INDIAN ASSOCIATION OLDHAM TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 Charity No: 1006961
INDIAN ASSOCIATION OLDHAM CHARITY INFORMATION Permanent Mr. S Mohandas Mr. B Sisodia Mr. R Gorasia Mr. H Panchani Mr.D Chothani Charity Number 1006961 Charity Olee$ Indian Association Oldharn Schofield Str¢¢t Oldham OL8 IQJ Independent Examiner K Thaker Co. Chartered Certified Accountants 39 Fieldfare Way Ashton Under Lyne OL7 9TA Bankers Barclays Bank PLC 15 St.Anns Square Manchester M60 2PX
INDIAN ASSOCIATION OLDHAM CONTENTS Page Trustees, Report Independent Examlner's Report Statement of Financial Activities Balanee Sheet Note to the Aceounts 9- 11
INDIAN ASSOCIA TION OLDHAM TRUSTEES, REPORT FOR THE YEAR ENDED 31ST MARCH 2024 The trustees present their report and accounls for the year ended 31 st March 2024 Trustees Mr. Devshi Chothani was appointed trustee to replace the previous trustee Mr. Ramsingh Kumpavat. Appointment of trustees is governed by the Trust Deed of the charity. The board of Trustees is authorised to appoint new trustees to fill vacancies arising through resignation or death of an existing trustee. Investment Powers The Trnst Deed authorises the trustees to make and hold investments using the general funds of the charity. However, all the surplus fund5 are currently held in low risk Bank and Building Society deposit account5. Constitution, objects and policies The Charitable Trust is constituted by Trust Deed, and its objects continue to be that of providing social, cultural and religious activities for its members. The Trustees delegate the day to day responsibilities of various activities to an elected executive committee. Development, activltles and achievements The new facilities have helped to increase and improve the provision of the association's main objective which is that of providing religious, social and educational needs of its members. With the aid of various tunding from the local authority and other charitable organisations, the association has improved on its program of social and educational activities. Financial review This year Saw a marked drop in donations because there were less relgious discourses organised. last year the priests accomodation was let to third paty and the kent st property was also let. This year the kent st property could not be let because major repairs were required. These repairs cost in the region of £25,000. All these factors resulted in very small net income for the year. The Truslees are conscious of the drop in net income. They have taken certain action to ensure the forthcoming year is more profitable. Slatement of trustees, regponsibllities The law applicable to charities in England and Wales requires the truslees to prepare financial 5tatemenls for each financial year, which give a true and fair view of the charity's financial activities during the ycar and of its financial position at the year end. In preparing those financial statements, the trustees are required: to select suitable accounting policies and then apply them consistently. lo make judgem¢nts that are reasonable and prudent. to state whether applicable accounting standards and slalement5 of recommended practice have been followed subject to any departure disclosed and explained in the financial statem¢nts' and to prepare the financial statements on the on-going concern basis unless it is inappropriate to presume the charity will continue in business.
INDIAN ASSOCIATION OLDHAM TRUSTEES, REPORT FOR THE YEAR ENDED 31ST MARCH 2024 The trustees are responsible for keeping accounting records which 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. They are also responsible for safeguarding the assets of the charity and hence for taking r¢asonabl¢ steps for the prevention of fraud and other irregularities. In respect of th¢ independent examination, the trustees have a responsibility to ensure that they take all steps necessary in order to make themselves aware of any relevant infonnation and to establish that the independent examiner is aware of that information. Trustees, Declaration In accordance with charity law. as trustees, we certify that'.- So far as we are aware, there is no relevant inforniation of which the charity's independent examiner is unaware. We have taken all tlie steps necessary that we ought to have taken in order to make ourselves aware of any relevant financial inforniation and to establish that the charity's independent examin¢r is aware of that information. Approval This report was approved by the trustees on . J.,.. and signed on their behalf.
INDIAN ASSOCIATION OLDHAM INDEPEIYDENT EXAMINER'S REPORT TO THE TRUSTEES OF INDIAN ASSOCIATION OLDHAM FOR THE YEAR ENDED 31ST MARCH 2024 I, Kishor Thaker report on the Financial Statements of the charity for the year ended 31 March 2024 as set out on pages 7 and 8 together with the notes on pages 9 to I l. Respective responsibilities of the Trustees and the Examiner The charity's trust¢es are responsible for th¢ preparation of the Financial Statements. The charity's trustees consider that an audit is noi required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examinalion is needed. It is my responsibility as the Independent Examiner: to examine the Financial Statements under section 145 of the Charilies Act. to follow the procedures l(iid duwn in Ihe General Directions giveii by the Charity Commission (under section 145(5)(b) of the Charlties Act); to state whether particular matters have come to my attention. Basis of the Independent Examiner s statement My examination was carried out in accordance with the General Directions giv¢n by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the Financial Slatements presented with those records. It also includes consideration of any unusual it¢ms or disclosures in the Financial Statements and seeking explanation from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the Financial Statements present a true and fair view and the report is limited to those matters set out in the statement below. Independent Examiner's slatement In connection with my examination no material matters have come to my attention which gives me cause to believe that, in any rnaterial respect, the accounting records were not kept in accordance with section 130 of the Charities Act. or the Financial Statement5 did not accord with thc accounting records. or the Financial Statements did not comply with the applicable requirements concerning the fonn and content of Financial Slalements set out in the Charities (Accounts and Reports) Regulations 2008, other than any requirement that the Financial Statements give a "true and fair" view which is not a matter considered as part of an independent examination. I have come across no other matters in Connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Kishor Thaker K Thak¢r & Co. Chartered Certified Accountants 39 Fieldfare Way Ashton Under Lyne OL7 9TA Date
INDIAN ASSOCIATION OLDHAM BALANCE SHEET AS AT 31st MARCH 2024 2024 2023 Notes FIXED ASSETS Land & Buildings Equipment Fixtur¢ & Fittings 1,396,001 2,360 9,482 1,407,843 1,364,337 2.777 1,155 lJ78,269 [2] CURRENT ASSETS Debtors Deposit on Kent Street Site Deposit for Bentwick St Cash ai Bank Reserve Accounts Bank of Baroda Barclays Barclays Premium C&sh in Hand and at Bank [3] [4] 11,665 i 00,000 19,000 i 00,000 3,500 33,388 49,693 641 1,000 1,000 720 175,554 1,000 1,014 147,067 CREDITORS: Amounts falling due wlthln one year OBMC Iother Grants Accruals 3,500 147,067 ,554.910 172,054 ,550,323 NET CURRENT ASSETS CREDITORS: Amounts falling due after one year Member's Loans [51 67,000 65,500 1,487,910 ,484,823 CAPITAL AND RESERVES Unrestricted Funds General Fund Bal B/Fwd Surplus for the year Bal CIFwd 795,723 3,087 749,032 46,691 798,810 795,723 Restrieted Fund5 Building Fund Bal BIFwd Surplusldeficit(-) for the year 689,100 689,100 689,100 689,100 1,487,910 1,484,823 Approved b t Trustees: Date . 15- (L4?
INDIAIY ASSOCIATION OLDHAM STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2024 2024 2023 Notes UNRESTRICTED FUNDS Incoming Resources Membership Grants Donations Special Collection Temple Box Hall Hir¢ Charities tax credits Rent Interest Income [6] [7] 30 2,210 62.338 15,134 11,362 4.591 10,000 15,072 97 8,000 31,230 11,153 17,735 4.525 7,000 600 444 80,687 120,833 Resources Expended Administration Establishment Activities Temple Expenses Depreciation [8] [9] [10] 13,803 45,068 12,503 4,136 2.090 12,444 44.873 12,041 2,325 2,459 77,600 3,087 74,142 46,691 RESTRICTED FUNDS Buildlng Fund Fund Raising Ventures Net movement In funds for the year 3,087 46,691 There were no recognised gains or losses for 2023 and 2024 other than those included in the statement of financial activity.
INDIAN ASSOCIATION OLDHAM NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024 l. Accounting policie5 1.1. Basis of preparation of accounts The accounts are pre v the charity's operations which are described in the Trustees, Report and all which are continuing. The accounts have be¢n prepared in accordance with the Statement of Recommended Practice for charity accounts. 1.2. Tanglble flxed assets for use by the charity and depreciation The charity's main activittes are carried out from its premises at Scofield Street, Oldham. The charity has not capitalised items of furniture, utensils and 01CC equipment due to insignificant values. The charity has also not capA¢ali5ed services free of charge and items of gifts given by worshipper5 to the temple. Depreciation: Depreciation is provided at rates calculated to write off the cost less r¢sidual value of each over ils expected useful life, as follows.. Equipment- Fixture & Fittings- 15 % Reducing balance. 150/0 Reducing balance. No depreciation is provided on the building. 1.3. Income Voluntary income and donations received in cash are accounted for as received by the charity. Gifts in kind and services provided by volunteers are not accounted for due the problems of quantification. The income from ndraising ventures is shown gross, with associated Costs included in fund raising costs. No pennanent endowments have been received during the period. J.4, Value added t8X Value added tax is not recoverable by the charity, and as such is included in the relevant costs in the statement of financial acttvities. 1.5. Fundralsing eosts Fundraising expenditure comprises costs incurred in inducing people and organisations to contribute financially to the charity's work. This includes the cost of advertistng for donations and staging of special fundraising events. 1.6. Management and administration expenditure Expenditure on management and administration of the charity includes all expenditure not directly related to charitable actlvlty or fundraising ventures. This includes cost of running ol¢e premise5, provision of utilities and other services.
INDIAN ASSOCIATION OLDHAM NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024 2. Fixed Assets Land & Buildin ui ment Fixtures & Fittin Total Cost At 1.4.2023 Additions during the year 1,364,337 31,664 22,425 23,336 1,410,098 31.664 At 31.3.2024 1,396,001 22,425 23,336 1,441,762 reeiation At 1.4.2023 Provided in the year 19,648 417 12,181 1,673 31.829 2,090 At 31.3.2024 20,065 13,854 33,919 Net Book Value A131.3.2024 1,396,001 2,360 9,482 1,407,843 At 31.3.2023 1,364,337 2,777 1,378,269 2024 2023 3. Debtors Tax Credit on Gift Aid 11,665 19.000 11,665 19,000 4. Deposit on Kent Street Site i 00.000 100,000 loo,000 Note: This deposit was paid on exchange for one of the plots on Kent Street. The vendor has not been able to complete on the purchase, so the trustees have demanded the deposit back. The trustees are in the process of recovering this deposit. loo,000 S. Member's Loans 67,000 65,500 07,000 65,500 6. Membership Annual membership Life m¢mbership 30 30 7. Grants OMBC 8,000 2,210 8,000 2,210 10
INDIAN ASSOCIATION OLDHAM NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024 2024 2023 8. Administration Expenses Wages Special Collection Donation Posl & Stationery Bank charges Legal & Professional 12,270 702 100 572 159 8,036 1.612 40 651 2,105 13,803 12.444 9. Establishment Expenses Water and ground rent Insurance Liglit and Heat Repairs and Renewals Internet and Satellite Services Cleaning Fire & Security 1,299 4,255 5.673 24,843 5,332 3,666 695 3,758 1,753 35,773 1,535 1.095 263 45,068 44,872 10. Act5vities Luncheon Club Functions 591 11,450 12,503 12,503 12.041 11