SIVAYOGAM (Charity Registered No. 1050398) Annual Report and Financial Statements for the year ended 31 March 2024 ADRIAN & CO Chartered Certified accountants & statutory auditor 141711419 London Road Norbury London SW16 4AH
Sivayogam Financial Statements Year ended 31 March 2024 Page Trustees, annual report Independent auditor's report to the members Statement of financial activities 12 Statement of financial position Statement of cash flows 13 14 Notes lo the financial statements 15
Sivayogam Trustees, Annual Report Year ended 31 March 2024 The Trustees of Sivayogam Charity present their annual report and audited accounts for the year ended 31 Mi arch ?0?4. The financial statements have been prepared in accordance with the accounting policies set out in note I to the financial statements and comply with the Charities Act 2011. the charity's Deed and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparingj their accounls in accordance ivitli Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective January 2019). Reference and administrative details Registered charity name Sivayogam Charity registration number 1050i98 Principal office Mulberrv House 128 Aurelia Road Crovdon CRO 3BF United Kingdom The trustee5 Mrs Ambihai K Seli'akumar (Chair) Bsc, Msc, FCCA, MBA (Appointed l i March ?O?i) Mr Sanmunarajah P Tanaraja (Treasurer) FCCA (Appoinled OJ December 2011) Mr Nimalan Seei'aratnam (Secrelary) (Appointed 01 Jul), ?021) Dr Jeyakanthan Saravanamuthu ((Appointed O l October 2021) Mr Navaralnam Velupillai (Appointed 13 March 2023) Auditor Adrian & Co Chartered Certified accountants & staluiory auditor 141711419 London Road Norbury London SW16 4AH
Sivayogam Trustees, Annual Report (conlinued) Year ended 31 March 2024 Structure• governance and management The governing doeument: The charity operates undcr a Declaration of Trust (Trust Deed). the goi'erning document, which was registered ii'iih the Charil}' Commissioners in Noi'embcr 199) under registration number 1050398. The charity is conslituted as an unincorporaied association and it is gloiierned and managed by the Trustees. The Registered OlCe of the charity is at Mulberry House 128 Aurelia Road. Croydon CRO 3BF. The Trustces: The Declaration of Trust proi'ides for at least three and not more than fiiie Irustees. The Trustees in olCe at the end of the reporting year ii'ere Irs Ambihai K Seli;ak"umar (chair) from 13 March ?023. Mr. Sanmugarajah Tanarajah (Treasurer) from Oi Decembcr ?01 l. Mr Nimalan Seevaratnam (Secretarv) from O l July 20? I, Mr Jel'akanihan Sarai'anamuthu from 01 October 2021 and Mr Navarntnam Velupillai from li March ?0?3. Recruitment and appointment of neiv Trustees: The trustees convene regularl)I to evaluate the need for recruilino and appointing neiv trustees, particularly in instances ivhere an existing trustee intends to retire or ii'hen organisational requirements necessitate additional expertise. Trustees are selected based on their integrity, dedication: and commitment to adwancing the chariti s objectives. They are typically well- versed in Saiva religious principles and Tamil cultur¢: and the). actively engage in the charity s activities. Appeal for Life-term members: The trustees resolved to transfer the day-to-day management of the two temples to the devotees upon the completion of the construction ivork. Consequently. devotees actively engaged with the temples, activities are invited to appl), for life-ierni membership. Prospective members may submit their applications along iiith a life-tenn membership fee of £500. A iotal of 108 members will constitute the "Thiruppanich Sabai., This bod), ii'ill elect a committee of seven members to forni an e,xeculive committee. ii'hich ivill serl'e a three-)'ear tem) io oversee ihe daily operations. The executii'e commiltee ivill report to ihe Executive Officer, who, in turn, is accountable to the Board ofTrustees.
Sivayogam Trustees, Annual Report (conliniied) Year ended 31 March 2024 Objectives and activities As outlined in the Trust Deed. the charity's objectii'es are to advance the Hindu (Saiva) religion, promote education in Hindu {Saii'a) culture. proi'ide recreational facililies and ofter relief t'rom poverty, hardship, and distress, particularl>, to destitute children and elders in Sri Lanka. Activities and Public Benefits a) Templc Activities Sivayo&pam operaies tivo lemples: l. Arulmihu London Mi uththumari Amman Temple at 128 Aurelia Road, Croydon, CRO 3BF. 2. Arulmihu London Nadarajar Temple ai 3C & I l and 13B Ranelagh Road, Wembley, HAO 4TW. Both temples celebrate all major Hindu (Saiva) festivals. b) Arulmihu London Muththunjari Amman Temple This temple is located on a laroe freehold propert!, purchased on 23 August ?019 for £2.0 million. The prop¢W' includes a car park. A deposit of £0.) million 'aS funded through donations and temple receipts: ii'ith the remaining £1.5 million financed via a mortgage on the Croydon and Wemble}' properties. c) Arulmihu London Nadarajar Temple This temple is also situaled on a freehold propert), at ic & I l and 13B Ranelagh Road, Wembley. The propert), includes a car park and is currentl), undergoing development. d) Plans for Future Actil'ities The charity plans lo e.Npand ils offerings bel'ond the sen'ices proi'ided by the tivo temples, reintroducing activities prei'iously otTered during its 16 )'ears in Tooling. These include classes in Indian dance, Indian music (vocal, violin, veena, and miruthanLJarn [drum]).. and Tamil language. Additionally. neiv classes are proposed in English languag7e, yoga, religious knowledge, computer studies, and tuition for students up to Year 9. Iviih a nominal fee charg7ed for these services. The plans also include the establishment of leisure centres for elders and youth, each housed in purpose-built halls ii'ithin the new building. As part of this initiative, elders will be provided with meals and refreshmenis. e) Fund for Eelam Orphans, WidoiTr's, and the Destitute The Trust continues io support the London Sii'ayogam Orphanage (Annai Illam) in Mannar, Sri Lanka. Additionally, financial aid is provided to support 3) children annually at the orphanage managed by the Hindu Board of Education. fj External Factors Impacting Activities The ongoing afterniath of the Tamil Genocide in Sri Lanka has significantly impacted the charity's operations. ManN' members of the con2regation hai'e lost I0ed ones. leading to
Sivayogam Trustees, Annual Report (coiilinued) Year ended 31 March 2024 apathy and reduced support. This. coupled ivith high demand for humanitarian assisiance, has constrained the charitN s financial capacity. The trustees are Opiiniisiic thai coniplelion of the Muththumari Amman Temple development ivill bolsler resources io meet these challenges. Achievements and perforniante a) Redesign and Construction of the New Temple- Arulmihu London Muththumari Amman Temple, Cro)'don The redevelopment of the Arulmihu London Muthihumari Amman Temple is progressing under the guidance of architect Darnton B3 and a team of dedicated professionals. including a senior Civil Engineer: a senior Structural Engineer, a Director of Buildings 'Ith a London Borough Council, and several community members. All are contributing their expertise on a voluntary, basis to support the design and construction of the project. The new building consists of three main sections. Ivith ihe central section housing the temple. The right ii'ing on the ground floor includes a dining hall for devotees, a modern kitchen approved by the borough council: and utility rooms such as storage and toilets. The upper floor features accommodation for priests and relinious work"ers, as ivell as an exhibition hall. The left iNing contains tivo reception halls: one on the ground floor and the other on the upper floor: equipped ii'ith necessary, facilities. The existing roof will be replaced io align with the design of the neiv building. The trustees are orateful to the London Borough of Croi'don for their support and cooperation in granting planning pern]issions and facililating the progress of this signiticant project. b) Redesign and Construction of the Neil. Ternple- Wembley Significant renovations are undenvay at the Wembley Temple, Iviih the consecration ceremony (Kumbabishekarn) anticipated in 20?). c) Funding The trustees remain confident thai most redevelopmeni costs will be met through donations and iemple receipts, supplemented by short-lerni interesl-free loans from devotees ii'hen necessary. d) Support for Eelam Orphans, Widom's, and Destitute The trustees have continued to support the London Sii'ayogam Orphana&7e (Annai Illam) in Mannar and have also contributed funds towards the upkeep of ihirly-five children, out of approximatel), one hundred and fifty, residing in the orphanag7e managed by tlie Hindu Board ofEducation in JatTna. This remains a key priority for us.
Sivayogam Trustees, Annual Report (continued) Year ended 31 March 2024 Financial review The toial income of ihe charily during the year to 31 March ?024 was £561.769 (2023: £524,069). The net current asset at the i'ear-end was £194.571 (2023: £104.676). the irustees are confident that, based on the current and reneived participaiion of dei'oieesldonors in ihe charitable activities. the income from temple services ii'ill reach pre-COVID-19 levels in the near t-uture in order to manage the cash flow ivithout difficulty. Reserves policy The Board of Trustees established a reserve policv to carrv a minimum resenFe equivalent of three months of its operalional budgvel. This has been difticuli io achiei'e in recenl years, as the communitv: being disappointed and hurt, is reluctant to continue ils support due to the relocation ofthe Amman Temple. Hoilei'er. the trustees have Iried to hold a reserve of at least £25.000 at the end of each month in the unrestricted funds, ensuring operalional continuity. The Board of Trustees aims to maintain resen'es equivalent to three months, operational costs. While this has proven challenoing. trustees strive lo hold at least £2i:000 in unrestricted funds each month, Donation making policy No changes were made to the polic), that il'as in praclice. During the )'ear the charity made donations totalling £26:1 i9(?02J". £29:i51 } toivards the upkeep of the Children orphanages and Elders, Home in Sri Lanka. No donations ivere made during the vear toiiards oiher institutions or other purposes. Plans for future periods Risk Management The Board of Trustees has revieived the major risks faced by the charity and has implemented systems to mitigate these risks. One significant challenge is the non-availability of qualified priests and religTiOUS ivorkers in the UK or EU. To address this, the charity is seekin&J to recruit reiired or less qualified priests as an interim solution. Arulmihu London Nadarajar Temple, Wembley The Arulmihu London Nadarajar Temple is located on a freehold property acquired in 2005, where it currently operates in a small hall. Construclion ivork for a major redevelopment is actively progressing: i%'ith various tasks undertri'ay. Completion of the primary consiruclion is anticipated by July 2025.
Sivayogam Trustees, Annual Report (continiied) Year ended 31 March 2024 Completion and Kumbabishekam (Consecration) The trustees aim lo compleie the main building for ihe Wemble), Temple by July 2025, with the reception hall and other facilities likely to lake an additional iivo or more years, contingent on income from temple actii'ities and donations from the con&Fregalion. The Kumbabishekam (consecration ceremony) is e.xpected to lake place on an auspicious dale ioivards the end of 2025. The estimated total cost ofthe redevelopment is £6.0 million. Trustees are confident in their ability to secure the necessary funding through continued support from the communily. Additionally, they plan to open a charity shop at the premises to generate supplementary income. Trustees, responsibilities statement The trustees are responsible for preparing the trustees, report and the financial statements in accordance iviih applicable lail, and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires ihe charity trustees to prepare financial statements for each year ivhich giN'e a true and fair i'ieii of the stale of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing ihese financial statements, the trustees are required to: select suitable accounting policies and then apply them consisientl)" observe the meihods and principles in the applicable Charilies SORP. make judgments and accounting estimates thal are reasonable and prudenl; state ivhether applicable UK Accounting Siandards have been folloived, subject to any material departures disclosed and e.xplained in the financial statements; prepare ihe financial Siatements on the goingy concern basis unless it is inappropriaie to presume ihai the charity will continue in business. The trustees are responsible for keeping adequate accounting records that are sut"ficient to shoiv and explain the charity's transactions and disclose iviih reasonable accuracy at any lime ihe financial position of the charity and enable them to ensure that the financial slalemenls comply with the Charities Aci 2011, the applicable Charities (Accounts and Reports) Regjulalions, and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Sivayogam Trustees, Annual Report (conlinued) Year ended 31 March 2024 In so far as the trustees are aivare.. there is no relevant audit inforniation of ivhich the charity's auditor is unaware; and the trustees have iak.en all steps that they ought lo have iaken to make ihemselves aware of any relei'ani audit infom)aiion and to establish that the auditor is aivare of that inforniation. The trustees, annual report li'as approi'ed on 17 January 202) and signed on behalf of the board of trustees by: 4L Mrs Ambihai K Selvakumar Mr Sanmugarajah P Tanaraja Trustee (Chair) Trustee (Treasurer)
Sivayogam Independent Auditor's Report to the Members of Sivayogam Year ended 31 March 2024 Opinion We have audited the financial statements of Sivayogam (Ihe 'charity') for the year ended 31 March 2024 Il'hich comprise the statement of financial activities, statement of financial position, statement of cash floii's and the related notes, including a summary of significant accounting policies. The financial reportin& frameiiork" that has been applied in tlieir preparaiion is applicable laiv and United Kingdom Accounting Standards. includinb FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (Uniled Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair viei%' of the stale of the charil) s alTairs as at 31 March 2024 and of its incoming resources and application of resources: including its income and e.xpenditure: for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Praclice" have been prepared in accordance ivith the requiremenls of the Charities Act 2011. Basis for opinion We conducted our audit in accordance i¥ith Inlernational Standards on Auditing (UK) (ISAS (UK)) and applicable laiv. Our responsibililies under those slandards are further described in the auditor's responsibilities for the audit of the financial staiemenls section of our report. We are independent of the charity, in accordance ivith the ethical requirements that are relevant to our audit ot" the financial siaiements in the UK. including the FRC'S Ethical Standard. and we have fultilled our other ethical responsibilities in accordance ii'ith these requireinents. We believe that the audit evidence ive have obtained is sufficient and appropriale io provide a basis t.or our opinion. Conclusions relating to going concern In auditin& the financial stalements. Ive have concluded thai the trustees, use ot" the gyoing concern basis of accounting in the preparation of the financial statements is appropriate. Based on the ivork we have perfornied. Ive have not ideniified any material uncertainties relating to evenis or conditions that, indii'idually or collectiiiel),. may cast significant doubt on the charity's abilily lo continue as a going concern for a period ofat leasi iii'elve monihs from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees iviih respect to going concern are described in the relevant sections of this report.
Sivayogam Independent Auditor's Report to the Members of Sivayogam (conliniied) Year ended 31 March 2024 Other information The other inforniation comprises the infonnaiion included in the annual report, other than the financial staiements and our auditor"s report ihereon. The Ifusiees are responsible for the other int-omation. Our opinion on thc financial statements does not coi'er the other inforniation and, except to the exlent oihertrN'ise explicitly stated in our report. li'e do nol express any forni of assurance conclusion thereon. In connection iviih our audit of the financial slalements. our responsibilitj, is to read the other inforniation and, in doing so: consider ii,hether the other infornialion is materially inconsistent with the financial stalemenis or our knoivled&¥e obtained in ihe audit or otherwise appears to be materially misstated. If ive identify, such material inconsistencies or apparent material misstatements, Ive are required to deterniine ivheiher there is a material misslatement in the financial statements or a material misstatement ot" Ihe other information. If. based on the work 'e hai'e perfornied: li'e conclude that there is a material misstsiement of this other int-orn]aiion, we are required to report ihat fact. We have nothing to report in this regard. Matters on ivhieh ive are required to report b), eTception In the light of the knoii'ledge and understanding of the chariti, and its eni'ironment obtained in the course of the audit, Ive have not identified material misstatemenls in the trustees, report. We have noihing to report in respect of the folloivino maners in relalion to which the Charities Act 2011 requires us to report to )'ou if, in our opinion: the inforniation given in the trustees, report is inconsislent in any material respect with the rinancial statements. or adequate accounting records have not been kepi; or the financial statements are not in agreement with the accounting records and returns. or Ive have not received all the inforn]alion and explanations ive require for our audit. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair vieiv, and for such internal control as the Irustees detennine is necessary to enable the preparation of financial statements ihat are free from material misslatement, Ivhether due to fraud or error. In preparing the financial statemenls, the trustees are responsible for assessing the charity's ability to continue as a goin? concern: disclosing, as applicable, matters relaied to going
Sivayogam Independent Auditor's Report to the Members of Sivayogam (continued) Year ended 31 March 2024 concern and using the going concern basis of accounling unless the irusiees either intend to liquidate the charity or to cease operations: or have no realistic alternative but to do so Auditor's responsibilitics for the audit of the financial statements Our objectives are lo obtain reasonable assurance about ivheiher the financial siaiements as a whole are free from maierial missiatemenl: whether due to fraud or error, and io issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a &Juarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement 'hen it exists. Misstatements can arise from fraud or error and are considered material if, indii'idually or in the aggregate. they could reasonably be e.xpected to influence ihe economic decisions of users taken on the basis ofthese financial statements. Irregularities. including fraud. are instances of non-compliance ii'ith lail's and regulations. We design procedures in line i.]ih our responsibilities. ouilined aboi'e. to delect material misstatements in respect of irregularities. including fraud. The ellent to ivhich our procedures are capable of detecting irregularities: including fraud is detailed beloiv: As part of an audit in accordance ilith ISAS (UK). Ive exercise professional judgment and maintain professional scepticism throuohout the audit. We also: Identi fi, and assess the risks of material misstatemeni of the financial statements, whether due to fraud or eOr. design and perforni audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to proi'ide a basis for our opinion. The risk of not detecting a material missiatement resulting from fraud is higher than for one resulting from error, as fraud may ini'oli'e collusion, forgery. intentional omissions, misrepresentations, or the override of internal control. Obtain an understandingF of internal control relei'ant lo the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on ihe etTectiveness of the internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made b), Ihe trustees. Conclude on the approprialeness of the trustees, use of ihe goingj concem basis of accounting and, based on the audit evidence obtained, whethera material uncertainty exisis related to events or conditions that may casl significant doubt on the charity's ability to continue as a going concern. If ive conclude that a material uncenainiy exists, we are required to draiv attention in our auditor s report to the related disclosures in the financial statements or, if such disclosures are inadequate. to modify our opinion. Our conclusions are based on the audit evidence obtained up to the dale of our audiior's report. However, future evenls or conditions may cause the charity io cease to continue as a goingT concern. 10
Sivayogam Independent Auditor's Report to the Members of Sivayogam (coiilinued) Year ended 31 March 2024 Evaluate the overal I presenlation, structure and conteni of the financial siaiements, including the disclosures, and ivhether the financial statements represent the underlying transactions and evenls in a manner that achieiies fair presenlalion. We communicate with those charg7ed ivith governance regarding, among other matters, the planned scope and timing of the audit and si&Jniticant audii findingTS, includin&J any sigynilicant deticiencies in intemal control that ive idenlif), during our audit. Use of our report This report is made solely to the charity's members. as a bod),. in accordance ivith section 144 of the Charities Aci 2011 and regulations made under section l i4 of thal Acl. Our audit ivork has been undertak.en so thal li'e might state to ihe charity's members those matters we are required to stale to them in an auditor's report and for no other purpose. To the fullest extent permitted by laiv. Ive do nol accept or assume responsibilit), to an}:one other than the charity and the charity's members as a bod).. for our audit ii'ork, for this report, or for the opinions ive have fonned. Mr Gnanapragasam Kumar CCA (Senior Statutory Auditor) For and on behalf of Adrian &. Co Chartered Certified Accountants & Statutory Auditor 1417/1419 London Road Norbury London SW164AH 17 January 2025
Sivayogam Statement of Financial Activities Year ended 31 March 2024 2024 Unrestricted Restricted funds funds Total funds Toial funds 2023 Note Income and endo)i'ments Donalions and le&Jacies Charitable activities Investment income Other income 237.619 177.972 1.088 65.543 79,546 317,166 177.97? 1,088 65.)43 313.825 187,802 872 21,570 Total income 482.2?2 79.546 561,769 524.069 Expenditure Expenditure on charitable aclivities 8,9 437.370 40.539 477.910 4i7,416 Total eipenditure 4i7.370 40.)39 477.910 437.416 Net income and net moi'ement in funds 44.8)2 i9.007 86,653 Reconciliation of funds Total t.unds brought foni'ard 1,319.?08 1,27i.282 2,594.490 2,i07.836 Total funds carried fonTr'ard I,J64.060 1.314,289 2.678.349 2,594,490 The statement of financial activities includes all gains and losses recognised in the year. Al l income and expenditure derive from continuing actii'ities. 12
Sivayogam Statement of Financial Position 31 March 2024 2024 2023 Note Fixed assets Tangible ti.xed assets 14 3,518.043 3,543,866 Current asscts Debtors Cash at bank and in hand 15 26.999 239,432 26.999 192,840 266.431 219,839 Creditors: amounts falling due within one )'ear 16 71.860 115,163 Net current assets 194.571 104,676 Total assets less current liabilities 3.712,614 3,648,542 Creditors: amounts falling due after more than one )'ear 17 1,Oi4.265 1,054,053 Net assets 2,678.349 2,i94,489 Funds of the charity Restricted funds Unrestricted funds 1,314.289 1,275,282 I,i64.060 1,319,208 Total charity funds 18 2.678,349 2,i94,490 These financial stalements ivere approved by the board of trustees and authorised for issue on l O January 2025, and are signed on behalf of the board by: £1/2ki.f . Mrs A K Selvakumar (chair) Trustee Mr S P Tanaraja (Treasurer) Trustee 13
Sivayogam Statement of Cash Flows Year ended 31 March 2024 2024 2023 Cash floivs from operating actii'ilies Nel iiiconie 83,859 86,654 Adjii.¥liiiL'iil.sfor.' Depreciation of tangible fi.led assets Otlier interest receivable and similar income Interest payable and similar Charges Accrued expenses 60.41? (1.088) 82.093 54,9?9 {872) 52,955 1,200 Clicinxes in.. other debtors other creditors 935 (4.632) 548 Cash generated from operations ??5,8?4 191.169 Interest paid Interest received (8? 093) 1.088 (57,586) 872 Net cash from operating aclivities 144,819 139,086 Cash floivs from esling actiTr-ities Purchase oftangible assets {34,589) (27.899) Net cash used in investing activities (34,i89) (27,899) Cash floii's from financing actii'ities Proceeds from bo0.1ngS (63.639) (72.789) Net cash used in fjnancing activilies (63,639) (72.789) Net incre¢4se in cash and cash equii'alcnts Cash and cash ¢quii'alents Jt bcginning of )'ear 46,591 192.840 38.398 154,442 Cash and cash cquivalents at end of )ear ?39,4J I 19?,840 14
Sivayogam Notes to the Financial Statements Year ended 31 March 2024 General information The charity is a public benefit entitv and a re&yistered charity in England and Wales and is unincorporated. The address ot" the principal 01CC is 128 Aurelia Road, Croydon, CRO 3BF, Unitcd Kingdom. Statement of eompliance These financial siaiements have been prepared in compliance ivith FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,: the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Siandard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Aci 2011. Accounting policies Basis of preparation The financial stalements have been prepared on the 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 prepared in sterlino ivhich is the functional currency of the entity. Going concern There are no malerial uncerlainties about the charity's ability to continue. Fund accounting Unrestricted funds are available for use at the discretion of the Irustees io further any of the charity's purposes. Designated funds are unrestricted funds eannarked by the truslees for particular future project or commitment. Reslricied tunds are subjected to restrictions on their expenditure declared by the donor or through the tem)s oran appeal, and fall into one of two sub-classes: restricted income funds or endowmeni funds. 15
Sivayogam Notes to the Financial Statements (continued) Year ended 31 March 2024 Incoming resources All incoming resources are included in the statement of financial activities ivhen entitlement has passed to ihe charily. il is probable ihat ihe economic benefils associaled ii'iih tlie Iransaciioii ivill floiv to ihe charity and the amount can be reliably measured. The folloiving specific policies are applied to particular categories of income: income from donations or grants is recognised ii,hen ihere is evidence of entitlement to tlie gift. receipt is probable and its amount can be measured reliabl),. legacy income is recognised i%,hen receipt is probable and entitlement is established. income from donaled goods is measurcd at the fair value of tl)¢ goods unless tl)is is iinpraclical to measure reliably. in ii'hich case the i'alue is derii'ed from the Cost lo Ilie donor or tlie estimated Tesale I'alue. Donaled facllities and sern'ices are recognised in tlie accounts ivlien received if the value can be reliabl) measured. No amounts are included for ihe coiitribLilion ofgeneral volunteers. income from contrdcts for the supplN' of sen'TCeS is recoonised ii'ith the delivery of tlie ontracled seTh'ic¢. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and relurned if unspent, in ii'liicli case it may be regarded as restricted. Resourees expended Expenditure is recoonised on an accruals basis as a liabilitv is incurred. E.xpenditure includes any VAT i¥'hi¢h cannot be full). recoi'ered. and is classified underheadings of ihe slalement of financial activities to ivhich it relates: e.xpendilure on raising funds includes the costs of all fundraising activilies. events, non- charitable trading aciii'ities. and ihe sale of donated goods. e.xpendilure on charitable aclivities includes all costs incurred by a cliarity in undertaking aclivities ihat further its charitable aims for the benefit of ils beneficiaries. including tliose support cosls and costs relating to ihe governance of the charity apponioned to cliaritable aclivilies. otlier expendilure includes all expenditure that is neither related to raising funds for ihe charity nor part of its eipendilure on charitable aclivilies. All costs ilre allocated io e.¥penditure calegories reflecting ihe use of ihe resource. Direct costs attributable lo a single aclii'ity are allocated directlN' to thal actii'itv. Shared costs are apportioiied beti%'e¢n the activities the). conlribule to on a reasonable, juslifiable and consisteiii basis. Tangible assets Tic ngible assets <lre initialli, recorded at cost. and subsequentlN' slated at cost less any accuinulated depreciation and impairnient losses. AnN' tangible assets carried al reN'alued amoiinls are recorded at ihe fair value at the date of revaluation less an!, subsequent accumulaled depreciatioIi and subsequent accumulated impairnient losses. 16
Sivayogam Notes to the Financial Statements (continued) Year ended 31 March 2024 Accounting policies (coiilinued) An increase in the ca),Ing amount of an asset as a result of a rei'aluation. is recognised in other recognised gains and losses. unless it reverses a charge for impaimienl tl)at lias previously been recoginised as expenditure ivithin the statement or rinancial a¢livities. A decrease in Ilie carrying 1mount oran asset as a result of revaluation, is recognised in other recognised gains and losses, except to ivhich it olTsets an), previous revalualion iyain. in ii,hicli case the loss is sliown ivitl)in other recognised gains and losses on ihe slalemenl of financial aclivities. Deprecialion Depreciation is calculated so as to ivrite off Ihe cost or valuation of an asseL less its residual value, over lh¢ useful economic life of that assel as folloivs: -Freehold property (excluding land) -?Q/o on cost -Furniture. Fixtures and Equipment -? jO/o on ii'ritten doivn value -Stalues and shrines -noi depreciated as thei, are made of natural stones and special metals expected to last for hundreds of vears and in line ii'iih Hindu tradition. Impairment of fixed assets A revieiv for indicators of impaimient is carried out at each reporting date, Ivith the recoverable amount being estimaled ii.here such indicators e.xist. Where ihe carrving value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairnients are also revieived for possible reversal ai each reporttng dale. For the purposes of impairnient tesling, i%'hen it is noi possible to estimate the recoverable amount oran indii'idual asset. an estimate is made of the recoi'erable amount of the cash-generating unit to ii,hich the assei belongs. The cash-generaling unit is tlie smallest identifiable group of assets ihat includes the asset and oenerates cash infloii's ihat largel), independent of tlie casl) infloivs from other assels or groups of assets. For impaimient testing of goodivill. the goodivill acquired in a business combination is. from the acquisition dale, allocated io each of the casli-oeneralinb7 units that are e.xpecled io bcnefii from tlie syiiergies of the combinalion, irrespective of ivhether oih¢r assets or liabilities of ihe charity are .Issigned to those unils. Financial instruments A financial asset or a financial liabilit!, is recognised only ivhen the cliarity becomes a party to tlie contractual proi'isions of tlie instrument. Basic financial instruments are initiallv recognised at ihe amount receivable or payable including any related trdnsaction costs. Current assets and current liabilities are subsequentlv measured at the cash or other consideration e.xpected to be paid or receii'ed and not discounted. Debt instruments are subsequentlv measured at amortised cost.
Sivayogam Notes to the Financial Statements (conliniied) Year ended 31 March 2024 Accounting policies (coiiliiiued) Where investmenls in shares are publicly traded or their fair value can oihenvise be measured reliably. tl)e investment is subsequentl). measured at fair value ii'iih cl)anges in fair value recognised in income and e.Ipendilure. All oiher such investments are subsequejiily Ineasured al cost less impainnent. Oiher finaiicial instrumenls. including derivatives. are inilially recognised at fair value, unless payment for an asset is deferred bc)'ond nomal business lernis or financed al rale of interest tliat is nol a markel rate. in ii'liich case ihe assel is measured at the presenl value oftl)e fulure payments discounled at a markel rate of inierest for a similar debt inslrument. Oiher financial instruments are subsequentl), measured at fair value, ii'iih any changes recognised in tlie statement of financial activities. Iviih the e.xception of hedging instrujnenis in a designated hedging relationship. Financial assets thal are measured at cost or amortised cost are rei'ieii:ed for objeclive evidence of impairnient at the end of each reporting date. If there is objectiite ei'idence of impairnient. an impairnient loss is recognised under the appropriate heading in the stalcment of financial activities in ivliicli the inilial gain ivas recognised. For all equity instruments regardless of significance. and other financial assets that are individually significant, these are assessed individuallv for impairnient. Other financial assels are eitlier assessed individually or grouped on the basis of similar credit risk characterislics. Anv reversals of impaimient are recoonised immediatel%'. to ihe e.xtent Ihal the reversal does not result in a carry'ino amount of ihe financial asset that e.xceeds ii,hat the carrying amount ivould have been had tl)¢ impaimient not previousl!, been recognised. Donations and Aegacies Unrestricted Funds Reslricred Total Funds Funds 2024 Donalions Free Will Offerings Doiiations Gift Aid Claim 19.993 ?17.6?6 15.043 64.503 35,036 282.130 ?37,619 79,546 317,166 Unreslricted Funds Reslricl¢d Total Funds Funds ?023 Donations Free Will Offerings Donations Gift Aid Claim 10.6?7 19?.640 35.706 14.920 59.933 2).546 ?5?,573 35,706 74.853 313,82) 18
Sivayogam Notes to the Financial Statements (conlinued) Year ended 31 March 2024 Charilable aetii'ities Unrestricted Tolal Funds Fund5 2024 Unresiricied Total Funds Funds 20?3 Templ¢ services 177.97? 177.97? 187.80? 187,80? Investment income Unresiricied Total Funds Funds 2024 Unreslricted Tolal Fui)ds Funds 20?3 Bank inleresl receivable 1.088 1.088 87? 87? Other income Unrestricted Tolal Funds Funds 2024 Unrcsiricied Total Funds Funds Sale of goods 65,543 65.543 ?1.570 ?1.570 Eypenditure on Charitable actii'ities bv fund tl'pe Unrestricted Funds Reslricied Total Funds Funds 2024 419,7iO 17.640 Support C0515 40.539 460.269 17,641 437.370 40.539 477.910 Unrestricted Funds Reslricted Total Funds Funds ?023 i72,752 Support costs 47.0?3 419,775 17.641 390,393 47.0?3 437,416 Expenditure on charitable actii'ities by activity t)pc Activities undertaken dir¢ctlN' Suppon costs Total funds 2024 Total fund ?0?3 460,?69 460.?69 17.641 419.775 17,641 Governance costs 17.641 460.?69 17.641 477.910 437.416 19
Sivayogam Notes to the Financial Statements (conlinued) Year ended 31 March 2024 Expenditure on charitable activities by activity type 2024 2023 Charitable expenditure Unrestricted Restrfcted Funds Funds Total Funds Total Funds Rates & Water 12802 12,802 7,173 Light & Heat 25.954 25.954 16,780 Repairs & Renewals 9.997 9,997 17,366 Health & Safety 3.282 3,282 3,195 Telephone & Intemet 3.240 3,240 2,964 Printing, Postage, Stationery & Publicity 1,936 1.936 1,221 Pooja Items (for Temple Services) 65,478 65.478 74,141 Salaries & N.1 136,102 14.400 150,502 144,226 Insuran 3,084 3.084 3,808 Travelling & Transport 10.915 10.915 5,984 IT expenses & equipment expense 2,116 Interest on Loans & Mortgage 82,093 82,093 52,955 Grants & Donations 26.139 26.139 29,551 Sundry Expenses 1,984 1,984 1,301 Bank Charges 4.657 4,657 4,272 Depreciation 58.206 58,206 52.722 Subtotal carried forward 419 730 40 539 460 269 419 775 20
Sivayogam Notes to the Financial Statements (conliiiued) Year ended 31 March 2024 Expenditure on charitable activities by aclivity type (eontinued) ?0?4 Total Funds 2023 Total Funds Unrestricled Restricted Funds Funds Charitable eypenditure Subtolal brought fonvard 419.730 40,)39 460.?69 419,775 Governance cosls Wages 8,000 8.000 8,000 Audit fee (including VAT) 4.800 4,800 4,800 Rates & ivater 620 620 620 Light & heat 1.200 1,200 Telephone & inlernet 6?0 620 620 Printing & postage 195 19) 195 Depreciation 2,?06 Subtolal Grand total 10. Net income Net income is stated afier charging/(crediting): 2024 2023 Depreciation oftangible fi.xed assels 60.41? i4.929 I l. Auditors remuneration 2024 2023 Fees payable for the audit of the financial slalements, including VAT 4.800 4,800 21
Sivayogam Notes to the Financial Statements (conlinued) Year ended 31 March 2024 12. Staff costs Th¢ lolal staff cosls and emplo>'ee benefjts for the reporting period are analysed as folloivs: 2024 2023 Wages and salaries 158,50? 152.2?6 The average head count of emplovees during the )'ear il'as l O(?0?3: 7). No employee received employee benefits of more ihan £60.000 during the year (?023: Nil). 13. Trustee remuneration and expenses The executive 01Ccr il'as elected io be a truslee on 9 June ?0? l and coniinues to receive a remuneration of oross monihly salary, of £1 ?00 (?0?3 £1 ?00) for beino an executive offI¢er but not for being a trustee. Truslees expenses during the )'ear il'ere £nil (?0?3: £nil) 14. Tangible fied assets Freehold Fi.xtures and propert), rittings Motor ehicles Equipment User defined asset Total Cost At l Apr 20?3 Additions 3,446.138 7.0?0 403,774 6.4)9 12.)70 5,352 261.043 4.128.877 ?l.liO 34,589 At 31 Mar 2024 3,453.1 i8 410.?IJ ?8? 17j 4.163.466 Depreciation At l Apr ?0?" Cliarge for il)e year ??9.331 349.016 4,3?? 585.011 4?.063 15.300 535 60,41? At 31 Mar 2024 271.394 364.316 6.836 2,877 645,423 Carn'ing amount At 31 Mar 2024 3.181.764 45.897 5.734 ?.475 ?8? 173 3.518,043 At 31 Mar 20?3 3 ?16.807 54.758 8.?48 3.010 261.043 3.543,866 There is a bank charge on one of the freehold properties - see notes 15&17 22
Sivayogam Notes to the Financial Statements (contiiiued) Year ended 31 March 2024 15. Debtors 2024 2023 Other debtors ?6.999 ?6,999 The other debiors £?6.999 (20?3: £?6.999) represents a payment on account for the fixlures of tlie tivo temples lo be fitted once the struclural ivork of the main building ivork is completed. 16. Creditors: amounts falling due 1th1n one year 2024 2023 Baiik loans and overdrafts (see note 17) Accruals and deferred income Otlier creditors 63.636 8,094 130 107,487 7,676 71.860 115,163 17. Creditors: amounts falling due after more than one l'ear 2024 2023 Bank loans and overdrafis l.Oi4,?65 1,054.053 A 15-yaer loan of £1.3m ivas obtained in ?O?O fTom Barcla)'s bank plc to purchase the temple at l ?8 Aurelia Road. Cro>'don CR03BF. Ilie loan is secured abFainst the freehold properties (see noie 14) 23
Sivayogam Notes to the Financial Statements (continued) Year ended 31 March 2024 18. Analysis of eharilable funds Unrestricted funds At 31 March 20 24 At l April ?023 Income Expenditure General funds 1.319.?08 48? ??? (437.370) 1,364.060 At 31 March 202 At l April ?0?2 Income Expendilure General funds 1 ?60.384 449.?17 (390.393) 1.319.?08 Restricted funds At 31 March 20 24 At l April ?O?- Income Expenditure Restricted Fund l - desc in alcs 1.27i.282 79.546 (40,i39} 1,314,289 At i l March 202 Al l April ?0?? Income Expenditure Restricted Fund I desc in alcs 1 ?47.4j? 74,8ii (47,023) 1 ?75,78? 19. Analysis of net assets by funds Unrestricted Funds Restricted Funds 2024 2023 Restricled Funds Building Fund Eelam Project Total Funds Tolal Funds TangFible Asscls 2.394.55? 1,1?3.491 3,518.043 3,543.866 Current Assets 75.633 184,789 6,009 266.431 219,840 Current Liabilities (71,860) (71.860) (115,163) Liabilities over one year 1034 265 1034 ?65 1054 Oi3 24
Sivayogam Notes to the Financial Statements (continiied) Year ended 31 March 2024 19. Analysis ofehanges in net debt At At l Apr ?0?3 Cash floivs 31 Mar 2024 Cash at bank and in hand Debt due iviihin one )'ear Debt due after one year 19? 840 {107.487) {1.054.Oi3) 46.59? 239.432 43,851 (63.636) 19,788 {1,034,265) (968.700) 110.?31 (858.469) 25