Charity registration number 275554 (England and Wales)
SOUTH EAST HINDU ASSOCIATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
SOUTH EAST HINDU ASSOCIATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees M Pankhaniya Mr A Rabadia Mr H Assani Charity number 275554 Principal address 2 Anglesea Mews London SE18 6ER Independent examiner FinSol Tax Advisors Limited Unit 9 Churchill Court 58 Station Road North Harrow England HA2 7SA
SOUTH EAST HINDU ASSOCIATION
CONTENTS
| Page | |
|---|---|
| report | 1 |
| Independent examiner's report | 2 |
| Statement of financial activities | 3 |
| Statement of financial position | 4 |
| Notes to the financial statements | 5 - 11 |
SOUTH EAST HINDU ASSOCIATION
REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The Trustees present their report and financial statements of South East Hindu Association " the Charity" for the year ended 31 March 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the 's [governing document], the Charities Act 2011 and "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)".
Objectives and activities
In accordance with the charity's objectives set out in the constitution of the charity, the charity is established to promote the Hindu faith. Regular congregations and events took place in furtherance of the objects of the Charity.
Financial review
It is the policy of the that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the ’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The Trustees have assessed the major risks to which the is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The Charity is an unincorporated charity (Registered Charity number 275554) which was registered on 03 September 1977 and is governed by its Constitution.
The committee who served during the year and up to the date of signature of the financial statements were:
B Pindoria - President U Bhanderi - Treasurer A Hirani - Secretary
The Trustees who served during the year and up to the date of signature of the financial statements were: M Pankhaniya Mr A Rabadia Mr H Assani
The report was approved by the Board of Trustees.
Mr H Assani
Trustee Dated: 13 January 2025
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SOUTH EAST HINDU ASSOCIATION
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF SOUTH EAST HINDU ASSOCIATION
I report to the Trustees on my examination of the financial statements of South East Hindu Association (the ) for the year ended 31 March 2024.
Responsibilities and basis of report
As the Trustees of the you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.
I report in respect of my examination of the ’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the 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) 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 now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.
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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 as required by section 130 of the Charities Act 2011.
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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 financial statements to be reached.
FinSol Tax Advisors Limited
Unit 9 Churchill Court 58 Station Road North Harrow HA2 7SA England 13 January 2025
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SOUTH EAST HINDU ASSOCIATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
| Unrestricted Restricted funds funds 2024 2024 Notes £ £ Income from: Donations and legacies 3 29,104 - Investments 4 7,225 - Total income 36,329 - Expenditure on: Charitable activities 5 53,078 - Total expenditure 53,078 - Net income/(expenditure) and movement in funds (16,749) - Reconciliation of funds: Fund balances at 1 April 2023 579,762 20,901 Fund balances at 31 March 2024 563,013 20,901 |
Total Unrestricted Restricted funds funds 2024 2023 2023 £ £ £ 29,104 13,149 - 7,225 11,050 - 36,329 24,199 - 53,078 20,686 - 53,078 20,686 - (16,749) 3,513 - 600,663 576,249 20,901 583,914 579,762 20,901 |
Total 2023 £ 13,149 11,050 |
|---|---|---|
| 24,199 20,686 |
||
| 20,686 | ||
| 3,513 597,150 |
||
| 600,663 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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SOUTH EAST HINDU ASSOCIATION
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
| Notes Fixed assets Property, plant and equipment 10 Investment property 11 Current assets Trade and other receivables 12 Cash at bank and in hand Current liabilities 13 Net current assets Total assets less current liabilities The funds of the Restricted income funds 14 Unrestricted funds 15 |
2024 £ - 292,588 292,588 (1,800) |
£ 236,328 56,798 293,126 290,788 583,914 20,901 563,013 583,914 |
2023 £ 1,233 306,814 308,047 (900) |
£ 236,718 56,798 |
|---|---|---|---|---|
| 293,516 307,147 |
||||
| 600,663 | ||||
| 20,901 579,762 |
||||
| 600,663 |
The financial statements were approved by the Trustees on 13 January 2025
Mr H Assani Trustee
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SOUTH EAST HINDU ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
Charity information
South East Hindu Association is a unincorporated charity, charity number 275554 and its principal trading address is 2 Anglesea Mews, London, SE18 6ER. .
1.1 Accounting convention
The financial statements have been prepared in accordance with the 's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The is a Public Benefit Entity as defined by FRS 102.
The has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.
1.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the .
1.4 Income
Income is recognised when the is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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 are allocated on the portion of the asset’s use.
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SOUTH EAST HINDU ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
(Continued)
1.5 Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings 0% Straight Line Plant and equipment 25% Reducing balance Fixtures and fittings 20% On Cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.6 Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.7 Impairment of non-current assets
At each reporting end date, the reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9 Financial instruments
The has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the 's balance sheet when the becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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SOUTH EAST HINDU ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including trade and other payables and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the ’s contractual obligations expire or are discharged or cancelled.
2 Critical accounting estimates and judgements
In the application of the ’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Income from donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Donations and gifts | 29,104 | 13,149 |
- 4 Income from investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Rental income | 7,225 | 11,050 |
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SOUTH EAST HINDU ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5 Expenditure on charitable activities
| Charitable | Charitable | ||
|---|---|---|---|
| Expenditure | Expenditure | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Direct costs | |||
| Depreciation and impairment | 390 | 440 | |
| Religious Expenses | 1,615 | 884 | |
| Rates and Water Charges | 677 | 4,507 | |
| Light, Heat and Power | 17,992 | 4,330 | |
| Premises Repairs and Renewals | 23,269 | 5,022 | |
| Property Insurance | 4,024 | 2,927 | |
| Telephone, Fax and Internet | 1,487 | 1,139 | |
| Sundry Expenses | 2,724 | 537 | |
| 52,178 | 19,786 | ||
| Share of support and governance costs (see note ) | |||
| Governance | 900 | 900 | |
| 53,078 | 20,686 | ||
| Analysis by fund | |||
| Unrestricted funds | 53,078 | 20,686 | |
| 6 | Net movement in funds | 2024 | 2023 |
| £ | £ | ||
| The net movement in funds is stated after charging/(crediting): | |||
| Fees payable for the independent examination of the charity's financial | |||
| statements | - | - | |
| Depreciation of owned property, plant and equipment | 390 | 440 |
7 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the during the year.
8 Employees
The average monthly number of employees during the year was:
| 2024 | 2023 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
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SOUTH EAST HINDU ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
8 Employees
(Continued)
Remuneration of key management personnel
The remuneration of key management personnel was as follows:
9 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
10 Property, plant and equipment
| Freehold land and buildings Plant and equipment Fixtures and fittings £ £ £ Cost At 1 April 2023 235,637 50,694 1,200 At 31 March 2024 235,637 50,694 1,200 Depreciation and impairment At 1 April 2023 - 50,093 720 Depreciation charged in the year - 150 240 At 31 March 2024 - 50,243 960 Carrying amount At 31 March 2024 235,637 451 240 At 31 March 2023 235,637 601 480 |
Total £ 287,531 |
|---|---|
| 287,531 | |
| 50,813 390 |
|
| 51,203 | |
| 236,328 | |
| 236,718 |
11 Investment property
| Investment property | |
|---|---|
| 2024 | |
| £ | |
| Fair value | |
| At 1 April 2023 and 31 March 2024 | 56,798 |
Investment property comprises one property. The fair value of the investment property has been arrived at on the basis of a valuation carried by the trustees.
12 Trade and other receivables
| Trade and other receivables | ||
|---|---|---|
| 2024 | 2023 | |
| Amounts falling due within one year: | £ | £ |
| Other receivables | - | 1,233 |
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SOUTH EAST HINDU ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
13 Current liabilities
| Current liabilities | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Accruals and deferred income | 1,800 | 900 |
14 Restricted funds
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
| At | 1 April | At | 31 March | |
|---|---|---|---|---|
| 2023 | 2024 | |||
| £ | £ | |||
| 20,901 | 20,901 | |||
| Previous year: | At | 1 April | At | 31 March |
| 2022 | 2023 | |||
| £ | £ | |||
| 20,901 | 20,901 |
15 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 April | Incoming | Resources | At 31 March | |
|---|---|---|---|---|
| 2023 | resources | expended | 2024 | |
| £ | £ | £ | £ | |
| General funds | 579,762 | 36,329 | (53,078) | 563,013 |
| Previous year: | At 1 April | Incoming | Resources | At 31 March |
| 2022 | resources | expended | 2023 | |
| £ | £ | £ | £ | |
| General funds | 576,249 | 24,199 | (20,686) | 579,762 |
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SOUTH EAST HINDU ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
16 Analysis of net assets between funds
| Unrestricted Restricted funds funds 2024 2024 £ £ At 31 March 2024: Property, plant and equipment 236,328 - Investment properties 56,798 - Current assets/(liabilities) 269,887 20,901 563,013 20,901 Unrestricted Restricted funds funds 2023 2023 £ £ At 31 March 2023: Property, plant and equipment 236,718 - Investment properties 56,798 - Current assets/(liabilities) 286,246 20,901 579,762 20,901 |
Total 2024 £ 236,328 56,798 290,788 |
|---|---|
| 583,914 | |
| Total 2023 £ 236,718 56,798 307,147 |
|
| 600,663 |
17 Related party transactions
There were no disclosable related party transactions during the year (2023 - 2023).
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