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2022-12-31-accounts

Charity Registration No. 266260

THE SHREE SWAMINARAYAN TEMPLE TRUSTEES' REPORT AND ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

THE SHREE SWAMINARAYAN TEMPLE FOR THE YEAR ENDED 31 DECEMBER 2022

Index

Page
Legal and administrative information 1
Trustees' report 2 – 7
Independent auditors’ report 8 – 10
Statement of financial activities 11
Balance Sheet 12
Statement of cash flows 13
Notes to the accounts 14 - 21

THE SHREE SWAMINARAYAN TEMPLE LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2022

Trustees K. A. Kerai (Chair)
K. K. Jesani
K. D. Patel
R. H. Bhudia
V. H. Bhudia
P. K. Hirani
D. B. Khetani
G. K. Hirani
L. H Virji
Charity number 266260
Principal address 220-222 Willesden Lane
London
NW2 5RG
Auditors Goldwins Chartered Accountants
75 Maygrove Road
London
NW6 2EG
Bank Barclays Bank
Willesden Green
London
NW3 5JS
Solicitors Sheridan and Stretton
233 King Street
London
W6 9LP

Page | 1

THE SHREE SWAMINARAYAN TEMPLE

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

The Trustees present their annual report together with the audited financial statements of the charity for the year ended 31 December 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charities Act 2011, the charity's Trust Deed and 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 January 2015).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

Shree Swaminarayan Temple Trust is registered as a charity, number 266260, and is constituted under a Trust deed. The Trust's affairs are governed by its Rules and Regulations of Association which allow it to undertake any activities covered by its objects with no specific restrictions.

Methods of appointment or election of Trustees

The management of the charity is the responsibility of the Trustees who are elected and coopted under the terms of the Trust deed.

Governance

The charity is administered by the Board of Trustees which is responsible for its overall management and control. The Board meets regularly to discuss and formulate policy which it then implements.

The Trust has a minimum of three and a maximum of nine Trustees who shall hold office until their resignation or removal by the parent body. The Trustees appoint a Chairman, Secretary and Treasurer from among themselves to act as a committee to manage the affairs of the Temple in line with its governing document. The induction of new Trustees is carried out on an informal basis by one of the current Trustees.

The parent body is the "Shree Swaminarayan Temple, Bhuj", a Public Religious Trust registered under the Bombay Public Trust Act, 1950. It holds the exclusive power to appoint and remove Trustees and may appoint persons on their behalf to manage the Temple jointly with the Trustees in the event of any dispute.

Trustees

The Trustees who served during the year were:

K. A. Kerai (Chair) K. K. Jesani K. D. Patel R. H. Bhudia

Page | 2

THE SHREE SWAMINARAYAN TEMPLE

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

V. H. Bhudia P. K. Hirani

D. B. Khetani G. K. Hirani L. H Virji

OBJECTIVES AND ACTIVITIES

Policies and objectives

The purposes of the Trust are the advancement and propagation of the faith of Swaminarayan among its members and others to allow all generations to experience the soul, spirit and essence of the religion and culture.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

Activities undertaken to achieve objectives

The Trust opens the Temple daily to allow all its members to come and worship at a suitable time for them. The Trust also runs a school in the Temple and organises additional events for the local children in order that they can experience learning in a fun environment amongst their peers. In addition, the Trust makes grants to various institutions using funds donated by its members for specific causes or the allocation of unrestricted reserves by the Board of Trustees in line with its charitable objectives.

Each year the Trustees review our objectives to ensure that they continue to reflect our aims. In shaping the organisation's objectives for the year and planning its activities, the Trustees have considered the Charity Commission's general guidance on public benefit.

Grant-making policies

The Trust has established its grant making policy to achieve objectives for the public benefit which are supplemental to the provision of the Temple for its members. These have mainly been involved in overseas aid.

In the past and result from the Trustees identifying an institution which requires assistance, either as a result of a disastrous event or request from its parent body. The Trustees will subsequently organise for specific collections to be held in respect of these institutions whereupon the donations received will be granted to the institution to provide monetary assistance as required.

Main activities undertaken to further the charity's purposes for the public benefit

Page | 3

THE SHREE SWAMINARAYAN TEMPLE

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

The primary activity undertaken by the Trust is the provision of the Temple as a place of worship for all its members. The Temple is open daily all year round and includes special celebrations for key annual festivals such as Diwali, when the Temple receives thousands of visitors daily who are provided with meals and a place to celebrate their faith among friends and family.

In addition, the Trust runs a Gujarati School at the Temple and the Yuvak Mandal which provide forums where children can study and sit their G.C.S.E. exams in Gujarati, play sport with their peers and develop their understanding of the teachings of Shikshapatri.

The charity also provides overseas aid to various institutions who require monetary assistance via the collection of donations from its members which are then granted to the relevant body in control of the relief efforts.

Volunteers

In common with all charities the Trust is heavily reliant on the contribution made by a number of volunteers who aid the day to day management of the Temple. The Trustees would like to thank all the volunteers for their hard work and dedication to the successful running of the Temple.

ACHIEVEMENTS AND PERFORMANCE

Review of activities

The Covid-19 pandemic continued to affect the UK and the world. The Temple continued to stay open throughout the year. Social distancing rules had been eased and from June 2022 we made the wearing of masks voluntary. Masks and hand sanitisation stations remained available at all entrances. Following government guidance, on 4[th] January 2021 we decided to close the Temple again from the public. All the Temple’s activities continued to run as per pre-Covid, but with varying degree of Covid rules.

We continued to provide additional help to local food banks from donated food items from Temple devotees and also with money raised in previous years. Teams from the Temple have volunteered at the Food Banks on the weekends to help distribute both cooked food and pre-packed home essential

The Yuvak Mandal had to postpone their external 5 day camp due to Covid-19 in 2020 and 2021. In 2022, they decided it was now a safe time to continue with their annual camps. This year the camp was held at private school with accommodation in South England. The camp was attended by many youths and was very successful.

Both Gujarati School and the Bal Kendra also restarted classes with the Temple. Prior, they were providing online classes during the Covid-19 pandemic. Attendance at both have continued increasing. Gujarati GCSE exams also restarted at the Temple in June 2022.

Page | 4

THE SHREE SWAMINARAYAN TEMPLE

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

FINANCIAL REVIEW

Review of financial position

The Trust's work is reliant upon the voluntary time and effort it receives from its members but it continues to prosper through donations which is supplemented by rental income from properties it owns adjacent to the Temple. The Trust is in a strong financial position at the year end and is able to meet all foreseeable charitable obligations.

Reserves policy

The Trust's unrestricted reserves are largely represented by investment in the Temple. The Trust's policy is to build up its reserves in order to generate income and acquire further properties in which to provide facilities for religious meetings and education.

The Thaal Fund is held to cover major projects and fund specific religious ceremonies within the Temple. The endowment fund was received specifically in order to fund the building and additions to the Temple.

In 2017, the Trust commenced development of the site 1-5 Deerhurst Road. In 2019, the work was completed as scheduled.

Investments policy

The Trustees' investment powers are covered by the Trust's governing document and allow the Trustees to invest surplus funds to generate income with which to fund future activities. The Trustees' investment policy is to aim for safety commensurate with immediate and planned spending.

Risk management

The Board of Trustees is responsible for the management of risks faced by the charity. Risks are identified, assessed and controls are established as appropriate.

The trustees have reviewed and assessed the risk arising from the Covid-19 and appropriate measures and action taken to mitigate those risks. Some of the measures and action taken by the Trust includes reducing number of visitors in the temple at a time with 2 meters apart marked standing spots and crowd control management in place. When cases of Covid have increased, the trustees have taken measures to close the Temple to the public. Consequently, the Trustees are satisfied that any major risks have been mitigated.

Fundraising statement

All the Trust’s fundraising activity is undertaken by an in-house team and this activity is monitored on an ongoing basis as part of the Trust’s wider evaluation processes. The Trust generally does not make direct fundraising approaches to individuals unless a specific need occurs.

In July 2022, the Trust announced plans to make a new singhasan for the main Deity. The project target is to have it completed by July 2025 when we will be celebrating 50 years. Donations have been received for this project and will be continued to be collected until the project is completed.

Page | 5

THE SHREE SWAMINARAYAN TEMPLE

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

The Trust ensures that no members of the public are subject to undue pressure to donate or made to feel that the Trust is unreasonably persistent in its requests. The Trust does not email members of the public to donate via email.

Plans for the future

The future plan for the temple is to provide facilities for devotees of all ages groups within the temple. The temple expansion has provided better facilities for parents with babies and young children, a creche, dedicated classrooms for infants and refurbished kitchen area for daily food offerings. The new supported living accommodation has provided a place for elderly devotees to stay and assist those in need. They will be provided with daily meals and have easy access to the temple and its facilities.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The Trustees are responsible for preparing the Trustees' report 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 & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and 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. They are also responsible for

Page | 6

THE SHREE SWAMINARAYAN TEMPLE TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 safeguarding the assats of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of inforniatlon to auditors Each of the persons who are Trust88s at the time when this Trustees. report is approved has nfirmed that: so far as that Trustee is aware. there ts no relevant audit infomiation of which the charity's auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitys auditors are aware of that InfO￿atiOn. Auditors The trustees passed a motion to re-aptK)int auditors, Goldwin Charte￿d A¢¢ountants for the audit for the year ending 31.12.22. The designated Trustees will propose a motion reappointing the auditors at a meeting of the TTUSte85. Approved by order of the members of the board of Trustees on 26 July 2023 and sign8d on their b8halF by erai Trustee On Behalf of Trust8es Pag•17

THE SHREE SWAMINARAYAN TEMPLE

INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF THE SHREE SWAMINARAYAN TEMPLE

FOR THE YEAR ENDED 31 DECEMBER 2022

Opinion

We have audited the financial statements of THE SHREE SWAMINARAYAN TEMPLE (the ‘Charity’) for the year ended 31 December 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRCʼs 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 directors' 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 charity'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 directors 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 auditor’s report 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.

Page | 8

THE SHREE SWAMINARAYAN TEMPLE

INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF THE SHREE SWAMINARAYAN TEMPLE

FOR THE YEAR ENDED 31 DECEMBER 2022

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.

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

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement, the trustees 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 they 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 Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditor 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 an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance

Page | 9

THE SHREE SWAMINARAYAN TEMPLE

INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF THE SHREE SWAMINARAYAN TEMPLE

FOR THE YEAR ENDED 31 DECEMBER 2022

but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: [www.frc.org.uk/auditorsresponsibilities]. This description forms part of our auditor’s report.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

This report is made solely to the charity’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 charity'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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Goldwins

Goldwins Limited Statutory Auditor Chartered Accountants 75 Maygrove Road West Hampstead London NW6 2EG

29 August 2023

Page | 10

THE SHREE SWAMINARAYAN TEMPLE STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 December 2022

Note
Income from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investment income
6
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
7
Net income for the year
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
15		 2022
2021
Endowment Unrestricted
Restricted
Total
Total

Funds
Funds
Funds
Funds
Funds
£
£
£
£
£
-
1,851,796
42,000
1,893,796
1,167,484
-
423,565
-
423,565
407,571
-
76,375
-
76,375
117,850
-
237
-
237
154
-
2,351,973
42,000
2,393,973
1,693,059
-
46,758
-
46,758
77,372
-
513,795
-
513,795
442,428
-
560,553
-
560,553
519,800
-
1,791,420
42,000
1,833,420
1,173,259
-
-
-
-
-
-
1,791,420
42,000
1,833,420
1,173,259
946,315
12,350,558
2,210,007
15,506,880
14,333,621
946,315
14,141,978
2,252,007
17,340,300
15,506,880

All of the above results are derived from continuing activities.

There were no other recognised gains or losses other than those stated above.

The attached notes form part of these financial statements.

Page | 11

THE SHREE SWAMINARAYAN TEMPLE BALANCE SHEET AS AT 31 December 2022 2022 2021 Flxod Assets: Tangible fixed assets 10 16.599,007 15,769,543 Current Assots: Debtors Cash at bank and in hand 11 200,325 1.195,038 1.395,363 193.599 1,138,141 1.331,740 Credltors: Amounts falling due wlthln ono yéar: 496.070) 1.216.403) Not Current Ass•ts 899.293 115,337 Credltors: Amounts falllng due In more than one year. 13 1158.000) 1378,000) Total nel ass•ts 17.340,300 15.506.880 Reserves: Endowmenl funds Unrestricted - General funds Restricted fvnds- Building fund 946.315 14.141.978 2.252.007 946.315 12,350,558 2,210,007 14 17.340.300 15,506.880 26 July 2023 Approved by the Board of Trustees ￿ .................................and signed on its behalf by: lilJ.i• A. Koral Trustee P. K. Hirani Trustee Page | 12

THE SHREE SWAMINARAYAN TEMPLE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 December 2022

Note
16
Cash flows from investing activities:
Sale/ (purchase) of fixed assets
Cash provided by / (used in) investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
17
Net cash provided by / (used in) operating
activities		 2022
£
(837,288)		 2022
£
894,185
(837,288)		 2021
£
(18,863)		 2021
£
678,741
(18,863)
56,897
1,138,141		 659,878
478,263
1,195,038 1,138,141

Page | 13

THE SHREE SWAMINARAYAN TEMPLE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December 2022

1. Accounting policies

a) Basis of preparation

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.

b) Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

c) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

d) Donations of gifts, services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

e) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

f) Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of charity. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity.

Designated funds are unrestricted funds set aside by the Trustees for particular purposes.

Page | 14

THE SHREE SWAMINARAYAN TEMPLE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December 2022

1. Accounting policies

g) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

h) Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the charity and its and activities. Support costs are allocated between cost of raising funds and charitable activities.

i) Tangible fixed assets

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Equipment 33.33% reducing balance method Solar panels (included in freehold property) 5% reducing balance method Golden cradle Nil Jewellery Nil

Freehold land and building are not depreciated as it is the Charity policy to maintain the property with regular repairs and refurbishment work. Accordingly the trustees consider that because the residual value is not significantly different from carrying amount, any depreciation charge would be immaterial.

The trustees have reviewed the useful economic life of the Golden cradle and Jewellery held at the Temple

and consider it to be many years and therefore have not charged any depreciation on these assets.

j) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

k) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

l) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

m) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

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THE SHREE SWAMINARAYAN TEMPLE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December 2022

2. Detailed comparatives for the statement of financial activities

Incoming from:
Donations and legacies
Charitable activities
Other trading activities
Investment income
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net income / (expenditure) for the year
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
3. Income from donations
Donations
4. Income from charitable activities
Religious activities		 2021
2021
2021
Endowment
Unrestricted
Restricted
Total
Funds
Funds
Funds
Funds
£
£
£
£
-
1,107,293
60,191
1,167,484
-
407,571
-
407,571
-
117,850
-
117,850
-
154
-
154
-
1,632,868
60,191
1,693,059
-
77,372
-
77,372
-
442,428
-
442,428
-
519,800
-
519,800
-
1,113,068
60,191
1,173,259
-
-
-
-
-
1,113,068
60,191
1,173,259
946,315
11,237,490
2,149,816
14,333,621
946,315
12,350,558
2,210,007
15,506,880
2022
2021
Unrestricted
Restricted
Total
Total
£
£
£
£
1,851,796
42,000
1,893,796
1,167,484
1,851,796
42,000
1,893,796
1,167,484
2022
2021
Unrestricted
Restricted
Total
Total
£
£
£
£
423,565
-
423,565
407,571
423,565
-
423,565
407,571

The above represents rental income received in respect of housing provided to elderly members of the Trust in order to position them close to the Temple to enable them to visit and take part in various festivals.

5 Income from other trading activities
Temple hall hire
6 Income from investments
Bank interest		 2022
2021
Unrestricted
Restricted
Total
Total
£
£
£
£
76,375
-
76,375
117,850
76,375
-
76,375
117,850
2022
2021
Unrestricted
Restricted
Total
Total
£
£
£
£
237
-
237
154
237
-
237
154

Page | 16

THE SHREE SWAMINARAYAN TEMPLE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December 2022

7. Analysis of expenditure

Rates and services
Insurance
Light and heat
Repair and maintenance
Cleaning
Telephone
Legal & professional fees
Depreciation
Gujarati school expenses
Festival expenses
Calendars and Diwali cards
Staff costs
Bank charges
Audit fees
Other general expenditure
Support costs
Governance costs
Total expenditure 2022
Total expenditure 2021		 Cost of
raising
funds
Charitable
Activities
Support
costs
Governance
costs
2022
Total
2021
Total
£
£
£
£
£
£
12,670
-
50
-
12,720
25,699
-
-
34,413
-
34,413
30,692
11,981
-
74,851
-
86,832
84,169
21,017
54,645
-
75,662
85,520
-
-
11,522
-
11,522
13,696
1,090
-
3,858
-
4,948
4,746
-
-
-
-
-
7,253
-
-
7,824
-
7,824
9,876
-
4,727
-
-
4,727
5,841
-
239,508
-
-
239,508
211,439
-
9,030
-
-
9,030
8,555
-
20,345
-
-
20,345
22,100
-
-
-
6,356
6,356
3,614
-
-
-
6,600
6,600
6,600
-
-
40,066
-
40,066
-
46,758
273,610
227,229
12,956
560,553
519,800
-
227,229
(227,229)
-
-
12,956
-
(12,956)
-
46,758
513,795
-
-
560,553
77,372
442,428
-
-
-
519,800

Of the total expenditure, £560,553 (2021: £519,800) was unrestricted and £0 (2021: £0,) was restricted.

Page | 17

THE SHREE SWAMINARAYAN TEMPLE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December 2022

8. Net income / (expenditure) for the year

This is stated after charging / (crediting):

This is stated after charging / (crediting): 2022 2021
£ £
Depreciation 7,824 9,876
Auditors remuneration 5,500 5,500
9. Analysis of staff costs, trustee remuneration and expenses, and the cost of key management Analysis of staff costs, trustee remuneration and expenses, and the cost of key management
personnel
Staff costs were as follows: 2022 2021
£ £
Salaries and wages 20,345 22,100
20,345 22,100

There are no key management personnel costs during the year. (2021: Nil)

None of the trustees received any remuneration nor were they reimbursed any expenses during the year (2021: none).

Staff numbers

The average number of employees (head count based on number of staff employed) during the year was as follows:

Employees 2022
2021
No.
No.
5
4
5
4

10. Tangible fixed assets

Cost
At the start of the year
Additions in year
Disposals in year
At the end of the year
Depreciation
At the start of the year
Charge for the year
Eliminated on disposal
At the end of the year
Net book value
At the end of the year
At the start of the year		 Freehold
land and
buildings
Fixtures and
fittings
Golden
cradle
Jewellery
Total
£
£
£
£
£
14,812,811
146,799
62,960
901,627
15,924,197
-
2,047
-
835,241
837,288
-
-
-
-
-
14,812,811
148,846
62,960
1,736,868
16,761,485
23,669
130,985
-
-
154,654
1,871
5,953
-
-
7,824
-
-
-
-
-
25,540
136,938
-
-
162,478
14,787,271
11,908
62,960
1,736,868
16,599,007
14,789,142
15,814
62,960
901,627
15,769,543

All of the above assets are used for charitable purposes.

Page | 18

THE SHREE SWAMINARAYAN TEMPLE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December 2022

11. Debtors

Prepayment and accrued income
Creditors: amounts falling due within one year
Other creditors
Accruals
Concessionary loans
Creditors: amounts falling due after one year
Concessionary loans		 2022
2021
£
£
200,325
193,599
200,325
193,599
2022
2021
£
£
79,470
50,803
6,600
6,600
410,000
1,159,000
496,070
1,216,403
2022
2021
£
£
158,000
378,000
158,000
378,000

12. Creditors: amounts falling due within one year

13. Creditors: amounts falling due after one year

These comprise loans from various individuals to fund the refurbishment and redevelopment work carried out as part of the regeneration project. These loans are interest free, unsecured and repayable between 3 to 5 years from the date received.

14. Analysis of net assets between funds

Tangible fixed assets
Net current assets
Long term (liabilities)
Net assets at the end of the year
Analysis of net assets between funds 2021
Tangible fixed assets
Net current (liabilities)
Long term (liabilities)
Net assets at the end of the year		 Endowment
funds
Unrestricted
funds
Restricted
funds
Total
funds
£
£
£
£
946,315
13,400,685
2,252,007
16,599,007
-
899,293
-
899,293
-
(158,000)
-
(158,000)
946,315
14,141,978
2,252,007
17,340,300
Endowment
funds
Unrestricted
funds
Restricted
funds
Total
funds
£
£
£
£
946,315
12,613,221
2,210,007
15,769,543
-
115,337
-
115,337
(378,000)
-
(378,000)
946,315
12,350,558
2,210,007
15,506,880

Page | 19

THE SHREE SWAMINARAYAN TEMPLE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December 2022

15. Movements in funds

Movements in funds
Endowment funds:
Temple endowment funds
Total Endowment funds
Restricted funds:
Regeneration project fund
Thaal fund
Total restricted funds
Unrestricted funds:
Designated funds
General funds
Total unrestricted funds
Total funds
Movements in funds 2021
Endowment funds:
Temple endowment fund
Total Endowment funds
Restricted funds:
Regeneration project fund
Thaal fund
Total restricted funds
Unrestricted funds:
Designated funds
General funds
Total unrestricted funds
Total funds		 £
£
£
£
£
946,315
-
-
-
946,315
At the start
of the year
Income
Expenditure
At the end of
the year
Transfers
946,315
-
-
-
946,315
2,149,816
-
-
-
2,149,816
60,191
42,000
-
-
102,191
2,149,816
42,000
-
-
2,252,007
954,979
-
-
-
954,979
11,395,579
2,351,973
(560,553)
-
13,186,999
12,350,558
2,351,973
(560,553)
-
14,141,978
15,446,689
2,393,973
(560,553)
-
17,340,300
£
£
£
£
£
946,315
-
-
-
946,315
At the start
of the year
Income
Expenditure
Transfers
At the end of
the year
946,315
-
-
-
946,315
2,149,816
-
2,149,816
-
60,191
-
-
60,191
2,149,816
60,191
-
-
2,210,007
954,979
-
-
-
954,979
10,282,511
1,632,868
(519,800)
-
11,395,579
11,237,490
1,632,868
(519,800)
-
12,350,558
14,333,621
1,693,059
(519,800)
-
15,506,880

Purposes of funds:

Temple endowment fund

Temple endowment fund was received in order to help finance the Temple building and additions to the Temple.

Regeneration project fund

Regeneration project fund was set up to collect donations to be used specially to fund the redevelopment work on the charity's properties carried out under the regeneration project.

Page | 20

THE SHREE SWAMINARAYAN TEMPLE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December 2022

Purposes of funds (continued)

Designated fund

Designated funds are set up to finance the festival activities and other religious services.

16. Reconciliation of net income / (expenditure) to net cash flow from operating activities

Net income / (expenditure) for the reporting period
(as per the consolidated statement of financial activities)
Depreciation
(Increase)/ decrease in debtors
Increase/ (decrease) in creditors
Net cash provided by / (used in) operating activities		 2022
2021
£
£
1,833,420
1,173,259
7,824
9,876
(6,726)
(113,018)
(940,333)
(391,376)
894,185
678,741

17. Analysis of cash and cash equivalents

Analysis of cash and cash equivalents
Cash at bank and in hand
Total cash and cash equivalents		 At the start
of the year
Cash flows
Other
changes
At the end of
the year
£
£
£
£
1,138,141
56,897
-
1,195,038
1,138,141
56,897
-
1,195,038

18. Related party transactions

Included in the concessionary loans is an amount of £150,000 (2021:£150,000) repayable to Mr K D Patel, one of the trustees. The loan is non interest bearing and repayable in 3 years.

Page | 21