THE VEDIC SOCIETY OF sOuTHANToN REPORT & FINANCIAL STATEMENrs FOR THE YEAR ENDED 31 OCTOBER 2024 Charity Number: 263969
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ocfoBER 2024 Contents Pages ReferenrR and Administrative Inforn]ation Report of the Trustees tndependent Examiner's Report io Statement of Financial Activities Balance SIKet 12 Notes to the Financial Statements 13-23 THE FOLLOWING PAGES ARE FOR MANAGEMENf PURPOSES ONLY Unr¢stricted Funds- Incom¢ 24 Unrestricted Funds- Expenditure 25 Restricted Funds 26
Page I THE VEDIC SOCIETY OF SOUTHAMPTON REFERENCE AND ADfvUNisfRATIVE INFORMATIOIY FOR THEYEAR ENDED 31 ocfoBER 2024 The Vedic Society of Southampton CHARITY REGISTRATION IYUMBER: 263969 PRCAL OFFICE: 7195 Radcliffe Road Northam Southampton S014 OPS HOLDING TRUSTEES: Avinas Patel Latha Davda Jaldip Patel Pravin Patel Bhaskar Dave (Chairperson) CHARITY TRUSTEES (EX¢tive Cojnmittee): Office Bewers Sanjay Chandarana (President) Sanjay Davda (Vice President) Meten Lakhani (Secretary) Sarika chand (Assistant Secretary) Riva Kaimal (Treasurer) Jayanthini Mahadevan (Assistant Trnsurer) Committee Members ShTaddha Bhatt Steven Chadda Manoj Panchmatia Reena Patel Jalpan Patel Mansukh PipaIia Adheer Warriar Bharat Patel. Vijay Patel Raj Kumar Chadda. Nikhyta Patel Meten Lakhani (Co-opted) (Co-opted) (C(FOpted) (Co-opted) SECRETARY: TSB Bank PIC Barclays Bank PIC Natwest Bank Ple Abraham & Dobell Chartered Accountants 230 Shirley Road Southampton S015 3HR
Page 2 THE VEDIC SOCIETY OF Sol]THAN REPORT OF THE TRUSTEES FOR THE YEAREIYDED 31 OCTOBER2024 The trustees are pleased to present their annual report and audited financial statements for the year ended 31 October 2024. The financiaI statements comply with the Charities Act 2011, the Clwity Tn Deed and Accounting and Reporting by Charities: Statement of Recommended Prdctice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). STRUCTUR4 GOVERIYAIYCE AND MANAGEMENT GoverniDg Document The charity was registered on 6 October 1972. The charity adopted its constitution on 31 August 1972 and this was amended on 29 November 1980, and subsequently on 25 March 2007. Reernitment and Appointment of Tru$tees The Charity two categories of tsvstees. "Holding Trustees" numbering five shall hold the property of the Charity. Holding Trustees are elected by members in general meeting and shall hold office for up to five y¢ars. Th¢ other type of trustees is Charity Tte¢S (also known as the Executive Committee) who are responsible for the management and administration of the Charity and its propety. Charity Tntstees are ¢Ited annually and shall hold office until th¢ following annual general meeting. Holding Trustses The following Holding Trustees will each hold oifice for varying periods from one year to five years. Avinas Patel Latha Davda Jaldip Patel Pravin Patel Bhaskar Dave One Holding trustee will retire by rotation and an election will be held at a future AGM. to appoint a new Holding trusfre.
Page 3 THE VEDIC SOCI OF SOUfHAMIryON REPORT OF THE TRUSTELS (CONfiNUED) FOR THE ITAR ENDED 31 ooBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED) Charity Trnjteu (also knowD as Executive Comn)ittee Members) The following were appointed Charity Trustees (also known as Executive Committee Members) at the AGM held in March 2023 and all resigned at the AGM held in March 2024 in accordanc¢ with the Soci¢ty's constitution: fficeB Sanjay Chandarana Sanjay Davda Nikhyta Patel Sarika Chandarana Riva Kaimal Shraddha Bhatt (President) (Vice President) (Secretary) (Assislant Secretary) (Treasurer) (Assistsnt Tr¢asur¢r) Bharat Patel Vinod Desai Dimple Sutsria Meten Lakhani Mansukh Pipalia Jalpan Pat¢1 Nikhil Chikhal Vijay Patel (Co-opted) Raj Kumar Chadda (Co-opted) Jayanthini Mahadevan (Co-opted) The following We el¢¢ted Charity TnL8tees (also known as Executive Committee Members) at the AGM held in March 2024: Office Bear¢rs Sanjay Chandarana Sanjay Davda (President) (Vice President) (S¢¢retary) (Assislant Secretary) (Treasurer) (Assistant Treasurer) Sarika Chandarana Riva Kaimal Jayanthini Mahadevan Committee Mem Shraddha Bhatt Steven Chadda Manoj Punchmatia Reena Patel Mansukh Pipalia Jatpan Patel Aadheer Warriar Vijay Patel (Co-opted) Raj Kumar Chadda (Co-opted) Bharat Patel (Co-Opt¢d) tn accordance with the Society's cOtItution. all the Charity Trustees will resign at the forthcoming AGM in Mawh 2025.
Page 4 THE VEDIC SOCIETY OF sOirrHAhN REPORT OF THE TRUSTELS (CONTINUED) FOR THE YEARENDED 31 ocfoBER 2024 STRucfuRE. GOVERNANCE AND MANAGEMENT (coNfINUED) Trustee Induction and Training Truste¢s ar¢ familiar with the work of the charity, having new trustees meet with the Chairperson of the trustees. who provides a briefing on the society to include: the obligations of board members. the main documents which set out the operational framework for the society, including th¢ constitution. the financial position of the Organisatio including the last set of audited financial statements and fiding statys. and futur¢ plans and obj¢ctives. Risk Management The trustees have examined the major operational risks which the charity faces and confinn that systems have been established to enable reports to be produced so that the necessary steps can be taken to lessen these risks. Organisational Strueture The Charlty Trusfres, comprising 16 members, including a secretary, who meet at least 6 times a year, are responsible for the management and administration of the society. The property of the charity is held by the Holding Trustees who are also responsible for the strategic direction and PK)Iicy of the society. OBJECTIVES AND A[VITIEs The aims and objectives of the charity are: Conduct th¢ C¢ntr¢ for th¢ advanc¢m¢nt of the Hindu lIgIOn. Impart and promote the study of Vedic teaching5 and philosophies. Prornote the study of comparative religions and philosophies in their widest forn]. Study th¢ livcs and teachings of the great teachers and sages of India and of the Hindu religion. Provide facilities for religious and cultural functions. Arrange lectures and discussions on Hindu religion. Provide a rneeting place for Hindus of all schools and opinions and for others interested in the Hindu religion. Raise funds and invite and receive contributions from any person or persons whatsoever by way of subscription, donation and otherwise, provided that the society shall not undertake any pern)anent trading activities in raising funds for its object. Encourage community service forlto the Hindu community to further th¢ objects of the society. Do all su¢h other things as shall further the advancement of the Hindu religion.
Page 5 REpoirt OF THE TRusfEFS (CONTINUED) 31 OCTOBER 21)24 oBJEIVEs AND AcfiviTIES (coNfiNUED) Public Benefit Statement Our main activities and who we ty to help are descnw above. All of our activities are undertoken to fillther our charitable pu4x)ses for the public benefit In shaping our objectives and planning our activities. the trustees have considered the Clwity Con]n)ission's guidance on public benefit including the guidance 'Publi¢ Benefit: R)ning a Charity (PB2)'. ACHIEVEMENtS AND PERFORMAIYCE Report of the President of the Charity Trusttts Dear Brothers and Sister Jai Shri Krishna! As we reflect on the past year. I am delighted to share that our temple has completed yet another surxessful and fulfilling year. marked by vibrant religio8 and cultural celebrations attended by an increasing number of devotees. I am proud to rert that for the third consecutive year, the temple has achieved record levels of revenue and surplu4 further strengthening our financial sItiOn. This remarkable succe&s has only been p)ssible due to the unvdvering supporL dedication and generous donations from our devotee4 visitors, memt£r4 truste4 and of cours< our respected Pujanji. I would like to take this opp)rtunity to express my heartfelt tItUde to each and every one of you for your invaluable contributions. This year, we have also completed several important improvement prnjeC enhancing both the facilities and the expeTience for our devotees. Key projects and initiatives include: Completion of tgrnw work for the front car park 8nd sunounding area4 along with the installation of a bard surface in the front garden of the temple. A successful Womens Day and Mother's Day Celebratio attendoj by over 300 ladies and childre Elderly community group meeting4 providing opp)rtunitics for social interaction and engagement and we encourage more elders to participate. Significant enhancements to the Temple's website to improve accessibiity and Comtnunication. Reduction in ope10n21 costs through initialives such as securing free bin ¢oll¢ction services and reducing gas and electricity eX)seS by switching suppliers. Hosting Haripriya Devi Dasi and Shyambhai Thakar for special katha sessions, enriching the spiritual atmosphere at the temple. Installation of new shoe racks and outdoor heateTS between the Commwlity Hall and Temple Hall. improving convenience and comfort for visitor&
Page 6 FOR THE YEARENDED 31 ocfoBER2024 ACHIEVEMENfs AND PERFORMANCE (CONTINUED) Report of the President of the Charity Trnstees {Continued) Organising Holi eelebration8 sIallY for Child fostering culturhl engagement for our younger generation. Complelion of key maintenance works including the iDStallalion of a new Ix)iler in the priest tK fitting LED lights on the temple dome and cnhancing parking arca ligbting for safety and security. Recognition and celebration of sonie of our outstanding volunleers and forn]er committee m¢mbers, honouring them with the Lifetime AcbievemeDt Award and long Term Service AwanL We remain e4)n]mittcd to acknowledging and areCIating such contributions in the future. Opening a higb-finterest savings accounL ]Ch bas generated a sizeable revenue for the temple. fillther strengthening our financial sustsinability. Lc4)king ahea4 I am excited to continue working closely with you to fieT itnprove temple services and governance. ensuring we serve our community even bet*r in th¢ ycars to com¢. Thank you for your ongoing support and dICatIO Yours sineAely. Sanjay ChaDdarana Prtsid¢nC The Vedi¢ Soeiety of Southamptong Hindu Temple Report of th¢ Chairman of the Holding Trustees Vedic Society has been and is playing an immensely valuable contTibution in maintaining our Hindu values, heritage, arL language, drAn8, food a] above all our unity as Hindu thilst balancing wlth our British vlay of life. It goes without saying that succe&s is not achieved without the SUpt of a dedicated and hard- working team. a team who ar¢ th¢r¢ to guid¢ you swiffly through to a s¢ssful year and one of our most important assets are the fact that we haven't lost sight of wIt made us so successful to date; personal touch coupled with devotion and stepping up fund and fun generating activities. Achievements and success of year has not been without disntyions and challenges, but the executive management team have largely managed and keep go(xl controls and always prioritise quality over quantity.
Page 7 REPORT OF THE TRUSTEFS (CONTINUED) FOR THE YEAJi EIYDED 31 OCTOBER 2024 AcHIEvEMEs AND PERFORMANCE (CONTINUED) Report of the Chairman of the Holding Trusttts (Conlimlled) We have of our priest Shree Riieshbhai and his family. whose extsEme Iwd work and efforts to our members on their daily needs within our temple keeps Vedi¢ Society runtiing 24n days a week. We are all aware that society is iefitIng from existence of various donots, well-wish¢r& volunteers and kind-hearted members who bave made generous donation4 some members and volunteers have dedicated lime. their support and &8sistance are greatly appreciated by the In of the society. The increase in the nuL of enthusiastic women and Vedic Youth is very encouraging" Vedic Society ne¢ds such devoted young members to Prog and seeks )sitive cooperation for continued advanc¢m¢nL equally activities of Young at Hwt group are io d¢v¢lopment process coordinating with local community Creating opportunities for the future. I urge and encourage everyone to be closely affiliated with Vedic Society. l am grateful and wish to thank my fellowtrustees who have hell me during last five eVentfi y¢ars in supporting m4 strengthening my capability confid¢nc¢ and guidance, I would also like to thank members and management trustees for their CODsthnt assistance and respect in all aspect of community perfornwice. l am confident that m¢mbers' long-terni faith in the Vedic Society will be rewarded. Ow task is to put Vedi¢ Society where it belongs: at the forefront of ourselves! Jai Sbree Krishn Avinas Patel Chairnian of Holding Trustee5 FKNANCIAL REVIEW The 31 October 2024 year was financially another successful year for the charity. The charity recorded a Surp1 of £34,319. This is comFMred with a surplus of £21.043 in the previous year which with a gain on r¢valuation of fixed assets increased this by £66250 to result in net movement in fimds for the previous year of £87293. Total income decreased slightly in the year to 31 Octoi*r 2024 to £178.968 compared to £188,687 in the previous year.
Page 8 THE VEDIC SOCIETYOF SOUTHAMPTON REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 ooBER2024 FINANCIAL REVIEW (CONTINUED) Expenditure s0 decreased in the year to 31 October 2024 to £144.649. compared to £167,644 in the previous year. Totsl funds now stand at £804,918 (2023 - £770,599) with free reserves standing at £356,1 JO (2023 £324,111). PrintiPAI Funding Sources Th¢ principal fimding sources for the charity are eurrently by way of donations and fillidraising. Invutment Policy Aside from relaining a prudent Amount in reserves each year, most of the charity's fimds are to be spent in the short tenn. so there are few fjjnds for long tenn investment. Reserves Polley and Going Concern It is the policy of the charity to mainlain unrestricted funds. which are free reserves of the charity, at a level which equates to approximately six months, unrestricted expenditure. This provides sutTicient funds to cover manag¢menL administration and support costs. Unrestricted funds are maintsined at this level throughout the year. The trustees are of a view that the charity is a Boin8 concern. PLANS FOR FUTURE PERIODS As we look ahea4 the Vedic Society Hindu Temple remains committed to enhancing its services and facilities to better ser4e our community. Our key plans for the future include: l. Continuing with the improvement and modernisation of the Temple, ensuring it continues to be a welcoming space for reli8ious, cultural, and community activities. 2. Expanding the Temple Committee to strength¢n its capacity to s¢rv¢ our devotees and visitors effectively. We are also keen to actively engage the younger generation to encourage their great¢r involvement in the management and future development of the Temple. 3. Extending Temple's opening hours, enabling d¢votees to visit and offer their prayers throughout the day. 4. Relaunehing both the Vedic Youth Group and the Vedic Mahila Mandal Group. creating more opportunities for engagement, learning and cultural exchange across all generations. 5. Increasing the frequency of Bhojan Prasa4 with the ambition of offerin8 this saered community meal on a more regular basis. We are confident that with the continued support and generosity of our devotees trustees and the wider community, we will sUccesSfi1Y achieve these goals to fither strengthen our Temple and its role at the heart of OUT community.
Page 9 REpoRf OF TIIETRusfEKS 31 ocfoBER 21)24 RESPONSIBILITIES OF THE TRusfEES KN RESPEcf OF THE FINANCIAL STATEMENrs The trustees are responsible for pteparing the annual Report of the Trustees and finaD¢ial statements in accordance with app]icable law and United I&n8dom A¢LX)unting Stand$ (United Kingdom Generally A¢¢epted Accounting Practice). The law applicable to charities ID England and Wales requitts the truskes to prepare fjnancial ststements for each financial year. which give a Irue and fair view of the state of th¢ affairs of the ¢harity and of its incoming reSoUeS and application of resoutces of th¢ charity for that period. In sek¢t suilabl¢ cOUnting policies and apply them Consistendy: ob8erv¢ the methods and procedures in the Ch&ities SORP (FRS 102): make judgements and estim that are reasonable and pthL' state whether appli¢&bl¢ a¢¢outiting startda have been follow subject to any depHMw disclosed and explained in the financial ststements; and re&wnable CrnCY at any tim¢ the financial position of the charlty and enable them to ensu that the fin8n¢ial stalements comply with Charities Act 2011, the Chwity (Accounts and Reports) Regulkn 2008 and th¢ provisions of the Trust Iked. Th¢y are also responsible for safe8uardin8 the assets of the Clwity arf h¢nce. for tsking reasonabl¢ steps for the prevention and ddection of fraud and other irreguloritie& The ITh are TrSpOnble forthe n1n and integrity ofthe ¢harity and financial infornjation included on the cbarity's Weit< in e0rdae with legislation in the United Kingdom governi INDEPENDENT LXAM Approv•d by th¢ trujtees on 7 Marth 2025 a#d s18ned OD their behavby: AVINAS PATEL
Page 10 INDEPENDE EXAMtNER'S REPORT TO THE TRUSTELS OF THE VEDIC sOcTy OF SOiTnlA0N FOR THE ENDED 31 ocfoBER 2024 I report to the charity trustees on my exaMinOn of the acLx)unts of The Vedic Society of Southamptoo (the Tntst) for the year ended 31 0¢ber 2024. RESPONSIBILITIES AND BASIS OF REPORT As the charity trustees you are responsible lor the preparation of the ac¢ounts in accordance with the requirements of the Charities Act 2011 {'the A¢t'). I report in respect of my examination of the charity's aUnts caTried out under section 145 of th¢ Act and in carrying out my examination I hav¢ followed all the applicabl¢ Directions given by the Charity Commission under section 145(5Xb) of the Act. INDEPENDENT EXAMINER'S srATmEr I have complet1 my examination. l ¢onfm that no material matters have come to my attention in connection with th¢ examination givin8 m¢ cause to belteve that in any ma*riaJ res]Krt: accountin8 records were not kepi in respect of the charity as twuired by Stion 130 ofthe Act; or the accounts do not accord with those records; or the a¢¢ounts do not comply with the applicable requirements concernin8 the fonn and content of accounts set out in the ChaTities (Accounts and Rew)rts) ReatiOnS 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 ¢xamination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawi in this r¢port in order to enable a proper understanding of the accounts to be reached. DAVID J MANT FCA INSTITUTE OF CHARTERED ACCOUNfANfs EN ENGLAND & WALES 230 Shlrley Rd Soutbampton S015 311R 7 March 2025
Page 11 STATEMENT OF FINANCIAL AcfMTIES FOR THE YEAR ENDED 31 ocfoBER 2024 2024 Unrestrieted Restricted Total Funds FuDds Funds 2023 Total Funds Note INCOME Donations and legacies Other trading activities Investment incom¢ 110,031 64.509 4.428 110,031 64,509 4,428 97.547 90,587 553 TOTAL INCOME 178.968 178.968 188,687 EXPENDITURE Clwitable activities 144.649 144.649 167.644 TOTAL EXPENDITURE 144,649 l44.649 167.644 NET INCOME 34.319 34,319 21.043 Gains on revaluation of fixed assets 66.250 NET MOVEMENT IN FUNDS FOR 34.319 34,319 87293 RECONCILIATION OF FUNDS Totsl funds brought foThvard 767,082 3,517 770.599 683,306 Total funds carried forward £801.40] £3.517 £804,918 £770,599 The Statement of Fitianeial Adiviti¢s illeludu all gains and losses in the year. All theome and upendithr¢ derives from eontiDuing aetivitie&
Page 12 BALANCE SHEET AS AT31 ocfoBER2024 21)24 No Tan8ibk fixed a& 445291 441971 TOTAL FIXED ET8 445291 442.971 Debtors io 20,051 34&7T2 21709 311829 368,823 335,538 Credito. AtllOUDts falling thIll oneyear 12 9,196 7,910 359.627 327.628 14 £804,918 £770599 15 735,151 66250 700,832 66250 801.401 767,082 3517 3517 £804.918 rn0.599 The on pages 13 to 23 fomi of these fun¢1 slat¢ments. Apprnwl by the trustea on 7 March 2025 and SI1 on th¢lr b¢b*lf by: AVllYAS PA CHAIRPERSON
Page 13 THE VEDIC SOCIETYOF SotrrHAN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEARENDED 31 ocfoBER2024 ACCOUNTING POLICIES The principal accounting policies adopte judgements and key sources of estimation uncertainty in the prepaloll of the financial ststements are as follows: (a) Basb of Preparntion The fiThanci statements have been prepared under the historical cost convention as modified by revaluation of assets wh¢r¢ appropriate, with items recognis¢d at Cost or fair value. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP (FRS 102)) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The charity constitutes a public benefit entity &8 defined by FRS 102. The financial statements are prepared in sterling, which is the ftmctional currency of the charity. Monetary amounts are rounded to the nearest £. O)) Income Ail income is included in the Statement of Financial Activiti¢s when the charity is entitled to the income and the amount Can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income: Donations and legacies are received by way of donations and gifts and are included in full in the Statement of Financial Activities when receivable. Donated services and facilities are includ¢d at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included in these financial statements. Investment income is accounted for in the period in which the charity is ¢ntitied to receipt. Income from other trading activities is accounted for when eamed.
Page 14 THE VEDIC SOCIETY OF SOUTHAMPTON NOTFS TO THE FINANCIAL STATEMENrs (coNrllyuED) FOR THEYEARENDED 31 ocfoBER2024 AccouNfiNG POLICIES (CONTINUED) (c} Expenditure Expenditure is recognised on an accnllis basis as a liability is incurred. Expenditure includes VAT &% the ¢harity is not VAT re and is reported as part ofthe expenditu to which it r¢lat¢s. Expenditure on charitable activities comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. This includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Support Costs are those functions that assist the work of the charity but do not directly undertake the charitable activities. These costs have been allocated between the ¢xp¢nditure categories of the Statem¢nt of Financial Activities on a basis designed to reflect the use of the resource and are appknloned on an appropriate basis, eg floor areas. per capita or estimated usage. Governance costs in¢lude those costs associat¢d with Mting the Constitutional and statutory requIrnents of the chaTity and include the audit fees and costs linked to the strategic management of the charity. (d) Tangible Fixed A&sets Tangible fixed a&8ets are stated at cost less accumulated depreciation and any accumulated impainnent issues. The costs of minor additions or those costing below £l.000 are not capitalised. (e) Depreciation Building improvements are depreciat¢d over three yeaTh. Freehold land and building4 Community Hall and Krishna statu¢ and shrine omaments are not depreciated &8 they are deemed to have an indefinite expected useful life. Krishnaststue and shrine ornaments are included at fair value (fj Debtors Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid net of any trade discounts due.
Page 15 THE VEDIC SOCIETY OF SOUTHAMFfoN NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 ocfoBER2024 ACCOI7NfING POLICJES (CONTINUED) (g) Cash at Bank and in HaDd Cash at bank and in hand includes cash and short terni highly liquid investments with a short maturity of three months or less from the dale of acquisition or openin8 of the deposit or Similar aount. (h) Credltors and ProviJioDJ Creditors and provisions arc 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 nornially recognised at their settlement amount after allowing for any trade discounts due. (i) Txxqtion The charity is exempt from CoTporation Tax on its ¢haritable activities. (i) FMDd AceouDtfiDg Unrestricted funds consist of the 8¢neral purpos¢$ fund and designated funds. Designated funds are funds established by the trustees from time to time for $pecifi¢ projects or purposes, are not in any way restricted and any surplus or deficit will be transferred tolfrom th¢ general purposes fund when the designated fund is closed. Restricted Funds are funds subject to specific re$tri¢tions imposed by donors or by the purpose of the appeal. The purpose and use of designated and restricted funds is set out in the notes to the financial statements. (k) FIDaDeial IDstrumeDts The charity only fllmncial assets and financial liabilities of a kind that qualify as basic fmaneial instruments. Basic financia] instruments ar¢ initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently m¢asured at amortised cost using the effective interest method. O) Slgnificant Judgements and EstlmAtes Preparation of the financial statements may rquire the truste to make significant judgements and estimates. There are no items in the financial statements where judgements and estimates would have a significant efft on amounts rOgnised in the financial statements.
Page 16 THE VEDIC SOCIETY OF soufHAMIryON NOTES TO THE FINANCIAL STATEMENTS (coNrJNUED) FOR THE YEAR ENDED 31 ocfoBER 2024 DONATIONS AND LEGACIES 2024 Unr¢8trffi¢ted Restrleted TotAI Funds Fund$ Funds 2023 Total Fund8 Donations: General Gift Aid 102.750 7281 102,750 7,281 96,105 1,442 Total Donatlons Reeelved £110,031 £- £110,031 £97.547 In 2023 the donations and legacies rweived of £97547 were unr¢stri¢ted. There weff no donated services and facilities receivable which Uld be quantified in the year (2023 - £nil). OTHER TRADING ACTtVlTILS 2024 UDrestrlcted Restrleted Total Funds Funds Fund$ 2023 Total Funds Festival events and other activities Car parking Subscriptions Service Occupan¢y Music lessons 48.378 10.171 860 5.100 48,378 10,171 860 5.100 43,038 41.877 244 5,100 328 Total Otber Tradlng Actlvldes Income Ree¢lved £64.509 £64,509 £90,587 In 2023 the income from other trading activities of £90.587 w&8 unrestricted.
Page 17 THE VEDIC SOCIETYOF SOUTHAMPTON NOTES TO THE FINANCIAL STATEMENTS (coiYrllyuED) FOR TIIE YEAREIWED 31 ocfoBER 2024 INVESTME INCOME 2024 Unrestricted Re8trieted Total Funds Funds Funds 2023 Total Funds Bank interest 4.428 4,428 553 Total IDveJtment Ineome £4.428 £A,428 £553 In 2023 invesknent income of £553 was UDttstricts ANALYSIS OF EXPENDITURE ON RAISING FUNDS AND CHARITABLE A]VITIEs 2024 Totsl Wonblp Funds 2023 Total Funds Staff costs Festival events and other activilies, expenses Premises Repairs and renewals Donations Support ¢osts Governance costs 27,324 39,957 29,699 24,339 1,500 17,836 3,994 27.324 39,957 29.699 24,339 1.500 17.836 3,994 23,102 33.717 38,333 53.962 16,171 2.359 £144.649 £144,649 £167,644 In 2023 expenditure on charitable activities of £167,644 w&$ unrestrided. ANALYSIS OF SUPPORT AND GOVERNANCE COSTS The charity identifies the costs of its support functions. It then identifies those costs which relate to the governance function. Having identified its governance costs, the remaining support costs together with the governance sts are apportioned between the two key activities undertaken (see note 5) in the year. Refer to the tsble below for the basis for apportionment and the analysis of support and governanc¢ costs.
P¥dge 18 THE VEDIC SOCIETY OF SOUTHA0 NOTES TO THE FINANCIAL STATEMENTS (cowriNUED) FOR THE YEAR ENDED 31 ocfoBER 2024 ANALYSIS OF SUPPORT AND GOVERNANCE COSTS (CONTINUED) General Support GovernaDee Total Basts of Funds Apportionment Communications General office Depreciation Independent Examiner's fees Legal* professional and licence fees 547 2.839 14,450 547 2,839 14.450 960 3,034 Staff Time Staff Time Usage Governance Governance 960 3,034 £17.836 £3,994 £21.830 ANALYSIS OF rAFF COST& TRUSTEE REMUNERATION AND EXPENSES 2024 2023 Priesvs salary and cover Employer's P¢nsion Contribution 26,829 495 22,702 400 £27J24 £23,102 The averdge number of employees during the year was No employee received emoluments of more than £60,000 duting the year (2023 - none). No payments were made to trustees by way of remuneration or expens during the year (2023 - £nil}.
Page 19 THE VEDIC SOCIETY OF soHAmEfON NOTES TO THE FINANCIAL STATEMENrs (Co11NUED) FOR THE YEAR ENDED 31 OCTOBER 2024 TAIYGIBLE FIXED ASSETS Krishna Freebokl Statue & Land & Community ShriDe Building Buildlngs Hall Ornaments Improvements Total Ct or Valuation At l Nov¢mb¢r 2023 Additions R¢valuatioDs 123.132 212,526 78,415 43.348 457.421 16,770 16,770 At 31 October 2024 123,132 212,526 78,415 60.118 474,191 DeprttiatioD At l November 2023 Depreciation charge for the year 14,450 14,450 14,450 14.450 At 31 October 2024 28.900 28,900 Net Book Valu At 31 October 2024 £123,132 £212,526 £78,415 £31218 £445,291 At 31 October 2023 £123.132 £212,526 £78,415 £28,898 £442,971 No depreciation has been Charged on the freehold land and buildings, Community Hall, Krishna statue and shrine ornaments as they are deemed to have an indefinite expe¢t¢d useful life and the depreciation charges would be immatrrial. Durin8 the year ended 31 October 2023, the lshna slatu¢ and shrine ornaments wete revalued from the historical cost of £11165 to £78,415. The trustees Etlieve the valu¢ of these fixed assets to be not l&%s than the net LM)ok value shown in thes¢ financi81 statements.
Page 20 THE VEDIC SOCIETY OF soufHAMYfoN NOTKS TO THE FINANCIAL STATEMENTS (CONfllYuED) FOR THE YEAR ENDED 31 ooBER 2024 FIXED Assrrs AIyDGRAs RECEIVED (i) Southampton Clty Coundl An Urban Aid Grant amounting to £30202 was received durlng an earlier year in Tespe¢t of the building of the Temple. In the event of the disposal of the freehold propety, 8113ths of the proceeds arc rq)ayabl¢ lo Southampton City Council who hold a charge on the title lo the land on which the Temple is built. (ii) A grant w&$ r¢¢¢iv¢d from Southampton Cty Council of £20,000 during an earlier year for the Temple Community Hall and has been ed forthe hall and hhs been transferred to fixed &8sets. There is a specific chBrge by the City Council on the use of the hall by them for ten (iii) Grants received from Hamp5hirc County Council ond Southampton City Council amountin8 to £16,000 have been transferred to fixed assets during an earlier year on th¢ commenLwnent of building work on the Community hall. (iv) A grant V5 rweived during an earlier year from the Single Reg¢neration Board amounting to £13,000 towards the building costs of a new boundary wall. This amount h&8 been used to make a p payment towards the building costs. 10. DEFfoRS 2024 2023 Gift Aid Prepayments l6,384 3,667 19,782 2,927 £20,051 £22,709 I I. CASH AT BANK AND IN HAND 2024 2023 Current accounts Dqx)sit ac¢owits 127,644 226.129 221,128 86,700 £348,772 £312,829
Page21 THE VEDIC sOcTy OF SOUTHAMPTON NOTKS TO THE FINANCIAL STATEMENTS (cON[lED) FOR THE YEARENDED 31 OCTOBER2024 12. CREDrroRS: Amounts falllng due within one year 2024 2023 Accruals Social Security and other taxes 8,788 307 ioi 7,828 82 £9,196 £7.910 13. FINANCIAL INSTRUMENTS Fin4nciai instruments rne at arnortised cost comprise the following: 21J24 2023 Financial &55ets that are debt instruments Financlal liabiliti¢s that ar¢ debt instruments 8.889 7,910 14. ANALYSIS OF NET ASSETS BETWEENFUNDS Unrestricted Reytrieted Total Funds Funds Funds Tangible fixa &8sets CUent assets Current liabilities 445,291 365,306 (9,196) 445291 3,517 368,823 (9,196) Net assets at 31 October 2024 £801.401 £3,517 £804.918
Page 22 THE VEDIC SOCIETY OF SOUTHAMPTON NOTKS TO THE FINANCIAL STATEMENrs (CONfiNUED) FOR THE YEAREIYDED 31 ocfoBER 2024 15. ANALYSIS OF CHARITABLE FUNDS InmIng OutgoiDg At 01.1123 Ruources Regourees 31.1024 Anatysis of Movement$ lfj Unrestrl¢ted Funds General fimds RevaIuation reserve 700.832 178,968 144,649 735,151 66250 66.250 TotAI Unr¢Jtrlct¢d Fund8 767,082 178,968 144.649 801.401 Anatysls of Movements fjn ReJlrl¢ted Fund$ Garden Project Philippines Fund 1,937 1.580 1,937 1,580 Total RutrA¢t¢d Fundg 3.517 3,517 Total Fund$ £770,599 £178.968 £144,649 £804,918 Unre8trleted Funds Unrestricted Funds eomprise those funds which the ttwtees are free to use in accordance with the ¢lJaritable objects. Restrleted Funds Restsicted Funds are funds which have been given for a particular purpose or project. The Garden Proj¢ct Fund has been set up for an appeal for the garden project at the front of the Temple building. The Phiiippines Fund is a special fund which was collted in 2014115 forthe victims of a typhoon in the Philippines. The funds were sent to Médecins Sans FD)ntières IMSF) but they were not expended by MSF. The tnte$ have therefore included the income colleLted from the appeal as a restricted fund pendin8 a decision as to how the fLmds to be used. 16. RELATED PARTIES There have been no traLwtions with related p8rtie5 dwing the year (2023 - £nil).
Page 23 (CONF) FOR THE YEAR ENDED 31 ocfoBER 2024 17. TAXATION The siety is a registettd ckwity an(L accordin. is exempt from ta10n on its income and
THE FOLLOWING PAGES IIRE FOR MANAGEMENT PURPOSES ONLY
Page 24 FOR THE YEARENDED 31 ocfoBER2024 2024 2023 COME Voluntary In¢om¢ Donations: General Gift Aid 102.750 7.281 96,105 1.442 IDvestrnent ID¢ome Bank interest 4.428 553 Cbaritable Aelivilies Festival events and otheraclivities Subscriptions Car parkin8 Service Occupancy Music lesso$ 48.378 860 10,171 5,100 43.038 244 41,877 5,100 328 TOTAL INCOME £178.968 £188.687
Page 25 31 ocfoBER 2024 2023 ExPENDURE ChArltable AetivitK8 Prieses salary Priest's pension Festival events and other activities. expenses Light and heat Watrr rates Refuse colledion 26,829 495 39.957 13.251 2,790 2,160 24,339 2.928 8,570 1.500 22,702 33,717 23,789 3,707 2,584 53,962 2,761 5.492 Donations 122,819 149.114 Support and GovernaDee Costs- Charilxble A¢lfvitieJ Telephone Independent Examiner's fees Legal) professional and licence fees Printing, stationery and computers Depreciation 547 547 828 1.531 985 14.450 189 3,034 1618 14,450 221 21,830 18.530 £144.649 £167.644
Page 26 THE VEDIC SOCIETY OF SOUTHAMFfoN REsT1UED FUNDS FOR THE YEAR ENDED 31 OCTOBER 2024 2024 2023 GARDEN PROJECT Donations received blf 1,937 1.937 BALANCE AVAILABLE FOR THE PROJECT 1,937 1,937 Donations received blf 1,580 1,580 BALANCE AVAILABLE FOR THE FUND l580 1.580 TOTAL RESTRicfED FUNDS £3,517 £3,517