**Charity number: 1174643**
## **The Parasakthy Hindu (Saiva) Temple Trust UK**
## **Unaudited**
**Trustees' report and financial statements**
**for the year ended 31 December 2023**
**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 - 6|
|**Statement of financial activities**|7|
|**Balance sheet**|8|
|**Notes to the financial statements**|9 - 16|
**The Parasakthy Hindu (Saiva) Temple Trust UK**
## **Reference and administrative details of the Charity, its Trustees and advisers for the year ended 31 December 2023**
|**Trustees**|Gajaruban Ragunathan|
|---|---|
||Dr Thava Ganan Vimalan Sritharan|
||Vinayaka Moorthy Majuran|
||Rajasingam Kunasingam|
||Dr Kanagasingam Tharmaseelan (appointed 1 March 2024)|
|**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 year ended 31 December 2023**
The Trustees present their annual report together with the financial statements of the Charity for the 1 January 2023 to 31 December 2023.
## **Objectives and activities**
## **a. Policies and objectives**
The principal objectives 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 5 Dell Lane and its contents to the charity in May 2023 and propose to turn this into a cultural centre for children to learn about Hinduism and music and thereby encouraging the next generation to visit the temple.
In July 2023 an alleyway access road was bought by the charity for easier access to the temple.
Also work started on the community hall with levelling the ground, piling works and foundations slabs in 2023.
## **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 £791,918 (2022 - £1,293,972). However of that income £350,000 (2022 - £951,528) related to the one-off donation in transferring the Cultural Centre to the Charity from the unincorporated entity. Expenditure for the charity totalled £205,586 (2022 - £149,359). There has been investment gains in the year of £Nil (2022 - £146,997). Overall this has meant a surplus for the period totalling £586,332 (2022 - surplus of £1,291,610).
Page 2
**The Parasakthy Hindu (Saiva) Temple Trust UK**
## **Trustees' report (continued) for the year ended 31 December 2023**
## **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 opening of the cultural centre in November 2023 has seen and influx of young people and their children attending the temple which bodes well for the future.
The trustees have reviewed this 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
## **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. On 1 March 2024 Dr Kanagasingam Tharmaseelan was appointed a 5th Trustee.
## **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.
## **Plans for future periods**
The charity is in the process of building the community hall and 6 flats which will be complete in December 2024 and the rental income plus that of the hall hire will help sustain the temple for future generations.
The charity in 2024 started work on the gorpurum (tower) building and refurbishment of the temple to be complete by April 2025.In time for the Kumbashikum which occurs every 12th year when you are allowed to refurbish the temple.
It is agreed that Gaj Ragunathan will speak to some banks regarding getting funding for 6 flats & community hall.
Page 3
The Parasakthy Hlndu (Saival Temple Trust UK
Trustees. report (continued)
for the year ended 31 December 2023
Statement of Trustees. responslbllltles
The Trustees are responsible for preparing the Truslees. report and the finanual slatements in accordance wth
applicable law and United Kingdom Accounting Stsndards {Uniled ngdorn 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 tnje and fair view of the stale of affairs of the Charity and of its incoming resources
and application of resources. induding its income and expenditure, for thal peric¥J. In preparing these financial
statements, the Trustees are required to:
select suitable a¢counting policies and then apply them consistenvy.
obseNe the methods and principle5 of the Charitie5 SORP IFRS 102):
make judgments and accounting estimates that are reasonable and prudent:
state whether applicable UK Accounting Standards IFRS 102} have been followed, sublect to any materfal
departures disclosed and explained in the finana81 statements-
prepare the financial stslements on the going concem basis unless it is inappropriate to presume that the
Charity will continue in business.
The Tnjslees are responsible for keeping adequate accounting rocords that are sufficiersl to show and explain
the Chariws transactions and disdose th reasonable accuracy at any time the financial posiknon ol Ihe Charity
and enable them to ensure that the finanual statements comply with the Charities Act 2011, the Charity
{Accounts and Reports) Regulations 2008 and the provisions of the Memorandum of Association. They afe 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
(Tnjstee)
Dale= 7 October 2024
agunathan
Page 4
## **The Parasakthy Hindu (Saiva) Temple Trust UK**
## **Independent examiner's report**
**for the year ended 31 December 2023**
## **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 year ended 31 December 2023.
## **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 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**
Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
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 2015.
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:
1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
2. the accounts do not accord with those records; or
3. 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.
Page 5
**The Parasakthy Hindu (Saiva) Temple Trust UK**
## **Independent examiner's report (continued) for the year ended 31 December 2023**
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: 7 October 2024
James Peach, FCA
Kreston Reeves LLP, Springfield House, Springfield Road, Horsham, West Sussex, RH12 2RG
Page 6
**The Parasakthy Hindu (Saiva) Temple Trust UK**
## **Statement of financial activities for the year ended 31 December 2023**
|**Note**
**Income from:**
Donations and legacies
3
Charitable activities
4
Investments
5
**Total income**
**Expenditure on:**
Charitable activities
6
**Total expenditure**
**Net income 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**
**2023**
**£**
**425,704**
**365,687**
**527**
**791,918**
**205,586**
**205,586**
**586,332**
**-**
**586,332**
**2,232,914**
**586,332**
**2,819,246**|**Total**
**funds**
**2023**
**£**
**425,704**
**365,687**
**527**
**791,918**
**205,586**
**205,586**
**586,332**
**-**
**586,332**
**2,232,914**
**586,332**
**2,819,246**|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|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 9 to 16 form part of these financial statements.
Page 7
The Parasakthy Hindu {Saiva) Temple Trust UK
Balance sheet
as at 31 Decembor 2023
2023
2022
Nots
Fixed assets
Tangible assets
Investments
Investment property
1.442,072
239,076
1,106,927
304,865
284.076
1,106,927
11
10
2,788,075
1.695.868
Cash at bank and in hand
35.971
541.709
35.971
541.709
Credilors: amounts falling due within onè
year
12
14.800)
14,6631
Net current assets
31.171
537,046
Total assets less current Ilabllltles
2,819,246
2.232.914
Total net assets
2.819.246
2,232.914
Charlty funds
Unrestricted fvnds
13
2.819,246
2.232.914
Total funds
2.819.246
2.232.914
The financial ststements were approved and authorised for issue by the Trustees and signed on their behalf b.
Gajaruban Ragunathan
(Trusteel
Dale: 7 October 2024
The notes on page$ 9 to 16 form part of these finanoal statements.
Page 8
**The Parasakthy Hindu (Saiva) Temple Trust UK**
## **Notes to the financial statements**
**for the year ended 31 December 2023**
## **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 9
**The Parasakthy Hindu (Saiva) Temple Trust UK**
**Notes to the financial statements for the year ended 31 December 2023**
## **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 10
**The Parasakthy Hindu (Saiva) Temple Trust UK**
## **Notes to the financial statements for the year ended 31 December 2023**
## **3. Income from donations and legacies**
|Donations
Temple donation|**Unrestricted**
**funds**
**2023**
**£**
75,704
350,000
425,704|**Total**
**funds**
**2023**
**£**
**75,704**
**350,000**
**425,704**|Total
funds
2022
£
30,031
951,528|
|---|---|---|---|
||||981,559|
The Temple donation of £350,000 represents the reserves of the Temple being transferred to the charity for the Cultural Centre and is therefore considered one-off.
## **4. Income from charitable activities**
|Poojah income
Festival and other income
Other activities income|**Unrestricted**
**funds**
**2023**
**£**
209,347
25,868
130,472
365,687|**Total**
**funds**
**2023**
**£**
**209,347**
**25,868**
**130,472**
**365,687**|Total
funds
2022
£
195,693
26,280
89,592|
|---|---|---|---|
||||311,565|
## **5. Investment income**
||**Unrestricted**|**Total**|Total|
|---|---|---|---|
||**funds**|**funds**|funds|
||**2023**|**2023**|2022|
||**£**|**£**|£|
|Investment income - local cash|527|**527**|848|
Page 11
**The Parasakthy Hindu (Saiva) Temple Trust UK**
## **Notes to the financial statements for the year ended 31 December 2023**
## **6. Analysis of expenditure on charitable activities**
## **Summary by fund type**
|**Unrestricted**
**funds**
**2023**
**£**
Support costs
33,767
Temple expenses
64,304
Staff costs
77,964
Premises expenses
9,184
Administration expenses
9,117
Bank charges
11,250
205,586
Total 2022
149,359
**7.**
**Independent examiner's remuneration**
Fees payable to the Charity's independent examiner for the independent
examination of the Charity's annual accounts|**Total**
**2023**
**£**
**33,767**
**64,304**
**77,964**
**9,184**
**9,117**
**11,250**
**205,586**
149,359
**2023**
**£**
**4,800**|Total
2022
£
12,591
64,746
52,400
14,612
5,010
-|
|---|---|---|
|||149,359|
|||2022
£
4,000|
## **8. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).
During the year ended 31 December 2023, no Trustee expenses have been incurred (2022 - £NIL).
Page 12
**The Parasakthy Hindu (Saiva) Temple Trust UK**
## **Notes to the financial statements for the year ended 31 December 2023**
## **9. Tangible fixed assets**
|**Cost or valuation**
At 1 January 2023
Additions
Transfers in
At 31 December 2023
**Depreciation**
At 1 January 2023
Charge for the year
At 31 December 2023
**Net book value**
At 31 December 2023
At 31 December 2022
**10.**
**Investment property**
**Valuation**
At 1 January 2023
At 31 December 2023|**Freehold**
**property**
**£**
**434,568**
**795,898**
**350,000**
**1,580,466**
**129,703**
**8,691**
**138,394**
**1,442,072**
304,865|**Fixtures and**
**fittings**
**£**
**70,465**
**-**
**-**
**70,465**
**70,465**
**-**
**70,465**
**-**
-|**Total**
**£**
**505,033**
**795,898**
**350,000**|
|---|---|---|---|
||||**1,650,931**|
||||**200,168**
**8,691**|
||||**208,859**|
||||**1,442,072**|
||||304,865|
||||**Freehold**
**investment**
**property**
**£**
**1,106,927**|
||||**1,106,927**|
The 2023 valuations were made by the Trustees, on an open market value for existing use basis.
Page 13
**The Parasakthy Hindu (Saiva) Temple Trust UK**
## **Notes to the financial statements for the year ended 31 December 2023**
## **11. Fixed asset investments**
|**Cost or valuation**
At 1 January 2023
Disposals
At 31 December 2023
**Net book value**
At 31 December 2023
At 31 December 2022|**Gold**
**Ornaments,**
**Statues and**
**Chariot**
**£**
**284,076**
**(45,000)**|
|---|---|
||**239,076**|
||**239,076**|
||284,076|
## **12. Creditors: Amounts falling due within one year**
|Other creditors
Accruals and deferred income|**2023**
**£**
**-**
**4,800**
**4,800**|2022
£
663
4,000|
|---|---|---|
|||4,663|
Page 14
**The Parasakthy Hindu (Saiva) Temple Trust UK**
## **Notes to the financial statements for the year ended 31 December 2023**
|**Notes to the financial statements**
**for the year ended 31 December 2023**|||||
|---|---|---|---|---|
|**13.**
**Statement of funds**
**Statement of funds - current year**
**Unrestricted funds**
General Funds - all funds
**Statement of funds - prior period**
Balance at
1 October
2021
£
**Unrestricted funds**
General Funds - all funds
941,304|**Balance at 1**
**January**
**2023**
**£**
**2,232,914**
Income
£
1,293,972|**Income**
**£**
**791,918**
Expenditure
£
(149,359)|**Expenditure**
**£**
**(205,586)**
Gains/
(Losses)
£
146,997|**Balance at**
**31**
**December**
**2023**
**£**
**2,819,246**|
|||||Balance at
31
December
2022
£
2,232,914|
## **14. Summary of funds Summary of funds - current year**
|General funds
**Summary of funds - prior period**
Balance at
1 October
2021
£
General funds
941,304|**Balance at 1**
**January**
**2023**
**£**
**2,232,914**
Income
£
1,293,972|**Income**
**£**
**791,918**
Expenditure
£
(149,359)|**Expenditure**
**£**
**(205,586)**
Gains/
(Losses)
£
146,997|**Balance at**
**31**
**December**
**2023**
**£**
**2,819,246**|
|---|---|---|---|---|
|||||Balance at
31
December
2022
£
2,232,914|
Page 15
**The Parasakthy Hindu (Saiva) Temple Trust UK**
## **Notes to the financial statements**
## **for the year ended 31 December 2023**
## **15. Analysis of net assets between funds**
## **Analysis of net assets between funds - current year**
|Tangible fixed assets
Fixed asset investments
Investment property
Current assets
Creditors due within one year
**Total**|**Unrestricted**
**funds**
**2023**
**£**
1,442,072
239,076
1,106,927
35,971
(4,800)
2,819,246|**Total**
**funds**
**2023**
**£**
**1,442,072**
**239,076**
**1,106,927**
**35,971**
**(4,800)**|
|---|---|---|
|||**2,819,246**|
## **Analysis of net assets between funds - prior period**
|Tangible fixed assets
Fixed asset investments
Investment property
Current assets
Creditors due within one year
**Total**|Unrestricted
funds
2022
£
304,865
284,076
1,106,927
541,709
(4,663)
2,232,914|Total
funds
2022
£
304,865
284,076
1,106,927
541,709
(4,663)|
|---|---|---|
|||2,232,914|
## **16. Related party transactions**
There were no related party transactions during the current or prior year.
Page 16