SHRI VENKATESWARA BALAII TEMPLE OF THE UNITED KINGDOM USTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 REGISTE ED CHARITY UMBER 326712
SHRI VENKATESWARA BALAJI TEMPLE OF THE UNITED KINGDOM TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 CONTENTS PAGE LEGAL AND ADMINISTRATIVE INFORMATION REPORT OF THE TRUSTEES 2-10 INDEPENDENT AUDITOR'S REPORT STATEMENT OF FINANCIAL ACTIVITIES 14 BALANCE SHEET 15 STATEMENT OF CASHFLOWS 16 NOTES TO THE FINANCIAL STATEMENTS 17-30
SHRI VENKATESWARA BAWI TEMPLE OF THE UNITED KINGDOM LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31ST MARCH 2 24 REGISTERED CHARITY NUMBER 326712 PRINCIPAL ADDRESS 101 Dudley Road East Oldbury West Midlands B69 3DU TRUSTEES Dr S Kanagaratnam Mr K Ramachandra Aithal Dr R Rao Amirchetty Mrs P Ramaiah Dr M O Ramakrishna Gupta ACCOUNTANT Mlss T Gunaratnam FCCA AUDrroR J W Hlnks LLP Chartered Accountants and Statutory Audltors 19 Hlghfield Road Edgbaston Blrmingham B1538H BANKERS Bank of Baroda (UK) Limlted 173- 175 Soho Road Handsworth Blrmlngham B219SU National Westminster Bank plc 2 Hagley Road H81esowen West Midland8 863 4RQ Bank of IrKlia 182 Soho Road Handsworth Birmingham B219LP State Bank of Indla (UK) Llmlt8d 118 Soho Road Bimiingham B219DP Punjab National Bank {Internatbonal) Limited 290 Soho Road Blrmingham B219LZ Page 1
SHRI VENKATESWARA BAWI TEMPLE OF THE UNITED KINGDOM REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024 Thé Trustees present their report with the financial ststements of the Charity for the year ended 315t March 2024. The Trustees have adopted the provisions of Accounting ar 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 1021 (effective 1 st January 2019). OBJECTIVES AND ACTIVITIES Purpose and aims Shri Venkateswara (Balaji) Temple of the United Kingdom's principal aims and objectives are to promote the advancement of the Hindu religion by the establishment and maintenancé of a templè for Ihe purpose of public worship and the celebration of Hindu rites. ceremonies 8nd festivals and also to promote the advancement of education in Hindu r81igion, traditions, history, language, literature and music. The policies adopted in furtherance of the princlpal aims and objectives of the Charfty are also to provide a meeting place for Hindu5 of all fonns and beliefs and othor adherents of Hindu15m and to promole interfaith activiiles belween different communlties and faiths. Ensuring ourwork dgllvors our aim8 We review our aims, objectlves and activitles 8ach year. Thls review looks at what we achieved and the outcomes of our work In the previous 12 months. The review looks at the success of each key activity and the benefits they hava brought to those group5 of people we ar8 set up to halp. The review also helps us to ensure that our alms, objectives and activities remain focused on our stated purpos88. W8 have refeed to the guidance contained in the Charfty Commission's general guidance on publrc benefit when reviewing our aims and objectives and in planning our future aclivities. In particular, the Trustees consider how plann8d activities will contribute to the aims and objectives thay have set. The focu8 of our work The focus of Shrt Venkateswara IBalali} Temple of the United Kingdom continues to be the 'Purposes and Aim5, of our Trust as stated above. VOLUNTEERS Volunteers fomi a crucial resource In the Chariws work and engage in most of the Charity's religiou5 and community acuvities. The concept of service to others in need without expecting any reward, named 'SEVA', is an important part of the elhos of the Charity. For the volunteers, il is an enjoyable, spiritually fulfilling, and character-building experience. All volunteers receive induction after registration, tralning in Health and Safety matters and their area of work In order to perfomi their duties effectively and efficiently. Thelr service to the charity, the devotees, and the communlty is immense, and the Trustees acknowledge their contribution with gratitude. Dls ute wlth Tlvldale Tlru athl Bala ITem Further to signing of the 'Deed of Settlement Agre8ment' by both parties, the Llquidators and the SVBT tnjstees, the agreed sum of £1.177,945.26 was paid to ihe liquidators on 13 July 2023 in exchange for the Five Titles of temple land. The registration of the said five Titles of land in the names ofthe SVBTtrustees wa5 completed on 14 August 2023. Page 2
SHRI VENKATESWARA BAWI TEMPLE OF THE UNITED KINGDOM REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 ST MARCH 2024 STRATEGIC REPORT- ACHIEVEMENT AND PERFORMANCE Charitable aCtItIeS How our actlvlties achlevo ubllc benefit In setting our objectives and planning our activities, the Trusteas have given careful consideration to the Charity Commission's general guidance on public benefi( including the guidance on public benefit and fee charging. The Charity carries out a wide range of activities in pursuance of its charitable aims. The Trustees consider that these activitles, summarised below, provide benefft both to those who worship at the Charity'5 temple and the wider community. During the year tha Charity provided the following 58rvic8s in advancement of its charitsble activiiies. Tem ctivlties To our delight, th8 trend of the Increasing numtser of devotees and visltors to the temple is continuing. The staff, the priests, and the volunteers have been worf(ing tirelessly during the year to combat the Increasing workload. The resources and facilities needed to adequately seNe the devotees have been regularly reviewed and provided to the satisfaclion of all concerned. Our programme to improve and expand our facilities and infrastructure is continuing. We are pleased that we have managed to serwe our devotees and visitors well during the year. Employees The Temple engaged, in total, 318mployeés'. 8 office Staff (3 full-time and 5 part-tlme) 10 prlests seNlclng the shrines 2 madapalli prSests who are responsible for cooking prasadam food I garland maker 3 groundsmenlmaintenance men 5 cleaners 2 stone masons Volunteer commltees The voluntaors organi$e thelr $8rvices to the t8mple in a safe, effective, and efficient Way by coordinating their work under the headings of funclional committees as follows.. o Religious o Prasadam o Devotee Flow Management o Volunteer Welfare o Leaming and Arts o Youth Engagement o Communication and Development o Cultural and Social o Community Servlce o Processions o Festival car parking and Environment Page 3
SHRI VENKATESWARA BALAJI TEMPLE OFTHE UNITED KINGDOM REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024 STRATEGIC REPORT- ACHIEVEMENT AND PERFORMANCE (CONTINUED) Tem le a¢tlvities continued As the number of devotees and visitors served by these volunteers has increased substantially, the Committee leads have been overhauled to reflect and manage the increasing workload. An additional lead has been appointed to each committee, so every committee had leads to manage the services provided. The roles of each of the committee havé also been revisited during the overhaul. Communlty centrn In addition to serving the needs of the routlne temple acllvities induding the Balaji annual youth camp, the Hall was booked for 41 dedicated events such as weddlngs, privat6 parties, and other festive actlvities during the year. The hall was also given to the Sandwell Council to be used as a polling statlon on 4th May 2023. Vlsltlng School chlldrnn 80 groups of school childr8n were glven a guided tour of the temple last year as part of their RE curriculum to leam our faith. They were all prbOoked tours. The demand Ss so hlgh that we could not receive more groups withln our available facllily. Slgniflcant actlvltlos In addition to the normal religious and cultural activitles as pér the Hindu ca18ndar, other noteworthy events held at the temple during the year included th8 following. rf122nd 2023- Health & Wellbein da A Health & Wellbeing day was organised partnerirvJ wlth doctors from Sandwell General Ho8thl 8rKI the Public Health tsam at Sandwell Council. It was a successful event 8ttend8d by many from the community. h nd7thofM - Weekend C I bra Tha event featured the following highlights.. o A folk musical event organised by the Royal Birmingham Conservatoire, a fusion of Engllsh and Welsh folk music with Indlan classical Camatlc music on Saturday o A group Bharatanatyam perfomance on Sunday followed by a festive Fete on Balaji ground attended by many families and children including local VIPS o To ensure a legacy of the ceremony at the temple, 7 mature Engllsh trees were planted as Trees of Hope, in Balaji grounds by dignitaries atterKling the event. nofth8Co atlon Ce mo of The Ch rf 111 une 23rd 24th and 25th - Shiva Kumb bishekam Punar Avardhana Shiva Kumbabishekam was celebrated on a grand scale over 3 days with Pranaprathlstapana of Shlva-Parwati Prathosa arbd Kalyana Moorthys. Ju 9 2023- Bala i Wid ala a Annual Celebralion The annual event was celebrated in the comrnunty hall with various cultural programm8 by the Balaji school children attended by their parents and the volunteer teachers. 82 ¢hildr8n were enrolled in the school during this period. Jul 29th to ust 5th 2023 - Bala isu mer Youth C An annual event, a residential Youth camp for one w8ek attended by 116 children from the age of 8 years to 16 y8ars+. 24Au 028Au ust 2023- Brahm tsavam Brahmotsavam was celebrated over five day5 in a grand scale, as usual, to the delight of thousands of attendees who actively participated ID the pageantry with devotion. Page 4
SHRI VENKATESWARA BAWI TEMPLE OF THE UNITED KINGDOM REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024 STRATEGIC REPORT- ACHIEVEMENT AND PERFORMANCE {CONTINUEDI Tem le activities continued Significant activities {continued) 24Se lember 2023- AGM of he Trust SVBT The AGM was well attended and quorate. 25 Novemb r 2023 - In erfailh even An interfaith event was hosted by the temple in the community hall. Attended by different falth leader5 in the community including the Sandwell Faith ci>ordinator. Poverty in the community was the main theme dlscussed sharing infomiation about helping the vulnerable through food banks and distribution of fcKKI par18. Balaji temple started 'Nourishing the Nelghbourhood, project by which hot packed meals were seNed to the homeless and vulnerable in Sandwell by volunteer5 since September 2023. cember 202 Annual Volunteers Da An annual event of dinn8r and calebrations in the community hall for the families of all the voluntsers. 2 March 2 4 - A mini-l terfaith conference A dolegation of Intemalional Interfaith Activists visited the Balaji Tample for a mlnl-interfaith conference. The participants included the visitors, guests, memb8rs of the public, and young adults from Balaji temp18. The newcomer8 had an opportunity to galn an insight Into the wortd of intarfalth dialogue and action. M h2024- li C lebra This event, often referred to as 'Festival of Colours, was celebrated with a cultural programme in the community hall followed by splashing of colours by hundreds of children. The celebration concluded with a bonfire and flWOrkS. 16 Mar h2024-Th ara a Aradhana The musical event was an annual event honouring the 8ainVpoet Thyagaraja from 9.00 am to 8.00 pm in the Community Hall to the delight of the particlpants enjoying the excellent performance by the tslenled musician$. Malntenanco work8 and new projects air an maintenanc Most of the infrastructure maintenance works that need regular serfce have been carried out. Where repair or repla¢ernent is warranted it has been completed. Some of the installations are out of date, beyond repair or inadequate for the temple's needs today. Such installations are replaced or updated to ensure that they function satisfactorily. The following works were carried out during the year 2023.. Outslde nlchgs The works to rèplace the wooden panels covering the outslde niches with granite panels engraved with Avatars of Lord Vlshnu started with the first Avatar, Matsyd Avatsr. There are 25 such niches to be completed by the year end of 2024. Charfot House The granite embellishment works to the chariot house were completed in time for the Chariot festival in August 2023. The four tall columns had cladding with granite pane15 engraved with floral designs. Two hand carved elephants in granite stone were erected on the 50Uth wall of the chariot house to beautify its appearance from the south side. Page 5
SHRI VENKATESWARA BA1 TEMPLE OF THE UNITED KINGDOM REPORT OF THE TRUSTEES FOR THE YEAR ENDED 1ST MARCH 2024 STRATEGIC REPORT- ACHIEVEMENT AND PERFORMANCE (CONTINUED) Tem le activities ¢ontinued Faclllty centre - New bullding to house the Dosa stall and the shop The contract wa5 offered to Privilege Constnjction Ltd, work started in October 2023 and was completed in in March 2023. The licence was offered to new licensees after a competitive tendering proGess. The facilities are now up and running. Heating and Ventilatlon of the main temple The plant room housing the heating and ventilation system for the main temple had not been maintained since its installation. The entire ducting was cleaned, filters changed, fan repaired, pump replaced, and the obsolete contro118rs were replaced with a new panel and controllers. Water issues to the temple was also rectified by replacing the pumps and re-using Ihe water tanks. The systems are up to date and annual maintenance has been put in pla. The air-conditioning system will be upgraded as a follow on project. Refurbishmont of the Vedlc room, adjoining corrldor, and tha maln tollets The work was overdua and was completed in August 2023. Annadhanam hall Contract was offered to A&H Constructlon Ltd after a competitive tendering process. The building works did not start in 2023 88 planned as there was a delay in the procurlng process by the Contractors. The constructlon works are now In progress. Balu8trad• around Dwalasthambam and Ball Paedam Balustrade5 ware installed around the Dwgiasthambam and the 8ali Peedam to protect these sacred structures. Two semi41etached hou80s in BalaJi Avenue Planning permlssion has been sought from the Sandw811 council io bulld s8mi-detached houses in Balaji Avenue next to No.15. New solf.servlng klosk for Archana and Laddu Ilcket8 A new self-serving kiosk for Archana and Laddu tickets was installed In the upstalrs foyer to ease the workload for the office during peak hours and festival days. Tanjore palntlng of Srl Rama Pattabhlshekam and story of Lord Rama A Tanjore painting of Sri Rama Pattabhishekarn and story of Lord Rama was ceremoniously instal In the niche on the wall n8Xt to the Hanuman shrine on the auspiciou5 day of 22 January 2024 to Celebrate and coincide with the consacration ceremony of Sri Ram Mandir in Ayodhya. Th8 paintlng was a resource to children to leam the story of Raffla. STrATEGIC REPORT - FINANCIAL REVIEW Flnanclal ravlow The Statement of Financial Activities for the year ended 31 st March 2024 shows incoming resources totslling £3,677,320 {2023'. £3,068,939) and résources expended totalling £1,670,83512023'. £1,484,096>, generating net income totslling £2,014,485 {2023 £1,584,843) after the recognitlon of unrealised investment galns of £8,000 (2023.. £nil). As a result, the Charity's net assets have increased from £20,342,043 as at 31 st March 2023 to £22,356.528 as at 31 st March 2024. The Trustees consider Ihat the financial perfrnanCe of the Charity for the year is Satisfactory. Page 6
SHRI VENKATESWARA BALAJI TEMPLE OF THE UNITED KINGDOM REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024 STRATEGIC REPORT- FINANCIAL REVIEW (CONTINUED) Principal fundlng sources The principal funding of the Charity Is derived from donations received from users of the Charity, temple and its faalities. Reserves policy Shri Venkateswara (Balajil Temple of the United Kingdom recognises the importance of having reserves. These furKls are freely available to spend on any of the Charity's purposes and hence exclude restricted funds. They will be used to mitigate significant falls in income or to take advantag8 of new opportunities. Shri Venkateswara18alajil Temple of the United Kingdom faces a number of risks that may resuli In the need to use the Charity's reserves. Some of these include the following. A reductlon in donations from the congregationlmembers of the publlc. Unexpected refurbishment costs in relation to the Charity's premises. Extemal factors impacting th8 Charity such as National Living Wage Increases or Increasing utllity bills. Reserve$ arè represented by the fund balances as disclosed in thè balance sheet on page 15 of the financial ststements. The balance sheet shows unrestricted réserves Ire$eNes that do not cary any restrfctions on how Ihey can be used) of £22,356,528 as at 31 March 2024 (2023.. £20,342,043). In assessing our level of free reserves as at 31 March 2024 we also exclude fixed assets totalling £17,533,938. This leaves free reserves at £4,822,590 as at 31 March 202412023.. £5,120.853). The Trustees have revi8wed the reserves of the Charfty. It Is the policy of the Charity to maintain unrestricted funds, which are the free reserves of the Chaiity, at a level which equates to approxlmately eighteen months unrestricted expendituTr. This should provide sufficient fvnds to cover the Charfty's expenditure in the next Ive months. As at 31 March 2024 th8 Charity's free reserv88 equated to appoximately 35 months unr89trScted expendlture (2023: approximately 41 months). Going concern After making appropdate enquirl8S, the Tnjstees have a reasonable expectation that th8 Charity has adequal8 resources to continue in operatlonal existence for the foreseeable future. For this reason they have continued to adopt the going concem basis concept in prgparing the financial ststements. Prlnclpal risks and uncertalntles The Trustees have responsibility for ensuring that there are effective risk management and systems of Intemal control in place to manaege the Chariiy's major risks and supplxt the achievement of our strategic objectives. The principal risks to the Charity's objectives and how these are managed are set out below. Risk - flnancial erfomiance and sustainablll Risk conceming financial perfomiance and sustainability includes any significant reduction in fundraising due to economic conditions. This risk undermining our ability to meet the needs of our users and to meel our strategic alms. Risk conceming financial perfomance and sustainability is managed by the holding of a significant value of reserve5 and a regular review of Charity reserves. Senior management and the Trustees also regularly review and scrutinise the Charity's short and medum-term fSnanGial position. Page 7
SHRI VENKATESWARA BALAJI TEMPLE OFTHE UNITED KINGDOM REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024 STRATEGIC REPORT - FINANCIAL REVIEW {CONTINUED) Princlpal risks and uncertainties (continued) Risk- safe uarin of vulnerable and oun eo Risk conceming th6 safeguarding of vulnerable and young people is to be managed by trainirKJ for all employees working directly with vulnerable and young people. Rlsk - Infomia ion securl Risk conceming infomiation security includes serious data protsction or securty failure which may result in legal and contractu81 issues, reputational damage and potential fines and loss of Income. Rlsk conceming infomi8tion s8cudty is managed by having a structure in place for Data Protection Acl IDPA) monitoring and compllanc8 any by the routine testing of IT systems to Identify any security w8aknesse8. STrATEGIC REPORT. FUTURE PLANS harilable nco or ledo anisalion The work to register the charfty as a CIO 15 in the hands of the legal team. The draft constltution for the CIO 15 al80 being pr8par8d by them on Ihe instruction of the trustees, STRUCTURE, GOVERNANCE AND MANAGEMEKr Governlng document Shri Venkateswara (Balajl Temple of the Unlted Kingdom 15 an unincorporated organisatlon and wa5 registerad as a charity on 1st Novemb8r 1984. The Chadty is govemed by a constitution adopted on 21 st October 1984 as amended on 1 Oth June 1997, 14th December 1998, 20th November 2015, 20th May 2018, 29th Seplember 2019 and 11th February 2021. Recrultment and appolntment ol new Trustees The Charity ha8 a Board of Trustees consisting of 5 Trustees who are elected by a members, ballot. The Trustees are authorised to c(Fopt new Trustees to fill vacancies arising through the resignation or death of an existing Trustee. Inductlon and tralning of now Trustees New Trustees undergo an orièntation day to brlef them on legal obligations under charity law, the content of the Charity's constitution, th8 committee and decisioTrmaking prots$ses and the recent financlal perfomiance of the Charity. During the Induction day they meet key employees and other Trustees. Trustees are encouraged to attend appropria18 extemal trainlng events ere these wlll facilitste the understandlng of their role. Organlsatlonal structur• Shri Venkateswara {Balajil Temple of the Unlted Kingdom Is organised so that its Board of Trustees meet r8gularfy to manage its affairs and fomiulate policy. The Charity's Trustse5 are responsible for ensuring that the Charity dalivers the 58Nices specified and that key perfOnTran indicators are met. The Trustees also have responsibility for the day to day operational management of the Charity, superyision of the administrative staff team and ensuring that the administrative staff team continue to develop their skllls and working pract¢c85 in line with good practice. Page 8
SHRI VENKATESWARA BALAII TEMPLE OF THE UNITED KINGDOM REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024 Key management remuneration mana ement ersonnel - Trustee All Trustees give their time freely and no Tnjstee reiVed remuneration or beneflts from the Charlly durlng the year. No expenses were claimed by the Trustees from the Charity. In the Trustees, opinion, the key management personnel of the Charity responsible for the direction. control, running and operation of the Charity on 8 day to day basis consists of the Board of Trustees. Rlsk managernent The Trustees have assessed the major risks to which the Charity is exposed, in particular those related lo th8 0ratIOnS and flnances of the Charity, and are satisfied that systems are Sn place to mitlgats exposures to these major risk5. Fundral8lng The main fundraising actlvities of the Charlty during the year conslst of the recaipt of voluntary donations from membars and the recèipt of donations from rellgious functions and gatherfngs. Through the fundraisng efforts of our staff. volunt88rs and supporters w8 are generating the finandal resources to enable us to provido our servlces. We have a wide portfollo of fundraising actlvities to gen8r8le voluntary donations towards the seNlces we provlde. Tha Trustee5 are deeply committed to building relationships and trust with our 5UPPOrters and ar8 committed to the strengthenSng of oversight and assurance concemlng our fundraislng programme5 and In ensuriThJ compliance and best practice in these ar8a$. We are particularty aware of the need to protect vulnerable indlviduals in any fundralsing we und8rtake. We continue to be committed to addressing any expression of dlssatisfactlon on the part of our supporters and to examining ways to improve the levels of our service to them. Page 9
SHRI VENKATESWARA BALAJI TEMPLE O HE UNITED INGDO REPORT OF THE TRUSTEES FOR THE YEAR ENDED 3 ST MARCH 2024 STATEMENT OF TRUSTEES. RESPONSIBILITIES The Truslfjes are Tesponsible for proparing the Trust8es' Annual Report and the finandal statements in aixordance with applieable law and United Kingdom Accounting Standards (United Kingdom Generally Aepted Accounttng Practice). Tha law applicabl8 to charilias in England and Wales r9quires th8 Trusiees to Prepare ItnanGlal statements ft)r ea(*J financial year whkh ve a true and fair v18w of the 818te irf aff8irs of the Charity and of the Incoming resources and applicalion of resource5 of the Charity for that period. In preparlng ihose financlal statem8nts, the TTust88s are roqulred to: getect suttablé accountlng polici85 and then apply them consistsntw, observe the methods and prfncipl8s In the Charllles SORP 2019 (FRS 102); • make Judgements and astirnates that are reasona16 and prudent., . stat8 wholher appllcable accwntlng slandards have been fauowed, 8ubl8Ct to any materfal departures dlsclosad and expla1n Sn the flnondal stat8ments; • prepare th8 finan¢lel slal8m8nts on the golng Goncem b8sis unle8$ It 18 inappoprlale to presume that th8 Charity wlll conUnue In operatlon. STATEMEKf OF TRUSTEES. RESPONSIBILITIES (CONTINUED) The Truste8s are responslble for kè8plng proper accounting records that di¥¢tOg9 wllh r8ason8ble accuracy at any time the financial Posltlon of the Chaflty and enable them lo ensure thal the flnancial statomgnts cM)ply with th8 Charities Act 2011 ond the provlslon8 of the trust deed. They are also resprsIble for 8afeguardlng the assets of the Charlty and hence for taklng reBson8ble st8P8 for Ihe prevenuon and detedon of fraud and other Irr8gularflles. APPROVAL Approved by order of the B08rd of Trustèès on 21 August 2024 and signed on hs behalf by.. Dr S Kanagaratnam Trustoe - Chalrman Page 10
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF SHRI VENKATESWARA BAWI TEMPLE OF THE UNITED KINGDOM We have auditad the financial statements of Shri Venkateswara {Balaji) T6mple of the United Kingdom (Ihe Charitty) for the year ended 31st March 2024 which are comprised of the Statement of Financial Activities, the Balance Sheet and notes to the financial statèments, including a summary of significant accounting policies. The fin8ncial reporting framework that has been applied in their preparation is applicable law and United Kingsom Accounting Standards. including Financial Reporting Standard 102 "The Financial Reporting Stsndard applicable in thè UK and the Republic of IrelarKJ" {United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a tnje and fair view of the state of the Charity's affairs as at 31 st Mah 2024 and of its incoming resources and application of resources for th6 year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared Sn accordanc8 with the requir8ments of th8 Charities Act 2011. Basis for oplnlon We conducted our audit in accordance w6th Intemational Standards an Aud5tSng (UK) {ISAs (UK)) and appliGable law. Our responsibilities under those slandard8 are further described In the Auditor's responsibllltes for the audit of the financial statements se¢llon of our report. W8 are independent of the Charity in accordance wlth the ethical requirements that are relevant to our audit of the financial ststements the UK, includlng tha FRC'5 Ethical Standard, and we have fuffilled our other ethical responsibilities in accordance with these requlrements. We believe that tha audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to going concern In auditing the financial statements we have condudad that the Trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomed we hav8 not identified any material uncertainties relating to events or conditions that, individually or collectively, may casl significant doubt on the chaty'S abllity to continue as a going concem for a perfod of at least Iwelve months from when th8 financial statements are authorised for issue. Our responsibllities and the responsibilities of the Trustees with respect to going concern aro described in the relevant sections of this report. Oth•r informatlon The other information comprises the infomjation included in the Report of the Trustees other than the tlnancial statements and our auditorfs report thereon. The Trustees are responsible for the other information ¢onlained In the Report of the Truste8s. Our oplnion on the finan¢ial statements does not cover the other Infonnation and, except to the 8Xt8nt otherwlse 8xpllcitly Stated In our report, we do express any form of assurance conclusion thereon. Our reswnslbility is to read th8 Other infomiatlon and, in dolng so, con$lder whether the Other informatit)n is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If wg identify such material Inconslstencies or apparent materfal misstatements we ar8 requlred to detemlne whethgr this gives ri58 to a material misstatement in the financial ststements themselves. If, based on the work we have perforned, wg conclude that there is material misstatement of this other information we are required to rep(#t that fact. We have nothing to report in Ihis regard. Page11
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF SHRI VENKATESWARA BA1 TEMPLE OF THE UNITED KINGDOM Matters on whlch we are requlred to rnport by exceplion We have nothing to report in respect of the following matters in relalion to which the Charitles (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. • the infomiation given in the financial statements is inconsistent in any material respsct with the Raport of the Trustees" or the Charity has not kept adequate accounting records., or the financial statements are not in agreement with the accounting record5', or we have not received all the information and explanations we requir8 for our audlt. Responslbllities of Trustees As explained more fully in the Trustees, responsibilities statement set out on page 10, the Trustees are responsible for the pr8paration of the financial 5tat8ments which give a true and fair view and for such int8mal control as the Trustees determine is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financlal statements, the Trustees are responsible for assessing th8 Charity's ability to continue as a going concem disclosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the Trustees either intend to liquidate the Charlty or to cease operations, or have no realistic alternative but to do so. Audltoes responslbllitles for the audit of tho flnanclal slatements W8 have been appointed as auditor under Section 144 of the Charlties Act 2011 and report In accordance wth regulations made und8r section 154 of that Act. Our objèctives are to obtaln reasonabl8 a8suran¢e about whethèr the financial statements as a whole are fe from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is 8 high level of assurance but Is not a guarante8 that an audit conducted in accorance with ISAS (UK) will a5ways detect a material misstalement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. lffegularities, includlng fraud, are Instances of noTrcompliance with laws and regualtions. We design procadures in line with our responsibilities, outlined above, to detect material misststements in respecl of irregularities, includlng fraud. The ext8nt to which our procedures are capable of detecling Irre9ulgrities, Including fraud,15 detsiled below. • 8nqulring with management and others to gain an understsndlng of the organlsation its8W including operations, financlal reporting and known fraud or error., evaluatlng and understandSng the Internal control syst8m'. perfomiing analytical procedures as expected or unexpected variances in account balances or class88 of transactions appear, testing documentation supporting account balances or classes of transactions., and confirming accounts receivable and other accounts with a third party. A5 part of an audlt in accordance with ISAS {UK), we exercise professional judgement and maintain professional scepticism throughout the audlt. We also.. Identify and assess the risks of material misststement of th8 financial statemènts, whether due to Iraud or error, design and perform audit procedures responsive to those risks, and obtsin audit evidence that is SLrfficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud 15 higher Ihan for one resu5ting from error as fraud may involve colluslon, forgery, intentional omlssions, misrepre58ntstions or the ovenide of intemal ¢trOl. Page 12
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF SHRI VENKATESWARA TEMPLE OF THE UNITED KINGDOM Auditorfs responslbilitles for the audlt of the financial statements {continuod) Obtain an und8rstsndlng of intemal control relevant to the audit in order to design audit procedures that aré appropriate in the C1uMstanCes. but not for the rmjrpose of expressing an opinion on the effectiveness of th8 ChariV5 intemal control. Evaluate the appropriat8ness of accountirvJ policles used and the reasonableness of accounting estimates and related disclosures made by the Trustees. Condud8 on the appropriateness of the Trustees, use of the going concern basis of accounting and. based on the audit evidence obtained, whether a materlal uncertainty exists related to events or conditions that may cast slgnrficant doubt on the Charity's ability to continue as a going concem. If we conclude that a material urbcertainty exists, we are are required to draw attention in our audltols report to the related disclosures in the financial statements or, rf such disclosures are inadequate, to mcKlify our opinlon. Our conclusions are based on the audit evidence obtalned up lo the date of our auditorfs report. However, future events or condillons may cause the Charity to cease to continue as a goirvJ concern. Evaluate the overall presentation, stnjcture and content of the financial statements. including the disclosures, and whether th& flnanclal stataments represent the underlying transactions and ev8nts in a manner that achieves fair presentation lie gives a true and fair view). We communicale with those charged with governanc8 regardlng. among othor matters. the planned scope and timing of the audit and significant audit findings, including any signlficant deficlencies in Internal control that w8 identify during our audit. Use of our rnport This report is made solgly to the Charfty's Trnstees, as a body, in accordance with Part 4 of the Charities {Accounts and R8POrtsl Regulations 2008. Our audit work has been undertaken so that we mlght state to the Charitls Tnjslees th088 matters we ar8 required to stale to them in an aUdit0S report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsSblllly to anyone oth8r than the Charity and the Charity's Trustses 8s a body for our audit work, for this report, or the opinions w8 have formgd. Fbnks LLP J W Hlnks LLP Chartered Accountants and Statutory Audltors 19 Hlghfleld Road Edgbaston Blrmlngham B153BH Date:21 August 2024 JW Hlnks LLP is ellglble to act as an auditor In t•mi8 of section 1212 of the Companios Act 2006 Page 13
SHRI VENKATESWARA BALAJI TEMPLE OF THE UNITED KINGDOM TATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2024 2024 Total funds 2023 Total funds Unrestrlcted Restrlctsd funds funds INCOME AND ENDOWMENTS FROM Donations and legacies 2,829,890 5,000 2,834,890 2.434,192 Other trading and contributing activities 634,500 634,500 497,496 Investment Income 207,930 207.930 137,251 T¢)tsl In¢omo 3,671320 5.000 3,677.320 3,068.939 EXPENDITURE ON Charltable actlvllles Charftable expenditure 1,665,835 5,000 1,670,835 1,484.096 Totsl expendfturo 1,665,835 5,000 1,670,835 1,484,096 Net g8ins1{los$es) on investments 8,000 8,000 NET INCOME 2.014,485 2,014.485 1.584.843 Transfer belween funds 2,014,485 2,014,485 1,584,843 RECONCIUATION OF FUNDS Total funds brought forward 20,342,043 20,342,043 18.757,200 TOTAL FUNDS CARRIED FORWARD 22,356,528 22.356,528 20,342,043 CONTINUING OPERATIONS All income and expenditure has arisen from wntinuing actlvitles. Page 14
SHRI VENKATESWARA BAWI TEMPLE OF THE UNITED KINGDOM BALANCE SHEET AS AT 31ST MAR H 2024 2023 Notés FIXED ASSETS Tanglble Assets 12 17,261,938 15221.190 Invostments Investment propety 13 272.000 fj733,938 15.221,190 CURRENT ASSETS Debtofy: Amounts falllng due within one ygar Debtors: amounts fallirg due aftor one year Cash at bank 14 14 144892 4.723,522 4,888,414 5,105,896 5.178,776 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 15 145,824) 157,923) NET CURRENT ASSETS 4.822.590 5,120.853 TOTAL ASSEfs LESS CURRENT LIABILlEs 22 356 528 20,342,043 FUNDS UnTaslrlcled fvnds R88tr1cted funds 17 17 22,356,528 20,342,043 22,356,528 20,342,043 These financlal statemen15 were approved by the Joard of Trustees on 21 Augu812024 8rKI were slgned n Ils behalf by.. Dr S KaTragaratnam Tru$te•. Chalrman Page 15
SHRI VENKATESWARA BAWI TEMPLE OF THE UNITED KINGDOM STATEMENT OF CASH FLOWS ASAT31 T MARCH 2024 2024 2023 Notes CASHFLOWS FROM OPERATING ACTIVITIES Cash generatsd from operations 21 1,922,752 1,589,302 INVESTING ACTIVITIES Purchase of tangible fixed assets Purchase of investment property Disposal of tangible fixéd as88tg Investment income received {2.249,056) (264.0001 11,494,764) 207,930 137,251 NET CASH (USED IN) INVESTING ACTIVITIES (2,305,126) (1.357,513) NET CASH USED IN FINANCING ACTIVITIES CHANGE IN CASH AND CASH EQUIVALENTS (382,3741 231,789 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 5 105,896 4.874,107 CASH AND CASH EQUIVALENTS AT END OF YEAR 4 723,522 5.105,896 Page 16
SHRI VENKATESWARA BAWI TEMPLE OF THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 TE". 1 ACCOUNTING POLICIES Charity Informatlon Shri Venkateswara (Balajil Temple of Ihe United Kingdom is an Uninc0rated Charity registed in England and Wal8s. The Charity's registered office is 101 Dudley Road East, Oldbury. Wesl Midlands, B69 3DU. Basls of Preparation of Financlal Statomonts The financial slal8ments of the Charity. whlch is a public benefft entiity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 1021 "Accounting and Reporting by Charities: Statement of Recommended Practice applicabl8 to charitie5 preparing their accounts in accordance th the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102} (effective 1 st January 2019)" Flnancial Reporting Standard 102 'The Financial ReportirwJ Standard applicable in the UK and Republic of Ireland" and the Charities Act 2011. The financial statements have been prepared on a going concem basis under the historical cost convention. The financial Statements have been prepared on a going Goncem basis under the historical cost convention and are prepared in sterfing which is the function81 currenGy of th8 Charity. Monetary amounts in these financial statements are rounded to the nearest £1. Golng Concorn The financial stalemenls have been prepared on a going concern basis as the trustees bell8ve that no material uncertainties 8XiSt. The truste8s have considered the lev81 of funds held and the expected level of income and expendilure for 12 months from authorising these financlal statements. The expected level income and expenditure is Sufflcient wlth the level of reserves for the charity lo be able to continue a5 a going concern. Incomlng Resourc•8 All incoming resources are included in the Statement of Financlal Actlviti88 when the Charity is legally entitled to the Incom6 after any perfomiance conditions have been met, the amount can be measured reliably and it 18 probable that the income wlll be received. For donations to be recogns18d the Charily will have been notified of the amounts and the settlement date In wrftlng. If there are condillons attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those ¢ondllion5 are fully rnet or the fulfilment of those conditions Is within the control of the Charity and it is probable that they wlll be fulfilled. For legacies, entitlement is the earller of the Chadty being notified of an irnpending distribution or the legacy being received. At this point income is recoanised. On occasion. legacies will be notified to the Charity. However, it is not possible to measure the amount expected lo b8 distributed. On these occasions, the legacy is treated as a contingent asset and disclosed. The Charity receives grants from thlrd parties in respeci of its activities. Income from govemment and other grants is recognised at fair value when the Charity has enlitlement after any perfomiance conditions have been met, it is probable that the income will be received and the amount can be maasured reliably. If entitlement is not met then these amounts are deferred. Income from trading activlties indudes income eaméd from activities to raise funds for the Charity. Income Is re1Ve in exchange for supplying goods and services in order lo raise fund5 and is recognised when entitlement has occurred. Page 17
SHRI VENKATESWARA TEMPLE OFTHE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 CONTINUED NOTE: 1 ACCOUNTING POLICIES CONTINUED Incoming Resources (continued) Investment income is earned through holding assets such as bank deposit accounts and includes income such as interest. It Is included when the amount can be measured reliably. Interest income is recognised using the effectlve interest method and any other investment income is recognised when the Charity's right to receive payment is established. Resources Expended All expenditure is accounted for on an accruals basis and has b88n classified under headings that aggregate all costs to the category. Expenditure is recognised where there is a legal or constructive obligalion to make payments to third parties, it is probable that the settlement will be required and th8 amount of the obllgatlon can be measured reliably. It is categorised under the foll¢)wing headings. • Expenditure on charltable activities. Support costs are those that asslst the work of the Chariiy but do not dlrectly represent charitable actlvitles and include t)ffice costs, goveman¢e costs and other admlnistrative costs. The allocation of 5UPPOrt costs indudes an element of judgement and the Charlty has had lo conslder thg Cost benefit of detailed calculations and record keeping. The allocations shown are therefore the best estlmate of the costs Incurred In providing IT, payroll, flnance and other central s8Nices for the Charfty. Cost allocation has been attiibuted on the basis of estimated time spent on each activity or, rf thls is not appropriate, than on a basis consistent with the use of resources. Tanglble FSxod Assels Tangible fixed assets other then freehold land and gold are stated al cost less depreciation. Depreciation Is provided at rates calculated to write off the cost less estlmated residual value of each asset over Its expected useful life as follows. Freehold buildings Freehold land Fixtures, fittings and offlce equlpment Deitles and omaments Gold 1%oncost Not dapreciated 150/0 straight line basls 20h on cost Not depreciated The gain or loss on the disposal of an asset Is detemln8d as tha difference bee8 thé sale proceeds and tha carrying value of the asset and Is recjniSed in net incomel(expenditure) for the year. Investment Property Investment property is m8asur8d using the falr valu8 model and is stated at its falr value as at the r8porting end date. The surplus or deficit on revaluation is racognlsed in the Ststement of Fin8nclal Activities. Cash and Cash Equlvalents Cash and cash equivalents include cash in hand and deposits held at call with banks. Operallng Leases Rentsls payable under (4)erating leases are charged to the Statement of Financial Activities as incurred over the term of th8 lease. Page 18
SHRI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 CONTINUED NOTE: 1 ACCOUNTING POLICIES CONTINUED Financial Instruments The Charity has elected to apply the provisions of Section 11 "Basic Finandal Instwments" of FRS 102 to all of its financial instnjments. Financial instruments are recognised in the Charity's balance sheet when the Charity become5 party to the contractual provisions of the instrument. Finanual assets and liabilitles are ¢)ffset. with the net amounts presented in the financial statéments, when there is a legally enforceable rtght to set off the recognised amounts and there is an intention to settle on a net basis or to realise Ihe asset and settle the liability simultaneously. Basic Flnancial Instruments Basic financial assets, which Include debtors and cash and bank balances, are Inltially measurad at transaction price including transaction costs and are subsequently carried at amortised cost using the effectlve interest rale method unless the arraroement constitutes a financing transaction where the transaction is measured at the present value of the future rer£ipts discounted at a market rale of interest. Financial assets classified as recelvablé wlthin one year are not amortis&J. Bask Flnanclal Liabllltles Basic financial liabilllies. includlng credllors and oth8r loans. ara Inltially recognlsed at transaction prtce unless th8 arrangement constitutes a financing transaction where the debt instNment is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabllities classified as payabb within on8 year are not amortised. Debt instruments a subsequently carried at amortised cost using the effective Inter8St rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary cour88 of operatlons from suppliers. Amounts payable are classified as current liabilities If payment 18 due within one year or less. If rK)t, they are presented as non-currenl liabilitles. Trade creditors are r8ccgnised initialty at transaGtion price and subsequently at amortised cost using the effective Interest rate method. Employee Ben8fits The costs of short-tem employee benefits are reccgnised as a liability and an expen$e, un1888 th08e costs are required to be recognised as part of th8 Cost of fixed assets. The cost of any unused hollday entitlement is recognised in the period in which the employee's services are recelved. Temiination benefits ar8 recognised immedlately as an expense when th8 Charity is demonstrably committed to terminate the employment of an employee or to provid8 termination b8nefits. Retlrement Beneflts PayTnents lo defined contribution retirement benefit schemes ar8 charged as an expense as they fall due. Differences b&en coniributions payable in the year and contrlbutions actually paid are shown as either accruals or prepayments in the balanc8 Sht. Page 19
SHRI VENKATESWARA BAWI TEMPLE OF THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 CONTINUED NOTE: 1 ACCOUNTING POLICIES copiriNUED Fund Accounting Unrestrlcted general funds are unrestricted funds which are available for use at the discretion of the TNste85 in furtheran of th8 general objectives of the Charity and which have not been designated for other purposes. Restricted funds are funds which are to be used In accordance wllh spedflc restrfctions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restslcted fund is set out in the notes to the financial Statements. NOTE: 2 CRITICAL A COUNTING ESTIMATES AND JUDGEMENTS In the application of the Charity's accounting pollcies, the Trustees are required to maka judgements, estimates and assumptions about the carying amount of assets and liabilities that are not readily apparent from other sources. The esUmates and associated assumptions are based on historical exp8ri8nce and oth8r factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and undertying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised In the period in which the estimate is revlsed where the revision affects only that period or in the period of the revision and future periods where the revlsion affects both current and future periods. The following is a key source of estimation uD¢ertalnty. Expenditure allocations.. expenditure is apportioned where it relates to more than one cost category. NOTE DONATIONS AND LEGACIES 2024 2023 tions and Le General Donation5 Legacies Receivable Covenanted Oonatlons Project Donations Membership - Unres 2,358,471 2,118,215 49.644 415,971 5,804 2,829,890 49,805 258,417 4,214 2,430,651 Gran s Receiva Healthy Living King's Coronatlon ore Ac Reslrfct 3,541 s,000 5,000 2.834.890 2.430,651 Page 20
SHRI VENKATESWARA BALAII TEMPLE OF THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 CONTINUED NOTE 4: OTHER TRADING AND CONTRIBUTING ACTivrriES 2024 2023 Youth Carnp Community Hall & Cultural InGom8 Spcfflsorship Contributi9 {Laddu etc) 26,281 33,355 574.864 634,500 14.215 46,974 436.307 497.496 NOTE 5: INVEST ENT INCOM 2024 2023 Intsrest on Deposit Accounts Rental Income 148,588 59,342 207,930 52,331 84.920 137,251 Pag8 21
SHRI VENKATESWARA BAWI TEMPLE OF THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 CONTINUED NOTE CHARITABLE EXPENOITURE 2024 2023 EXPENDrtURE ON CHARITABLE ACTIVITIES Priests. Salaries,NIC and Pension5 statutory Visa and Pemit Fees Youth Expenses Temple Consumables Special Events Cultural Programme Expanses General Charitable Expenses Depreciation 463.1110 13,818 23,707 329,096 41,383 1,919 406,047 15.795 22,575 280.693 22,056 1,582 166,646 1,039,669 151,983 900,731 SUPPORT COSTS Staff Salaries, NIC and Pensions Printing and Slatlonery Postag8 and Carriagè Telephone and Fax Equipment Malntenance Bank Charges and Inte$t Rates and Water Cleaning and Refuse Coll8Ctlon Llghl and Heat Slte Maintenance. Repairs and Security Insurance Equipment and Marquee Hire Depreciatlon 138,831 5,993 10,674 7,787 9,413 40,957 20,660 31,441 83,209 123,641 16,757 62,253 41.662 593,278 124,510 9,615 9,117 7.345 9.272 36.488 23.132 28,188 68,629 87,378 15,394 66,974 37,995 524,037 GOVERNANCE COSTS Audlt and Accountancy F888 Legal and Professional Fees Consultancy Fees 17.845 20.043 18,250 36,254 4,824 59.328 37,888 1,670,835 1,484,096 Govemance costs includes audst fees totalling £8,000 in respect of the year ended 31 st March 2024 (2023: £8,0(K)). Page 22
SHRI VENKATESWARA BAWI TEMPLE OF THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31ST MARCH 2024 CONTINUED NOTE 7: TRUSTEES. AND KEY MANAGEMENT PERSONNEL REMUNERATION AND EXPENSES None of th6 Trustees {or any persons connectsd with them) received or waived any rémuneration during the year. There were no Trustees, expen pald for the year ended 31st March 2024 nor for the year ended 31 st March 2023. In the opinion of the Trustees the key management personnel responsible for the direction, runnlng and operation of the Charity are the Trustees. NOTE TAFF COSTS 2024 2023 Wages and salaries Social security costs Other nsiOn costs 553.995 38,792 9,144 601,931 486,152 35.663 8,742 530,557 Th8 average monthly number of employees during the year wa8 as follows. Management and administration Charity staff 23 31 22 30 No individual employee received remuneration in excess of £60,000 during the year 8nd8d 31st March 2024 nor during the year ended 315t March 2023. NOTE 9: PENSION COMMITMENT The Charfty contrlbutes to the individual penslon plans of certain employees. The assets of thv8e Schemes are held separately from those of the Charity in ind6pendently administered fijnds. The lot81 contrlbutions for the year amounted to £9,144 (2023.. £8.7421 and outstanding contributions as at 31st March 2024 amounted to £2,247 (2023.. £3,539). NOTE 10." TAXATIO The Charity is a registered tharity and Is for taxati¢)n purposes 8ntltled to exemptlon from United Kingdom taxation on its charitable adivitie5. Page 23
SHRI VENKATESWARA 8AWI TEMPLE OF THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 CONTINUED TE 11: MPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIE 2023 Total funds Unrnstrlcted Restrictsd funds funds INCOME AND ENDOWMEKfs FROM Donations and legacies 2,430,651 3,541 2,434.192 Other tradlng a¢tlvitl8S 497,496 497,496 Investment Incoma 137,251 137.251 Total Incom• 3,065,398 3,541 3,068,939 EXPENDITURE ON Charltsble aCtitleS Charitable experKJiture 1880,555 3,541 1,484,096 Total expondlture 1,480,555 3,541 1,484.096 NET INCOME 1,584,843 1.584,843 Transfer betsveen funds 844,911 (844,911) 2,429,754 (844.911) 1,584,843 RECONCIUATION OF FUNDS Total funds brought forward 17,911289 844,911 18,757,200 TOTAL FUNDS CARRIED FORWARD 20,342,043 20,342,043 Pag8 24
SHRI VENKATESWARA BALKII TEMPLE F THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ST MARCH 2024 CONTINUED TE 12: TANGIBLE FIXED ASSETS Fixturas Flttlngs & Freehold Land & Deltles & Bulldings Equlpment Ornamants Gold Total COST As at 1st April 2023 Addrlions Disposals Reclassrficatlon As at 31st March 2024 16,015,512 1.022,186 2,145,967 84,595 233,252 18,494 8.778 17,279,728 2,249,056 18.161,479 1,106,781 251.746 8,778 19 $28.784 DEPRECIATION As at 1st Aprll 2023 Charge for the Year Reclassification As at 31 st March 2024 1.321,267 167.275 704,591 35.999 32,680 5,034 2,058,538 208,308 1,488.542 740,590 37,714 2,266,846 NET BOOK VALUE As at 31 st March 2024 16,672,937 386,191 214.032 8,778 17,261938 As at 31st March 2023 14,694,245 317.595 200,572 8,778 15,221.190 NOTE 1 INVESTMENT PR PERTY COST OR VALUATION At 1 April 2023 Additions Dlsposals Valuation changes As at 31 March 2024 264,000 272,000 CARRYING AMOUNT As at 31 March 2024 272.000 As at 31 March 2023 The fair value of th8 investrnent property has been arrived at by a formal valuation on an open market ba$i$. Page 25
SHRI VENKATESWARA BAWI TEMPLE OF THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 CONTINUED NOTE 1Q' DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Gift Aid Recoverable Other Debtors Prepaid Expenses and Accruad Income 26,499 22,302 118,393 144,892 50.578 72.880 TE 14: DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2024 2023 Loan - fividale Tlrnpathl Balaji Temple Provision against loan 168,274 168,274 During the year ended 31st March 2021 Tlvidale Tirupathl Balali Temple was subject to an Order for Windlng Up in accordance wSth the Insolvency Act. As at 31st March 2023 the Trustees continued to be in dialogue with the liquidator and intended to pursue the loan amount5 due to the Charity. During the year ended 31 March 2024 all outstsnding amounts due to the Charity have b&n settled in full. TE1 CREDITORS." AMOUNTS FALLING E IMTHIN O E YEAR 2024 2023 Trade Credltors Accrued Expenses and Deferred Income Taxation and Sc¢lal Security Other Creditors 14,692 20,649 8,235 2,248 45.824 33,572 14.920 6,872 2.559 57,923 NOTE 16: ALYSIS OF NET ASSETS BETWEEN FUNDS 2024 Total funds Unrostrlcted Rostrlcted funds funds Tangible Fixed Assets Investments Current Assets Current Liabilities 17,261.938 272,OCK) 4,868.414 45,824 22,356,528 17.261.938 272,1)00 4,868.414 45,824 22,356,528 Page 26
SHRI VENKATESWARA BALAII TEMPLE OF THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 CONTINUED NOTE 17: MOVEMENT IN FUNDS Transfers Betwe¢n Funds At 1st April Incoming Resources 2023 ResourGe5 Expended Galns and Losses At 31st March 2024 Unrestrlcted Funds General Fund 20,342,043 3.672,320 1,665,835 8,000 22,356,528 Restrlcted Funds King's Coronation Fund 5,OCKI TOTAL FUNDS 20,342.043 3,677,320 1,670,835 8,000 22,356,528 Comparatlvas for movements In funds Transfern Betweon Funds At 1st Aprfl Incomlng Rasourcos 2022 Resourc•$ Expandod Galns and L088•8 At 31st March 2023 Unr•8trl¢t•d Funds General Fund 17,912,289 3,065,398 1,480.555 844,911 20,342,043 Restrlcted Funds GarKlhi Peace Centre Fund 765,457 {765,4571 Yagashala Fund 79,454 (79,454) Healthy Livir¥J Fund 3.541 3,541 TOTAL FUNDS 18,757,200 3,068,939 1 484,096 20.342.043 Page 27
SHRI VENKATESWARA BA] TEMPLE OF THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 CONTINUED NOTE 17: MOVEMENT IN FUNDS CONTINUED A current year 12 months and prior years 12 months combined position is as follows. Transfers Betweon Funds At 1st Aprfl Incomlng Resources 2022 Resources Expended Galns and At 31st March Losses 2024 Unrestricted Funds General Fund 17,912,289 6,737,718 3,146.390 844,911 22,356,528 Re8trlcted Funds Gandhi P8ace Centre Fund 765,457 (765,457) Yagashala Fund 79,454 (79,454) Healthy LivlrKJ Fund 3,541 3,541 Klng's Corpnation Fund 5.000 TOTAL FUNDS 18,757,200 6,746,259 3.154,931 8,000 22,356,528 Purpose of Unrestrlcted Funds This fund represents th8 free funds of the Charity that are not designated for particular purposes. andhi Peace Cen re Fund This fund represented funding received by the Charity to enable th8 Charity to construct a Gandhi Peace Centre in the grounds of the Charitls Slte located in Dudley Road East, Oldbury. The construction of this tsmple was completed during the autumn 2018 and was open for community use from autumn 2018 onwards. Ya ashala Fund This fund represented funding r8celved by the Charity to enable the Charlty to constnjct a Yoga Sala building at the CharitWs premises. Health Livin Fund This fund repregents fundlng received by th8 Charity to support people to lose walght arKf increase levels of physlcal acilvlty and to improve mentsl and sodal wellbeing. Thls fund was fullty exp8rnJ8d as at 31st March 2023. Kin 's Coronation Fund This fund represents funding received by the Charity to help finan¢e events to celebrate the coronation of King Charfes in May 2023. This fund was fully exp8nded as at 31st March 2024. Page 28
SHRI VENKATESWARA BAWI TEMPLE OF THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2Q24 CONTINUED NOT MOVEMENT IN FUNDS CONTINUED Transfers betwoan funds Transfers betsveen funds arepresent movements teen the Charity's General fund and certain Individual restricted funds. NOTE 18: ULTIMATE CONTROLLING PARTY The Charity Is controlled by the Trustees as listed in the Rewrt of the Trustees. NOTE 19: RELATED PA DISCLOSU ES In prevlous perfods the Trustses personally incuffed legal costs on behalf of the Charity. NOTE 20: OPERATING LEASE COMMITMNENTS At 31st March 2024 the Charfty had outstandlng Commltrnents for future minimum18ase payments under non- cancellable operating lease whlch fall due as follows. 2024 2023 Wlthln one year Beeen and five years In more than five years 1,008 2,268 1,008 3,276 3,276 4,284 Page 29
SHRI VENKATESWARA BAWI TEMPLE OF THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 CONTINUED NOTE 21: RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERA ING ACTivinES 2024 2023 Net income for the reporting pgriod {as per the Statement of Flnancial Activities) 2,014,485 1,584.843 Adlu5tThnts for.. Investment income recogn158d in income and expanditure Fair value gains and losses on investrnents Depreciation (207,930) (8,000> 208,308 1137.251) 189,978 Movements in working capltal: Decreasel(increasel In debtors Increasel{decrease) in creditors (72,012) (12,099> (4,224) 144,044) Cash ganerated from oporatlons 1,922.752 1,589,302 NOT ANALYSI F CHANGES N NET FUNDS At 1st Aprfl 2023 At 31st March 2024 Cash flow Net cash Cash at bank and in hand 5,105.896 5,105,896 382.374 382,374 4.723 522 4.723.522 NOTE 23: CAPITAL COMMITMENTS As at 31st March 2024 the tNste88 appointed a bjlldlng contractor to constnjct the Annadhanam Hall at an agreed price of £4.075 million. Page 30