Charity number: 1174643
The Parasakthy Hindu (Saiva) Temple Trust UK
Unaudited
Trustees' report and financial statements
for the period ended 31 December 2022
The Parasakthy Hindu (Saiva) Temple Trust UK
Contents
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 15 |
The Parasakthy Hindu (Saiva) Temple Trust UK
Reference and administrative details of the Charity, its Trustees and advisers for the period ended 31 December 2022
| Trustees | Gajaruban Ragunathan |
|---|---|
| Dr Thava Ganan Vimalan Sritharan | |
| Vinayaka Moorthy Majuran | |
| Rajasingam Kunasingam | |
| Charity registered number 1174643 Principal office Sri Rajarajeswary Amman Temple 4 Dell Lane Epsom Surrey KT17 2NE Independent Examiner J A Peach FCA Kreston Reeves LLP Springfield House Springfield Road Horsham, West Sussex RH12 2RG |
Page 1
The Parasakthy Hindu (Saiva) Temple Trust UK
Trustees' report for the period ended 31 December 2022
The Trustees present their annual report together with the financial statements of the Charity for the 1 October 2021 to 31 December 2022.
Objectives and activities
a. Policies and objectives
The principal objects of the charity is to advance the Hindu religion for the public benefit by providing a temple for daily prayers and Poojas where devotees can come to pray and perform various rites and rituals. The charity aims to maintain the temple and any land or property the temple owns as future security and sustainability. To that end the charity has bought the land at the rear of 44-48 The Broadway, Stoneleigh, KT14 2HS and aims to use it as a community hall for the general public and also 6 flats which the charity will rent to provide rental income which will help to sustain the temple.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Main activities undertaken to further the Charity's purposes for the public benefit
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities.
Achievements and performance
a. Review of activities
-
To promote the Hindu faith and doctrines through regular worship at the temple.
-
To establish the temple as a holy place of worship by enriching its devotees through conducting customary
-
Hindu prayers and devotional activities.
-
A place where Hindus can get married in a Hindu ceremony.
-
To advance traditional Hindu cultural activities, religious students and performing arts.
-
To provide facilities and actively co-ordinate social care, social interaction, friendship and goodwill
-
amongst the wider community.
-
To help the local Epsom community with charitable donations.
The Trustees confirm they have assigned the temple building, contents and all assets and jewellery to the charity on 7th January 2022.
The Trustees re-opened the temple in February 2022 fully once the Prime Minister Boris Johnson gave the all clear. Until then we restricted entrances and numbers allowed inside at one time.
The Trustees agreed to keep May's Annual Festival to minimal given we are just out of the covid pandemic. With inflation rising the Trustees agree for a slight increase in fees for services.
b. Investment policy and performance
The temple relies upon donations from the devotees. Payments for services, weddings and other activities fund the running of the temple.
During the period, the charity received income of £1,293,972 (2021 - £Nil). However of that income £951,528 related to the one-off donation in transferring the temple building, contents and all assets and jewellery to the Charity from the unincorporated entity. Expenditure for the charity totalled £149,359 (2021 - £4,612). There has been investment gains in the year of £146,997 (2021 - £Nil). Overall this has meant a surplus for the period totalling £1,291,610 (2021 - deficit of £4,612).
Page 2
The Parasakthy Hindu (Saiva) Temple Trust UK
Trustees' report (continued) for the period ended 31 December 2022
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The trustees have reviewed the impact of economic uncertainties globally and locally on the investment property and assets and believe the charity has adequate resources for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
b. Reserves policy
The trust's reserve policy is to maintain general unrestricted reserves which are neither allowed to become excessive as a result of the unjustifiable accumulation of income nor so low as to be inadequate to meet the objectives of the trust. The trust aims to maintain adequate funds to ensure the smooth running of the charity and the continual funding of the advancement of the Hindu religion for the public benefit.
Structure, governance and management
a. Constitution
The Parasakthy Hindu (Saiva) Temple Trust UK is a registered charity, number 1174643, and is constituted under a Memorandum of Association.
The charity was established and registered as a charitable incorporated organisation on 14 September 2017 to advance the Hindu religion for the public benefit by providing a temple for daily prayers and Poojas where devotees can come to pray and perform various rites and rituals
Note since its conception in September 2017 the charity has been dormant owning only 44-48 The Broadway, Stoneleigh, KT14 2HS. However the objective is for the temple to be transferred into the charity name and thus the charity will no longer be dormant. The Trustees confirm they have assigned the temple building, contents and all assets and jewellery to the charity on 7th January 2022.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association. The four trustees are regarded as permanent and can only be replaced by another family member.
c. Financial risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Page 3
The Parasakthy Hindu (Saiva) Temple Trust UK
Trustees' report (continued) for the period ended 31 December 2022
Plans for future periods
The charity bought the land directly opposite the temple and has begun demolition and development work. The charity hopes to get a loan to develop this in line with the planning into 6 flats and a community hall.
The charity has transferred the temple building, contents and all assets and jewellery to the charity on 7th January 2022 from the unincorporated entity into its name.
The charity will speak to builders with experience in gorpurum (tower) building once planning is achieved. It is agreed that Gaj Ragunathan will speak to some banks regarding getting funding for 6 flats & community hall.
The trustees agree to move the cultural centre in to charity name in 2023 and redevelop this in 2023 into a useable centre for the community.
The charity agrees that in 2025 april it will redecorate the temple as per customary every 12-13 years and in addition build a temple Tower of Gorpurum in 2025 as part of this work.
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, 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 of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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 Charity (Accounts and Reports) Regulations 2008 and the provisions of the Memorandum of Association. They 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 order of the members of the board of Trustees and signed on their behalf by:
................................................ Gajaruban Ragunathan (Trustee) Date: 14 December 2023
Page 4
The Parasakthy Hindu (Saiva) Temple Trust UK
Independent examiner's report
for the period ended 31 December 2022
Independent examiner's report to the Trustees of The Parasakthy Hindu (Saiva) Temple Trust UK ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the period ended 31 December 2022.
Responsibilities and basis of report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I confirm the Charity has been granted audit dispensation under Regulation 34(3)(b) of the Charities (Accounts and Reports) Regulations 2008 on 13 December 2023 therefore not required to be audited but eligible for an independent examination. I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019.
I have completed my examination. I confirm that no 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 2011 Act; or
-
the accounts do not accord with those records; or
-
the accounts 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 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 accounts to be reached.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed: Dated: 14 December 2023 James Peach FCA
Kreston Reeves LLP, Springfield House, Springfield Road, Horsham, West Sussex, RH12 2RG
Page 5
The Parasakthy Hindu (Saiva) Temple Trust UK
Statement of financial activities for the period ended 31 December 2022
| Note Income from: Donations and legacies 3 Charitable activities 4 Investments 5 Total income Expenditure on: Charitable activities 6 Total expenditure Net income/(expenditure) before net gains on investments Net gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2022 £ 981,559 311,565 848 1,293,972 149,359 149,359 1,144,613 146,997 1,291,610 941,304 1,291,610 2,232,914 |
Total funds 2022 £ 981,559 311,565 848 1,293,972 149,359 149,359 1,144,613 146,997 1,291,610 941,304 1,291,610 2,232,914 |
Total funds 2021 £ - - - |
|---|---|---|---|
| - 4,612 |
|||
| 4,612 (4,612) - |
|||
| (4,612) 945,916 (4,612) |
|||
| 941,304 |
The Statement of financial activities includes all gains and losses recognised in the period.
The notes on pages 8 to 15 form part of these financial statements.
Page 6
The Parasakthy Hindu (Saiva) Temple Trust UK
Balance sheet as at 31 December 2022
| Note Fixed assets Tangible assets 9 Investments 11 Investment property 10 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets / liabilites Total assets less current liabilities Total net assets Charity funds Unrestricted funds 13 Total funds |
541,709 541,709 (4,663) |
31 December 2022 £ 304,865 284,076 1,106,927 1,695,868 537,046 2,232,914 2,232,914 2,232,914 2,232,914 |
- - (165,623) |
30 September 2021 £ - - 1,106,927 |
|---|---|---|---|---|
| 1,106,927 (165,623) |
||||
| 941,304 | ||||
| 941,304 941,304 |
||||
| 941,304 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................ Gajaruban Ragunathan (Trustee) Date: 14 December 2023
The notes on pages 8 to 15 form part of these financial statements.
Page 7
The Parasakthy Hindu (Saiva) Temple Trust UK
Notes to the financial statements
for the period ended 31 December 2022
1. General information
The Parasakthy Hindu (Saiva) Temple Trust UK is a registered charity, number 1174643, and is constituted under a Memorandum of Association.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Parasakthy Hindu (Saiva) Temple Trust UK meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The financial statements are presented in sterling and rounded to the nearest £1.
2.2 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.4 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
Page 8
The Parasakthy Hindu (Saiva) Temple Trust UK
Notes to the financial statements for the period ended 31 December 2022
2. Accounting policies (continued)
2.5 Tangible fixed assets and depreciation
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
- Freehold property Over 50 years - Fixtures and fittings Over 3 years
2.6 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the statement of financial activities.
2.7 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the statement of financial activities as a finance cost.
2.9 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Page 9
The Parasakthy Hindu (Saiva) Temple Trust UK
Notes to the financial statements for the period ended 31 December 2022
3. Income from donations and legacies
| Donations Temple donation |
Unrestricted funds 2022 £ 30,031 951,528 981,559 |
Total funds 2022 £ 30,031 951,528 981,559 |
Total funds 2021 £ - - |
|---|---|---|---|
| - |
On the 7 January 2022, the Temple Trust and its activity was transferred to the Charity. The Temple donation of £951,528 represents the reserves of the Temple being transferred to the charity and is therefore considered one-off.
4. Income from charitable activities
| Poojah income Festival and other income Other activities income |
Unrestricted funds 2022 £ 195,693 26,280 89,592 311,565 |
Total funds 2022 £ 195,693 26,280 89,592 311,565 |
Total funds 2021 £ - - - |
|---|---|---|---|
| - |
5. Investment income
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2022 | 2022 | 2021 | |
| £ | £ | £ | |
| Investment income - local cash | 848 | 848 | - |
Page 10
The Parasakthy Hindu (Saiva) Temple Trust UK
Notes to the financial statements for the period ended 31 December 2022
6. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2022 £ Support costs 12,591 Temple expenses 64,746 Staff costs 52,400 Premises expenses 14,612 Administration expenses 5,010 149,359 Total 2021 4,612 Independent examiner's remuneration Fees payable to the Charity's independent examiner for the independent examination of the Charity's annual accounts |
Total 2022 £ 12,591 64,746 52,400 14,612 5,010 149,359 4,612 2022 £ 4,000 |
Total 2021 £ 4,612 - - - - |
|---|---|---|
| 4,612 | ||
| 2021 £ 2,100 |
7. Independent examiner's remuneration
8. Trustees' remuneration and expenses
During the period, no Trustees received any remuneration or other benefits (2021 - £NIL).
During the period ended 31 December 2022, no Trustee expenses have been incurred (2021 - £NIL).
Page 11
The Parasakthy Hindu (Saiva) Temple Trust UK
Notes to the financial statements for the period ended 31 December 2022
9. Tangible fixed assets
| Cost or valuation At 1 October 2021 Transfers in At 31 December 2022 Depreciation At 1 October 2021 Charge for the period Transfers in At 31 December 2022 Net book value At 31 December 2022 At 30 September 2021 10. Investment property Valuation At 1 October 2021 At 31 December 2022 |
Freehold property £ - 434,568 434,568 - 8,691 121,012 129,703 304,865 - |
Fixtures and fittings £ 7,536 62,929 70,465 7,536 - 62,929 70,465 - - |
Total £ 7,536 497,497 |
|---|---|---|---|
| 505,033 | |||
| 7,536 8,691 183,941 |
|||
| 200,168 | |||
| 304,865 | |||
| - | |||
| Freehold investment property £ 1,106,927 |
|||
| 1,106,927 |
The 2022 valuations were made by the Trustees, on an open market value for existing use basis.
Page 12
The Parasakthy Hindu (Saiva) Temple Trust UK
Notes to the financial statements for the period ended 31 December 2022
11. Fixed asset investments
| Cost or valuation Revaluations Transfers in At 31 December 2022 Net book value At 31 December 2022 |
Gold Ornaments, Statues and Chariot £ 146,997 137,079 |
|---|---|
| 284,076 | |
| 284,076 |
12. Creditors: Amounts falling due within one year
| Other loans Other creditors Accruals and deferred income |
31 December 2022 £ - 663 4,000 4,663 |
30 September 2021 £ 163,123 - 2,500 |
|---|---|---|
| 165,623 |
Page 13
The Parasakthy Hindu (Saiva) Temple Trust UK
Notes to the financial statements for the period ended 31 December 2022
13. Statement of funds
Statement of funds - current period
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at 1 | 31 | ||||
| October | Gains/ | December | |||
| 2021 | Income | Expenditure | (Losses) | 2022 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds - all funds | 941,304 | 1,293,972 | (149,359) | 146,997 | 2,232,914 |
| Statement of funds - prior | period | ||||
| Balance at | |||||
| Balance at | 30 | ||||
| 1 October | September | ||||
| 2020 | Expenditure | 2021 | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General Funds - all funds | 945,916 | (4,612) | 941,304 |
14. Summary of funds
Summary of funds - current period
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at 1 | 31 | ||||
| October | Gains/ | December | |||
| 2021 | Income | Expenditure | (Losses) | 2022 | |
| £ | £ | £ | £ | £ | |
| General funds | 941,304 | 1,293,972 | (149,359) | 146,997 | 2,232,914 |
| Summary of funds - prior period | |||||
| Balance at | |||||
| Balance at | 30 | ||||
| 1 October | September | ||||
| 2020 | Expenditure | 2021 | |||
| £ | £ | £ | |||
| General funds | 945,916 | (4,612) | 941,304 |
Page 14
The Parasakthy Hindu (Saiva) Temple Trust UK
Notes to the financial statements for the period ended 31 December 2022
15. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Tangible fixed assets Fixed asset investments Investment property Current assets Creditors due within one year Total |
Unrestricted funds 31 December 2022 £ 304,865 284,076 1,106,927 541,709 (4,663) 2,232,914 |
Total funds 31 December 2022 £ 304,865 284,076 1,106,927 541,709 (4,663) |
|---|---|---|
| 2,232,914 |
Analysis of net assets between funds - prior period
| Investment property Creditors due within one year Total |
Unrestricted funds 30 September 2021 £ 1,106,927 (165,623) 941,304 |
Total funds 30 September 2021 £ 1,106,927 (165,623) |
|---|---|---|
| 941,304 |
16. Related party transactions
During the period, the charity repaid loans totalling £163,123 (2021 - received loans of £2,100) from the Parasakthy Hindu Temple Trust, a non charitable purpose Trust with the same Trustees as The Parasakthy Hindu (Saiva) Temple Trust UK. The amount owed to the Parasakthy Hindu Temple Trust at the year end was £Nil (2021 - £163,123).
Page 15