Shri Veakateswara(Balaji) Temple of

Shri Veakateswara(Balaji) Temple of UK

De4leyRoe4ENI, TleMale, WeelMljrleejre, 869$DU, Eallaa4/ fIeifetei45prfty QLIQ7$$

www uenkateswara or .uk Emaik tern lealuenkateswaraorguk phone: 0121544 2256 pax: 0121 544 2252

25 January 2017

Notes on Annual Re ort & Financial Statement

Year ended 31 March 2016

We wish to inform you that a new Board of five (5) Trustees have been elected in August 2016 to

replace the previous trustees including the three named in this report. This report is being submitted

by the new trustees whose details have already been filed on the Charity Commission website.

Currently, there is a dispute as to the ownership of the assets as stated in the 'Independent Auditor's

Report'. Please take this into account when reading the report.

Current Board of Trustees

Dr Sinnathamby Kanagaratnam

Mr Kodavoor Ramachandra Aithal

Mrs Paranjyothi Ramaiah

Dr Amirchetty Rajeshwar Rao

Dr Ramakrishnagupta Mudalagiri

T ARA BALAJI TEMPLE OFT ITED KINGDO

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

E V ENDED 1ST M C

EGI ERED CHARITY N - 323712

Page 1

HRI VENKATESWARA BALAJI TEMPLE OF THE U I ED IN DOM

T ES' REP TAND FINANCIAL STATEMENT

FO T EYEAR'E DED31STNIARC 2018

CONTENTS

PAGE

8-9

10

12-18

LEGAL AND ADMINISTRATIVE INFORMATION

REPORT OF THE TRUSTEES

INDEPENDENT AUDITOR'S REPORT

STATEMENT OF FINANCIAL ACTIVITIES

BALANCE SHEET

NOTES FORMING PART OF THEFINANCIAL STATEMENTS

Page 2

SHRI VENKATESWARA BALAJI TEMPLE OF THE UNITED KINGDOM

LEGAL AND ADMINISTRATIVE INFORMATION

FOR THE YEAR ENDED 31ST MARCH 2016

REGI CHARITY NUMBER 3267

CHARITY OFFICE

DUDLEY ROAD EASTOLDBURYWEST MIDLANDSB69 3DU

PATRONS

LORD BAGRI CBEMR SHRICHAND P HINDUJA

MR MOHANLAL MITTAL

MR LAXMI N MITTAL

MR ANIL AGGARWALMR NIRMAL K SETHIAMR VIJAY SHAH

MR NAND KHEMKA

MR NATHURAM PURIMR BHAGWAN MIRCHANDANI

MR DASSI BUDHRANIMR LAL LALWANI

MR RASHMI MEHTAMR BABULAL SANGHAVI

TR TEES

DR VASANAMPALLI P NARAYAN RAO (CHAIRMAN)DR KANDIAH SOMASUNDARA RAJAHMR VASANAMPALLI P VENKATARAMANA RAO

ACC NTANT

MISS THAYALINI GUNARATNAM FCCA

AUDITORS

CURD PROFESSIONAL SERVICES LLPCURD HOUSEGREEN BOXWESTONHALL ROADSTOKE PRIORBROOMSGROVEWORCESTERSHIRE B60 4AL

Page 3


LEGAL AND DMINIS I E I RMATI N

THE YEAR E DED 1ST MARCH 2016

SOLICITORS

MANBY SOLICITORSROUTH HOUSEHALL COURTHALL PARK WAYTELFORD TF34NJ

BANKERS

BANK OF INDIA

4TH FLOOR83 QUEEN VICTORIA STREETLONDONEC4M 4UA

BANK OF INDIA

182 SOHO ROADHANDSWORTHBIRMINGHAM

B21 QLP

NATIONAL WESTMINSTER BANK PLC162 HIGH STREETROWLEY REGISBIRMINGHAMB65 ODX

BANK OF BARODA173-175SOHO ROADHANDSWORTHBIRMINGHAM

B21 QLP

PUN JAB NATIONAL BANK (INTERNATIONAL) LTD

87 GRESHAM STREETLONDONEC2V 7HQ

Page 4



FOR T E YE ENDED 31ST MARCH 2016

The financial statements have been prepared on the accounting policies set out in the notes to thefinancial statements and comply with the charity's trust deed, applicable law and the requirementsof the Statement of Recommended Practice (FRS 102 SORP 2005) Accounting and Reporting by Charities.

The Trustees present their report and audited financial statements for the year ended 31st March2016

Under a Novation Agreement, the Trustees transferred the assets of the Trust to Tividale Tirupathi

Balaji Temple (TTBT), a company limited by guarantee with Chaditable status. Tividale Tirupathi BalajiTemple assumes the responsibility for the Temple project and performs the obligations under theGrant Agreement dated 24 March 1998 and the legal charge thereof as made with The Millenium

Commission ( now known as The Big Lottery Fund ). For the current year under review, it was practicalto reflect the assets in these accounts, albeit they are held in trust for TTBT.

Ob'ectivee and ActivitiesThe Charity is formed by a constitution and its principal activity is to promote theadvancement of the Hindu religion by the establishment and maintenance of a Temple for thepurpose of public worship and the celebration of Hindu rites, ceremonies and festivals and also topromote the advancement of education in Hindu religion, traditions, history, language, literature andmusic.

The policies adopted in furtherance of the principal activity of the Charity are to provide ameeting place for Hindus of all forms and beliefs and other adherents of Hinduism. Also, to promoteinterfaith activities between different communities and faiths.

There has been no material changes to the Charity's policies during the year.

Achievements and PerformancesThe Trustees consider that the performance of the Charity this year has been satisfactory.

Financial ReviewThe trust has sufficient funds in Banks for this year.The Trust Deed authorises the trustees to make and hold investments using general funds of the Charity.

Structure & GoveranceThe trust is governed by the policies and procedures of the constitution.

Reference and AdministrationName of the Charity —Shri Venkateswara Balaji TempleRegistration Number - 326712Address - 101 Dudley Road east, Oldbury, B69 3DU.

Plans for Future eriodaCharity is proposing to expand its educational activities.

Page 5


REPORT 0 THE TR TE

F R THE YEAR ENDED 31 T MARCH 2016

CONTINUED

Fixed Assets

The assets held are used to further the services provided by the Charity.

Fixed asset movements are set out in Note 8 to the financial statements.

~ll P

The Trustees have reviewed the reserves of the Charity. It is the policy of the Charity to maintain

unrestricted funds, which are the free reserves of the Charity, at a level which equates toapproximately five to six months unrestricted expenditure. This provides sufficient funds to covermanagement and administration costs.

RRikM R s

The Trustees have assessed the major risks to which the Charity is exposed, in particular, thoserelated to the operations and finances of the Charity, and are satisfied that systems are in place tomitigate exposures to the major risks.

Trustees

The Trustees of the Charity during the year were:-

Dr Vasanampalli P Narayan Rao -ChairmanDr Kandiah Somasundara RajahMr Vasanampalli P Venkataramana Rao

All Trustees of the Charity are serving in accordance with the constitution.

Page 8




~CQNTIHUEO

Statement of Trustees' Res onsibilities

The Trustees are required under the constitution of the Charity to prepare financial statementsfor each financial period, which give a true and fair view of the state of affairs of theCharity and of its results for that period. In preparing those financial statements, the Trustees arerequired to:-

a) select suitable accounting policies and apply them consistently;

b) make judgements and estimates that are reasonable and prudent;

c) state whether applicable accounting standards and statements of recommendedpractice have been followed subject to any departures disclosed and explained in thefinancial statements; and

prepare the financial statements on a going concern basis unless it is inappropriateto assume that the Charity will continue in business.

The Trustees are responsible for keeping proper accounting records which disclose with reasonableaccuracy at any time the financial position of the Charity. They are also responsible for safe-guarding the assets of the Charity and hence for taking reasonable steps for the prevention and

detection of fraud and other irreguladities.

The Trustees are also responsible for ensuring that the accounting records and thefinancial statements comply with the Charities Act 1993and all other relevant governing documents.

Auditors

The Auditors Curo Professional Services Limited will be proposed for reappointment at the forthcoming annual

general meeting.

A~revel

This Report was approved by the Trustees on '2 'I . ie. t (

Dr Vasanampalli P Narayan RaoTrustee - Chairman

Page 7

ND RT TO THE TRUSTEE F

SHRI VENKATESWARA BALAJI TENIPLE OF THE UNITED KINGDOM

We have audited the financial statements of Shri Venkateswara (Balaji) Temple of the United Kingdom for the year ended31 March 2016 on pages ten to eighteen. The financial reporting framework that has been applied in their preparation is

applicable law and United Kingdom Accounting Standards (United Kingdon Generally Accepted Accounting Practice)including financial reporting standard 102 "The financial reporting standard applicable to the UK and Republic of Ireland".

This report is made solely to the charitable company's members, as a body, in accordance with the Charities Act 2011.Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required tostate to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept orassume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this

report, or for the opinions we have formed.

Respective responsibilities of trustees and auditor

As explained more fully in the Statement of Trustees Responsibilities set out on page seven, the trustees are responsiblefor the preparation of the financial statements and for being satisfied that they give a true and fair view.

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with

regulations made under this 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 Ireland). Those standards require us tocomply with the Auditing Practices Board's (APB's) Ethical Standards for Auditors.

Scope of the audit of the financial statements

A descriptionof the scope of an audit of financial statements is provided on the APB's website atwww. frc.org. uk/apb/scope/private. cfm.

Basis for qualified opinion on the financial statements

We understand from the trustees of the charity that on 2 August 2007, certain assets were transferred from the charity to

Tividale Tirupathi Balaji Temple, a company limited by guarantee with charitable status. We have been informed by thetrustees, that the assets referred to are benefically owed by Shri Venkateswara (Balaji) Temple of the United Kingdom

and are therefore to be included in its financial statements. However, we can not confirm via out audit testing that thebeneficial ownership remains with Shri Venkateswara (Balaji) Temple of the United Kingdom. Except for the point noted

above, the financial statements show a true and fair view of the charities affairs at 31 March 2016.

Page 8

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charity's Act 2011 requires us to report to you if,

in our opinion:- the information given in the Trustee's Annual Report is inconsistent in any material respect with the financial statements;of- proper and sufficient accounting records have not been kept- certain disclosures of trustees' remuneration specified by law are not made; or- we have not received all the information and explanations we require for our audit; or- the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and

take advantage of the small companies exemption in preparing the Report of the Trustees.

Anna Madden FCA (Senior Statutory Auditor)for and on behalf of Coro Professional Services Limited

Curo House, GreenboxWestonhall RoadStoke PriorBromsgroveWorcestershireB60 4AL

Date&C (~ i(L

Page g


STATEMENT OF FINANCIAL ACTIVITIES


Notes

Unre-strictedFunds

f

RestrictedFunds

f

2016

TotalFunds

f

2015

TotalFunda

INCOME

RESTRICTED FUND - Gandi Mandlr

Donations and LegaciesIncome from InvestmentsOther Trading Activities

1,456,05555,024

198,564

539,940 539,9401,456,055 1,454, 351

55,024 42 975198,564 203,637

Total Income 1,709,644 539,940 2,249,584 1,700,973

EXPENSE,

Expenditure on Raising Funds 867,416 867,416 933,957

Expenditure on Charitable ActivitiesAdministration 183,181 183,181 frs, osr

Total Expenditure

Net Movement in Funds

1,050,597 1,050,597 1,112,024

659,046 539,940 1,198,986 588,947

Reconciliation of FundsTotal Funds Brought Forward 14,027,000 14,027,000 13,438,053

Total Funds Carried Forward 14,686,046 539,940 15,225,986 14,027,000

All amounts relate to continuing activities and all recognised gains and losses are included in thestatement of financial activities.

Page 10


BALANCE SHEET

1ST MARC 2 1

2016f

20156

Fixed Assets

Tangible Assets 11,579,373 11,338,990

~Ct 4

Debtors: Falling dus within one yearDebtors: Falling due more than one year

Cash at Bank and in Hand

Current Liabilities:

Amounts falling due within one year

Net Current Assets

10

104,093318,274

3,377,310

153,064

3,646,613

115,369158,274

2, 574, 200

170,833

2,319,268

Total Assets Less Current Liabilities

Current Liabilities:

Amounts falling due after more than one year

Net Assets

15,225,986

15,225,986

14,027,000

14,027,000

Funds

Unrestricted FundsRestricted Funds

Total Funds

1212

14,665,045539,940

15,225,986

14,027, 000

14,027,000

These Financial Statements were approved by the Trustees on 4 'I I 5 I ' 6and signed on their behalf.

Dr Vasanampalli P Narayan RaoTrustee - Chairman

Page 11


NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31S ARCH 1

NOTE: 1ACCOUNTING POLICIES

Basis of Pre aration of Financial Statements

The financial statements have been prepared under the historical cost convention in accordancewith applicable accounting standards and Charities Act 2011. The financial statementsalso comply with best practice as recommended by the Statement of Recommended Practicein accordance with the Financial Reporting Standard (FRS102 SORP), Accounting and Reporting by Charities.

Where amounts have needed to be reclassified such balances have been restated.

Tan ible Fixed Assets

Tangible Fixed Assets are stated at historical cost less accumulated depreciation.

Depreciation is provided at rates, calculated to write off the cost or valuation of fixed assets, lesstheir estimated residual value, over their expected useful lives on the following basis:-

Fixtures & FittingsOffice EquipmentDeities & JewelleriesLand & Buildings

15%%d Straight Line Basis15'%%d Straight Line Basis2%%d on costI '/o on cost

Inca fr m Ch ri ble Activities

All income is accounted for when receivable by the Charity. No permanent endowments have beenreceived in the year.

Grants Receivable

The Charity's main source of funding was from the Millennium Commission in return for theconstruction of a new temple for use by persons of the Hindu religion and a community hall for all

faiths. The systems ensure that the monies are separately accounted for and applied to thedesignated project specified by the Commission.

Donations and Le acies

The Charity receives donations and legacies from a variety of sources, accounting for the funds in

accordance with the requirements of the donor and the Statement of RecommendedPractice. The Charity has accounting systems in place to maintain restricted funds separately;unrestricted funds being used to further the activities of the Charity.

Page 12




CONTINUED

NOTE: 1ACCOUNTING POLICIES CONTINUED

Ex enditure on Raisin Funds

Fundraising expenditure comprises costs incurred in inducing people and organisations tocontribute financially to the Charity's work. This includes the cost of advertising fordonations and the stages of special fundraising events.

Ex enditure on Charitable Activities

Expenditure on management and administration includes all expenditure not directly related to thecharitable activity or fundraising ventures. This includes costs of running office premises and staffsalaries for administrative staff.

k~lt W k

Voluntary work is not included within these financial statements.

~Fd k ~

Funds held by the Charity are:-

Unrestricted General Funds These are funds which can be used in accordance with thecharitable objects, at the discretion of the Trustees.

Restdicted Funds These are funds which can only be used for particular restricted

purpose within the objects of the Charity. Restrictions arisewhen specified by the donor or when funds are raised forparticular restricted purposes.

Page 13

SHRI VENKATESWARA BALAJI TEMPLE OF T E

N TE TE E T


CONTINUED

NOTE: 2EMPLOYEES AND STAFF CO TS

The average number of employeesthroughout the year calculated on afull-time equivalent basis was:-

Administration I ManagementCharity Staff

2016No

517

22

2015No.

517

22

There was no employee in the pay band of 660,000 and above during the year.

NOTE: 3DONATIONS AND LEGACIES

2016f

2015f

General DonationsCovenanted incomeProject Donations

1,342,25053,49660,309

1,456,055

1,297,53552,569

104, 156

1,454,360

NOTE.'4COME FROM INVESTMENTS

Interest on Deposit Accounts

2016f

55,024

~215

42, 975

NOTE: 5OTHER TRADING ACTIVITIES

20166

2015f

Youth CampCommunity Hall & Cultural IncomeSponsorship Contributions( laddu etc)Rental Income

20,63624,743

144,9668,220

198,564

19,95029,851

145,2448,592

203,637

Page 14

SHRI VENKATESWARA BALAJI TEMPLE F THE UNITED KINGDOM


E YEAR ENDED 1 T MA CH 2 16

CONTINUED

NOTE: 6

EXPENDITURE ON RAISI ND

20165

20155

Priest SalariesStatutory Visa and Permit FeesRates and WaterPrinting and StationeryPostage and CarriageTelephone and FaxCleaning and Refuse CollectionLight and HeatSite Maintenance, Repairs and SecurityInsuranceYouth ExpensesTemple ConsumablesSpecial EventsEquipments and Marquey hire

Cultural Program ExpensesGeneral charitable ExpensesDepreciation

197,4527,813

34,9145,1995,2705,736

30,356100,632106,234

17,70911,374

153,4663,2758,4958,7656,089

164,639

231, 1795, 143

25, 4524, 3025,2035,507

23, 17090,720

111,12217,37712, 187

152,51950,39918,0629, 1417,995

152,480

867,416 933,967

NOTE: 7

EXPENDIT E N CHARITABLE ACTIVITIES

2016 20155

Staff SalariesPrinting and StationeryPostage and CarriageTelephone and FaxEquipment MaintenanceAudit and Accountancy FeesProfessional FeesConsultancy FeesBank Charges and Interest/Support costsDepreciation

98,569391397432

8,37812,2172,9356,044

12,65941,160

74, 354324457415

11,818fs, 75712,089

9,25011,94540,520

183,181 1re, osr

Page 15

SHRI VENKATESWARA BALAJI TEMPLE OF THE UNITED KINGDONI


OR TH YEAR DED 31ST MARCH 2016

CONTINUED

NOTE: 8TANGIBLE FIXED ASSETS

~Fh d ~Flxtu ajdtnd &

Gold Mitdtri 051~EtE 6

Deities andOrnaments

GANDI

MJJMIDIR

20'I 8

Total6

TotalAs at 01-04-15Additions

As at 31-03-16

8,778 11,379,65979,582

8,778 11,459,241

578,55013,252

118,1133,659

15,838349,688

12,100,938446, 181

591,802 121,772 365,526 12,547,119

~» i ~As at 01-04-15Charge for the Year

322,661114,592

429,00788,770

10,2802,435

761,948205,798

As at 31-03-16 437,253 517,777 12,715 967,745

Net Book ValueAs at 31-03-16 8,778 11,021,987 74,025 109,057 365,526 11,579,373

As at 31-03-15 8,778 11,072,836 149,544 107,833 11,338,991

Within freehold land and buildings is land costing 6636,777

NOTE: 9DEBTORS: Due within one YearGift Aid RecoverablePrepaid ExpensesSponsors - DRSBad debts WIO

: Due more than one Year

20166

12,69511&21780,181

104,093

2015Z

9,89620,64795,421

9,595115,369

Behalf of related company (TTBT)Luxmi Narayan Temple

168,274150,000

318.274

168,274

168,274

The loan made to Luxmi Narayan Temple is interest free and will be paid back to Shri Venkateswara Balaji

Temple within 4 years.

Page 16


NOTES TO THE FINANCIAL STATEMENTS - CONTINUED

FOR THE YEAR ENDED 31 T MARCH 2016

NOTE: 10CREDITORS: AMOUNTS FALLING DUEWITHIN ONE YEAR

20165

20158

Trade Creditors and Accruals 153,064 170,833

NOTE: 11TR TEES' REMUNERATION

No Trustee, or person related or connected by business to them, has received any remuneration

nor been reimbursed expenses in either year.

NOTE: 12FUNDS

Within these frnanciat statements are restricted funds set aside for the construction of a Gandhi

Mandhir. The restriction is imposed by the the donor. Any direct expenditure in relation to this fund

is offset against the relevant r.venus. All other activities within the Charity are considered unrestricted in nature.

NOTE: 13ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unre-strictedFunds

8

RestrictedFunds

f2016Total

8

Tangible AssetsCurrent AssetsCurrent Liabilities

11,039,4333,799,677

153,064

539,940 11,579,3733,799,677

153,084

14,686,046 539,940 15,225,986

Page 17


NOTES TO THE FINANCIAL STATEME - C NTINUED

FOR THE YEA ENDED 1 T MARCH 2016

NOTE: 14RELATED PARTY TRANSACTIONS

The charity has advanced loan to Tividale Tirupathi Balaji Temple (TTBT) of F188,274.00 and the amount is included

within debtors. TTBT is company limited by guarantee (incoporated in England and Wales) and also a registeredcharity. The charity has no security from TTBT for the loan advanced.The trustees of the charity are also trustees and directors of TTBT.

NOTE: 15TAXATION

As a charity, the Temple is exempt from taxation on income and gains falling within the Taxes Act orTaxation of Chargeable Act to the extent that these applied to its charitable objects. No tax chargehas arisen in either year.

NOTE: 16CASH FLOW STATEMENT

The Charity has used the exemption under Statement of Recommended Practice - Accounting for

Charities, not to prepare a cash flow statement as the Trustees believe the Charity to be exemptunder such guidelines.

Page 18

Documents

Shri Veakateswara(Balaji) Temple of