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2024-03-31-accounts

Charity number: 505959

The Gujarat Hindu Society, Preston Trustees’ Report and Financial Statements

For The Year Ended 31 March 2024

THE GUJARAT HINDU SOCIETY, PRESTON

CONTENTS

Reference and admnistrative details of the charity, its trustees and advisers 2
Trustees’ report 3
Independent examiner’s report 8
Statement of financial activities 9
Balance sheet 10
Statement of cash flows 11
Notes to the financial statements 12

THE GUJARAT HINDU SOCIETY, PRESTON

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024

Trustees ID Tailor MBE JP DL, President
D H Nayee, Vice President
C H Limbachia, Secretary (Resigned 15 May 2024)
A M Jariwala, Assistant Secretary
B Panchal, Treasurer
N Parmar, Assistant Treasurer
A Limbachia, Committee Member (Resigned 17/9/23, Re-appointed 21/11/23)
M Marolia, Committee Member
B Maru, Committee Member
D Patel Committee member
U Solanki, Committee Member (Resigned 17/9/23)
R Valand, Committee Member
P Nayee Committee Member
J Parekh Committee Member
K Vara Committee Member
H Barber, Committee member (Appointed 17/9/23)
K Parekh
Holding Trustee
A Patel
Holding Trustee
Charity registered number 505959
Principal office South Meadow Lane
Preston
PR1 8JN
Independent auditors MHA
Richard House
Winckley Square
Preston
PR1 3HP
Bankers HSBC Plc
40 Fishergate
Preston
PR12DP
Solicitors Harrison Drury
1a Chapel Street
Winckley Square
Preston
PR1 8BU

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THE GUJARAT HINDU SOCIETY, PRESTON

TRUSTEES’ ANNUAL REPORT

FOR THE YEAR ENDED 31 MARCH 2024

The Trustees present their annual report together with the audited financial statements for the year ended 31 March 2024.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’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 published In October 2019.

Objectives and Activities

a. Policies and objectives

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the charity commission relating to public benefit.

The principal object of the charity, which has not changed since the last annual report, is to promote the Hindu religion and the culture of the Gujarat Hindu Community in Preston and District. The Society is an unincorporated association.

In order to further its objectives the Society:

The Society continues to attach great importance to fostering an understanding of and relationship with other communities in the area.

b. Strategies for achieving objectives

The Charity fulfils its objectives by ensuring that there is continuous contact and consultation with members of the Hindu community to ensure that their cultural, religious and intellectual requirements are being supported wherever possible by the Society. The Society produces its monthly Samaj Deep magazine which is distributed free to all Hindu households in Preston and also posted to members outside Preston.

c. Activities for achieving objectives

Religious Events

The Temple is open to devotees who regularly attend for personal worship. Devotees also attend the major religious festivals that are celebrated throughout the year, for example Shivratri, Ram Navmi, Janamashtami, Diwali, Navratri, Tulsi Vivah, Jalaram Jayanti, together with other minor festivals during the year. Throughout the year parents are encouraged to bring their children to the regular monthly bhajan bhojan for devotional singing.

Education

The Gujarati mother tongue language school has an enrolment of 80 children taught by 7 sessional teachers. The school consists of 5 classes which are run on Friday. Reception class starts at age 6 years and after 7 years each child normally attains a GCSE in Gujarati with high grades. Once a year a Parents Day is organised to enable parents to meet with their children's respective teachers. There is also a prize giving for high attainment in each class and a GCSE certificate presentation is made to the children. On the day children showcase their talents in educational and cultural interests for their parents.

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TRUSTEES’ ANNUAL REPORT

THE GUJARAT HINDU SOCIETY, PRESTON

FOR THE YEAR ENDED 31 MARCH 2024

Cultural

A wide range of cultural activities are provided at the Centre, for example, classical and Bollywood dances for children and music classes for children and adults.

Each year two major cultural events are celebrated at the Centre, India's Republic Day and Independence Day. At both of these events the community enjoy the presentations given by the children and adults showcasing the skills they have learned in the dance/ music/ language/ singing classes.

Young children also participate in the annual Raas and Garba competition when organised by the Hindu Council of the North and bring home prizes for their choreographic talents and best dressed costumes. When invited by community institutions, young children and ladies perform dances to share the Hindu culture with the wider community.

Visits to the Centre

The Society receives visits from schools across Lancashire and Cumbria as part of their Religious Education curriculum, as an extra- curricular activity and during the SACRE Youth Conference. An average of about 200 pupils together with their teachers visit the Centre per month during term time.

The Society provides information to all visitors about the Hindu Gods, philosophy and way of life. Children are shown around the Centre and in the Temple where they have the opportunity to witness at first hand the practice and religion of Hinduism.

Visits are also received from groups of trainee teachers, youth clubs, uniformed children's groups and groups from Churches and other public sector organisations.

Every year during the summer and autumn, we welcome coaches of devotees from around the country to have darshan at the temple and bhojan prasadi enroute to their tourists destinations.

Elderly Luncheon Club

The popular luncheon club for senior members of the community runs on Monday and Friday lunchtimes with an average attendance of 50 people. This activity enables the elderly people to have time out at the Centre, meet their peers and take part in exercise and share healthy living experiences. Some members are supported in getting to the Centre by transport provided by Lancashire County Council.

Yoga Activities

Yoga activities for health conscious adults are held once a week and these are open to all adults.

Hall Hire

The Centre is used by the Hindu Community for religious, social, educational and recreational activities in the evenings and weekends. The Society makes the hall available for hire to the community for weddings and other communal gatherings.

Volunteers

The organisation is managed by a team of volunteers from the community who give their time freely and regularly. Many of the volunteers have been trained on first aid and health and safety courses, The Centre owes it's ongoing success and achievements to the dedication of a large number of volunteers over many years.

If you wish to join us in contributing to and being part of our community please speak to any member of the Committee. You will be made very welcome.

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THE GUJARAT HINDU SOCIETY, PRESTON

TRUSTEES’ ANNUAL REPORT

FOR THE YEAR ENDED 31 MARCH 2024

Main activities undertaken to further the charity's purposes for the public benefit

The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities.

Achievements and performance

a. Review of activities

The Society is continuing to develop its normal social. cultural and educational activities for both members of the Hindu and the wider community. The trustees have leased the West Cliff premises to a housing association who have now developed and renovated the property as sheltered accommodation for people over the age of 55.

b. Fundraising activities/income generation

The Society's principal financial objective has been to continue to ensure financial stability. The Society's operating plan entails maximum use being made by the community of the Temple facilities, and the Trustees anticipate that this, together with planned religious, cultural and other activities will support the continued focus on fulfilling the Society's objectives.

c. Investment policy and performance

The Management Committee has considered the most appropriate policy for investing funds and considers that the investment property held, plus the government savings bonds, meet their requirements to generate both income and capital growth. The Management Committee consider the return on investments in the year to be satisfactory.

d. Factors relevant to achieve objectives

The Society attaches great importance to maintaining close and regular contact with both the local communities and civic authorities. This is essential in promoting an awareness and understanding of the Hindu religion and culture.

Financial review

a. Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

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THE GUJARAT HINDU SOCIETY, PRESTON

TRUSTEES’ ANNUAL REPORT

FOR THE YEAR ENDED 31 MARCH 2024

b. Reserves policy

Reserves as at 31 March 2024 were £3,036,422 (2023 – £2,949,118). Free reserves were £1,137,188. The reserves policy of the Trustees is to ensure that the Society commits as much funding as possible to furthering its objectives, whilst retaining an amount of cash adequate to cover a period of 12 months of expenditure with little or no income arising. This need to conserve resources is particularly important in the current economic environment when overhead costs are increasing and income is under pressure.

In addition resources need to be retained to ensure that the facilities and services provided by the Society for its members meet the long term needs and expectations of the Community. The Society will continue to minimise costs to maintain satisfactory reserves. A substantial reserve has been maintained for the future purchase of the car park behind the Centre which is essential for the members' use whilst attending the Centre.

c. Principal funding

The charity's principal funding continues to be from charitable activities and collections from members.

Structure, governance and management.

a. Constitution

The Society was constituted on 11 September 1976 and is a registered un-incorporated charity, number 505959.

b. Method of appointment or election of Trustees

The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

c. Policies adopted for the induction and training of Trustees

The Trustees take responsibility for ensuring that they have the skills and knowledge required to fulfil their roles efficiently and effectively. The Society regularly holds training sessions for Trustees to update their understanding of their roles and responsibilities.

d. Organisational structure and decision making

The Trustees hold office for an initial period of three years after which they may apply for re-election or resign. At each Annual General Meeting, five members of the committee retire and, if eligible, may present themselves for re-election. Management of the Society's affairs is entrusted to a Management Committee. No member of the Management Committee may hold the same office for a continuous period of in excess of 3 years. Reporting to the Management Committee are 8 sub-groups who are responsible for the primary operational activities of the Society. The groups are: Religious, Education, Youth and Cultural, Hall Hire, Maintenance, GHS Enterprises and Elderly Luncheon Club.

The property of the Society is held in trust by the Holding Trustees of the Society.

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THE GUJARAT HINDU SOCIETY, PRESTON

TRUSTEES’ ANNUAL REPORT

FOR THE YEAR ENDED 31 MARCH 2024

e. Risk management

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.

Plans for future periods

a. Future developments

The trustees vision for the future is to :

This report was approved by the Trustees on………………………………and signed on their behalf by:

…………………………………………..

I D Tailor MBE JP DL PRESIDENT

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THE GUJARAT HINDU SOCIETY, PRESTON

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF

THE GUJARAT HINDU SOCIETY, PRESTON

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2024 which are set out on pages 9 to 24.

Responsibilities and basis of report

As the charity’s trustees 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 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 the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2. the accounts do not accord with those records; or

  2. 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.

Nicola Mason FCA DChA

MHA Moore and Smalley Statutory Auditor Richard House Winckley Square Preston PR1 3HP

……………………………

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THE GUJARAT HINDU SOCIETY, PRESTON

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2024

Note
Income and endowments from:
Donations and legacies
2
Charitable activities
3
Trading activities
4
Investment income
5
Total income and endowments
Expenditure on:
Charitable activities
6
Total expenditure
Net income/(expenditure)
before transfers
Transfers between funds
14
Net movement in funds
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
2024
£
11,941
145,844
77,804
66,105
301,694
166,826
166,826
134,868
(1,742)
133,126
1,376,060
1,509,186		 Restricted
funds
2024
£
-
2,239
-
-
2,239
35,745
35,745
(33,506)
1,742
(31,764)
1,459,409
1,427,645		 Endowment
funds
2024
£
-
-
-
-
-
14,058
14,058
(14,058)
-
(14,058)
113,649
99,591		 Total
funds
2024
£
11,941
148,083
77,804
66,105
303,933
216,629
216,629
87,304
-
87,304
2,949,118
3,036,422		 Total
funds
2023
£
4,480
129,707
66,642
45,765
246,594
200,222
200,222
46,372
-
46,372
2,902,749
2,949,118

The notes on pages 12 to 24 form part of these financial statements

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THE GUJARAT HINDU SOCIETY, PRESTON

BALANCE SHEET

AS AT 31 MARCH 2024

Note
Fixed assets
Tangible assets
9
Investments
10
Current assets
Debtors
11
Cash at bank and in hand
12
Creditors :amounts falling due within one
year
13
Net current assets
Total assets less current liabilities
Creditors :amounts falling due after more
than one year
13
Net assets
Charity funds
Endowment funds
14
Restricted funds
14
Unrestricted funds
14		 2024
£
£
1,003,344
943,299
1,946,643
-
1,094,263
1,094,263
(4,484)
1,089,779
3,036,422
-
3,036,422
99,591
1,427,645
1,509,186
3,036,422		 2023
£
£
1,045,487
943,299
1,988,786
-
963,166
963,166
(2,834)
960,332
2,949,118
-
2,949,118
113,649
1,459,409
1,376,060
2,949,118		 2023
£
£
1,045,487
943,299
1,988,786
-
963,166
963,166
(2,834)
960,332
2,949,118
-
2,949,118
113,649
1,459,409
1,376,060
2,949,118
1,988,786
960,332
2,949,118
-
2,949,118
113,649
1,459,409
1,376,060
2,949,118

The financial statements were approved by the Trustees on……………………………and signed on their behalf by:

………………………………………………..

I D Tailor MBE JP DL PRESIDENT

The notes on pages 12 to 24 form part of these financial statements

-10-

THE GUJARAT HINDU SOCIETY, PRESTON

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2024

2024
Cash flows from operating activities
Net cash flow from operating activities
68,532
Cash flow from investing activities
Dividends, interest and rents from investments
66,105
Additions to investments
-
Purchase of tangible fixed assets
(3,540)
Net cash generated/(used) by investing activities
62,565
Change in cash and cash equivalent in the year
131,097
Cash and cash equivalents brought forward
963,166
Cash and cash equivalents carried forward
1,094,263
Analysis of cash and cash equivalents
2024
£
Cash at bank
1,091,592
Cash in hand
2,671
1,094,263
Reconciliation of net movement in funds to net cash flow from operating activities
2024
£
Net (expenditure)/income for the year
87,304
Adjustment for:
Depreciation charges
45,684
Dividends, interest and rents from investments
(66,105)
Decrease/(increase) in debtors
-
Increase/(decrease) in creditors
1,649
Net cash flow from operating activities
68,532		 2023
45,346
45,765
(9,450)
(9,932)
26,383
71,729
891,437
963,166
2023
£
959,321
3,845
963,166
2023
£
46,372
44,163
(45,765)
-
576
45,346

The notes on pages 12 to 24 form part of these financial statements

-11-

THE GUJARAT HINDU SOCIETY, PRESTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

1.1

Basis of preparation of financial statements

The financial statements 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 UK and Republic of Ireland (FRS 102) issued in October 2019 (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice.

The financial statements have been prepared to give a true and fair view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the 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) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Gujarat Hindu Society, Preston constitutes a public benefit entity as defined by FRS 102.

The financial statements are prepared on a going concern basis under the historical cost convention. The financial statements are prepared in sterling which is the functional currency of the charity and are rounded to the nearest £1.

1.2 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

1.3 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Donated services or facilities are recognised when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS102), the general volunteer time of the Friends is not recognised. Refer to the Trustees' report for more information about their contribution.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

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THE GUJARAT HINDU SOCIETY, PRESTON

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

1.4 Expenditure

All expenditure (inclusive of VAT) is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities, they have been allocated on a basis consistent with the use of the resources.

Governance costs include those costs incurred in the governance of the charity’s assets and are associated with constitutional and statutory requirements.

Direct costs are costs directly related to employment in, or the promotion of the Hindu religion and culture.

Support costs are all other costs incurred by the charity which are not direct costs or governance costs.

1.5

Going concern

The trustees are required to assess whether the use of going concern is appropriate, ie whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charitable company to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation of the accounts. At the date of approving these accounts the trustees have a reasonable expectation that the charity has sufficient cash resources to enable it to meet its liabilities as they fall due for at least 12 months from the date of approval. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.6 Tangible fixed assets and depreciation

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is not charged on freehold land. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold property - 2% straight line Fixtures & fittings - 12.5% on reducing balance

1.7 Investments

Fixed asset investments are a form of financial instrument' and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading 'Gains/(losses) on investments' in the Statement of financial activities.

1.8

Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

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THE GUJARAT HINDU SOCIETY, PRESTON

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

1.9 Leasing and hire purchase

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the charity. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of financial activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

1.10 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.11 Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.12 Liabilities and provisions

Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

1.13 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

1.14 Critical estimates and judgements

The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities relate to the valuation of fixed assets and investment policy. See the accounting policy for basis used for valuation.

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THE GUJARAT HINDU SOCIETY, PRESTON

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

2 Donations and legacies

Unrestricted Restricted Endowment Total Total
funds funds funds funds funds
2024 2024 2024 2024 2023
£ £ £ £ £
Donations 11,941 - - 11,941 4,480

All donations in the current and prior year related to unrestricted funds

3 Income from charitable activities

Society objectives
Prayer hall donations
Prayer hall Arati box
Religious festivals
Samaj Deep
General cultural activities
Gau Grass
Language tuition
Elderly group
Total		 Unrestricted
funds
2024
£
3,615
43,685
75,236
5,224
7,684
-
2,010
8,390
145,844		 Restricted
funds
2024
£
-
-
-
-
101
2,138
-
-
2,239		 Endowment
funds
2024
£
-
-
-
-
-
-
-
-
-		 Total funds
2024
£
3,615
43,685
75,236
5,224
7,785
2,138
2,010
8,390
148,083		 Total funds
2023
£
2,391
40,286
57,651
6,170
11,673
1,650
9,886
129,707

Prior year

Society objectives
Grants
Prayer hall donations
Prayer hall Arti box
Religious festivals
Samaj Deep
General cultural activities
Language tuition
Elderly group
Total		 Unrestricted
funds
2023
£
-
2,391
40,286
57,651
6,170
11,471
1,650
9,886
129,505		 Restricted
funds
2023
£
-
-
-
-
-
202
-
-
202		 Endowment
funds
2023
£
-
-
-
-
-
-
-
-
-		 Total funds
2023
£
-
2,391
40,286
57,651
6,170
11,471
1,650
9,886
129,707		 Total funds
2022
£
30,000
2,169
39,477
52,796
7,130
4,549
2,303
6,801
79,137

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THE GUJARAT HINDU SOCIETY, PRESTON

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

4 Trading activities

Profit on sale of religious items
Wedding hall hire
GHS Enterprise income
Total		 Unrestricted
funds
2024
£
2,731
11,453
63,620
77,804		 Restricted
funds
2024
£
-
-
-
-		 Endowment
funds
2024
£
-
-
-
-		 Total
funds
2024
£
2,731
11,453
63,620
77,804		 Total
Funds
2023
£
1,431
10,689
54,452
66,642

Income from trading activities in the year ended 31 March 2024 and the prior year ended 31 March 2023 was all unrestricted.

5 Investment income

Bank interest receivable
Rental income
Interest on bonds
Total		 Unrestricted
funds
2024
£
21,803
37,312
6,990
66,105		 Restricted
funds
2024
£
-
-
-
-		 Endowment
funds
2024
£
-
-
-
-		 Total funds
2024
£
21,803
37,312
6,990
66,105		 Total
funds
2023
£
3,189
37,312
5,264
45,765

Prior year

Bank interest receivable
Rental income
Interest on bonds
Total		 Unrestricted
funds
2023
£
3,189
37,312
5,264
45,765		 Restricted
funds
2023
£
-
-
-
-		 Endowment
funds
2023
£
-
-
-
-		 Total funds
2023
£
3,189
37,312
5,264
45,765		 Total
funds
2022
£
8,385
37,281
3,787
49,453

-16-

THE GUJARAT HINDU SOCIETY, PRESTON

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

6 Expenditure on charitable activities

Direct
365 day service expenses
Religious festivals
General cultural activities
Gau Grass
Elderly Group
Language tuition
Samaj Deep
Advertising
Wages and salaries (note 8)
Support
Telephone
Rates and water
Printing, postage and stationery
General expenses
Insurance
Heat and light
Repairs and maintenance
Depreciation
Governance costs (note 7)
Total		 Unrestricted
funds
2024
£
3,793
27,269
10,816
-
3,114
78
4,143
572
24,467
74,252
1,276
4,782
1,187
17,093
10,445
17,481
20,640
13,920
5,750
92,574
166,826		 Restricted
funds
2024
£
-
-
101
3,880
-
-
-
-
-
3,981
-
-
-
-
-
-
-
31,764
-
31,764
35,745		 Endowment
funds
2024
£
-
-
-
-
-
-
-
-
14,058
14,058
-
-
-
-
-
-
-
-
-
-
14,058		 Total funds
2024
£
3,793
27,269
10,917
3,880
3,114
78
4,143
572
38,525
92,291
1,276
4,782
1,187
17,093
10,445
17,481
20,640
45,684
5,750
124,338
216,629		 Total funds
2023
£
-
8,245
8,909
-
4,315
1,863
4,114
1,440
26,762
55,648
1,265
4,841
1,181
9,515
10,107
17,561
52,591
44,163
3,350
144,574
200,222

-17-

THE GUJARAT HINDU SOCIETY, PRESTON

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

6 Expenditure on charitable activities (Continued)

Prior year

Prior year Prior year
Unrestricted
funds
Restricted
funds
Endowment
funds
2023
2023
2023
£
£
£
Direct
365 day service expenses
-
-
-
Religious festivals
8,245
-
-
General cultural activities
8,303
606
-
Elderly group
4,315
-
-
Language tuition
1,863
-
-
Samaj Deep
4,114
-
-
Advertising
1,440
-
-
Wages and salaries (note 8)
15,556
-
11,206
GHS Enterprise salaries
-
-
-
43,836
606
11,206
Support
Telephone
1,265
-
-
Rates and water
4,841
-
-
Printing, postage and stationery
1,181
-
-
General expenses
9,515
-
-
GHS Enterprise other costs
-
-
-
Insurance
10,107
-
-
Heat and light
17,561
-
-
Repairs and maintenance
52,591
-
-
Depreciation
13,429
30,734
-
Grant expenditure
-
-
-
Governance costs (note 7)
3,350
-
-
113,840
30,734
-
Total
157,676
31,340
11,206
7
Governance costs
Unrestricted
funds
Restricted
funds
Endowment
funds
2024
2024
2024
£
£
£
Accountancy
5,750
-
-
Legal fees
-
-
-
5,750
-
-		 Total funds
2023
£
-
8,245
8,909
4,315
1,863
4,114
1,440
26,762
-
























Total funds
2022
£
2,288
4,953
2,857
1,571
-
2,848
11,025
21,832
12,461
59,835
1,548
5,632
2,296
1,694
1,620
10,885
20,504
9,236
45,180
30,000
4,701
133,296
193,131
Total
funds
2023
£
3,336
14
3,350
55,648
1,265
4,841
1,181
9,515
-
10,107
17,561
52,591
44,163
-
3,350
144,574
200,222
Total
funds
2024
£
5,750
-
5,750

All governance costs in the current and previous year related to unrestricted funds.

-18-

THE GUJARAT HINDU SOCIETY, PRESTON

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

8 Staff costs

Staff costs were as follows:

taff costs were as follows:
Gross
Employer’s NIC
Total
Employees		 2024
£
36,425
2,100
38,525
2024
No.
13		 2023
£
24,999
1,763
26,762
2023
No.
10

No employee received remuneration amounting to more than £60,000 in either year

Key management personnel are considered to be the following :

ID Tailor MBE JP DL, President D H Nayee, Vice President C H Lambachia, Secretary B Panchal, Treasurer

None of the above have received any remuneration in kind or any reimbursement of expenses (2023 - £nil).

During the year, no Trustees, received any remuneration, benefits in kind or any reimbursement of expenses (2023 - £nil)

-19-

THE GUJARAT HINDU SOCIETY, PRESTON

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

9 Tangible fixed assets

Costs
At 1 April 2023
Additions
At 31 March 2024
Depreciation
At 1 April 2023
Charge for year
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Freehold
property
£
1,585,310
-
1,585,310
668,999
29,206
698,205
887,105
916,311		 Fixtures
and Fittings
£
306,085
3,540
309,625
176,909
16,478
193,387
116,238
129,176		 Total
£
1,891,395
3,540
1,894,935
845,908
45,684
891,592
1,003,343
1,045,487

Included in the land and buildings is freehold land at valuation of £125,000 (2023 - £125,000) which is not depreciated.

-20-

THE GUJARAT HINDU SOCIETY, PRESTON

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

10 Fixed asset investments

Valuation

The property at 48 West Cliff, Preston was valued by Lea Hough Chartered Surveyors in January 2016 at £540,000 (cost £400,195).

The property at 48 West Cliff, Preston was previously valued on the basis of open market value on 19 September 2000 by Eckersley & Co Chartered Surveyors at £250,000.

The property at 54 South Meadow Lance was valued by Lea Hough Chartered Surveyors in January 2016 at £90,000 (cost £60,372)

The property at 48 South Meadow Lane has not been valued externally since its purchase in 2013. The trustees believe that this valuation is still appropriate for the property.

48 West Cliff, Preston
Seva Bond 1
Seva Bond 2
54 South Meadow Lane
48 South Meadow Lane		 2024
£
540,000
42,000
105,000
90,000
166,299
943,299		 2023
£
540,000
42,000
105,000
90,000
166,299
943,299

-21-

THE GUJARAT HINDU SOCIETY, PRESTON

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

11
Debtors
Prepayments and accrued income
12
Cash at Bank
Skipton Building Society
Virgin Money
HSBC
HSBC – GHS Enterprise
Cash in Hand
13
Creditors: Amounts falling due within one year
Accruals and deferred income		 2024
£
-
-
2024
£
430,295
222,670
358,141
80,486
2,671
1,094,263
2024
£
4,484
4,484		 2023
£
-
-
2023
£
411,482
218,321
282,180
47,338
3,845
963,166
2023
£
2,834
2,834

-22-

THE GUJARAT HINDU SOCIETY, PRESTON

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

14 Statement of funds

Current year

Current year
Unrestricted funds
General funds
Endowment funds
365 day service fund
Restricted funds
Temple restoration fund
Stage lighting fund
Cultural Activities
Gau Grass
Total
rior year
Unrestricted funds
General funds
Endowment funds
365 day service fund
Restricted funds
Coronavirus
Job
Retention Scheme
Temple restoration fund
Stage lighting fund
Covid India
Cultural Activities
Total		 Balance at 1
April
2023
1,376,060
113,649
1,451,168
8,241
-
-
2,949,118
Balance at 1
April
2022
1,287,344
124,855
-
1,480,374
9,769
-
404
2,902,746		 Income
301,694
-
-
-
101
2,138
303,933
Income
246,392
-
-
-
-
-
202
246,594		 Expenditure
(166,826)
(14,058)
(30,734)
(1,030)
(101)
(3,880)
(216,629)
Expenditure
(157,676)
(11,206)
-
(29,206)
(1,528)
-
(606)
(200,222)		 Transfers
in/(out)
(1,742)
-
-
-
-
1,742
-
Transfers
in/(out)
-
-
-
-
-
-
-
-		 Balance at
31 March
2024
1,509,186
99,591
1,420,434
7,211
-
-
3,036,422
Balance at
31 March
2023
1,376,060
113,649
-
1,451,168
8,241
-
-
2,949,118

Prior year

-23-

THE GUJARAT HINDU SOCIETY, PRESTON

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

14 Statement of funds (continued)

Unrestricted funds – Funds which are available for use at the discretion of the Trustees in the furtherance of the general objectives of the charity.

Permanent endowment funds – The original 365 day service fund was set up in 1985. The income from the investment held by the fund is available to be used to support the general cultural, religious and social activities of the Society.

Restricted funds – The temple restoration fund was established in 1997 to provide for the building of the new cultural and religious centre. The building was completed in 2000.

15 Analysis of net assets between funds

Current year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year		 Unrestricted
funds
£
115,699
256,299
1,141,672
(4,484)
1,509,186		 Restricted
funds
£
887,645
540,000
-
-
1,427,645		 Endowment
funds
£
-
147,000
(47,409)
-
99,591		 Total
funds
£
1,003,344
943,299
1,094,263
(4,484)
3,036,422

Prior year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year		 Unrestricted
funds
£
126,078
256,299
996,517
(2,834)
1,376,060		 Restricted
funds
£
927,006
540,000
-
-
1,459,409		 Endowment
funds
£
-
147,000
(33,351)
-
113,649		 Total
funds
£
1,045,487
943,299
963,166
(2,834)
2,949,118

16 Related party transactions

There were no related party transactions during the year.

17 Controlling party

The charity is controlled by the Trustees.

-24-