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2023-12-31-accounts

Charity registration number: 292677

Lakshmi Narayana Trust

Annual Report and Financial Statements for the Year Ended 31 December 2023

Lakshmi Narayana Trust

Contents (continued)

Reference and Administrative Details 1
Trustees' Report 2 to 4
Statement of Trustees' Responsibilities 5
Independent Auditors' Report 6 to 9
Statement of Financial Activities 10
Balance Sheet 11
Notes to the Financial Statements 12 to 19

Lakshmi Narayana Trust

Reference and Administrative Details

Trustees Dr Radhakrishnan V , President
Mr A Rengamannar , Chairman
Mr S Thayalasamy , Vice President
Mr S Vijayakumar , Treasurer
Mr K Sivarupan General Secretary
Mr Sethuraman S Asst Secretary
Mr Krishnan Sreenivasan Vice Chairman
Mr S Subburam Vice Chairman
Mr Navaneethakrishnan Raju Asst Treasurer
Mr S Seetharaman Public Relations Officer
Mr R Mohanaprakas Temple Office Manager
Mr J Thiyagarajan , Communications
Mr R Kannan , Communications
Mr M Sutharsanan ,Communications
Mr A. Anandhakrishnan
Charity Registration Number 292677
Principal Office 241 High Street North
East Ham
London
E12 6SJ
Auditor Tahas & Co Ltd
Chartered Certified Accountants & Statutory auditors
Suite 3, Second Floor
760 Eastern Avenue
Newbury Park
London
IG2 7HU
Bankers Bank of Scotland
St James's Gate
14-16 Cockspur Street
London
SW1Y 5BL
Barclays Bank
Plaistow
Leicester
LE87 2BB
Charity Bank Limited
Fosse House
182 High Street
Tonbridge
TN9 1BE

Page 1

Lakshmi Narayana Trust

Trustees' Report

The Trustees present their report and financial statements for the year ended 31 December 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's Trust deed, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective from 1 January 2015).

Objectives and activities

The trustees hold the trust fund and its income upon trust to apply them for the religious and charitable purposes for the benefit of the community at large. The objects of the trust are as follows

Religious Service

• To establish, secure or build a temple of Sri Mahalakshmi and Sri Narayana, strictly confirming to Hindu temple architecture ( hereinafter called 'The Temple') and maintain and manage the same ( whether alone or in co-operation with any local authority or other person or body) in furtherance of these objects.

Health Service

Organising sickness relive programmes particularly by provision of periodical health screening services for the people over the age of 40, in order to detect disease at an early stage especially against heart attack, high blood pressure and diabetes mellitus.

Cultural and Educational Service

The policy of the trust continues to be to seek, support and provide for the aims as stated.

Developments, activities and achievements

In line with the charity's objectives, Lakshmi Narayana Trust continues to provide a centre for the community to gather for worship. Languages and music lessons have continued throughout the year. The number of devotees visiting temple has steadily increased. Planning permission has been granted to build a spacious centre for the purpose of religious services and promotion of cultural, educational services for children, teaching music, bharat- nattiyam, hinduism, conducting yoga and meditation classes, "Bhagavath Geetha" classes, health promotion services for screening and prevention of coronary heart disease, diabetes, hypertension and annadhanam services to students and devotees (daily provision of free lunch and dinner).

Financial Review

Page 2

Lakshmi Narayana Trust

Trustees' Report (continued)

The charitable donation during the year has increased by £218,334 an increase of 18% when compared to 2022. This was mainly due to increase in donation income from devotees after the removal of Covid-19 restrictionsThis is also inclusive of hall hire and rental income received from trust's properties. The trust has a healthy bank balance of £ 169,543 as at 31/12/2023 and therefore the trustees believe that the available funds are sufficient to permit the trust to continue its operation which will improve its cash position further in the future.

The charity continues to prosper through donations and support from the community. The trustees feel that with the support they get from their communities, both locally and internationally, is benefiting to carry out all of its charitable activities. The charity is in a strong financial position at the year end from which it is able to meet all foreseeable charitable obligations.

Going Concern

The trustees are monitoring developments relating to coronavirus regularly and are coordinating its operational response based on existing business continuity plans, in addition to guidance from global health organisations, the government and general pandemic response best practices.

The trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future.

The charity holds reasonable cash reserves to shelter against the impact of the current coronavirus pandemic. In addition, announcements by government of various initiatives to support businesses to address short-term income shortfalls should enable the charity to continue operationally. Thus, the going concern basis has been adopted in preparing the financial statements for the year ended 31 December 2023.

The board of Trustees considers that there are sufficient reserves held at the year-end to manage any foreseeable downturn. The Trustees consider that there is a reasonable expectation that Lakshmi Narayan Trust (LNT) has adequate resources to continue in operational existence for the foreseeable future and, for this reason, the board of Trustees continues to adopt the 'going concern' basis in preparing the accounts.

Reserves policy & risk analysis

The committee has examined the charity’s requirements for reserves in light of the main risks to the charity. The reserve policy is to hold adequate level of funds to enable the trust to carry out its operations, to meet the financial obligations and to meets its charitable obligations. The attached financial statements show the current state of affairs of the finances, which the committee believes are needed to meet the working capital requirements of the charity and the committee is confident that at this level they would be able to continue the current activities of the charity in the event of a significant drop in funding.

The committee has conducted a review of the major risks to which the charity is exposed. A risk register has been established and is updated at least annually. Where appropriate, systems or procedures have been established to mitigate the risks the charity faces. Internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects. Procedures are in place to ensure compliance with health and safety of staff, volunteers, clients and visitors to the centre. These procedures are continually reviewed to ensure that they continue to meet the needs of the charity.

Public benefit

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Social investment policies

The Trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Page 3

Lakshmi Narayana Trust

Trustees' Report (continued)

Structure, governance and management

The charity's objects and regulations are regulated by the constitution dated 23 August 1985. Currently, the charity has a management committee which consists of 15 trustees after the resignation of a trustee and cultural secretery, Ms Kumari Selliappan, in January 2023.The trustees who have served during the year are named on page 1. Out of the 15 trustees, 3 trustees are appointed as custodians of the charity valuable stocks.

Any changes in the appointment and retirement of trustees will be discussed in a committee meeting and the final decision will be depending upon majority vote under the trust constitution. All the trustees have to be UK citizen or permanent residents of UK Indian origin. The 3 custodian trustees during the year were:

Meetings of the trustees are held every three months at which they agrees the board strategy and areas of activity for the trust, including the consideration of grant making, reserves and risk management policies and performance. A scheme of delegation is in place for the day to day administration of the trust. The service manager is responsible for the day to day operational management of the centre, individual supervision of the staff team and also ensuring that the team continue to develop their skills and working practices in line with good practice. The president is responsible for ensuring that the charity delivers the services specified and also overseeing the work services, finance and administration staff.

New trustees are considered for appointment after open selection and recommendation throughout the community and taking into account the skill requirements of the trustee body. Due to the vast nature of charitable activities, the committee seeks to ensure that the needs of all groups are appropriately reflected through the diversity of the trustee body. In order to enhance the potential pool of trustees, the charity has, through selective advertising on the charity's newsletter, notice board, activities etc. sought to identify the appropriately skilled individuals who would be willing to become members of the committee and use their own skills and experiences to assist the charity.

Once appointed, new trustees are invited and encouraged to attend a series of short training sessions (of no more than an hour) to familiarise themselves with the charity and context within which it appears. These are jointly led by the chairman and the president of the committee and cover:

The annual report was approved by the trustees of the charity on 9 September 2024 and signed on its behalf by:

......................................... Dr Radhakrishnan V , President Trustee

Page 4

Lakshmi Narayana Trust

Statement of Trustees' Responsibilities FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

The law applicable to charities 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 of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees 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.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by the trustees of the charity on 9 September 2024 and signed on its behalf by:

......................................... Dr Radhakrishnan V , President Trustee

Page 5

Lakshmi Narayana Trust

Independent Auditor's Report to the Members of Lakshmi Narayana Trust FOR THE YEAR ENDED 31 DECEMBER 2023

Opinion

We have audited the financial statements of Lakshmi Narayana Trust (the 'charity') for the year ended 31 December 2023, which comprise the Statement of Financial Activities, Balance Sheet, 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 United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor 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 original financial statements were 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 auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 6

Lakshmi Narayana Trust

Independent Auditor's Report to the Members of Lakshmi Narayana Trust (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

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

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities (set out on page 5), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as 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.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, 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:

Page 7

Lakshmi Narayana Trust

Independent Auditor's Report to the Members of Lakshmi Narayana Trust (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

In identifying and assessing risks of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations, we considered the following

We remained alert to any indications of fraud throughout the audit. As required by auditing standards and taking into account possible pressures to achieve targets, we performed procedures to address the risk of management override of controls and the risk of making inappropriate accounting entries.

We also performed procedures including identifying journal entries and other adjustments to test based on risk criteria and comparing the identified entries to supporting documents. These included those posted to unusual accounts.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, ntentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to trustees 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 its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

...................................... Mr M Poonawala (Senior Statutory Auditor) For and on behalf of Tahas & Co Ltd, Statutory Auditor

Suite 3, Second Floor 760 Eastern Avenue Newbury Park London IG2 7HU

Page 8

Lakshmi Narayana Trust

Independent Auditor's Report to the Members of Lakshmi Narayana Trust (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

Tahas & Co Ltd is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

Date: 9 September 2024

Page 9

Lakshmi Narayana Trust

Statement of Financial Activities for the Year Ended 31 December 2023

Note
Income and Endowments from:
Donations and legacies
Investment income
16
Other income
Total income
Expenditure on:
Charitable activities
Other expenditure
17
Total expenditure
Net income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
11		 Unrestricted
funds
£
1,370,515
142
60,675
1,431,332
(1,065,847)
(1,200)
(1,067,047)
364,285
364,285
7,895,327
8,259,612		 Total
2023
£
1,370,515
142
60,675
1,431,332
(1,065,847)
(1,200)
(1,067,047)
364,285
364,285
7,895,327
8,259,612		 Total
2022
£
1,195,479
-
23,051
1,218,530
(777,818)
-
(777,818)
440,712
440,712
4,857,626
5,298,338

All of the charity's activities derive from continuing operations during the above two periods.

Page 10

Lakshmi Narayana Trust

(Registration number: 292677) Balance Sheet as at 31 December 2023

Note
Fixed assets
Tangible assets
4
Current assets
Stocks
5
Debtors
6
Investments
7
Cash at bank and in hand
Creditors: Amounts falling due within one year
9
Net current assets
Total assets less current liabilities
Creditors: Amounts falling due after more than one year
10
Net assets
12
Funds of the charity:
Unrestricted income funds
Unrestricted
11
Unrestricted revaluation reserve
Total unrestricted
Total funds
12		 2023
£
6,110,697
1,440
56,480
110,790
169,543
338,253
(141,915)
196,338
6,307,035
(658,456)
5,648,579
8,259,612
(2,611,033)
5,648,579
5,648,579		 2022
£
6,263,597
1,147
37,250
56,157
469,037
563,591
(132,364)
431,227
6,694,824
(1,396,486)
5,298,338
7,909,371
(2,611,033)
5,298,338
5,298,338

The financial statements on pages 10 to 19 were approved by the trustees, and authorised for issue on 9 September 2024 and signed on their behalf by:

......................................... ......................................... ......................................... Dr Radhakrishnan V , President Mr A Rengamannar , Chairman Mr S Vijayakumar , Treasurer Trustee Trustee Trustee

......................................... Mr K Sivarupan General Secretary Secretary and Trustee

Page 11

Lakshmi Narayana Trust

Notes to the Financial Statements for the Year Ended 31 December 2023

1 Accounting policies

Statement of compliance

The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

Basis of preparation

Lakshmi Narayana Trust meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

Going concern

The financial statements have been prepared on a going concern basis. There are no any material uncertainties related to events or conditions that may cast significant doubt on the ability of the trust to continue as a going concern for the foreseeable future, based on latest strategic plans and financial budget. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements.

Income and endowments

Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.

Donations and legacies

Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.

Investment income

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Charitable activities

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 necessary to support them.

Page 12

Lakshmi Narayana Trust

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’ meetings and reimbursed expenses.

Tangible fixed assets

Individual fixed assets costing £250,000 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate Freehold Interest in Land & Building @ 2% reducing balance method Fixtures, Fittings and equipment @ 15% reducing balance method

Current asset investments

Current asset investments are included at the lower of cost and net realisable value / market value.

Stock

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO).

Trade debtors

Trade debtors are amounts due from HMRC for gift aid donations submitted during the year.

They are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. No impairment provision was needed during the year as the receivables were received after the yearend.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Page 13

Lakshmi Narayana Trust

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.

2 Income from donations and legacies

Donations and legacies;
General Donation and congregational activities
Gift aid reclaimed
Interest receivables		 Unrestricted
funds
General
£
1,315,552
54,963
142
1,370,657		 Total
2023
£
1,315,552
54,963
142
1,370,657		 Total
2022
£
1,127,903
67,576
-
1,195,479
3
Other income
Hall Hire and Events
Rental income
4
Tangible fixed assets
Cost
At 1 January 2023
At 31 December 2023
Depreciation
At 1 January 2023
Charge for the year
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022		 Unrestricted
funds
General
£
24,675
36,000
60,675
Land and
buildings
£
7,193,949
7,193,949
1,142,878
121,021
1,263,899
5,930,050
6,051,071		 Unrestricted
funds
General
£
24,675
36,000
60,675
Land and
buildings
£
7,193,949
7,193,949
1,142,878
121,021
1,263,899
5,930,050
6,051,071		 Total
2023
£
24,675
36,000
60,675
Furniture and
equipment
£
621,442
621,442
408,916
31,879
440,795
180,647
212,526		 Total
2022
£
23,051
-
23,051
Total
£
7,815,391
7,815,391
1,551,794
152,900
1,704,694
6,110,697
6,263,597
7,193,949
1,142,878
121,021
1,263,899
5,930,050
6,051,071

Page 14

Lakshmi Narayana Trust

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

Included within the carrying value of land and buildings above is £5,930,050 (2022 - £6,051,071) in respect of freehold land and buildings.

Details of Freehold Properties

  1. 272 High Street, London E12 6SA

  2. 168 Browning Road, London E12 PB

  3. 241 High Street North, London E12 6SJ

The properties at 168 Browning Road & 272 High Street North have been valued by Mr Stuart Jefcoate (MRICS) of B Bailey & Co Ltd on 28th Sept 2020. The properties have been valued by using the comparative method of valuation. As the two properties are normal properties, the recent sale prices of similar properties nearby have been compared and adjusted to reflect the particular circumstances of the above properties. The above properties have been valued at £525,000 and £1,030,000 respectively by the valuers and is reflected in the accounts to reflect their fair value.

Regarding 241 High Street north, the property have been valued by Hannah Munn BSC(Hons) (MRICS) of Copping Joyce Surveyors Ltd on 12th Oct 2020, the valuation of the building is £3,175,000. As this property is the main worshipping temple for the devotees, the property is considered a unique property as very few buildings of this type exist in this area and those that do will be rarely sold. The Trustees feel that the value of the property is enhanced with bespoke construction costs. Hence a different approach to valuation (from the normal market approach using comparable evidence) needed applying, the most usual method of valuation when dealing with this type of property is to apply the Depreciated Replacement Cost (DRC) and as per this method of valuation, this property has been valued at £5.5m. This property is hence valued at cost only.

The Trustees are of the opinion that the carrying value of fixed assets as per the accounts are fairly stated.

5 Stock

5
Stock
Stocks
6
Debtors
Trade debtors
Prepayments
VAT recoverable		 2023
£
1,440
2023
£
36,040
10,277
10,163
56,480		 2022
£
1,147
2022
£
16,824
11,379
9,047
37,250

Trade debtors balance of £36,040 ( 2022: £16,824.23 ) of which £21,133.88 relates to Gift aid claims for the year .

7 Current asset investments

7
Current asset investments
2023 2022
£ £
Gold 110,790 56,157

Page 15

Lakshmi Narayana Trust

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

All Current assets investments were held in the UK.

The investment includes donations received from devotees by way of precious metals and jewellery.

8 Cash and cash equivalents

Cash on hand
Cash at bank
9
Creditors: amounts falling due within one year
Bank loans
Other taxation and social security
Other creditors
Pension scheme creditor
Accruals		 2023
£
1,500
168,043
169,543
2023
£
114,552
4,459
16,168
1,336
5,400
141,915		 2022
£
702
468,335
469,037
2022
£
100,070
2,329
12,639
-
17,326
132,364

10 Creditors: amounts falling due after one year

Bank loans

2023 2022
£ £
658,456 1,396,486

Bank loans payable after more than one year has been secured by a charge over the charity on the following properties:

  1. 272 High Street, London E12 6SA

  2. 168 Browning Road, London E12 6PB

  3. 241 High Street North, East Ham, London E12 6SJ

The properties were valued by independent valuers on 29th September and 12th October 2020, all the above properties are valued in the region of £4.73m

11 Funds

Page 16

Lakshmi Narayana Trust

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

Unrestricted
General		 Balance at 1
January
2023
£
7,895,327		 Incoming
resources
£
1,431,332		 Resources
expended
£
(1,067,047)		 Balance at
31
December
2023
£
8,259,612		 Balance at
31
December
2022
£
7,909,371

12 Analysis of net assets between funds

12 Analysis of net assets between funds
Notes
Tangible fixed assets
4
Current assets
Current liabilities
9
Creditors over 1 year
10
Total net assets		 Unrestricted
General
£
6,110,697
338,253
(141,915)
(658,456)
5,648,579		 Total funds
2023
£
6,110,697
338,253
(141,915)
(658,456)
5,648,579		 Total funds
2022
£
6,263,597
563,591
(132,364)
(1,396,486)
5,298,338

Page 17

Lakshmi Narayana Trust

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

13 Analysis of governance and support costs

Support costs allocated to charitable activities

Rent,rates & insurance
Utilities
Repair and maintenance
Telephone and fax
Computer software and maintenance costs
Printing,postages & stationery
Travel & Subsistence
Advertising & event expenses
Bank Charges
Bank Loan Interest
Audit fees
Depreciation		 Support costs
£
39,487
178,689
17,117
2,598
420
4,091
1,690
2,100
3,780
45,959
6,000
152,900
454,831		 Total
2023
£
39,487
178,689
17,117
2,598
420
4,091
1,690
2,100
3,780
45,959
6,000
152,900
454,831		 Total
2022
£
26,097
58,491
41,844
2,627
2,012
2,004
767
2,947
3,583
63,378
3,951
160,995
368,696

14 Staff costs

The aggregate payroll costs were as follows:

The aggregate payroll costs were as follows:
Staff costs during the year were:
Wages and salaries
Social security costs
Pension costs		 2023
£
288,834
15,076
5,284
309,194		 2022
£
225,114
13,432
4,769
243,315

The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:

Charitable support staff
Adminstration staff		 2023
No
15
2
17		 2022
No
13
2
15

No employee received emoluments of more than £60,000 during the year

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Lakshmi Narayana Trust

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

15 Expenditure on charitable activities

Note
Pooja & religious activities
Food for congregation
Support costs
Staff costs
14
Governance costs
13		 Unrestricted
General
£
95,531
155,752
346,470
309,194
158,900
1,065,847		 Total
2023
£
95,531
155,752
346,470
309,194
158,900
1,065,847		 Total
2022
£
103,373
76,477
189,707
243,315
164,946
777,818

16 Investment income

Interest receivable and similar income;
Interest receivable on bank deposits
Total for 2023
17 Other expenditure
Note
Other resources expended
Total for 2023		 Unrestricted
funds
General
£
142
142
Unrestricted
funds
General
£
1,200
1,200		 Total
funds
£
142
142
Total
funds
£
1,200
1,200

Page 19