REGISTERED CHARITY NUMBER: 1051516
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 FOR LONDON SIVAN KOVIL TRUST
LOi¥DON SIVAN KOVIL TRUST CONTENTS OF THE FINANCIAL ST ATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Page Report of the Trustees Ito7 Independent Examiner's Rep)rt Statement of Financial Activities Balance Sheet io Cash Flow Statement Notes to the Cash Flow Statement 12 Notes to the Financial Statements 13to20 Detailed Statement of Financial Activities 21 to22
LONDON SIVAN KOVIL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ir¢land ffRS 102) effective from l January 2015, the truslees present the financial stat¢ments for the year endlng 31 December 2023. Objectives and Activities Objectives and Aims: The ¢harity'S goveming document outlines its PUTpose'. to hold the trust fund and its in¢ome 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 b¢nefit of the community as deterniined by the trustees. Slgnlflcant Activlties The Saiva (Hindu) Temple in Lewisham, London, engages in significant adivities, including providing traditional Hindu mea15 for events (Catering Services), hosting events, ceremonies, and workshops (Culturdl Function Hall), and offering Tamil language and cultural education (Tamil School). Additional activities encompass religious services, cornmunity outreach, festivals, educational workshops, cultural perfonnan¢es. and youth programs. enriching the community's cultural, educational, and spiritual experien¢¢s. The Temple is open 365 days a year and also assxsts with funeral rituals. Publie Beneflt Public Benefit Statement: Public benefiL a core asp¢¢t of being a charity, is defined by two key principles: identifiable benefits and benefits to the publi¢. The Trustees fulfil the following responsibilities., Review the activities conducted for public benefit. Confirn) Compliance with this duty. The Temple, located in an inner-city borough identified for areas of deprtvatioffj 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 fmancial means. setting a prayer donation ticket at a slarting point of £1. The Truslees have thoroughly reviewed the activities for public benefit. confming 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 £25,929 (2022 £19282) as follows". Sivan Illam University students, Chetipalayam, Batticaloa, Sri Lanka £16,525 (2022 £16,381) Olirum Valuce, Thunukai, Mullaitliurn £8,900 (2022 £Nil) Education Development Society, Mu¢hur, Tricomall¢e £Nil (2022 £2,400) Federation of Saiva Hindu Temples in UK £504 (2022 £501) Page I
LONDON SIVAN KOVIL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Volunteers The Trustees express their gratitude to the dedicated volunteers for their invaluable &ssistance 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 athninistrative t&8ks, aidtng in the efficient functioning of the temple. Ensuring cleanliness and upkeep within the temple pr¢mises, contributing to a pleasant and hygienic environment for all. ACHIEVEMENT AND PERFORMANCE Charitable aetivities The London Sivan Kovil Trust has made significanl strides in providing benefits to devotees, visitors, and the Ial 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. Jnclusivity and Harnjony". Welcoming individuals of all faiths with wannth and friendship, fostering harniony 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 governrn¢nt-identified area for improvement, the temple provid¢s a w¢l¢oming 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 ran8e of functions. &nd inclusivity for people of all faiths, and 1]itating 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 offtrs these facilities to local communities at subsidized rntes, 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 ¢ommunity, fostering understanding and respect among different cultures and religions, and contributing to the overall we114Jeing of the local population. Fundralsing &etivities The medium-terni plan involves purchasing th¢ Temple building and premises at 4A Clarendon Rise. Fundrnising will cornmence when the land is available for sale, The Trustees have successfully raksed funds in the p&st to build the Sivan Centre and the new Temple. Page 2
LONDON SIVAN KOVIL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER2023 FINANCIAL REVIEW Financial position Financial Highlights - Year Ended 3 1st December 2023 Cash Reserves.. Cash at bank and in hand increased to £757,760, compared to £710,505 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 premAses, underscorlng a steadfast financial dedication to the temple's long-terni prosperity. These finances are earniarked exclusively for the purpose of purchasing the temple premises when the opportunity arise5 for the acquisition of the land. This careful financial planning demonstrates a strategic approach to securing the temple's ture, aligning with the temple's objectives and vision. Bank Loans.. Bank loans decreased to £Nil from £127,541, demonstrattng prudent financial management. Loans from Trustees: Loans from trustees were reduced to £Nil, showcasing a positive fmancial trend. Surplus of Income: The statement of fmancial activities reveals a surplus of £150,760 over expenditure, compared to a surplus of £128,094 in the preceding year. Debtor Management: Diligent efforts to manage debtors have limited the debtors, balance to £20,023, reflecting effective financial administration and collection strategies. Bad Debt Write-off: A prudent approach was tak¢n to vffite off £Nil as bad d¢bL ensuring a clear r¢pr¢sentation of the f]nancial position. Funding Sources: Approximately half of the income is sourced from donations, reflecting strong community supporL while the other half is generated from various charitabl¢ activities. These financial highlights underscore the Trust's responsible financial management, a strong commitment to the Temple's future, and efforts to mainlain a sound financial position while advancing the charitable objectives of the organlzation. Page 3
LONDON SIVAN KOVIL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED31 DECEMBER2023 FINANCIAL REVIEW Reserves policy The Trustees have conducted a thorough review of the reserves, and the summariz£d 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 th¢ 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 Overdra. Additionally, an amount equivalent to two months, averag¢ expenditur¢, totalling £72,000, is set aside as a prud¢nt reserve. Moreover, a separate fund of £50,000 is earn]ark 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: Exclude from reserves £ Reserves £ 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 repaiTS are needed to the pr¢mises Committed bank balance for Temple building Comtnitted for the repayment of trustee loans 2,448,903 1,650,194 50,000 675,000 2,375,194 (2,375,194) Actual reserves 73,709 Reserves policy amount 72,000 FUTURE PLANS The Trustees anticipate the need for future decisions regarding capital expenditur4 aiming to secure the freehold of the Temple building and address any additional construction r¢quirement5. 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 goveming 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 fornially declared on 27th February 1995. The document originally named fourteen trustee& with a stipulated range of trustees being between a minimum of fourteen and a maximum of thirty-two. In an effort to enhan¢e governance prdctices, the constitution was arnended on 24th July 2000, incorporating a confidential election pro¢ess 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 DECEMBER2023 STRUCTURE, GOVERNANCE AIYD MANAGEMENT Charity eonstitution The charity's constitution outlines its fimdamental prlnciples and operdtional guid¢lines. PuOse. 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, Indi& The trust fund and its income are to b¢ utilized for the advancement of the Saiva (Hindu) religion and other charitable purposes that benefit the community, as deterniined 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 athninistrative staff employed by the Trust. The trustees have elected a chairperson, secretary, treasurer, and appointed an internal auditor. There are specialized sUCOMMIttees. A building and finance sub-committee for capital expenditure and related fmancing 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-ldaY 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 IK)ard 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 publicaiion "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 Chairperso secretary, and treasurer to gain an overview of each office holder's responsibilities, This stNcture and governance framework provide a clear guideline for the functioning and decision-making processes within the charity, ensuring its effective operdtion in alignment with its intended objectives. Page 5
LONDON SIVAN KOVIL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED31 DECEMBER 2023 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 operdting policies of the Trt. Related Parties.. The Trust provides support to an orphanage in Sri Lanka where eighteen resident girls receive educalion and reside. A dedicated team of helpers and staff are present in th¢ facility. Risk Management.. The trustees are proaetive in identtfying and addressing various risks to protect the interests of the trust.. Food safety risks are mitigated through staff training and advice from the LocaI Authority Environmental Health Departrnent. Fire saf¢ty risks are addressed by following advice from the London Fire Brigade. Risks related to income misappropriation and unauthorized exp¢nditure ar¢ 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. Page 6
LONDON SIVAN KOVIL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED31 DECEMBER 2023 REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity Dumber 1051516 Principal address 4A Clarendon Rise Lewisham London SE13 SES REFERENCE AND ADMINISTRATIVE DETAIi Trustees Dr T Sriskandarajah Mr S Sukumar Mrs PV Gengatharan Chairperson Secretary Treasurer Mr N Sivasubramaniam Mr S Yogarajah Dr S Sivathasan MT A R2veendran Mr S Pararajasingam Dr (Mrs) V M Karunakaran Mr G Manoharan Dr S Navaratnam Mr S Parameswaran Mr T Rath¢skumar Mr S Suthaharan Independent examiner Vanniasingam Sashicumarr ACMA, CGMA AA-Accounting and Business Solutions Associates 267 Haydons Road Wimbledon London SW19 8TY Approved order of the board of trnstees on 19 October 2024 and signed on its behalf by: DrTS kandarajah - Cba Page 7
INDEPENDENT EXAMINER'S REPOIIT TO THf. TRUSTEES OF LONDON SIVAN KOVIL TRUST Indcpciident Lxamincr's rcporl lo tli¢ trustL'es of LONDON SIVAN KOVIL TRUST report on Ihe accouiils ofihe LONDON SIVAN KOVIL"fRUST (the Trust) for Ilie year ei)ded 31 Dcceiiiber ?0?3. Respective re5ponsibilitics of trustc¢s and examiner 'riie tru51ees are responsil)le for Ilie preparalion of the accuuTrls. 'fiie Iruslees considei. Ihal an audii is not requii'ed for tl)is y¢ar under section 144(?) of il)¢ charitie.s 4lCt 2011 (Ilie 201 l Acl) and Ilial an indcpendenr ex¢iininaiion is needed. The cl)aril! s &yross incomL excLLdL'd £250,000 and l aiii qualified to undL>rtake the c.xaiiiination by being) a qLialified niember of Cl)artered Insliluie of Mana¥¢meni Accounlaiiis. Huviiigy Satisfied mysL'if Ihat the cl)drity is nol subject lo an audii under company law dnd is eligible for indep¢nd¢ni eN<iininaiion, il is my respon5ibilily lo.. Ekam ine the aceounls under Section 145 of the ?0 I l Ai(: rolloiv Ilic procedurL'S laid doii'n in lh¢ s)¢n¢ral Directions gii'en by the Chdrily Comnii5sion ui)der seclion 145(5){bl ofthe ?0 I l Act.. StaiL ivli¢¥ilier pai'iicular mJit¢r l)ave coine to m), ¥ill¢i)lion Ba515 of independ¢nl cxaininers $14lcmenl My Lxaininalioii was cari'ied out 111 ccordaiice i¥iih giei)eral DirLclions giiven by il)e Clicll'ily Coiiiniission. Ali L'.iiiminatioii incliides a rLview ofr'iliL' dc¢ountingr records kepl by Ilie charily and COIIIPdrisoi) of IliL accounis presenied ii'iih Il)osc records. 11 a150 includes coiisiderii lion of an}, unusual iicms or disc105ures in the accounis, aiid sLekinb¥ explanations, froin yoii as Iriislees coiicerning aiiy sucli iiiiitters. TiiL proc¢durL5 Iirbdertaken do not provide all Ilie evidcnce Ilial would be required in an audil. and con%L'quently iio opinioii is gFiven ds lo wliether tlie accouiils prLs¥1i1 a "IriiL' and fair vi¢iY" and the repoi'i is limilcd lo Iliose InallLrs set out in Ihe siaienitynt beloiv ciiiiiiasinb) jlEI) Sasliicuinarr ACMA, CGMA AA-AccoLiiilinbtr and IliisinLss Soluliuns Associates 14d)'dons Road Winibledoii L.ondon SW198TY 19 October ?024 Page 8
LONDON SIVAN KOVIL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 Totsl funds 2022 Total funds Unrestricted funds Restricted fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Ternple Activities (Unrestricted) 396,925 511,243 323,964 360,167 245,849 346,763 Investment income 6,553 6,553 1,915 Total 763,645 763,645 672,642 EXPENDITURE ON Ch8ritabl¢ attivities Temple AdivRties (Unrestricted) 612,885 612,885 544,548. Tot81 612,885 612,885 544,548 NET ENCOME 150,760 150,760 128,094 RECONCILIATION OF FUNDS Total funds brought forward 1,737,374 560,769 2,298,143 2,170,049 TOTAL FUNDS CARRIED FORWARD 1,888,134 560,769 2,448,903 2,298,143 The notes forn) part of these ftnancial stsiements Page 9
LONDON SIVAN KOVIL TRUST BALANCE SHEET AT 31 DECEMBER2023 2023 Total funds 2022 Total funds Unrestricted funds Restricted fund Notes FIXED ASSETS Tangible assets 10 1,089,425 560,769 1,650,194 1,700,801 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 2,450 55,952 757,759 2,450 55,952 757,759 2,270 52.045 710,505 12 816,161 816,161 764,820 CREDITORS Amounts falling due within one year 13 17,452 17,452 46.937 NET CURRENT ASSETS 798,709 798,709 717,883 TOTAL ASSETS LESS CURRENT LIABILITIES 1,888,134 560,769 2,448,903 2,418,684 CREDITORS Amounts falling due after more than one year 14 (120,541) NET ASSETS 1,888,134 560,769 2,448,903 2,298,143 FUNDS Unrestricted funds Restricted fijnds 17 1,888.134 560 769 1,737,374 560,769 TOTAL FUNDS 2.448,903 2,298,143 The financial statements were approved by the Board of Trustees on October 2023 and were sign¢d on its behalf by: Dr T. Sriskandarajah -Chairy) rson ? L_J.k4 Mrs P V Gengatharan- Trwurer The notes forni part of these fllmncial ststements Page 10 continued...
LOI¥DON SIVAN KOVIL TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Cash flows from operating aetivities: Cash generated from operatlons Interest paid 199,064 3,092 186,807 (5,876) Net cash provided by (used in) operatlng actlvities 202 156 180931 Cash flows from investlng activities: Interest received Addition of fixed assets (6,552) 20,807) 1,915 (9.080) Net cash provided by (used in) investing activities (27,359) (7.165) Cash Ilows from financing actlvlties: Loan repayments in year 127.541) Net eash provlded by (used In) finaneing activities 127 541) Change In cash and eash equivalent$ in the reportlng period Cash and eash equivalents at the beglnning of the reporting perlod 47255 166,526 710,505 543.979 Cash and cash equivalents at the end of the reportlng period 757 760 710,505 Th¢ notes forni part of these financi ststernents Page 11
LONDON SIVAN KOVIL TRUST NOTES TO THE CASH FLOW STATEMENT FOR THE YEARENDED31 DECEMBER 2023 RECOIYCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2023 2022 Net income for the reporting period (95 per the statement of financial activltles) Adjustments for: 150,760 128,094 Increase in stock Decrease/(increase) in debtors (Decrease)/increase in creditors Interest received Interest paid Depwiation charges (180) (3.907) (22,485) 6,552 (3,092) 71,414 (320) (8,537) (7,827) (1,915) 5,876 71,438 Net $h provided by (used In) operatfing aetivilies 199.064 186,807 Page 12
LONDON SIVAN KOVKL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES Basts of preparing the financial statements The fmancial 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 th¢ UK and Republic of Ireland (FRS 102) (effective l January 2015),, Financial Reporting Srandard 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 th¢ 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 expenditur¢ 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. Alloeation and 84pportlonment of costs Tangible fixed assets Depreciation is pmvided at the following annual rafrs in order to WTit¢ off each asset over its estimated usefi life. Fre¢hold property Long leasehold Fixtures and fittings ost less residual value is depreciated over the useful life over the lease tenn - 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 vaEue, after making due allowance for obsolete and slow moving items, TaxvdtloD The charity is exempt from tax on its charitable activities. Fund accountlng Unrestricted funds ¢an be used in accordance with the charity objectives at the discretion of the trnstees. Restricted funds can only be used for particular restrlcted purpog¢S Wlthin 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 earniarked for the specific purpose of purchasing the temple and the associated premises, and cannol be utilid for any other purpose. Further explanation of the nature and purpose of each fund is included in the no*s to the financial statements. Page 13
LONDON SIVAN KOVIL TRUST NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 DONATIONS AND LEGACJES 2023 2022 Gift aid Abes¢gam Archanai Undiyal Public Donations Decorative items Trustre Donattons Orphanag¢ in Sri Lanka Public Donations Orphanage in Sri Lanka Trustee Donations 29,357 73,743 171,185 65.931 E9,978 19,529 11,015. 5,387 800 7,758 57,537 138,582 54,986 19,161 7,936 25,910 9,354 2,740 396,925 323,964 INVESTMENT INCOME 2023 2022 Deposit account interest 6.553 1,915 INCOME FROM CHARITABLE ACTtvrrIES 2023 2022 Aetivity Temple Activilies (Unrestricted) Temple Activities (Unrestricted) Temple Activities (Unrestricted) Temple Activities {Unrestrict¢d) Temple Activities (Unrestricted) Temple Activilies (Unrestricted) Temple Activities (Unrestricted) Temple Activities (Unrestricted) Temple Activities (Unrestricted) Temple Activities (Unrestricted) Temple Activities (Unrestricted) Temple Activities (Unre5trict¢d) Temple Activities (Unr¢strirted) Temple Activities (Unrestricted) Temple Activities (Unrestricted) Temple Activities (Unrestricted) Temple Activities (Unrestricted) Temple Activities (Unrestricted) Parasardum Weddings Cleaning Charges Groceries Archanai Items Outside Service Rent Sivan Centre and Navalar Rental Income Malai Calendar/ Book Sale Carl Pooj&lSoruttal Siva Kurukal Festival Events Melam Charges Sar¢e Rent Income from employees School Fundraising Miscellaneous Income 77,944 600 56,038 200 I,iio 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 24,541 22,781 39,561 44,140 13,365 14,998 2,754 10,800 28,250 27,293 6,725 4,252 39,195 2.968 360,167 346,763 Page 14
LONDON SIVAN KOVIL TRUST Tr40TES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 CHAIUTABLE ACTIVITIES COSTS Direct costs Support costs (See nole 6) Totals Temple Activities (Unrestricted) 586,609 26,276 612,885 SUPPORT COSTS Governance osts Management Finance Totals Temple Activities {Unrestri¢ted) 4,155 6,105 16,016 26,276 TRUSTEES, REMUNERA TION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022. Trustees, expenses There were no trustees, ¢xpenses paid for the year ended 31 December 2023, nor for the year ended 31 December 2022. STAFF COSTS st The salaries of priests and temple stsff were £147,780 for the year ended 31 December 2023 and £149,851 ftir st the year ended 31 December 2022. The average monthly number of ¢mployees during the year was as follows: Priests Administrators Kitchen/Cleaner 2023 2022 io No employees received emoluments in excess of £60,000. COMPARATtVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- 2022 Unrestricted fund5 Restricted fund Total fvnds INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Charilable activities Temple A¢tivities (Unrestricted) 323,964 1,915 323,964 1,915 346 763 346,763 Total 672,642 672,642 Page 15
LONDON SIVAN KOVIL TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- eontinued Unrestricted Restricted funds fund Total funds EXPENDITURE ON Charitable activities Temple Activities (Unrestricted) 544,548 544,548 Total 544,548 544,548 NET INCOMEI(LOSS) 128,094 128,094 RECOIYCILIATION OF FUNDS Total funds brought forward 2,170,049 560,769 2,730,818 TOTAL FUNDS CARRIED FORWARD 2 298,143 560,769 2,858,912 io. TANGIBLE FIXED ASSETS Freehold propety Long Fixtures and leasehold fittings Totals COST At l January 2023 Additions 848,007 1,567,776 231,547 20,807 2,647.330 20,807 At 31 December 2023 848,007 1,567,776 252,354 2,668,137 DEPRECIATION At l January 2023 Charge for year 64,OIK) 2,500 893,066 67,500 53,463 1,414 1,010,529 71,414 At 31 December 2023 66,5 960,506 54,877 1,081,883 NET BOOK VALUE At 31 December 2022 784 007 674 770 178 084 ,636 801 At 31 December 2023 781,507 607,270 197,477 1586,254 Page 16
LONDON SIVAN KOVIL TRUST NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 ii. STOCKS 2023 2022 Stocks 2,450 2,270 12. DEBTORS: AMOUWTS FALLING DUE WITHIN ONE YEAR 2023 2022 Prepayment and Cash in transit Debtors 17,073 16,305 55,952 52,045 Page 17
LONDON SIVAN KOVIL TRUST NOTES TO THE FINANCIAL STATEMENTS - coNfiNUED FOR THE YEAR ENDED 31 DECEMBER 2023 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 13. 2023 2022 Bank loans and overdrafts (see nofr 15) Trustee loans Other creditors 7,000 17,452 39,937 17,452 46,937 14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2023 2022 Bank loans (see note 15) Trustee loans 120,541 120,541 Is. LOANS An analysis of the maturity of loans is given below: 2023 2022 Amounts falling due within one year: Bank loans 7,000 Amounts falling between one and two years: Bank loans - 1-2 years Amounts falling due between two and five years: Bank loans- 2-5 year5 Other loans - 2-5 years 21,0 21,000 Amounts falling due in more than five yeaTS: Repayable by instalments.. Bank loans more 5 year by AnstslmentS 92,541 16. SECURED DEBTS The following secured debts are included within creditors.. 2023 2022 th Bank loans- The loan was repaid in full on 26 April 2023. 127,541 Bank loans are secured on freehold property. Page 18
LONDON SIVAN KOVIL TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 17. MOVEMENT IN FUNDS Net movement in funds At 1.1.23 AÉ31.12.23 Unreslricted fuDd$ Temple Activities (Unrestri¢ted) 1,737,374 150,760 1,888,134 Restrleted funds Sivan Centre Activities (Restricted) 560,769 560,769 TOTAL FUNDS 2,298,143 2,448,903 Net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in fimds Unrestricted funds Temple Activities (UnrestrÉcted) 763,645 612,885 150,760 TOTAL FUNDS 763 645 612,885 130,760 Comparatlves for movement In funds Net movement in funds At 1.1.22 At31.12.22 Unre$trieted Funds Temple Activities (Unrestricted) 1,609,280 128,094 ,737,374 Reslrieted Funds Sivan Centr¢ Activities (Restricted) 560,769 560,769 TOTAL FUNDS 2,170,049 128,094 2,298,143 Comparative net movement in fLm(Ls, included in the abov¢ are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds Temple Activities {Unrestricted) 672,642 544,548 128,094 TOTAL FUNDS 672 642 544,548 128.094 Page 19
LONDON SIVAN KOVIL TRUST NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 J8. RELATED PARTY DISCLOSURES Trustees made interest fre¢ loans of £0 (2022 £0) Trustees made the following donations of £11,816 (2022 £28,650) as follows: Dr T Sriskandardjah £680 (2022 £7,380) Dr S Sivathasan £2,460 {2022 £3.860) Mrs PV Gengatharan £l.000 (2022 £1,350) Dr (Mrs) V M Karunaharan £1.320 (2022 £1,720) Dr S Navaratnam £Nil (2022 £500) Dr S Rajasundaram £3,120 (2022 £4,360) MT N Sivasubraniam £460 (2022 £610) Dr S Somasegaram £Nil (2022 £1240) Mr S Yogarajah £240 (2022 £740) Mr S Sukumar £920 (£2022 £1,920) Mr S Parameswaran £250 (2022 £1,250) Mr T Ratheskumar £500 (2022 £600) Mr G Manoharan £666 (2022 £1,620) Mr A Raveendran £ 100 (2022 £500) Mr S ParajasInga £Nil (2022 £500) Mrs R Sritharan £100 (2022 £500) The Trust owns the freehold land and buildings of the Orphanage in Sri Lanka. A local Committee in Sri Lanka operates the ory)hanage and its bank account. At 3 1st December 2023 the bank balance was approximately £1,750 (2022 approximately £2,350). Page 20
LONDON SIVAN KOVIL TRUST DETAILED ST ATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 INCOME AND ENDOWMENTS Gift aid Abesegam Archanai Undiyal Public Donations Decorative items Trustee Donations Orphanage in Sri Lanka Public Donations Orphanage in Srt Lanka Trustee Donations 29,357 73,743 171,185 65,931 19.978 19,529 11,015 5,387 800 7,758 57,537 138,582 54,986 19,161 7,936 25,910 9,354 2,740 396,925 323,964 Donations and legaeles lllvestment income Deposit account intsrest 6,553 1,915 Charltable aetlvities Parasardum Weddings Cleaning Charges Archanai Items Abiseka Items Outside Service Rent Sivan Centre and Navalar Rental Income Malai CalendarlBook Sale Carlswami Padam Poojalsoruttal Siva Kurukal Festival Events Melam Charges Saree Rental Income from Employee School Fundrdising miwel1aneoS Income 77,944 600 56,038 200 I,iio 19,122 24,328 45,240 36,905 13.926 IOJ03 3,201 7,925 42,000 26265 7,625 4,951 44,466 24,541 22.781 39,561 44,140 13,365 14,998 2,754 10,800 28,250 27,293 6,725 4,252 39,195 2,968 3,158 360,167 346.763 Total incorning resources 763,645 672,642 EXPENDITURE Charltsble acllvltles Flowers Salaries of Priests & Admin Rent Carried forward 12,520 147,780 44,000 204,300 18,155 149,851 44,000 212,006 This page does not forni part of the slatutory financial statements Page21
LONDON SIVAN KOVIL TRUST DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED31 DECEMBER 2023 2023 2022 Charitsble activitles Brought forward Recruitment & training cost Prasatham / Cooking Festival Expenses Funeral Items Refuse collection Malai Cost Insurance Light and Heat Water Melam Repatrs Abiseka Items Archanai Items Donation to Hindu Organisations-EDS Depreciation Cleaning Transfers to Sri Lanka Orphanage Fruits Teaching Payments Priest Hire Other 204,300 4,950 34,171 32,322 541 3,543 8,978 17,232 28,059 1,842 4,850 60,592 20,906 22,310 8,900 71,414 18,819 17,495 212,006 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 12250 16,381 10,365 2,335 5,231 11,011 2,742 Other Temple B(yoks Loan interest Bad debts write off Security costs Sundry expenses 579,155 498,731 1,360 3,092 820 5,876 11,395 1,776 845 1,776 1,226 Support Costs Management T¢lephone Postage and stationery IT Support Transport 7,454 20,712 1,305 1,592 ,258 1,260 2,770 300 Flngnce Bank charges Governance costs Independenl Examtnalion fees Accountancy fees Legal fees 4,155 4,330 6,105 5,399 2,000 4,252 9,764 2,000 4,207 9,169 16,016 15.376 Total resources expended 612,885 544,548 Net IDeome/(Loss) 150,760 128.094 This page does not forn] part of the statutory financial statements Page 22