Lakshmi Narayana Trust

Charity registration number; 292677

Lakshmi Narayana Trust

Annual Report and Financial Statements

for the Year Ended 31 December 2016

Tahas & Co LtdCertified Accountants & Tax AdvisorsSuite 3, Second Floor760 Eastern Avenue

blewbury ParkLondonIG2 7HU


Contents

Reference and Administrative Details

Trustees' Report 2 to 4

Statement of Trustees' Responsibilities

Independent Auditors' Report 6 to 7

Statenrent of Financial Activities

Balance Sheet

Cash Flow Statement 10

Notes to the Financial Statements 11 to 21


Reference and Administrative Details

Trustees

Principal Office

Charity Registration Number

Dr Radhakrishnan V, President

Mr A Rengamannar, Chairman

Mr S Thayalasamy, Vice President

Mr S Vijayakumar, Treasurer

Mr K Sivarupan, General Secretaiy

Mr Sethuraman S, Asst Secretaiy

Mr Krishnan Sreenivasan, Vice Chaiiman

Mr S Subburam, Vice Chauman

Mr Navaneethakrisluian Raju, Asst Treasurer

Mr V.N. Alagirisamy, Senior Trustee

Mr S Seetharaman, Public Relations Officer

Mr R Mohanapmkas, Temple Office Manager

Mrs Kumari Selliappan, Cultural Secretary

Mr J Thiyagarajan, Communications

Mr R Kannan, Communications

Mr M Sutharsanan, Communications

241 High Street North

East Ham

LondonE12 6SJ

292677

Bankers

Auditor

Bank of ScotlandSt James's Gate14-16 Cockspur StreetLondonSWIY 5BL

HSBC9 Wellesley RdCroydouSurreyCR9 2AA

Barclays BankPlaistowLeicesterLES7 2BB

Tahas & Co LtdCertified Accountants & Tax AdvisorsSuite 3, Second Floor760 Eastern AvenueNewbury ParkLondonIG2 7HU

Page I

Lakshmi Narayaua Trust

Trustees' Report

Objectives and activities

The trustees hold the trust fuud aud its income upon trust to apply theni for the religious aud charitable purposes

for the benefit of the community at large. The objects of the trust are as fofiows

Religious Service

~ To advance Hindu religion particularly by pronioting religious and cultural activities~ To establish, secure or build a temple of Sri Mahalaksluni and Sri Narayana, strictly confirming to Hindu

temple arclutecture ( hereinafier called 'The Temple') and maintain and manage the same ( whether alone or in

co-operation with any local authority or other person or body) in furtherance of these objects.

Health Service

Organising sickness relive programmes particularly by provision of periodical health screening services for the

people over the age of 40, in order to detect disease at an early stage especiafiy again='. h —rt ruack, high blood

pressure and diabetes mellitus.

Cultural and Educational Service

' To bund a cultural and educational centre' To provide a library with usual and educational books and magazines' To provide education aad other necessary assistance to people with language problems due to lack of English knowledge.

' To provide voluntary help to the elderly and handicapped people.

Teaching of Indian classical dance (Bharatha Nattiyam), vocal classes and instrumental music classes

The policy of the trust continues to be to seek, support and provide for the aims as stated.

Developments, activities and achievements

In line with the charity's objectives, Lakshmi Narayan Trust continues to provide a centre for the community to

gather for worship. Languages and music lessons have continued throughout the year. The number of devotees

visiting temple has steadily increased. Planning pernfission has been granted to build a spacious centre for the

purpose of religious services and promotion of cultural, educational services for children, teaching music,

bharat- nattiyam, Hinduism, conductiug yoga and meditation classes, "Bhagavath Geetha" classes, health

promotion services for screening and prevention of coronary heart disease, diabetes, hypertension and

annadhanam services to students and devotees ( daily provision of free lunch and dinuer).

Financial Review

The level of income for the year remained satisfactory and enable the trust to support its level of activities on its

charitable activities. The charitable income during the year has increased by f605,472, an increase of 37.75%when compared to 2015. Available funds are sufficient to permit the trust to continue its operation in the future.

The charity continues to prosper through donations and support from the community. One of the objectives ofthe charity to build a new temple is nearly on its completion stage. The trustees feel that with the support they

get &om their communities, both locafiy and internationally, it is benefiting to carry out all of its charitable

activities. The charity is in a strong financial position at the year end fioni which it is able to meet all

foreseeable charitable obligations and completion of new temple building works.

Going ConcernPage 2


Trustees' Report

The nustees are concerned about the net assets position of the charity. The trustees and private individuals have

been given assurances to provide cash flow if the tmst needs it in tenn of loans. The charity has agreed a long

tenn loan of g3,222, 069 afler the year end, this should pay-off the old bank loan and private loans. The trustees

feel that income generated on a monthly basis is sufficient to pay the cunent liabilities, as per cash flow

forecasts and management account.

Reserves policy & risk analysis

The committee has examined the charity's requirements for reserves in light of the maiu risks to the charity. The

reserve policy is to hold adequate level of funds to enable the tmst to carry out its operations, to meet the

financial obligations and to meets its charitable obligations. The attached financial statements show the cunent

state of affairs of the finances, which the committee believes are needed to meet the working capital

requirenients of the charity and the committee is confident that at this level they would be able to continue the

current activities of the charity in the event of a significant drop in funding.

The committee has conducted a review of the major risks to which the charity is exposed. A risk register has

been established and is updated at least aunually. Where appropriate, systems or procedures have been

established to mitigate the risks the charity faces. Internal control risks are minimised by the implementation ofprocedures for authorisation of all trausactions and projects. Procedures are in place to ensure compliance with

health and safety of staff, voluuteers, clients and visitors to the centre. These procedures are continually

reviewed to ensure that they continue to meet the needs of the charity.

Public benejit

The trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to

have due regard to the public benefit guidance published by the Charity Conunission for England and Wales.

Social iii vestment policies

The Trustees confinn that they have complied with the requirements of section 4 of the Charities Act 2011 to

have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Page 3


Trustees' Report

Structure, governance and management

The charity's objects and regulations are regulated by the constihition dated 23 August 1985. The charity has a

management committee which consists of 16 trustees. The tnistees who have served during the year are named

on page I. Out of the 16 trustees, 3 trustees are appointed as custodians of the charity valuable stocks. Any

changes in the appointment and retirement of hustees will be discussed in a committee meeting and the final

decision will be depending upon majority vote under the trust constitution. All the trustees have to be UK citizen

or permanent residents of UK Indian origiu. The 3 custodian hustees during the year were:

~ Dr Radhakrishnan V, President~ Mr S. Vijayakumar, Treasurer and~ Mr K. Sivarupan, General Secretary

Meetuigs of the trustees are held every three months at which they agrees the board strategy and areas of activity

for the trust, including the consideration of grant making, reserves and risk management policies and

performance. A scheme of delegation is in place for the day to day administration of the trust. The service

manager is responsible for the day to day operational management of the centre, individual supervision of the

staff team and also ensuring that the team continue to develop their skills and working practices in line with

good practice. The president is responsible for ensuring that the charity delivers the services specified and also

overseeing the work services, finance and administration staff.

New trustees are considered for appointment afier open selection and recommendation throughout the

community and taking into account the skill requirements of the trustee body. Duc m rh. vast nature ofcharitable activities, the committee seeks to ensure that the needs of all groups are appropriately reflected

through the diversity of the trustee body. In order to enhance the potential pool of trustees, the charity has,

through selective advertising on the charity's newsletter, notice board, activities etc. sought to identify the

appropriately skilled individuals who would be willing to become members of the committee and use their own

skills and experiences to assist the charity.

Once appointed, new trustees are invited and encouraged to attend a series of short training sessions (of no more

than an hour) to familiarise themselves with the charity and context within which it appears. These are jointly

led by the chairman and the president of the committee and cover:~ The obligation of committee members~ The main documents which set out the operational fiameworks fot the charity~ Resourcing and the current financial position as set out in the latest accounts~ Future plans and objectives.

Disclosure of information to auditor

Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any

relevant audit information and to establish that the charity's auditor is aware of that information. The trustees

confirm that there is no relevaut information that they know of and of which they know the auditor is unaware.

The annual report was approved by the trustees of the charity on~. .'.'. I.".'. ...z.... and signed on its behalf by:

Dr Radhakrishnan V, President

Trustee

Page 4


Statement of Trustees' Responsibilities

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the

United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and

applicable law and regulations.

The law applicable to charities requires the trustees to prepare financial statements for each financial year which

give a true and fair view of the state of affairs of the charity aud of the incoming resources and application ofresources of the charity for that period. In preparing these financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;

observe the methods and principles in the Charities SORP;

make judgements and estunates that are reasonable and pmdent;

state whether applicable accounting standards have been followed, subject to any material departures

disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the

charity will continue iu business.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any

time the financial position of the charity and enable them to ensure that the financial statements comply with the

Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the

constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking

reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the trustees of the charity on~. ..I at Q'. .( pand signed on its behalf by:

Dr Radhakrishnan V, PresidentTrustee

Page 5


Independent Auditors' Report to the Members of Lakshmi Narayana Trust

We have audited the financial statements of Lakshmi Narayana Tmst for the year ended 31 December 2016,which comprise the Statement of Financial Activities, Balance Sheet, Cash Flow Statement and the relatednotes. The financial reporting &amework that has been applied in their preparation is applicable law and

Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective I Januaiy

2015) - (Charities SORP (FRS 102)).

This report is made solely to the charity's trustees, as a body, in accordance with section 144 of the Charities Act2011 and regulations made under section 154 of that Act. Our work has been undertaken so that we might stateto the trustees those matters we are required to state to trustees ui an auditors' report and for no other purpose.To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than thecharity and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Respective responsibilities of trustees and auditorsAs explained more fully in the Statement of Tnistees' Responsibilities (set out on page 5), the trustees areresponsible for the preparation of the financial statements and for being satisfied that they give a true and fairview. We have been appointed as auditors under section 144 of the Charities Act 2011 and repoit in accordancewith regulations made under section 154 of that Act. Our responsibility is to audit the financial statements in

accordance with applicable law and International Staudards ou Auditing (UK and Ireland). Those standardsrequire us to comply with the Auditing Practices Board's (APB's) Ethical Standards for Auditors.

Scope of the audit of the financial statements

An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient togive reasonable assurance that the financial statements are free from material misstatement, whether caused byfiuud or error. This includes an assessiuent of: whether the accounting policies are appropriate to the charity'scircumstances and have been consistently applied and adequately disclosed; the reasonableness of significant

accounting estimates made by the trustees; and the overall presentation of the financial statements, In addition,we read all the financial and non-financial information in the to identify material inconsistencies with theaudited financial statements and to identify any information that is apparently materially inconect based on, ormaterially inconsistent with, the knowledge acquired by us iu the coutue of performing the audit. If we becomeaware of auy apparent material nnsstatements or inconsistencies we consider the implicatious for our report.

Page 6


Independent Auditors' Report to the Members of Lakshmi Narayana Trust

Opinion on the financial statements

In our opinion the financial statements:

give a tme and fair view of the state of the charity's affairs as at 31 December 2016 and of its incoming

resources and application of resources, including its income and expenditure, for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;and

have been prepared in accordance with the requirements of the Charities Act 2011.

Matters on which we are required to rcport by exceptionWe have nothing to report in respect of the following matters where the Charities Act 2011 requires us to reportto you if, in our opinion:

the information given in the Trustees' Report is not consistent with the financial statements; or

the charity has not kept sufficient accounting records; or

the financial statements are not in agreement with the accounting records and returns; or

we have not received all the inforniation and explanations we require for our audit.

Poonawala (Senior Statutory Auditor)For and on behalf of Tahas St Co Ltd, Statutory Auditor

Suite 3, Second Floor760 Eastern AvenueNewbuty ParkLondonIG2 7HU

&a l I o i 1 ~

Page 7


Statement of Financial Activities for the Year Ended 31 December 2016

Unrestricted Totalfunds 2016

Note

Total2015

f.

Income and Endowments from:Donations and legacies 2 2,208,961 2,208,961 1,603,489

Expenditure on:Charitable activities

Total Expenditure

Net movement in fimds

Reconciliation of funds

Total funds brought forward

Total funds can ied forward

4,820,090 4,820,090

14 6,128,787 6,128,787

3 7900,264) ~900.264)

(900,264) (900,264)

1,308,697 1,308,697

(492,473)

~492.473)

1,111,016

3,709,074

4,820,090

Att of the charity's activities derive from continuing operations during the above two periods.

Page 8


(Registration number: 292677)Balance Sheet as at 31 December 2016

Note2016 2015

Fixed assets

Tangible assets 8 6,282,231 4,875,142

Current assets

Stocks

Debtors

Investinents

Cash at bank and in hand

910

11

1,503

48, 122

36,03941,981

1,012

321,621

64,999359,700

Creditors: Amounts falling due within one year

Net current (liabilities)/assets

Total assets less current liabilities

127,645 747,332

12 ~1,587,476) ~(543.674

~(1,459,831 263.658

4,822,400 5,078,800

Creditors: Amounts falling due after more than one year 13 (1,411,528) (1,370,828)

Net assets

Funds of the charity:

Unrestricted income funds

Unrestricted funds

Revaluation reserve

Total unrestricted funds

Total funds

3,410,872 3,707,972

6, 128,787 4,820,090

~2.7(7.9(5) ~((,((2, )(8

3,410,872 3,707,972

14 3,410,872 3,707,972

The financial statements on pages 8 to 21 were approved by the trustees, and authorised for issue on

:1)2.'.L'3. .. and signed on their behalf by:

Dr Radhakrishnan V, PresidentTrustee

a. II,.Mr K Sivarupan, General cretaryTrustee

Mr A Rengamannar, Chairman

TrusteeMr S VijayaTrustee

ar, reasurer

Page 9


Cash Flow Statement for the Year Ended 31 December 2016

Cash flows from operating activities

Net cash income

Adjustments to cash flows from non-cash items

Depreciation

Revaluation of investments

2016Note f

1,308,697

194,101

28,960

1,531,758

2015f

1,111,016

103,50919,908

1,234,433

Working capital adjustments

Increase in stocks

Decrease in debtors

Increase/(decrease) in creditors

910

12

(491)273,499

7,731

(27)116,222

(45)

Net cash flows from operating activities

Cash flows from investing activities

Purchase of tangible fixed assets

1,812,497 1,350,583

8 (3,206,988) (1,515,070)

Cash flows from financing activities

Repayment of loans and borrowings

Net (decrease)/increase in cash and cash equivalents

Cash and cash equivalents at I January

Cash and cash equivalents at 31 December

12, 13 1,076,771

(317,720)

359,700

41,980

447,501

283,014

76,686

359,700

Afl of the cash flows are derived &om continuing operations during the above two periods.

Page 10


Notes to the Financial Statements for the Year Ended 31 December 2016

1 Accounting policies

Statement of complianceThe financial statements have been prepared in accordance with Accounting and Reporting by Charities:

Statement of Reconuuended Practice applicable to charities preparing their accounts in accordance with the

Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective I January

2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the VK and Republic ofIreland (FRS 102) and the Charities Act 2011.

Basis of preparationLakstuni Narayaua Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are

initially recognised at historical cost or transaction value unless othetwise stated in the relevant accountiug

policy notes.

Going concernThe trustees are concerned about the net assets position of the charity. The trustees and private individuals have

been given assurances to provide cash flow if the trust needs it in term of loans. The charity has agreed a long

term loan of 63,222,069 afler the year end, this should pay-off the old bank loan and private loans. The trustees

feel that income generated on a monthly basis is sufficient to pay the current liabilities, as per cash flow

forecasts and management account.

Transition to FRS 102Iu preparing the accounts, the trustees have considered whether in applying the accounting policies required by

FRS 102 and the Charities SORP FRS 102 a restatement of comparative items was required. No restatements

are required as a result of the transition to FRS 102.

Income and endowments

Voluntary income including donations, gifls, legacies and grants that provide core funding or are of a general

nature is recognised when the charity has entitlement to the income, it is probable that the income will be

received and the amount can be measured with sufficient reliability.

Dottatiotts and legacies

Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be

reliably measured.

ExpenditureAfl expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable

settlement is required and the amount can be measured reliably. All costs are allocated to the applicable

expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to

particular headings they have been allocated on a basis consistent with the use of resources, with central staff

costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use.

Other support costs are allocated based on the spread of staff costs.

Cbantable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services

for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an

indirect nature necessary to support them.

Page 11



Governance costsThese include the costs attributable to the charity's compliance with constitutional and statutory requirements,

including audit, strategic management and trustees' meetings and reimbursed expenses.

Tangible fixed assets

Individual fixed assets costing f250,000.00 or more are initially recorded at cost, less any subsequent

accumulated depreciation and subsequent accumulated impairment losses.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated

residual value, over their expected useful economic life as follows.

Current asset investments

Current asset investments are included at the lower of cost and net realisable value / market value.

StockStock is valued at the lower of cost and estimated sefiing price less costs to complete and sell, after due regard

for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO),

Trade debtorsTrade debtors are amounts due fiom HMRC for giA aid donations submitted during the year.

They are recognised initially at the transaction price. They are subsequently measured at amortised cost using

the effective interest method, less provision for impairment. No impairment provision was needed during the

year as the receivables were received aAer the yearend.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid

investments that are readily convertible to a known amount of cash and are subject to an insignificant risk ofchange in value.

BorrowingsInterest-bearing borrowings are initially recorded at fair value, net of transaction cost". Interest-bearing

borrowings are subsequently canied at amortised cost, with the difference between the proceeds, net oftransaction costs, and the amouut due on redemption being recognised as a charge to the Statement of Financial

Activities over the period of the relevant bonowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable

and similar charges.

Borrowings are classified as current liabilities unless the charity has an unconditional right to defer seitlement of

the liability for at least twelve months aAer the reporting date.

Fund structureUnrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance ofthe objectives of the charity.

Page 12



2 Income from donations and legacies

Donations and legacies;

General Donation and congregational activities

Gin aid reclaimed

Unrestrictedfunds

General

1,979,743

229,218

Total2016

1,979,743

229,218

Total2015f

1,438,006165,483

2,208,961 2,208,961 1,603,489

3 Expenditure on charitable activities

Pooja & religious activities

Food for congregation

Management & admin of charity

Staff costs

Governance costs

Note

Unrestrictedfunds

General

143,961

57,057

204,593

285,224

209,429

Total2016

143,961

57,057

204,593

285,224

209,429

Total2015f66,846

37,494

102,394

172,507113,232

900,264 900,264 492,473

4 Analysis of governance and support costs

Governance costs

Audit and accountancy fees

Accountancy fees

Audit fees

Legal fees

Depreciation, amortisation and other similar costs

Uarestrictedfunds

General

1,100

3,500

10,728

194,101

Total2016

1,100

3,500

10,728

194,101

Total2015f

1,100

3,500

5, 123

103,509

209,429 209,429 113,232

Page 13



5 Analysis of management & adruin of charity

Management and admin costs

Rent, rates & insurance

Light, heat and power

Repairs and maintenauce

Telephone and fax

Computer software and maintenance

Printing, postage and stationery

Sundry expenses

Cleaning'

Travel and subsistence

Advertising

Bank charges

Bank loan interest

2016

33,364

15,624

32,639

4,741

3,480

10,033

587

5,829

5,074

10,152

8,793

74,276

2015f

12,958

10,930

7,145

1,571

9,340

441

1,899

303

2, 182

9,43846, 187

204,592 102,394

6 Staff costs

The aggregate payroll costs were as follows:

Staff costs during the year were:

Wages and salaries

Social security costs

Pension costs

Other staff costs

2016

266, 146

16,037

4912,550

2015f

165,460

7,047

285,224 172,507

No employee received emoluments of more than f60,000 during the year

Page 14



7 Taxation

The charity is a registered charity and is therefore exempt from taxation.

8 Tangible fixed assets

Land audbuildings

Furniture andequipment Total

Cost

At I January 2016

Revaluations

Additions

5,066,418

(1,605,797)2,983,043

136,652 5,203,070

(1,605,797)223,945 3,206,988

At 31 December 2016 6,443,664 360,597 6,804,261

Depreciation

At I January 2016

Charge for the year

217,015156,649

110,914 327,929

37,452 194,101

At 31 December 2016

Net book value

At 31 December 2016

At 31 December 2015

373,664 148,366 522,030

6,070,000 212,231 6,282,231

4,849,403 25,738 4,875,141

Included within the market value of land and buildings above is 66,070,000 (2015 - f4,849,403) in respect of

Ireehoid land and buildings.

Details of Freehold Properties

1. 272 High Street, Loudon E12 6SA2. 168 Browning Road, London E12 PB3. 241 High Street North, London E12 6SJ

Page 15



RevaluationThe fair value of the company's Land and buildings was revalued on 24 March 2017 by an independent valuer.

The properties at 168 Brovming Road & 272 High Street North have been valued by Mr Stuart Jefcoate

(MRICS) of B Bailey & Co Ltd on 9th Januaiy 2017. The properties have been valued by using the comparative

method of valuation. As the two properties are noimal properties, thc recent sale prices of similar properties

nearby have been compared and adjusted to reflect the particular circumstances of thc above properties, The

above properties have been valued at f500,000 and 61,070,000 respectively by the valuers.

Regarding 241 High Street north, the property have been valued by Mr Daniel Sununers (MRICS) of Castles

Surveyors Ltd on 24th March 2017. As this property is the maiu worshipping temple for the devotees, the

property is considered a unique property as very few buildings of this type exist in this area and those that do

will be rarely sold. Hence a different approach to valuation (from the normal market approach using comparable

evidence) needed applying. The most usual method of valuation when dealing with this type of property is to

apply the Depreciated Replacement Cost (DRC) and as per this method of valuation, this property has been

valued at f7,000,000. However if the building were to be sold to an alteniative user, not within the Hindu

community to be used as a place of worship, then it would need to be considered that the prospective buyer

would want to allow for substantial conversion costs and would require a significant discount, possibly aware

that there could be limited competition from other users. As a result, a "Forced Sale Value" needs assessing and

the property has been valued at f4,500,000 under this method. The trustee have taken the view to revalue the

property under the "Forced Sale Value" method and has been revalued at f4,500,000

Had this class of asset been measured on a historical cost basis, their carrying amount would have been

I7,675,797 (2015 - 64,849,403).

9 Stock

Stocks

2016

1,503

2015

1,012

10 Debtors

Trade debtors

Prepayments

VAT recoverable

Other debtors

2016

32,615

8, 189

7,318

2015'E

63,753

4,634

3,234

250,000

48, 122 321,621

Included in the figures of other debtors of f. 250,000 in 2015 was the deposit paid to an Escrow Account of

Ratna and Co solicitors relating to building works cerned out in the consnuction of new temple. The deposit has

since been used to pay for the construction and nothing is receivable.

Page 16



11 Current asset investments

Gold

All Current assets investments were held in the UK

2016

36,039

2015

64,999

The investment includes donations received from devotees by way of precious metals and jewellery. The

jewellery has been valued by an independent valuer at the year end,

12 Creditors: amounts falling due within one year

Bank loans

Other loans

Other taxation and social security

Other creditors

Accruals

2016f654,462

915,801

1,829

9,384

6,000

2015

527, 192

7,000

(483)

5,565

4,400

1,587,476 543,674

The figures in Bank loans includes f650,000 of flexible loan from Barclays which can be paid as and when

funds are available. The figures in other loans of f915,801 relates to the interest free loans provided by the

donors for the construction of new temple.

The charity has arranged a loan of 63,222,069 from the charity bank Ltd afler the year end, this has paid off the

Barclays bank loan of f2 065 990 and individual interest fiee loans of f915 801.

13 Creditors: amounts falling due after one year

Bank loans

2016

1,411,528

2015f

1,370,828

Creditors amounts falling due afler more than one year has been secured by the charity on the following

properties:

l. 272 High Street, Loudon E12 6SA2. 168 Browning Road, London E12 6PB3. 241 High Street North, East Ham, London E12 6S1

Page 17



2016

14 Funds

Balance at IJanuary 2016

f

Incomingresources

Balance at 31December

2016f

Unrestricted funds

Geueral ~4820090) ~(,308,697) ~6, (28,787

Balance at IJanuary 2015

Incomingresources

f

Balance at 31December

2015f

Unrestricted funds

General ~3,709,074 ~(.308.697 ~(5,0(7,77(

15 Analysis of net assets between funds

Tangible fixed assets

Current assets

Current liabilities

Creditors over I year

Unrestrictedfunds

General

7,888,028

127,645

(1,5 87,476)(1.411.5281

Total fundsf

7,888,028

127,645

(1,5 87,476)

~((.4(1.528

Total net assets 5,016,669 5,016,669

16 Analysis of net funds

At I January2016

f

At 31 DecemberCash flow 2016

f

Cash at bank and in hand

Current asset investments

Net debt

359,700

64,999

(317,719)

(28,960)

41,981

36,039

424,699 (346,679) 78,020

Page 18

Lakshmi Narayana Trust

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