Ratnam Foundation
Trustee’s annual report and annual accounts
For the year ended 31st March 2023
Ratnam Foundation
| Page | |
|---|---|
| Contents | 1 |
| Charity Informaton | 2 |
| Trustees annual Report | 3 |
| Statement of fnancial actvites | 5 |
| Balance sheet | 6 |
| Notes to fnancial statements | 7 |
| Analysis of Charitable Expenditure | 8 |
| Independent examiner's report | 9 |
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Ratnam Foundaton
Charity information for the year ended 31st March 2023
Charity Name and Number Ratnam Foundation: Registered Charity Number 1108787
Correspondence Address
179 Norval Road
North Wembley Middlesex
HA0 3SX
Trustees
Dr Ratnam Nithiyananthan – Chairman Mrs Sarojinidevi Nithiyananthan – Treasurer Mr Janardhanan Ratnasabapathy – Secretary Mrs Chiththrakumari Ravichandran
Independent Examiner
Mr M Kumaradevan
The Chartered Institute of Management Accountants
12 Egerton Road Wembley HA0 4ES
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Ratnam Foundaton
Trustees annual report for the year ended 31st March 2023
Our organisation, Ratnam Foundation, was established on 1st April 2005 with a vision to support the underprivileged sections of society in education and health sectors. The recent economic crisis in Sri Lanka has pushed many parents into poverty, leading to a surge in demand for assistance from various organisations. This posed a significant challenge to our organisation in choosing the most urgent and relevant work that aligned with our objectives. I would like to express my sincere gratitude to all members of the board of trustees, donors, well-wishers and the volunteers for their dedication and commitment to achieve the goal in these tough times.
Management and Governance arrangements
The present trustees, namely Dr Ratnam Niththyananthan and Mrs Sarojinidevi Niththyananthan, have held office since inception, 1st April 2005, although they were reelected for a period of three years in 2008, 2011, 2014, 2017 and 2020. The trust deed provides for a minimum of three trustees. Mr Janardhanan Ratnasabapathy joined us on 31st May 2018 and was re-elected in 2021. Mrs Chithrakumary Ravichandran joined us from 20th March 2022. Both Mr Janadhanan Ratnasabapathy and Mrs Chithrakumary Ravichandran are highly involved and oversee many new projects. Our former trustees, Mr Kannan Niththyananthan and Mr Selvadurai Tharmarajah, continue to give valuable advice and guidance.
Procedure and Policy for grant making.
We work in the field of education, with particular attention to digital education. We receive requests from numerous zonal education offices for smart boards, as well as from various organisations for different projects. The project proposals are carefully evaluated by considering the merits of each application. The trustees meet regularly and approve the projects, as well as the funds necessary for them. At the end of each project, the project organisers are expected to submit an evaluation report detailing the benefits to the recipients, as well as any difficulties and lessons learned in implementing the project.
Achievements and performance of the trust.
We depend heavily on donations from well-wishers in the running of the trust. For the first time, we felt the impact of the covid, and the consequent financial hardship faced by our donors. As a result, our donations went down drastically. Thanks to our reserve fund, which kept us going without any setbacks. During the current year, the trust continued to support the Diabetic Centre at Moolai Hospital, which provides free consultation and medicine to families with low income. The trust continued to support education through smart boards to many schools in the North, East and Hill Country provinces. This method encourages the students in the learning process inside and outside the classrooms.
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The Trust also continued to support the tuition centres in Kokuvil and Kondavil. In addition, the trust runs free computer centres at Kokuvil, Kondavil, Puthu murippu, Olumaddu, Karadippokku and Akkaraipattu. These projects help the underprivileged children to improve their knowledge in their studies. The computer centre at Akkaraipattu is recognised by the Tertiary Education Council and conducts courses in NVQ 3 and 4 computing.
New Projects
1. Early Childhood Development
Most of the pre-school teachers do not have any opportunity to participate in “Continuous skill development” training to improve the teaching methodology according to the current trend. At the initiative of International Medical Health Organization USA and Ratnam Foundation few experts sat together and developed a six-day programme and being successfully implemented now.
2. Actvity Based Oral English Language programme
There is a severe shortage of English teachers in most of the schools in Sri Lanka. There are no textbooks available for English as a language for grades 1 and 2. In collaboration with IMHO, USA we have started training programme for primary school teachers through activity based oral English training.
Financial review and investment Policy
The net loss after grants and operational expenses were £ 36,996. At the end of the financial year, the reserves were £141,629. The reserve policy is reviewed annually for adequacy.
Plans for future periods.
The trustees will continue by providing financial assistance in similar way to the recent past. The trust will continue with an emphasis on the area of grants but retaining flexibility as to the timing and scale of the projects involved.
Independent Examiner
The trustees have asked their independent examiner to carry out an independent examination on the trust’s finances. The independent examiners report is attached.
Signed on behalf of the trustees.
Dr R Niththyananthan
Chairperson Date:
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Ratnam Foundaton Statement of Financial Actvites for the year ended 31st March 2023
| Unrestricted Funds | Total Funds | Total funds | |
|---|---|---|---|
| 2023 | 2022 | ||
| Incoming resources | |||
| Incoming resources from generated funds | |||
| Voluntary Income: Donatons | 40,084 | 40,084 | 47,963 |
| Interest Received | 317 | 317 | 16 |
| HMRC IR Charity | 9,077 | 9,077 | 17,255 |
| Total incoming resources | 49,477 | 49,477 | 65,234 |
| Resources expanded | |||
| charitable actvites | |||
| Educatonal organisatons and facilites | 81,258 | 81,258 | 55,478 |
| Food Relief | 3,802 | 3,802 | 4,442 |
| Health organisatons | 702 | 702 | - |
| 85,762 | 85,762 | 59,920 | |
| Governance Cost | 713 | 713 | 751 |
| Total Resources expended | 85,475 | 85,475 | 60,671 |
| Net Incoming resources | (36,996) | (36,996) | 4,562 |
| Reconciliatons of funds | |||
| Total Funds brought forward | 178,625 | 178,625 | 174,063 |
| Total Funds brought forward | 141,629 | 141,629 | 178,625 |
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Ratnam Foundaton Balance Sheet As of 31st March 2023
| Notes Current Assets Cash at Bank and in Hand Current Liabilites Creditors Amounts falling due within one year Net Current assets Net assets Unrestricted Funds Total Funds |
£ 141,879 250 141,629 141,629 141,629 141,629 |
£ 178,875 250 178,625 178,625 178,625 178,625 |
|---|---|---|
The financial statements on pages 5 to 9 were approved by the trustees on 16 December 2023 and signed on their behalf by:
Dr R Niththyananthan Chair
Date:
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Ratnam Foundaton
Notes to the fnancial statements for the year ended 31st March 2023
1. Accountng Policies
In preparing the accounts the accounts the following accounting policies have been complied with:
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a. The accounts have been prepared on the historic cost convention with the exception that investments are valued at market value. the accounts are in accordance with applicable accounting standards, the charities SORP 2019 (Accounting and Reporting by Charities) and comply with the charities (Accounts and Reports) Regulations2005 issued under the Charities Act 1993.
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b. Investment income is recorded when receivable.
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c. Gift aid reclaimable on donations to the charity is included with the amount received
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d. Expenditure on grants is recorded once the Trust has made an unconditional commitment to pay the grant and this is communicated to the beneficiary, or the grant has been paid, whichever is the earlier. The Trust has not made any grant commitments of more than one year.
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e. other expenditure is included in the accounts on an accrual’s basis. Irrecoverable VAT is charged to the SOFA as incurred.
2. Taxaton
The Trust is a registered charity and accordingly is exempt from taxation on its income and gains where they are applied for charitable purposes.
3. Related party transactons
None of the trustees was paid any remunerations or expenses by the charity during the year
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- Analysis of charitable expenditure the total amount of charitable activities and grants paid analysed in relation to each activity group was as follows:
| Grant Funding | Grant Funding | Support | |||
|---|---|---|---|---|---|
| Programme | Insttuton | Individuals | Cost | Total | |
| £ | £ | £ | £ | ||
| Educatonal | 80,692 | - |
566 | 81,258 | |
| Food Relief | 3,802 | 3,802 | |||
| Health Organisatons | 702 | - | 702 | ||
| __________ | |||||
| 85,196 | - |
566 | 85,761 |
||
| 5. | Governance Cost | £ | |||
| Ofce costs | 463 | ||||
| Independent Examiners Fees | 250 | ||||
| 713 | |||||
| 6. | Analysis of Creditors | ||||
| Independent examiner's fees | 250 | ||||
| 7 | Analysis of funds’ assets and liabilites | ||||
| Unrestricted Fund | |||||
| £ | |||||
| Fixed Assets | - | ||||
| Current assets | 141,879 | ||||
| Current Liabilites | (250) | 141,629 | |||
| _ | |||||
| 141,629 |
The unrestricted funds of the charity may be applied for any charitable purpose at the Discretion of the trustees.
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Independent examiner’s report to the Trustees of Ratnam Foundaton
We have reported the financial statements of Ratnam Foundation for the year ended 31[st] March 2023, which comprise the Profit and Loss Account, the Balance Sheet, and the related notes. These financial statements have been prepared under the accounting policies set out therein.
Respectve responsibilites of trustees and examiner
The charity’s trustees consider that an audit is not required for this year (under section 43(2) of the charities Act 1993 (the Act) and the independent examination is needed.
It is our responsibility to:
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Examine the accounts (under section 43 of the Act).
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To follow the procedures laid down in the General Directions given by the charity Commission (under section 43(7)(b) of the Act); and
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To state whether particular matters have come to our attention. Examine the account (under section 43 of the Act)
Basis of the independent examiner’s report
Our examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes are view of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of an unusual items or disclosures in the accounts and seeking explanation from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
Opinion
In our opinion:
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the financial statements give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting Practice, of the state of the charity’s affairs as of 31 March 2023 and of its loss for the year then ended.
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the financial statements have been properly prepared in accordance with the Charity Act 1993.
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the information given in the Trustees' Report is consistent with the financial statements.
M.Kumaradevan, Independent Examiner The Chartered Institute of Management Accountants Wembley, Middlesex 16 December 2023
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