REGISTERED CHARITY NUMBER: 295655
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
FOR
SHREE KUTCH SATSANG SWAMINARAYAN TEMPLE EAST LONDON
Thaker & Co. Chartered Accountants 31 Southwood Gardens Gants Hill Ilford Essex IG2 6YF
SHREE KUTCH SATSANG SWAMINARAYAN TEMPLE EAST LONDON
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 12 |
SHREE KUTCH SATSANG SWAMINARAYAN TEMPLE EAST LONDON
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. 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) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The charity's objective is to promote the Hindu faith in accordance with the principles and faith of Lord Swaminarayan and to advance the religious education of the public in such principles as laid down in Shikshapatri and Vachhanamrat and as per the general direction of the Narayan Dev Temple Bhuj.
Significant activities
Welfare and spiritual needs of the congregation were met by various programmes and activities as follows.
The temple has a good turnout for all the major festivals like Ramnavmi, Diwali, Janmastmi, Patosav, Sabha Parayan and weekend sabhas remain popular.
Bal Mandal and Yuvak Mandal classes (Thursday evenings) are continuing and various activities were organised to encourage our young members.
Participation in annual camps organised by other Temples around UK.
Music Classes - Harmonium, tabla, band and lazium.
Temple website is continually updated with additional features such as Daily Darshan, images from past events and announcements for future events.
IT Team continues to support various functions for temple activities.
Yoga classes held on Saturday mornings and Monday evenings.
Educational activities including Gujrati to GCSE level.are held on Saturdays at SSW site.
Public benefit
The Charity has achieved its public benefit objectives by meeting the spiritual requirements of the congregation. This was achieved by holding daily sabhas, arti and discourses. All key festivals and religious dates are observed and celebrated by devotees. Parayans are organised for religious education and spiritual advancement with the help of Saints from Ahmadabad and Vadtal Gadis. Young persons sabhas are held on Thursdays where youngsters from any faith are welcome.
The Charity and congregation has also assisted in the furtherance of our faith throughout the world, namely, Melbourne, Perth and Sydney Temples and Ahmadabad and Bhuj Temples.
FINANCIAL REVIEW
Principal funding sources
Apart from the income generated by donations, tulsi vivah,thaker thari,hindola, ramnavmi and janmastmi, the principal funding sources for the Charity are currently by way of dharsan, aarti, thar, diwali and ankot.
Investment policy and objectives
The Trustees' investment powers are covered by the Trustees' governing document and allows 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 and/or invest in properties.
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 £ 80,000 in general funds. At this level, the Executive Committee feels that they would be able to continue current activities of the charity.
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SHREE KUTCH SATSANG SWAMINARAYAN TEMPLE EAST LONDON
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
FUTURE PLANS
In 2013, the Trustees carried out a review of the Charities activities and produced a medium and long term plan as detailed below to enable the Temple to meet its objectives.
To expand gujrati school education facilities.
To identify and invest in properties with view to sell for profit to fund future charity projects.
The Trustees continue to view when available, larger properties for community use to expand religious and other objects related activities.
New purchases required extra funding and further amounts required were approved by the congregation at an EGM. The extra funding was derived from existing reserve and loans from the congregation.
Maintain and improve existing temple facilities and to fulfil our statutory obligation of hygiene and safety as well as providing a comfortable and congenial environment for praying. Continue publications of literature in gujrati and english. Organise additional hinduism classes. Organise further Yuvak Mandal trips and shibirs. Organise various courses such as First Aid, Health & Safety, etc. Participate in other work such as fundraising.
Temple has assisted by way of interest free loan of £1,701,001 to Swaminarayan Sports World to purchase leasehold property known as Wanstead Sports Club based in East London area.This property would provide immense advantage in holding various functions and sporting activities.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity was established by a constitution which was adopted on 1st November 1986.and amended on 27 October 2002, 2 October 2005 and 3 April 2016.
Induction and training of new trustees
As part of their induction programme, new Trustees are made aware of their responsibilities. 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.
Wider network
The Charity is under Shree Swaminarayan Temple of Bhuj, Kutch, India.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
295655
Principal address
22/24 Shaftesbury Road Forest Gate London E7 8PD
Trustees
D V Bhudia S K Patel A K Vekaria V S Siyani D K Hirani
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SHREE KUTCH SATSANG SWAMINARAYAN TEMPLE EAST LONDON
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner
Thaker & Co. Chartered Accountants 31 Southwood Gardens Gants Hill Ilford Essex IG2 6YF
Approved by order of the board of trustees on 29 December 2024 and signed on its behalf by:
D V Bhudia - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SHREE KUTCH SATSANG SWAMINARAYAN TEMPLE EAST LONDON
Independent examiner's report to the trustees of Shree Kutch Satsang Swaminarayan Temple East London
I report to the charity trustees on my examination of the accounts of Shree Kutch Satsang Swaminarayan Temple East London (the Trust) for the year ended 31 March 2024.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mr Bipin Thaker
Thaker & Co. Chartered Accountants 31 Southwood Gardens Gants Hill Ilford Essex IG2 6YF
29 December 2024
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SHREE KUTCH SATSANG SWAMINARAYAN TEMPLE EAST LONDON
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Investment income 2 Total EXPENDITURE ON Raising funds Charitable activities Donations Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
31.3.24 Unrestricted fund £ 301,969 37,959 339,928 139,581 19,453 159,034 180,894 2,855,403 3,036,297 |
31.3.23 Total funds £ 350,895 41,636 |
|---|---|---|
| 392,531 | ||
| 145,395 34,191 |
||
| 179,586 | ||
| 212,945 2,642,458 |
||
| 2,855,403 |
The notes form part of these financial statements
Page 5
SHREE KUTCH SATSANG SWAMINARAYAN TEMPLE EAST LONDON
BALANCE SHEET 31 MARCH 2024
| Notes FIXED ASSETS Tangible assets 6 Investment property 7 CURRENT ASSETS Debtors 8 Prepayments and accrued income Cash at bank and in hand NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 9 NET ASSETS FUNDS 11 Unrestricted funds TOTAL FUNDS |
31.3.24 Unrestricted fund £ 708,958 701,548 1,410,506 1,704,115 - 460,525 2,164,640 2,164,640 3,575,146 (538,849) 3,036,297 3,036,297 3,036,297 |
31.3.23 Total funds £ 716,948 701,548 1,418,496 1,703,733 44,020 416,003 2,163,756 2,163,756 3,582,252 (726,849) 2,855,403 2,855,403 2,855,403 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 29 December 2024 and were signed on its behalf by:
D V Bhudia - Trustee
The notes form part of these financial statements
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SHREE KUTCH SATSANG SWAMINARAYAN TEMPLE EAST LONDON
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
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.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 1% on cost Fixtures and fittings - 20% on reducing balance
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
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SHREE KUTCH SATSANG SWAMINARAYAN TEMPLE EAST LONDON
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 31.3.24 | 31.3.23 | |
| £ | £ | |
| Rents received | 37,750 | 41,400 |
| Deposit account interest | 209 | 236 |
| 37,959 | 41,636 |
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
4. STAFF COSTS
The average monthly number of employees during the year was as follows:
| 31.3.24 Priest 1 No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Total EXPENDITURE ON Raising funds Charitable activities Donations Total NET INCOME |
31.3.23 1 Unrestricted fund £ 350,895 41,636 |
|---|---|
| 392,531 | |
| 145,395 34,191 |
|
| 179,586 | |
| 212,945 |
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
continued...
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SHREE KUTCH SATSANG SWAMINARAYAN TEMPLE EAST LONDON
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 6. TANGIBLE FIXED ASSETS COST At 1 April 2023 and 31 March 2024 DEPRECIATION At 1 April 2023 Charge for year At 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 7. INVESTMENT PROPERTY FAIR VALUE At 1 April 2023 and 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 |
Freehold property £ 894,573 177,852 7,945 185,797 708,776 716,721 |
Fixtures and fittings £ 34,461 34,234 45 34,279 182 227 |
Unrestricted fund £ 2,642,458 |
Unrestricted fund £ 2,642,458 |
|---|---|---|---|---|
| 2,855,403 | ||||
| Totals £ 929,034 212,086 7,990 220,076 708,958 716,948 £ 701,548 701,548 701,548 |
continued...
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SHREE KUTCH SATSANG SWAMINARAYAN TEMPLE EAST LONDON
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
| 8. DEBTORS 31.3.24 £ Amounts falling due within one year: Prepayments and accrued income 3,114 Amounts falling due after more than one year: Other debtors 1,701,001 Aggregate amounts 1,704,115 The Charity has made interest free loan of £ 1,701,001 to Swaminarayan Sports World, 9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.3.24 £ Other creditors 538,849 Creditors due after more than one year represents interest free loans made to the Charity by its members. 10. LOANS An analysis of the maturity of loans is given below: 31.3.24 £ Amounts falling due between two and five years: Other loans - 2-5 years 538,849 11. MOVEMENT IN FUNDS Net movement At 1.4.23 in funds £ £ Unrestricted funds General fund 2,855,403 180,894 TOTAL FUNDS 2,855,403 180,894 |
31.3.23 £ 2,732 |
31.3.23 £ 2,732 |
|---|---|---|
| 1,701,001 | ||
| 1,703,733 | ||
| 31.3.23 £ 726,849 31.3.23 £ 726,849 At 31.3.24 £ 3,036,297 |
31.3.23 £ 726,849 |
|
| 31.3.23 £ 726,849 |
||
| 3,036,297 |
continued...
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SHREE KUTCH SATSANG SWAMINARAYAN TEMPLE EAST LONDON
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
11. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 339,928 TOTAL FUNDS 339,928 Comparatives for movement in funds At 1.4.22 £ Unrestricted funds General fund 2,642,458 TOTAL FUNDS 2,642,458 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 392,531 TOTAL FUNDS 392,531 |
Resources expended £ (159,034) (159,034) Net movement in funds £ 212,945 212,945 Resources expended £ (179,586) (179,586) |
Movement in funds £ 180,894 180,894 At 31.3.23 £ 2,855,403 |
Movement in funds £ 180,894 180,894 At 31.3.23 £ 2,855,403 |
|
|---|---|---|---|---|
| 2,855,403 | ||||
| Movement in funds £ 212,945 212,945 |
||||
| 212,945 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.4.22 £ 2,642,458 2,642,458 |
Net movement in funds £ 393,839 393,839 |
At 31.3.24 £ 3,036,297 |
|---|---|---|---|
| 3,036,297 |
continued...
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SHREE KUTCH SATSANG SWAMINARAYAN TEMPLE EAST LONDON
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
11. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 732,459 732,459 |
Resources Movement expended in funds £ £ (338,620) 393,839 (338,620) 393,839 |
Resources Movement expended in funds £ £ (338,620) 393,839 (338,620) 393,839 |
|---|---|---|---|
| 393,839 |
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2024.
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