2022-12-31-accounts

Hindu Cultural Society of North London

Unaudited Annual Report and Accounts

31 December 2022

Charity Registration Number 271053 (England and Wales)

Contents

Reports

Reference and administrative information	1
Managing committee's report	2
independentexaminer'sreport	6

Accounts

Statement of financial activities	7
Balance sheet	8
Principal accounting policies	9
Notestotheaccounts	11

Hindu Cultural Society of North London

Reference and administrative information

Trustees

Mr Prem Modgil (Deceased Nov 2022) Mr Om Pathak Dr Sudama Prasad Mrs Vinod Saggar

Managing committee Office Bearers:

Mr Vijay Jolly — President Mrs Sharda Jagpal — Vice President Mr Ghanshyam Master — Secretary Mrs Usha Pathak — Joint Secretary Mrs Vinod Sehgal — Treasurer Mr Vinay Sharma — Joint Treasurer

Committee Members:

Mr Prem Vohra, Mr Ravi Bhagwati Mr Anil Malhotra, Rajesh Depala Mr Saroj Taneja, Madhusudan Jagani Mrs Lalta Verma, Mrs Shobha Mathur Mrs Bala Sharma, Mrs Neelam Bhagwati Co-Opted: Jay Junior; Bhoopendra Sandhoo 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 2022

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 2022.

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 applicadle 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 2022

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, 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 has 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 2022

Achievements and Performance

This financial year has been a tough year after 3 years of multiple lockdowns and COVID19 restrictions. Efforts to restart our normal religious, cultural, and educational activities were hindered by these restrictions and the reluctance of the Community to meet in person.

Throughout the year our members were encouraged to meet on our online Zoom sessions and keep in contact with each other using various apps etc. This was very successful.

These closures resulted in a big drop in donations which is our main source of income. Further, the deterioration of the fabric of the building during this lockdown period has required a large expenditure to carry out extensive repairs to the roofs and fixing of water leaks. This work is expected to be completed early in 2023.

The tenure of the Managing Committee had been extended during the COVID lockdown period. New Managing Committee was elected at the AGM held in June 2022. This committee has been very active, and plans are in place to restart most of our activities again.

The Day Centre is in full operation and most of the pervious members are meeting again every week. A few new people are joining the group and reinvigorating the activities. Events like Karva Chauth were very well attended in the Mandir. Kala Sangam group have also started their get together regularly.

Further plans are now in place to restart Hindi classes, Dance and Drama classes and singing / chorus groups. These should be in full operation by Spring 2023.

There are other activities at the HCS Bhavan which are managed by external providers. The very popular Dhol School is fully operational and meets every Sunday. A mother and toddlers’ group has 2/3 sessions a week and Zumba classes are expected to begin in the New Year.

Other Hindu Communities regularly use our premises to provide service to their members. We are looking forward to extending our contacts with the local Community in the New Year.

With the goodwill of our members, pickup in donations and rental income, we hope to celebrate a full programme of religious and cultural events in 2023.

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 £ 809,265 (2021 - £792,555) at 31 December 2022 ail relating to the unrestricted fund.

Hindu Cultural Society of North London 4

Managing committee’s report 31 December 2022

Financial review (continued)

Reserve's policy

The managing committee have examined the requirement for free reserves i.e., those unrestricted funds not invested in tangible fixed assets, designated for specific purposes, or otherwise committed. The managing committee consider that, given the nature of the Society’s work, the level of free reserves of £340,394 is considered adequate. This amount represents the net current assets within the general fund at 31 December 20202.

The managing committee are of the opinion that this provides sufficient flexibility to cover temporary shortfalls in income due to timing differences in income flows, and adequate working capital to cover core costs. The free reserves will be required in 2023 and beyond to cope with the global pandemic with income likely to fall and certain overheads still requiring payment.

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Hindu Cultural Society of North London 5

Independent examiner’s report Year ended 31 December 2022

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

| report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2022.

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’).

| 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 | 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. | 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.

| 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. Shachi Blakemore Buzzacott LLP , CAN Vo? 8 Chartered Accountants 130 Wood Street London.

EC2V 6DL

Hindu Cultural Society of North London 6

Statement of financial activities Year ended 31 December 2022

			Unrestricted	funds
			Total funds	Total funds
			2022	2021
	Notes		£	£
Income and Expenditure
Income
. Donations			16,397	1,654
. Interest receivable			—_	25
. Day Centre general			740	80
. Festivities			938	—
. Rental income.			30,888	17,247
. Subscriptions			—	75
. Other activities		:	599	300
Other income			551	6,149
Total income			50,113	25,530
Expenditure
. Diwali			343	_
. Hindu Kul magazine			27	—
. Bank charges and interest			78	11
. Depreciation			12,730	12,730
. General expenses			3,073	942
. Insurance, rates and utilities			8,919	23,498
. Telephone, postage and stationery			803	174
. Repairs, maintenance and cleaning			7,429	3,182
Total expenditure			33,403	40,537
Net income (expenditure) for the year	1		16,710	(15,007)
Balance brought forward at 1 January			792,555	807,562
Balancecarriedforwardat31December			809,265	792,555

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 2022

		2022	2021
	Notes	£	£
Fixed assets
Tangible fixed assets	4	468,293	481,023
Current assets
Cash at Hand		578	—
Cash at bank		340,394	311,532
Net current assets		340,972	311,532
Net assets		809,265	792,555
The funds of the charity:
Unrestricted funds
. General fund		809,265	792,555
		809,265	792,555

Approved by the managing committee and signed on their behalf by: faesiverT Aucasvten

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Aucasvten
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Approved by the managing committee on:

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24Usrom Mes 2023 |
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Charity Registration Number 271053 (England and Wales)

Hindu Cultural Society of North London 8

Principal accounting policies 31 December 2022

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 2022.

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.

Hindu Cultural Society of North London

9

Principal accounting policies 31 December 2022

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.

Expenditure and the basis of apportioning costs

Expenditure is included in the staternent 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 ona 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 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 short-term 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 2022

• 1 Net income (expenditure) for the year This is stated after charging:

			2022	2021
			£	£
Depreciation	(note	4)	12,730	12,730

• 2 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 (2022 — Enil).

Trustee donations during the year amounted to £51 from one trustee (2021 — £133 from three trustees).

3 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.

4 Tangible fixed assets

Tangible fixed assets
		Improve-
		ments to		Furniture
	Leasehold building	leasehold building	Mandir	and fittings	Total
	£	£	£	£	£
Cost
At 1 January 2022	509,145	75,164	§,352	10,440	600,101
At 31 December2022	509,145	75,164	§,352	10,440	600,101
Depreciation
At 1 January 2022	101,835	12,024	—	5,219	119,078
Charge foryear	10,183	7,503	_	1,044	12,730
At 31 December 2022	112,018	13,527	—	6,263	131,808
Net book value
At 31 December 2022	397,127	61,637	5,352	4,177	468,293
At31December2021	407,310	63,140	5,352	5,221	481,023

Hindu Cultural Society of North London = 11