Cbarity Rryistratiou thumber. 517731 UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR SANATAN DHARMA MANDAL AND HINDU COMMUNITY CENTRE
SANATAN DHARMA MANDAL AND HINDU COMMUNrrY CENTRE Index to the Financial Statements for the ear ended 31 Mareh 2024 ge Gentral Inforniation Report of the Trustees MMIttee Independent Examiners Report R¢¢¢ipts and Payment AccouDt io-ii Income Expenditure Aeeoullt 12 Statement of Assets and Llabilities 13 Notes to the fiDaDeial statements 14-21
SANATAN DHARMA MANDAL AND HII¥DU COMMUNITY CENTRE General IDforniation for the ear ended 31 Marcb 2024 TRUSTEES: MR V C PATEL Mr H G PATEL Mr R C PATEL MR H N PATEL Dr H SHAH PRESIDENT: MR V C PATEL VICE PRESIDENT: MR H PATEL HON. SECRETARY: MRS V H PATEL ASST. SECRETARY: MRS S BHA HON.TREASURER: MR A PATEL ASST.TREASURER: MR P D MISTRY ADDRESS: SEAVIEW BUILDtNG, LEWIS ROAD, OCEAN PARK SPLorr, CARDIFF, CF24 SEB INDEPENDENT EXAMINER: J BURNETT HODGE BAKSHI CHARTERED ACCOUNTANTS CHURCHGATE HOUSE 3 CHURCH ROAD WHITCHURCH CARDIFF CF14 2DX Page I
Sanatan Dharma Mandal and Hindu Community Centre Trnstees Report for the flnancial year ending 31 March 2024 The Sanatan Dharnia Mandal and Hindu Community Centre is registered with the charity commissioners (No: 517731) and constituted under a Deed of Trust dated 3 July 1986. Strncture overnance and Man ement Trustees: Rohitbhai Patel Hemantbhai Patel Vinodbhai Patel Harilal Patel Dr Hasmukhbhai Shah The Charity is administered by a management committee, comprising: Office Bearers: Presidents - Vinodbhai Patel Vice President- Hansrajbhai Patel General Secretary - Vimlaben Patel Assistant Secreiary - Sudhaben Bhatt Treasurer - Arjanbhai Patel Vice Treasurer - Purshotambhai Misty Members: Hiteshbhai Vadgama Pankajbhai Gaiiar Rashmibhai Khambhaita Rameshbhai Patel Alpesh Patel Co-members: Dilipbh<li Patel Vrajesh Sanghani Vikram Venna Page 2
Sanatan Dharnia Mandal and Hindu Communlty Centre Trustees Report for the fmancial year ending 31 March 2024 Achievements and Perfonnanee Sanatan Dhanna Mandal & Hindu Community Centre (SDMHCC) in Cardiff is a registered charity, it exists to support members of the public who are of Hindu faith in the Cardiff and Suound1ng areas. We are, neverthel¢ss. an inclusive organisation welcoming people of all ages and backgrounds working together to enable members to reach their full potential as individuals contributing to community cohesion & social wellbeing in Wales's Capitsl city. SDMHCC in Cardiff creates a space where mcmbers feel they belong and can make meaningful contribution to the local community. The vision of the founding members was to create a space where the Indian Diaspora can engage effectively in Cardiff and be inclusive in the community. We have done this progressively over the years and we fom) part of the larger Hindu Council of Wales (HCW) supporting local residents and visitors to Cardiff as community champions. The charity also serves as a bridge promoting communication and cohesion between its members and other community groups, and local and central authorities. Dedicated volunteers run the Centre and we have no paid staff. This report shows how we are held accountable to our beneficiaries our volunteers, and to the Charity Commission in ensuring our continued compliance with charity law and best practice. This, in turn. demonstrates to the generdl public how we are continuing to promote transparency and trust in our cause. I have pleasure in reporting that overdll we have had another sueeessful year in creatino a vibrdnt community hub. Our finances Temain strono with a net surplus and the community hub is flourishing. We have continued to support not just our members but also the community at large. The Centre and the Temple continues to attract various visitors from within Wales and across the UK and we were honored to host various groups, including from local schools. SDMHCC is very much part of the local community and we have enthusiastically supported local initiatives. The Centre continues to thrive with attendance increasing year on year. Cardiff has a large Indian student Diaspora and it is noticeable that more and more students are attending the Centre and the Mandir. We welcome them warnily. We also welcome our loc Nepalese community who are making an increasing use of th¢ Centre and contributing to its vibrancy. As ever, the childrenlparent Sunday cultural classes. Balgokulum at th¢ Centre are going from strength to strength. We are grateful to the organisers Hindu Swayam Sevak for maintaining this vital educational programme for our children and youth. Page 3
San2tsn Dharma Mandal and Hindu Community Centre Trustees Report for the financial year ending 31 March 2024 We are especially pleased that the Elderly Day Centre continues to blossorn with a range of activities to promote well-being and social networking amongst our elderly members. Our members enjoy the yoga and exercise classes which are conducted regularly and occasionally dancing and singin A number of day trips were undertaken to promote togetherness. Health sessions in different topics were arranged for the wellbeing of our members. Special birthdays of the members are celebrated. In additio the Centre and Temple celebrated the full range of religious festivals throughout the year. Shivratri, holi Ram navmi. Hanuman Jayanti, Janmashtmi, 7-day religlous recital. Navralri. Diwali chopda pujan, New Year's AnnakoL Diwali Cultural l¥ogramme. Jalaram Jayanti and Gita Yagn& The Navratri festival continues to draw a big crowd and we are gratefijl to the musicians, singers and volunteers for making it a great success. A notable ev¢nt each year is the Raksha Bandhan festival, which again is celebrated by Hindu Council of Wales and the UK Anned Forces. SDMHCC is proud to be associated with local fund raising activities such as the Lord Mayor's Charity of the Year and BBC Children in Need We continue to engage with local groups to encourage inclusion and are active members of the Cardiff Third Sector Council, the local Inter-Faith Group. Hindu Council of UK and National Council of Hindu Temples. In conclusion, SDMHCC success depends heavily on our committed volunteers that come together to selflessly give their time to manage and maintain the Centre. Trustees are very gratefvl to the Committee Members and stalwart volunteers for their time and effort. We can look positively to the year ahead and continue to develop the Centre and the Temple. Page 4
Sanatan Dharma Mandal and Hindu Community Centre Trustees Report for the financial year ellding 31 March 2024 Internal Control and Risk Management The Trustees have the responsibility for ensuring that the Charity has in place an appropriate system of controls, financial and otherwise, to provide reasonable assurance that the Charity is operating efficiently and effectively. its &ssets are safeguarded against unauthorised use or disposition, that proper records are maintsined and financial infonnation used within the charity or for publication is reliable and the charity complies with relevant laws and regulations. The tSte¢S have identified the major risks io which the charity is exposed. After reviewing these risks, the trustees have established systems or procedures to manage those risks. Public Benefit Statement In furtherance of the objectives of the Centre, the Trustees of Sanatan Dharma Mandal and Hindu Community Centre have complied with the duty in Section 17 (5) of the Charities Act 2011 to have due regard to the Charity Commission's published general and sub-sector guidance conceming the operation of the Public Benefit requirem¢nt under the Act. Financial Review Income for the year ended 31 March 2024 was £132.397, (2023: £89,585) and expenditure for the year ended 31 March 2024 was £47,159 (2023: £26,188), resulting in a surplus of £85,238 for the year ended 31 March 2024 (2023 £63,397: surplus). As at 31 March 2024 the charity had unrestricted funds of £15.193. (2023: £43,927), designated funds of £1,154,582 as at 31 March 2024, (2023: £1,048.633) and restricted funds of £8,265 as at 31 March 2023 (2023: £242). The free reserves available excluding desiated funds as at 31 March 2024 was £15,193, (2023 £43,927). Page 5
Sanatan Dharma Mandal and Hindu Community Centre Trustees Report for tbe financial year eDding 31 March 2024 Reserves Policy Reserves represent the capital of the Centre and are made up of net amount of charity's assets and liabilities. The Charity holds reserves for several reasons: To continue to meet its aims to develop and improve its service. To enable the replacement of capital items when needed; To enable the provision of moderate one -off expenses required for the development of the centre's overall operation. To maintain an adequate cash flow to Continue its activities, especially when managing projects reliant upon income from defrayed costs; To protect the centre from reasonable recognised risks, for example a reduction in revenue funding; To protect the centre from unforeseen events. The unrestricted reserves not committed or invested in tsngible fixed assets should be at least equal to three months, worth of the resources expended. It is felt that this would give the Centre sufficient time to explore alternative sources of income in the event of a sudden substantial cut in donations. At the end of each financial year the Reserves Policy and the level of reservcs will be reviewed. Statement of management committee's re5poH$ibilities Charity law requires the management committee to prepare a receipts and payment account and assets and liabilities for each year, which give a true and fair view of the state of affairs of the charity and of its financial activities for that perirf which properly present the charity's receipts and payments for the year together with its assets and liabilities at the end of the year, and adequately distinguish any material special trust or other restricted fund of the charity. In preparing those financial statements the management committee is required to: _ Select suitsble policies and then apply them consistently: Make judgements and estimates that are reasonable and prudent. State whether the policies adopted are in accordance with the appropriate SORP on Accounting by Chariti¢s and the Accounting Regulations and with applicable accounting standards, subject to any material departures disclosed and explained in the financial statements. b) The management committee is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time, the financial position of the charity, and to enable them to ensure that the financial statements comply with applicable Accounting Standards and Ststements of Recommended Practice and the regulations made under S130 of the Charities Act 201 l. They are also responsible for safeguarding the assets of the charity and hence for tsking reasonable steps for the prevention and detection of fraud or other irreoularities. Page 6
Sanatan Dharma Mandal and lldll Community Centre Trustees Report for the financial year ending 31 March 2024 Statement as to disdosure of knforniatioD to the accountants So as the maoagement committee is aware, rhere is no relevant ac)lint infonnation of which the charity's accountants are unaware and each Truste¢ has takaj steps that they ought to have tak¢n, in order to make themselves aware of any relevant acwunting InforntiOn and to establish that the charity's accountants aye av4are of that infomtstio ?Ja 2024 For an on behalf of the Management Commi Pagc 7
Iftdependent QMiner'S rqjort to the Trxslees ofsanatan DharnM Mandal andHindu Communty Centre I report to the trustees on my examination of the accounts of Sanatan Dharma Mandal and Hindu Community Centre for the year ended 31 March 2024, which are set out on pages l O to21. Responsibilities and basig ofreport As Trustees of the Charity. you are responsible for the preparation of the accounts kn accordance with the requirements of the Charities Act 2011 ('the Act,). I report in respect of my examination of the Trustee's accounts carried out under section 145 of the 20 I l 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 201 l Act. Independenl examiner's statement I have completed my examination. I ¢onfim] that no material matters have come to my attention in connection with the exarnination giving me cause to believe that in any material respect: {] ) accounting records were not kept in respect of the T as required by section 130 of the (2) the accounts do not accord with those records. or (3) the accounts do not comply with the applicable requirements concerning the fonn 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. Page 8
IndependÈnl uaminer's report to the friistees ofsanolon DhOrn Mé7ndal and Hindu Community Cenlre 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. Signed: Name: James Burnett ACA ACCA Address: Churchgate House 3 Church Road Whitchurch Cardiff CF14 2DX Date: l L 2024 Page 9
SANATAN DHA AND HINDU COmI[UNITy CENTRE Recei for the tand ear ended 31 March 2024 ment account Unrestricted funds Restrieted nds Total Total Nots Donations Re¢eiv¢d Donations Loan5 received Income from charitable activities Hall Hire Income Membership Fees Grants received IDYestmeDt Income 75327 75,327 47,503 10,000 2238 11,954 2.238 11,954 8,790 17,019 2,742 9,715 8,790 17,019 i 1,000 Incoming from trading aetivities Jumble sale Sale of dry goods 275 8,949 275 8,949 192 5,700 115,762 &790 J24J52 86,852 Raising funds Cost of dry goods 10239 10,239 3,100 Charitable activities Diwali. Katha etc. function costs Repairslmaintenancellmprovements of the hall Lighting and heating costs Rates and water charges Donations & Subscriptions Food cost Insurance and licences Telephone Postage & Stationery Training Advertising Housekeeping costs Security costs Volunteer expenses Professional fees Bank Charues & Intsrest 5.735 5,735 2.815 4.677 10.304 3,142 950 493 3,409 594 443 4.677 10,304 3,142 950 493 3,409 594 443 41.609 4,909 2,441 334 2.789 2,887 709 200 250 478 602 488 1,186 250 234 423 32,930 Page 10 602 488 1,186 250 234 423 32,930 269 208 59,360
SANATAN DHARMA MANDAL AND HINDU COMMUNITY CENTRE Recei for tand ear ended 31 March 2024 ment account UDrestricted Reslricted funds funds Total Totsl No¢¢ Continued. Other expenditure Purchase of Investment propety Pur¢hase of fixed assets Loans repaid 186,099 1248 30,000 217.347 12,167 loo,000 112,167 12,167 loo.000 112,167 155J36 155J36 279,807 (30,784) (192.955) 5b atsd Bank BalaDces as at 31 March 2023 at 31 March 2024 37.802 7,018 230,757 37,802
ATAN DFLARMA MANDAL ITY tstement Of Thnancial Attiviti Includin Incorne ststement of rec i%ed Cvgiris for the ve%r ended 31 Mr¢b 21124 unt sttd uttrtstr1 F¥xds U•rtstrfcted ThDds Restri Fu•ds Un¢Je5 attd Totsl Yearended 31.3.2023 No IM¢omthg resources Intomt from doMttOknS Donarions R¢c4ived 84J09 84.309 60.943 IBeome from charlt¥bk activities Cornrnunity Building fjTani rettived Hail Hire Incorne Membership Fe&s 8.790 8.790 2.238 11.715 2238 11.715 174? 10.110 Investrntnt itte(mÈ Incomlng fr¢rn tr%din% ctSvltl Jumble sal¢ Sale gfdry goods 16,121 16.1?1 9.898 275 8.949 275 8.949 192 5.700 Totsl In¢omth% regOTreS 123.607 8,79Q l32.397 89J85 Re$our£u expended ots: Cost of dry goods 7.994 7.994 5.846 Ch¥ritsble attsvitLU Diwali, Kaiha et¢. function costs R¢pairstMiinien&ncenmprovements of th¢ 5.735 5.735 2.815 2.364 (?.755) 6.429 Roof repair5 p¢ndIture over provision Lighting and healing costs Raies and water charges Donations & Subseriprions Food Cost InsuTanc¢ lieences T¢lephon¢ Posta8¢ & Stotiontry Tminsng Adverti5jn8 Housekeeping eosts Se¢urity costs VolunteeT ¢xp¢n$es Prof¢33ional fees BankCharg¢5 & IereSt Depr¢¢iation 10.118 3235 1.157 3,344 3J22 S94 443 3235 1.157 3,344 3,322 594 443 334 ?.789 2.882 709 200 250 478 61 488 1.186 250 234 423 3 J63 38.398 46,3f2 602 488 1,186 250 234 423 4.130 39.165 47.159 {275) ?15 1.466 20.342 26.188 767 767 767 Totsl Expended Nei incoming re50UTces t¢foTe transfers 77215 8.023 85,238 63,397 Gross transfers beNveen fjjnds movement in funds Ré¢oncili(JtiOn offithds Total fijnds brought foyvthrd 105,949) 128.7341 105.949 105.949 85238 63 J97 43,927 1.048,633 242 1,09? 802 .029.405 Totsl funds urried forwrd 15,193 .154.581 8 ?05 1.178.040 .092.802 The stat¢t of financial wtiviiies includ¢5 all gains and105Ks in the yw. The attached n01¢5 fom pan of these fLnancia] 5tatem¢nts. Page 12
U COMMLThfTY CE Statement• Mareh ets aDd Ll Note FIXED ASSfTS: Tangle assets 976,749 186.099 962.776 186,099 1,161848 1,148.875 Debtors & PTyyiu¢ttts Bank Account 23,104 7.018 30.122 16,689 37.802 54.491 CTJRREwf LIABILTfiES 14930 iOJ64 15,192 43.927 TOTAL Assrrs LESS 1,17&040 I.J91W2 cREoRs Amounts falling due after mc thon orA¢ year 12 (l.c) NET ASSETS 1.178.040 1,091802 Fnllds of tht Charity: unrestri Fud5 Bthe¢ broUt f¢) 43927 68284 a)cfiGit) of income over ewditire (24J5T) 15,193 43.927 Desi funds: Building 1.048.633 105.949 .798 87.835 1.154582 1.048,633 242 323 Surplusl (Deficit) of inc4)me over 8.023 (81 8265 1.178.040 242 I.09182 TOTAL FUNDS io Approv¢dby the Board of Tntsees on I 2024 &gnglooTrh2if ty. MrA Patel (freaswer) MJS V H Patel (S¢¢retary) Page 13
SANATAN DHARMA MANDAL AND HINDU COMMUNITY CENTRE NOTES TO T UNTS FOR THE YEAR EIWED 31 RCH 2024 l Accounting Policies 1.1 Aeeounting eonvention The fmancial 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}" and the Charities Act 201 l. The charity is a Public Benefit defmed by FRS 102. The fman¢ial Statements have been prepared under the historic cost ¢onvention. The principa] accounting policies adopted 3re set out below. The accounting policies have been applied consistently throughout the year and in the preceding year. The presentation CUJTency of the fmancial statements is the Pound Sterling (£) 1.2 Going concern The financial statements have been prepared on a going ¢on¢em basis which assumes that the charity will continue in operational existence for the foreseeable future. In making this assessmen¢ the Tnjstees have reviewed the balance sheet, the likely firture cashflows of the charity and have considered the facilities that are available to the charity along with the members continues support. At the date of approving the fllwicial statements the tnLStees have a reasonable expectation that the ¢hsrity has adequate resources to continue in operational existen¢¢ for the foreseeable future and that the going concern basis of accounting remains appropriate. The trustees continue to adopt the gotng concern basis of accounting in preparing the fuw)cial statements. 1.3 Cbaritable fiIDd Unrestricted fijnds comprise those funds which the trustees are free to use in accordance with charitable objects. Designated fimds are financial reserves that the ¢ommittee members have set aside since the fonnation of the organisation provide ffftancial stability and the mrans for the development of the principal activity. The deSIated fimds comprises those funds which the charity may at its discretion set aside foi specific purposes which would otherwise forni part of the general reserves of the organisation. Specifically Sanatan Dharnia Mandal and Hindu Community Centre sets aside fimds which represents the investment in fixed assets for the use of the charity, as these funds are not available to the tTUStees to operate the Charity on a daily basis. Page 14
SANATAN DHARMA MANDAL AND HINDU COMMUNITY CEhYRE CONTINUED . NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 1.4 Charitsble funds Restricted funds are subject to specific conditions by donors as to how they may be used. The purpose and uses of the restricted fi]nds are set out in the notes to the fuw)cial statements. The Trust has a number of restricted income fimds to account for situations where a donor requires that a donation must be spent on particular purpose or where funds have been raised for a specific purpose. 1.5 Taxation Th¢ charity is exempt from tax on income and gains falling within S478 of the Taxes Act 2010 or S256 of the T&xation of Chargeable Gains Acr 1992 to the extent that these are applied to its haritsble objects. No tax charges have arisen in the Charity. 1.6 1ncomAng resources Income is recognised when the charity is lega]ly entitled to it after any perforn]ance conditions have been met, the amounts can be measured reliably, and it is highly probable that the incorne will be received. Donations are recolsed where there is entitlemenl certainty of receipt and the amount can be measured with sufficient reliability. Income from trading activities is recolSed when the goods are sold. Income from charitable activities, being hall hire and membership fees, are recOgnis when the charity is entitled to the income and the amount can be quantified with reasonable a¢¢uracy. 1.7 Resour¢es expended Liabilities are recogniscd as soon as there is a legal or constructive obligation committing the charity to the expendittwe. All expenditwe Is accounted for on an accnjals basis and has been classified under headings that aggregate all costs related to the category. Charitable expenditure comprises those costs associated with the provision of education advancemenL relieve poverty distress and sickness lo advance Hindu cultural and social activities for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. All resources expended are classified under activity headings that aggregate all costs related to the category. Irrecoverable VAT is charged against the category of resources expended for which was incuTrd. 1.8 Provisions Provisions are recolSed when the charity has an obligation at the ba12nce sheet date as a result of a past evenL it is probable that an outflow of cconomic benefit will be requir in settlement and the amount can be reliable estimated. P0e 15
SANATAN DHARMA MAfqDAL AND HINDU COMMUNITY CENTRE CONTINUED . NOTES TO THE ACCOUNTS FOR THE YEAR EINDED 31 MARCH 2024 1.9 Donated seryiees and fgcilities Donated professlonal services and donated facilities aTe recognised as income when the charity has control over the item, any conditions associated wvth the donated Item have been mel the r¢c¢ipt of economic benefEt from the use by the charity of the item is probable and that economic benefit Gan be tneasured reliably. In accordance with the CEItieS SORP (FRS 102). the gene volunteer time of the Frtends 15 not recognised and refer to the tsvstees. annual report for more infornmtion 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 willin8 to pay to obtain servir£s or facilities of 4uiN?lent economic benefit on the open markeL a corresponding amount is then recognised in expenditure in the period of receipL 1.10 Cash and C25b equivalents Cash and cash equivalents are basic fmancial instruments and include cash in hand and bank a¢¢ounts. 1.11 Flnancial instrnments The charity has elected to apply the provisions of Section I I "Basic Financial Instruments" Financial instruments are recognised when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offsel with the net noUnts presented in the financial statements, when there is a legally enforceable right to set off the reColS¢d amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability Simultaneo$1y. 1.12 Basle flnancial assets Basic fmancial assets, which include prePaYinen other debtors, and cash and bank balances, are initially measured at transaction price including transaction costs and 8re subsequently Caled at amortised cost using the effective interest method Lfftless the arrangement constitutes a financing transaction. where the financRal asset is measured at the present value of the future receipts discounted at a market rate of int¢r¢sL 1.13 Basic financial liabilities Basic financial liabilities, including trade and other creditor4 are initialty recognised at transaction price unless the an7ngernent constitutes a financial transaction, where the debt instrument is mrasured at the present value of the tUre payments discounted at a market rnte of interesL Debt instnunents are subsequently carried at amortis¢d cosL using the effeetive interest rate method. Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts cl&s5ified as tUent liabilities if payinent is due within one year or less. If noL they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently mSUred at amortsed cost 8]ng the effective interest method. PaAe 16
SANATAN DHARMA MANDAL AND HINDU COMMUNITY NTRE NTINUED . NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 1.14 Impairment All assets measured at fair value aTe reviewed for any indication that th¢ asset Tnay be irnpaired at each balance sheet date. If such indication exists. the recov¢rable amount of the asseL or the assets cash generdting uniL is estimated and compared to the carrying amount Where the carying amount exceeds its recoverable amounL an impainnent loss is recognised in profit or loss unless the &sset is carried at a revalued amount where the impairn]ent loss is a revaluation d¢ease. 1.15 SignifieaDt judgements and estimates In the application of the charity's accounting policies, which are described in note I, trustees are required to make judgements. cstimates and assumpiions about the carrying values of assets and liabilities that are not readily apparent from other Sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results rnay differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estiTnate is revised if the revision affects only that period. or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recOlised in the financial statements are described below. Use1 economi¢ lives of tangible assets - The arLnual depreeiation charge for tangible fixed assets is sensitive to changes in the estimated use1 economic lives and residual values of the &ssets. The useful economic lives and residual values are re-assessed atuallY. They are amended when ne¢essary to reflect the CUTrent estimate based on technological advancemenl future investtnents. economic utilisation and the physical condition of the assets. See notes for the carying amount of the tangible fixed assets and accounting policies in note I for the useful economic lives of each class of asseL Investment properties The fair value of investment propertles involved the use of proftssional valuation trchniques, which are reviewed annually by ttustees. Where factors that could impact the fair value are identified, appropriate adjustments are made through the income statement. 1.16 Tangible rued assets Tangible fixed assets held for the Charity's ovm use are stated at cost less accumulated d¢preciation and accumulated impairnient losses. Depreciation is Provided at the following annual rates calculated to write off the wst of f¢d assets, less their etimated residual value, over their expected usefiil lives. Freehold Property: not provided Improvements to property: not provided Fixtures and Fittings: 25 /0 on reducing balance basis Pa2e 17
AIW HINDU COMMUNITY CEIYTRE NTIN NOTES TO THE ACCOUNfs FOR THE YEAR ENDED 31 MARCH 2024 Tangible assets are slated at cost less accumulated depreciation and impainn¢ni losses to arrive at the arrying value in the financia] stat¢m¢nts. The wst of a tangible &sset includes the original purchose pric delivery cosL and costs attributable to bIinging th¢ asset to its working condition for its iutcnde4 t¢. Thc frcchold property and improvements are not dcpTeciated periodically bul ar¢ r¢tularly reviewed for any indi¢ations of impaiment. 1.17 1Dvestrnent property Investtnent properti¢s are held io generate ren1 income and eapital apprecIlOn. Investment properties are initially r¢cognised cost, which includ¢s th¢ PUTch&se c05t and any directly attributsble expendirure. Investment propctyies are subsequently rCMSUred at fair value. An assessment of inv¢slrn¢nt property fair value is perfonned annually. Any changes in fair value are recognised in the ineome swemenl. 1.18 Volunteers The value of th¢ services provided by volunteeT5 is not inrpOrated inio these financial ateMents. Further details of their contribution is provided in noie 6 to these fancial statnenL5 and in the trustees, report. 2 Tangible Fixed Asset Schedul¢ Freehold property Improv¢metht Flxl¥res & to property fittings Total COST: Al l April 2023 Additions At 31 March 2024 904,528 53.071 29.940 18,103 48,043 987.539 18.103 1.005.642 904,528 53,071 DEPRECIATION: At l April 2023 Depreciation Charge At 31 March 2024 24.763 4.130 28.893 24.763 4,130 28.893 NET BOOK VALUE: At 31 March 2(124 904,528 53.071 19,150 976.749 At 31 March 2023 904,5?8 53,071 5.177 962.776 Frechold property is maintained tn a good state of repair. The Inlee5 have undertaken an impatrmcnt rcview and the net realisable value of the property is considerably in excess of the historical ¢osts disclosed in the accounts. The value tnJ5tc¢s considered thal residual values a such that dqJreciatiorA is not significanL ¢onsequently no charge to depreciatiOD IS mad¢ in these 8CCOUnt& Page 18
SANATAN DHARMA MAND AND HINDU COMMUNITY CENTRE CONTINUED. NOTE THE ACCOUNTS FOR THE YEAR ENDED 31 MAR H 2024 3 INVESTMENT PROPERTY Fair Value As at l April 2023 As at 31 March 2024 186,099 186,099 NET BOOK VALUE As at 31 March 2023 As at 31 March 2024 186,099 186,099 Fair value &8 31 March 2024 is represented by Cost 186.099 The propety is initially recognised at cost which is deemed to be its fair value. The property value is reviewed on an annual basis and subsequently remeasured by the trustees with reference to a rentsl yield alculation to deterniine its fair valu¢. 4 Analysis of net assets belween fuDd$ Tangibk Fixed Assets Net Current As$ets Totsl Investmenl property Unrestricted Funds: General Purpose Fund Building Fund Restricted Funds: 15.192 15,192 1.154,583 8,265 .178,040 968,484 8,265 976,749 186.099 186,099 15,192 5 Restricted funds Bg12Dce 01.04.23 Incorne Expenses Balance 31.03.24 mpact Plus Capital Grant Scheme (a) Community Building Grant (b) Community Building Grant (c) 28 33 706 767 130 97 8,084 8,265 8,790 8.790 242 (a) The Impact Plus Capitsl Grant enabled the charity to purchase thairs and tsbles for the day centre. (b) The Community Building Grant relates to 2 new kitcheD installed at the centre. (b) The Community Building Grant relates to a new kitchen equipment expenditure for the ccntre. Page 19
SANATAN DHARMA MANDAL AND HINDU COMMUNITY CENTRE CONTINUED. NOTES TO THE ACCOUNTS R THE YEAR ENDED 31 MARCH 2024 6 Donations received Donaiions receivedlrettivable is anaiysed as follows: unrestricted funds 2024 funds 2023 General donations Gift Aid received Temple Box collections Donations received Gift Aid to receive b/f Gift Aid to receiv¢ c/f Total donation income 45,211 25,743 4,373 75J27 (13,439) 22.421 84,309 45 J29 2.175 47.504 13.439 60.943 The Charity benefits greatly from the involvement and enthusiastic support of its many volunteers, detsi15 of which are given in our annual report. In accordance with FRS 102 and the Charities SORP (FRS 102), the economic contribution of general volunteers is not Tecognis¢d in the accounts. 7 Investment income unrestri¢tsd funds 2024 funds 2023 In¢ome from Investment property 16,121 9,898 8 Debtors and prepayments 2024 2023 Debtors Gift Aid recoverable Prepayments 141 22,421 542 23.104 2.408 13,439 842 16,689 9 Creditors 4Dd 2ccru* 2024 2023 Creditors and acCalS Deferred income 12.590 2,340 14,930 7.094 3,470 10.564 Deferred iDcome 2024 2023 BalanGe brought forward Included as In¢ for the year Income received in advance for the year 2024125 Balance brought forward 3,470 (1,4701 460 (460) 340 2,340 3,470 3.470 Pa£e 20
SANATAN DHARMA MANDAL AND HINDU COMMUNITY CENTRE CONTINUED. NOTE TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 10 Analysis of Funds Opening Surplus Balance for the year Transfer between funds CIosRng Ba13nce Unrestricted DesigDated Restricled funds 43,927 1,048,633 242 1,092,802 77215 (105.949) 15,193 105,949 1,154,582 8,265 1.178.040 8,023 The transfer between fiu)ds relates to the allocation of funds between the cost of the freehold propety. improvements and investment property held by the charity as at 31 March 2024. I I Staff Costs Year ended 31 March 2024 Year ended 31 Mar¢h 2023 Staff Costs There were no staff costs in the year or previous year. 12 Related Party Transaetions and Trnsttts, expenses and remuneration The trustees all give freety their time and expertise without any fomi of remuneration or other benefit in cash or kind (2023: £nil). Expenses paid to the trustees in the year totalled £nil (2023: £nil). No charity trustre received payment for professional or other service supplied to the charity (2023 . £nil). As at 31 March 2024 two Trustees were owed £7,861 (2023 . one Trustee was owed £1,873). During the year members loans of £100,0 was repaid. As at the year end no balance was outstanding in respect of these loans (2023 . £100,000). Page21