REGISTERED CHARITY NUMBER: 1051516
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 FOR LONDON SIVAN KOVIL TRUST
LONDON SIVAN KOVIL TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
| Page | |
|---|---|
| Report of the Trustees | 1 to 7 |
| Independent Examiner's Report | 8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 |
| Cash Flow Statement | 11 |
| Notes to the Cash Flow Statement | 12 |
| Notes to the Financial Statements | 13 to 20 |
| Detailed Statement of Financial Activities | 21 to 22 |
LONDON SIVAN KOVIL TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective from 1 January 2015, the trustees present the financial statements for the year ending 31 December 2022.
Objectives and Activities
Objectives and Aims:
The charity's governing document outlines its purpose: to hold the trust fund and its income for the advancement of the Saiva (Hindu) religion following the Saiva Sithantha traditions, principles, and practices prevalent in Sri Lanka and Tamil Nadu, for the benefit of the community as determined by the trustees.
Significant Activities
The Saiva (Hindu) Temple in Lewisham, London, engages in significant activities, including providing traditional Hindu meals for events (Catering Services), hosting events, ceremonies, and workshops (Cultural Function Hall), and offering Tamil language and cultural education (Tamil School). Additional activities encompass religious services, community outreach, festivals, educational workshops, cultural performances, and youth programs, enriching the community's cultural, educational, and spiritual experiences. The Temple is open 365 days a year and also assists with funeral rituals.
Public Benefit
Public Benefit Statement:
Public benefit, a core aspect of being a charity, is defined by two key principles: identifiable benefits and benefits to the public.
The Trustees fulfil the following responsibilities:
Review the activities conducted for public benefit. Confirm compliance with this duty.
The Temple, located in an inner-city borough identified for areas of deprivation, opens its facilities to the entire community, ensuring a warm and comfortable environment. The aim is to make the Temple accessible to all devotees, especially those with limited financial means, setting a prayer donation ticket at a starting point of £1.
The Trustees have thoroughly reviewed the activities for public benefit, confirming compliance with this duty while adhering to The Charity Commission's guidance on public benefit.
Grantmaking
The Trust made donations to Hindu and other organisations of £19,282 (2021 £6,604) as follows:
Sivan Illam University students, Chetipalayam, Batticaloa, Sri Lanka £16,381(2021 £1.900) Olirum Valuce, Thunukai, Mullaitlium £Nil (2021 £1,500) Education Development Society, Muthur, Tricomallee £2,400 (2021 £3,000) Federation of Saiva Hindu Temples in UK £501 (2021 £204)
Page 1
LONDON SIVAN KOVIL TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
Volunteers
The Trustees express their gratitude to the dedicated volunteers for their invaluable assistance in the following areas: Overseeing and managing crowds during special events, ensuring a smooth and organized experience. Effectively managing crowd control and prioritizing health and safety measures during events. Serving food to devotees on significant occasions, contributing to a communal and inclusive atmosphere. Providing regular assistance with administrative tasks, aiding in the efficient functioning of the temple. Ensuring cleanliness and upkeep within the temple premises, contributing to a pleasant and hygienic environment for all.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The London Sivan Kovil Trust has made significant strides in providing benefits to devotees, visitors, and the local community. Key achievements and benefits include:
Diverse Functions:
Hosting a range of functions including weddings, cultural events, and funeral rituals, catering to the diverse needs and traditions of the community.
Inclusivity and Harmony:
Welcoming individuals of all faiths with warmth and friendship, fostering harmony and goodwill within the local community.
Educational Outreach:
Actively engaging local school children by inviting them to the temple, allowing them to learn about the Saiva (Hindu) religion and its practices. This initiative promotes interfaith relationships and cultural understanding.
Community Support in an Inner-City Borough:
Situated in a government-identified area for improvement, the temple provides a welcoming space for all, offering refreshments to those in need, understanding that some may have limited financial resources.
Set Objectives for Community Well-being:
The Trustees have set clear objectives, aiming for good attendance, a diverse range of functions, and inclusivity for people of all faiths, and facilitating access to temple facilities for those with limited financial means.
Community-Centric Facilities:
Owning the London Sivan Centre building and utilizing it for cultural events and classrooms, the Trust offers these facilities to local communities at subsidized rates, contributing to community enrichment.
Property Ownership for Community Benefit:
Owning assets such as a flat at 4C Clarendon Rise and a small land adjacent to 4A Clarendon Rise, the Trust extends its potential for community development and support.
These achievements and initiatives demonstrate the dedication of the London Sivan Kovil Trust to serving the community, fostering understanding and respect among different cultures and religions, and contributing to the overall well-being of the local population.
Fundraising activities
The medium-term plan involves purchasing the Temple building and premises at 4A Clarendon Rise. Fundraising will commence when the land is available for sale, The Trustees have successfully raised funds in the past to build the Sivan Centre and the new Temple.
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LONDON SIVAN KOVIL TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
FINANCIAL REVIEW
Financial position
Financial Highlights - Year Ended 31st December 2022
Cash Reserves:
Cash at bank and in hand increased to £710,505, compared to £543,979 the previous year, providing ample coverage for day-to-day operational needs.
Financial Commitments:
The funds held in the bank account have been specifically allocated to ensure the acquisition and safeguarding of the Temple premises, underscoring a steadfast financial dedication to the temple's long-term prosperity. These finances are earmarked exclusively for the purpose of purchasing the temple premises when the opportunity arises for the acquisition of the land. This careful financial planning demonstrates a strategic approach to securing the temple's future, aligning with the temple's objectives and vision.
Bank Loans:
Bank loans decreased to £127,541 from £134,780, demonstrating prudent financial management.
Loans from Trustees:
Loans from trustees were reduced to £Nil from £11,000, showcasing a positive financial trend.
Surplus of Income:
The statement of financial activities reveals a surplus of £128,094 over expenditure, compared to a surplus of £174,154 in the preceding year.
Debtor Management:
Diligent efforts to manage debtors have reduced the debtors' balance to £12,352 from £26,356, reflecting effective financial administration and collection strategies.
Bad Debt Write-off:
A prudent approach was taken to write off £11,395 as bad debt, ensuring a clear representation of the financial position.
Funding Sources:
Approximately half of the income is sourced from donations, reflecting strong community support, while the other half is generated from various charitable activities.
These financial highlights underscore the Trust's responsible financial management, a strong commitment to the Temple's future, and efforts to maintain a sound financial position while advancing the charitable objectives of the organization.
Page 3
LONDON SIVAN KOVIL TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
FINANCIAL REVIEW Reserves policy
The Trustees have conducted a thorough review of the reserves, and the summarized amounts are rounded for clarity.
On average, the monthly income has consistently exceeded the monthly expenditures, resulting in a surplus. This surplus is allocated towards repaying bank loans and establishing a dedicated fund for the eventual purchase of the Temple building and its premises. A reserve of £70,000 is maintained in the bank's current account and debtor balances. This reserve serves as a safeguard to cover instances when day-to-day expenditures exceed the income, preventing the account from going overdrawn. Additionally, an amount equivalent to two months' average expenditure, totaling £72,000, is set aside as a prudent reserve.
Moreover, a separate fund of £47,000 is earmarked specifically for emergency repairs and maintenance to ensure the ongoing upkeep and maintenance of the Temple premises. This allocation demonstrates a commitment to addressing unexpected repair needs promptly and maintaining the integrity of the Temple property.
The Trustees hold regular reviews of the financial status
The policy on holding reserves includes the following:
| Total funds Tangible fixed assets not available for general purposes Less related loans repayable within one year Less related loans repayable after one year Committed if emergency repairs are needed to the premises Committed bank balance for Temple building Committed for the repayment of trustee loans Actual reserves Reserves policy amount |
Exclude from reserves £ 1,700,801 - - 47,000 475,000 - 2,222,801 |
Reserves £ 2,298,143 (2,222,801) 75,342 72,000 |
|---|---|---|
FUTURE PLANS
The Trustees anticipate the need for future decisions regarding capital expenditure, aiming to secure the freehold of the Temple building and address any additional construction requirements. Historically, such capital expenditures have been financed through a combination of committed funds, bank loans, loans from Trustees, and fundraising efforts.
Structure, Governance, and Management:
The charity is governed by its governing document, a deed of trust, establishing it as an unincorporated charity. The constitution document was initially enacted on 19th September 1993, and the trust was formally declared on 27th February 1995. The document originally named fourteen trustees, with a stipulated range of trustees being between a minimum of fourteen and a maximum of thirty-two. In an effort to enhance governance practices, the constitution was amended on 24th July 2000, incorporating a confidential election process for the selection of office bearers, thereby ensuring transparency and efficiency in leadership appointments.
Page 4
LONDON SIVAN KOVIL TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT Charity constitution
The charity's constitution outlines its fundamental principles and operational guidelines.
Purpose:
The trustees are entrusted with establishing and maintaining a Sivan Temple in South East London, following the traditions of Saiva Temples observed in Sri Lanka and Tamil Nadu, India. The trust fund and its income are to be utilized for the advancement of the Saiva (Hindu) religion and other charitable purposes that benefit the community, as determined by the trustees.
Organisational Structure:
Day-to-day management is directly handled by the trustees and is not delegated to employees. The Trust maintains an organized office with administrative staff employed by the Trust.
The trustees have elected a chairperson, secretary, treasurer, and appointed an internal auditor. There are specialized sub-committees:
A building and finance sub-committee for capital expenditure and related financing guidance.
A community service sub-committee for providing services and support to the local community.
A cultural activity sub-committee overseeing the Temple’s Saturday Tamil School, operated on the Trust's premises. The progress of all sub-committees is coordinated by the Temple committee and reported to the main board at board meetings.
Decision Making:
Trustees collectively oversee decisions and transactions by attending the Temple office throughout the year. Some minor decisions regarding small value purchases are delegated to Temple staff.
The chairperson holds overall responsibility for the Trust's affairs, presiding over various meetings.
The secretary manages day-to-day administration, execution of resolutions, and liaises with sub-committees, coordinating progress and collecting reports for the Board of Trustees.
The treasurer maintains all accounts related to the Trust's affairs, which are then approved by the board at bi-monthly meetings.
Decision-making is conducted by secret ballot using a simple majority of votes, and the chairperson has a casting vote in the event of a tie.
Induction and Training:
New trustees are provided with the Charity Commission publication "The Essential Trustee: what you need to know, what you need to do," and are expected to read it.
Additionally, new trustees undergo an orientation, spending time with the chairperson, secretary, and treasurer to gain an overview of each office holder’s responsibilities.
This structure and governance framework provide a clear guideline for the functioning and decision-making processes within the charity, ensuring its effective operation in alignment with its intended objectives.
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LONDON SIVAN KOVIL TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT
Key Management Remuneration:
The trust does not have key management staff. The focus is on ensuring that administrators and religious workers are compensated with reasonable salaries.
Wider Network:
The Trust is a member of the Federation of Saiva (Hindu) Temples of the United Kingdom. However, this membership does not influence the operating policies of the Trust.
Related Parties:
The Trust provides support to an orphanage in Sri Lanka where eighteen resident girls receive education and reside. A dedicated team of helpers and staff are present in the facility.
Risk Management:
The trustees are proactive in identifying and addressing various risks to protect the interests of the trust:
Food safety risks are mitigated through staff training and advice from the Local Authority Environmental Health Department. Fire safety risks are addressed by following advice from the London Fire Brigade.
Risks related to income misappropriation and unauthorized expenditure are managed through careful monitoring and ensuring segregation of duties.
Risks associated with capital expenditure projects concerning buildings and lease are mitigated by leveraging the trustees' skills in engineering, construction, and business management.
Risks concerning the wellbeing and safety of the eighteen girls in the Sri Lankan orphanage are managed through regular trustee visits, reports, and oversight by medical professionals, and comprehensive follow-ups.
These measures showcase the trustees' commitment to risk management and safeguarding the trust's operations and those it serves.
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LONDON SIVAN KOVIL TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number 1051516
Principal address 4A Clarendon Rise Lewisham London SE13 5ES
REFERENCE AND ADMINISTRATIVE DETAILS Trustees Dr (Mrs) V M Karunaharan Chairperson Dr S Rajasundaram Secretary Mrs PV Gengatharan Treasurer Mr G Manoharan Dr S Navaratnam Mr S Parameswaran Mr S Pararajasingam Mr T Ratheskumar Mr A Raveendran Mr N Sivasubramaniam Dr S Sivathasan Dr T Sriskandarajah Mrs R Sritharan Mr S Sukumar Mr S Suthaharan Mr S Yogarajah
Independent examiner
Vanniasingam Sashicumarr ACMA, CGMA AA-Accounting and Business Solutions Associates 267 Haydons Road Wimbledon London SW19 8TY
Approved by order of the board of trustees on 07 September 2023 and signed on its behalf by:
Dr VM Karunaharan - Chairperson
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LONDON SIVAN KOVIL TRUST
Independent examiner's report to the trustees of LONDON SIVAN KOVIL TRUST
I report on the accounts of the LONDON SIVAN KOVIL TRUST (the Trust) for the year ended 31 December 2022.
Respective responsibilities of trustees and examiner
The trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities act 2011 (the 2011 Act) and that an independent examination is needed. The charity’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of Chartered Institute of Management Accountants.
Having satisfied myself that the charity is not subject to an audit under company law and is eligible for independent examination, it is my responsibility to:
-
Examine the accounts under section 145 of the 2011 Act:
-
Follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act:
-
State whether particular matter have come to my attention
Basis of independent examiners statement
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations, from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the statement below
Vanniasingam Sashicumarr ACMA, CGMA AA-Accounting and Business Solutions Associates 267 Haydons Road Wimbledon London SW19 8TY
07 September 2023
Page 8
LONDON SIVAN KOVIL TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Charitable activities 4 Temple Activities (Unrestricted) Investment income 3 Total EXPENDITURE ON Charitable activities 5 Temple Activities (Unrestricted) Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 323,964 346,763 1,915 672,642 544,548 544,548 128,094 1,609,280 1,737,374 |
Restricted fund £ - - - - - - - 560,769 560,769 |
2022 Total funds £ 323,964 346,763 1,915 672,642 544,548 544,548 128,094 2,170,049 2,298,143 |
2021 Total funds £ 419,824 191,546 943 612,313 438,059 438,059 174,254 1,995,795 2,170,049 |
|---|---|---|---|---|
The notes form part of these financial statements
Page 9
LONDON SIVAN KOVIL TRUST
BALANCE SHEET AT 31 DECEMBER 2022
| Unrestricted funds Notes £ FIXED ASSETS Tangible assets 10 1,140,032 CURRENT ASSETS Stocks 11 2,270 Debtors 12 52,045 Cash at bank and in hand 710,505 764,820 CREDITORS Amounts falling due within one year 13 46,937 NET CURRENT ASSETS 717,883 TOTAL ASSETS LESS CURRENT LIABILITIES 1,857,915 CREDITORS Amounts falling due after more than one year 14 (120,541) NET ASSETS 1,737,374 FUNDS 17 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted fund £ 560,769 - - - - - - 560,769 - 560,769 |
2022 Total funds £ 1,700,801 2,270 52,045 710,505 764,820 46,937 717,883 2,418,684 (120,541) 2,298,143 1,737,374 560,769 2,298,143 |
2021 Total funds £ 1,763,159 1,950 43,508 543,978 589,436 54,937 534,499 2,297,658 (127,609) 2,170,049 1,609,280 560,769 2,170,049 |
|---|---|---|---|
The financial statements were approved by the Board of Trustees on 07 September 2023 and were signed on its behalf by:
Dr (Mrs) V M Karunaharan -Chairperson
Mrs P V Gengatharan – Treasurer
The notes form part of these financial statements
continued...
Page 10
LONDON SIVAN KOVIL TRUST
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022
| Notes Cash flows from operating activities: Cash generated from operations 1 Interest paid Net cash provided by (used in) operating activities Cash flows from investing activities: Interest received Addition of fixed assets Net cash provided by (used in) investing activities Cash flows from financing activities: Loan repayments in year Net cash provided by (used in) financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2022 £ 186,807 (5,876) 180,931 1,915 (9,080) (7,165) (7,240) (7,240) 166,526 543,979 710,505 |
2021 £ 303,087 (4,454) 298,633 943 (163,500) (162,557) (8,508) (8,508) 127,568 416,411 543,979 |
|---|---|---|
The notes form part of these financial statements
Page 11
LONDON SIVAN KOVIL TRUST
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022
| 1. | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM | OPERATING ACTIVITIES | OPERATING ACTIVITIES |
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| Net income for the reporting period (as per the statement of financial | |||
| activities) | 128,094 | 174,254 | |
| Adjustments for: | |||
| Increase in stock | (320) | (150) | |
| Decrease/(increase) in debtors | (8,537) | 20,480 | |
| (Decrease)/increase in creditors | (15,068) | 26,258 | |
| Loan payment | 7,240 | 8,508 | |
| Interest received | (1,915) | (943) | |
| Interest paid | 5,876 | 4,454 | |
| Depreciation charges | 71,438 | 70,225 | |
| Net cash provided by (used in) operating activities | 186,807 | 303,087 |
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LONDON SIVAN KOVIL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011.
Income
All income is recorded in the Statement of Financial Activities once the charity has a legitimate claim to the funds, there is a high likelihood of receiving the income, and the amount can be accurately quantified.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legitimate obligation committing the charity to that expenditure. Expenditure is accounted on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources.
Allocation and apportionment of costs
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property -cost less residual value is depreciated over the useful life Long leasehold - over the lease term Fixtures and fittings - at varying rates on cost
Depreciation is not charged on the land element of freehold buildings.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charity objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. The funds in the savings account are earmarked for the specific purpose of purchasing the temple and the associated premises, and cannot be utilized for any other purpose. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
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LONDON SIVAN KOVIL TRUST
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022
2. DONATIONS AND LEGACIES
| Gift aid Abesegam Archanai Undiyal Public Donations Decorative items Trustee Donations Orphanage in Sri Lanka Public Donations Orphanage in Sri Lanka Trustee Donations Coronavirus Job Retention Scheme 3. INVESTMENT INCOME Deposit account interest 4. INCOME FROM CHARITABLE ACTIVITIES Activity Parasardum Temple Activities (Unrestricted) Weddings Temple Activities (Unrestricted) Cleaning Charges Temple Activities (Unrestricted) Groceries Temple Activities (Unrestricted) Archanai Items Temple Activities (Unrestricted) Outside Service Temple Activities (Unrestricted) Rent Sivan Centre and Navalar Temple Activities (Unrestricted) Rental Income Temple Activities (Unrestricted) Malai Temple Activities (Unrestricted) Calendar/ Book Sale Temple Activities (Unrestricted) Car/ Pooja/Soruttal Temple Activities (Unrestricted) Siva Kurukal Temple Activities (Unrestricted) Festival Events Temple Activities (Unrestricted) Melam Charges Temple Activities (Unrestricted) Saree Temple Activities (Unrestricted) Rent Income from employees Temple Activities (Unrestricted) School Fundraising Temple Activities (Unrestricted) Miscellaneous Income Temple Activities (Unrestricted) |
2022 £ 7,758 57,537 138,582 54,986 19,161 7,936 25,910 9,354 2,740 - 323,964 2022 £ 1,915 2022 £ 56,038 200 1,110 19,122 24,328 45,240 36,905 13,926 10,303 3,201 7,925 42,000 26,265 7625 4,951 44,466 - 3,158 346,763 |
2021 £ 13,797 54,182 98,712 34,907 25,204 162,000 11,975 5,067 900 13,080 419,824 2021 £ 943 2021 £ 15,693 600 - 14,328 11,780 30,980 14,995 11,400 7,976 682 - 36,100 - - 2,780 43,450 - 782 191,546 |
|---|---|---|
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LONDON SIVAN KOVIL TRUST
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022
5. CHARITABLE ACTIVITIES COSTS
6.
| Direct costs Support costs (See note 6) £ £ Temple Activities (Unrestricted) 519,444 25,105 SUPPORT COSTS Management Finance Governance costs £ £ £ Temple Activities (Unrestricted) 4,330 5,399 15,376 |
Totals £ 544,549 Totals £ 25,106 |
|
|---|---|---|
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2022, nor for the year ended 31 December 2021.
8. STAFF COSTS
The salaries of priests and temple staff were £149,851 for the year ended 31[st] December 2022 and £150,639 for the year ended 31[st] December 2021.
Government grant (Job retention scheme) of £Nil is received during the year.
The average monthly number of employees during the year was as follows:
| Priests Administrators Kitchen |
2022 6 1 1 8 |
2021 6 1 1 8 |
|---|---|---|
No employees received emoluments in excess of £60,000.
9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and legacies 419,824 Investment income 943 Charitable activities Temple Activities (Unrestricted) 191,546 Total 612,313 |
Restricted fund £ - - - |
Total funds £ 419,824 943 191,546 612,313 |
|---|---|---|
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LONDON SIVAN KOVIL TRUST
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022
| 9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES – continued Unrestricted funds Restricted fund £ £ EXPENDITURE ON Charitable activities Temple Activities (Unrestricted) 438,059 - - Total 438,059 - NET INCOME/(LOSS) 174,254 - RECONCILIATION OF FUNDS Total funds brought forward 1,435,026 560,769 TOTAL FUNDS CARRIED FORWARD 1,609,280 560,769 10. TANGIBLE FIXED ASSETS Freehold property Long leasehold Fixtures and fittings £ £ £ COST At 1 January 2022 912,007 1,567,776 222,467 Additions - - 9,080 At 31 December 2022 912,007 1,567,776 231,547 DEPRECIATION At 1 January 2022 61,500 825,566 52,025 Charge for year 2,500 67,500 1,438 At 31 December 2022 64,000 893,066 53,463 NET BOOK VALUE At 31 December 2021 850,507 742,210 170,442 At 31 December 2022 848,007 674,710 178,084 |
Total funds £ 438,059 438,059 174,254 1,995,795 2,170,049 Totals £ 2,702,250 2,702,250 939,091 71,438 1,010,529 1,763,159 1,700,801 |
|---|---|
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LONDON SIVAN KOVIL TRUST
NOTES TO THE FINANCIAL STATEMENTS – CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022
| 11. STOCKS Stocks 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Prepayment and Cash in transit Debtors |
2022 £ 2,270 2022 £ 16,305 35,740 52,045 |
2021 £ 1,950 2021 £ 15,338 28,170 43,508 |
2021 £ 1,950 2021 £ 15,338 28,170 43,508 |
|---|---|---|---|
43,508 |
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LONDON SIVAN KOVIL TRUST
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022
13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Bank loans and overdrafts (see note 15) Trustee loans Other creditors 14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Bank loans (see note 15) Trustee loans 15. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year: Bank loans Amounts falling between one and two years: Bank loans - 1-2 years Amounts falling due between two and five years: Bank loans - 2-5 years Other loans - 2-5 years Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 year by instalments 16. SECURED DEBTS The following secured debts are included within creditors: Bank loans – The loan was repaid in full on 26thApril 2023. Bank loans are secured on freehold property. |
Bank loans and overdrafts (see note 15) Trustee loans Other creditors 14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Bank loans (see note 15) Trustee loans 15. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year: Bank loans Amounts falling between one and two years: Bank loans - 1-2 years Amounts falling due between two and five years: Bank loans - 2-5 years Other loans - 2-5 years Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 year by instalments 16. SECURED DEBTS The following secured debts are included within creditors: Bank loans – The loan was repaid in full on 26thApril 2023. Bank loans are secured on freehold property. |
2022 £ 7,000 - 39,937 46,937 2022 £ 120,541 - 120,541 2022 £ 7000 7,000 21,000 - - 92,541 2022 £ 127,541 |
2021 £ 7,172 11,000 36,765 54,937 2021 £ 134,781 - 134,781 2021 £ 7,172 7,000 21,000 - 21,000 99,609 2021 £ 134,781 |
|
|---|---|---|---|---|
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LONDON SIVAN KOVIL TRUST
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022
17. MOVEMENT IN FUNDS
| Net movement | |||
|---|---|---|---|
| At 1.1.22 | in funds | At 31.12.22 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| Temple Activities (Unrestricted) | 1,609,280 | 128,094 | 1,737,374 |
| Restricted funds | |||
| Sivan Centre Activities (Restricted) | 560,769 | - | 560,769 |
| TOTAL FUNDS | 2,170,049 | 128,094 | 2,298,143 |
| Net movement in funds, included in the above are as follows: | |||
| Incoming | Resources | Movement in | |
| resources | expended | funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| Temple Activities (Unrestricted) | 672,642 | 544,548 | 128,094 |
| TOTAL FUNDS | 672,642 | 544,548 | 128,094 |
| Comparatives for movement in funds | |||
| Net movement | |||
| At 1.1.21 | in funds | At 31.12.21 | |
| £ | £ | £ | |
| Unrestricted Funds | |||
| Temple Activities (Unrestricted) | 1,435,026 | 174,254 | 1,609,280 |
| Restricted Funds | |||
| Sivan Centre Activities (Restricted) | 560,769 | - | 560,769 |
| TOTAL FUNDS | 1,995,795 | 174,254 | 2,170,049 |
| Comparative net movement in funds, included in the above are as follows: | |||
| Incoming | Resources | Movement in | |
| resources | expended | funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| Temple Activities (Unrestricted) | 612,313 | 438,059 | 174,254 |
| TOTAL FUNDS | 612,313 | 438,059 | 174,254 |
Page 19
LONDON SIVAN KOVIL TRUST
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022
18. RELATED PARTY DISCLOSURES
Trustees made interest free loans of £0 (2021 £11,000)
Dr S Somasegaram £Nil (2021 £1,000) Mr S Parameswaran £Nil (2021 £5,000) Mr S Yogarajah £Nil (2021 £5,000)
Trustees made the following donations of £28,650 (2021 £12,875) as follows:
Dr T Sriskandarajah £7,380 (2021 £2,530) Dr S Sivathasan £3,860 (2021 £2,150) Mrs PV Gengatharan £1,350 (2021 £725) Dr (Mrs) V M Karunaharan £1,720 (2021 £720) Dr S Navaratnam £500 (2021 £250) Dr S Rajasundaram £4,360 (2021 £3,610) Mr N Sivasubraniam £610 (2021 £360) Dr S Somasegaram £1,240 (2021 £1,340) Mr S Yogarajah £740 (2021 £120) Mr S Sukumar £1,920 (£2021 £670) Mr S Parameswaran £1,250 (2021 £400) Mr T Ratheskumar £600 (2021 £Nil) Mr G Manoharan £1,620 (2021 £Nil) Mr A Raveendran £500 (2021 £Nil) Mr S Pararajasingam £500 (2021 £Nil) Mrs R Sritharan £500 (2021 £Nil)
The Trust owns the freehold land and buildings of the Orphanage in Sri Lanka. A local committee in Sri Lanka operates the orphanage and its bank account. At 31st December 2022 the bank balance was approximately £2,350 (2021 approximately £355).
Page 20
LONDON SIVAN KOVIL TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| INCOME AND ENDOWMENTS Donations and legacies Investment income Deposit account interest Charitable activities Parasardum Weddings Cleaning Charges Archanai Items Abiseka Items Outside Service Rent Sivan Centre and Navalar Rental Income Malai Calendar/Book Sale Car/Swami Padam Pooja/Soruttal Siva Kurukal Festival Events Melam Charges Saree Rental Income from Employee School Fundraising Miscellaneous Income Total incoming resources EXPENDITURE Charitable activities Flowers Salaries of Priests & Admin Rent Carried forward Gift aid Abesegam Archanai Undiyal Public Donations Decorative items Trustee Donations Orphanage in Sri Lanka Public Donations Orphanage in Sri Lanka Trustee Donations Coronavirus Job Retention Scheme |
2022 £ 1,915 56,038 200 1,110 19,122 24,328 45,240 36,905 13,926 10,303 3,201 7,925 42,000 26,265 7,625 4,951 44,466 - 3,158 348,678 672,642 18,155 149,851 44,000 212,006 7,758 57,537 138,582 54,986 19161 7,936 25,910 9,354 2,740 - 323,964 |
2021 £ 943 15,693 600 - 14,328 11,780 30,980 14,995 11,400 7,976 682 - 36,100 - - 2,780 43,450 - 782 191,546 612,313 10,146 150,639 44,000 204,785 13,797 54,182 98,712 34,907 25,204 162,000 11,975 5,067 900 13,080 419,824 |
|---|---|---|
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LONDON SIVAN KOVIL TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| Charitable activities Brought forward Recruitment & training cost Prasatham / Cooking Festival Expenses Funeral Items Refuse collection Malai Cost Insurance Light and Heat Water Melam Repairs Abiseka Items Archanai Items Donation to Hindu Organisations-EDS Depreciation Cleaning Transfers to Sri Lanka Orphanage Fruits Priest Hire Other Other Temple Books Loan interest Bad debts write off Security costs Sundry expenses Support costs Management Telephone Postage and stationery IT Support Transport Finance Bank charges Governance costs Independent Examination fees Accountancy fees Legal fees Total resources expended Net income/(Loss) |
2022 £ 212,006 9,815 24,770 6,255 1,299 3,271 2,400 15,178 18,853 1,725 7,402 39,076 23,076 17,383 2,400 71,438 12,250 16,381 - 11,011 2,742 498,731 820 5,876 11,395 1,776 845 20,712 1,260 2,770 - 300 4,330 5,399 2,000 4,207 9,169 15,376 544,548 128,094 |
2021 £ 204,785 - 10,841 - - 3,168 - 10,094 14,460 4,689 7,495 13,480 10,559 12,305 6,604 70,225 11,718 5,500 1,842 - - 387,765 1,995 4,454 - 3,797 132 10,378 782 1,553 1,250 1,275 4,860 4,001 2,000 4,250 24,805 31,055 438,059 174,254 |
|---|---|---|
This page does not form part of the statutory financial statements Page 22