**REGISTERED CHARITY NUMBER: 298551**
## REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2022
FOR
THE MAHAVIR TRUST
1 Doughty Street London WC1N 2PH
PSJ Alexander & Co Chartered Accountants
THE MAHAVIR TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2022
||Page|
|---|---|
|Report of the Trustees|1to 3|
|Independent Examiner's Report|4|
|Statement of Financial Activities|5|
|Balance Sheet|6|
|Notes to the Financial Statements|7to 9|
|Detailed Statement of Financial Activities|10|
THE MAHAVIR TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2022
The trustees present their report with the financial statements of the charity for the year ended 5th April 2020. 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).
## **OBJECTIVES AND ACTIVITIES Objectives and aims**
## **a. Advancement of Jain religion:**
The Trust is active in promoting the practice and learning of the religion by donating to places of worship and learning both in the UK and in India.
To facilitate the teaching and practice of the religion, the essential infrastructural requirement had been supported by the Trust.
Some mega building projects had been in planning and were approaching completion both in Dharampur and Sayla. Trustees had decided to participate actively in these projects.
At Dharampur, a temple of major magnificence was to be commissioned towards the end of the last calendar year. Trustees had actively participated in planning of the celebratory events both in personal terms and in contributing financially.
At Sayla, a grand swadhyay hall with a 9 ft statue of Shrimad Rajchandra and with a capacity to sit 1500 people had been completed and was commissioned. The Trustees had been present during the commissioning. Mahavir Trust was one of the five major contributors to this project.
The epic poem, Atma Siddhi Shastra composed by Shree Shrimad Rajchandra and comprising of the essence of Jain philosophy had been translated into English and several other languages at Dharampur. Trustees had provided considerable financial support through the Trust funds and personal funds.
## **b. Support of various Activities in Rural Areas:**
A major microfinance project sponsored by the Trust in Western India about five years ago had again been injected with substantial cash to make funds available to a wider section of the rural community. Trust has been injecting funds annually and with the projects organic growth in funds and the fund now totals about GBP £60,000 supporting some 200 plus rural farmers and traders.
The Trust funds are offered at less than half the interest rates being offered by other lenders and without requiring any security. So far, none of the loans made have failed.
Trust has also supported building of a hostel in a centre for differently abled children in Junagadh which will allow accommodating further 60 children in the centre.
Several grain distribution programs were supported by the Trust both to alleviate the general poverty and the poverty arising from the Covid-19 pandemic.
## **c. Humanitarian & Environmental Activities:**
Various activities undertaken by a number of NGOs were supported.
## **d. Medical**
The Trust has been actively supporting medical services internationally through well-established NGOs. The services included general medical relief both at hospitals and medical camps, cataract operations, rehabilitation of deaf and dumb children and many others.
## **e. Education**
Trust has invested quite substantially in educational activities through verified NGOs to promote the quality of education in rural areas. Emphasis has been placed on female education and empowerment.
## **f. Animal Welfare:**
Trust has been actively supporting animal welfare. Support ranges from support of stopping cruel sporting activities, transportation f live animals, veterinary care etc.
## **f. General**
Trust has been making token contributions to a whole varied of general charitable activities.
Page 1
THE MAHAVIR TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2022
## **OBJECTIVES AND ACTIVITIES**
## **Public benefit**
In reviewing our aims, objectives and planning future activities, the Trustees have taken into account the Charity Commission's general guidance on public benefit. The Trustees always ensure that the activities undertaken are in line with the charitable objectives and aims of the Charity.
The Trustees make donations to societies or organisations only after they have vetted the policies of the recipient bodies to ensure that
- No discrimination of any kind is exercised in the services/benefits provided by those organisations.
- Services provided by this organisation justify the expenditure and do benefit the local community.
The donations made by the Trustees are generally for the support of practice and teaching of Jain philosophy, provision of medical and educational services to the poor and needy and emergency relief in the areas where disasters have occurred. The Trustees are satisfied that the benefits are delivered as per their expectations.
## **Volunteers**
The Trustees continue to provide all services Trust voluntarily and no remuneration is paid by the Trust to anyone.
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
The Trust income decreased nearly by 38.58 % over the previous year's income to £137,652. The expenditure increased by almost 20% from that of previous year to £191,501 giving rise to a deficit in current year's balance sheet. Trustees have accumulated funds for Jain Infrastructure capital projects likely to come on stream in next two or three years which will be carried forward.
Details given provide a brief over view of the wide range of activities supported by the Trust. Trustees spend considerable time to oversee the activities where substantial donations are made. They also take part in planning and organising some of these activities.
The Trustees do request and receive reports on the activities of the other charities supported by the Trust.
|**Analysis of Charitable Expenditure:**|£|
|---|---|
|Animal welfare|8,305|
|General|1,025|
|Deaf and dumb support|3,961|
|Rural entrepreneurs|6,986|
|Disabled children|732|
|Education|14,423|
|Grain distribution|4,349|
|Infrastructure development|97,767|
|Medical services|2,191|
|Place of worship|7,785|
|Poverty relief|5,000|
|Promotion of Jain & spiritual activity|29,947|
|Humanitarian|7,797|
|Physical welfare|251|
|**TOTAL**|190,519|
## **FINANCIAL REVIEW**
## **Financial Review**
The Trust's total income for the year comprising of donations, tax credits and bank interest, amounted to £137,652 (2020-21: £190,757) and the total expenditure amounted to £191,501 (2020-21:£153,032).
Trust does not have any kind of investment policy nor does it have any investments. Trust continues to hold its cash in reliable bank accounts.
## **Reserves policy**
Trustees incur financial commitments only when the funds are available. There is no particular policy to hold reserve funds.
.
Page 2
REPORT OF THE TRUSTEES
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MAHAVIR TRUST
## **Independent examiner's report to the trustees of The Mahavir Trust**
I report to the charity trustees on my examination of the accounts of The Mahavir Trust (the Trust) for the year ended 5th April 2022.
## **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**
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:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. 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.
Manesh Shah PSJ Alexander & Co Chartered Accountants
1 Doughty Street London WC1N 2PH Date: .............................................
Page 4
THE MAHAVIR TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5TH APRIL 2022
|**INCOME AND ENDOWMENTS FROM**
Notes
Donations and legacies
Investment income
2
**Total**
**EXPENDITURE ON**
Raising funds
3
**Charitable activities**
Promoting Jain religion
Poverty relief
Advancement of education
Animal Welfare
Child Welfare
Community Service
Environmental Protection
Medical Services
General Charity
Infrastructure Development
Rehabilitation of Disabled children
Humanitarian
Grain Distribution
Care for the elderly
Destitute Women
Deaf and Dumb support
Place of worship
Physical welfare
Rural entrepreneurs
**Total**
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|**2022**
**Unrestricted**
**fund**
**£**
2021
Total
funds
£
**137,162**
190,045
**490**
712|
|---|---|
||**137,652**
190,757|
||**-**
251
**29,947**
2,457
**5,000**
57,541
**14,423**
10,000
**8,306**
6,683
**-**
100
**-**
6,625
**-**
65
**2,191**
4,342
**2,006**
-
**97,767**
31,988
**732**
20,701
**7,797**
-
**4,349**
3,045
**-**
1,700
**-**
275
**3,961**
4,001
**7,785**
3,258
**251**
-
**6,986**
-|
||**191,501**
153,032|
||**(53,849 )**
37,725
**258,633**
220,908|
||**204,784**
258,633|
The notes form part of these financial statements
Page 5
BALANCE SHEET
5TH APRJL 2022
2021
202L
CiryIREyf ASSETS
204784
25&633
NET CURRENT ASSETS
258.653
TOTALAsSETSLESSCUNTLIABIL[TIES
258.633
NET ASSETS
n4
258,633
FUNDS
UJwcs¢rith¢J fiuth
21M.784
258,633
TOTAL FUNDS
258.633
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THE MAHAVIR TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2022
## **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)',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.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **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.
## **Foreign currencies**
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
## **Going concern**
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
## **2. INVESTMENT INCOME**
|**INVESTMENT INCOME**|||
|---|---|---|
||**2022**|2021|
||**£**|£|
|Deposit account interest|**490**|712|
continued...
Page 7
THE MAHAVIR TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2022
## **3. RAISING FUNDS**
## **Raising donations and legacies**
|**Raising donations and legacies**||||
|---|---|---|---|
||**2022**||2021|
||**£**||£|
|Support costs||**-**|251|
## **4. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 5th April 2022 nor for the year ended 5th April 2021.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 5th April 2022 nor for the year ended 5th April 2021.
## **5. MOVEMENT IN FUNDS**
|**Unrestricted funds**
General fund
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
**Unrestricted funds**
General fund
**TOTAL FUNDS**
**Comparatives for movement in funds**
**Unrestricted funds**
General fund
**TOTAL FUNDS**|
At 6/4/21
£
**258,633**
**258,633**
Incoming
resources
£
**137,652**
**137,652**
At 6/4/20
£
220,908
220,908|Net
movement
At
in funds
5/4/22
£
£
**(53,849 )**
**204,784**
**(53,849 )**
**204,784**
Resources
Movement
expended
in funds
£
£
**(191,501 )**
**(53,849 )**
**(191,501 )**
**(53,849 )**
Net
movement
At
in funds
5/4/21
£
£
37,725
258,633
37,725
258,633|At
5/4/22
£
**204,784**|
|---|---|---|---|
||||**204,784**|
||||**(53,849 )**|
||||At
5/4/21
£
258,633|
||||258,633|
continued...
Page 8
THE MAHAVIR TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2022
## **5. MOVEMENT IN FUNDS - continued**
Comparative net movement in funds, included in the above are as follows:
||Incoming|Resources|Movement|
|---|---|---|---|
||resources|expended|in funds|
||£|£|£|
|**Unrestricted funds**||||
|General fund|190,757|(153,032 )|37,725|
|**TOTAL FUNDS**|190,757|(153,032 )|37,725|
The Charity's Independent Examiner did not charge for their services during the current year. The estimated value of these services is £850 (2020: £850).
## **6. RELATED PARTY DISCLOSURES**
- Mr J. S. Mehta, Mr K. P. Mehta and Mr N. H. Mehta are Trustees of this Charity.
- (i) The Charity donated £4,003 (2020: £356) to Shree Raj Saubhag Satsang Mandal UK where Mr J. S. Mehta is a Trustee.
- (ii) The Charity received a donation of £30,000 from Paraspar Limited, where Mr. P.S. Mehta and Mr. K. P. Mehta are directors.
- (iii) The Charity received donations totalling £107,845 from Arihant Trust and Sidharth Trust. Mr. J S Mehta is a beneficiary in both the trusts.
Page 9
THE MAHAVIR TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5TH APRIL 2022
||2022|2021|
|---|---|---|
||£|£|
|**INCOME AND ENDOWMENTS**|||
|**Donations and legacies**|||
|Donations|**137,162**|190,045|
|**Investment income**|||
|Deposit account interest|**490**|712|
|**Total incoming resources**|**137,652**|190,757|
|**EXPENDITURE**|||
|**Charitable activities**|||
|Grants to institutions|**190,519**|153,096|
|**Support costs**|||
|**Other 3**|||
|Sundries|**-**|251|
|**Governance costs**|||
|Exchange gains/losses|**982**|(315)|
|Total resources expended|**191,501**|153,032|
|**Net (expenditure)/income**|**(53,849 )**|37,725|
This page does not form part of the statutory financial statements
Page 10