2020-12-31-accounts - Mahavir Foundation Limited

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COMPANY REGISTRATION NUMBER 02132728

MAHAVIR FOUNDATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Charity Number 296175

ABM ACCOUNTANCY LTD

Chartered Tax Advisers & Accountants

10 Love Lane Pinner Middlesex HA5 3EF

MAHAVIR FOUNDATION LIMITED

Page 2

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

CONTENTS	PAGE
Legal and administrative information	3
Executive Committee’s Annual Report	4-7
Independent auditors’ report	8-9
Statement of Financial Activities (incorporating the income and expenditure account)	10
Balance sheet 11
Notes to the financial statements 12-18
The following pages do not formpart of the financial statements	19

MAHAVIR FOUNDATION LIMITED LEGAL AND ADMINISTRATIVE INFORMATION

Page 3

Registered charity name	Mahavir Foundation Ltd
Charity number	296175

Company registration number	2132728

Registered office	Kenton Derasar, 557 Kenton Road, Harrow, HA3 9RS.

Advisory Members	Mr Keshubhai Shah
	Navin Shah
	AnupMehta

Members of the Executive Committee(Company Directors) (Charity Trustees)
President	Mr Yogesh Rayani
Vice President	Mr NirajSutaria
Company Secretary	Mr Rajen Shah
Treasurer	Mr Praful Vora
	Dr. Vinod Kapashi
	Mr Aswin L Vora
	Mr Chandrakant Shah
	Mr Dharmesh Doshi
	Mrs Harsha Kothary
	Mrs Kalpana Shah
	Mr Kirit Mehta
	Mr Mukesh Kapashi
	Mrs Radha Vora
	Mrs Sudha Kapashi
	Mr Sunil Gandhi

Company Secretary	Mr Rajen Shah

Statutory Auditors	ABM Accountancy, Chartered Tax Advisers,
	10 Love Lane	Pinner,HA5 3EF

Bankers	Bank of Baroda 213 Kenton Road, Kenton,Harrow	CAF Bank Ltd 25 Kings Hill Avenue, Kings Hill, West Malling,Kent

MAHAVIR FOUNDATION LIMITED EXECUTIVE COMMITTEE’S ANNUAL REPORT

Page 4

FOR THE YEAR ENDED 31 DECEMBER 2020

The Executive Committee Members (trustees) have pleasure in presenting their report and the financial statements of the charity for the year end 31 December 2020.

OBJECTIVES AND ACTIVITIES

The main objectives of the charitable company are the advancement of the Jain Religion and Jain Education in the United Kingdom and throughout the world.

The objectives of the charity, as defined by the constitution are:

w The advancement in the United Kingdom of the Jain Religion, particularly, but not exclusively, by the provision of the place of worship and study, facilities for other functions of a religious character such as a celebrations of births and marriages and the performance of rites relating to deaths, and the employment and housing of priests.
w To advance education by providing facilities for study and teaching and research into Jainism
w The relief of poverty, the advancement of education and protection of health and such other charitable objects as the charity may, from time to time, decide.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Legal and Administrative Information

Mahavir Foundation Ltd (MF) (Registered Charity No: 296175 Registered Company no 2132728) was incorporated on the 19th May 1987. The Trust Deed governing the Charity was made on the 19th June 1987 and last amended by resolution passed on 24 October 2009.

Relations with other charities

The Charity is an affiliated member of The National Council of Vanik Associations (UK) (registered charity no 1137083) and also associated with One-Jain

Risk Management

The Executive Committee actively review the major risk which the charity faces on a regular basis and believe that maintaining reserves at current levels, combined with an annual review of the controls over key financial systems will provide sufficient resources in the event of adverse conditions. The Executive Committee have also examined other operational and business risks faced by the charity and confirm that they have established systems to mitigate the significant risks.

OBJECTIVES AND ACTIVITIES

The main objectives of the charitable company are the advancement of Jain Religion and Jain Education in the United Kingdom and throughout the world.

Public Benefit Statement

The executive committee has referred to the guidance contained in the Charity Commission’s general guidance on the public benefit when reviewing the Charity’s aims and objectives and in planning future activities. The executive committee is satisfied that the Charity continues to meet the required public benefit test through its objectives and activities.

MAHAVIR FOUNDATION LIMITED EXECUTIVE COMMITTEE’S ANNUAL REPORT

Page 5

FOR THE YEAR ENDED 31 DECEMBER 2020

In accordance with the objectives of the charity various religious events were held VIRTUALLY during this financial year. There were presentors from UK and outside UK virtually presenting lectures, Swadhyays,

Regular events

Morning P r akshal of all idols and Snatra Pooja are held every day at the Derasar.

Individual day/period event on

w Janma Kalyanak for all Thirthankars in situ, Ashta Prakari Pooja, Bhakti and Samuh Chaitya Vandan were held at the Derasar. Prabhavna was distributed on occassions
w Chaitra month and Asso month Ayambil Oli was not held at the Derasar. Few items were bought in from India and distributed.
w Siddhchakra Poojan held w Paryushan Parva (Derawasi and Sthanakwasi Pratikraman) and Mahavir Janm Vanchan were held Virtually
w Samvatsari Lunch and Poojan arranged after Paryushan festival
w Pathshala for children and adults are organised by – My Palak Shah and Dr Saurabh Shah VirtuALLY.
w Jiv Daya donation predominantly (for CoVid) in UK was made.
w Pat Darshan was done virually

All activities carried out by affiliates were done virtually.

MAHAVIR FOUNDATION LIMITED EXECUTIVE COMMITTEE’S ANNUAL REPORT

Page 6

FOR THE YEAR ENDED 31 DECEMBER 2020

FINANCIAL REVIEW

FINANCE AND ACCOUNTS

The Income and Expenditure Account and Balance Sheet of the Charity for the year ended 31 December 2020 are attached. The significant sources of income were:

(a) On-line income during Paryushan and donations made during other festivals
(b) Bhandar (donation boxes) and general donations
(c) Gift aid and tax refunds from HM Revenue and Customs
(d) Interest on bank deposits

There has been a material change in the activities of the Charity during the year. All activies were carried out virtually, which were in different format in comparison to physical ones.

FINANCIAL CONTROLS

The Company’s Articles require the Executive Committee to safeguard the assets of the Charity. The detailed responsibilities of the Executive Committee in relation to these accounts are set out under ‘Responsibilities of Executive Committee’ on page 8

RESERVES POLICY

Bearing in mind the aims and objects of the Charity, the Executive Committee ensure that unrestricted funds are not invested in fixed and long-term assets, which would stall the progress of the activities. The Executive Committee together with the treasurer regularly monitor the situation from time to time for any un envisaged event and ensure that there are adequate free reserves available for the general purpose of the Charity.

INVESTMENT POWERS AND RESTRICTIONS

The Charity does not hold any substantial funds on behalf of others. Its Executive Committee is empowered to invest prudently the Charity’s surplus cash with a view to secure maximum return. The Executive Committee takes a very prudent view to the investment of surplus funds, as these are being retained for furthering the objectives of the charity. Accordingly, funds not required for expenditure in the short term, are place on deposit with the Charity’s bankers.

GOING CONCERN

After making enquiries, the Executive Committee are satisfied that the Charity has adequate recourses to continue to operate as a going concern for the foreseeable future and have these financial statements on that basis.

VOLUNTEERS

The Executive Committee takes this opportunity to thank all the volunteers for their invaluable devoted time in helping to run the affairs and events of the charity.

EMPLOYEES

Full time permanent staff (on employment visas) has been recruited. Mr Mukesh N Shah is carrying out full duties of pujari and some of the administrative tasks.

MAHAVIR FOUNDATION LIMITED FINANCIAL STATEMENTS

Page 7

FOR THE YEAR ENDED 31 DECEMBER 2020

RESPONSIBILITIES OF THE EXECUTIVE COMMITTEE

The Executive Committee are responsible for preparing the Executive Committee’s Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Executive Committee to prepare financial statements for each financial year, which gave a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period.

In preparing these financial statements, the Executive Committee are required to:

w Select suitable accounting policies and then apply them consistently;
w Observe the methods and principles in the Charities SORP;
w Make judgements and estimates that are reasonable and prudent;
w State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
w Prepare the financial statements on going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The Executive Committee are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with Companies Act 2006. The Executive Committee 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.

In so far as the Executive Committee members are aware;

w there is no relevant audit information of which the charity’s auditors are unaware; and
w
the Executive Committee have taken all steps that they ought to have to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

AUDITORS

ABM Accountancy Ltd were appointed by the EC as auditors following the resolution passed at the Annual General Meeting.

SMALL COMPANY PROVISIONS

This report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.

MAHAVIR FOUNDATION LIMITED INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF MAHAVIR FOUNDATION LTD

Page 8

FOR THE YEAR ENDED 31 DECEMBER 2020

We have audited the financial statements of Mahavir Foundation Ltd for the year ended 31 December 2020 on pages 11 to 19 which comprise the Statement of Financial Activities (incorporating the Income and Expenditure account), the Balance Sheet and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and Financial Reporting Standard for Smaller Entities (effective April 2008) (United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities).

This report is made solely to the company’s Executive Committee members, as a body, in accordance with regulations made under section 154 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the company’s Executive Committee members those matters we are required to state to them in an auditor’s 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 charitable company and the charitable company’s Executive Committee members as a body, for our audit work, for this report, or for the opinions we have formed.

RESPECTIVE RESPONSIBILITIES OF THE EXECUTIVE COMMITTEE AND AUDITORS

As explained more fully in the Statement of responsibilities of the Executive Committee (set out on page 7,) the Executive Committee (who are also the directors of the company for the purpose of company law) are responsible for preparation of the financial statements and for being satisfied that they give a true & fair view.

The Executive Committee have elected for the financial statements to be audited in accordance with the Charities Act 2011 rather than the Companies Act 2006. Accordingly we have been appointed as auditor under section 145 of Charities Act 2011 and report in accordance with regulations made under section 154 of the Act.

Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Oreland). Those standards require us to comply with the Auditing Practices Boards’ (APB’s) Ethical Standards for Auditors.

We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the Companies Act 2006, and whether the information given in the Executive Committee’s Annual Report is consistent with the financial statements.

In addition we report to you if, in our opinion, the company has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information specified by law regarding remuneration of the Executive Committee and other transactions is not disclosed.

We read the Executive Committee’s Annual Report and consider the implications for our report if we become aware of any apparent misstatements within it.

SCOPE OF THE AUDIT OF FINANCIAL STATEMENTS

An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the charitable company’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the Executive Committee: and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Executive Committee’s Annual Report to identify material inconsistencies with the audited financial statements. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

MAHAVIR FOUNDATION LIMITED INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF MAHAVIR FOUNDATION LTD

Page 9

FOR THE YEAR ENDED 31 DECEMBER 2020

OPINION

In our opinion:

w the financial statement give a true and fair view of the state of the charity’s affair as at 31 December 2020, and of its incoming resources and application of resources including its income and expenditure for the year then ended;
w the financial statements have been properly prepared in accordance with the United Kingdom Generally Accepted Accounting Practice (applicable to smaller entities); and
w the financial statements have been properly prepared in accordance with the Companies Act 2006 and the requirements of the Charities Act 2011;

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

w the information given in the Executive Committee’s Annual Report is inconsistent in any material respect with the financial statements; or
w the charitable company has not kept adequate accounting records; or
w the financial statements are not in agreement with the accounting records and returns; or
w we have not received all the information and explanations we require for our audit.

................................................ Anil Modi

(___)

For and on behalf of ABM Accountancy,

10 Love Lane Pinner HA5 3EF

Date .......................................

MAHAVIR FOUNDATION LIMITED

Page 10

STATEMENTS OF FINACIAL ACTIVITIES

(Incorporating the Income and Expenditure Account)

FOR THE YEAR ENDED 31 DECEMBER 2020

` Note INCOMING RESOURCES Incoming resources from Voluntary Income 2 Investment Income 3 TOTAL INCOMING RESOURCES RESOURCES EXPENDED Charitable Expenditure 4 Governance Costs 5 TOTAL RESOURCES EXPENDED NET INCOME/(OUTGOING) RESOURCES FOR THE YEAR RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD*	Unrestricted Funds Restricted Funds Total Funds Total Funds 2020 2019 £ £ £ £ 94,048 39,330 133,378 308,273 6,547 - 6,547 310
	100,595 39,330 139,925 308,583
	- 64,301 64,301 97,847 51,330 41,245 92,575 103,962
	51,330 105,546 156,876 201,809
	49,265 - 66,216 - 16,951 106,774 1,618,580 600,548 2,219,128 2,112,354
	1,667,845 534,332 2,202,177 2,219,128

All of the above amounts relate to continuing activities.

The notes on pages 12 to 18 form part of these financial statements.

Page 11

MAHAVIR FOUNDATION LIMITED BALANCE SHEET

FOR THE YEAR ENDED 31 DECEMBER 2020

Note FIXED ASSETS Tangible assets 8 CURRENT ASSETS Debtors 9 Cash at bank CREDITORS: Amounts falling due within one Year 10 NET CURRENT ASSETS NET ASSETS FUNDS Restricted income funds 11 Unrestricted income funds 12 TOTAL FUNDS	£ £ £ £ 1,301,897 1,341,853 116,796 129,301 797,314 759,593 914,110 888,894 13,831 11,619 900,279 877,275 2,202,176 2,219,128 534,331 600,548 1,667,845 1,618,580 2,202,176 2,219,128 2019 2020	£ £ £ £ 1,301,897 1,341,853 116,796 129,301 797,314 759,593 914,110 888,894 13,831 11,619 900,279 877,275 2,202,176 2,219,128 534,331 600,548 1,667,845 1,618,580 2,202,176 2,219,128 2019 2020
	914,110 13,831
		2,219,128
		600,548 1,618,580
		2,219,128

These financial statements have been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006 and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

These financial statements were approved by the members of the Executive Committee on the .............................................2021 and are signed on their behalf by:

..........................................................

MR YOGESH RAYANI

President

MR PRAFUL VORA

Treasurer

The notes on pages 12 to 18 form part of these financial statements.

MAHAVIR FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS

Page 12

FOR THE YEAR ENDED 31 DECEMBER 2020

1. ACCOUNTING POLICIES

Basic of Accounting

The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value. The financial statements have been prepared in accordance with applicable United Kingdom accounting standards, the statement of Recommended Practice “Accounting and Reporting by Charities” issued in March 2005 (SORP 2005) and the Companies Act 2006.

The principle accounting policies, which have been applied consistently, are set out below:

Cash Flow Statement

The Executive Committee have been advantage of the exemption in Financial Reporting Standard No 1 from including a cash flow statement in the financial statements on the grounds that the charity is small.

Company Status

The Charity is a company limited by guarantee. The members of the company are the Executive Committee named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

Donations

All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be qualified with reasonable accuracy.

The voluntary income is received by way of donations and gifts and is included in full in the statement of financial activities and recognised in the year in which they are received, or when the Foundation is legally entitled to the income.

The value of the services provided by the volunteers has not been included in the accounts as no monetary value can be assigned.

Subscriptions for Membership Policy

Life and annual membership subscriptions are accounted for a cash receipt basis.

Fund Accounting

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

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

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

MAHAVIR FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS

Page 13

FOR THE YEAR ENDED 31 DECEMBER 2020

1. ACCOUNTING POLICIES (continued)

Resources Expended

Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes VAT which cannot be recovered, and is reported as part of the expenditure to which it relates.

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

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.

Governance Costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.

Tangible Fixed Assets

Tangible fixed assets are stated at cost.

The Executive Committee consider that the financial freehold buildings are maintained in such a state of repair that their residual values are at least equal to their net book value. No depreciation has been charged as the lives of this building are considered to be so long and their residual values so high that there is no significant annual depreciation.

All fixed assets are initially recorded at cost and depreciated over their economic useful lives. The new Derasar is not depreciated, see impairment review in Fixed Asset Note.

Taxation

Mahavir Foundation was recognised as a charity in May 1987. The Charity is not subject to taxation on its charitable activities.

Irrecoverable VAT

The charity is not registered for VAT and its expenses are, therefore, inclusive of VAT which cannot be recovered.

MAHAVIR FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS

Page 14

FOR THE YEAR ENDED 31 DECEMBER 2020

2. VOLUNTARY INCOME

Unrestricted Fund £ 6,838 42,251 29,564 10,012 5,383	Unrestricted Fund £ 6,838 42,251 29,564 10,012 5,383	Restricted Funds £ 7,115 1,256 1,299 29,660	Restricted Funds £ 7,115 1,256 1,299 29,660	Total Funds 2020 £ 6,838 42,251 29,564 10,012 5,383 7,115 1,256 1,299 29,660	Total Funds 2020 £ 6,838 42,251 29,564 10,012 5,383 7,115 1,256 1,299 29,660	Total Funds	Total Funds
							2019 £ 20,812 91,347 97,192 27,327 1,616 5,184 2,345 7,542 54,909
	94,048		39,330		133,378		308,274
Unrestricted Fund £ 6,547		Restricted Funds £ -			2020 £ 6,547		2019 £ 310
100,595 Unrestricted Fund £ - -		39,330 Restricted Funds £ 14,147 50,155		139,925 Total Funds 2020 £ 14,147 50,155		308,584 Total Funds
							2019 £ 49,446 48,401
	-		64,302		64,302		97,847

MAHAVIR FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS

Page 15

FOR THE YEAR ENDED 31 DECEMBER 2020

5. GOVERNANCE COSTS

Salaries and Wages Premises Costs Audit & Accountancy fees Legal & Professional fees General Expenses Donations Bank Charges		Unrestricted Fund £ 18,382 27,982 - 3,402 803 - 761	Unrestricted Fund £ 18,382 27,982 - 3,402 803 - 761	Restricted Funds £ 17,139 2,000 1,399 5,065 15,642	Restricted Funds £ 17,139 2,000 1,399 5,065 15,642	Total Funds 2020 £ 18,382 45,121 2,000 4,801 5,868 15,642 761	Total Funds 2020 £ 18,382 45,121 2,000 4,801 5,868 15,642 761	Total Funds 2019 £ 22,280 38,513 1,800 6,305 18,443 15,556 1,064	Total Funds 2019 £ 22,280 38,513 1,800 6,305 18,443 15,556 1,064

			51,330		41,245		92,575		103,961

6. NET INCOMING RESOURCES FOR THE YEAR

This is stated after charging:

Auditors’ fees

2020	2019
£	£
2,000	1,800

7. STAFF COSTS AND EMOLUMENTS

Total staff costs were as follows:

Total staff costs were as follows:
Gross Salaries	2020 2019 £ £ 18,382 22,280
	18,382 22,280

Particulars of employees:

The average number of employees during the year, calculated on the basis of full-time equivalents, was as follows:

	2020	2019
Number of part time Caretakers	1	1

No employee received emoluments of more than £60,000 during the year (2019 – Nil).

Trustees:

No remuneration were paid to the charity trustees/company directors during the year 2020. (2019 – Nil).

MAHAVIR FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS

Page 16

FOR THE YEAR ENDED 31 DECEMBER 2020

8. TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
COST At 1 January 2020 Additional during the year Disposals during the year DEPRECIATION At 1 January 2020 Charge for 2020 At 31st December 2020 NET BOOK VALUE At 31 December 2020 At 31 December 2019 DEBTORS Gift Aid tax - recoverable 2019 Gift Aid tax - recoverable 2020 Paryushan 2016 debtors Bank interest receivable Other Debtors - 2013 2016 Paryushan 2016 Debtors Other debtors	Leasehold Property Derasar Project £ £ 484,010 1,221,732 - 10,200 - -	Equipment Total £ £ 17,542 1,723,284 - 10,200 - -
	484,010 1,231,932	17,542 1,733,484
	374,222 48,401	7,209 381,431 1,755 50,156
	422,623 -	8,964 431,587
	61,387 1,231,932	8,578 1,301,897
	109,788 1,221,732	10,333 1,341,853
		2020 2019 £ £ - - 104,441 116,946 - 12,355 12,355 - -
		116,796 129,301

9. DEBTORS

MAHAVIR FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS

Page 17

FOR THE YEAR ENDED 31 DECEMBER 2020

10. CREDITORS

CREDITORS
Other Creditors Accruals	2020 2019 £ £ - - 13,831 11,619
	13,831 11,619

11. RESTRICTED INCOME FUNDS

General Jivadaya Fund Ladies Wing Mahila Mandal	Balance at 1 Jan 2020 Incoming resources Outgoing resources Balance at 31 Dec 2020 £ £ £ £ 577,680 30,959 89,764 - 518,875 10,835 7,115 15,642 - 2,308 11,701 1,256 - 12,957 332 - 140 - 192
	600,548 39,330 105,546 - 534,332

12. UNRESTRICTED INCOME FUNDS

	Balance at 1	Incoming		Outgoing	Balance at
	Jan 2020	resources		resources	31 Dec 2020
	£	£		£	£
General Fund	1,618,580	100,595	-	51,330	1,667,845

MAHAVIR FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS

Page 18

FOR THE YEAR ENDED 31 DECEMBER 2020

13. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Restricted Income Funds: 557 & 555 Kenton Road Cash FFE Jivadaya Fund Ladies Wing Mahila Mandal - Cash Restricted Fund - A Unrestricted Funds: 614 Kenton Road Cash at Bank Debtors Creditors Funds Adjst. Unrestricted Fund - B Total Funds A + B	Tangible Fixed Assets Net Current Assets Total £ £ £ 793,920 793,920 - 8,578 8,578 - - -
	802,498 - 802,497
	499,400 499,400 797,314 797,314 116,796 116,796 2,000 - 11,831 - 13,831 - 278,527 278,527 - -
	775,927 623,752 1,399,679

	1,578,425 623,752 2,202,176

14. RELATED PARTY TRANSACTIONS

None of the members of Executive Committee that served during the year received any benefits, nor were they a party to any transactions that were entered into by the Charity.

15. ACCOUNTS FORMAT

Mahavir Foundation is both a company and a charity. The format of the financial statements has been altered from the prescribed format of the Companies Act 2006 to comply where practicable with Statement of Recommended Practice – Accounting by Charities, and thus reflecting the Charity’s activities and non-profit making nature.

16. ULTIMATE CONTROLLING PARTY

The company is controlled by its members.

MAHAVIR FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS

Page 19

FOR THE YEAR ENDED 31 DECEMBER 2020

The following pages do not form part of the statutory financial statements which are the subject of the independent auditor’s report on pages 9 to 10.

MAHAVIR FOUNDATION LIMITED

Page 20

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

INCOMING RESOURCES-VOLUNTARY INCOME General fund collection Paryushan celebration General (Sadharan) Donation Gift Aid Tax Recoverable Membership Subscriptions UNRESTRICTED INCOME A Jivdarya Funds Ladies Wing Dev Dravya Patshala RESTRICTED INCOME B INVESTMENT INCOME Bank interest receivable on unrestricted funds Rental Income UNRESTRICTED INCOME C TOTAL INCOME A+B+C RESTRICTED INCOME UNRESTRICTED INCOME RESOURCES EXPENDED- Derasar Depreciation Dev Devi Related Variour function costs TOTAL RESTRICTED EXPENDITURE X Various Function Costs Y GOVERNANCE COSTS Salaries and social security costs Premises Costs Audit fees Legal & Professional fees General expense Donations Bank Charges TOTAL UNRESTRICTED EXPENDITURE Z TOTAL RESOURCES EXPENDED X+Y+Z NET INCOMING RESOURCES (A+B+C) - (X+Y+Z)	2020 £ 7069 42251 29564 10012 5383 94,279 7115 1256 29520 1299 39,190 0 28,832 28,832 162,301 39,190 123,111 162,301 50,155 0 14,006 64,161 0 0 18,382 45,121 6,801 12,157 9,351 761 92,573 156,734 5,567	2019 £ 20812 91347 97192 27327 1616
		238,294
		5184 2345 54909 7542
		69,979
		310 0
		310
		308,583
		69,979 238,604
		308,583
		48,401 0 0
		48,401
		49,446
		49,446
		22,280 38,513 1,800 6,305 18,443 15,556 1,064
		103,961
		201,808
		106,776