CHARITY REGISTRATION NUMBER." 516936 Hindu Cultural Society Unaudited Financial Statements 31 December 2023 GENERAL & MEDICAL ACCOUNTANTS LIMITED Chartered Accountants The Wedgwood Big House 1 Moorland Road Stoke on Trent Staffordshire ST6 1DJ
Hindu Cultural Society Financial Statements Year ended 31 December 2023 Page Trustees. annual report Chartered accountants report to Hindu Cultural Society on the unaudited financial information Statement of financial activities Statement of financial position Notes to the financial statements The following pages do not form part of the financial statements Detailed statement of financial activities 16
Hindu Cultural Society Trustees. Annual Report Year ended 31 December 2023 The trustees presenl their report and the unaudited financial statements of the charity for the year ended 31 December 2023. Reference and administrative details Registered charity name Hindu Cultural Society Charlty registration numbèr 516936 Principal office Hindu Cultural Society 115 Keelings Road Northwood 'Stoke-on-Trent Slaffordshire The trustees U Tiguti A Goel C Cheruvu A Menon A K Garlapati R Rajan M Annappa M Parekh A¢countants General & M8dical Accountsnts Limited Chartered Accountants The Wedgwood Big House 1 Moortand Road Stoke on Tnt Staffordshire ST6 1DJ
Hindu Cultural Society Trustees. Annual Report (contlnu8d) Year ended 31 December 2023 Structure, governance and management Since the acquisition of Hindu Temple and Cultural centre at Keelings Road, Stoke-on-Trent as the ntre for delivering the charity's activities, all necessary policies for safety, governanc8, recruitment, maintenan. organisational restructuring and sub committees were put in place in October 2016 in accordance with society's constitution. Temple sub committee was formed with Bye-Laws enacted for day to day activities of temple and cultural centre. This committee reports directly to the Hindu Cultural SOCi6ty's Trust Board. Structure: (1) The charity and its property shall be managed and administered by a committee comprising the officers and other members elected in accordance with the society's constitution. The officers and other members of the committee shall be Ihe trustees of the Charity and in the society's constitution are together called 'the trustees,. (2) The charity shall have the following officers.. la) A Chair, (b) A Secretary. {c) A Treasurer. (3) A trustee must be a member of the charity or the nominated representative of an organisation that is a member ofthe charity. {4) No one may be apinted a trustee rf he or she would be disqualified from acting under the provisions of clause 20 of the society's constitutions. {5} The maximum number of trustees will be eleven and the minimum number will be three (unless otherwise delermined by a resolution of the charity in general meetingl- (6) A trustse may not appoint anyone to act on his or her behalf at meetings of the trustees.
Hindu Cultural Society Trustees. Annual Report (contlnued) Year ended 31 December 2023 Objectives and actlvitles Objectives: 1. To promote the principles and practÉces of Hindu religion. with acceptance and tolerance, to all faiths and religions. 2. To set-up and maintain a (x)mmunity centre and temple in Staffordshire. 3. To actively encourage. facilitate and promote cullural, educational and social recreation of its members with a view of advancement of educatton in Hindu philosophy. literature. history, music and 4. To nurture and foster Hindu culture and traditions and celebrate its diversty. 5. To support members in undetstanding their identity and encourage better integration with the wider community. 6. To enhance social contact, reduce isolalion. pr(xnote healthy lrfestyle. Activities: 1. Running of the temple for religious actiwties. 2. Celebration of Hindu festivals. 3. Conducting Cultural activities. 4. Educalion and training adivities including dance, music and drama. All activities are open to general public and community, and Hindu Cultural Society has always abided by the charity commissions guidance for public benefit. Achievements and performance Hindu Cultural Society has continued to celebrate various festivals and brought together the whole communily for these activities, with a lot of sharing of culture and values. More fundraising events have taken place during this year compared to the previous few years as we return to normal life following the pandemic. Financial revlew Hindu Cultural Society has in principle delegated a savings accounl for holding at least a sum of£20,000 as reserve monies for emergencies (this sum has been held sussIu11Y for last four years). The rest of the capital, expenses and investments are documented in the cuent financial statements for the year.
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Hindu Cultural Society Chartered Accountants Report to Hindu Cultural Society on the Unaudited Financial Information of Hindu Cultural Society Year ended 31 December 2023 As described on the statement of financial positi, the trustees of the charity are responsible for the preparation of the financial statements for the year ended 31 Dember 2023, which comprise the statement of finanaal activities. statement of financbal posrtion and the related notes. You consider that the charity is exempt fr an audit under the Charities Act 2011. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities. from the accounting records and from infomiation and explanations supplied to us. GENERAL & MEDICAL ACCOUNTANTS LIMITED Chartered Accountants The Wedgwood Big House 1 Moorland Road Stoke on Trent Stsffordshire ST61DJ 11 (Ji,&L4J."A
Hindu Cultural Society Statement of Financial Activities Year ended 31 December 2023 2023 Unrestricted funds Total funds 2022 Total funds Income and endowments Donations and legacies Other trading activities Investment income other income 23,046 22.001 313 1.317 23,046 22,001 313 1,317 12,987 16,922 40 255 Total income 46,677 46,677 30,204 Expenditure Expenditure on raising funds.. Costs of raising donations and legacies Costs of other trading activities Expenditure on charitable activities Total expenditure 1,380 4,186 25,001 1,380 4.186 25.001 96 4,664 10,600 30,567 30.567 15,360 Net income and net movement in funds 16,110 16.110 14,844 Reconciliation of funds Total funds brought foNard Total funds carrled lorward 335,964 335.964 352.074 321,120 335,964 352,074 The statement of financial activrties includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 8 10 14 form part of these financial statements.
Hlndu Culturnl Soclety stsithient of Flnanclrél Po3ltlon 31 D•c•mber 2023 2023 22 Ilot• 265,0¥2 Tanwble fix8d w•ls 291,026 12 5,4OQ 66,132 71,532 Cash 81 bar In hond 53.852 61.852 Crndllorn: amounts f•Mlng d• wltNn on• y• 14•t ovr•nt •M•ls T<rtal Il•blMtI•• 804 ei,048 70.872 335,964 335.96¢ 352.074 352.074 Funds of th• ch•rfty Unr¢slnclad fijnds T¢Aal ch•rfty luTrJ• These finanual sta¢ennts wwe •¥rcv••d ty the trol of tNstsè$ and authorisad for on 15 Odotw2024. and $¥l)ed behDltof lh• to3nJ ty.. 335.g64 335,964 352,Q74 352,074 14 U Tiguo TNstee A K G8rl•paii Th• nots• p•g•• 410 14 lorm p•n ol Ih••• Iln•ncl•l •lal•m•nh.
Hindu Cultural Society Notes to the Financial Statements Year ended 31 December 2023 General information The charity is a public benefrt entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 115 Keelings Road, Northwood, Stoke-on- Trent, Staffordshire, ST16PA. Statement of compliance These financial statements have been prepared in compliance with FRS 102. The Financial Reporting Standard applicable in Ihe UK and the Republic of Ireland,, the 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 1021 (Charities SORP {FRS 102)) and the Charities Act 2011. Accounting policies Basis of preparatlon The financial statements have been prepared on Ihe historical cost basis. as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are ppared in slerling, which is Ihe functional currency of the entity. Going concern There are no matérial uncertainties about the charity's ability to continue. Dlsclosure exemptions The charity satisfies the criteria of being a qualfying entity as defined in FRS 102. As such, advantage has been taken of the following disdosure exemptions available under p8ragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the charity.{b} Disclosures in respect of financial instruments have not been presented.
Hindu Cultural Society Notes to the Financial Statements (contlnu•d) Year ended 31 December 2023 Accounting policies (eonthiued) Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements No significantjudgements {apart from those involving estimations) has been made by management in the process of applying the entity's accounting policies. Accounting estimates and assumptions are made conceming the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assels and liabilities within the next financial year are as follows.. Freehold property - no deprecialion has been provided as ,in the opinion of the trustees. the carrying value of the freehold property will be equal to at least its current present value. Fund accounting Unrestricted funds are available for use at the discretion of the tnjstees to further any of the charrtvs purposes. Designated funds are unrestricted funds eamiarked by the trustees for particular future projed or commitment. Restricted funds are subjected to striCtl0nS on their expenditure dedared by the donor or through the terms of an appeal. and fall into one of two subdasses.. restncted income funds or endowment funds.
Hindu Cultural Society Notes to the Financial Statements (¢ontinuedJ Year ended 31 December 2023 Accounting policies (continued) Incoming resources All incoming reSoUrS are included in the statement of financial activities when entitlement has passed to the charity., it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specÉfic policies are applied to particular categories of income: income from donations or grants is rec(y3nised when there is evidence of entitlement to the gift. receipt is probable and its amount can be measured reliably. legacy income is regnised en receipt is probable and entitlement is estsblished. income from d¢Jnated goods is measured at Ihe fair value of the goods unless this is impradical to measure reliably. in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received rf the value can be reliably measured No amounts are included for the contribution of general volunteers. income from contracts for the supply of Services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless Ihere is 8 contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incJrred. Expenditure includes any VAT which cannot be fully recovered, and is dassified under headings of the statement of financial activities to which it relates- expenditure on raising funds includes the costs of all fundraising activities. events, non- charitable trading activities, and the sale of donated goods. expenditure on charitsble activities includes all costs incurred by a charity in undertaking activities that further its charitsble aims for the benefrt of its beneficiaries, including those support costs and costs relating to the govemance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charty nor part of its expenditure on charitable acts'vities. All costs are allocated to expendrture categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consislent basis. Tangible assets Tangible assets are initially recorded al cost, and subsequently stated at cost less any accumulated depreciation and impaimienl losses. Any langible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any Subsequent accumulated depreciation and subsequent accumulated impairment losses. 10
Hindu Cultural Society Notes to the Financial Ststements (eofttlnued) Year ended 31 December 2023 Accounting policies (contlnu•d) Tangible assets (eoneinued) An increase in the caTrying amount of an asset as a result of a ValUatiOn, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the slatement of finanaal activitEs. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic lrfe of that asset as follows.. Fixtures and rIng$ 20D/o straight line Impaimient of fixed assets A review for Indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impaim*nts are also reviewed for possible reversal at each porting date. For the purposes of impaimient testing, when it is not possible to estimate the recoverable amount of an indiwdual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independenl ot the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from Ihe acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination. irrespeclive of whether other assets or liabilities of the charity are assigned to those units. Financial instruments A financial asset or a financial liability is recognised only when the charty becomes a party to the contractual provisions of the instrumenl. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction wsts. Current assets and current liabilities a subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amrtised cost. Where investrnents in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequenlly measured at fair value WFth changes in fair value recognised in income and expendtture. All other such investments are subsequently measured at st less impairment. 11
Hindu Cultural Society Notes to the Financial Statements (contsnu8d) Year ended 31 December 2023 Accounting policies (contlnued) Financial instruments {¢onllnuedJ Other finanaal instruments, induding derivatives. are initially recognised at fair value, unless payment for an asset is deferred beyond normal business tems or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the ststement of financial activities, with the exception of hedging instruments in a designated hedging latIonshIp. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each rewrting date. If Ihere is objective evidence of impaimient, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant. these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are wognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that eXedS what the carying amount would have been had the impainnent not previously been CognISed. Donatlons and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Donations Individual donations 23,046 23,046 12.987 12,987 Other trading activities Unrestn'cted Totsl Funds Unrestricted Total Funds Funds 2023 Funds 2022 Fundraising events 22.001 22,001 16,922 16,922 Investment incomo Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Bank interest received 313 313 40 40 12
Hindu Cultural Society Notes to the Financial Statements (¢onlinuedJ Year ended 31 December 2023 Other income Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Hall hire 1,317 1,317 255 255 Net income Net income is stated after chargingl(crediting): 2023 2022 Depreciation of tangible fixed assets 3,281 4.409 Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows: 2023 2022 Wages and salaries 1,200 The average head count of employees during the year was 1 (2022.. Nil). No employee received employee benefits of more than £60,000 during the year (2022: Nill. 10. Trustee remuneration and expenses No remuneration or other benefits from employmenl wth the charity or a related entity were received by the trustees. 11. Tangible fixed assèts Freehold Fixtures and propety fittings Total Cost At 1 January 2023 Additions 260.532 23.005 49,029 6.210 309,561 29,215 At 31 December 2023 283.537 55,239 338,776 Depreciatlon At 1 January 2023 Charge for the year At 31 December 2023 44,469 3,281 44,469 3,281 47,750 47,750 Carrying amount At 31 December 2023 283.537 7,489 291,026 At 31 December 2022 260,532 4,560 265,092 13
Hindu Cultural Society Notes to the Financial Statements (Continued) Year ended 31 December 2023 12. Debtors 2023 2022 Other debtors 8.000 5,400 13. Creditors: amounts falling due within one year 2023 2022 Accruals and deferred income 804 660 14. Analysis of charitable funds Unrestricted funds At 1 January 2023 At 31 December 2023 Income Expenditu General funds 335,964 46,677 (30,567) 352,074 At 1 January 2022 At 31 December 2022 Income Expenditure General funds 321,120 30.204 115.360) 335,964 15. Analysis of net assets between funds Unrestricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Net assets 291,026 61,852 1804) 352,074 291,026 61.852 1804) 352.074 Unrestricted Total Funds Funds 2022 Tangible fixed assets Cuent assets Creditors less than 1 year Net assets 265,092 71,532 (660) 335,964 265,092 71,532 1660) 335.964 14
Hindu Cultural Society Management Infonnation Year ended 31 December 2023 The followlng pages do not forni part of the financlal ststements, 15
Hindu Cultural Society Detailed Statement of Financial Activities Year ended 31 December 2023 2023 2022 Income and endowments Donations and legacies Individual donations 23,046 12.987 Other trading activities Fundraising events 22,001 16,922 Investment income Bank interest received 313 40 other income Hall hire 1.317 255 Total income 46,677 30,204 Expenditure Costs of raising donations and legaciès Wages Subscriptions 1,200 180 96 1.380 96 Costs of other trading activities Food costs Cleaning 3.440 746 3.900 764 4,186 4,664 Expenditure on charltable actlvlties Rates and water Light and heat Repairs and maintenance Insurance Legal and professional fees General expenses Depreciation 704 2,042 14,527 839 3,212 396 3,281 495 3,272 654 981 660 129 4,409 25,001 10,600 Total expenditu 30,567 15,360 Net income 16,110 14,844 16