Charity Registration No. 277833 SHRI VALLABH NIDHI- UK ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 KLSA
SHRI VALLABH NIDHI- UK LEGAL AND ADMINISTRATIVE INFORMATION Governors Narendra Thakrar Gorande Bhall Mahendia Patel Rasika Patel Ashil Roy Thakkar Subahu Patel Ajay Jobanpulra Pradeep Dhamecha RajLtbhai Ralchura Charity number 277833 Principal address Shri Sanatan Hindu Mandir P,0. Box 700 Wembley HAO 4TA Shri N8lhji S8n8t8n Hindu Mandir 159-161 INhipps Cross Road Leytonstone E11 1NP Auditors KLSA LLP Kalamu House 11 Coldb8th Squarè London EC1R 5HL Bankers Punjab National Bank {Inlernalitsnall Ltd 168 Ealing Road Wembley Middlc- HAO 4QD Website www.svnuk.OTg
SHRI VALLABH NIDHI- UK CONTENTS Page Governors, report Independent audilotrs report Consolidated slalernenl vf firidFiul ¥¥liviliyts 10 Group and Charity balance sheets Consolidalad statement of cash flows 12 Notes lo the consolidated Iinancial statements 13-23
SHRI VALLABH NIDHI- UK GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 The Govemors present their report and ¢onsolidaled financial slalemen15 for the year ended 30 June 2024. Tlitl Lutisolidaled fiiiaiiuial stateineiits have been Prepared in aGGordanGe Wlth the aGGounting poliGies set out in note I lo the consolidated financial slalemenls and mplY with the Charities Act 2011. con51ilulion of the charity "Accounting and Reporting by Charities.. Statement ol Hecomrn8ndèd vractice applicable io chariiies preparing their consolidated accounts in ac¢ord3nce with the Financial Reporting Standard applicable in the UK and Republic of Ireland Icharilies SORP FRS 1021 lettective 1 January 2t11Y}" Objèctives and actlvities The objects of the Ghailty ale to". la) advance the Hindu religlon in accordance with the leaching of Shri Vallabh and in furtherance thereof to prnvidp and maintain a templè for public religious worship and other relioious charitable purpose. Ib) educate the public In the HindLJ and English cultures and to that end lo provide facilities for the leaching ol Gujarali, Hindi, San8kril and English. le} relieve poverty sickness and distress. Idl promote religious welfare of Hindus in and furtherance thereof lo provide guidance and advice. The Board of Governors ieview the aims, objeetivès and activities of the charity each year. This report looks al whtst the eharity ha- achicvcd and the outoome6 of its work in the reporting p&riod. The Board of Govornors rgport the SU8&S ol Èaeh key aetivity and the benefits the chaiily has bioughl lo those groups of people thal it is set up to help. The review also helps the Board of Governors ensure the charity's aims, objectives remained focused on its slated purposes. The Board of Governors have referied lo the guidance contained in the Charity Commission's general guid8n¢e on public benefit when reviewing the charity's aims arid objectives and in planning its future aclivilies. In particular. the Board of Govérnors consider how planned activities will contribute lo the aims and objectives that have been sel. One of Shii Vallabh Nidhi - UK'S principal aims and objectives is lo advallc8 the Hindu religion in accordance with the teaching of Shri Vallabh and in furtherance thereof to provide and maintain a temple ft>i public r81igiou$ worship, other religious charitable purpose 80 playing an ittJport8nt part in buildin9 2 better society. Volunteèrs and staff Tho valiJnlopr8 and staff are involved in general management and core activities of the Charity.. Providing ServIS in various departments including sectjrity, administration, congregation organisalion. kitchen, audiolvideolphotography, media ielalion8, public relations, youth activities, children aclivilies, adult activities el¢. Organising Hindu religion fesllvals The Board of Governors would like lo acknowledge the tiomèndous efforts of the volunieers, staff and the many supporters of the Charity for their kind and generous donations as well as their continued support in helping the Gharily lo achieve 115 objectives. Achievements and performance Financial review The incoming resources and the outgoing resources have increased from the previous year, dLJe lo charity. Inoieased activilies, the gross donations received for ihe year wa5 £'1.55m12023', £1.28mi. nei Income was £590k 12023.. £299kl. Al the period end, the nel assets of the Charity are £15.Om12023.' £14.4ml.
SHRI VALLABH NIDHI- UK GOVERNORS, REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 R¥?D¥rves yoliGy 1115 the policy of the charily that unreslricled funds whi¢h have not been designated for a specitic use should be maintained Al 8 level equivalent lo between six lo eight weeks expenditure. The Governors considers that reserve5 al this level will ensure that, in the event tsf a significant drop in funding. they will be able lo continue the charily's ¢urrcnt aolivitic- whilc oonsidcration is givèn to ways in which additional fvndg may b• raised. This level of regorS has been maintained throughout the yeai. Golng concern In the current year and slnce reopening of the temple, the chartt8bl& activities have normalised wllh gross income for the group £1.55m12023.. £1.28ml.The nel movement in funds lor the year was nel income of £590k12023.. 299kl. The governors, are confident. based on the country reopening and devotees allending the temple, that (he charity will idve u(fI1{ll IL*iiab Iv Lviiliiiu8 lu Ineet ils liabilities a5 they tall due for at least 12 month5 frorn the date of 8pprnvAI of thè consolidated finanaal sialements and therefore have prepared the ¢onsolidaled financial slalemenls on a going concern basis. Rlsk management and internal ¢ontrol Risk management The Doard of Governors is re3ponsible for p.nqiJring pffp.rtivr ri-.k rnanagcmcnt. and that internal controls aro In placè to appropriately manage the risk exposure of the Charity. in particular, the Board of Govemois has considered.. the major risks to which the Chaiily Is exposed., the potential impact and probability associated with each risk., existing internal controls and accountabilily lor them., mitigatino actions needed lo reduce ea¢h risk to a level Ihal the Governors ¢onsiders to be acceptable. All significant adivities undertaken are subject lo risk review as part of the initial projeet 8ssessmenl and Implementation. The Board of Governors reviews the major ii5ks that the Charity fa5 on a regular basis and conliols ar6 established as appiopriale. Internal control The Governors have overall responsibility ftsr ensuring that the Charity ha5 appropriate systems of inlemal controls acros5 thè Charity and its subsidiaiies. The key inleTnal controls used by the Charity and Ils subsidiaries include.. Formal agendas and minutes of all 8oard of Governors meetings Detailed budgetary presenlaliori for approval by the Board of Govemors Established organisational structure arid lines of reporting Engagement ol external professional advisois 85 and when necessaiy Through the controls established for the running ol the Charity, the Board of Gc>vernors are satisfied that th@ major risks identified are adequately miligaled where necessary. It is recognised that the controls established can only provide reasonable bul not absolute assurance that rnajor iisks have been adequately managed,
SHRI VALLABH NIDHI- UK GOVERNORS, REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Activities Lsndertaktsn in the year The following activities were undertaken during Iho year.. The charity has continued lo help local cornrnunilies from the donations given generously. All the Hindu festivals weie celebrated and very well altgnded by many dgvotg0S. Extension and refurbishment of existing Shiv mandir was complétsd during tha yèar. Renovations were carried oul al Wembley temple with vibrant red colour enhdncing mdiidir atmosphere. Diswur5e on Shre8tnad Bhagwalji, Shri Gilaji and Shri Ramayan ji by guan ganga of Triveni Ulsav by ShahslpilhadhishwaT HDH Goswani 108 Shree Dwarkeshlalji Maharajshii. We have seen a significant in¢rea6e in regular adivilies in all aTeas. In accordanoè with th8 main objeclivo of following and propagating thè Sanalan faith and community cohesion with tnembers and the wider wmmynily, all activities undertaken fulfilled these aims and objecliv8S. Community cohesion an important aspect of th8 charity's work. The current facilities with the further developments being undertaken will enable the charity lo address and delivfyr programtnes and events lo the changing dèmographic of the members. Future plans The charily has identified the fc>llowing medium-term objectives which will be reviewed on an annual basis.. Extension and refurbishment of existing dining area. Expansion of admlnislralive ¢apacilies Ihrtsugh extension of the existing adminislralion office area. Plans for further building works lo enhance mandii of both Wembley and Leylonslone locations. Tts continue lo organise seminars, lectures and events in order lo promote Ihe principle8 of the Sanatan faith. The Members have a vast resource of knowledge and experience which shall be used posilivelyfor all future plans. Structurè, govèrnanc8 and managemènt Shri Vallabh Nidhi- UK, Registered Chaiily No. 277833 was founded in 1979. The charity is an unincorporated charity which is governed and operated within the requirement sel out in its conslilulion, The adminislralion and control of the charity and ils assets are vested in a Board of Governors. The Board consists of g membeis12023'. 9 metnbeisl. Princlpal actlvlties In accordance with the objects, the principal activity of the Gharily is the running of the places of worship fo)r Hindu Community in the UK. To this end the Charity runs two temples. one in Wembley. Middlesex and another in Vvhipps Cross Road, Leylonslone. In addition, Ihe Charity arranges periodic religious functions (Kalhas and Saplas) and celebrates all the majoT festive days in the HindLJ calendar.
SHRI VALLABH NIDHI- UK
GOVERNORS, REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
Freehold propertle5
The Charity owns Ireehold properties in Wembley and Leyionslone. There is a temple on each of these freehold
properties.
Gov8rnors
The GovernoTS who served during Ihe year were..
Narendra Thakrar
Gorande Bhall
Mahondra Patcl
Rasika Patel
Ashit F
SHRI VALLABH NIDHI- UK GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023 Audltor KLSA LLP woro rg-appointed a$ th• Group's auditors during tha period and have pJpTes49.d thAir willinonAsq In continue in that capacity. Diqr.lthxiftrp nf Infnrmation to auditor Each of the Governors has confirmed that there 1$ no information of which they aTe 8w8re which is relevant lo the audit, bul of which the auditor is unaware. They have further confirmed that they have taken appropriate %tpps In idontify such relevant information and lo establish that the auditor is aware of such information. TheG rnors. rep 4pproved by Ihe Board of P1nvprnnr&. nd Governor Dated.. 19 Decernber 2024 Th
SHRI VALLABH NIDHI- UK INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 30 JUNE 2024 Oplnlon We have audited the consolidated financial staletnenls of Shrl Vallabh Nidhi - UK Ilhe '¢harily'l and its subsidiary (the 'group'l for the year ended 30 June -tatcmcnt of financial aotivitic= Q024 which ¢ornpriaC thc group - thc group balance sheet. the company balance sheet. the group statement of cash Ilows and the notes lo the consolidated financial sialernenls, in¢lU(Jing a summary of signlficani accounting pollcles. The ffnallclal reportlng fiamewoiK that has been applied in their prepaTalion is applicable law and United Kingdom Accounting Standards, including Financial Roporting Sl8ndard 102 The Financial Reporting Stand&rd appllcabl8 In thg UK and Republlc of Ireland (United Kingdom Generally Accepted Accounting Praclicel. In our opinion, the consolidated Iinancial statements.. oivp A triip 2nd fair vipw nf thp 8121?. nf thp grnijp'q and thé charity's 8ffalrs as at 30 June 2024 and of the group incoming resources and application of resources, for the year then ended., havc bccn proporfy prepared In accorddfl(E W&tli Uriile(t Kiiiy¢Juiii GviiEII(Illy Abb¥yl¥d Abbvuiiliiiy PrdcIic8, and have been prepared in ac¢ordance with the requirements of the Charities Act 2011. Ba51$ for oplnlon We conducted our audit in 8¢¢ordance with International Standards on Auditing IUKI IISAS IUKI} and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the accounts sèetion of our report. We are independent of the chaiily in accoidance with the ethical requirements that are relevant lo our audit of the aceounls in the UK, including the FRC'S Ethical Standard, and w8 havè fulfilled our other ethical responsibilities in aOrdanCe with Ihès6 quirements. We believe that the audit evidence we have oblainod is sufficient and appropriate lo provide a basis for our opinlon, Conclusions relating to going concèrn In auditing tho consolidatgd fin2neig1 gtatém8ntg. wo have eoneluded th21 the Governors. use of the going conc@rn basis of accounting in the preparation of the financial statements is appropriale. Based on the work we have performed, we have not identified any material uncertainties r818llng lo èvènts or ¢(>ndilions that, individually or collectively. may cast signilicanl doubl on Ihe group's ability lo continue as a going concern for a period ot at least twelve months from when the financial slalemenls are aulhorized lor iSSLJe. Our responsibilities and th& responsibilities of the Governors with respect lo going concern are describèd in the relevant sections of Ihis report. However, because not all lulure events or conditions can be piedicted. this statement is not a guarantee as to the company's ability lo continue as a going concern. Other Infomiatlon The olhei inforrnalion comprises the information induded in the annual report other than the consolidated financial statements and our auditor's report thereon. The Governors are respcinsible foi the other information contained within the annual report. Our opinion on the consolidated financial statements does not covei the other irifoimalion and we do not express any form of assuiance conclusion Ihereon. Our responsibility is lo read the olhei information and, in doing so, consider whether the other information is rnalerialSy inconsistent Wth the financial slalemenls or our knowledge obtained in the course of the audit. or othetwise appears lo be materially Fnisslaled. If wè identify such material incor)sislencies or appaienl maleiial rniss18lemenls, we are required to determine whether this gives rise lo a maleiial misstatement in the consolidated financial slalemenls Ihemselves. If, based on the work we have performed. we conclude that IhÈre is a material misstatement of this olhei information, we are required lo report that f8Ct. We have nothing lo report in this regard.
SHRI VALLABH NIDHI- UK INDEPENDENT AUDITOR'S REPORT {CONTINUEDI FOR THE YEAR ENDED 30 JUNE 2024 Matters on whlch we are required to report by exception In the light of the knowlèdgÈ arTrd und@rstandino nf thp parpnl And Ihp. *iJhRidixry it% enviTonment obtained in the course of the audit, we have not identified material tllisslalemenls in the governors. report. We have nothing lo report in respect of the following mallers in relation lo which the Charities (Accounts and Reports} Regulations 2008 rcquirtr u- to report to you if, in our opinion.. the informaliDn given in the cc>nsolidaled financial slalemenls is inconsistenl in any malerial respect with the Goveiiiuib. i¥yurl,' u5 sufticienl accounting records have not been kept., or the con501idaled financial slalements are not in agreement with the accounting records-, or we have noi recelved all Ihe Informatlon an(J expianatitsns we require for our audii. RTr2i>yuf12DilJilitiv¥ vf Gvvernor5 As explailled more fully in the slalemenl of Governors, responsibilities. the Govemors are responsible for the preparation of the consolid8led linancial 51alemenls and for being satisfied that they give a true and fair view, and for such intemal ntrol as the Governors determine is necessary lo enable the preparation of consolidatèd finaneial slalemenls that are free from material misslalemenl, whether due lo fraud or error. In preparing the consolldaled financial slalements. the Govemors arè rèsponsible for assessing the charity's ability to continue as a going cOnrn, disclosing, as <ippIiGable. matter5 related lo going coll[n and using the going concern basis of accounting unless tho Govefnols eilhei intend lo cease operations, or havo no realistic allernalive bul lu bu. AUdit0S respons5bllltles for thè audlt of the con501idated accounts We have been appointed as auditors under section 144 01 the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effèct Ihèreunder. Our objectives are to obtain reasonable assuran about whether the consolidated finanaal slalemenls as a whole are free from malerial misstalemenl, whether due lo fraud or error, and to issue an auditovs report that includes our opinion. Reasonab18 8ssuiance is a high level of assurance, but is not a guarantee that an audit conducted in aOrdanCe with ISA5 IUKI will always detect a material mi5sla18tN8nl when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected lo influencé th8 8conotni¢ decisions of users taken on the basis ol theso consolidated Iinancial slalements. Iiregularilies. including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, to detect material misslalemenls in respect of irregularilies, including fraud. The exlenl to which our procedures are eapable of delecling iiregularities. including fraud. is detailed below. Our approach lo identifying and assessing the risks of matgrial misslalemenl in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows.. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills lo identify 01 recognise non-¢omplian¢e with applicable laws and regulations", we identified the laws and regulations applicable lo the charity through discussions with governors and other management, and from our commercial knowltsdge and experience of the se¢lor,' and we focused on specific laws and regulations which we considered may have a direct material effect on tho operations of the group's financial gtatom&nts, inclLJding the Charities Act ?011, CompaniaÈ Act 2006, data protection, anli-bribery, employment laws, environmental and health and safety legislation.
SHRI VALLABH NIDHI - UK INDEPENDENT AUDITOR'S REPORT (CONTINUED FOR THE YEAR ENDED 30 JUNE 2024 We assessed the susceptibility of the Group's financial statements to material misslalemenl, including obtaining an understanding of how fraud might occur, by.. making enquiries of rnanagement as to where they Considered there was sus¢eplibility lo fraud. Ihoir knowledge of actual. suspected and alleged fraud,. and conÈidering tha intornal controls in place to mitigate risks of fraud and non-complign¢• with laws and regulations. To address the risk of fiaud through managernenl bias and override of Controls, we.. performed analyiical prOdureS to identify any unusual or unexpected relationships.. tested joumal entries lo identify unusual transactions.. carried out a review of the incoming donations during the year ascertaining liansactions were 81 arm's length. investigated the rationale behind signfficanl or unusual tranSl10nS. verlfied income to the supporting receipts and other documentation on a sample ba81S to confirm classification between restricted and unr&slri¢tÉd funds. read minutes ol meetings of those charged with govemance. performed year on year analyiical procedures on cash donation collections and leslecl on sample basis the procedures in place in respect of ¢ollection, counting and recording of the cash donations. reviewed validity of expenditure on a sample basis and in particular reasonableness of allocation of expenditure against restricted fiinds. In response to the risk of irregularities and non-compli8nce with laws and regulations, we designed proceduTes which included. bul were not lim((ed to= agreeing financial slalemenl disclosures lo underlying supporting docurnenlation.. enquiring of marFagement as lo actual and potential liligaion and claims. We communicated the identified fraud risks and non-complian with laws and regulations with thosè charged with governance. throughout the audit team and remained alert lo any indications throughout the audit. There are inherent limitations in tha audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in financial statements. Also, the risk of not delecling a material misslalemenl due lo fraud is higher than the risk of not detecting one resulling from error. as fraud may involve deliberate concealment by. for examplé, forgèry, misrepresentations or through collusion. Fraud may involve deliberate concealment by. for example, forgery or inlention81 misrepresentation, orthrough an act of collusion Ihal would mitigate internal controls. A further description of our responsibilitiés is available on the Financial Reporting Council's website at.. https'.IAvww.frc.org.uklaudiloisresponsibilities. This description forms part of our audilorfs report.
SHRI VALLABH NIDHI- UK INDEPENDENT AUDITOR'S REPORT {CONTINUEDI FOR THE YEAR ENDED 30 JUNE 2024 Use of our report This report is made solely lo the Group's tluslees, as a body, in accordance with the Charities Act 2011. Our audit WUIK Ii¢*b b¥¥ii uiideilakeii so that we rnight State to the Group's tru3tees those matter8 we 8re requircd to -latc to them in an auditors, report and for no other purpose. To the fullest extent permilled by law. we do not accept 01 assume responsibility lo anyone other than the group and the group's irusiees as a booy, for our audli work. foT th15 report, or lor the opinions we have formed. KLSA LLP Chartered A¢countants Statutory Auditor Kalamu House 11 Caldbath Squarc London EC1R 5HL 19 De¢ember 2024 KLSA LLP 18 eligible for appointment as audllor of the charity by wrtue of ils èligibility for appointment as audltor of a company under of section 1212 of the Companies Act 20(.
SHRI VALLABH NIDHI- UK CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE FOR THE YEAR ENDED 30 JUNE 2024 UnrèÈtricted Restrlcted funds funds Total Unrestrlcted Restrlctsd funds funds 2023 Total 2024 2024 2023 2023 Notes Incomo and 8ndowm nts from: Income 1,099.103 12,783 454,589 1,553.692 12,783 1.239.235 11,000 28.496 1,267,731 11,000 uthor Incorne Total incomo 1.111.886 454,589 1,566.475 1,250,235 28,496 1.278,731 8ndlture Raising funds Charitable activities 48,387 921,144 48,387 931,388 976,708 976,708 10,244 Total expenditiire 970,708 976,708 969.531 10,244 979,770 Not Incoma 135,17B 454,589 589,767 280,704 18.252 298,956 Transfer b8tW8en funds 436.429 1436,4291 Net movom•nt in funds 571,607 18,160 689,787 280.704 18,252 2g8,958 Fund balances at 1 July 2023 14,378.899 28.496 14,407.395 14,098,195 10,244 14,108,439 Fund balance8 at 30 June 2024 14,950,5( 46,656 14.997,162 14,378,899 28,496 14,407,395 Th8 sla18ment ol financ4al activities includes all gains and losses recognised In th8 year. All income and expenditure derive trom continuing kctiMtI8S. 10
SHRI VALLABH NIDHI- UK GROUP AND CHARITY BALANCE SHEETS FOR THE YEAR ENDED 30 JUNE 2024 Group 2024 Charity 2024 2023 2023 Flxed assets Note 10&11 Tangible assets Investments 16.604.845 16,366,198 16.604.845 16,366,198 12 16,604,845 16,386, 198 18,604,847 16,366,200 Current assets Debtors 14 6.001 25,440 21.402 Cash at bank and in hand 305,836 247,273 253,274 227,438 252,878 209.212 230.614 318.748 Creditors: amounts falling due wlthln one year 226,261 189.254 160 369 166 572 Nel Current liabilities Y2,4UI ti4.020 92,509 64,Q42 Creditor$.' amounts falllng due after more than one yèar 16 1,700,170 2.022 823 1700,170 2.022,823 14.997,162 14,407,395 14.997.186 14,407.419 Total assets less current liabilities Income funds Restricted Funds 46,658 28,496 46,656 28,496 Unreslricled funds Genèr81 unrestricted funds 14,100,424 13,528,817 14.100,448 13,528.841 850,082 850,082 850.082 850.082 Revaluation reseTV8 14,997.162 14,407,395 14,997,186 14,407.419 The financial statements werg approv8d by th8 board of governors and authorised for issue on 19 December 2024 and are si ed on ils behalf by.. Nare ra rar rnor
SHRI VALLABH NIDHI- UK CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2024 2024 2023 Notes Cash flows trom operating activities Gash generated frorn operalitsns 19 683.9t19 322,397 Investing actlvltles Purchase of tangibl& assets {297.362} 148,0001 Net cash Ltsed in investing activitie5 {297,3621 148.0001 Finan¢ing 8¢tivitip Repaym8nl of bank loan {327,984} {568,0151 Net ¢a$h lusedl In financlng actlvltles 1327,984) (568,0151 N&t Ideerehse)Ilncrease In cash and cash equivalents 58,563 <293.6181 Cash and cash équivalents al beginning of yeai 247,273 54(1,891 Cash and cash equlvalents at end of year 305,836 247,273 Relating to: Cash at bank and in hand 305,836 247.273 12
SHRI VALLABH NIDHI- UK NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Accountlng poll¢l&s Charity Information Shri Vallabh Nidhi - UK is a charity TegisleTed in England and Wales. The registered office is Shree Sanalan Hindu Mandir. Earing Road, Wembley. Middlesex HAO 4TA. The Group consists of Shri Vallabh Nidhi- UK and ils subsidiary. Accounting convontion The consolidated financial slalemenls have been prepared in ac¢ord8n¢g with the charily's goveming ubuiiittiil, Ili¥ Cliarilies AGÉ 2011 and 'AGGounliiig aiid Reporting by Charities.. tatement of Recommended Pra¢tice applicable lo charities prepaiing their consolidated finan¢ial statements in accordance with the Fiiidiicial Reportiiig Standard applicable in the UK and Kepublic ot Ireland IFKO 1U21" las amended for aontIng periods commencing Irom 1 January 20161. The charity is a Public Benefit Entity as defined by FRS 102. The consolidated financial 51alemenls have departed from the Charities (Accounts and Reports) Regulations 2008 only to the exlenl required lo provide a true and fair view. This departure has involved following the Statement of Recommended Pratlice for rharitips applying FR8 ln? rathpr thAn thp. vp.r8inn r)f thp 8talemenl of Recomrnended Prarticè which is referred to in the Regulations, bul which ha5 since been withdrawn. The consolidated financial statements are prepared in sleTling, which is the functional eurrency of the charity. Monetary amounts in these con501idaled financial slalements are rounded lo the nearest £. Basis of consolidation The consolidated financial slalemenls incorpoialed Shri Vallabh Nidhi - UK and ils subsidiary {i.e. where an enlily 15 governed by voting rights, Shri Vallabh Nidhi- UK consolidates whèn il holds. directly or indirectly, Ihe necessary voting rights lo pass resolutions by the goveming body). All fin8ncial statements are made up lo 30 June 2024, where necessary, adjuslmenls are made to the financial slalemenls ol the SLJbsidiary lo bring the accounting policies used into line with those used by other member of the group. All inlr8-gTOUP transactions, balances and unrealised galns on transactions belween group companies aTe eliminated on Consolidation. Unrealised losses are also eliminated unless the Iransaelions provide evidence of an impairment of the assel transferd. Going concern In 25se55ing the Group's ability lu Lonliriuu tib CJ yuiiiu wil¥1[1. Ihe Board of Governors have considered the financial position and performance of the Chaiily. The charity is financed by donors, loans and banking facilities. The charity is therefore dependent upon its donois and loan facilities for continued financial 6UPPQrt. At the year end, the charity had bank loans falling due after more than one year of £1.8m12023.. £2.1 m}. 13
SHRI VALLABH NIDHI- UK NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Accounting Pollcles Icontinuedl In acaordonccwith thcir rc- thc truBt&es have con8iderÈd thè appropriatono8s of tho going concgrn basis for the preparation of the financial slalem&nls. For this basis, they have reviewed the individual group eniitles. manag8tnenl accotjnts a5 at the 5igiiirig ditle liri budye(b Ivi IIIE Tiexl 12 IFiviillib ffviii Ilie dale of tlie approval of the financial slalemenls. On the basis of thi5, the Iruslees have a reasonable expectation that the chaiity will continue in operational existence for the foreseeable future. Thus, the trustees continue lo adopt the going concern basis of p.p.niintino in prp_K)arinu thp rxJn80lidated financial statements. Th858 financi81 statemènts are prepared on the going concern basis. Charitable flind$ Unreslricled funds are available for us8 at the discrelion of the Governors in furtheianctr tsf their ¢harilable oblecllves unless the funds have been design8led for olhei purposes. Incomlng resourcès Income is re¢ognised when the charity is legally entitled to it after any perforFnance conditions have been mel. the amounts can be measured reliably, and it is probable that income wi11 be received. Cash donations are r8cognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless peiforman¢e conditions require deferral of the amount. Incotne lox récoverable in relation to donations received under Gift Aid 01 deeds of coven8nl is recognis&d at Ihe lime of the donation. Income from hall rental and operation of a ¢8r park is recognised after the provision of the services and on re¢8lPt of payment. Re$our¢ès èxpènded Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit10 8 third party, il is probable that a transfer of economic benefits will be required in settlement, and the arnounl of the obligation can be measured reliably. Expenditure is classified by activity. The costs of eaoh a¢livily are made up of the tolal of direct cos15 and shared costs. including support costs Involved In undertaklng each actlvlty. Direct COSts attributable to a singl activity are allocated directly to that activity. Shared costs which contribute to more Ihan one activity and support cos15 which are not allributable to a single aclivily ale apportioned belwoen those sctivities on a basis consistent with the use of resour$. Centr81 staff costs are allocated on the basis of lime spent, and d8preci81ion charoes are allocated on the portion of the asset's use. All expenditure is accounted foi on an accrLJal basis. Wherever possible, expendiluie is allocated specifically to the relevant activities foi which il is incurred. Where costs cannot be directly attributed, they have been allocated lo activities on a basis consistenl with the use of resources. Tangible fixed assets Tangible fixed assets are initially measured al cost and subsequently measured al cost or valuation, nel (Trf d¥yiviidliuIi diiLI aiiy iiniiaii-iiieiit 1055es. Depreciation is recognised so as lo write off the cost or v8lLJation ol assels less their residual values over their useful live5 on the following bases.. Freehold land is not depreciated Freehold biiildings Fixtures, fittings & equipment Jewellery ?OA ppr annijm 20 /0 reducing balance method not depreciated 14
SHRI VALLABH NIDHI- UK NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Accounting Policles Icontinuedl The Board of Governors consider that the functional freehold buildings are maintained ill such a slate of repair that their residual values are at least equal to their net book value. No depCIation Is provided in respect of freehold land, temple in Wembley and jewellery. An annual impairment review is made. in accordance with the requirements of Financial Reporting StandaTd numbers 11 and 15, to ensure that the recover8blg amounts of tha assets ar6 not lower than their current values. The qain or loss arisinq on the disposal of an asset is determined as the difference beeen the sale pred5 and the carrying value of the asset and is recognised in nel incomel lexpendilurel for the year. Fixed asset investments A subsidiary is an enlily controlled by the charity. Control is the power lo govern the financial and operating polld&s of the entity so as to obtain benefits from its activilies. Impalrmènt of flxed assets Al each reporting end dale. the charity reviews Ihe earrying amounts of ils tangible assets lo determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount Of the asset is estimated in order lo determine the extent of the impairtnenl loss lif any). Recoverable amount is the higher of fair value less costs lo sell and value in use, In assessing value in usg, the eslimaled fuluie cash ffows are dis¢ounled to their present value using a pre-tsx discount rale thal reflects current market assessments of the lirne value of money and the risks specific lo th8 8sset for which the eslimales of future cash flows havè nol been adjusted. If the recoverable amount of an asset is eslimaled to be less than its carrying amount, Ihe carrying amount of the asset is reduced lo ils recoverable amount. An impairmelll Ioss is r8eognised immediately in incomèlexpenditltre for the year. unless the relevant asset is carried al a re-valued arnount, In whl¢h case the impairmenl105s Is Iiealed as a revaluation decrease. Rè¢ognis&d impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased lo apply. Wh8r8 an impairm8nt loss subsequently reverses, the carrying amount of the asset is increased lo the revised e51imale of ils iecoveiable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal ol an impaiimenl Ios5 is ie¢ognised immediately. unless the relevant asset is carried in al a re-valued amount, in which ¢ase the reversal of the impairment loss is trealed as a revaluation inciease. Cash and cash bqulvalents Lash and cash eqt)Ivalents Include cash in hand, deposits held at call with banks, other short-lerm liquid investments with origin81 tnalurilies ol three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.10 Financial Instruments The Charity has elecled to apply the provisions of Section 11 'Basic Flnancigl Inslrumenls. and Section 12 'Olher Financial Inslrumenl$1ssues' tsf FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balanee sheèt when the charity becomes pariy to the conlra¢lual pr(>visions ol Ihe instrument. Financial assets and liabi1ilies are offset, with the nel amounts p185enled in the financial statements. when Iheie is 3 legally enforceablè right to set off the recognised amounts and there is an intention lo sellle on a nel basis or to realise the asset and 5ellle the liability simultaneously.
SHRI VALLABH NIDHI- UK NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Accountit7g policies Basic financial assets Basic financial 8ssels, which include debtors and cash and bank balances, are initially measured at transaction price inr.Iiidino trAn82r.linn costs and are subsequently carried al amortised c051 usinq the effective interest method unle55 the arrangement conslilules 8 financAng Iransaclion, where the transaction is measured al the piesent valiie t)f thp fijture ieceipts discounted al a market rate of interest. Financial assets classified as receivable within one year are not amortised. Icontlnu9dl Baslc financial Ilabllllies Basic financial liabilities, including creditors and bank loans are initially recognised al Iran8action price unless the arrangement consiitutes a tldllsdoliuii, w111¥ Ili¥ debt iiistruineiit is mva&vred al the pre¥ent value ol the future payments discounted al a market rale of interest. Financial liabilities Classified as payable within one year are not amortised. Debt instruments ar8 subsequently cairitsd al amorlised cost, using the effective interest iale method. Trade ¢reditors are obligations lo pay for goods OT serviS Ihal have been acquired in the ordinary cours& of operations from suppliers. Amounts payable are classified as ourrenl liabililies if payrnent is due within ona year or less. If not, they are presented a5 non-currenl liabilities. Trade creditors are recognised initially al IiariselLliuii yrice and subsequently measured at amortised cosi using the effecte Iniercst mcthod. Employee bènèflts Thè Cost of any unused holiday entillemenl is recognised in the period in which the employee's SeNiS are feceived. Termination benefits are recognised immedi81ely as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide teimination benefits. 1.12 Fund Accounting Unreslricled funds comprise accumulated surpluses on general funds, and these arè available for use al th discretion of the Board of Governor5 in the furtherance of the general eharitable objectives of the Charity. 1.13 Irrecoverable VAT The Charity is not registered for VAT and tts expenses are, Ih8r6fore. inclusive of VAT which cannot be recovered. Critical accounting estimatès and judgements In the spplication of the charity's accounting policies, the Governors are r&quired to make judgements, estimates alld assumptions aboLJt thp tr.2rryinu amount of assets and liabilities that are nol readily apparent from other sources. The eslimales and assoclated assumptions are based on hisloriGg1 experience and other factors Ihal are considered to be relevant. Actual results may diffei from these eslimales. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting 851imales are recognised in the period in which the estimate is ievised where the revision offects only Ihal peiiod, or in the period of the ravision and future peiiods where Ihe revision 8fl6cts bolh current and future periods. 16
SHRI VALLABH NIDHI- UK NOTES TO THE CONSOLIDATED FINAI4CIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Critical accounting estlmates and judgements Key 50urGes of e5titniltivri uriberl¢iiiily The eslimales and assumptions which have a significant risk of causing a material adjuslmenl to the carrying amount of assèts and liabilities are as follows. Useful live5 ofproperty, plant and equipment Management reviows the useftjl lives &nd residual values of the items of property, plant and equipment on a gular basis. During the financial year, the diréetors determined no significant change5 in the useful lives ana resldual values. Income Unrestricted Restrictèd funds funds 2024 2024 Total Unrestricted funds 2023 Restricted funds 2023 Total 2024 2023 Temple donations Templa donations 513,067 513.087 724.597 724,597 Rellgious function Religious function donation5 134.384 134.384 118.864 118,884 Golakh Gultikli du&i¢aliuiib 52.428 52.428 47,258 47.258 Gift aid Gift aid 87.345 87,345 42,778 42,778 Restricted funds Dining hall repair Shiv mandir donation 39.156 415,433 39,156 415,433 28,498 28,496 Hall hire and parking Incom& Hall hire and parking Income 311.879 311,879 305,738 305,738 1,099.103 454.589 1,553,692 1.239,235 28,496 1,267.731 17
SHRI VALLABH NIDHI- UK NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Other Income 2024 2023 "12,783 11,000 12,783 11,000 Expendlture on ralslng funds 2024 2023 Cost of gèneratlng funds Saplah ¢ost3 48,387 4A .8A7 Expendlturo on charltable actlvltles Charity Depreciation Costs 2024 Total Charity Depreciation ¢osts 2023 Total 2024 2024 2023 2023 Dlrect cost Staff costs Depreciation Premises expenses Adminislralion costs Religious activities Loan interest 376,558 376,558 58,715 267,560 29,853 62,258 181,764 350,763 350.763 55,752 286,408 29,199 36,695 172,571 58.715 55,752 267,560 29,853 62,258 181,764 286,408 29,199 36,695 172.571 917,993 58,715 976,708 875,636 55,752 931,388 Analysed between Unrestiicled funds Reslricled funds 917,993 58,715 976,708 865,392 10.244 55.752 921,144 10,244 917,993 58,715 976,708 875,636 55,752 931,388 Adminislralion costs include audit fees of £7,000 12023.. £4.4501. Loan interest includes accrued intèrest ol £6,93412023.' £7.6661. 18
SHRI VALLABH NIDHI- UK NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Govemors None of th& Governors lor any pe15uris bviiii¥Lt¥d willi theinl reGeiv¢d any remuneration during the year. Governors. expenses Ther8 were no Governtsrs, expenses paid for the year ended 30 June 202412023.. nil}. Employ•ès Number of employoos The average monthly number employees duTing the year was.. 20Z4 Numbèr 2023 Number Pujari Admln $18ff 12 12 16 16 Employment costs 2024 2023 Wage8 and salaries So¢ial Becurity costs 345.486 31.07? 323,854 There wère no employees whose annual remuneration was £80,000 or more. Taxation The charity is èxempt from lax on Ils charitable adiwties. 19
SHRI VALLABH NIDHI- UK NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Group tanglblè fi assets Land and bulldlng• A5set5 yrtder on&tf¢11On FSxtures, flttlngs & èqulpment Jewo110ry Total Cost Al 1 July 2023 Additionb Transfer from asset under construction 17,330,449 29J.220 48,000 122,095 2,136 36,645 17,537.189 207.362 48.000 148,0001 At 30 June 2024 17.673.675 124,231 36,645 17,834.551 Depreciation and impalmient At 1 July 2023 Depreciation chargéd in the year 1,048.8 122,095 1.170,991 427 58,715 58.288 AI 30 June 2024 1,107,184 122,522 1.229,706 Carrying amount AI 30 June 2024 16,566,491 1,709 36,645 16,604,845 At 30 June 2023 16.281,553 48,000 36,645 16,366,198 The Board of Governors are of the opinion that the market values of the freehold propertiès are not less than their book value a130 June 2024. The exlenslon and refurbishrnenl of the Shiv mandir with the cost of £344.111 was completed on 02 Fèbruary 2024. 20
SHRI VALLABH NIDHI- UK NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 11 Charlty tangible fixed assets Land and bulldlii A55eis yndèr con8tructlon Flxture8. flltlngs & euuipment Totql J&wellory Cost Al 1 July 2023 Additlullb Transfer from asset under construction 17,330,449 290,220 48,000 88.913 2,136 36.645 17,504.007 297,362 48,000 148,0001 At 30 June 2024 17.673.675 91.049 36,645 17.801,369 Depreciation and Impaimient At 1 July 2023 Depreciation charged in the year 1,048.896 88.913 1,137,809 427 58.288 58,715 At 30 June 2024 1,107,184 89.340 1,196,524 Carrying amount At 30 June 2024 16,5ee.491 1.709 36,645 16.604,845 At 30 June 2023 16.281,553 48,000 38.645 16.366,198 The BoaTd of Govèrnors are of the opinion that the market values of the fro$hold properties are not less than their book value al 30 June 2024. The extension and refurbishmént of the Shiv mandir with the eost of £344,111 was cornplèled on 02 February 2024. 12 Fixèd asset Investments Group Charlty 2023 2024 2023 2024 5nveslment in subsidiary Shri Vallabh Nidhi Wales. UK holds 100QA share capital of Shrico Limited, a Company incorporated in England & 21
SHRI VALLABH NIDHI- UK NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 13 Flnanclal instruments 2024 2023 Carrylng amount of flnanclal assets Equity inslrumenls measured al cost less impairment Carrying amount of financial liabilltlcs Measured al amortised cost 2 030 262 2 321239 14 Debtors GroiFP e.harity 2024 2023 2024 2023 Amounts falling du8 withln one year: Trade debtors Amounts due from subsidiary Prepayments and other receivables 12,912 5.962 25,440 21.363 39 39 6.001 12,912 25.440 21.402 15 Creditors: amounts falling duè wlthln one year Group Charity 2023 2024 2023 2024 Bank loans Tiade creditors Taxation and social security Olhor creditors Accruals and deferred income 103,831 57,588 6,849 53,493 4,500 109.182 14.475 6,752 54,225 4,640 189.254 103,831 109,162 52,038 4,500 52,770 4,640 228,261 160,369 166,572 16 Creditors: amounts falling after more than one year 2024 2023 Loans and Overdrafts Bank loans 1804 001 131985 Payable within one year Payable after one year 103,831 109,162 1700 170 2022 823 The loan is 58curèd by firsl legal charge dated 31 July 2019 over freehold Property Shri Sanalan Hindu Mandir Ealing Road HA04TA and a guarantee capped al 20°/o of the oulslanding loan from one of the Iru51ees. 22
SHRI VALLABH NIDHI- UK NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 17 Capital commitments 2024 2023 Acquisition of tangibltr sÈ8ètÈ 209.500 18 Ralated party transactions None of the members of the Board of Governors that served during the period received any benefit nor were they party lo any transactions that were entered in lo by the Charity. Al the balance sheol dale, the amount owed from Shrico Limil8d amounted to £25,44012023= £21,363). One of the Iruslee's has providad a guaianlee for the CBIL received by tho Charity, amounting lo £1.8m as at the year-end. 19 CaBh Jenerated from operations 2024 2023 SuTplus foT the year 589,767 298.956 Adjuslmenls for.. Depreciation and impairment of tangible fixed assets 58,715 55.752 Movernenls in working ¢api181'. Ilncreasel in debtors Increaselldecreasel in creditors 110,9881 16.0011 Cash generated from operations R83 909 322 397 23