CththtyreO#Mtlonnwkn11036•2 ORIENTALFINEARTSACADEMY OFM)NDON FOR THE YEAR ENDED 31 DECEMBER 2013 ORIENTAL FINE ARTS ACADEMY OF LONDON Mr PNirNsjaD Mr PNav¥Jdt4 Mr S S¢lv<¥dtp Mr M TS¢lvMthj•h Mr S Dawood Mr S sU￿h ¢J•r5ty D•rnber 1103&)2 TrIA¢4pal Addrus 32 Drive sud￿ Frill Middlesex HAI 3PH 127611278 GreellfoTd Rc Middlesex UB6 OHH OIUENTALFllYEARTSACADEMY OFLA)NDON Sl*t¢ment of reswibllltles lThlrpth ￿￿￿1t0￿¥ r¢ io 12-21 OIUEFITAL FINE ARTS ACADEMY OF LONDON TRUSTEES, REPORT FOR THE Y£4R ENDED 31 DECEIIIBER 2023 The presenttheir annuol repjn and fMa￿la1 st*ements ftytheymended 31 De¢etnb¢r2023. The flnarKiai statements have pr¢p￿￿ In aLwthno¢ with th¢ acCo￿ting wliGIES Outlined in Note I, havc bren prEpar¢d to comply with the OFAAL'S governing docurnenl. thc Charitie5 Art 2Ql I, the Accounting and Reporting by Ciwiti¢$.- Stat¢m¢nt of PrHdicE appIl￿blE to ctwiiies prepaTing Iheir accwnts itt ac¢trdanc¢ with the Finajtcial Reportin8 Startdard aFvlicabl¢ in thc UK and R¢publi¢ of I￿18￿d IFRS 1021" ￿ amended for aceounting periods wmmencing from Jalluary 1. 2023. Objettfves ind Attlvltlis The (￿Stee5 have diligentty adh¢r¢d to th¢ duty i)utlin¢41 in sectioll 17 of the Charities Act 2011. ensuring due re8xrd to the public benefit guidarKe issued ty the Commission. The Princip￿ obj£ctiv¢s of OFAAL, as outlin¢d itl our c1wt￿lI￿tion, erKofftrAs5 a broad $]KctTum of activities aitned at *lvan¢ing trlucation. pY¥)motins native lanwjllges cultures, providing supportto ib¢ Eomtnunity. Publlt Benefit Statement Public bmefit remains centTr] lo our charitable adivities. The (wo criteria d¢fining public bBJ*fit-ydenufLable kniefjts 8nd bEn¢fJts lo th¢ publi￿a￿ kFJ) w¢fuJly Tvi¢w¢d 8t￿ addrw5Ed. Th¢ t[￿￿teS hawe conduct¢d the necessary reviews a plcased to with th¢irdutiC5. Aetlvities and AelLlvrfeJDemts Thwoughoui 2023. OFAAL has i*en activety engagtd in fvlfillin8 its con5titutioi)'5 obj¢¢tiv¢s. D¢spite challenges posed by the COVID-'9 pattdemic. the orwiitstiofv ha5 tllainlaioed a presthjce and delivwd %rYices to IL% members attd the Myder ￿mMUnity. Legal Vltlorks RttogttiliTrry We are delightd to ST8nirJc￿f kgal virtory re8¥ding the logo. and intellectual proFrty Tights of OFAAL, r¢4ffintsing our P051Eion as a trngled instilution withn the FinE Arts CQrnmWLIty. Tbts vktory. along with previ￿ l¢gai 5ucce5xs, underscore5 ourcommitment to uphotding or8anizatiort's inlegrty. Community Ellygern*nt Expawio OFAAL'5 trwMees, h•ve activ¢ly engaged with the Community. participating in various ¢v¢nts and Cohtributing to th¢ pr￿n0110n of Fin¢ Arts. The organization has exp8Dded its offerings. and rewskr&l numeroll8 Fine Arts *ach¢Tr exAMi￿r5. ensuring the cgtitinuous 8rowth ￿08￿ltiOn of OFAAL in the UK, Ewpfy beyor¥l. EAp•Ddl•g OITerinp CulÉ•rsl Preserv4tion OFAAL rEmalns dedicatEd to f05t¢Ting South A5Lan Culturd heritb8e through te￿￿1￿8 examinations in variow8 musicwl IT15tnJrrrnts cla55rcal dance fO￿s. The in1rc￿l￿l0n of Kuch]￿ld1 dAnc4 swrheHded by OFAAL trustee Mrs. Anne Primini Vimaladasa artd Head of I￿trUMe[￿S mr5.'Iknu5y￿thY Thiy4EaT¥h. ¢xernplitics our coMmi￿ent to inclu5ivty. ()ver ￿ yeats of mdi¢ulous plaThnlng a￿ured the syl]abus's equlv&i¢nt Stsndard to our ex15t5ng offtrlngs. Th¢ IndiL$im of Kuchiplldi ha5 not ollly attract&1 a wider S(xrth Asiatt &udieDcc but h*5 secn a rise in uon-Tamil speaking candidatc4 with &LhievinK high grnd¢5 ￿ 2023. CoJDmuohy EmgAgerneDt and Gr1d￿t¢S 98knbAsg*doY8 We take prtde In beift8 a culwral cornerytom for the Soth Asian ccmmuDity ill West LoDdoL OFAAL Tamil and Advatlced Fine Arls SchoDI, tnan•gtd ty our Head Master and Deputy H¢ad Twh¢r. h45 bewrnc i centre of ex¢cllcnc¢. Our Fine Arts tr￿hEr& renown¢d in the UK and Euro￿, cortrilNJte significantty w cutthrai prograiri4 CDmPBtttions, are soughi-after judges 8wJ speakers at pre#i8ious v4ents. OFAAL 8radua*S *e now xtively FWticipatiTrgb volurtserith& and servtng ornbwpAoT5 forth¢[h￿1ty. OIUENTAL FINE ARTS ACADEMY OF LONDOIY TRUSTEFS, REPORT (CONTINUED) FOR THE FE4A ENDED 31 DECEJVBER 2023 AdaWiD¥to the P*Ddemic The 8lobal pl￿je￿i¢ postyj unprtrethnted challen8A wrtylling OFAAL tnkstees to ￿ake bold d¢ci51Qn5 to 5Bfe8wd our community. All face-l￿ra¢¢ ￿lVItIeS. Includi￿ our TAmil schDoI and uamination% w¢ff tempwarily haltBd. Administrativ stsff traL%itiontd to remote work, and OFAAL School artiyities were moved to Zoom. The introduGtioD of Zoom-bksed examination5 woved to be a $ucc¢54 enabling us th coniinue our mis$ion otn1d5t￿$trI￿lon$. Fithantl*l M4nagemeAt 8•d Ullth¥u*l Ch*UeDges Our HonTrea%urer and Ge￿all Coordin4tor, Mr. R Srithrn. a crllciai rote in finwla] control. ensuring (im¢ly filing ot It￿ wwunrs and truslee rcports. The pandemic presenttd wjusual challenges in conductirbg OFAAL school. UK & erseas examinations, and seminars for txatniller& DESPite these ¢hailenge&. the coJJ]mitinent of our t[￿tee5 aThJ volunteers remaitled st¢adh#. ImpA¢ton AAllu*lActivitlts UDfi)rtuThat¢ly. several annual acttvitie5 ititexrd to our whural c&lendar were affected by the pAndemic. Evrnts s4th as the Navar￿hlri Fr5tivai, Chrislmas Funcrioo, ThiyogHrRia Utsavam. Harvest Fe&uv81 (Thai PDnKall. Ei(thtion Competiti¢)n. SchcKTrl Sports Week, a￿d th¢ School Annll￿ Prize Dlly had to be c4nctrII& or modifi¢d to wmply with COVID-l9guideli Syllabyts Book l#lt•tiYt•nd CoDtlnu¢d InnoYatioD Chfer the past thr¢¢ y¢aT% our Hon Vice Chairni￿ initiated the publication of dctsil¢d syllabus bLX)ks for subject. Thi5 itiatwe. requiring significant time aDd effor¢ reeeived posithve r￿d￿, benefrting students. and cottununity schools. The I￿kdOwjl PBri(Kl was utilizgj for & cornprehensive review of examination jxoctsses IT￿ Jnateriil& Expnndin tyIIAbi for ease of ts4¢hiryg ond leamin& l am deli8hted to shar¢ fwther milesfone ¥hievt4neots of OFAAL during 2023, 51Low¢asing ow ¢otDmLtment to txcellM¢¢ in FineArts ￿U￿allon and cultsjrnl pr¢s¢TvalpJll. Achlevemtnts perkniall¢e Fllrth¢rmlk#fjDe *cbievemtnts •f 0F￿Ld￿rIng1Ol3 Attr•JltsdoD with RSL{Rotk Sehod) In 2023. OFAAL ¢ollaknratioo with RSL {Rock Sdjooll. ex(￿ided to Ilie approval Dr Jnore Fili¢ Arts 5ubj¢¢ts ¥JKt their syllabusts by RSL arld OFQUAL. The OFAAL tnjstees Ire excited lo anTrourttt that candidates takin8 grnde 3 to 8 OFAAL xaminations now receiv¢ OFQUAL accredited c¢rtificates. Srarring from Septernber 2021 ¢xaminHti(bnS onw4rd 8TadES 6 to al&0 eam UCAS Po￿ts. This par(nershlp with RSL ￿sitio#S OFAAL advarrtag¢￿sty in the markeL and we have ￿re￿ty seen hundra5 of stu¢Jents b¢nefit￿g from obtaining UCAS points thro4gh OFAAL IttternatiODal Fitle Arts We ATe actively rmllotitigthe5e offeriDgS throv8h our tllstagram p48¢, whl¢h hAs gatD¢rtd a Significant followiDg. Publle Bejeflts #od Grndua(SDD Cemonles OFAAL Is COlltinu4lly exwiding its off¢rings and public knefits. W¢ now offtr additional Fine Arts subjects and conduct 8taduotion ceremonies for those who h4ve ¢omplekd tachers, gT4d¢5 and Posi-Diploma Lewels. Graduatioo cet•monl¢s, held in J style akin to reputabl¢ uniYeTsities in th¢ unit￿ Kingdom, bave beeo immetssely suttessfyl. Thousands of 4tttndees. inc]udiog parents. music teachers and distinguish￿ guests. withtssed these events. Conducting 8Ta&Jation ceremonies is Si￿lfiCant undcTtakin& consutllin8 con$id¢rable time alld Wgyi but it is a tost￿n¢￿t to our commilmeLt kn recognian8 ond honouring our 5DJdents. ORIENTALFINEARTS ACADEMY OF LONDON TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEfvIBER 2023 Glob*l Gndi*tloD Eviuts OFAAL'5 grndu•tion ceremonies have reach¢d itrternthnal hetghts, wlth events in the UK Norway, Crnm4nyp ar¥1 FraDCe. The ninth graduation ¢eTetDQlly in October 2023 in Germany w05 particularly attcndcd by more thln nitte hundred peqjle. t)u¢ to the OVe￿I￿1[￿lryg nurnip¢r of studetrts participatLr¥. the ctr¢mony had to be 5pIii imo rwo 5¢Swon￿Le￿O0n thnd evenintrto accommodate all c4ndidat¢s. EximlDitlon GroTrtb The number of Students t•kiDg Fine Art5 examinationy cont*nue5 to grow each year. showc&$i￿ th¢ T*T¢asin8 impact and Televan¢e of OFAAL in the community. The trustees are OV2Twhelmed by this Erowth and are 8ratifJed 10 see their oon. temun¢tated effort5 bearill8 fnut Tamll Achi￿¢M10ts Ar0￿d fifteell Tamil languw-sp¢aking Childrett from OFAAL p•rt1¢i￿￿d io th¢ fjCSE Tamd ¢xatninaion conducted by Cambrid8e Urtiversity in 2023, a]most all of achieving high grJd¢s. The de4Jicat¢d ¥nd hishly traiDedTamil languagE teacheT5 at OFAAL Tamil and Firte Arts S¢hwl d¢5erv¢ ￿edit for this succe55. The achievements in UnivtTsity entrall￿ and fjCSE Tamil lan8uageex8rtt$ h*ve led to a risingtnr(plment of thdents at OFAAL Tanil and FiTheA￿ Schts)l. PoBtDlplom* Cr*d••tes OFAAL celebiates stuthnts who go beyond ￿lde 8 or diplOth￿ obtsiThlttg the prcstigious tides of Wsfirtgcetha Ratnom. for Voca] & InstrurnenL "N*iya Kala foT Bharathanatiyam (D￿¢¢>. 'MintthaTV Kala Rainam. for Mirutham8am IPeTCUS$iOrt Instrumenil. These post-diplorna grth4u*e5 r¢rrtgent the finure generation of *a¢hers dedicatyj to preserving alld •dv80¢i#K an¢i¢nt arL%. As w¢ refierton theye 8cbievement& l ¢xtcnd my de¢pc5t grntitudc to our trus*e5. dedicated teachers, ¢o[n￿ltted studcrtts, and the cntire OFAAL community. Your CDllective efforts wntribute ￿ the thiiittued $tsccess and growth of OFAAL. nRking it be4wn of Fine Arts edrtion And ¢uibJral preser¥atS0 Fllndt*lslDgAtllY(tl¢s ThE fiJnd-rnisinga¢tivities o)Tnprisc5 th¢ fol]owing5.' l. IndeF*ndent OFAAL Examinari*)n- The examination ¢otnpri5¢5 9 gr4de4 namely from Gw4d¢ I to Grath 8 IDiplom•l and Post-Diplom& Eath is charged at a difftrent price, the higher the grade. the higher the price. However. these prices ar¢ charged atJ nominaj fec. OFAAL gtnerates most of its income frem examirtltion fee. 2. Gr&lu&tiOD Ceremony-The participatingstudeThts are ¢har&ed a nomitthj feeio lake wt in the yaduation cerEmLYLy. 3. OFAAL T8mil & Fine Arts School-ThE rtud¢nts pay a nomrnal fee for each subjert they enrol. 4. G•j￿rat Public- QfrAAL out any lund r91￿nI actfvlty wSth •vl¢wto ¢olle¢¢ frMI th¢ gen¢rtJ publi¢. VoluDteeTS The volunteers aye hesrt ofoFAAL's operntiOn$. arr mainly the Paren￿ Tamil language teackners, and FineArt5 Teac1￿$ OFAAL Tamil and Finv Arts ￿h0O1. or ￿l¥¢ young independent Fille Arts twher> The volunt￿￿ are ekber poid i nominal fec or no twmeftt at a]1. Fln•ll¢liJ rtvtew ThE T¥suIts for the ye8r a￿ Jhoivth the finaftci￿ 5t&ttments. The gatérneni of the financial ￿VitieS shows the in¢omin8 resources and the resouTces expendEd by ih¢ diff¢r¢nt activities concluded by tbe ￿)￿lty. In order to provide a bett¢r und¢r5tanding of the activst1¢5 Und￿en. a svmmary of the ￿tiviti¢5 is included. Th¢ ¢hthty ha5 net deficit for thp y¢aT of £21.064 {2022..£23.539 S￿ryI￿$1, Tot8J in¢(*ne fijftd baiahces of £640.056 (2022: £661.1201 wll be wi¢d fonvard lo the next ar¢outtting pcriod. ReJ¢rng Poli Th¢ trllstces ¢onsi&r that the charty'5 reserves are adeqtsate to mt its d4y to day ex￿￿[l￿re 4nd in th¢ eveni of • short(￿1 they have xcess 10 5uffKieDt resources to meet 8ny deficit For reason, the Trustres ]Jot believé 8 rninlltium level of rEs¢rve should maintained. OIUENTAL FINE ARTS ACADEMY OF LONDON TRUSTEES, REPORT (CONTINUED) FOR THE FE4R EIVDED 31 DEciAIBFR 2023 Thp *ssets of the chaNty are held in the names of the holding ThJ5t¢cs. Th¢ con5titutiN lluthoiises the trus*es to mgke witAI iThvestrn¢nls in futtheRnre of thp Clwity'5 objeclives. Ili5k Mxuxgement The Tru51ees recognis¢ that effe¢iiv¢ Ti5k m8n8geDJenr is esserttiaj in achieving the Charity's objc£tiv¢s. Risk aLBlla8ement 15 considered &5 integral clement of all deEision making Bnd identifying 8ppropriate PTOCEduTfs to en5urc that risk lev¢l% are acceptsble in each case. The TnJstet5 b¢li¢v¢ that it 15 important to deve]op and enhance the approach in risk rnanagemenÈ to ensure li remains fil for the purpos¢. The Charity will f￿nTh￿i5¢ the risk mxna8ement and create a risk re8iSter which will b reviewed on & regular basis. si￿¢ the Charity oper*S in the mainland Europ4 it receives fwr amouttt of Euro mijney as students. fee income. Howev¢r, almost all the opcraiional expenses are incurred and paid out in St¢rI￿g Pounds. Trrefor< the tx¢ess Euro tnoney is left is expogd for GuTf¢D¢y gain or Io&8. During 20?1, due to the red￿￿10n of Europwi ¢andida*$. thtte Is Dot much exposure to exchange r*s. Plins frprfuthre puiods Lookinc Forw•rd As we anerye from these challenging tiTnes. OFAAL tru51tts belieye that Iht successful adaptation to onlirtc pl&fO￿$. includin8 examinatson4 opens new possit>ilib¢S. We envLSLOft exp8rtding our m*tet tE￿Il0ri¢S Ktohlly, reachi￿8 audicncts in Aust￿14 Canw]¢ the USA. Mdays1￿ Sitwre. lodi4 Sri som¢ Middle•EJ5t countrics. We apprecith the mcrDbers on80ing support 4nd UnderSt￿di￿8 during thege unprecedejrted times. The dedieA¢lon of our cory￿￿lty, tcacher& voluntKr5, and trustees remainsthe driYiD8 fixtt b¢hind OFAAL'S resilien￿. CuJtor*l ¥nTJ Educxtiunai CoAtrlbts*ions OFAAL r¢mains committed to PTE5¢rV￿g and promoting South Asian culiurE theyounw g¢nc¥a¢ion born and 8rowiTh8 yp in the UK, Euiope. attd S¢4[￿l￿aYi￿ The or88llisaLim'S iDit14tilW, 5uth as the Thirukurai CoM￿￿tion, demoDstt8te our d¢¢￿¢￿tIon to irnparting rultural and mornl volu¢5 to 51u4J¢nts. ID ron¢lusion, d¢sPite the ¢hallenge5 f8ce¢ OFAAL hjs ¢rn¢rgeA resilient and su¢¢essfvl in fidfilli¢bg its mis5ioth. The dedication Of our trustw *Khers, membets and volunteers has teen instrutnentd in our achi¢v¢m¢nts. As w¢ I￿)k forw¥rd to the Coming yw, we remain ¢otnmitt¢d to providin8 hi8h-qy•lity Fin¢ Art5 ¢dUCati¢J￿ wmoting Cultu￿ valu¢4 aDd ¢ontributingto the well-bBiThg Dfthe community- Struetsr4 gov¢rnaty¢e and maDagement The Charity is ￿ unincoTpJrated chAtity fornjed urtdw a constitution ￿t￿er a deed d*d 5th 2004, wljich wa4 adopt¢d on 9th Dxember 200D and ￿ amended on 28th 2CQ4, 21st October ?01 l. and 10th November 2012. It has been registered with the Ctthrity Commissiw tsndcr Tef¢renR 1103602. Th¢ Thjstees who served during theyear were". Mr P Niranjan - Hon. Chairnian, 4uJd PernwLentTntytee Mr PNaventhen- Hon. Treaswer aTrJ Pernw*ntTh Mrs Ann¢ Priminic Vimaiadas&- S•, Depw Head Teacher and P¢rnLaneDtTn￿tee MT S Selvendr4n-Hw. Vi¢¢ Ch8irnJan Artd ParnaDentTruyiee Mr. M.T. SElvarnjah- HeadTeacher ￿ndTh￿tte MT S Trdwood- Asst. Tr￿UTer 8nd TrLLqte¢ Mr S Sure$h- Pamanent Trnstee Mr R SriihoTan- Hon. Treasurer and Penn8ft￿ Trust¢¢ Id¢¢e4s¢4 2711Y20231 ORIENfAL FINE ARTS ACADEMY OF LOKDON TRu￿EES, REPORT (coNfiNUED) FOR THE YEAR ENDED 31 DECETrIBER 2023 The Frf)grd of Trnsttts 1$ madp up of five pertn4nPlltTr￿tees and four ¢lecthd TtustevJ. The el￿ted fcwrtn￿s shall 8erye for a peri(wJ ofthrteymrs r*ovidtrJ the election ofth¢ rnembgr5hip have beeD rt*t during the peryLYJ. The ftsvrtrustees sh￿] be duriThg th¢AGM or by x¢ret b￿10t wnongst th¢ Ser￿81 mEmE*r5bip foratemi of three years. The e1¢thI(￿ will be held for every three years. Election of pwm2ntrttTrustees.' All ncw permaneni Tnjstecs will be electcd by the extstitbg Th￿. If nOTe than one name i8 recommell￿ the majority &i8]￿ of the TrLL8tees who are attetsding the n￿tIng will d¢t¢Tmlrte thenewly ele¢trd pennan¢Dt trustee. Each Trustee is entitl¢d to one vote. but in the event of a tie. the p¢tson chairing ihe meetin¥ s￿11 have s second or d5tsng vote. Howev¢r, a Trvstee may not VL*e on any issue that dir¢oiy affects hitn or he*. Charity Cofflmission will infornied of this Change and an up to date list of will ￿ sent to the ￿rity Commission. Relatwllghlp wltb Other Chgrlty The Trust does not havE al￿ dirr¢t or indiT¢¢¢ T¢l•tiortship with Jny oth¢T Chawlty optnting in the UK or other parts of the Trwttes. RemMner*tloD All the trnstees ar¢ bighly professionojly qualifit¢l yel they do offeT tbeir s¢rvittt a volurttary bASi4 ¢X¢¢PT tbe following trustees who are paid & norninHI fEe 4s below. Mr MT Selvarnjah. H¢adTeKher Mr5 A Prirnilli* wim￿adaSa - Deputy HeadTtacher. Examiner8Thd c￿ Coordlliatof for S¢andirnvia Mr S Selvendran- France Coordinat( Mr R Srithann. Gernian Cowdirthtor Mr S Dawwd-Asst. D¢pury H¢w and Holknnd Coordinator Trrystets tA)*w & DonAIioDs Dwing thc fwa] Y￿ Trustee5 did not make w loln or ¢*MJ*ion to Ch8rlty, and the c￿￿1ty did nol make any loan or donationto ajy of the Trusteès. Mefftorl It is wlth deep sorrow that w¢ acknowlwjge the paqsing of Mr Rama5wamy Sritharan our ¢9teemed FéTrn8thent trttst¢¢ Ind tr¢￿th￿r, in Deremb¢r 2023. Mr Srithrn's U]￿8Ver1n8 deditration, ittte8rlty, and inval￿ble contribution5 hllvc cornerslone of our clwity. His vision and ￿￿1￿1t￿en1 wlll be ￿￿tlY miss¢I arld we ¥xteNJ our beartfrlt condolences to hAs family 8nd lovedone& Mr SrithAnn's legwy will cDminue to inspire u$ *$ we carry fornvard their wotk •rtd uphold the V￿UeS they so pasyonutely ¢hampioned. Thelrustc¢s' rep)rtw¥s approved by thc Bosrd ofTnJsts. MrPN&vendtan 292r ORIENTAL FINE ARTS ACADEMY OF LONDON STATEMEIYT OF TRUSTEES, RESPONSIBILITIES FOR THE YE4R EIVDED 31 DECEMBER 2023 The Iru$*cs Ate ￿spOnsible for pr¢paring the Tru$iecs' lieport and th¢ finao¢ial 5tat¢rneJJts in 8cwrdonr% ¥pli¢*ble law and Unitd KingdomAccounting Standards IUnil¢d K￿&(knn 0￿￿41[Y A¢repted Aecounting Prn¢tic¢l. ThE Jaw applicthle to dwi¢i¢S in England and Wales requires the trust¢t5 to PTep•r¢ financial ststemeftts for each financial y¢ar whÉch gr￿ a true and fwr view of Ihe state of *ffwrs of the OPAAL and of the incomins resour￿ and ￿P[l¢￿tIon tsf resources of the OFAAL f￿ thaEyear. In prerAringthese finwKial statem￿1$, IN5tees are tequired ￿.. . s¢l¢ct 5uithbie accounting ￿)lici¢S aftdth¢n apply them ￿n5]StenIty. . ob5¢rv¢th¢ rTrtlhods atMI principles in the ChaTitiEs SOPP,. - rnake judEem¢nts artd e5tunatr5 that are ￿l￿nablE and prudenl - stat¢ whether 4>pli¢•ble acCO￿rting St￿d￿d$ have been followe￿ subject tD any Thaterial departUTes disc105al and explaiThed the fi]wicial stthrnents" and - prtpare the financi41 s¢atcmertts c*]] the going cO￿¢M basis unless it is lJwwrw•*tO PTesume that the ¢harty will continu¢ in 0￿10 The tru5tces ar¢ resp￿S1bk for keepiD8 suffifji¢nt aGwuniing ￿(ordS that disclos¢ wlth rwon•bl¢ *¢ura¢y ot Illy time the finartcial p)strioo of ihp OFAAL attd Enable them to ensure th&t the financial 5thtements cornpty with the Charities Act 2011, the Cl￿rity IAc¢ounls and Report51 Regulations 2008 and the provisions of the trn$t deed. They are also rc5ponsible for safe8uarthng the •sws of the OFAAL and hence fv tskittg Trasonable steps for the tttv*)tion detectiott of fraud and other irwylAritie5. ORIENTAL FINE ARTS ACADEMY OF LONDON INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ORIENTAL FINE ARTS ACADEMY OF LONDON Oplnlo W¢ hav¢ audtted the firtart¢ial stt¢emeDts of Oriental Fine Art5 Acthmy of l￿d0￿ (The 'OFAAL'I for the year ended 31 Decernirr 2023 wb*h comprist th¢ st4tempnt of fin4n£ial ￿¥￿ties. tbe statement of fIr￿r￿la] position alld notes to the fmancial 51atements. including signiftuTrt a¢counting policies. The finaDcial reporting framework that bcen applied ill their preFth¢ion 15 applicable law •Dd United Kith8th)m Accounting StandaTd4 iD¢ludinK Finart£ial Reportithg StaTrJard 102 T FINam¢ial R¢wying SiaMdardappli¢4bl2 In rlv UKondRepMblic ofjrelo￿{Unlted Kingdom Generally Ax¢pt£d Ac¢ountLn8 Prncticel. In ouropinion. th¢fina￿l￿1 sthtem¢nts-. VE & llnd f4ir vi¢w oCth¢ 5tste of th¢ ¢h4rity'S affairn as at 31 fknber 2023 dnd of its incc4niDg rsou￿¢S and llpplication of T¢s0￿r￿c$. forth¢ yearth) ¢nd¢d. hav¢ bc¢n prop¢rfy PT¢parcd in awordance with United Krngdom GeJLEralty AweFied Practice,. and have bE£n prepared in accordatKe with the wuiremts ofthe Ch￿IllesA¢1 2011. B*si5 for opinio WE eonthjcted our audit in accord4Thce with Internationll stsnd￿ds oll Auttiting IUKI IJSAS IUKI) and wpplicthl¢ Lgw. OUT reS￿nSi￿1]llieS under tho%e standarth are fiLrther de$¢riW in the Amdiior's yespo#sibiliftes for the audit of ihe finunciol sttheme*ts gtttion of our rwrt. We gre indepertdettt of the OFAAL in with th¢ ¢thIC￿ requirements thot HrE Tclevant to our audit of the Cinancial ststemcnts in the UL including the FRC'S Ethical Standard, and we h￿t fulfilled our olh¢r ethi¢al reSp(￿Ibl1Jtits in a¢cordanc¢ with thes¢ KquirCrn￿ts. We bclievc that the a￿li( evulence wc bave obtained . suffi¢icfit Hnd appropriateto provide a tr4sis for our opinion. C•thelusloD* rdatillg to concern In auditing ihe finall￿11 statements. we have ctsncluded tiwi the tTUStees' use of the going c¢Jncern knis of accountln8 ITh d preparntion of the 5t4trni¢nts is •pprowi4¢¢. B&scd on thc wotk we have perfornied, we have rtot idBtttifia w material uncertainties relating ty ¢VttnLS or ¢oftditions thgL Individua]ly or collectively. [t￿Y ￿51 Significant doubt on th¢ OFAAL'5 ability to continue 83 a Boing CO￿trn for a pcriud of at IEaSt twelve ttLOtths from when thc fin￿181 slatements ore4uthorise4J for jSSII6. Our respon5Lbilities and the responsibibties of the trrL81ets with respect to going concern are des¢rib¢d ID th¢ relevant sections of this Te]nrt. Otlw hIfo￿at The other infonnation wrnprlses the inf0m￿tIon included in the anftual report than th¢ financial statements and our auditorf5 f¢PKIrt ther¢on. The trustees are reS]X)￿ibk for the other iDfom?atioo con￿￿ed within th¢ Illnu￿ Teport. Our opinion on the financial statemffits does Dot Gover other infonn8tion and we do not express atty forni of &85urgnce tonGlusion thereort. (kn i*SPDn5ibility is ro read the other into￿atiOn and. in doing so, ¢￿sid¢r whether the other inforniation is Materi￿lY inconsistertt with the firtaneial st4t¢m¢rt5 OT OUT knowlcdg¢ ¢Jbtsin¢d ID the collrse of the audiL or oth¢Twise appÈ4rn to b¢ mat¢rially M￿SLA￿. If we identify such tnaterial ioconsistencies OT apparent mat¢ria] u]i5¥W¢tnents. we are required to delemline whether thls 8rves tlse to a Mtriaj mi55tat¢m¢nt in th¢ finartcial $tstements tILeMsel￿5. If, based on the work we v¢ wfvrruwl w¢ k￿lIud¥ th*there is a m&terial miss*atemento(thi5 othpr inforrnotiDn. wc arr TY4uira Lu WLYt fzrl. W¢ Tr4v¢ JMMbing ID repDrt in thi5 W. M*lters on whtth w¢ •r¢ r￿M￿ed to report by extepdon We have llothin8 to r¢wJrt in (rf thp following mall￿5 ￿ ftlrfiott to which the Charities (Accounts and RepDrtsl Regui*loDg 2￿8 require us to reF4Nttoyou if. in our opinion.. the 1rjfortt￿ltin giv¢n Énthe financial statements is inco￿81Stent in BDY rnat¢riJl rESPrfÈ withthe tr￿ets, repc*(' or sufficieht xccountiDg ￿COrdS hive not been kep¢ or the financial ststen*nts ar¢ not in agre¢rnetLi with the ￿¢0M￿￿1%￿or1¥. or w¢ have oot tt¢iv¢d 811 th¢ lrtfm8¢ion ond expl•n&tsons T¢quir¢ for our auth't. ORIENTAL FIFIEARTS ACADEMY OF LONI)ON INDEPEND￿ AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ORIENTAL FINE ARTS ACADEMY OF LOIWDON Rtsponsibilltles of try5tees As explain¢d more hlly in th¢ gtatement of truslvs, TC5P¢)nsibiliti¢% tk trust￿5 ¥r¢ responsible for the preparation Df th¢ fiJJInci￿ stateme￿ts and for b¢ing sBlisfJed that they give a true aDd fair vsew. and for su¢h intenai control &$ the truste¢5 determine is neeesw to enablethe prepararion of financial $Mem￿￿ th* are fr¢e from mateTia] missiatsment, wheth¢r due to fraud or error, In preparthjg the finaD¢ial statem¢nts, th¢ Trust￿S ore responsible fora5wsing the OFAAL'S abtlity lo continue as a going concern. di5c105in& as applic¥bl¢, Matte￿ rel8led to 80in8 ¢on¢em and ￿l￿g the goinK tottcern basis (>f accouniiDg nlc55 the trust¢es either intend to cease operations. or have Jx) Teaiisric ￿ternatIve but to do so. Audlto*$ r￿0￿1b]lItles for the audlt of the flllantlal at*ttmeDts We have been appointed as authtor under section 144 of the Charities A¢t 2011 and rewt in a¢cordan# with the A¢t and rd¢v•ntr¢guL4tion5 made OT haviThg effect thereunder. OUT obj￿tiveS are lo ob¢aiJ) r¢asoDable 45suraott about whether the fir￿¢11[ statemems as a whok are free from missiatemett¢ wheth¢r dv¢ w fraud or error. *]d tu Issue an auditirf5 repDrt that includes our opinit>n. REa50nable ￿ur•)¢e Is a high Itvel of assUr￿ce j5 IKlt a Ruar4ntee that audit conducred in ￿CordIn¢￿ wtth ISA5 {UKI wll thays detect a material misstatement when it exists. Mi55tat¢ments can arise from fraud or error and are ¢￿Sidered material if. individually or in the aggregat< they could reasonabty be expected to ithfluen¢¢ the ¢¢0￿MiG dECiSiOD5 of taken ort the basis of these firta0Ci￿ si&tments. Th¢ which ourprocedures tapAbl¢ of detecting irregularities. irtcludin¥hu¢ ts detailed below. We have perfonned the audit to identify signs of fM]d 01 itregulaTitie5 that tnatcrially affect th? finaThcial statements. Di￿￿$$10￿$ with Ind ¢TLqUiri¢S of mana¥emeor aftd those chatBed with govern￿Ce were held with a view th Idelltifying those laws 8nd regul8tiOllS tbat could be exp*ted to haye a t[￿riBl impact on the fi￿DelaI statements. LlJrin8 the ¢ThgagemenT Team brivfing. th¢ outwrnes of these dis¢u5$iQtLS 9t￿ *nqumes were sljared with the team. 85 well 85 ¢onsideTarion &5 lo where how fraod ￿lY occur in the entity. The following la¥¥s and ￿¥￿￿tIonS were ideDtif*d as bein¢ of sI8￿ried￿te to the entity.. . Those laws and reg￿l&tIOnS GLNJ5idEred to have a dir¢¢¢ effect on the financial staienents include UK fina￿1￿] TeportD standard4 Chariiies Act and Tax and Pe￿siOnS legislatioft. Th05¢ la￿ and re8ulations for which non-GornplianEc ]Day be fundatrKThtal tD th¢ operating 4spccts of th? busine55 and therefote may bavB a tDateri41 effKf OU thE stat￿[￿ i￿]ud¢op¢￿till￿ licetlce. eDvirorJmental r￿Ul￿tion& hralth and safety legislatiott. Audil pro¢¢dw¢5 Undert￿t￿ in r¢5wn5e to the pJt¢ntid iisks reJaLiJJs tp irrr¥ularitlC5 {which include fraud aftd ompliatyx with laws and r4guiaiions} comprised of: irtqUiri¢5 Of man3g¢m¢nt and thos¢ charged with bx>vernancv a5 to whether thc Ertity ¢omplie5 with su¢h law5 and regulations.. enquiries Wjth the satue ¢on¢ernirtg any a¢bJal or pJ*ntiai litig&tion or ¢18im5" Inspection of relevwrt legal wrTestA)ndence' review of b￿rd mit)Utrs,' testing thB Rppropriatertess ofioumol entries: and the sxrforttL4ntt of analytical revkw to id￿tify UllExpethd movements in account balance5 which may b¢ iDdieative of frRud. No instances of materia] non.compliance were identified. However, tbe likelihood of d¢trctiDg irregularitses. including fraud. is limited by the inh¢rent diffi¢uJty in detectln8 1fT¢gUl￿ttrz$, the effe¢tlven￿S of the entity's controls and the natiire, timing and ¢xt¢nt of the audit procedure5 performed. Irregularilies th* result from frlud might be inh¢rentty Jnor¢ diffjcult to dete¢t th•L irregul￿[lIeS that result frorn CTror. As explained abDVt. there is w un&voidable risk that fflatetiat mi5Stat¢m¢nts may not te d¢t￿-trf tliough the audit lios be¢fj plann￿1 and petfumwj its aLL￿1￿n¢e with ISAS IUKI. A furth¢r d￿￿1P1¥On of ourre4M)nsibilities is available on the Financial Reporting Cc4]n¢il'$ welk%lte at.. https.'Ilwww.frc.org.ukl auditorsrespjn5ibilitLes. Thls deycriwion follD8 P•rt of our?￿11101$ It￿)rt. Oth¢rJD*tters Yotsr attention 15 drawn to the fact th&t th¢ ¢h8rity h&s prepared fmgncial sta(emethrs in ￿coldance with "Accounting and R¢w>rting by Chllrities.. Sknent of Recommended Pffadiee applrAble to charities prep4Ting their a¢outhis itt acco￿a￿e with the Fitwieiai ReportiRg Statldard applicable in the UK 4Dd Republic of treiond IFRS 1021. la5 ￿ended} in prefer￿¢¢ to the ACCO￿ting ond Rewrting by tharitie5'. Staternent of Re¢ommthded Pratti¢e issued on l April 21M)S which is tefeTTed to in the extant regulati￿15 but been withdrawn. Thi5 h4s b¢en don¢ in wder foff the finan¢iul 5t&teownts to wovidt a lrne gnd fair view in ¥cordaDce with Mrr¢nt Generally Ac¢¢prfyJAc¢ounting Pr*tic¢. ORIENTAL FINE ARfs ACADEMY OF LONDON INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEFS OF OIUENfAL FINE ARTSACADEMY OF LONDON U4È of rèport This report is made solety to the chartty's trus*es. 48 a ￿y. in accord*n¢e with part 4 of th¢ Cblritles (ACCO￿nts and R¢wtsi R¢gul*tI￿5 2008. Our audit work has b¢tn undertJk¢n 50 w¢ might stst¢ w the chaTty's InJst¢e5 tJM)se w¢ requird to State to them in anauditofs report and for no othEr putpjse. To the fjJJle5t ut¢ntperniitted by law. w¢ do t￿t occept or ￿￿ne resp)nsibility to attyone dherth8n ¢l*•rty and th¢ ¢h¥ity'$ 1Th￿tee$ a5 a bcdy. for our ￿dtt forthis re or forthe opini0Tr5 we hwe f01m￿. Mr Jgsde¥ (S¢nknr St•twtory Audltorl forllld on bthlf ofRohney5h￿llqll Cb*rtpndA¢¢oyllts 127611278 orevnf￿d RoEd Greenford Middi¢sex UB6 OHH REhncyShaheen Ch8rtts¢d 15 diBibk for appouJtin*tt BS auditor of the OFAAL ty viriUB of its di8ibility for 4)poirttmerf&% •udltorof4 ccfflpany uthsection 1212 ofthe CompaniesAcr2Cfj6. ORtENTAL FINE ARTS ACADEMY OF LONDON STATEMENT OF VINANCTALACTivrrIKs INCLUDING INCOME AND EXPENDITURE ACCOUNT FOA THE YE4R ENDED 31 DECEIIIBER 2023 Uurutrlrted Uwrtstricted funds 2•22 21r23 Notes ltteomt froth: DonatioL8 atkl Iwi¢s table activltles Inv¢stments 256 325,988 125 274,919 35 326J69 274.954 E%wndlture OD.. Cl￿11&ble activities 339.491 259.698 Totsl exp¢udlhLre 339.491 259.698 1nrwpllex￿Dd1¢￿re) 113,122) 15.256 OtberreeoEDL%¢d 84lu 4Dd loMes: (Mberg•In￿1>ssts) 14 17.942) 8283 P4etDJOVtmeknt itt funds 121.0641 23J39 RéeoAdM*tioD •ffuDd8: Fund ba18ll￿ at l January 2023 661.l2Q 637581 Fund bAlaRt4s it 31 D¢cember2023 640.056 661.120 The ststemEnt of financial o¢¢tvitie5 includes all B4ills 105ues reco&Di8pd in th¢ yw. All lJv)m¢ *od ¢xp¢ttditwt deri fmm wn(inuingartlvttl¢& In_ ORIENTAL FINE ARTS ACADEMY OF LONDON STATEMENT OF FINANCIAL POSITION ASAf31 DECETrIBER 2023 2025 2022 Notes nxed ]nt*nKibie wets Tkn8ible asscts 12 13 2,8 522,912 59J220 591.666 525,804 Cwrrentll8s¢ts Debtory Cash •t Ind in hllnd 15 7.780 64.631 2.￿1 158.241 72,411 16L.162 credIto￿ f*lJiDgdutY4i¢hin one yelr {24.02t) 125.846) NetcurYeDf isjtts 48J l35J16 Totll Aw•ts less ¢urMt liwbilitles 640.056 661.120 NÈtwet¥ ¢ieludln¥ penstrJD itsblllty &10.056 661.120 The fwDth ofthe OFAAL 640,056 661.120 640￿56 661,120 The fSDantial st4¢¢mentswere gpproved by th¢IruSty￿ on.. Nitarsjatt Mr PNavendra 11 ORIENTAL FINEARTS ACADEMYOF LONDON NOTES TO THE FINANCIAL STATEMENTS FOR THE YE4R ENDED 31 DICI,.IIBIR 2023 A¢cointill$ politt Chfirlty ioforn*tloD Orie￿￿ FI￿ Art5 Academy of London 15 a Gh4rity cslabli51j￿J in the UK. The princi￿1 addr¢55 1$ 183 Burm Oak Broadway, EdBw•r¢, HA8 5EH. 1.1 A¢eountl4g toAv•DtJon The financi&l 5tatwnents have bern pr¢pHTed in axordance with ibe OFAAL'S t&overning dLxumcnt], thv Charities Act 2011. FRS 102'The FinanGiaJ Rewrting Standard appli¢ablt in thc UK and Republic Of Lrcland" I"FRS IW2") aThd the Charities SORP 'Accounting and Rep(*titsK by ch￿ties.. Stst¢ment of Recommended Practice appll¢dbk to charities preparing th¢ir accounts th acci)rd8nc¢ with thc Financial Rewxting Stsndard applicable in the UK and Republic ol Ireland IFRS 1021. letfectiv¢ l Jgnuary ?019I. The OFAAL is aPubli¢ Bertefit Entity ¥s defined by FRS 102. The OFAAL ha5 laknn advanta8¢ of tbe provisioos in the SORP for charhlei notto prepare aSta*meAtof Cash Flow& Th¢ statements h8ve from the Cb*itit$ IA¢¢ounts and Report51 Regulations 2(X)8 onty to the tht required to providc R tw¢ and fair view. This dEPQTture has involved following the Sthtemeni of Recommer¥Jed Practice for chaTities applying FRS 102 rather Ilwj the vu5ion of the Staietnettt of Rxornmended PFxtice which is ￿f¢rred to i the RegulatiQD5 which 5inre been withdrawn. Th¢ fina￿la1 ststsmethts ￿ prep￿ed in which 15 the fvnctional currency OFAAL. amounts in The finarKial stst¢mMts hve Iwi wd und¢r the histori￿1 cost conventiNJ. [modified to irtclllde the revaluation of freehold wip¢rti¢s and to include investment FrOpert1￿ a[￿ certsiD f￿ancIal instrunents at fair vjluel. The PTitKipal acmunting policies ad0￿ed are out below. 1.1 Going coneero At the time of Approving the financial statements. the trust¢# thlrd pftty. it L5 probable that a tran5frr of ¢¢DnDmic benefits will be ￿quIred in 5¢tt1cmenL and the 8rn0unt of the obligation can be m￿Uted reliably. Expendi￿re Is ¢I￿sified by activity. The costs of each xtivity are made ￿ of the lotal of direct costs and shared costs. iDGluding supp)rt C05t5 involved in urtdertaknng wh a￿lvity. Diffect Costs 8ttribut8ble to 2 single activity a￿ allocated direcily to rhat activity- Shared costs which coThtribute to More than one activity support CDSts which are not attributable t0 9 Single Jctivity we aprKJrtioned tbose activities oft a ￿1$ corn8istsnt with th¢ us¢ of resources. Ccntral staff costs arc alltKatcd on the bAsis of sp￿rt. and dcprccjxtl4￿ cbargB5 Ate alk>Eatcd on the portion irfthr A55el's use. Costs of chaTitable athivili¢s oompri5e all wst5 I￿Urred in Ihe pU￿￿1t of the clwitgble objxts tsf th¢ ¢h•rity and qre allocattd tts th¢ r¢5Ptctive ￿1VitieS. SupN)rt costs are apwJrtioJkd bethen ¢￿tl￿ble ￿vitieS in proportion to the charilable income received. IDtsiEibl¢ fixed assets other than goodwlm Il￿ntIble assets acquired separately from a b￿SinesS art recogftls>J at cost are substyueotly rne8su￿d at CO￿ less accufftulat¢d amoTti501ion and accu(nula*d impairrttent ltysses. Int4n8ible •ssets wuired on tyJsI￿¢sS COTnbiDation5 are Tewgnised Sep￿lY frorn goodwill * th¢ ￿qUIsItion dat¢ whu¢ it is pmbable th* the ￿Pertsd fvwre econ￿71¢ bentfits rfLat are attributsble te the asset will flow to the enttty and th¢ fwT value of the Lsset can bE m¢asured Teliably,. Ihe intathgible &sset arists from contraettml or othtr legal ri8ht5' and the intsttgible asset is syrlble from the entity. Atnortis¥tion is ￿0￿nIst41 $0 lo writs off the cosr or valu*ion of 4gsets less their residua] values over their u8¢fi live5 on following b￿.. W¢bsitr cost 1.7 T￿gIble fixed assets Tangible fix￿ assets are inliially M￿SU￿d at cost and suTrAequ¢n¢ly m￿llred at cost or valulti￿. net of depreci•tiott and aThy impaimLeM Iosscs. Dtyrrfiation ij re¢¢wiwJ $0 asto wrttc off thec05t or wluatson of a55ets le55 theirttsiduai values ow the[rUs¢fi￿ ILveJ on the followiD8 base$: Freehotd land aud building5 Fixturcs And fittings ITE(wiment$ Nil 25% r¢du¢l￿g beian¢¢ 25% rthring baiDn¢¢ The 8ain or 1055 arisitlg Dn the disposal of oll asset 15 detgrnjined 8s the differenc¢ between the sale wo¢eeds ￿ the canytngvalue tsf th¢ a3seL 4nd 15 fccognLsed in tht statetnent of fLnanCi￿ activities. IA I￿￿lTMO1t tbf fixed uyets At e*h ryrting Md da￿ Ihe OFAAL rtview$ th¢ ¢wittg amounts of its tangible and inlangibl¢ a58d5 to determine wtther is any ttidication that those 055ets have suffered an imydinnent Ioss. If any such Indi￿tion exist& the rc9)ve￿bI8 amoLtht of thé ￿¢1 15 estimated in ordwts d¢*rmiD¢ th¢ ¢xl￿1¢ of th¢ ITnpimwrt loss (if any). 1.9 Cash *nd tasl tqufv•l¢ois Cash and Vdsh equivalents inElyde in hand, dep)sits held ￿ L211 with banks. other short-term liquid inVestsn￿ts with Origin￿ maturitie$ of th￿¢ months or le55. and bank overdrafts. Bank overdratls are slLown within knrowin88 in current 13_ ORIENTAL FINE ARTS ACADEMY OF LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YE4R ENDED 31 DECEMBER 2023 Actouryllngpoltcks (Cofrtillued) 1.10 Fkngiclgl ffinstntmtxts Th¢ OFAAL bt8 el¢ct¢d ¢0 appty the ￿0ViSionS of Section I I 'BLsic Financi￿ Irtstrumtnts. s￿l0n 12 '0thcr Financiql Instruments155ue5' of FRS 102 to ail of its finaTKid insituments. Financial iwstrum¢nts art reco￿l$ed in the oFAAL￿ balance shett when thB OFAAL trrtome5 paty to the ¢ODtradual provisio￿ ofthe inslNtn¢nL FI￿ncial assets liabilitieg are offsel with the ll¢t arnovnts prc5CTJt¢d in th¢ financial 3t4temettts. when there is ieg8Jly ¢nforwBbl¢ right 10 set off th¢ rr¢ogTJiscd aniount5 ond the￿ is an intrntion to settlc on Qnct basis or to reatise the aSS¢t Bnd settle the li4bility 5imulraneousty. Basic fitwicial a5s¢ts. which in¢14th debtors aDd cash b4nk balan¢N ￿e initially measured * transaction price inclwding tra[￿CtIon costs Ind are subsequently carried at amortised Cost ￿ing the effective intsreyt method unless the •Trang¢rrttnt constitute5 a finanGing tswsaction. whctr the tra￿SaCtIon ts mea5Ut¢d At the presmt value of the ￿t￿re receipts discount¢d It & market ratc of ittrTrft. Financial 45%ts ¢I￿lffi¢d as receivabl¢ within OD¢ ycararc Th)tamortiscd. B￿l¢ financial liabilitses, including creditors It￿ low]$ w¢ initi4ily recogniwl at transaction pric2 unless th¢ arrartgetnent GQn5titut¢5 o fmatt¢in8 trarLSaCtior4 where the de￿ in5trwnent is mewrtyl at the present value of the futu . o payments diswunttd at a market rate of intcrest. Financial liabilities cjasstfied &8 paymblt within otte ytar ar¢ not am¢rtis¢ Debt instruments arc subwuent]y carried at GLL4t. using the ¢ffedive irlterest rat¢ method. Tr&le CTedit¢)TS we obli8aiions to pay for good5 or services that have b¢en a¢qui￿1 in th¢ ordinary Course of OPErations from $uppliers. Amounts payable are c1&5sifjed as current liabilities ifpayment i$ due withln on¢yuT tsr1¢4. Tf not. thq 4r¢ prc5¢nttd as t￿)￿C￿r[C￿t liabilities. Trade creditors ate recogni5￿ initialty llt transllction price and 5ub5equertt)y measured aLanortts¢d c051 usingthe effe¢tiv¢ Int¢￿st m¢thLMJ. Dereco¥nlrfon olflNone1411thbUlde5 FitW￿l*l liabilitie5 are dere¢oyised wlwTr the OFAAL'S collr(acwdl obliKJlion5 txpi(¢ or￿di￿h￿g¢d orwi¢¢lled. 1.11 Employtt bE*er The ¢ost of any ￿n￿d holid￿ ¢Dtittemenl is rwised in the periLW] in which the employeets servkes are received. Ttrniination beE￿￿ts 4T¢ r￿o￿lS¢d immcdiatety &% *n expense wllen the OFAAL is demonstrably commlred to terniinat¢ th¢ EmploymeDtof ao ¢mploy¢¢ cf to provide terniinatlon benetlts. 1.12 Rellr*raeD¢ beDefits Paym￿1$ to defined ¢￿tribUtIO￿tell￿m¢nt b￿¢fft 5CtLemes are char￿j * an ¢xpensea4 they fall th In the application of the OFAAL'S accounting p)licie4 the trust¢es are required to mAkn jlld8¢m¢nts. ¢stim*¢s 4nd ssumptions About the ranying amount of asse15 and liabilities thot are tLOt ye￿Ily appar¢nt ftom other sour¢ts. The e51imates and aswci•t￿ assurnptions are ba*d on hI￿Ori￿1 experience aDd otlw factors that are considered to b¢ reIevaThLA¢ll￿ Te5uIts may differ from these e5tim4te5. The estim￿ and un4¢rtyitLg assumptiolls are revie￿ on an OngOll￿ buis. Revisions to xcounting estim*$ aT¢ recDgnised in the pcriod in which estimate is revised where the revision affxts oJJ]y tl¥t perl(¥4 or Ibe ￿riod of the Yevision and JI￿re wiods th¢ r¢visionaff#ts ewTent Ilmjre pthods. 14. ORIENTAL FINE ARTS ACADEMY OF LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EM)ED 31 DECEIIIBER 2023 tome frm #ftd 1ty*1•9 ds Dd* 21)22 Donations and8iftq 256 ID¢om¢ from iDve5tmeDts Ullrntrleted UwJr¢strltted fumds fuAd 2Q23 21122 125 35 Cb*ritsble activitl 2023 21112 S¢rVI￿ proyidedto students lo¢oth¢ from Tamil Sch￿1 *8ti 7Q4 J j.4118 31,511 43.L94 274.919 ORIENTAL FINE ARTS ACADEMY OF LONDON NOTES TO THE FNANCIAL STATEMENTS {CONTINiJED) FOR THE Y£4R ENDED 31 DECEVBER 2023 Kxpenditire ott chiritable actlvities ChArltgblt Ch#rlt4b attivitieg 21nJ 2022 Dlrett tosts Examination costs Tca¢htn' and examin¢rs' expense5 Voluntcers expcn5e5 Venue hitc Tamil school bwks Tamil school travel & subsisileJKe GTaduauon exp¢rws Sundry expense5 73.382 96.692 3.826 77.938 2.848 5.465 9.217 217 64.113 71.776 7,819 37,241 3.120 6.667 I I.￿9 I,LK)O 269585 202.9)5 ofjupportand gov¢ru••ce ubsts (stt Jlots 7) Support Governance 66,006 60.037 13.3341 339,491 ?59.(iQ8 AttAly$i$ by fuDd Unrestrtcted t1￿￿[5 339.491 SQ.648 The charity tMkc5 usc of volwjtcers as when required to ts5iSt wrth the provision of BxarninatiotL5. Volunteer5 are ritheT n¢)minal fte or no payrnent at a]1. Exp¢roes p￿d to volunt2ers hove b¢¢n includa within chgsitable viti￿. A reliable estimfjtr of the cost of thr time llThd efforf doD&ted ty th¢ volunteets in the hrthetartce of th¢ charity's thjectives 15 not possible to guantify- Support rosts allo<1¢￿ h) acllvllies 2023 2022 Stsff costs Deprtciatio Bank th8rge5 Office c05t5 Function eosts Website and cotnputrrcosts Premises costs Sundry expenses Governance costs 1.738 4,609 0,458 4,934 8,802 9.891 520 3.9(Mi 1.835 3.371 7.079 4,934 7,309 5211 1,629 13J34) 69.906 36.703 Att*ly5ed b¢tweeD: Charitable OCtsvi¢ics 69.906 56,703 16- ORIENTAL FINE Airfs ACADEMY OF LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTII¥4UED) FOR THE YE4R EIVDED 31 DECEMBER 2023 Support¢os¢$ alloc•teO lo athiliÈs ICoDtlknued} 2023 GDvtrn*ne¢ eoth ¢tsmpth: Audit ftts Legal and professional 3.600 300 3,600 16,9341 3,900 13 J341 Net movemem funds 2023 Th¢ net mov¢m¢Tht in furbd5 15 stated after thargin￿(cledit1n$)". Fees payable for the audit of the thaTity's finanGial 5taternenls Dcprcciation of owrted tangible fjxed a55els Amortisation of in¢angibl¢ a55et5 3,600 292 389 Tr•s¢t¢s Durin8 th¢ ye4rihe followingTh￿¢￿ w¢te paid r¢Mun¢T￿O[l fortwhirtl and examinatÉoft piper settkng athd cort5¢)n follows.. SelvaTaj8h ￿M￿ne]￿lI0[1 as Head T￿her £1.5tM) {2022-£12IKJI Mrs Anne Vlmlllad￿a rernunerlltIo￿ A55iStant HeadTeacher £4,743 {2022.£1.3041 trR Sritharnn r¢muneiation £3,iKX)12022- £Nil) MT S¢lveodran remuner*ion £5.0(h) {2022. £Nill Mr Shaik Daw0￿ reowtwtion£52012022- £Nill MT Dawood donated £256 of his net remuneraion Is adonation to thetharity. Other payments to duTitig the ye*r totsjled £3,05612022 -£4,1831 these bxyments re]ated to nimburs¢mEnts Jnd #llowwjtss forthe perforniantts ofcharithble ￿tiVItIeS follow S Dfywo(Ml £29612022- £480) A Virn¥Ll8dasfL-£3(K) I2022-£8101 Syllabus Review arK1 p8per $¢ttirbg £2,460 12022-£2.8931 Examitter alloWa￿e 10 Emplpytt8 The average monthty numi*rof employees duringthe y¢ar w&s". 2ff23 2022 Number Employ¢¢5 28 32 ORIENTAL FINE ARTS ACADEMY OF LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YE4R ENDED 31 DECEIllBER 2023 10 Er￿p10￿ (CoDtlnu¢d) EmplDymwt¢o 21123 2022 W4es artd sal￿1¢5 Oth¢rpension cojty 28.178 491 506 29.054 There wereT*O &npJoyegs whose ￿nUal remuxrAtion w&5 mor¢ thF￿ £60,IXX). RemuDerAtloll ofkey m*ttwmettt penoAmel The re[nI￿￿tion of key MwJageM￿t ptrsonnel vas as foll¢)w& 11 Tilatio The cb*ty is tx¢mptfrDm taxatioll ou its ￿l￿tt¢S knuy¢ ity IrKom¢ 15 fjppli¢d for ¢hatithbl¢ 12 I￿ngIble fixed •Jgets At l Janu•y 2023 and 31 Dtcanber 2023 7230 ArLortlsaUon And imp*irneDt At l JaDuary 2023 AmortIs￿b)n char8ed forth¢ye*r 4.338 1.446 At 31 D*¢mb¢r2023 5.784 At 31 De¢emb¢t 2023 At31 DEcember 2022 IA_ ORIENfAL FINE ARTS ACADEMY OF LONDON NOTES TO THE F￿ANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBLR 2023 A3 ThAWÈfix•d as¥¢ts Fr¢¢hold •od rrKqulwMts 4wd At l JanDary 2023 Additlon5 521,743 67.61X) 3,175 527.118 At31 D￿¥Mber2o23 $89J43 1200 3.175 594,718 D•prEcth¢loo ImpAlrThbext At l January 2023 Dtpe¢tation charpl in the yeBt 1,504 174 42 292 At 31 De¢¢mb¢r2023 1.678 2.820 4.498 C*rrylng*yDollnt At31 Dxxmhr 2023 589,343 522 355 5YJ220 At31 Dffember21722 521.743 473 522.912 • Th¢¢unErtmarkct value ofthe pmperty is £650,LW LI ptrthc valuatioll dDllE by Tnjstees. J4 OlherEalns or uDr¢8trk￿ UnTestri¢t¢d r￿d# 2022 ForEigTh Exch•nF(8•in5y105$es 7942 18283) IS Debto 21123 Amouttts hlffingdue w]Ihin on¢ye*r: 2.Y21 753 2,921 ORIENTAL FINE ARTS ACADEMY OF LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DfcEEIlBER 2023 16 falllN¥d4¢wllbiM u¥¢ y¢•r 2023 No¢ Other taxation and5￿JaI 8ecwity DcfeTTrJJ incomr OthcTcfEditors A¢cNals aRd dcf￿￿cd in 1.530 243 925 17 1881 22.248 24.021 25￿46 17 DÈf*rred Ithtomt 2022 oth￿ dBfBrrnd In¢ome 243 D¢feTted inGorn¢ i5 hnclud>J intht finaocial sts¢ements as follows." 21J23 2•n Defened income is iftcludtdwithin: Currenr liabiliiies 243 Mowernents in th¢ y¢4r. Defe￿￿ iwjue ot l 2023 Rele#5ed from previous periods R¢5ource5 d¢fell￿ inthe year 4.Q(Ks (4.QOOI 243 Defetted iDCI)m¢¥t 31 Decwnber 2023 243 18 RetlremeDt belefft sehemts 2023 2022 Detlned CODtrlbuthm sebemes Charge to profit tt ioss in re$pect of %kfinpJ ¢<￿¢r1b￿1lQrt ¥¢htsnes 506 491 Th* OFAAI. owates a definoj Contribtstl￿ r*nsion scherrte for all qualifying employee* The wets of the yKheme held SeP￿ale[Y from th05¢ ofthe OFAAL in an independendy administ¢reAI ftll￿. ORIENTAL FINE ARTS ACADEMY OF LONDON NOTES TO THE ￿NANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 19 1saruifiLtr41 fu*ds Th¢ Unl￿￿￿ted funds of the ch•rity comprisE the unexpend¢d hlaoces of don4tionsAnd whiGh are t￿1 subject to spcclfic eonditions by do1￿ gmnttys &% to how tbey may be us¢d. Thde include d¢5i8n¥ed fi￿dS which have b $¢1 ¥ide ou¢ of uniestiicted fi￿d5 by the tru5tee5 toi Sp￿7￿￿ purwse5. Ai J Jiou¥ry 2023 Resources eAp¢Dded Gain$ *AdAt 31 Dee¢thlJer Z023 ree General funds 661,120 326,169 1339.4911 (7.942) 640.056 Prtvifjts$y¢ar: At l Jaouxry 2ts22 rtsources txpendtd 10s5es General thjftds 637.581 274.954 1259.698> 661.1? Rel*t¢d plrtytrgn￿ttIoDs Thet¢ w¢re no dlsclosable re]atrd pffj transactions duTingth¢ye4T ￿¢r thinth05e mentioned itt 712W22. none). ?1