**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:
- a. Fosters and encourages the religious, cultural and intellectual advancement of persons of the Hindu faith resident in Preston and District.
- b. Provides for other charitable purpose in connection with the Hindu Religion.
- c. ls authorised and empowered to do all such things as shall be conducive to the attainment of the above objects and aim.
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 :
- Provide and further develop our services and facilities to the community
- Encourage young people and women onto the board so that future board members reflect the community the Society services
- Offer and deliver excellent and varied meeting facilities at the Centre
- Offer more attractive and optional hiring packages for social, leisure and educational activities and events
- - Extend the services provided to senior members of the community
- Ensure the financial stability of the Society for future generations
- Review current activities and prepare strategic plans for the future.
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
3. 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
-9-
## **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
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**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|
-15-
**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-