd- Desgnated FUTh1 8ellast TtrmF4tr Funds 8elfa5t Centre FuThl Residential Centr8 fesèNo Royal York Crescent 1.865,549 12,W20,871) 245,914 1709,4081 260 27.313 1.003.422 139.1001 103.245 5,945 1142.2711 141,0351 45 125 27.313 926,855 19.028 15.259 1S0.C(#Jl 158.1281 126.%7 87.986 5,945 5.464 1147.7351 141.036) 2.1.854 (3.117,770) 4e6.412 253.496 R•8triei•d fun DeputBatKin UK TeMe Fund Guardian'5 Reslsng plac4 Paul Klalcolm Bty)th Fund Baha'i Inshtute of Higher E11 Inlemational FuTrJs Faroes Centre Fund ReskYentr"al ceTht reser¥e Local Spiritual As5embls Royal York Crescent Apartment 26.938 254.765 2,710 126.9381 254,765 160 15.5931 91,770 121.3151 114.1541 329,558 4,474.449 1335,151} 14.382.679) 121.315} 140.1211 1405.4611 244.3311 25.967 405.461 1.478 242 8531 5 455 996 5521 486 94 099 TOTAL FUNOS 413085 Unr•strlct•d, d19n11• funds The Sockql Aclion Iimd may be used at ts diSCretw of the Nalional Assembly for social acon ojects. Thè Propprty Maintenante Fynd r6 eslablBhed as a reserve fry maJc( wwelty maintenaneè co$ts. Thg Gen8ro1 ReseThe is established to o)¥er thrèe months 8¥er3e èxpeTrJiturè. Thè Grtrwth FuTrJ ts 8stablisj for the prrrnolirm 8nd grryth ofthe Baha'i cMnty. The UK Ternp Fund - DeSnated Fund •$ents fJ$ thich have been set a$Kle by the trvstees lowards the c05t of buildiwJ a fvture Baha'i Ternp. Th¢ Guardian's Resting Place - Oesgnated FWKI repers frJnd$ which have been set aside by the trustees for the upkeep of Ihe Guardian'$ Rosb"ng Place. Page 30 cntIlued...
NATIONAL SPIRITUAL ASSEMBLY OF ThE BAHA'IS OF THE UNITED KINGOOM NOTES TO THE FINANCIAL STATEMENTS- ¢ontlnued FOR THE YEAR ENDED 31 DECEMBER 2022 21. hlOVEMENT IN FUNDS- continu•d The ResJerth'al Centre ReseTrE represents Its baignce of ftwKls rekb"NJ to new rtnal training ntre in LowerAmcoti Bicester. The Belfast Centre Fund and Belfast TernF4e Fur¥J arg e51abIhed for th8 wrposè of pur$1r a Baha'i Centre and Temtye in 8eKast The Royal YO Crescent Aparbnent lurKI has been establthed ts the refvrtyshment aTrJ upkeep of th? property. Th¢ R¥v4luab"M fu1 has teen eslablr6W du& to th¢ fèvaluatth of 27 Rulland Gate and 3 Langdale road. A yeaty adjusbnent lor Ihe deprecAkn i8 LWL The Furttys represenb"ThJ propertw hekj was created last year to amalgamaté into onè single destrjnated fund the follNing ilMoU81 designated frjnds." Royal York Cr&s(nL R¢sbJoniial Centre reserye. Belfast Temp FuThJs, Btllast C•ntr FuThJ and RalUatron fuThJ. R•strlct•d Funds The UK Ternp FuThJ k8 estal$he tlxfards the cost of Iwibjirs a futtKe Baha'i Temple. The Paul Malcdm Booth FuThJ is to K¥ovkJe sth4arShV for Baha'is others on b)w incorn• to enatle them to attend summer inter sclhx49 and other natal anLI intematKJnal galherings. The DeputisatK)n F¢Jnd B establisw lor ttE purF¢Str ofdeputsing teachers to teach the Faith. The Guardon'$ Resting Place Fund is e5tabli5he(F fort upkeèp of the Guardian's Restrng Place. The R•sbY•nb"al Centre Rese r¢presents ffiJrJs whth halt teen obtained for the allOn of a natKMal fraining Cent Lor AmcotL Btistsr. The Faroes Centre FuThJ is estabhshad frjr the purpose ol pwchasing a ce.ntre Faroe Islands. The Intemational Fund sents fiJThJ5 received for ts B•h•'k% Intèmatp)nal Funds and othèr Internati31 Funds. The LO¢ SPtUal AssernblEs fvnd represents fvTrJs rtcèfftd fDr Local Spinlual Ass•mbli•s. The Na'onal sritUal Assertk"e5 fvTrJ represents lunds reIEd for National Spiiitual Assèmbli•s overseas. The Royal Yolk Cwcent Apartrwt has ¢StLhe for the PLwchase of the èparthent aThJ for the subwuent lUtshment aThl Lpke8p of the LYOFWty. The Baha'i Inthlute of Higlr EdUCat)n f1 is used to pro¥#Je sr*olarships for educational purpose3 The Department of heaTth fiJTh1 has •stablished for the Completion of the Btha'is Heamh Cwe Chapl8iNcy Supp(wt Project. The Edinbufgh has beèn •stabltsPrtd for the l"s)ent aTrJ upkeep of the FYOterty. Page 31 conb"nued...
NATIONAL SPIRITUAL ASSEMBLY OF THE BAHA'IS OF THE UNITED KINGOOM NOTES TO THE FINANCIAL STATEMENTS - conllnu•d FOR THE YEAR ENDED 31 DECEMBER 2022 21. MOVEMENT IN FUNOS- tontinwd Tv•n$f•rn b•tw••n funds The trartsfer frcm the designated Royal Yk Crescent knd to the restrthd R¢)yal YO creSnt Aparknent luTrJ. whh were c¥eated for the same puw. was due to an o¥etspend in the restrid•¢J fvnd. The transfèrs bekn unrestrbjed arkl desKJnaled funds realbtate luTrJ5 as deternined necessary by TruslFos. EMPLOYEE BENEFIT OBUGATIOMS The Charitab CAynpany operates a ¢YefineLI ntrt)utTr renson on tehall ol its employees. The assets of thtr scheme ar• hekl s•parat•ty frorn those of the charty in an dPendenty administered fuThY The pension c05t charge represents wrtritxrtions payable by the company to the fund and amounted lo £81.70512021". £81,115). RELATED PARTY DISCLOSURES DuriThJ the year R Weinberg and D Smith, Trustees. charged £nil12021.' £2,597) and t7,5CQ {2021.' £6,479) respectively to the chanty respeci of consvttarw seMc89 prowded. DurirrtJ the year. AJ Tahzib. who is the wrfe of Trnstee O Tahzib, r8ceTred rernuneration of £31,049 12021.. £30.5791. DuriTrJ the year. R 8indra. who is the wle ol Trustee Or R YouselZa¢Yeh-Bwra, received remuneratson of £26.83512021". £21,4C61. Included in fvnds hekj for others at the year end is £334.389 12021.. £381.2921 relatmg to lunds that a held as agants tsn behalf of Alnan Lrary Twst The SPDuses of twsiÈes and National Spiritual Assemw of the Baha'is ol Ihe Unrted KW we twstèes ol the Afnan Ltjrary Trust OPERATING LEASES . LESSOR Minimum kas• r¢ts urKler Ir3$11ab tperalry bases Pdll due as lolbjws.. 2022 2021 thin on• 8 Behyeen on and fve years In MO than fivè yèa 4.414 63,271 17,914 Page 32