SHIVA CULTURAL AND COMMUNITY CENTRE Charity No. 1122604 Trustees, Report and Unaudited Accounts 31 March 2024
SHIVA CULTURAL AND COMMUNITY CENTRE Contents Pages Trustees, Annual Report Independent Examiner's Report Statement of Financial Artivtties 2to3 Balance Sheet Statement of Cash flows 14 Notes to the Accounts 7t013 Detailed Statement of Financial Activities 15to16 Page I
SHIVA CULTURAL AND COMMUNITY CENTRE Trustees Annual Report The trustees present their report with the unaudited financial statements of the charity for the year ended 31 March 2024. REFERENCE AND ADMINISTRATIVE DEfAILS Charity No. 1122604 Principal Office Shiva Cultural and Community Centre Queens Road Aldershot GUII 3JE Trustees The following trustees served during the year: J.N. Belbase B.B. Bhattarai H. Bhattarai A.B. Gurung H.B. Gurung K. Gurung R.K. Gurung B. Regmi N. Sharma B. Thapa N. Tiwari Independent Examiner Asmita & Associates Ltd 114-116 Plumstead High Street Plumstead London SE18 ISJ Bankers HSBC Bank PLC OBJECTIVES AND AcfiviTIES The Shiva Cultural And Community Centre is constituted under a trust deed dated 05 February 2008 and is registered charity no. 1122604. The principal object of the charity is directed towards Holding Prayers and cultural programmes for the benefit of the community at large. Encouraging Faith and racial harmony/ community cohesion through promoting understanding of Hindu and other faiths within the community. The main activities undertaken in relation to those purposes are the charity condurted events on the occasion of various hindu and other festivals. Page 2
SHIVA CULTURAL AND COMMUNITY CENTRE Trustees Annual Report 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 B.B. Bhattarai Trustee 31 May 2024 Page 3
SHIVA CULTURAL AND COMMUNITY CENTRE Independent Examiners Report Independent Examiner's Report to the trustees of SHIVA CULTURAL AND COMMUNITY CENTRE I report to the trustees on my examination of the financial statements of SHIVA CULTURAL AND COMMUNITY CENTRE for the year ended 31 March 2024. Responsibilities and basis of report As the charity's trustees you are responsible for the pparatIOn of the financial statements in accordance with the requirements of the Charities Act 20111'the Act'l. 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){bl 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 respert: the accounting records were not kept in respert 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 ISJ 31 May 2024 Page 4
SHIVA CULTURAL AND COMMUNITY CENTRE Statement of Financial Artivities for the year ended 31 March 2024 Unrestricted funds Total funds Total funds 2024 2024 2023 Notes Income and endowments from: Donations and legacies Other 72,919 11,968 72,919 11,968 42,895 2,520 Total 84,887 84,887 45,415 Expenditure on: Other 43,143 43,143 29,519 Total 43,143 43,143 29,519 Net gains on investments Net income 41,744 41,744 15,896 Transfers between funds Net income before other 8ains/(losses) 41,744 41,744 15,896 Other gains and losses Net movement in funds 41,744 41,744 15,896 Reconciliation of funds: Total funds brought forward 482,519 482,519 466,623 Total funds carried forward 524,263 524,263 482,519 Page 5
SHIVA CULTURAL AND COMMUNITY CENTRE Balance Sheet at 31 March 2024 Charity No. 1122604 2024 2023 Fixed assets Tangible assets io 462,136 462,136 463,579 463,579 Current assets Cash at bank and in hand 68,065 68,065 15,9381 62,127 19,420 19,420 14801 18,940 Creditors: Amount falling due within one year Net current assets li Total assets less current liabilities 524,263 482,519 Net assets excluding pension asset or liability 524,263 482,519 Total net assets 524,263 482,519 The funds of the charity Restrlcted funds Unrestrlrted funds General funds 12 12 524,263 482,519 524,263 482.519 Reserves 12 Total funds 524,263 482,519 Approved by the trustees on 31 May 2024 And signed on their behalf by: B.B. Bhattarai Trustee 31 May 2024 Page 6
SHIVA CULTURAL AND COMMUNITY CENTRE Notes to the Accounts for the year ended 31 March 2024 l 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 1021 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 basls of ac¢ountlng 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. These are unrestricted funds earmarked by the trustees for particular purposes. These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. These are available for use subject to restrictions imposed by the donor orthrough terms of an appeal. Designated funds Revaluation funds Restrirted funds Income Recognition of income Income is included in the Statement of Financial Activities {SoFAI when the charity 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 ha5 related expenditure the income and related expenditure is expenditure reported gross in the SOFA. Donations and legacies Voluntary income received by way of grants, donations and gifts is included in the 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 gtfts gift/donation to which it relates. Donated seNices 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/llossesl 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 investment assets This includes any gain or loss on the sale of investments. Page 7
SHIVA CULTURAL AND COMMUNITY CENTRE Notes to the Accounts Expenditure Recognition of expenditure Expenditure is recognised on an accruals basis. Expenditure includes any VAT which 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. 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. 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. These are support costs not allocated to a particular activity. Grants payable Governance costs Other expenditure 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 Eains 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 forthe 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
SHIVA CULTURAL AND COMMUNITY CENTRE 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 funttional 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 a$5ets 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 seNices received are recognised within incoming resources and expenditure at an estimate of the value to the charity. Page 9
SHIVA CULTURAL AND COMMUNITY CENTRE Notes to the Accounts 2 Statement of Financial Activities - prior year Unrestricted funds Total funds 2023 2023 Income and endowments from: Donations and legacies Other 42,895 2,520 42,895 2,520 Total 45,415 45,415 Expenditure on: Other 29,519 29,519 Totsl 29,519 29,519 Net income 15,896 15,896 Net income before other gainsl(losses) Other gains and losses: Net movement in funds 15,896 15,896 15,896 15,896 Reconciliation of funds: Total funds brought forward Total funds carried forward 466,623 466,623 482,519 482,519 3 Income from donations and legacies Unrestrirted Total Total 2024 2023 Donations 72,919 72,919 72,919 72,919 42,895 42.895 4 Other Income Unrestricted Total Total 2024 2023 Rental Income 2,520 Gift Aid Income 11,968 11,968 11,968 11,968 2,520 Page 10
SHIVA CULTURAL AND COMMUNITY CENTRE Notes to the Accounts 5 Other expenditure Unrestricted Total Total 2024 2023 Employee costs Premises costs 20,629 8,182 20,629 8,182 15,337 Amortisation, depreciation, impairment, profit/loss on disposal of fixed assets General administrative costs 1,443 1,443 1,803 11,209 1,680 43,143 11,209 1,680 43.143 10,843 1,536 29,519 Legal and professional costs 6 Net income before transfers 2024 2023 This is stated after charging: Depreciation of owned fixed assets 7 Staff costs 1,443 1,803 2024 2023 Salaries and wages 20,629 20,629 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 during the year. 10 Tanglble fixed assets Cost or revaluation At l April 2023 At 31 March 2024 Depreciation and impalrment At l April 2023 Depreciation charge for the year At 31 March 2024 456,365 456,365 10,647 10,647 1,219 1,219 468,231 468.231 3,832 820 4,652 1,363 80 1,443 5,195 900 6,095 Net book values At 31 March 2024 At 31 March 2023 456,365 456,365 5,452 6,815 319 462,136 463,579 399 Page 11
SHIVA CULTURAL AND COMMUNITY CENTRE Notes to the Accounts 11 Creditors: amounts falling due within one year 2024 2023 Other creditors Accruals 4,978 960 480 5,938 480 12 Movement in funds Incoming resources At31 March lincludin8 other At l April gainsllosses 2023 Resources expended 2024 Restricted funds: Unrestrirted funds: General funds 482,519 84,887 (43,143) 524,263 Total funds 13 Analysls of net assets between funds 482,519 84,887 143,1431 524,263 Unrestricted funds Total Fixed assets 462,136 62,127 524,263 462,136 62,127 524,263 Net current assets 14 Reconciliation of net debt At31 March 2024 At l Aprll 2023 Cash flows Cash and cash equivalents 19,420 19,420 48,645 48,645 68,065 68,065 Net debt 19,420 48,645 68,065 Page 12
SHIVA CULTURAL AND COMMUNITY CENTRE Statement of Cash flows for the year ended 31 March 2024 2024 2023 Cash flows from operating activities Net Income per Statement of Financial Activities 41,744 15,896 Adjustments for: Depreciation of property, plant and equipment Dividends, interest and rents from investments Increase/lDecreasel in trade and other payables 1,443 (11,9681 5,458 1,803 (2,5201 18,210) Net cash provided by operatlng activities 36,677 6,969 Cash flows from investing artivities Dividends, interest and rents from investments 11,968 2,520 Net cash from investing activities 11,968 2,520 Net cash from financing activities Net increase in cash and cash equivalents 48,645 9,489 Cash and cash equivalents at the beginnlng of the year 19,420 9,931 Cash and cash equivalents at the end of the year 68,065 19,420 Components of cash and cash equivalents Cash and bank balances 68,065 19,420 68,065 19,420 Page 13
SHIVA CULTURAL AND COMMUNITY CENTRE Detailed Statement of Financial Activities for the year ended 31 March 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Income and endowments from: Donations and legacies Donations 72,919 72,919 72,919 72,919 42,895 42,895 Other Rental Income Gift aid income 2,520 11,968 11,968 11,968 11.968 2,520 Total income and endowment5 84,887 84,887 45,415 Expenditure on.. Employee costs Salaries/wages 20.629 20,629 20,629 20,629 Premises costs Rates Light, heat and power Premises repairs and maintenance 605 605 1,453 4,630 3,732 3,732 3,845 3,845 9,254 8,182 8,182 15.337 General administrative costs, including depreciation and amortisation Depreciation of Bank charges Information and publications Postage and courier5 Subscriptions Sundry expenses Telephone. fax and broadband 1,443 600 1,443 600 1,803 656 93 93 305 89 160 98 98 96 9,660 662 12,652 96 9,660 662 8,970 663 12,646 12,652 Legal and professional costs Accountancy and bookkeeping Consultancy fees 1,680 1.680 480 1,056 1,536 1,680 1,680 Total of expenditure of other costs Total expenditure 43.143 43,143 29,519 43,143 43,143 29,519 Net gains on investments Net income 41,744 41.744 15,896 Page 14
SHIVA CULTURAL AND COMMUNITY CENTRE Detailed Statement of Financial Activities Net income before other gains1{losses) Other Gains 41,744 41,744 15,896 Net movement in funds 41,744 41,744 15,896 Reconciliation of funds: Total funds brought forward 482,519 482,519 466,623 Total funds carried forward 524,263 524,263 482,519 Page 15