2021-12-31-accounts

Hindu Cultural Society of North London

Unaudited Annual Report and Accounts

31 December 2021

Charity Registration Number 271053 (England and Wales)

Contents

Reports
Reference and administrative information	1
Managing committee’s report	2
Independent examiner’s report	6
Accounts
Statement of financial activities	7
Balance sheet	8
Principal accounting policies	9
Notes to the accounts	11

Hindu Cultural Society of North London

Reference and administrative information

Trustees	Mr Prem Modgil
	Mr Om Pathak
	Dr Sudama Prasad
	Mrs Vinod Saggar
Managing committee	Office Bearers:
	Mrs Sharda Jagpal – President
	Mrs Usha Pathak – Vice President
	Mr Vijay Jolly – Secretary
	Mr Ghanshyam Master – Joint Secretary
	Mr Vinay Sharma – Treasurer
	Mrs Vinod Sehgal – Joint Treasurer
	Committee Members:
	Mr Prem Vohra
	Mr Anil Malhotra
	Mrs Saroj Taneja
	Mrs Lalta Verma
	Mrs Shobha Mathur
	Mr Ravi Bhagwati (Resigned)
Registered office	321 Colney Hatch Lane
	London
	N11 3DH
Charity registration number	271053 (England and Wales)
Independent examiner	Buzzacott LLP
	130 Wood Street
	London
	EC2V 6DL
Bankers	HSBC
	18 Ballards Lane
	Finchley
	London
	N3 2BH

Hindu Cultural Society of North London 1

Managing committee’s report 31 December 2021

The managing committee presents the report and the accounts of the Hindu Cultural Society of North London ("the Society") for the year ended 31 December 2021.

The report has been prepared in accordance with the Charities Act 2011.

The accounts have been prepared in accordance with the accounting policies set out on page 9 of the attached accounts and comply with the charity's constitution, applicable laws and the requirements of Statement of Recommended Practice on 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 United Kingdom and Republic of Ireland (FRS 102), effective from accounting periods commencing 1 January 2015 or later.

Structure, governance and management

Constitution

The society is a registered charity (Charity Number 271053) and is governed by its constitution as last amended on 14 June 2008.

The managing committee and trustees

The Society is controlled and managed by an elected managing committee. Those who were members of the managing committee on the date these accounts were signed are listed on page 1.

The properties and assets belonging to the Society are all vested in the custodian trustees who are appointed by the managing committee and are themselves not members of the managing committee. They are entitled to attend the managing committee meetings but are not entitled to vote. The trustees are effectively indemnified by the managing committee.

Statement of the managing committee’s responsibilities

The members of the managing committee are responsible for preparing the managing committee's report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the managing committee to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these accounts, the managing committee is required to:

•  select suitable accounting policies and then apply them consistently;

•  observe the methods and principles in Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102);

Hindu Cultural Society of North London

2

Managing committee’s report 31 December 2021

Structure, governance and management (continued)

Statement of the managing committee’s responsibilities (continued)

•  make judgements and estimates that are reasonable and prudent;

•  state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; and

•  Prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The managing committee is responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enables it to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and the provisions of its constitution. The managing committee is responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Key management personnel

The members of the managing committee and the trustees consider that they comprise the key management of the Society in charge of directing and controlling, running and operating the charity on a day-to-day basis.

The members of the managing committee and the trustees receive no remuneration in connection with their duties.

Risk management

The managing committee has assessed the major risks which the charity is exposed to, in particular those relating to the specific operational areas of the charity and its finances. The managing committee believes that by monitoring reserves levels, by ensuring controls exist over key financial systems, and by examining the operational and business risks faced by the charity, it has established effective systems to mitigate those risks.

Objectives and activities

The society’s objectives are to maintain, propagate and advance the precepts of the Hindu religion.

The society seeks to achieve these objectives principally by the provision of a centre in North London which offers facilities for religious functions and cultural activities.

When setting the objectives and planning the work of the society for the year and for future activities, the managing committee have given careful consideration to the Charity Commission’s general guidance on public benefit.

Hindu Cultural Society of North London 3

Managing committee’s report 31 December 2021

Achievements and Performance

The 2021 financial year has been a very tough year for the Society. Multiple lockdowns and restrictions caused a heavy loss of income, mainly from donations, and building maintenance has been costly.

We tried to re-open the Society in March 2021, but restrictions, an inadequate vaccination rate and a high incidence of infections made us postpone the decision for a later date. The emergence of new and more infectious Covid variant, considering the age profile of our members, meant it was not decided to re-open until after all members got the booster vaccine.

Despite these problems, some activities involving younger people have been taking place at the Centre with the required guidelines being followed.

The Day Centre continued to function until October with Zoom sessions being well attended. Yoga class was also well attended. Zoom sessions for the Day Centre were restarted in December. Activities on Zoom included Mehfil, Mandir Bhajans, Discourses, Fun games and other entertainments which helped to keep the members connected socially. These activities were looked after by Lalit Nagpaul, and Vijay Jolly.

The maintenance and rental activities were looked after by Mr Prem Modgil, Mr Vijay Jolly and Mr Ghanshyam Master. The finances are being managed by Mr Vinay Sharma. Their efforts during the pandemic of all concerned are commendable.

The Trustees, Office Bearers and the Committee Members took the decision to extend the tenure of the Office Bearers & Committee Members for one year as it was not possible to hold AGM for re-elections. Since the premises were still under lockdown at the end of the year there is nothing further to report.

In December 2021 it was decided by the Office Bearers to start planning to open the premises so members can meet face to face in March next year with AGM to be held in April 2022 if possible.

Financial review

A summary of the financial results for the year are set out on page 7.

Financial position

Total funds at the Society were £792,555 (2020 – £807,562) at 31 December 2021 all relating to the unrestricted fund.

Hindu Cultural Society of North London 4

Managing committee's report 31 D￿mber 2021 Financial review (continued) Rgserves policy The managing committee have examined the requirement for free reserves i.e. those unreslricled funds not invested in tangible fixed asset5. designated for specific purFMJses or otherwise CornM￿ed. The managing committee consider that, gNen the nattjre of the Society's wotk, the level of free rese￿eS of £311.532 at 31 December 2021, equating to the net current assets is considered adequate. The managing committee are of the opinR)n that this provides sufficient flexibility to cover temporary shortfalls in income due to timing differences in income flow5, and adequate working capital to cover core costs. The free reserves will be required in 2022 and beyond to cope with the global pandemic with income likely to fall and certain overheads still requiring payment Signed on behalf of the managing committee by.. ki, IfiThF Kly SHrfW(h @ 1 OL1p ILILiTr5 Approved by the managing commfftee on.. O 3 . G U . YO I Hindu Cultural Society of North London

Independent examiner’s report Year ended 31 December 2021

Independent examiner’s report to the trustees of the Hindu Cultural Society of North London

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2021.

Responsibilities and basis of report

As the trustees of the society, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the 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 all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with my examination giving me cause to believe that in any material respect:

•  accounting records were not kept in respect of the society as required by section 130 of the 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.

Buzzacott LLP Chartered Accountants 130 Wood Street London EC2V 6DL

Date: 11 April 2022

Hindu Cultural Society of North London

6

Statement of financial activities Year ended 31 December 2021

Notes	Unrestricted funds	Unrestricted funds
	Total funds 2021 £	Total funds 2020 £
Income and Expenditure Income . Donations . Interest receivable . Day Centre general . Rental income. . Subscriptions . Other activities Other income 1 Total income Expenditure . Bank charges and interest . Depreciation . General expenses . Insurance, rates and utilities . Telephone, postage and stationery . Repairs, maintenance and cleaning Total expenditure Net (expenditure) income for the year 2 Balance brought forward at 1 January Balance carried forward at 31 December	1,654 25 80 17,247 75 300 6,149	5,201 256 5,920 15,710 ---- 443 50,055
	25,530	77,585
	11 12,730 942 23,498 174 3,182	12 12,730 211 10,034 355 1,689
	40,537	25,031
	(15,007) 807,562	52,554 755,008
	792,555	807,562

There is no difference between the net movement in funds stated above, and the historical cost equivalent.

All of the society’s activities derived from continuing activities during the above two financial years.

Hindu Cultural Society of North London 7

Balance sheet 31 December 2021 2021 2020 Noles Fixed assets Tangible fixed a55ets 481,023 493,753 CUr￿nt assèts C85h at bank 311,532 313.809 Net current assets 311,532 313,809 Net assets 792.555 807,562 The funds of the charity: Unrestricted funds . General fijnd 792,555 792,555 807,562 807.562 Approved by the managing committee and signed on their behalf by.. i. Ill ￿ (¥y kÈ<l£ itri A L7V" rl Approved by the managing committee on.. 03 . 0 o WL Charity Registration Number 271053 {England and Wales) Hindu Cutiural Society of North London

Principal accounting policies 31 December 2021

Basis of accounting

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below.

Basis of preparation

These accounts have been prepared for the year to 31 December 2021.

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.

The accounts have been prepared 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 United Kingdom and Republic of Ireland (FRS 102) (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

The accounts are presented in sterling and are rounded to the nearest pound.

Critical accounting estimates and areas of judgement

Preparation of the accounts requires the trustees to make significant judgements and estimates. There are no critical accounting estimates or areas of judgement used in these accounts.

Assessment of going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of one year from the date of approval of these accounts.

The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due.

Statement of cash flows

The accounts do not include a statement of cash flows because the charity is exempt from the requirement to prepare such a statement under the Charities SORP.

Income

Income is recognised in the period in which the charity is entitled to receipt, it is probable that the amount will be received, and the amount can be measured with reasonable certainty.

Hindu Cultural Society of North London

9

Principal accounting policies 31 December 2021

Expenditure and the basis of apportioning costs

Expenditure is included in the statement of financial activities when incurred and includes attributable VAT which cannot be recovered.

Tangible fixed assets

All assets costing more than £500 and with an expected useful life exceeding one year are capitalised.

Leasehold buildings are depreciated at 2% per annum on a straight-line basis to write the building off over its estimated useful life.

Furniture and fittings are depreciated at a rate of 10% per annum based on cost in order to write off each asset over its estimated useful life.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as shortterm deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment.

Fund accounting

The general fund comprises those monies which may be used towards meeting the charitable objectives of the Society at the discretion of the management committee.

Hindu Cultural Society of North London 10

Notes to the accounts 31 December 2021

1 Other income

This includes refunds received from the London Borough of Barnet and SSE. The prior year balance comprised of a £50,000 grant from the Retail, Hospitality and Leisure Grant Fund (RHLGF) which was received from the London Borough of Barnet as part of the UK government’s support to businesses in the retail, hospitality and leisure sectors with business costs during the coronavirus pandemic.

2 Net income for the year

This is stated after charging:

			2021 £	2020 £
Depreciation(note 4)			12,730	12,730

3 Staff costs, managing committee and trustees’ remuneration

The society does not have any employees.

The society’s key management personnel, comprising members of the managing committee and the trustees, did not receive any remuneration or reimbursement of expenses in respect of their services as a member of the managing committee or as a trustee during the year (2020 – £nil).

Trustee donations during the year amounted to £133 from three trustees (2020 – none).

4 Taxation

The Hindu Cultural Society of North London is a registered charity and therefore is not liable for income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

5 Tangible fixed assets

Tangible fixed assets
	Leasehold building £	Improve- ments to leasehold building £	Mandir £	Furniture and fittings £	Total £
Cost At 1 January 2021 At 31 December 2021 Depreciation At 1 January 2021 Charge for year At 31 December 2021 Net book value At 31 December 2021 At 31 December 2020	509,145	75,164	5,352	10,440	600,101
	509,145	75,164	5,352	10,440	600,101
	91,652 10,183	10,521 1,503	— —	4,175 1,044	106,348 12,730
	101,835	12,024	—	5,219	119,078
	407,310	63,140	5,352	5,221	481,023
	417,493	64,643	5,352	6,265	493,753

Hindu Cultural Society of North London

11