2023-12-31-accounts

REGISTERED CHARITY NUMBER: 271034

REPORT OF THE TRUSTEES AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

SHREE KUTCH SATSANG SWAMINARAYAN TEMPLE (MANDIR) LONDON

SHREE KUTCH SATSANG SWAMINARAYAN TEMPLE (MANDIR) LONDON

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

		Page
Reference and Administrative Details		1
Report of the Trustees	2	to	7
Report of the Independent Auditors	8	to	11
Statement of Financial Activities		12
Statement of Financial Position		13
Statement of Cash Flows		14
Notes to the Statement of Cash Flows		15
Notes to the Financial Statements	16	to	25

SHREE KUTCH SATSANG SWAMINARAYAN TEMPLE (MANDIR) LONDON

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2023

TRUSTEES

Mr Suresh Shivji Rabadiya President & Holding Trustee Mr Vishram Vaghji Patel Holding Trustee Mr Kanji Manji Kerai Vice President Mr Rikin Dinesh Kerai Secretary & Holding Trustee Mr Lalit Karsan Bhanderi Treasurer MR Dharmendra Devji Jesani Assistant Treasurer Mr Harice Jesani Assistant Secretary & Holding Trustee Mr Mansukh Karsan Vaghji Holding Trustee (resigned 16/7/2023)

Mr Devji Karsan Patel Holding Trustee and committee member Mr Shivji Naran Rabadia Holding Trustee

Mr Valji Shamji Dabasia Holding Trustee (resigned 16/7/2023) Mr Dhanji Parbat Patel Holding Trustee Mr Arvind Halai Assistant Secretary (appointed 16/7/2023)

The Management Committee & Sub Committee members of the Charity as at the year ended 31st December 2023 and at the date of approval of the accounts were:

Other Advisors	Co - opted Advisors	Kothar
Arvind K Bhanderi	Mansukh K Vaghji	Laxman Panchani
Manji K Hirani	Karsan Rabadia	Valji S Dabasia
Mavji S Varsani	Mitesh N Assani	Arun N Amin
Dhiraj D Patel
Vivek U Parmar		Internal Auditors
Valji V Kara		Nitesh D Mayani
Bhavesh D Karsan		Kamlesh J Kerai
Naran V Bhudia
Vikash R Bhanderi
Nanji M Jesani
PRINCIPAL ADDRESS	Westfield Lane
	Kenton
	Harrow
	Middlesex
	HA3 9EA
REGISTERED CHARITY	271034
NUMBER
AUDITORS	Hitesh Gadhia (Senior	Statutory Auditor)
	Shaw Wallace
	43 Manchester Street
	London
	W1U 7LP

Page 1

SHREE KUTCH SATSANG SWAMINARAYAN TEMPLE (MANDIR) LONDON

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The board of trustees are satisfied with the performance of the charity during the year and the position at 31st December 2023 and consider that the charity is in a strong position to continue its activities during the coming year, and that the charity's assets are adequate to fulfil its obligations.

Name, registered office and constitution of the charity

The Principal Office is:	Westfield Lane, Kenton, Harrow, Middx, HA3 9EA
Charity Registration Number:	271034
Telephone number:	020 8909 9899

Trustees and professional advisers are presented on page 1.

Page 2

SHREE KUTCH SATSANG SWAMINARAYAN TEMPLE (MANDIR) LONDON

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

OBJECTIVES AND ACTIVITIES Objectives and aims

The charity's aims including the changes or differences it seeks to make through its activities.

The objectives of The Temple shall be to advance and propagate the Hindu Religion according to the teachings of Lord Shree Swaminarayan, and in furtherance of that objective ‘The Temple’ shall be empowered as follows:

(a) to distribute and disseminate knowledge concerning the teachings

(b) to promote any charitable purpose in connection with The Temple

(c) to advance the cultural interest of the devotees of The Temple

(d) to establish, maintain and manage a centre or centres for activities promoted by The Temple to further any of the objectives contained herein

(e) to obtain, collect and receive money and funds by way of contributions, donations, subscriptions, grants and any other lawful means and to accept and receive gifts of property of any description (whether or not it is subject to any trust) and use such money, funds and property to further any objectives contained herein.

An explanation of the charity's main objectives for the year.

The Temple has celebrated various Hindu religious events throughout 2023 with great festivities and celebrated its 27th Anniversary at the conclusion of the year and has offered functions and activities to serve the local community as well as devotees of all ages. Some of the key highlights from the year include:

(a) Spiritual retreat (Shibir) entitled Mari Murti Re for our young and aspiring devotees

(b) Over 18,000 visitors during the Diwali celebrations

(c) Special nine-day communal spiritual recital (katha) titled Bhav Vandana Mahotsav organised and led by our female devotees and as a celebration of the 25th anniversary of Shree Swaminarayan Yuvak Mandal - Harrow

(d) Assembly presented by our youngest devotees entitled My Mandir, My Maharaj

(e) Continued support of the Temple's Sadavrat Activities to provide food packages and meals to the homeless and those facing hardship or food poverty

(f) Special Easter chocolate collections distributed to children's charities and local hospital paediatric wards

(g) Record number of schools from the local community across Brent and Harrow have visited the Temple during the year to learn about Hinduism, the culture and teachings of Lord Swaminarayan

(h) As part of the 200-year Temple Anniversary in Bhuj, India, the Temple Pipe Band and lazium teams performed at the celebrations to great accord

(i) Annual Rath Yatra Festival attended by The Worshipful Mayor of Harrow along with the MP for Harrow East and London Assembly Member for Brent and Harrow as well as local councillors and thousands of visitors of all faiths

(j) Continuation of our legacy environmental project through the planting of trees in conjunction with the Woodland Trust

(k) Live performance by both our gents and ladies' band at the annual Remembrance Day Service hosted by the London Borough of Harrow and the King's representative

(l) Extended well-being delivered through physiology, reflexology, healing massage therapies to the community through our Holistic Centre

(m) Provision of regular Blood Donation Sessions in conjunction with NHS Blood Donation

As the Temple continues to flourish, we look to explore inventive ways to support our young devotees with over 250 members of our youth participating in our regular Wednesday and Sunday Yuvak Mandal Sabhas.

Other general pertinent points

We have completed the purchase of Hillingdon House which adjoins our Education building and the temple boundary, this process was started in Summer last year. This will enable us to consider further education facilities.

Page 3

SHREE KUTCH SATSANG SWAMINARAYAN TEMPLE (MANDIR) LONDON

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

OBJECTIVES AND ACTIVITIES

Activities for achieving objectives

The Charity celebrated the festivals of Ramnavmi (Birth of Lord Shree Ram and Lord Shree Swaminarayan), Shivratri, Janmashtami (Birth of Lord Shree Krishna) and Diwali (New Year) which forms main events on our annual calendar.

The Charity's donation making policies

The Trustees have made donations to local charities and other organisations as deemed worthy including the annual provision of cow fodder in India through our affiliation with Shree Swaminarayan Temple, Bhuj, India.

Public benefit

The charity has achieved the public benefit objectives by meeting the spiritual requirements of the congregation as well as the community led initiatives referred to earlier. The Charity depends heavily upon the continuing support of devotees who volunteer their time and services for its continued success. Their effort and dedication is vital to the prosperity of the Charity. We express our gratitude to all volunteers across all departments and functions for their continued hard work and dedication during the year. The Holding Trustees in post for the year 2022-2023 have shown great commitment to the Temple along with the elected Committee members who have carried out their duties with dedication and diligence for which the current Holding Trustees are grateful.

Volunteers

The Charity depends heavily upon the continuing support of devotees for its success. The efforts and dedication of the volunteers is integral to the prosperity of the Charity. We also thank all volunteers for the hard work during the year, particularly those working within the areas of Prashad preparations, building and facilities management, various educational activities, car park duties, Library, cleaning, organised special events, decorations, Naryal, IT and back office support and other religious activities and pray that they continue to serve Lord Shree Swaminarayan in the future. It is difficult to quantify the number of voluntary hours served by the devotees, for which we remain indebted.

ACHIEVEMENT AND PERFORMANCE Charitable activities

The Temple celebrated its 57th anniversary since inception. The Temple website is continually updated with additional features and upcoming events notified in timely manner. The Daily Darshan pictures are updated daily and attract daily hits to our web site. The IT team continues to update the infrastructure and support various functions for Temple activities. The Temple supports the Ghanshyam Nursery, which provides valuable support to the community through Grants and facilities. Educational activities supervision including Gujrati, and examination centre.

Investment performance

In the Financial Review section of this report, there is a description of the investment policies and objectives established by the Trustees and the extent to which social, environmental or ethical considerations are taken into account.

FINANCIAL REVIEW

Financial position

The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). As stated in the introduction to this report, the trustees consider the financial performance by the charity during the year to have been satisfactory.

The Statement of Financial Activities show net surplus, (excluding gains from property revaluation) for the year, of a revenue nature of £1,170,162 (2022: £965,434) total reserves at the year end stand at £17,999,600 (2022: £16,829,438).

Specific changes in fixed assets

Changes in fixed assets are shown in detail in the notes to the financial statements.

Page 4

SHREE KUTCH SATSANG SWAMINARAYAN TEMPLE (MANDIR) LONDON

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

FINANCIAL REVIEW

Principal funding sources

The principal funding sources for the Charity are by way of donations in Darshan, Aarti, Thal, Diwali and Ankoot, function hall lettings. Regular income is also generated by donations via Naryal Seva, Tulsi Vivah, Thakarthali, Hindola, Ramnavmi and Janmashtmi festivals. Charity's funds are being used in the short term for the running of the Temple activities, together with improving the facilities of the Temple, to support the furtherance of the Charity's objectives.

Due to the strong financial standing of the Charity, the Executive Committee feels that they would be able to continue current activities of the Charity and there are sufficient funds available to fulfil future plans and also to meet these activities in the coming year. Surplus funds have been deposited in a variety of financial institutions to mitigate risk and safeguard deposits. To reduce the risk of over expenditure, procedures for authorisation of all transactions and projects exist. To further mitigate the risks, the Executive Committee will carry out periodic reviews of the progress of objectives stated.

Investment policy and objectives

The Trustees' investment powers are covered by the Trustees' 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 requirements and given the current uncertainties in the financial markets, the Trustees consider it appropriate to be holding funds in deposit accounts where they achieve a steady return.

Reserves policy

The Executive Committee have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets ('free reserves') held by the charity should be between 9 to 12 months of the resources expended, which equates to £700,000 in general funds: At this Level, the Executive Committee feels that they would be able to continue current activities of the charity.

Based on the future plans as detailed below, the Executive Committee feels that there are sufficient funds available to meet these activities in the coming year.

To reduce the risk of over expenditure, procedures for authorisation of all transactions and projects exist. To further mitigate the risks, the Executive Committee will carry out periodic reviews of the progress of objectives stated.

Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

Page 5

SHREE KUTCH SATSANG SWAMINARAYAN TEMPLE (MANDIR) LONDON

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

FUTURE PLANS

In 2023, the Trustees carried out a review of the Charity's activities and produced a medium and long term plan as detailed below to enable the Temple to meet its objectives.

• Major Review of the Temple Premises with long-term development plans

• Replacement of Gents' Side Lift

• Installation of new Ladies' Side Lift

• Development of Charlton Road Property site

• Review of on-site Car Parking facilities

• Refurbishment of the Hillingdon House Property to meet with regulatory standards

• Upgrade of services within the Temple

• Scoping of works to renew the services within the Main Sabha Hall of the Temple to include lighting, heating, ventilation, audio/visual services efficient environmental services

• Further investment in activities to promote youth participation and enhance cultural, social and sporting interaction

• Review of our satsang sabha formats to increase attendance at the Temple and participation in weekly discourses

• Expansion of the kitchen facilities and improvement of services and facilities within the Temple

• Consideration of plans to extend the golden singhasan and renewal of the paraglee of Shree Ghanshyam Maharaj

STRUCTURE, GOVERNANCE AND MANAGEMENT

Charity constitution

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

The Charity was registered on the 1st April 1976 and is governed by its Constitution. The aim of the charity is to advance and propagate the Hindu Religion according to the teachings of Lord Shree Swaminarayan.

Recruitment and appointment of new trustees

The Executive Committee is elected annually by the members and comprises of six or more honorary officers and eleven advisors. The Constitution allows the committee to co-opt further members.

The trustees who served during the year are listed under "Reference and Administrative details" on page 1.

Induction and training of new trustees

All newly-elected committee members make an undertaking to serve the Charity with their best endeavours and they are made of their duties and obligations and policies applicable to fulfil the role. This includes an introduction to the objectives, scope and policies of the Charity, the Charity Commission information on Trustees' responsibilities and a copy of the Constitution. Additional training is available to keep up with all new regulations concerning the Charity's activities.

Organisational structure and Decision making

Decision making duties are carried out by the Trustees at their monthly meeting. Other ad-hoc decisions are taken by the Trustees with executive positions.

Membership of wider network

The charity is affiliated to Shree Swaminarayan Temple of Bhuj, Kutch, India who have no impact on the operating policies adopted by the charity.

Related parties

The Ghanshyam Education Trust (GET) is a separate entity, which undertakes the administration and running of educational activities. GET is a charity and a company limited by guarantee, in which the members of SKSST are the Guarantors. The members of the GET are the Trustees named on Page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited.

GET runs the activities with the support and guidance from the Temple volunteers and the management committee

Page 6

SHREE KUTCH SATSANG SWAMINARAYAN TEMPLE (MANDIR) LONDON

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

Risk management

The Trustees identify the major risks to which the Charity is exposed to each financial year when preparing and updating a strategic plan, in particular, those areas related to the operations and finances of the Charity. The Trustees then review any major risks which have been identified and establish systems to mitigate those risks.

Among the major risk of the Charity is the possibility of endangering the worshipper's safety and comfort in any way. This is mitigated by the support of experienced stewards and maintenance teams who ensure that all such aspects are covered by appropriate training and monitoring procedures.

The Trustees have also put in place appropriate internal controls and monitoring procedures, including budgetary control and review to minimise financial risks.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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 and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charity SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

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

Approved by order of the board of trustees on 29 October 2024 and signed on its behalf by:

Mr Harice Jesani - Trustee

Page 7

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF SHREE KUTCH SATSANG SWAMINARAYAN TEMPLE (MANDIR) LONDON

Opinion

We have audited the financial statements of Shree Kutch Satsang Swaminarayan Temple (Mandir) London (the 'charity') for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In our opinion the financial statements:

• give a true and fair view of the state of the charity's affairs as at 31 December 2023 and of its incoming resources and application of resources, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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

Page 8

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF SHREE KUTCH SATSANG SWAMINARAYAN TEMPLE (MANDIR) LONDON

Matters on which we are required to report by exception

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

• the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or

• sufficient accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the 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.

Page 9

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF SHREE KUTCH SATSANG SWAMINARAYAN TEMPLE (MANDIR) LONDON

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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

How the audit was considered capable of detecting irregularities including fraud.

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

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

• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of

• actual, suspected and alleged fraud; and

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

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

• performed analytical procedures to identify any unusual or unexpected relationships;

• tested journal entries to identify unusual transactions;

• assessed whether judgements and assumptions made in determining the accounting estimates were indicative of

• potential bias; and

• used data analytics to investigate the rationale behind any significant or unusual transactions.

• agreeing financial statement disclosures to underlying supporting documentation;

• reading the minutes of meetings of those charged with governance;

• enquiring of management as to actual and potential litigation and claims; and

• reviewing any available correspondence with HMRC and the company's legal advisors (although none was noted as

• being received by the charity).

As a result of our procedures we did not identify any key audit matters relating to irregularities.

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

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

Page 10

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF SHREE KUTCH SATSANG SWAMINARAYAN TEMPLE (MANDIR) LONDON

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the 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.

Hitesh Gadhia (Senior Statutory Auditor) Shaw Wallace 43 Manchester Street London W1U 7LP

30 October 2024

Page 11

SHREE KUTCH SATSANG SWAMINARAYAN TEMPLE (MANDIR) LONDON

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Charitable activities 5 Gift Aid Tax Refund Bal Mandal License fee Income Other trading activities 3 Investment income 4 Total EXPENDITURE ON Raising funds 6 Charitable activities 7 Bal Mandal Management and administration costs Library expenses Total Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD	Unrestricted fund £ 1,219,166 187,802 42,198 95,000 3,976 541,729 2,089,871 562,458 39,044 317,302 905 919,709 - 1,170,162 18,354,098 19,524,260	Restricted fund £ - - - - - - - - - - - - - - - -	31/12/23 Total funds £ 1,219,166 187,802 42,198 95,000 3,976 541,729 2,089,871 562,458 39,044 317,302 905 919,709 - 1,170,162 18,354,098 19,524,260	31/12/22 Total funds £ 1,121,682 163,936 18,716 95,000 3,366 277,970
				1,680,670
				456,820 20,987 236,456 973
				715,236
				1,524,660
				2,490,094 15,864,004
				18,354,098

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

Page 12

SHREE KUTCH SATSANG SWAMINARAYAN TEMPLE (MANDIR) LONDON

STATEMENT OF FINANCIAL POSITION 31 DECEMBER 2023

Notes FIXED ASSETS Tangible assets 11 Investment property 12 CURRENT ASSETS Stocks 13 Debtors 14 Cash at bank and in hand CREDITORS Amounts falling due within one year 15 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 16 Unrestricted funds TOTAL FUNDS	Unrestricted fund £ 5,422,903 7,277,296 12,700,199 7,500 100,867 7,009,584 7,117,951 (293,890) 6,824,061 19,524,260 19,524,260	Restricted fund £ - - - - - - - - - - -	31/12/23 Total funds £ 5,422,903 7,277,296 12,700,199 7,500 100,867 7,009,584 7,117,951 (293,890) 6,824,061 19,524,260 19,524,260 19,524,260 19,524,260	31/12/22 Total funds £ 5,445,164 5,075,000 10,520,164 8,174 39,153 7,963,505 8,010,832 (176,898) 7,833,934 18,354,098 18,354,098 18,354,098 18,354,098

The financial statements were approved by the Board of Trustees and authorised for issue on 29 October 2024 and were signed on its behalf by:

Mr Vishram Vaghji Patel - Trustee

Mr Harice Jesani - Trustee

The notes form part of these financial statements

Page 13

SHREE KUTCH SATSANG SWAMINARAYAN TEMPLE (MANDIR) LONDON

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by operating activities Cash flows from investing activities Purchase of tangible fixed assets Purchase of investment property Interest received Net cash used in investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period	31/12/23 £ 1,046,423 1,046,423 (41,458) (2,202,296 ) 243,410 (2,000,344 ) (953,921) 7,963,505 7,009,584	31/12/22 £ 861,771 861,771 (46,149) - 30,996 (15,153) 846,618 7,116,887 7,963,505

The notes form part of these financial statements

Page 14

SHREE KUTCH SATSANG SWAMINARAYAN TEMPLE (MANDIR) LONDON

NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

1.	RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM	OPERATING ACTIVITIES	OPERATING ACTIVITIES
		31/12/23	31/12/22
		£	£
	Net income for the reporting period (as per the Statement of Financial
	Activities)	1,170,162	2,490,094
	Adjustments for:
	Depreciation charges	63,719	58,908
	Losses on investments	-	(1,524,660 )
	Interest received	(243,410)	(30,996)
	Decrease in stocks	674	-
	(Increase)/decrease in debtors	(61,714)	19,921
	Increase/(decrease) in creditors	116,992	(151,496)
	Net cash provided by operations	1,046,423	861,771

2. ANALYSIS OF CHANGES IN NET FUNDS

Net cash Cash at bank and in hand Total	At 1/1/23 £ 7,963,505 7,963,505 7,963,505	Cash flow £ (953,921) (953,921) (953,921)	At 31/12/23 £ 7,009,584
			7,009,584
			7,009,584

The notes form part of these financial statements

Page 15

SHREE KUTCH SATSANG SWAMINARAYAN TEMPLE (MANDIR) LONDON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.

Incoming resources

Income from donations and grants, including capital grants, is Included when these are receivable, except as follows:

• investment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Any gains or losses arising from changes in the fair value are recognised in Statement of Financial Activities in the period that they arise.

• When donors impose conditions which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred and not included in incoming resources until the preconditions for use have been met.

• When donors specify that donations and grants, including capital grants, are for particular restricted purposes, which do not amount to pre-conditions regarding entitlement, this income is included in incoming resources of restricted funds when receivable.

• Gifts in kind are valued by the amount stated on the receipt if provided by the donor. Where no receipt is available, the items are valued by multiplying the weight with the prevailing price on the respective precious metal or commodity exchange in London at the respective wholesale price of each, plus a fixed value for labour per gram.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Interest receivable

Interest receivable is recognised in Statement of Financial Activities as they accrue, using the effective interest method.

Resources expended

The policy for including items within the relevant activity categories of resources expended is that expenditure is charged to the Statement of Financial Activities on an accruals basis, inclusive of VAT which cannot be recovered and is classified as follows:

Costs of generating funds

The costs of generating funds comprise the costs associated with attracting voluntary income.

Charitable activities

Charitable expenditure shall include all expenditure directly related to the objects of the charity including the following:-

Activities in furtherance of the charity's objectives and aims.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature to support them.

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continued...

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

SHREE KUTCH SATSANG SWAMINARAYAN TEMPLE (MANDIR) LONDON

1. ACCOUNTING POLICIES - continued

Resources expended

Governance costs

Governance costs shall include all expenditure directly related to the administration of the charity including expenditure incurred in the management of the charity's assets, organisational administration and compliance with charitable and statutory requirements.

Allocation of costs within types of resources expended

The methods and principles for the allocation and apportionment of all costs between the different activity categories of resources set out above are:-

All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources.

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold property 1% Straight line basis Furniture & Equipment 20% Reducing Balance Murtis & Valuables NIL

Freehold buildings have been depreciated at 1% as the Charity follows a program of regular refurbishment and maintenance of its properties. This includes reinstatement of the fabric of buildings, where necessary, in order to maintain them to the highest level. Accordingly, in the opinion of the Trustees,the depreciation provided is appropriate.

Investment property

Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at costs.

Investment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Any gains or losses arising from changes in the fair value are recognised in Statement of Financial Activities in the period that they arise.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

As a registered charity, the charity is exempt from income and corporation tax to the extent that its income and gains are applicable to charitable purposes only. Value Added Tax is not recoverable by the charity, and is therefore included in the relevant costs in the Statement of Financial Activities.

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

continued...

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SHREE KUTCH SATSANG SWAMINARAYAN TEMPLE (MANDIR) LONDON

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES - continued

Fund accounting

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors which have been raised by the Charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Judgments and key sources of estimation uncertainty Sources of estimation uncertainty

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of the assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

• Fair value of investment property - The investment property valuation contains a number of assumptions upon which the trustees and the property agent have based their valuations of the property. The assumptions on which the property valuations reports have been based include, but are not limited to, matters such as the tenure and tenancy details for the properties, ground conditions at the properties, the structural conditions of the properties, prevailing market yields and comparable market transactions. Theses assumptions are market standard and accord with the Royal Institution of Chartered Surveyors (RICS) valuation. However, if any assumptions made by the property valuer prove to be inaccurate; this may mean the value of the investment property differs form their valuation, which could have a material effect on the Statement of Financial Position.

2. DONATIONS AND LEGACIES

DONATIONS AND LEGACIES
Donations Donated services and facilities	31/12/23 £ 1,117,724 101,442 1,219,166	31/12/22 £ 1,069,691 51,991
		1,121,682

continued...

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SHREE KUTCH SATSANG SWAMINARAYAN TEMPLE (MANDIR) LONDON

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

3. OTHER TRADING ACTIVITIES Library Income 4. INVESTMENT INCOME Rents received Deposit account interest 5. INCOME FROM CHARITABLE ACTIVITIES Gift Aid Tax Refund £ Gift Aid Tax Refund 187,802 Bal Mandal - License fee income - 187,802	Bal Mandal £ - 42,198 - 42,198	License fee Income £ - - 95,000 95,000	31/12/23 £ 3,976 31/12/23 £ 298,319 243,410 541,729 31/12/23 Total activities £ 187,802 42,198 95,000 325,000	31/12/22 £ 3,366 31/12/22 £ 246,974 30,996
				277,970
				31/12/22 Total activities £ 163,936 18,716 95,000
				277,652

6. RAISING FUNDS

Raising donations and legacies

	Restricted	Unrestricted	Total	Total
	31/12/23	31/12/23	31/12/23	31/12/22
	£	£	£	£
Donations	-	35,193	35,193	28,049
Voluntary expenses	-	48,945	48,945	36,505
Prashad and Puja expenses	-	212,740	212,740	195,493
Wages and salaries	-	59,098	59,098	84,646
	-	355,976	355,976	344,693

continued...

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SHREE KUTCH SATSANG SWAMINARAYAN TEMPLE (MANDIR) LONDON

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

6. RAISING FUNDS - continued

Investment management costs

Rental properties expenses Aggregate amounts CHARITABLE ACTIVITIES COSTS Bal Mandal Management and administration costs Library expenses SUPPORT COSTS Management £ Management and administration costs 291,393	Rental properties expenses Aggregate amounts CHARITABLE ACTIVITIES COSTS Bal Mandal Management and administration costs Library expenses SUPPORT COSTS Management £ Management and administration costs 291,393	Finance £ 5,106	Finance £ 5,106	31/12/23 £ 114,012 562,458 Support Direct costs (see Costs note 8) £ £ 39,044 - - 317,302 905 - 39,949 317,302 Governance Other costs £ £ 11,241 9,562	31/12/23 £ 114,012 562,458 Support Direct costs (see Costs note 8) £ £ 39,044 - - 317,302 905 - 39,949 317,302 Governance Other costs £ £ 11,241 9,562	31/12/23 £ 114,012 562,458 Support Direct costs (see Costs note 8) £ £ 39,044 - - 317,302 905 - 39,949 317,302 Governance Other costs £ £ 11,241 9,562	31/12/23 £ 114,012 562,458 Support Direct costs (see Costs note 8) £ £ 39,044 - - 317,302 905 - 39,949 317,302 Governance Other costs £ £ 11,241 9,562		31/12/22 £ 112,128 456,820 Totals £ 39,044 317,302 905 357,251 Totals £ 317,302
			Restricted		Unrestricted		Total		Total
			31.12.23		31.12.23		31.12.23		31.12.22
			£		£		£		£
Rates and water			-						1,423
Insurance			-		17,464		17,464		11,618
Light and heat			-		107,951		107,951		76,636
Telephone			-		2,114		2,114		1,596
Postage and stationery			-		2,054		2,054		1,113
Cleaning			-		4,661		4,661		5,172
Repairs and renewals			-		89,802		89,802		38,705
IT costs			-		3,628		3,628		7,543
Depreciation			-		63,719		63,719		58,908
			-		291,393		291,393		202,174

7. CHARITABLE ACTIVITIES COSTS

8. SUPPORT COSTS

continued...

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SHREE KUTCH SATSANG SWAMINARAYAN TEMPLE (MANDIR) LONDON

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

8. SUPPORT COSTS - continued

Support costs, included in the above, are as follows:

Governance costs

Governance costs
	31/12/23	31/12/22
	Management
	and
	administration	Total
	costs	activities
	£	£
Auditors' remuneration	5,430	5,400
Professional and legal fees	4,132	9,819
	9,562	15,219

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.

10. STAFF COSTS

STAFF COSTS
	31/12/23	31/12/22
	£	£
Wages and salaries	59,098	84,646
	59,098	84,646
The average monthly number of employees during the year was as follows:
	31/12/23	31/12/22
Engaged on charitable activities	5	5

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

continued...

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SHREE KUTCH SATSANG SWAMINARAYAN TEMPLE (MANDIR) LONDON

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

11. TANGIBLE FIXED ASSETS

COST At 1 January 2023 Additions At 31 December 2023 DEPRECIATION At 1 January 2023 Charge for year At 31 December 2023 NET BOOK VALUE At 31 December 2023 At 31 December 2022	Freehold property £ 4,921,367 - 4,921,367 469,646 49,500 519,146 4,402,221 4,451,721	Fixtures and fittings £ 863,855 32,320 896,175 349,982 14,219 364,201 531,974 513,873	Murtis and Valuables £ 479,570 9,138 488,708 - - - 488,708 479,570	Totals £ 6,264,792 41,458
				6,306,250
				819,628 63,719
				883,347
				5,422,903
				5,445,164

According to the Trustees' review the market values are no different from those recorded.

12. INVESTMENT PROPERTY

FAIR VALUE At 1 January 2023 Additions At 31 December 2023 NET BOOK VALUE At 31 December 2023 At 31 December 2022	£ 5,075,000 2,202,296
	7,277,296
	7,277,296
	5,075,000

According to the Trustees' review the market values are no different from those recorded.

Fair value at 31 December 2023 is represented by:

Valuation in 2022 Cost	£ 1,524,660 5,752,636
	7,277,296

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SHREE KUTCH SATSANG SWAMINARAYAN TEMPLE (MANDIR) LONDON

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

12. INVESTMENT PROPERTY - continued

If the investment properties had not been revalued they would have been included at the following historical cost:

31/12/23 £ Cost 5,752,636 The investment properties were valued on an open market basis on by Anderson Wilde and Harris. 13. STOCKS 31/12/23 £ Donated goods and bought in goods 7,500 14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31/12/23 £ Accrued income 86,852 Prepayments 14,015 100,867 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31/12/23 £ Other creditors 293,890 16. MOVEMENT IN FUNDS Net movement At 1/1/23 in funds £ £ Unrestricted funds General fund 18,354,098 1,170,162 TOTAL FUNDS 18,354,098 1,170,162		31/12/22 £ 3,550,340	31/12/22 £ 3,550,340
		31/12/22 £ 8,174 31/12/22 £ 25,943 13,210 39,153 31/12/22 £ 176,898 At 31/12/23 £ 19,524,260	31/12/22 £ 8,174 31/12/22 £ 25,943 13,210
			39,153
			31/12/22 £ 176,898
		19,524,260

continued...

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SHREE KUTCH SATSANG SWAMINARAYAN TEMPLE (MANDIR) LONDON

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

16. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds General fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS		Incoming resources £ 2,089,871 2,089,871 At 1/1/22 £ 15,864,004 15,864,004		Resources expended £ (919,709) (919,709) Net movement in funds £ 2,490,094 2,490,094		Movement in funds £ 1,170,162 1,170,162 At 31/12/22 £ 18,354,098 18,354,098

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

Unrestricted funds General fund TOTAL FUNDS	Incoming resources £ 1,680,670 1,680,670	Resources expended £ (715,236) (715,236)	Gains and losses £ 1,524,660 1,524,660	Movement in funds £ 2,490,094 2,490,094

continued...

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SHREE KUTCH SATSANG SWAMINARAYAN TEMPLE (MANDIR) LONDON

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

17. RELATED PARTY DISCLOSURES

Incoming resources includes a license fee received from Ghanshyam Education Trust (GET) of £95,000 (2022: £95,000). GET is a charity and a company limited by guarantee in which the members of SKSST are the guarantors.

Included in creditors amounts falling due within one year is a balance of £81,841 (2022: £28,475 creditor) due to GET. The members of the company are the Trustees. In the event of the charity being wound up, the liability in respect of the guarantee is limited.

During the year the charity transacted at arms length, with committee members for provision of goods and services at an aggregate amount of £NIL (2022: £nil).

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