COMPANY REGISTRATION NUMBER 02132728
MAHAVIR FOUNDATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
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 2022
| 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 form part 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. Navin Shah | ||
| Mr. AnupMehta | |||
| Members of the Executive Committee(Company Directors) (Charity Trustees) | |||
| President | Mr NirajSutaria | ||
| Vice President | Mr Mukesh Kapashi | ||
| Company Secretary | Mr Rajen Shah | ||
| Tresurer | Mr Sunil Gandhi | ||
| Dr. Vinod Kapashi | |||
| Mr Chandrakant Shah | |||
| Mrs Radha Vora | |||
| Mrs Kalpana Shah | |||
| Mr Kirit Mehta | |||
| Mr Rajkumar Shah | |||
| Mr Nilesh Mehta | |||
| Mr Amit Mehta | |||
| 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 |
|
| Metro Bank 1 Southampton Row, London, WC1B, 5HA |
Showbrook Bank Lutea House, Warley Business Park, The Drive, Great Warley, Brentwood, Essex,CM13,3BE |
MAHAVIR FOUNDATION LIMITED EXECUTIVE COMMITTEE’S ANNUAL REPORT
Page 4
FOR THE YEAR ENDED 31 DECEMBER 2022
The Executive Committee Members (trustees) have pleasure in presenting their report and the financial statements of the charity for the year end 31 December 2022.
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:
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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.
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w To advance education by providing facilities for study and teaching and research into Jainism
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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 2022
In accordance with the objectives of the charity various religious events were held virtually and physically during this financial year. There were presentors from UK and outside UK virtually presenting lectures, Swadhyays, Bhavna-Bhakti. During the year Mahavir Foundation celebrated the 10th Anniversary of the Pratishtha of Idol at Kenton Road Temple. During the year, under the leadership of President Niraj Sutaria, many new activities were started. Trust also purchased a property next to the existing site for the future development.
Regular events
Morning P r akshal of all idols and Aarti and 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 Trust organised Chaitra and Aso Ayambil Oli aaradhana for every one. It was well received by Tapashvi of Ayambil Oli.
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w Siddhchakra Poojan and Siddhachal Bhavyatra was held during the year.
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w Paryushan Parva (Derawasi and Sthanakwasi Pratikraman) and Mahavir Janm Vanchan were held at JFS School Auditorium.
-
w Swamivatsalya Lunch and Poojan arranged after Paryushan festival
-
w Pathshala for children and adults are organised by – My Palak Shah and Dr Saurabh Shah Virtually during Covid pandemic
-
w Jiv Daya donation predominantly in UK was made.
-
w Pat Darshan was done virually
Mahavir Foundation has carried out many activities through affiliates
MAHAVIR FOUNDATION LIMITED EXECUTIVE COMMITTEE’S ANNUAL REPORT
Page 6
FOR THE YEAR ENDED 31 DECEMBER 2022
FINANCIAL REVIEW
FINANCE AND ACCOUNTS
The Income and Expenditure Account and Balance Sheet of the Charity for the year ended 31 December 2022 are attached. The significant sources of income were:
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(a) On-line income during Paryushan and donations made during other festivals
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(b) Bhandar (donation boxes) and general donations
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(c) Gift aid and tax refunds from HM Revenue and Customs
-
(d) Interest on bank deposits
After the end of Covid-19 pandemic, trust has started all its activities physically and carried on with online Aarti and webcasting all events virtually. During the year trust welcome devotees from various cities of UK and abroad.
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 Ketan Gandhi has carried out full duties of pujari and some of the administrative tasks since February 2022. Temporary staff covered the absence of the the main pujari/administrator.
MAHAVIR FOUNDATION LIMITED FINANCIAL STATEMENTS
Page 7
FOR THE YEAR ENDED 31 DECEMBER 2022
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:
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w Select suitable accounting policies and then apply them consistently;
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w Observe the methods and principles in the Charities SORP;
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w Make judgements and estimates that are reasonable and prudent;
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w State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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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 2022
We have audited the financial statements of Mahavir Foundation Ltd for the year ended 31 December 2022 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 2022
OPINION
In our opinion:
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w the financial statement give a true and fair view of the state of the charity’s affair as at 31 December 2022, and of its incoming resources and application of resources including its income and expenditure for the year then ended;
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w the financial statements have been properly prepared in accordance with the United Kingdom Generally Accepted Accounting Practice (applicable to smaller entities); and
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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:
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w the information given in the Executive Committee’s Annual Report is inconsistent in any material respect with the financial statements; or
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w the charitable company has not kept adequate accounting records; or
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w the financial statements are not in agreement with the accounting records and returns; or
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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 2022
| ` 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 2022 2021 £ £ £ £ 235,162 224,077 459,239 134,602 27,157 27,157 18,329 |
|---|---|
| 262,319 224,077 486,396 152,931 | |
| 164,147 28,829 192,976 84,445 61,359 15,031 76,389 36,075 |
|
| 225,506 43,859 269,365 120,520 | |
| 36,814 180,217 217,031 32,411 1,700,041 534,547 2,234,588 2,202,177 |
|
| 1,736,855 714,764 2,451,619 2,234,588 |
All of the above amounts relate to continuing activities.
The notes on pages 12 to 18 form part of these financial statements.
MAHAVIR FOUNDATION LIMITED BALANCE SHEET
Page 11
FOR THE YEAR ENDED 31 DECEMBER 2022
| 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 |
£ £ 1,832,075 95,290 527,381 622,671 (3,127) 619,544 2,451,619 728,647 1,722,971 2,451,619 2022 |
£ £ 1,832,075 95,290 527,381 622,671 (3,127) 619,544 2,451,619 728,647 1,722,971 2,451,619 2022 |
£ £ 1,251,743 66,374 916,472 982,846 0 982,846 2,234,589 534,548 1,700,041 2,234,589 2021 |
£ £ 1,251,743 66,374 916,472 982,846 0 982,846 2,234,589 534,548 1,700,041 2,234,589 2021 |
|---|---|---|---|---|
| 2,451,619 | 2,234,589 | |||
| 728,647 1,722,971 |
534,548 1,700,041 |
|||
| 2,451,619 | 2,234,589 |
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 .............................................2022 and are signed on their behalf by:
.......................................................... ..........................................................
President
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 2022
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 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 2022
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 2022
2. VOLUNTARY INCOME
| Donations General Fund Collection General (Sadharan) Donations Gift Aid Tax - Recoverable Membership Subscriptions Other Restricted Income Covid 19 and oher funds Jivdaya Funds Ladies Wings Pathshala Mahavir Mandal Gyan fund and Sutra Donation Paryushan Celebrations Dev Drava A 3. INVESTMENT INCOME Rental Income & Bank interest B TOTAL INCOME A + B 4 . CHARITABLE EXPENDITURE Dev Devi Related Derasar Depreciation Various Function costs |
Unrestricted Fund £ 123,961 62,191 32,000 17,010 |
Unrestricted Fund £ 123,961 62,191 32,000 17,010 |
Restricted Funds £ 0 - 6,806 1,389 3,931 1,731 9,553 73,124 127,543 |
Restricted Funds £ 0 - 6,806 1,389 3,931 1,731 9,553 73,124 127,543 |
Total Funds 2022 £ 123,961 62,191 32,000 17,010 - 6,806 1,389 3,931 1,731 9,553 73,124 127,543 |
Total Funds 2022 £ 123,961 62,191 32,000 17,010 - 6,806 1,389 3,931 1,731 9,553 73,124 127,543 |
Total Funds | Total Funds | |
|---|---|---|---|---|---|---|---|---|---|
| - | 2021 £ 37,838 53,943 49,000 1,574 2,027 4,890 368 275 2,675 1,306 31,663 47,042 |
||||||||
| 235,162 | 224,077 | 459,239 | 134,601 | ||||||
| Unrestricted Fund £ 27,157 |
Restricted Funds £ |
2022 £ 27,157 |
2021 £ 18,329 |
||||||
| 262,319 Unrestricted Fund £ 164,147 |
224,077 Restricted Funds £ 13,639 15,190 - |
486,396 Total Funds 2022 £ 13,639 15,190 164,147 |
152,930 Total Funds |
||||||
| 2021 £ 10,877 50,155 23,413 |
|||||||||
| 164,147 | 28,829 | 192,976 | 84,445 |
No remuneration were paid to the charity trustees/company directors during the year 2021. (2020 – Nil)
MAHAVIR FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS
Page 15
FOR THE YEAR ENDED 31 DECEMBER 2021
5. GOVERNANCE COSTS
| Salaries and Wages Premises Costs Audit & Accountancy fees Legal & Professional fees General Expenses Donations Bank Charges |
Unrestricted Fund £ 26,776 13,883 1,950 - 5,663 11,252 1,835 |
Unrestricted Fund £ 26,776 13,883 1,950 - 5,663 11,252 1,835 |
Restricted Funds £ 15,031 |
Restricted Funds £ 15,031 |
Total Funds 2022 £ 26,776 28,913 1,950 - 5,663 11,252 1,835 |
Total Funds 2022 £ 26,776 28,913 1,950 - 5,663 11,252 1,835 |
Total Funds 2021 £ 16,959 8,998 1,950 1,950 1,483 3,507 1,228 |
Total Funds 2021 £ 16,959 8,998 1,950 1,950 1,483 3,507 1,228 |
|
|---|---|---|---|---|---|---|---|---|---|
| 61,359 | 15,031 | 76,389 | 36,075 |
6. NET INCOMING RESOURCES FOR THE YEAR
This is stated after charging:
Auditors’ fees
| 2022 | 2021 |
|---|---|
| £ | £ |
| 1,950 | 1,950 |
7. STAFF COSTS AND EMOLUMENTS
Total staff costs were as follows:
Gross Salaries
| 2022 | 2021 |
|---|---|
| £ | £ |
| 26,776 | 16,959 |
| 26,776 | 16,959 |
Particulars of employees:
The average number of employees during the year, calculated on the basis of full-time equivalents, was as follows:
| 2022 | 2021 | |
|---|---|---|
| Number of part time Caretakers | 1 | 1 |
No employee received emoluments of more than £60,000 during the year (2021 – Nil).
Trustees:
No remuneration were paid to the charity trustees/company directors during the year 2022. (2021 – Nil).
MAHAVIR FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS
Page 16
FOR THE YEAR ENDED 31 DECEMBER 2022
8. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | |
|---|---|
| COST At 1 January 2022 Additional during the year Disposals during the year DEPRECIATION At 1 January 2022 Charge for 2022 At 31st December 2022 NET BOOK VALUE At 31 December 2022 At 31 December 2021 |
Leasehold Property Derasar Project Equipment Total £ £ £ £ 484,010 1,822,957 17,542 2,324,509 - - 4,498 4,498 - - - - |
| 484,010 1,822,957 22,040 2,329,007 |
|
| 471,024 10,718 481,742 12,986 2,204 15,190 |
|
| 484,010 - 12,922 496,932 |
|
| 0 1,822,957 9,118 1,832,075 |
|
| 12,986 1,231,932 6,824 1,251,742 |
9. DEBTORS
| DEBTORS | |
|---|---|
| Gift Aid tax - recoverable till 2021 Gift Aid tax - recoverable 2022 Bank interest receivable Other debtors |
2022 2021 £ £ 55,441 55,438 32,000 - 6,318 10,936 1,531 - |
| 95,290 66,374 |
MAHAVIR FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS
Page 17
FOR THE YEAR ENDED 31 DECEMBER 2022
10. CREDITORS
| CREDITORS | |
|---|---|
| Other Creditors | 2022 2021 £ £ (3,127) - |
| (3,127) - |
11. RESTRICTED INCOME FUNDS
| General Jivadaya Fund Ladies Wing Pathshala Covid and Other Fund Gyan Fund Mahila Mandal |
Balance at 1 Jan 2022 Incoming resources Outgoing resources Balance at 31 Dec 2022 £ £ £ £ 505,427 200,667 25,593 680,501 1,689 6,806 250 8,245 13,089 1,389 471 14,007 8,554 3,931 1,094 11,391 2,027 - 2,027 1,306 9,553 10,859 2,455 1,731 2,569 1,617 |
|---|---|
| 534,547 224,077 29,977 728,647 |
12. UNRESTRICTED INCOME FUNDS
| Balance at 1 | Incoming | Outgoing | Balance at | |
|---|---|---|---|---|
| Jan 2021 | resources | resources | 31 Dec 2021 | |
| £ | £ | £ | £ | |
| General Fund | 1,700,041 | 262,318 | 239,387 | 1,722,971 |
MAHAVIR FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS
Page 18
FOR THE YEAR ENDED 31 DECEMBER 2022
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 & 616 Kenton Road Cash at Bank Debtors Creditors Funds Adjst. Unrestricted Fund - B Total Funds A + B |
Tangible Fixed Assets Net Current Assets Total £ £ £ 732,532 732,532 - 9,118 9,118 - - - |
|---|---|
| 741,650 - 741,650 |
|
| 1,090,425 1,090,425 527,382 527,382 95,290 95,290 - (3,127) (3,127) - - - |
|
| 1,090,425 619,545 1,709,969 |
|
| 1,832,075 619,545 2,451,619 |
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 2022
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 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 INCOMING RESOURCES-VOLUNTARY INCOME Covid- 19 & other relief fund General (Sadharan) Donation Gift aid Claim w/off Ayambil Donation Dev-Devi Jaap Boli Swamivatsalya Gift Aid Tax Recoverable Membership Subscriptions UNRESTRICTED INCOME A Dev Dravya Gift aid Claim w/off Gyan and Sutra boli Jivdarya Funds Ladies Wing Mahavir Mandal Paryushan celebration 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 General Expenses Derasar Jivdaya Expenses Ladies wing Mahavir Mandal Pathshala Derasar Maintenance 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) |
2022 £ - 123,961 32,000 19,012 27,746 15,433 - 17,010 235,161 127,543 - 9,553 6,806 1,389 1,731 73,124 3,931 224,077 4,008 23,149 27,157 486,394 224,077 262,318 486,394 15,190 9,255 250 471 2,569 1,094 1,148 29,977 164,147 164,147 26,776 27,765 1,950 5,663 11,252 1,835 75,240 269,364 217,031 |
Page 20 2021 £ 2,027 37,719 (24,500) 7,093 37,462 9,507 - 1,574 |
|---|---|---|
| 68,855 | ||
| 47,043 (24,500) 1,306 4,890 368 2,675 31,663 275 |
||
| 65,747 | ||
| 16,244 2,085 |
||
| 18,329 | ||
| 152,931 | ||
| 65,747 87,184 |
||
| 152,931 | ||
| 50,155 4,630 5,509 236 412 90 4,499 |
||
| 65,531 | ||
| 23,413 | ||
| 23,413 | ||
| 16,959 4,499 1,950 1,950 1,482 3,507 1,228 |
||
| 31,575 | ||
| 120,519 | ||
| 32,412 |