Charity registration number.. 1103602
Oriental Fine Arts Academy of London
Annual Report and Financial Statements
for the Year Ended 31 December 2024
MG Audit Services Limited
Chartered Accountants & Registered Auditors
166 College Road
Harrow
Middlesex
HA1 1BH

Oriental Fine Arts Academy of London
Contents
Reference and Administrative Details
Trustees, Report
2to6
statement of Trustees, Responsibilities in Respect of the Financial Statements
Independent Auditors, Report
8t010
Statement of Financial Activities
11
Balan￿ Sheet
12
Notes to the Financial Statements
13to24

Oriental Fine Arts Academy of London
Reference and Administrative Details
Trustees
Mr P Niranjan
Mr P Navendren
Mrs A Vimaladasa
Mr S Selvendran
Mr M T Selvarajah
Mr S Dawood
Mr S Suresh
Principal Office
32 South Vale Drive
Sudbury Hill
Harrow
Middlesex
HA1 3PH
Charity Registration Number
1103602
Auditor
MG Audit Services Limited
Chartered Accountants & Registered Auditors
166 College Road
Harrow
Middlesex
HA1 1BH
Page 1

Oriental Fine Arts Academy of London
Trustees. Report
The trustees present the annual report together with the finanaal statements of the charity for the year
ended 31 December 2024.
The financial statements have been prepared in accordance with the accounting policies outlined in
Note 1, have been prepared to comply with OFAAL'S goveming document, the Chartties Act 2011,
and the 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)" as amended for accounting periods commencing from
January 1, 2024.
Objectives and activities
Objects and aims
The trustees have diligently adhered to the duty outlined in section 17 of the Charities Act 2011,
ensuring due regards to the public benefit guidance issued by the Commission. The principal
objectives of OFAAL. as outlined in our constitution, encompass a broad spectrum of activities aimed
at advancing education, promoting native language and cultures, and providing support to the
community.
Public benefit statement
Public benefit remains central to our charitable activities. The iwo criteria defining public
benefitAdentifiable benefits and benefits to the public-have been carefully reviewed and addressed.
The trustees have conducted the necessary evaluations and are pleased to confirm compliance with
their duties.
Achievements and performance
Throughout 2024, OFAAL has been actively engaged in fulfilling its constitution's objectives and
maintained a strong presence and delivered Se￿iceS to its members and the wider community.
Page 2

Oriental Fine Arts Academy of London
Trustees. Report
Expanding Offerings and Cultural Preservation
OFAAL remains dedicated to fostering South Asian cultural heritage through teaching and
examinations in various musical instruments and classical dan￿ foms. The inclusion of Kuchipudi
dance has not only attracted a wider South Asian audien￿ but has continued to see a rise in
non-Tamil speaking candidates. with many achieving high grades. We take pride in being a cultural
cornerstone for the South Asian community in West London.
Community Engagement and Graduates and Ambassadors:
We take pride in being a cultural comerstone for the South Asian community in West London. OFAAL
Tamil and Advanced Fine Arts School, managed by our Head Master and Deputy Head Teacher, has
become a ￿ntre of excellence. Our Fine Arts teachers, renowned in the UK and Europe, contribute
significantly to cultural programs, competitions, and are sought-after judges and speakers at
prestigious events. OFAAL graduates are now actively particiapating, volunteering, and serving as
arnbassdors for the charity.
Achievement and performance
Further milestone achievements of OFAAL during 2024
Accreditiation with RSL (Rock School)
In 2024, our collaboration with RSL (Rock School) continued to thrive, with candidates taking grade 3
to 8 OFAAL examinations receiving OFQUAL accredited certificates. Grades 6 to 8 continue to earn
UCAS points, positioning OFAAL advantageously in the market and benefiting hundreds of students
in their university applications.
Public Benefits and Graduation Ceremonies
OFAAL is continually expanding its offerings and public benefits. We continue to offer additional Fine
Arts subjects and conduct graduation ceremonies for those who have completed teachers, grades and
Post-Diploma Levels. Furthermore, we are delighted to report a growing trend of students advancing
their studies, with more and more candidates now starting to take post4iploma examinations,
demonstrating a deepening commitment to the highest levels of the fine arts.
A major highlight of the year was the successful UK Graduation ceremony. which was conducted on
10 February 2024. Held in a style akin to reputable universities in the United Kingdom, the event was
immensely successful, honouring our graduates and drawing thousands of attendees, including
parents, music teachers, and distinguished guests. This successful event set the stage for continued
global recognition.
Global Graduation Events
OFAAL'S graduation ceremonies have maintained their intemational reach, with events planned or
executed in Norway, Germany, and France during the reporting period, following the grand success of
the ninth ￿rernonY in Germany in October 2023.
Examination Growth and Post-Pandemic Recovery
The commitment of our community and the sUc￿Ss￿J1 adaptation to online platforms during the prior
period have translated into significant growth this year. The number of students taking Fine Arts
examinations continues to grow each year.
CrLrcially, the number of students taking OFAAL exams gradually started to increase after COVID-19
issues, demonstrating a strong recovery from the global pandemic and reaffirming the relevance and
quality of OFAAL'S accredited programs. The trustees are gratified by this sustained growth,
showcasing the increasing impact and relevan￿ of OFAAL in the community.
Page 3

Oriental Fine Arts Academy of London
Trustees. Report
The Pillars of Our Success: Volunteers
We are profoundly grateful to our volunteer community. We use many dedicated volunteers to
successfully conduct our Tamil school, examinations, and other charitable activities. Our community
volunteers are truly the pillars of our Suc￿ss, enabling OFAAL to deliver its mission and expand its
public benefit globally.
Financial review
The results for the year are shown in the financial statements. The statement of the financial activities
shows the incoming resources and the resources expended by the different activities concluded by
the charity. In order to provide a better understanding of the acts'vities undertaken. a summary of the
activities is included.
The charity has net surplus for the year of £45,876 (2023: £21,064 deficit), Total income fund
balances of £685,932 (2023: £640,056) will be carried forward to the next accounting period.
Reserves Policy
The trustees consider that the charity's reserves are adequate to meet its day to day expenditure and
in the event of a shortrall they have access to sufficient reSoUr￿S to meet any deficit. For this reason,
the Trustees do not believe a minimum level of reserve should be maintained.
The assets of the charity are held in the names of the holding Trustees. The constitution authorises
the trustees to make capital investments in furtherance of the Charity's objectives.
Risk Management
The Board of Trustees is committed to a process of continuous risk identification, assessment, and
mitigation to ensure the long-temi sustainability and integrity of OFAAL.
A comprehensive review of the major risks to which the charity is exposed has been conducted.
These risks, categorized across operational, financial, govemance, and reputational domains, are
managed by implementing robust control procedures and intemal policies. The trustees are satisfied
that these measures provide reasonable assurance against significant threats to the organisation's
assets and mission.
Policies Reviewed and Adopted
To further strengthen our govemance framework and operational standards, the following key policies
have been formally reviewed and adopted by the Board of Trustees during the reporting period=
Complaints Policy
Conflicts of Interest Policy
Customer Service Policy
Cyber Security policy
Equality and Diversity Policy
Examinations Appeals Policy
Policy and Procedures for Malpracti
Quality Assurance Policy
Safeguarding Policy
Special Considerations Policy
The adoption of these policies ensures clarity, fairness, and consistency in our operations and
underpins our commitment to providing a safe. accessible, and high-quality experien￿ for all our
students, staff, and stakeholders.
Looking Forward: Strategic Initiatives for 2025
Building on the momentum of 2024. the trustees have approved key strategic initiatives to enhance
accessibility and expand our geographical reach in the coming year..
Page 4

Oriental Fine Arts Academy of London
Trustees. Report
Digital Examination Portal-. We are planning to adopt an online portal for all theory examinations.
This move is designed to streamline the assessment process, increase candidate convenience, and
ensure greater security and standardisation across all exam centres globally.
UK Centre Expansion-. We are actively planning to re-start the examination process in Belfast to
serve our community in Northern Ireland and to open a new exams centre in Crawley in 2025, further
increasing physical access points for candidates across the United Kingdom.
France Centre Rationalisation- We are planning to close the Paris-2 centre in 2025 as it is not
financially viable to operate. given that the Paris-1 ￿ntre is the popular choice for the majority of Paris
candidates.
Structure, govemance and management
The Charity is an unincorporated charity formed under a constitution under a deed dated 5th May
2004, which was adopted on 9th December 2000 and as amended on 28th February 2004, 21st
October 2011, and 1 Oth November 2012. It has been registered with the Charity Commission under
reference 1103602.
The Trustees who served during the year were..
Mr P Niranjan - Hon. Chaimian, and Pemianent Trustee
Mrs Anne Priminie Vimaladasa- Hon. Secretary, Deputy Head Teacher and Permanent Trustee
Mr P Navendren -Hon. Treasurer and Permanent Trustee
Mr S Selvendran - Hon. Vice Chaiman and Permanent Trustee
Mr S Suresh - Permanent Trustee
Mr. M.T. Selvarajah - Head Teacher and Trustee
Mr S Dawood - Asst. Treasurer and Trustee
The board of Trustees is made up of five permanent Trustees and four elected Trustees. The elected
four trustees shall seNe for a period of three years. provided the election of the membership have
been met during the period.
The four trustees shall be elected during the AGM or by secret ballot amongst the general
membership for a term of three years. The election will be held for every three years.
Election of pennanent Trustees:
All new permanent Trustees will be elected by the existing Trustees. If more than one name is
recommended, the majority decision of the Trustees who are attending the meeting will determine the
newly elected permanent trustee. Each Trustee is entitled to one vote, but in the event of a tie, the
person chairing the meeting shall have s second or casting vote. However, a Trustee may not vote on
any issue that directly affects him or her. The Charity Commission will be informed of this Change and
an up to date list of all Trustees will be sent to the Charity Commission.
Relationship with Other Charity
The Trust does not have any direct or indirect relationship with any other Charity operating in the UK
or other parts of the world.
Trustees. Remuneration
All the trustees are highly professionally qualified. yet they do offer their service on a voluntary basis,
except the following trustees who are paid a nominal fee as below..
Mr MT Selvaraiah - Head Teacher
Mrs A Priminie Vimaladasa
Scandinavia
Mr S Selvendran - France Coordinator
Mr S Dawood - Asst. Deputy Head and Holland Coordinator
Page 5
Deputy Head Teacher, Examiner and Centre Coordinator for

Oriental Fine Arts Academy of London
Trustees. Report
Trustees Loans & Donations
During the fiscal year Trustees made £860 donats.on to the Charity, and the Charity did not make any
loan or donation to any of the Trustees.
Governance and Leadership Transition
A significant change in governance occurred in early 2024.
We extend our deepest gratitude and recognition to our outgoing Chairman, Mr S Suresh, for his
exceptional dedication and leadership over Iwo decades. Mr Suresh was instrumental in building the
organisation to its current level of success. overseeing its expansion, and successfully securing the
organisation's integrity in many vital legal battles concerning our name and intellectual propety. His
legacy forms the bedrock of OFAAL'S trusted position in the Fine Arts community.
Following the deep sorrowful acknowledgment of the passing of Mr Ratnaswamy Sritharan, our
esteemed permanent trustee and treasurer, in December 2023, the Board of Trustees convened to
affirm our forward-looking leadership. We are pleased to announce the appointment of Mr P Niranjan
as the new Chairman of the Board of Trustees in early 2024. Mr Niranjan brtngs a wealth of
experience and a deep commitment to the arts and cultural preservation, and his leadership will guide
OFAAL into its next phase of growth and global expansion.
Conclusion
In conclusion, 2024 has been a year of significant transition, recovery, and success. Despite the deep
loss felt by the passing of Mr R Sritharan, the appointment of Mr P Niranjan as the new Chairman
ensures strong leadership. The successful UK Graduation ￿remonY in February 2024 and the
confirmed increase in student examination uptake post-COVID are clear indicators of OFAAL'S
growing strength and resilience.
As we look fotward to the coming year, we remain committed to providing high-quality Fine Arts
education, promoting cultural values. and contributing to the well-being of the community under our
new leadership.
The annual report was approved by the trustees of the charity on 2911012025and signed on its
behalf by..
Mr P Niranjan
Trustee
Mr P Navendren
Trustee
Page 6

Oriental Fine Arts Academy of London
Statement of Trustees. Responsibilities in Respect of the Financial Statements
The trustees are responsible for preparing the trustees, report and the financial statements in
accordance with the United Kingdom Accounting Standards (United Kingdom Generally AC￿pted
Accounting Practi￿) and applicable law and regulations.
The law applicable to charities requires the trustees to prepare financial statements for each financial
year which give a true and fair view of the state of affairs of the charity and of the incoming reSoUr￿S
and application of resources of the charity for that period. In preparing these financial statements, the
trustees are required to-
select suitable accounting policies and then apply them consistently-
observe the methods and principles in the Chanties SORP;
make judgements and estimates that are reasonable and prudent.,
state whether applicable accounting standards have been followed. subject to any material
departures disclosed and explained in the financial statements,. and
prepare the financial statements on the going con￿rn basis unless it is inappropriate to presume
that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable
accuracy at any time the financial position of the charity and enable them to ensure that the financial
statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports}
Regulations, and the provisions of the constitution. The trustees are also responsible for safeguarding
the assets of the charity and hence for taking reasonable steps for the prevention and detection of
fraud and other irregularities.
Approved by the trustees of the charity on 2911012025and signed on its behalf by..
Mr P Niranjan
Trustee
Mr P Navendren
Trustee
Page 7

Oriental Fine Arts Academy of London
Independent Auditor's Report to the Members of Oriental Fine Arts Academy of
London
Opinion
We have audited the financial statements of Oriental Fine Arts Academy of London (the 'charity') for
the year ended 31 December 2024, which comprise the Statement of Financial Activities, Balan
Sheet, and Notes to the Financial Statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is United Kingdom
Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard
applicable in the UK and Republic of Ireland. and applicable law (United Kingdom Generally AC￿pted
Accounting practi￿}.
In our opinion the financial statements-
give a true and fair view of the state of the charity's affairs as at 31 December 2024 and of its
results for the year then ended.,
have been properly prepared in accordance with United Kingdom Generally AC￿pted Accounting
Practice.,
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordan￿ with Intemational Standards on Auditing (UK) {ISAs (UK)) and
applicable law. Our responsibilities under those standards are further described in the Auditorfs
responsibilities for the audit of the financial statements section of our report. We are independent of
the charity in accordance with the ethical requirements that are relevant to our audit of the financial
statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical
responsibilities in accordance with these requirements. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis ft)r our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustee's use of the going concern
basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material Un￿rtaIntieS relating to
events or conditions that, individually or collectively, may cast significant doubt on the charity's ability
to continue as a going concern for a period of at least twelve months from when the original financial
statements were authorised for issue.
Our responsibilities and the responsibilities of the trustee's with respect to going con￿rn are
described in the relevant sections of this reporL
Other information
The trustees are responsible for the other infomiation. The other information comprises the
information included in the annual report, other than the financial statements and our auditor's report
thereon. Our opinion on the financial statements does not cover the other information and, except to
the extent otherwise explicitly stated in our report, we do not express any form of assurance
conclusion thereon.
Page 8

Oriental Fine Arts Academy of London
Independent Auditor's Report to the Members of Oriental Fine Arts Academy of
London
In connection with our audit of the fnancial statements, our responsibility is to read the other
information and, in doing so. consider whether the other information is materially inconsistent with the
financial statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated. If we identify such material inconsistencies or apparent material misstatements, we are
required to determine whether there is a material misstatement in the financial statements or a
material misstatement of the other information. If, based on the work we have performed, we conclude
that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the charity and its environment obtained in the
course of the audit, we have not identified material misstatements in the Trustees, Report.
We have nothing to report in respect of the following matters where the Charities Act 2011 requires us
to report to you if, in our opinion=
adequate accounting records have not been kept. or retums adequate for our audit have not been
received from branches not visited by us.. or
the financial statements are not in agreement with the accounting records and returns., or
certain disclosures of trustees remuneration specified by law are not made,. or
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees. Responsibilities in Respect of the Financial
Statements {set out on page 7), the trustees are responsible for the preparation of the financial
statements and for being satisfied that they give a true and fair view, and for such internal control as
the trustees determine is necessary to enable the preparation of financial statements that are free
from material misstatement, whether due to fraud or error.
In preparing the financial statements. the trustees are responsible for assessing the charity's ability to
continue as a going COn￿M. disclosing. as applicable. matters related to going concern and using the
going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease
operations, or have no realistic altemative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assuran￿ about whether the financial statements as a whole
are free from material misstatement. whether due to fraud or error, and to issue an auditor's report
that includes our opinion. Reasonable assuran￿ is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with ISAS (UK) will a￿ayS detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these financial statements.
As part of an audit in accordance with ISAS (UK). we exercise professional judgement and maintain
professional scepticism throughout the audit. We also-
Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override
of internal control.
Page 9

Oriental Fine Arts Academy of London
Independent Auditor's Report to the Members of Oriental Fine Arts Academy of
London
Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the charity's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the trustees.
Conclude on the appropriateness of the trustees use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the charity's ability to continue as a going concern. If
we conclude that a material Un￿rtaInty exists, we are required to draw attention in our auditorfs
report to the related disclosures in the financial statements or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of
our auditorfs report. However, frjture events or conditions may cause the charity to cease to
continue as a going cOn￿M.
Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and
events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the charity to express an opinion on the financial ststements. We are
responsible for the direction. supervision and performance of the charity audit. We remain solely
responsible for our audit opinion.
We communicate with those charged with govemance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.
Use of our report
This report is made solely to the charity trustees. as a body, in accordance with section 144 of the
Charities Act 2011 and regulations made under section 154 of that Act. Our work has been
undertaken so that we might state to the tnjstees those matters we are required to state to trustees in
an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not ac￿pt
or assume responsibility to anyone other than the charity and its trustees as a body, for our audit
work, for this report, or for the opinions we have formed.
Gavin Fernandes FCA, CTA (Senior Statutory Auditor)
For and on behalf of MG Audit Services Limited, Statutory Auditor
166 College Road
Harrow
Middlesex
HA1 1BH
30/10/2025
Page 10

Oriental Fine Arts Academy of London
Statement of Financial Activities for the Year Ended 31 December 2024
Unrestricted Unrestricted
funds
funds
2024
2023
Note
Income and Endowments from:
Donations and legacies
Charitable activities
Investment income
Other income
945
399,827
520
6,426
256
325,988
125
Totsl income
407,718
326,369
Expenditure on:
Charitable activities
(359,206)
(339,491)
Total expenditure
(359,206)
(339,491)
Net incomellexpenditure)
Other recognised gains and losses
Other exchange losses
48,512
{13,122)
(2,636)
(7,942)
Net movement in funds
45,876
{21,064)
Reconciliation of funds
Total funds brought fomard
640,056
661,120
Total funds carried fomard
18
685,932
640,056
All of the charity's activities derive from continuing operats.ons during the above periods.
Page 11

Oriental Fine Arts Academy of London
(Registration number: 1103602)
Balance Sheet as at 31 December 2024
2024
2023
Note
Fixed assets
Intangible assets
Tangible assets
12
13
1,446
590,220
590,000
590,000
591,666
Current assets
Debtors
Cash at bank and in hand
14
7,780
64,631
121,460
121,460
72,411
Creditors: Amounts falling due within one year
15
125,528)
{24,021)
Net current assets
95,932
48,390
Net assets
685,932
640,056
Funds of the charity:
Unrestricted income funds
Unrestricted funds
685,932
640,056
Total funds
18
685,932
640,056
The financial statements on pages 11 to 24 were approved by the trustees. and authorised for issue
on 291.1.Q12Q25and signed on their behalf by:
Mr P Niranjan
Trustee
Mr P Navendren
Trustee
Page 12

Oriental Fine Arts Academy of London
Notes to the Financial Statements for the Year Ended 31 December 2024
1 Significant accounting policies
Charity infonnation
Oriental Fine Arts Academy of London is a charity established in the UK. The principal address is 32
South Vale Drive, Sudbury Hill, Harrow, Middlesex, HA13PH.
Statement of compliance
The financial statements have been prepared in accordance with Accounting and Reporting by
Charities.. Statement of Recommended Practi￿ 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 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard
applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements are prepared in sterfing, which is the functional currency of the OFAAL.
Monetary amounts in these financial statements are rounded to the nearest £.
Basis of preparation
Oriental Fine Arts Academy of London M￿tS the definition of a public benefit entity under FRS 102.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise
stated in the relevant accounting policy notes.
Exemption from preparing a cash flow statement
In accordance with the provisions available to qualifying charities under the SORP, the charity has not
prepared a Statement of Cash Flows.
Going concern
The trustees consider that there are no material un￿rtaIntieS about the charity's ability to continue as
a going con￿rn.
Income and endowments
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a
general nature is recognised when the charity has entitlement to the income, it is probable that the
income will be received and the amount can be measured with sufficient reliability-
Donations and legacies
Donations and legacies are recognised on a re￿1vable basis when receipt is probable and the
amount can be reliably measured.
Deferred income
Deferred income represents amounts received for future periods and is released to incoming
reSoUr￿S in the period for which. it has been re￿ived. Such income is only deferred when"
The donor specifies that the grant or donation must only be used in future accounting periods- or
The donor has imposed conditions which must be met before the charity has unconditional
entitlement.
Page 13

Oriental Fine Arts Academy of London
Notes to the Financial Statements for the Year Ended 31 December 2024
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is
probable settlement is required and the amount can be measured reliably. All costs are allocated to
the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot
be directly attributed to particular headings they have been allocated on a basis consistent with the
use of resources, with central staff costs allocated on the basis of time spent, and depreciation
charges allocated on the portion of the asseys use. Other support costs are allocated based on the
spread of staff costs.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities
and seNices for its beneficiaries. It includes both costs that can be allocated directly to such activities
and those costs of an indirect nature necessary to support them.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis
consistent with the use of resources. for example. allocating propety costs by floor areas, or per
capita, staff costs by the time spent and other costs by their usage.
Governance costs
These include the costs attributable to the charity's Complian￿ with constitutional and statutory
requirements, including audit, strategic management and trustees's meetings and reimbursed
expenses.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010
and therefore it meets the definition of a charitable company for UK corporation tax purposes.
Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains
received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section
256 of the Taxation of Chargeable Gains Act 1992. to the extent that such income or gains are
applied exclusively to charitable purposes.
Intangible assets
Intangible assets are stated in the Balan￿ Sheet at cost less accumulated amortisation and
impairment. They are amortised on a straight line basis over their estimated useful lives.
Tangible fixed assets
Individual fixed assets are initially recorded at cost, less any subsequent accumulated depreciation
and subsequent accumulated impairment losses.
Amortisation
Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated
residual value, over their expected useful economic life as follows=
Asset class
Website cost
Amortisation method and rate
Over 5 years
Page 14

Oriental Fine Arts Academy of London
Notes to the Financial Statements for the Year Ended 31 December 2024
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any
estimated residual value, over their expected useful economic life as follows..
Asset class
Freehold land and buildings
Fixtures and fittings
IT Equipments
Depreciation method and rate
250/0 reducing balan￿ method
25 % reducing balance method
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the
ordinary course of business.
Trade debtors are recognised initially at the transaction pri￿. They are subsequently measured at
amortised cost using the effective interest method, less provision for impairment. A provision for the
impairment of trade debtors is established when there is objective evidence that the charity will not be
able to collect all amounts due according to the original terms of the re￿1vableS.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly
liquid investments that are readily convertible to a known amount of cash and are subject to an
insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or servi￿$ that have been acquired in the ordinary
course of business from suppliers. Accounts payable are classified as current liabilities if the does not
have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at
least ￿e1ve months after the reporting date. If there is an unconditional right to defer settlement for at
least ￿e1ve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at
amortised cost using the effective interest methc¥J.
Fund structure
Unrestricted income fijnds are general funds that are available for use at the trustees's discretion in
furtherance of the objectives of the charity-
Financial instruments
Classification
Financial assets and financial liabilities are recognised vthen the charity becomes a paty to the
contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual
arrangements entered into. An equity instrument is any contract that evidences a residual interest in
the assets of the charity after deducting all of its liabilities.
Page 15

Oriental Fine Arts Academy of London
Notes to the Financial Statements for the Year Ended 31 December 2024
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction
costs), except for those financial assets classified as at fair value through profit or loss, which are
initially measured at fair value (which is normally the transaction price excluding transaction costs),
unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing
transaction, the financial asset or financial liability is measured at the present value of the future
payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the statement of financial position when, and only
when there exists a legally enforceable right to set off the recognised amounts and the charity intends
either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows
from the financial asset expire or are settled, b) the charity transfers to another paty substantially all
of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained
some, but not all, significant risks and rewards of ownership, has transferred control of the asset to
another paty.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged,
cancelled or expires.
Fair value measurement
The best eviden￿ of fair value is a quoted Pri￿ for an identical asset in an active market. When
quoted prices are unavailable, the price of a re￿nt transaction for an identical asset provides
evidence of fair value as long as there has not been a significant change in economic circumstances
or a significant lapse of time since the transaction took pla￿. If the market is not active and re￿nt
transactions of an identical asset on their own are not a good estimate of fair value, the fair value is
estimated by using a valuation technique.
Employee benefits
The cost of any unused holiday entit]ement is recognised in the period in which the employee's
servi￿$ are received.
Terminaton benefits are recognised immediately as an expense when the OFAAL is demonstrably
committed to terminate the employment of an employee or to provide termination benefits.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall
due.
Page 16

Oriental Fine Arts Academy of London
Notes to the Financial Statements for the Year Ended 31 December 2024
Critical accounting estimates and judgements
In the application of the OFAAL'S accounting policies. the trustees are required to make judgements,
estimates and assumptions about the carrying amount of assets and liabilities that are not readily
apparent from other sources. The estimates and associated assumptions are based on historical
experience and other factors that are considered to be relevant. Actual results may differ from these
estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognised in the period in which the estimate is revised where the revision
affects only that period, or in the period of the revision and future periods where the revision affects
both current and future periods.
2 Income from donations and legacies
Unrestricted
funds
Unrestricted Unrestricted
funds
funds
2024
2023
General
Donations and legacies-
Donations from individuals
945
945
256
945
945
256
3 Income from charitable activities
Unrestricted Unrestricted
funds
funds
2024
2023
Income from Tamil School
SeNices provided to students
42,788
357,039
43,194
282,794
399,827
325,988
4 Investment income
Unrestricted Unrestricted
funds
funds
2024
2023
Interest receivable and similar income-
Interest receivable on bank deposits
520
125
Page 17

Oriental Fine Arts Academy of London
Notes to the Financial Statements for the Year Ended 31 December 2024
5 Expenditure on charitable activities
Charitable
activities
2024
Charitable
activities
2023
Examination costs
Teachers. and examiners, expenses
Volunteers expenses
Venue hire
Tamil school books
Tamil school travel & subsistence
Graduation expenses
Sundry expenses
Support cost {see note 6)
Governance cost (see note 6)
80,073
107.168
5,553
74,898
4,505
9,478
10,001
73,382
96,692
3,826
77,938
2,848
5,465
9,217
217
66,006
3,900
61,030
6,500
359,206
339,491
The charity makes use of volunteers as and when required to assist with the provision of
examinations. Volunteers are either paid a nominal fee or no payment at all. Expenses paid to
volunteers have been included within charitable activities. A reliable estimate of the cost of the time
and effort donated by the volunteers in the furtherance of the charity's objectives is not possible to
quantify.
Page 18

Oriental Fine Arts Academy of London
Notes to the Financial Statements for the Year Ended 31 December 2024
6 Analysis of governance and support costs
Governance costs
2024
2023
Audit fees
Audit of the financial statements
Legal fees
4,800
1,700
3,600
300
6,500
3,900
Support costs allocated to activities
Totsl
2024
Total
2023
Staff costs
Depreciation
Bank charges
offi￿ costs
Function costs
Website and computer costs
Premises costs
Sundry expenses
Insurance
29,956
1,666
6,477
5,316
4,433
8,781
29,054
1,738
4,609
6,458
4,934
8,802
9,891
520
143
4,258
61,030
66,006
Page 19

Oriental Fine Arts Academy of London
Notes to the Financial Statements for the Year Ended 31 December 2024
7 Net incomingloutgoing resources
Net incomingl(outgoing) resources for the year include-
2024
2023
Audit fees
Depreciation of fixed assets
Amortisation of intangible assets
4,800
220
1,446
3,600
292
1,446
8 Trustees remuneration and expenses
During the year the charity made the following transactions with trustees:
Mr M T Selvarajah
Mr M T Selvarajah received remuneration of £1,500 (2023: £1,500) during the year.
Remuneration as Head Teacher.
Mrs A Vimaladasa
Mrs A Vimaladasa re￿iVed remuneration of £5,075 {2023: £4,743) and £2,635 12023: £2,760) of
expenses were reimbursed to Mrs A Vimaladasa during the year.
Remuneration as Assistant Head Teacher.
Mr S Selvendran
Mr S Selvendran received remuneration of £5.714 (2023.. £5.000) and £1.876 (2023.. £Nil) of
expenses were reimbursed to Mr S Selvendran during the year.
Mr S Dawood
Mr S Dawood re￿iVed remuneration of £200 (2023.. £520) and £210 (2023.. £296} of expenses were
reimbursed to Mr S Dawood during the year.
Mr P Niranjan
£1,785 {2023.' £Nil) of expenses were reimbursed to Mr P Niranjan during the year.
Mr S Suresh
£25 (2023.. £Nil) of expenses were reimbursed to Mr S Suresh during the year.
Mr P Navendren
£50 (2023.. £Nil) of expenses were reimbursed to Mr P Navendren during the year.
Donations made by the trustees without any conditions attached totalled £860 for the year (2023
£256).
Page 20

Oriental Fine Arts Academy of London
Notes to the Financial Statements for the Year Ended 31 December 2024
9 Staff costs
The aggregate payroll costs were as follows:
2024
2023
Staff costs during the year were:
Wages and salaries
Pension costs
29,389
567
28,548
506
29,956
29,054
The monthly average number of persons (induding senior management team) employed by the
charity during the year expressed as full time equivalents was as follows..
2024
2023
Employees
30
28
No employee re￿iVed emoluments of more than £60,000 during the year
10 Auditors, remuneration
2024
2023
Audit of the financial statements
4,800
3,600
11 Taxation
The charity is a registered charity and is therefore exempt from taxation.
12 Intangible fixed assets
Page 21

Oriental Fine Arts Academy of London
Notes to the Financial Statements for the Year Ended 31 December 2024
Website cost
Total
Cost
At 1 January 2024
7,230
7,230
At 31 December 2024
7,230
7,230
Accumulated amortisation
At 1 January 2024
Charge for the year
5,784
1,446
5,784
1,446
At 31 December 2024
7,230
7,230
Net book value
At 31 December 2024
At 31 December 2023
1,446
1,446
13 Tangible fixed assets
Freehold
land and
buildings
Fixtures and
fittings
IT
Equipments
Total
Cost
At 1 January 2024
589.343
2.200
3,175
594,718
At 31 December 2024
589.343
2.200
3,175
594,718
Accumulated depreciation
At 1 January 2024
Charge for the year
1,678
131
2,820
89
4,498
220
At 31 December 2024
1,809
2,909
4,718
Net book value
At 31 December 2024
589,343
391
266
590,000
At 31 December 2023
589,343
522
355
590,220
14 Debtors
2024
2023
Prepayments
Other debtors
7,027
753
7,780
Page 22

Oriental Fine Arts Academy of London
Notes to the Financial Statements for the Year Ended 31 December 2024
15 Creditors: amounts falling due within one year
2024
2023
other taxation and social security
Accruals
Deferred income
7,720
4,800
13,008
1,725
22,053
243
25,528
24,021
Page 23

Oriental Fine Arts Academy of London
Notes to the Financial Statements for the Year Ended 31 December 2024
16 Deferred income
2024
2023
Deferred income at 1 January 2024
ReSoUr￿S deferred in the period
Amounts released from previous periods
243
13,008
1243)
13,008
4,000
243
(4,000)
243
Deferred income at year end
17 Pension and other schemes
Defined contribution pension scheme
The charity operates a defined contribution pension scheme for all qualifiying employees. The assets
of the scheme are held separately from those of the OFAAL in an independently administered fund.
The pension cost charge to profit or loss for the year represents contributions payable by the charity
to the scheme and amounted to £567 (2023 - £506).
18 Funds
Balance at
Other
31
Incoming Resources recognised December
resources
expended gainsl{losses)
2024
Balance at
1 January
2024
Unrestricted funds
General
General funds
640,056
407,718
(359,206)
(2,636}
685,932
Balance at
Other
31
Incoming Resources recognised December
resources
expended gainsl(losses)
2023
Balance at
1 January
2023
Unrestricted funds
General
General funds
661.120
326.369
(339.491)
(7,942)
640,056
19 Related party transactions
There were no related party transacts.ons in the year other than those mentioned in note 8.
Page 24