CHARITY REGISTRATION NUMBER: 1115850 The Reading Hindu Centre Unaudited Financial Statements 31 December 2024 H B MISTRY & CO Chartered accountants Tudor House Mill Lane Calcot, Reading Berks RG317RS The Reading Hindu Centre Financial Statements Year ended 31 December 2024 Page Trustees, annual report Independent examiner's report to the trustees Statement of financial activities Statement of financial position Notes to the financial statements The following pages do not form part of the financial ststements Detailed statement of financial activities 17 Notes to the detailed statement of financial activities 19 The Reading Hindu Centre Trustees, Annual Report Year ended 31 December 2024 The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2024. Reference and administrative details Registered charity name The Reading Hindu Centre Charity registration number 1115850 Principal office 112 Whitley Street Reading RG2 OEQ The trustees Dr A Khare Mr B Sankhla Mr V Mistry Mr G Bhatti The trustees Dr Ashok Khare Mr Vijay Mistry Mr Bhupendra Sankhla Mr Jagannath Sapkots Mr Govind Bhatti Mr Dhirai Gehlot Mr Rakhee Mistry Mr Sunil Meham Mr Shashi K Mawkin MrArjun Singh Chairman Vice Chairman Secretary Joint secretary Treasurer Joint treasurer Event Co-ordinator and publicity Event Co-ordinator and publicity Property Manager Property Manager Independent examiner Harish Mistry FCA FFTA Chartered accountant Structure, governance and management The Charity operates under a constitution approved on 5 August 2006. Management of the Charity is entrusted to an Executive Committee, acting on behalf of its members. One-third of the Committee is elected annually at the summer Annual General Meeting. Details of the Executive Committee members serving during the year are provided on page 1 of the financial statements. All Committee members generously contributed their time and expertise on a voluntary basis No member had any material interest in contracts of significance involving the Charity during the year. The Executive Committee has conducted a thorough as5e5sment of the major risks facing the Charity and is satisfied that appropriate systems and procedures are in pla￿ to mitigate these risks effectively. The Reading Hindu Centre Trustees. Annual Report (continued) Year ended 31 December 2024 Objectives and activities The Charity's objectives are to promote the Hindu religion through charitable means, provide a place of worship for followers of the Hindu faith, and encourage the values of Hinduism for the benefit of the wider public. The Charity remains politically non-aligned. It collaborates with, and occasionally receives support requests from, other charities and organisations with similar aims. Each request is carefully reviewed by the Executive Committee, which may approve modest grants where mutual benefit is identified. In reviewing our aims and planning future activities, we have referred to the Charity Commission's general guidance on public benefit. Achievements and performance The Reading Hindu Centre serves as a vibrant hub for fostering harmony among diverse communities in Reading. It houses a beautiful temple that is open to all, and religious activities are conducted successfully throughout the year. The Centre actively promotes spirituality and healthy living by encouraging use of its facilities for related activities. The Trustees are pleased to report strong community engagement, reflected in increased attendance and financial support. Gross income rose by 53.7 % to £208,561 {2023'. £135,677). Donations to the new temple relocation fund totalled £40,592, including £4,930 reclaimed through Gift Aid. Financial review The Charity's financial position is detailed in the attached ststements. Gross income for the year was £208,561 {2023. £135,677), with total expenditure of £104,138 {2023.' £69,357), resulting in a surplus of £104,42312023'. £66,357). Key expenditure areas included staff costs, property maintenance, and utilities. Reserves Policy The Charity maintains unrestricted funds at a level equivalent to 12 to 18 months of expenditure. This ensures continuity of operations in the event of a significant drop in funding, allowing time to explore alternative income SoUr￿s. This reserve level was sustained throughout the year and also serves as a safeguard against unexpected building repairs essential to the Charity's activities. Risk management The Charity relies on donations and Gift Aid to fund improvements and repairs. The Executive Committee remains confident Ihat continued public goodwill and member support will sustain financial commitments. Risks are managed through regular reviews of hygiene standards, health and safety procedures, fire protection measures, and ensuring adequate insurance coverage. The Reading Hindu Centre Trustees, Annual Report {eontinuedJ Year ended 31 December 2024 Plans for future periods The Centre will maintain its daily religious programmes. which are regularly updated on its website. Renovation work is ongoing and dependent on donations and available funds. Temple premises and future plans The Trustees are actively seeking alternative temple premises with sufficient parking facilities. This initiative requires significant investment and the generous support of the community through donations and pledges. To support this goal, the Trustees will continue organising cultural perfomiances and fundraising events. Consultations with advisors have begun to maximise the value of the current premises. The trustees, annual report was approved on 14 September 2025 and signed on behalf of the board of trustees by. DrAs ok Sadashive Khare Chairman Mr Govind Bhatti Treasurer The Reading Hindu Centre Independent Examiner's Report to the Trustees of The Reading Hindu Centre Year ended 31 December 2024 I report to the trustees on my examination of the financial statements of The Reading Hindu Centre ('the charity'} for the year ended 31 December 2024. Responsibilities and basis of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 ('the Act'i. I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5llb) of the Act. Independent examinerfs statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the Act., or the financial statements do not accord with those records,. or the financial ststements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Harish Mistry FCA FF Chartered accountant Independent Examiner HBMistry&Co Tudor House Mill Lane Calcot Reading Berks RG317RS Date DcÉ-2EJU" The Reading Hindu Centre ststement of Financial Activities Year ended 31 December 2024 2024 Restricted funds Totsl funds Total funds 2023 Unrestricted funds Note Income and endowments Donations and legacies Other trading activities Investment income 167,686 40,592 208,278 134,709 145 823 283 283 Total income 167,686 40,875 208,561 135,677 Expenditure Expenditure on raising funds.. Costs of raising donations and legacies Expenditure on charitable activities Total expenditure 9,105 95,033 9,105 95,033 104,138 3,271 66,049 104,138 69,320 Net income 63,548 40,875 104,423 66,357 Transfers be￿een funds {12,317) 12,317 Net movement in funds 51,231 53,192 104,423 66,357 Reconciliation of funds Total funds brought forward Total funds carried forward 1,412,164 1,000 1,413.164 1,346,807 1,413,164 1,463,395 54,192 1,517.587 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 7 to 15 form part of these financial statements. The Reading Hindu Centre Statement of Financial Position 31 December 2024 2024 2023 Note Fixed assets Tangible fixed assets 15 1.250,506 1,250,000 Current assets Debtors Cash at bank and in hand 16 8,527 266,995 275,522 2,964 167,556 170,520 Creditors: amounts falling due within one year Net current assets 17 8,441 7,356 267,081 163,164 Total assets less current liabilities 1,517,587 1,413,164 Net assets 1,517,587 1,413,164 Funds of the charity Restricted funds Unrestricted funds.. Revaluation reserve Other unrestricted income funds 54,192 1,000 1,019,879 443,516 1,019,879 392,285 Total unrestricted funds 1,463,395 1,412,164 Total charity funds 19 1.517,587 1,413,164 These financial statements were approved by the board of trustees and authorised for issue on 14 September 2025, and are signed on behalf of the board by" Dr Ashok Sadashive Khare Chairman Mr Govind Bhatti Treasurer The notes on pages 7 to 15 form part of these financial statements. The Reading Hindu Centre Notes to the Financial Statements Year ended 31 December 2024 General information The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal Offi￿ is 112 Whitley Street, Reading, Berks, RG2 OEQ. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (Charities SORP IFRS 102)) and the Charities Act 2011. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern There are no material uncertainties about the charity's ability to continue. Disclosure exemptions Under the small entity provisions within S1A of FRS 102, the charity claims exemption from preparing a cash flow statement. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstsnces. Fund accounting Fund accounting Unrestricted funds are available for use at the discretion of the trustees in furtherance of the purposes of the charity. Unrestricted funds include a revaluation reserve representing the restatement of Freehold property at market value. Restricted funds are subjected to restrictions on their expenditure imposed by the donor. The Reading Hindu Centre Notes to the Financial Statements {contlnued) Year ended 31 December 2024 Accounting policies (continued) Incoming resources Income All income is included in the statement of financial activities when the charity is entitled to the income, any performance related conditions attached have been met or are fully within the control of the charity, the income is considered probable and the amount can be quantified with reasonable acEuracy. The following specific policies are applied to particular categories of income.. Donations and legacy income is received by way of donations, legacies, grants and gifts and is included in full in the Statement of Financial Activities when receivable. Investment income is included when receivable. Income from grants, where related to performance and specific deliverables, are accounted for as the charity earns the right to consideration by its performance. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates.. expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned be￿een the activities they contribute to on a reasonable, justifiable and consistent basis. Tangible assets All fixed assets are initially recorded at cost. Tangible fixed assets other than freehold land are ststed at cost or valuation less depreciation. Freehold Property 2 % on cost. No depreciation is provided in respect of freehold land. No depreciation is provided on the freehold buildings as in the opinion of the Executive Committee the residual value of the building will not be less than deemed cost of the building as the building is maintained to such a high standard. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows.. Equipment 33 % straight line The Reading Hindu Centre Notes to the Financial Statements (contlnued) Year ended 31 December 2024 Accounting policies (continued) Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impaimient testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. Financial instruments A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Defined contribution plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. The Reading Hindu Centre Notes to the Financial Statements (Continued) Year ended 31 December 2024 Donations and legacies Unrestricted Funds Restricted Total Funds Funds 2024 Donations Donations Money box collections Charity membership fees Cultural and religious activities (Pujasl Hire of centre resources Gift Aid claimed Fund raising events Pledge donation 76,991 54,050 10 4,426 16,823 13,966 1,420 76,991 54,050 10 4,426 16,823 18.896 1,420 35,662 4,930 35,662 40,592 167,686 208,278 Unrestricted Funds Restricted Total Funds Funds 2023 Donations Donations Money box collections Charity membership fees Cultural and religious activities (Pujas) Hire of ￿ntre resources Gift Aid claimed Fund raising events Pledge donation 46,008 58,622 126 5,791 8,523 10,319 4,320 46,008 58,622 126 5,791 8,523 10,319 4,320 1,000 1,000 133,709 1,000 134,709 Other trading activities Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Sale of chunni, books etc 145 145 Investment income Unrestricted Funds Restricted Total Funds Funds 2024 Bank interest receivable 283 283 Unrestricted Funds Restricted Total Funds Funds 2023 Bank interest receivable 823 823 10- The Reading Hindu Centre Notes to the Financial Statements (continued) Year ended 31 December 2024 Costs of raising donations and legacies Unrestricted Totsl Funds Unrestricted Total Funds Funds 2024 Funds 2023 Costs of raising donations and legacies Events 9,105 9,105 3,271 3,271 Expenditure on charitable activities by fund type Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Hindu faith and culture Support costs 91,583 3,450 91,583 3,450 63,038 3.011 63,038 3,011 95,033 95,033 66,049 66,049 Expenditure on charitable activities by activity type Activities undertaken directly Support costs Total funds 2024 Total fund 2023 Hindu faith and culture Governance costs 91,583 91,583 3,450 63,038 3,011 66,049 3,450 91,583 3,450 95,033 10. Analysis of support costs Hindu faith and culture Total 2024 Total 2023 Governance costs 3,450 3,450 3,012 11. Net income Net income is stated after chargingl(creditingl'. 2024 2023 Depreciation of tangible fixed assets 249 12. Independent examination fees 2024 2023 Fees payable to the independent examiner for.. Independent examination of the financial statements 3,450 2,350 11 The Reading Hindu Centre Notes to the Financial Statements (continued) Year ended 31 December 2024 13. Staff costs The total staff costs and employee benefits for the reporting period are 2nalysed as follows.. 2024 2023 Wages and salaries Employer contributions to pension plans 33.778 21 23,351 24 33,799 23,375 The average head count of employees during the year was 212023.. 21. The average number of full-time equivalent employees during the year is analysed as follows.. 2024 No. 2023 No. Number of staff - Religious Number of staff - Maintenance No employee received employee benefits of more than £60,000 during the year {2023'. Nil). 14. Trustee remuneration and expenses No remuneration or other benefits from employment with the charity or a related entity were received by the trustees. 15. Tangible flxed assets Freehold property Equipment Total Cost At 1 January 2024 Additions 1,250,000 26,143 755 1.276,143 755 At 31 December 2024 1,250,000 26,898 1,276,898 Depreciation At 1 January 2024 Charge for the year At 31 December 2024 26,143 249 26,143 249 26,392 26,392 Carrying amount At 31 December 2024 1,250,000 506 1,250,506 At 31 December 2023 1,250,000 1,250,000 12- The Reading Hindu Centre Notes to the Financial Statements (continued) Year ended 31 December 2024 15. Tangible fixed assets (contlnuedj The freehold property at 112 Whitley Street, Reading included in the accounts was acquired in 1997. The freehold propety were revalued at open market value by Fairweathers Chartered Surveyors as at 31 st December 2015. {with assumed vacant possession) The charity has taken advantage of the transitional provisions available in the FRS 102 to carry those assets at that value less depreciation in subsequent years. Subsequent additions to freehold land and buildings are included at cost. The comparable amounts for freehold property under historical cost convention were.. 2024 Cost Surplus on revaluation 230,121 369,879 600,000 The title of the freehold property is vested in the Official Custodian of Charities on behalf of the Reading Hindu Centre. 16. Debtors 2024 2023 Prepayments and accrued income 8,527 2,964 17. Creditors: amounts falling due within one year 2024 2023 Accruals and deferred income Social security and other taxes 7,958 483 7,356 8,441 7,356 18. Pensions and other post retirement benefits Defined contribution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £21 (2023.. £24). 13- The Reading Hindu Centre Notes to the Financial Statements (¢ontlnued) Year ended 31 December 2024 19. Analysis of charitable funds Unrestricted funds At 1 January 20 24 At 31 December 2024 Income Expenditure Transfers General funds Revaluation reserve 392,285 1,019,879 167,686 (104,138) {12,317) 443,516 1,019,879 (12,317) 1,463,395 1,412,164 167,686 {104,1381 At 1 January 20 23 At 31 December 2023 Income Expenditure Transfers General funds Revaluation reserve 326,928 1,019,879 134,677 (69,320) 392,285 1,019,879 1,346,807 134,677 {69,320) 1,412,164 Restricted funds At 1 January 20 24 At 31 December 2024 Income Expenditure Transfers Restricted Fund 1,000 40,875 12,317 54,192 At 1 January 20 23 At 31 December 2023 Income Expenditure Transfers Restricted Fund 1,000 1,000 20. Analysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2024 Tangible fixed assets Current assets 1,250,506 212,88g 1,463,395 1,250,506 267,081 54,192 Net assets 54,192 1,517,587 Unrestricted Funds Restricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors greater than 1 year Net assets 1,250,000 162,164 1,250,000 163,164 1,000 1,412,164 1,000 1,413,164 14- The Reading Hindu Centre Notes to the Financial Statements (continued) Year ended 31 December 2024 20. Analysis of net assets between funds {contlnuedJ Restricted Funds relate to donations towards the re-location and acquisition of New temple premises to cater for expanding activities and parking requirements at the temple. The trustees are confident that this ambitious project will have the support of the whole community. 21. Related parties Executive Committee None of the Executive Committee (or any persons connected with them) received any remuneration during the year, but 2 of the Executive Committee members were reimbursed a total of £753.08 for validated out of pocket expenses incurred for the centre.(2023.' 1 of the Executive Committee were reimbursed £537.81). 15-