GUJARATI ARYA ASSOCIATION - LEICESTER REGISTERED CHARITY NO. 515332 ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2023 Page 1 GUJARATI ARYA ASSOCIATION - LEICESTER ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2023 CONTEKrs Pa Charity information Trustees Report Independent Examinerfs Report Statement of Finanaal Activits"es Balan￿ Sheet Notes lo the accounts 7-10 Page 2 GUJARATI ARYA ASSOCIATION - LEICESTER CHARITY INFORMATION Trustees Bipin Chauhan Kishofbhai G So12nki Navin C Pamiar Pravinbhai B Pamiar Pravinbhai M Pannar Mana ement Committee President V£ce President Secretary Assist. Secretary Treasurer AssisL Treasurer Cultural Secretary Asst. Cultutral Secretary Storekeeper Vinodbhai K Ghadiali Navnit Chauhan Amratbhai J Chauhan ANind J Chauhan Babubhai N Rathod Kokila P Pamar Kishor H Gohil Hershey Champaneri Jagdish Gopal Charity Number 515332 Charity Communlty Centre 49 Hildyard Road Lei￿ster LE4 5GG Charlty Offices 49 Hildyard Road Leicester LE4 5GG Indpendent Examiner Paresh J Parmar Bankers Na￿est Bank plc Page 3 GUJARATI ARYA ASSOCIATION LEICESTER REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023 The Trustees submit theif annual report 2nd the financial statements for the year ended 31st December 2023 The members have adopted the provisions of Statement of Recommended Practs.￿ {SORP) ' Accounts'ng and Reporb"ng by Charities" issued in March 2005. Reference and Administrative Infomiation Charity Name GUJAFtATI ARYA ASSOCtATION - LEICESTER Charity Number 515332 Charity Address 49 Hildyard Road, Le1￿ter. LE4 5GG Indpendent Examiner Paresh J Pamar Bankers Na￿est Bank plc TRUSTEES The Trustees during the year under review were: KishO￿ha1 G Solanki Pravinbhai B Pamar Bipin Chauhan Navin C Pamiar Pravin M Pannar Mana ement Comrnlttee President Vice President Secretary Assist. Secretary Treasurer Assist. Treasurer Cultural Secretary Asst. Cultutral Secretary Slofekeeper Co-o ted Members Mrs Seema Parmar Vinodbhai K Ghadiali Navnf( M Chauhan mratbhai J Chauhan ANind J Chauhan Babubhai N Rathod Kokila P Pamiar lQ"shor H Gohil Hershey Champaneri Jagdish Gopal Committee Members Somchandbhai V Chauhan Pravin Parmar Hema Parmar Tanuja Chauhan Mrs Induben B Rathod Mrs U5haben S Chohan Champaklal M Pamiar Pratibha Parmar Hitesh Chavda MrAmbubhai D Parmar Manilal K Chauhan (resigned Rashmika Jethwa Prabha Gopal Structure and Govemance Governin Document The Charty Is governed by its Constitution dated 18th October 1980 and duly amended subsequenty The legal ownership of the Charitvs moveable and immoveable property vests with the Truslees and the Managing Committee is responsible for the management of day-to-day matters. Recruitment and Appointment of Management Board The Trustees and the managing commtttee are elected every two years at its annual general meeb'ng New Trustees and managing committee are elected from the membership of the chanty with due consideration taken by members as to their suttabilty before being elected in accordan￿ constttution. Trustee Induclon and Trainin As all trustees must be members of the Charity . they are all familiar with the practical work of the tharity and of its objectives. Appropriate training is provided as required for their roles as Trustees and Managing committee members. Page3A GUJARATI ARYA ASSOCIATION LEICESTER REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEM8ER 2023 Risk Mana ement The Trustees and managing committee are aware of the risks to funding and review the situab'on at every Trusteeslcommittee meeting. Appropriate plans to deal wtth this are in place and are continually monilored. Procedures are also in pla￿ to monitor the Health and Safety of all of the Charitys members and all the users of the centre. The charity is open to the usual financial risks of any organisation and the charity has introi1uceiJ controls to minimise these risks such as signatU￿S being required for payment from the bank accounts. The treasurer provides monthly financial statements which are explained to the management commrttee and are open for membe¢s inspection at any time. anisational Structure Gujarati Arya Association Leicester has a trust board comprising of elected 5 members. and management committee of 23 elected members who meet regulaty and are responsible for the the strategic direction and poliw of the Society. The Management Committee work as a team a scheme of delegalton in pla￿ to ensure the charity delivers and maintains the services specified. Objectives and Activities The charity's object and its principal aixvty is that of serving mainly but not exdusively the swal . Gultural and religious needs of Gujarati Mochi communty originating trom south westem Guiarat and now livin9 in Leicestershire and surrounding areas. Achievements and Performance The Trustees consider that the performance of the chanty this year has been satisfactory. The Charity is grateful for the efforts of its management commrttee , co opted members and other volunteers who are involved in providing Iheir seNice lo promote chariws objectives. It has not been possible to quantify volunteer hours provided in the year. Financial Review The Statement of Financial Activities shows net surplus for the year of Details of movements in Fixed Assets are set out in note 8 to the Accounts. The Freehold land and buildings have not been valued but rt is maintained in gcth repair and worth substantially more than its cost value. Principle Funding Sources Funds are collected through hiring of the communty centre , organising religious and cultural festivals and voluntary donations to finance chantls aCh"V￿.eS Investment Pollcy The trustees hove invested monies in interest bearing deposit accounts, which they intend to conkn'nue in the foreseeable future. Reser4e8 Pollcy It is the policy of the charity to maintain unrestritted funds. which are the free reserves of the chai?ty at a level which is required to meet its objec*'ves of approximately six months unrestricted expenditure. This provides sufficient funds to cover management and adminislrab've costs for the charty. The Board reviews this periodically. £54,803 (2021 £45.032) Page3B GUJARATI ARYA ASSOCIATION LEICESTER REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023 Plans for future periods The charity plans continuing the acllvities Outlined above in the ensuing years subject to obtaining satisfactory funding arrangements. The Charity having purchased adjoining freehold buildings is in the process of obtaining has bank borrowngs. Responslbllltles of Management Board STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees are required under the Charities Act 2011 to prepare finanaal ststements for each financial year which give a true and fair view of the financial activities of the chaiity and of its finanaal position at the end of that year. In preparing those financial ststements, the trustees are required to select suitable accounting poli(ies and then apply them consistenly.- make judgements and ests"mates that are reasonable and prudent., - stste whether applicable accounknng stsndards and statements of recommended practice have been followed, subject to any departU￿S disdosed and explained in the finanaal statements. prepare the financial ststements on the going concem basis unless tt is inappropriate to presume that the chanty will conts'nue in opera*'on. The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time Ihe financial position of the chanty and which are suffiaent to show and explain the chantys transactions and to enable them to ensure that the finanoal statements comply wth applicable law and regulations under the Charities ACL They are also responsible for safeguarding the assets of the charity and hence for tsking reasonable steps for Ihe prevention and detection of fraud and other irregularities. The trustees are also responsible for the contents of the trustees report and the responsibility of the accountsnts in relation to the trustees, report is limited to examining the report and ensuring that. on the fa￿ of the report. there are no inconsistencies with the figures disdosed in the financial statements. Approval This report was approved by the Trust board on and signed on its b half . 091CfJ12024 Pravinbhal B Pamiar Trustee Page 4 INDEPENDETr￿ EXAMINER'S REPORT TO THE TRUSTEES OF GUJARATI ARYA ASSOCIATION LEICESTER ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2023 I report on the accounts of Gujarati Arya Association (Let￿Ster) for the year ended 31st DeoEmber 2023 which are set out on pages 5 to 10 Respective responsibilities of Trustees, Management Commlttee and examlner As the charity's trustees and Management Committee you are responsible for the prepara*"on of the accounts: The chanvs trustees consider that 8n audit is not required for this year (under secbon 144{2) of the Charits'es Act 2011 (the 2011 Act) and that an independent examinabon is needed. The Charitys gross income did not ex￿ed £sc￿,000 and l am qualified to undertake the examinats.on by being a qualified member of Association of Chartered Certified Accountsnts. Having been satisfied that the chartty is not subject to audit and is eligible for independent examinab.on It is my responsibility to.. to examine the accounts under section 145 of the 2011 Act.. to follow the procedures laid down in the General Direth"ons given by the Charity Commission under section 145{5)Ib) of the 2011 Act., and to state whether parkncular matters have come to my attention. Basis of independent examinerfs report My examinats.on was carrbed out in accordance with the General Direction given by the Charity Commission. An examination includes a review of the accounb.ng records kept by the chanty and a comparison of the accounts presented with those records. It also indudes consideration of any unusual items or disdosures in the accounts , and seeking explanations from you as trustees con￿MIng any such matters. The procedures undertaken do not provide all the eviden￿ that would be required in an audit. and nsequently, no opinion is given as to whether the aco)unts present a 'lrue and fair vie¥V' and the report is limited to those matters set out in the statement below. Independent examlnefs statement In the connection wth my examination, no matter has come to my attenbon". {1) which gives me reasonable cause to believe that , in any material respecl, the requirements ". to keep accounting records in accordan￿ wrth sects'on 130 of Ihe 2011 Act and to prepare accounts which ac￿rd with the accounting records and to comply with the accounting reqU1￿MentS of the 2011 Act have not been met," or (2} to which , in my opinion , attention should be drawn in order to enable a proper understsnding of the accounts be reached. h J Pamar Indepe 091 nt Examlner 12024 Page 5 GUJARATI ARYA ASSOCIATION LEICESTER STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2023 Designated Unrestricied Unrestricted Notes Total 2023 Total 2022 INCOME AND ENDOWMENTS FROM Other incoming Resources Donab'ons and gifts Charitsble Activities Fund raising Ventures Grant received Investment income 2,105 2.105 1,574 98.646 98.646 99,102 Total income 101,235 101,235 100,676 EXPENDITURE ON Charitsble activities Centre running costs 29,647 29.647 24,609 Other expenditure Fund-raising costs 7,243 7.243 1.535 Management and administrat'on 9,267 9,267 10,949 Governance costs 275 275 275 Total RECONCILIAllON OF FUNDS 46,432 46,432 37,368 NET INCOME IEXPENDITURE Balance from previous year 54,803 721,696 54,803 841,278 63,318 777,970 119.582 Funds carried foThYard 119.582 776,499 896,081 841.288 The notes on pages 7 to 10 form part of these accounts Page 6 GUJARATI ARYA ASSOCIATION LEICESTER BALANCE SHEET AT 31ST DECEMBER 2023 2023 2022 FIXED ASSETS Tangible Assets Investment NOTES 1.104,351 12.000 1,104.421 12.CK)O 1,116.351 1,116,421 CURRENT ASSETS Debtors Cash at bank and in hand 10 75.861 75,861 64,864 Creditors: amounts falling due within one year 11 4,158 12.153 4.158 12,153 Net current assetsl(liabilities) 71.703 52,711 TOTAL ASSETS Less: Loan TOTAL ASSETS LESS LIABILITIES 1,188,054 (291,973} 896.081 1,169,132 1327,854 841.278 12 Represented by". FUNDS Designated Unrestricted funds 13 119.582 119,582 Unrestricted funds 776,499 721,696 8%,081 841.278 ACCOUNTS APPROVED ON 9th June 2024 AND SIGNED ON BEHALF OF THE ASSOCIATION BY: Vinodbhai Ghadiali President Babubhai N Rathod TREASURER Amratbhai J Chauhan HONORARY SECRETARY The notes on pages 7 to 10 fom part of these accounts Page 7 GUJARATI ARYA ASSOCIATION - LEICESTER NOTES TO ACCOUNTS FOR THE YEAR ENDED 31 ST DECEMBER 2023 1. ACCOUNTING POLICIES The principal accounting policies are summarised below. The accounb.ng poliaes have been applied consistently throughout the year and in the preceding year. (a) Basis of accounting Basis of preparing tho financial statgments The financial ststemenls of the charty. which is a publiG benefft entity under FRS 102. have been prepared in accordance with Ihe Charities SORP IFRS 1021 'Accounting and Reporting by Charities.. Statement of Recommended Praclice applicable lo ¢harit*s preparing their financial statements in accordan￿ with the Finanoal Reporting Stanttaro applicable in the UK and Republtc of Ireland {FRS 102) (effective 1 January 2016)., Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. EFA, the and the Charites Ad 2011. The finanual slalements have been prepared under the hisloiul cost convenbon. (bl Fund accounting Unrestrict8d fvnds a￿ av8ilable for use at the discretion of the Management Commrttee in furtherance of the general objectives of the char Designated funds are unrestricted funds eamiarked by the Management Commrttee for particular purposes. During the year ended 31st D￿mber 2016 restricted funds were Testated as designated unrestricted funds. Restrided funds are subjected to restrictions on their expenditure imposed by the donor or thfough the lernis of an appeal. (c) Income All Fncome is ￿cOgniSed in the Ststement of Fin8naal Actmties once the chartty has entitlement lo the fvnds, il is probable that the income will be received an(J the amount can be measured reliably. The followng speafi¢ polioes in parts"¢ular are applied to catego￿$ of in￿me.. {1} Where In￿Me is received by way of grants. donations and grfts and is include(l in full in the Ststemenl of Financial Acarvities when re￿Nab￿ . Grants . where enb"tlement is not conditional on delivery of a specific perf0mlan￿ by the charity . are recwnised when the charity becomès unconditionally entitled to the granl. {21 The valve of seivic8s provided by volunteers has not been induded in these finanaal ststements 131 Income from grants, where related to perforn8n￿ and S￿cIfiC deliverab￿. are accounted for as the Ghartty eams the right lo consideration by its performan￿. Icl Expgndituro Liabili(ies are recognised as exp8nditure as soon as there is a legal or constructNe obligation comrnrtting the charity to that expenditure, it is probable that a transfer of economic bèneffts will be required in settlement and the amount of the obligation can be me85ured reliably. ExpendilLtre is accounted for on an accruals basis and has been classffied under headings that aggw8te all cost related to the category.Where costs <3nnol be dire￿jY attnbuted to particular headings they have been allocated to activthes on a basis o)nsislent wrth the use of resources. (d} Fund accounting Unrestricted fvnds are availab￿ for use at the discretion of the Management Committee in furtheran of the general objectr¥es of the day (are ￿ntre Designoted funds are unrestricted funds eamiarked by the Management Committee for particular purposes. R8Stricted funds are subjected to restrictions on their expenditure imposed by the donor or through the temis of an apFeal. Page 8 GWARATI ARYA ASSOCIATION - LEICESTER NOTES TO ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2023 {fl TANGIBLE FIXED ASSETS AND DEPRECIATION Depreciation on fixed assets have been provided on followng bases in order to write off the cost over their estimated useful lives. Freehold land and buildin9S Propety alterations Fixtures and equipment 20% Given the nature of freehold buildings and its expected longevity, the trustees consider the depreciab'on will be not material in respect of the year and in aggregate. Accordingly no deprecÈab"on is provided. Nil (g} GOVERNANCE COSTS This includes costs of the preparation and examination of statutory accounts. the costs of trustee meetings and cost of any legal advi￿ to trustees on govemance or constitubonal matters. (h) STAFF COSTS No remunerabon was paid to trustees. Volunteers were paid honorarium in the amount of £3.38112022 £3.134> 3. Fund raising ventures 2023 2022 Income from hall hire gross Rent receivable Income from religious, social & c#Jltural activtties Income from Yoga classes Other income 37,375 43,784 16,931 556 34.￿1 6.879 3,128 100 99,102 98,646 4. Invesbnent Income 2023 2022 Bank interest reoived 5. Direct Charitable expenditure Centre running costs Volunteers honorarium Rates & water Light and heat Insuran Cleaning and refuse Building rna1ntenan￿ and deaning Depreciation 3,381 8.834 (1,334) 5,280 2,102 7,788 3,596 29,647 3,134 4,260 5,370 4,725 2,641 1,764 2.715 24,609 Page 9 GUJARATI ARYA ASSOCIATION - LEICESTER NOTES TO ACCOUNTS FOR THE FOR THE YEAR ENDED 31ST DECEMBER 2023 6. Fund-ralslng expenditure 2023 2022 Religious , cultural & soaal a(*vities expendtture Donab"ons made - Macmillan Appeal 5.242 2,001 7.243 289 1,246 1,535 7. Management and Administration Postage, slationery and printing Telephone Affiliation fees Legal fees Bank charges Bank loan interest 1,725 434 1,747 433 1501 2,438 1,054 6,004 9,267 6,381 10,949 Governance costs Trustees Indemnty insuran 275 275 8. FIXED ASSETS Freehold land & bldgs Property Alterats'ons F￿tureS & equipment Total Cost At 1st January 2023 1,094,097 135,733 97.786 3.526 101,312 1,327,616 3,526 1,331,142 At 31st December 2023 1,094.097 135,733 Depreciation At 1st January 2023 Provided in the year At 31st De￿rnber 2023 125,410 2.715 128,125 97,785 881 98,666 223,195 3,596 226,791 Net book value At 31st De￿mber 2023 1,094,097 7,608 2.646 1.104,351 At 1stJanuary 2023 1,094,097 10.323 1,104.421 Page 10 GUJARATT ARYA ASSOCIATION - LEICESTER NOTES TO ACCOUNTS FOR THE FOR THE YEAR ENDED 31ST DECEMBER 2023 Investment 2023 2022 1 Super 'A' Share in G A A ILeicester} Limited of £1.000 each 19 'A' Shares in G A A l Lei￿ster) Limf(ed of £500 each 15'B' Shares in G A A l LeI￿Ster) Limited of £100 each 1,000 9.500 1,500 12,000 The charity holds shares in GAA {Le1￿Ster) Limited . a company incorporated in England whose membership is restricted to the Charity's members only. The company was speaficalty formed to raise funds from its share issue and to assist Charity to purchase rts Freehold land and buildings. 1.CK)O 9,500 1,500 12,000 (2022- 15 B') 9. DEBTORS AND PREPAYMENTS 2023 2022 Due wlhin one year 10. CASH AT BANK AND IN HAND Cash at bank and building soaety 7S,862 75,862 84,864 64,864 11 CREDITORS: amounts falling due wlthin one year Trade creditots Hall hire deposits Eye camp donab.ons 8,470 3,482 221 12,153 3,937 221 4,158 12 CREDITORS: amounts falllng due after one year Natwest Bank loan Loan from G.A.A. l Leicester l Limited 34,867 257.106 291.973 124,254 203,600 327,854 13. FUNDS - DESIGNATED UNRESTRICTED FUND Building Fund Total Balance at 1st January 2023 Balance at 31st December 2023 119,582 119,582 119,582 119,582 13. FUNDS- UNRESTRICTED FUND Balance at 1st January 2023 Net surplus Balan￿ al 31 st December 2023 721,696 54,803 776,499