2024-01-01-accounts - Nepali Temple Cum-Community Centre London UK

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NEPALI TEMPLE CUM-COMMUNITY CENTRE LONDON UK

Charity No. 1119517

Trustees' Report and Unaudited Accounts

01 January 2024

NEPALI TEMPLE CUM-COMMUNITY CENTRE LONDON UK Contents

	Pages
Trustees' Annual Report	2 to 3
Independent Examiner's Report	4
Statement of Financial Activities	5
Balance Sheet	6
Statement of Cash flows	14 to 14
Notes to the Accounts	7 to 13
Detailed Statement of Financial Activities	15 to 16

Page 1

NEPALI TEMPLE CUM-COMMUNITY CENTRE LONDON UK Trustees Annual Report

The trustees present their report with the unaudited financial statements of the charity for the year ended 1 January 2024.

REFERENCE AND ADMINISTRATIVE DETAILS

Charity No. 1119517

Principal Office

Head Keepers Lodge

Swingate Lane

London SE18 2DA

Trustees

The following trustees served during the year:

A. Acharya B. Aryal G. Aryal

P. Bhandari

Y. Bhandari

T. Bhattarai A. Dhital A. Gautam S. Giri

A.B. Gurung M.R. Kandel N. Kandel R. Kandel A.C. Nyaupane D. Pandey S. Paudel K. Shahi H. Sharma F. Thapa

Independent Examiner

Asmita & Associates Ltd 114-116 Plumstead High St Plumstead London SE18 1SJ

Page 2

NEPALI TEMPLE CUM-COMMUNITY CENTRE LONDON UK

Trustees Annual Report

OBJECTIVES AND ACTIVITIES

The Nepali Temple Cum-Community Centre London UK was established on 06 Jun 2007 with following objectives: To advance the Hindu and Buddhist religion by conducting religious discourse, cultural classes, facilitating mediation, celebrating Hindu and Buddhist religious festivals and providing religious classes and facilities for marriage and other religious rituals and ceremonies To establish and run a temple cum-community centre in furtherance of the above object.

Charity provided facilities to worship Hindu and Buddhist god on its own premises throughout the year. It helps to provide facilities for marriage and other religious rituals and ceremonies to Hindu and Buddhist community via its own premises.

Statement of trustees' responsibilities in relation to the financial statements

The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to 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 Trust deed. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

Signed on behalf of the charity's trustees

D. Pandey Trustee 01 January 2024

Page 3

NEPALI TEMPLE CUM-COMMUNITY CENTRE LONDON UK

Independent Examiners Report

Independent Examiner's Report to the trustees of NEPALI TEMPLE CUM-COMMUNITY CENTRE LONDON UK

I report to the trustees on my examination of the financial statements of NEPALI TEMPLE CUM-COMMUNITY CENTRE LONDON UK for the year ended 1 January 2024.

Responsibilities and basis of report

As the charity's trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 ('the Act').

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(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I can 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:

the 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 statements do not comply with the applicable requirements concerning the form and content of financial statements 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 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 financial statements to be reached.

LN Pandey FCA, M.Sc. Asmita & Associates Ltd

114-116 Plumstead High St Plumstead

London

SE18 1SJ 01 January 2024

Page 4

NEPALI TEMPLE CUM-COMMUNITY CENTRE LONDON UK Statement of Financial Activities

for the year ended 1 January 2024

Unrestricted funds	Total funds	Total funds
2024	2024	2023
£	£	£

101,708	101,708	21,329
19,700	19,700	8,950
121,408	121,408	30,279

21,977	21,977	6,587
75,018	75,018	41,433
96,995	96,995	48,020
-	-	-
24,413	24,413	(17,741)
-	-	-
24,413	24,413	(17,741)

24,413	24,413	(17,741)

456,375	456,375	474,116
480,788	480,788	456,375

Page 5

NEPALI TEMPLE CUM-COMMUNITY CENTRE LONDON UK Balance Sheet

at 1 January 2024

Charity No. 1119517 Fixed assets Tangible assets 10 Current assets Debtors 11 Cash at bank and in hand Creditors:Amount falling due within one year 12 Net current assets Total assets less current liabilities Creditors:Amounts falling due after more than one year 13 Net assets excluding pension asset or liability Total net assets The funds of the charity Restricted funds 14 Unrestricted funds 14 General funds Reserves 14 Total funds Approved by the trustees on 01 January 2024 And signed on their behalf by:	2024 £ 763,913 763,913 22,505 30,118 52,623 (1,500) 51,123 815,036 (334,248) 480,788 480,788 480,788 480,788 480,788	2023 £ 763,913
		763,913 22,505 25,497
		48,002 -
		48,002 811,915 (355,540)
		456,375
		456,375
		456,375
		456,375
		456,375

D. Pandey Trustee 01 January 2024

Page 6

NEPALI TEMPLE CUM-COMMUNITY CENTRE LONDON UK Notes to the Accounts

for the year ended 1 January 2024

1 Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.

Income

Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA.
Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.

Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets

Page 7

NEPALI TEMPLE CUM-COMMUNITY CENTRE LONDON UK Notes to the Accounts

Expenditure

Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
Other expenditure These are support costs not allocated to a particular activity.

Taxation

The charity is exempt from tax on its charitable activities.

Freehold investment property

Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.

Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Trade and other creditors

Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Page 8

NEPALI TEMPLE CUM-COMMUNITY CENTRE LONDON UK Notes to the Accounts

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period.

Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.

All exchange differences are are taken into account in arriving at net income/expenditure.

Leased assets

Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the charity pays fixed contributions into a separate entity. Once the contributions have been paid the charity has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity in independently administered funds.

Receipt of donated goods, facilities and services

All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.

Page 9

NEPALI TEMPLE CUM-COMMUNITY CENTRE LONDON UK

Notes to the Accounts

2 Statement of Financial Activities - prior year

2 Statement of Financial Activities - prior year
Income and endowments from: Donations and legacies Other Total Expenditure on: Charitable activities Other Total Net income Net income before other gains/(losses) Other gains and losses: Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 3 Income from donations and legacies Donations 4 Other income Rental income	Unrestricted £ 101,708 101,708 Unrestricted £ 19,700 19,700	Unrestricted funds 2023 £ 21,329 8,950 30,279 6,587 41,433 48,020 (17,741) (17,741) (17,741) 474,116 456,375 Total 2024 £ 101,708 101,708 Total 2024 £ 19,700 19,700	Total funds 2023 £ 21,329 8,950
			30,279 6,587 41,433
			48,020
			(17,741)
			(17,741)
			(17,741) 474,116
			456,375
			Total 2023 £ 21,329
			21,329
			Total 2023 £ 8,950
			8,950

Page 10

NEPALI TEMPLE CUM-COMMUNITY CENTRE LONDON UK

Notes to the Accounts

5 Expenditure on charitable activities

Unrestricted £ Expenditure on charitable activities Charitable events expenses 21,977 Other charitable donations - Governance costs 21,977 6 Other expenditure Unrestricted £ Other interest payable 18,143 Employee costs 1,000 Premises costs 34,603 General administrative costs 4,022 Legal and professional costs 17,250 75,018 7 Staff costs 2024 Salaries and wages 1,000 1,000 No employee received emoluments in excess of £60,000. 8 Trustee remuneration and expenses No trustee received any remuneration or expenses during the year. 9 Related party disclosures There were no related party transactions for the year ended 01 January 2024. 10 Tangible fixed assets Cost or revaluation At 2 January 2023 At 1 January 2024 Net book values At 1 January 2024 At 1 January 2023	Total 2024 £ 21,977 - 21,977 Total 2024 £ 18,143 1,000 34,603 4,022 17,250 75,018 £ 763,913 763,913 763,913 763,913	Total 2023 £ 6,087 500
		6,587
		Total 2023 £ 6,268 9,750 7,997 3,035 14,383
		41,433
		2023 9,750
		9,750
		£ 763,913
		763,913
		763,913
		763,913

Page 11

NEPALI TEMPLE CUM-COMMUNITY CENTRE LONDON UK Notes to the Accounts

2024 £ 22,505 22,505 2024 £ 1,000		2023 £ 22,505
		22,505
		2023 £ -
500		-
1,500 2024 £ 334,248 334,248 Incoming resources (including other gains/losses ) £ 121,408 121,408	Resources expended £ (96,995) (96,995) Unrestricted funds £ 763,913 51,123 (334,248) 480,788	-
		2023 £ 355,540
		355,540
		At 1 January 2024 £ 480,788
		480,788
		Total £ 763,913 51,123 (334,248)
		480,788

Page 12

NEPALI TEMPLE CUM-COMMUNITY CENTRE LONDON UK Notes to the Accounts

16 Reconciliation of net debt

16 Reconciliation of net debt
Cash and cash equivalents Bank loans Net debt	At 2 January 2023 £	Cash flows £	At 1 January 2024 £
	25,497	4,621	30,118
	25,497 (355,540)	4,621	30,118 (334,248)
		21,292
	(355,540) (330,043)	21,292 25,913	(334,248)
			(304,130)

Page 13

NEPALI TEMPLE CUM-COMMUNITY CENTRE LONDON UK Statement of Cash flows for the year ended 1 January 2024

Cash flows from operating activities Net income/(expenditure) per Statement of Financial Activities Adjustments for: Dividends, interest and rents from investments Increase in trade and other receivables Increase in trade and other payables Net cash provided by/(used in) operating activities Cash flows from investing activities Dividends, interest and rents from investments Net cash from/(used in) investing activities Cash flows from financing activities Repayment of borrowings Net cash (used in)/from financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year	2024 £ 24,413 (19,700) - 1,500 6,213 19,700 19,700 (21,292) (21,292) 4,621 25,497 30,118	2023 £ (17,741) (8,950) (22,505) -
		(49,196) 8,950
		(405,217)
		355,540
		355,540

		(98,873)
		-
		(98,873)

Components of cash and cash equivalents
Cash and bank balances	30,118	25,497

	30,118	25,497

Page 14

NEPALI TEMPLE CUM-COMMUNITY CENTRE LONDON UK Detailed Statement of Financial Activities

for the year ended 1 January 2024

Income and endowments from: Donations and legacies Donations Other Rental income Total income and endowments Expenditure on: Charitable activities Charitable event expenses Other charitable donations Total of expenditure on charitable activities Other expenditure Other interest payable Employee costs Salaries/wages Premises costs Rates Light, heat and power Premises repairs and maintenance General administrative costs, including depreciation and amortisation Bank charges General insurances Stationery and printing Subscriptions Telephone, fax and broadband Legal and professional costs Accountancy and bookkeeping Other legal and professional costs	Unrestricted funds 2024 £ 101,708 101,708 19,700 19,700 121,408 21,977 - 21,977 21,977 18,143 18,143 1,000 1,000 2,984 1,724 29,895 34,603 121 670 2,566 - 665 4,022 12,200 5,050	Total funds 2024 £ 101,708 101,708 19,700 19,700 121,408 21,977 - 21,977 21,977 18,143 18,143 1,000 1,000 2,984 1,724 29,895 34,603 121 670 2,566 - 665 4,022 12,200 5,050	Total funds 2023 £ 21,329
			21,329
			8,950
			8,950
			30,279 6,087 500
			6,587
			6,587 6,268
			6,268
			9,750
			9,750
			2,426 532 5,039
			7,997
			51 1,347 1,115 14 508
			3,035
			- 14,383

Page 15

NEPALI TEMPLE CUM-COMMUNITY CENTRE LONDON UK Detailed Statement of Financial Activities

NEPALI TEMPLE CUM-COMMUNITY CENTRE LONDON UK Detailed Statement of Financial Activities
Total of expenditure of other costs Total expenditure Net gains on investments Net income/(expenditure) Net income/(expenditure) before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward	17,250 75,018 96,995 - 24,413 24,413 - 24,413 456,375 480,788	17,250 75,018 96,995 - 24,413 24,413 - 24,413 456,375 480,788	14,383

			41,433
			48,020 -
			(17,741)
			(17,741) -
			(17,741)
			474,116
			456,375

Page 16