Company Number: 1141097 PUNGUDUTIVU WELFARE ASSOCIATION (U.K.) UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 PUNGUDUTIVU WELFARE ASSOCIATION (U.K.) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Contents Page Legal and Administrative information Trustees, report 24 Independent examiner's report Statement of Financial activities Balance sheet Notes to the financial statements 811 PUNGUDUTIVU WELFARE ASSOCIATION IU.K.I LEGAL AND ADMINISTRATNE INFORMATION Con5tltutlon and objert5 PUNGUDUTIVU WELFARE ASSOCIATION IU.KI CONSTtTUTION was originally cortstituted and adopted in 1st October 2010 laier as amended on 30th January 2011. The content of this revised constituiion was accepted at the AGM of PUNGUDLrrivu WELFARE ASSOCIATION IU. KI 35 on April 2020 initially and finally the constitution was adopted as the constitution of PWA at èn EGM meeting held Monday 30th Sepiember 2022. ReBi$tered offi 28 Cedèr Drive Pinner Middx HA5 4DE Trustees Foundè Sockalingam Karunalingam Sinnadurai Kirupananthavel Thampippilai Manmatharajah Se113thurai Mohana5und3ram Sivasamy Premananthan Appointed Dr Subramaniam Shanmugalingarn Kurumoorthy 8arathsthasan Muthuthafflby &vapalan Sockalingam Anandalin8am Independent Examiner Lewis Associates 75 Coniston Gardens London NW9 OBA NW9 OBA Bankers HSBC Bank Pl¢ Lewisharn Branch 85 Lewisham High St London SE13 6BE P•Je 1 PUNGUDUTIVU WELFARE ASSOCIATION IU.K.I TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The tTUStees are pleased to present their annual financial statements of the charity for the year ended 31 December 2023 . Objectives and actlwti¢s of theTrust The Chariws objects are specifically restricted to the following: The organi5ation Shall supportthe following objects for the public benefit in Pungudutivu, Srilanka :. 11 To advance education,. 21 To relieve financial hardship: 31 To promote and protect good health: 41 To provide or assist in the provision of facilities in the interests of sooal welfare for recreation or othei leisure lime occupation of individuals who have need of such facilities by reason of their youth, age. infirrnity or disability, financi31 hardship or social circumstsnces with the objeci of improvin8 their condition5 When planning their objectives for the ye31. the trustees confimi that they have referred to the guidance contasned ift the charity commission's general guidance on public the trust alm5 and objectives and planning luture activities Strutture. Go¥ernance and Management Pungudutivu Welfare Association IU.K.l is 3 registered charity- its. charity number in England and Wales is 1141097. The Trustees, who Served dvring the period were= Sockalingam Karunalinga Sinnadurai Kirupananthavèl Th3mpippilai Manmatharajah Sellathurai Mohanasundaram Sivasamy Premananihan Dr Subr3maniam Shanmu8alingam Kurumoorthy Barathithasan Muthuthamby Sivapalan 5ockalinEam Anandalingam Paga 2 PUNGUDUTIVU WELFARE ASSOCIATION IU.K.I TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEM8ER 2023 Trustees. responslbllities In relation to the financial statements The trustees are responsible for preparing the Trustees. Report and the financial ststements in actordance with applicable law and regulalions. The Charities Act 2011 require5 the tnjstees to prepare financial statements for each financial year . The trustees have to prepare the financlal statements in accordance with United Kingdom Generally Accepted Accounting Practice Iunited Kin8dom Accounting standards and applicable lawl_ The trustees must not approve the financial statements unlèss they are satisfied that they give 3 true and fair view of the state of affairs of the charity and of the incoming resources and application of resourees, indudingthe intome and expenditure. of the charity for that period. In preparing these financial staternents, the trustees are required to." selert suitable accounting policles and then apply tbeffl tonslstently. observe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent- prepare the financial Statements on the goin8 concern basis unless it is inappropriate to presume that the charity will continue in busine5S. When plannin8 their objettives for the year.the trustees confim that they have referred to the guidance contained in Ihe charity commission's general guidance on public benefit when feviewing the charity's 3irn5 and objectives and I planning future activities. Rbsk Management The Trustees have an informal risk management Strate￿ which compromises.. Ongtsing rewew of the rssks the tharity may face.. Establishment of systems and procedures to mitigate those risks,. and Implementation of procedures des4gned to minimise any potential impact on the charity should those risk The Board of Trustees is responsible forthe management of the risk faced by the trust. Consideration and management of such risks is reviewed on an ongoing basis. and systems have been and will be established, and where appropriaie professional advisors have been or will be appointed to miti8ate those risks. Through the above, theTrustees are satisfied that maitir risks identified are subsequently mitigated where necessary. It is recognised that system5 can only provide ￿aSonable not absolute assurance that major risks have been adequately managed. Reserves poli¢v All funds received are currently used to achieve the objective5 of the charity. Arry surplus funds are used for the same purpose and at present the Trustee5 do not have a forn)al reserve policy_ Over time the Trustee5 hope to grow reserve5 to a level suffiuent to mana8e the actiwties of the charity by general-purpose appeals from time to time. P¥3 PUNGUDUnVU WELFARE ASSOCIATION {U.LI REPORT OF THE TRUSTEES ICOTrrnNUEDI Achievements & Performan¢e The Trustees are pleased to report on this year in which the charity fulfilled its objectives. All funds received during the year have been applied in meetingthe Charity's charitsble objective5. Any surpluses arising Irom donation5 and other income are held for the genernl benefit of the charity'5 operatSons. Flnanclal Revlew Total income for the year was £79.18812022.. £5.4181. The trust is helping registered charities rnainly in Pungudutivu Sfil3nka in support of better care. financial hardship, educalion and other nècessary projects In Pun8udutivu Srilanka every year. Donations paid for the year 2023 arnounted to £43.43912022." £9,021) during the year. Approved by the trustees and signeil on tis behalf Sinnadurai Xirupananihavel Date.. F6iiilxY P*38 4 PUNGUDimvu WELFARE ASSOUATION lU.L) STATEMEKf OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Total 2013 Total 2021 Note YurKIs funds Incomè from: Donations and legacies 5,375 2a 78,9(KJ 78,900 Other trading activities 2b 43 income from investment 79.188 79.188 5A18 Total Income enditure on: Raising funds Charitable activities Other Expenditure Governance ￿sts 24,733 1.246 43,439 758 24.733 1.246 43.439 758 9.021 337 70,175 9.358 Total Resources Expended 70.175 9.013 13,9401 Net Resource5 Retsbned 9.013 27.193 Funds at l January 2023 1568 21,684 23.252 Funds at 31 DECEMBER 2023 10.581 21.684 32,Z65 23.252 The statement of financial artivities includes all 8ains and losses recogni5ed in the year. All incoming resources and resources expended derive from continuing activities. P¥JÈ 6 PUNGUDUTIVV WELFARE ASSOCIATION IU.K.I BALANCE SHEET AS AT 31 DECEM8ER 2023 Note Dec.22 Current Assets Cash at bank and in hond Prepayments 32.265 27,213 4,904 32,765 32.117 Creditor5 Amounts falling due within one year Net current Assets 8.865 32,265 23.252 Net Assets 32,265 23,252 t)etr13 Dec-22 The fund5 ofthe charity Unrestricted income fund5'. Restricted income funds.. 9110 9110 10,581 21.684 1,568 21.684 32,265 23,252 Approved by the trustees and signed on its behalf by nnadurai Kirupananthavel 061111fr) P*Je 7 PUNGUDUTIVU WELFARE ASSOCIATION qu.￿) The accompanying accounting policies and note5 form part of these financial statements. NOTES FORMING PART OF THE FINANCIAL sfATEMEKrs FOR THEYEAR ENDED31 DECEMBER 2023 l. Princlpal Accounti￿ Policies lal Basis of accounting The financial statements have been prepared in accordance with Accounting and Reporting by Charitie5'. Statement of Retommended Prattice applicable to char￿ti￿ preparing their accounts in accordance with the Financial Reporting Standard applicable in the UX and Republic ol Ireland IFRS 1021 leflective l January 20201- (Charitses SORP IFRS 10211. Ibl Golng con¢em The trustees have looked ahead for a period in excess of 12 months from the balance sheet date in forming their assessment that the charity is a Roin% Con￿rn. The irustees have assessed ihe charivs ability to operate as a going contern lor the next 12 months from the date of signing the financial statements. The charity will not expense more than the income it receives, therefore will continue operating on a 80in8 concern basis. IC) Incoming resources Donation5 Income from all resources are based on amounts receivable during the financial period, unles5 they are relateil to a Specific future period. in which case they are deferred. Imiestment Incomè Income from investments is incluoed in the Statement of Financial Activitie5 in the period it is receivable and deferred or accrued accordinglv. Glft Aid Gift aid reclaimable on donations to the charity is included within the amount received Idl Resources expend Expenditure.. All expenditure 15 induded on an accrual basis and is recognised when there 15 a legal or constructive obligation to pay for expenditu￿. All costs have been directty attributed to one of the fitrnrtional tategorie5 of resource5 expended in the Statement of Financial Aclivtties. Support costs are indirect Costs incurred in supports.ng the charitsble activitie5 and are allocated acr0$5 the categories of charitable expenditure. All expenditure is shown 8r05s. indusive of irrecoverable VAT. lél Governance t05ts Governance costs include those costs as50Ciated wilh meeting the constitutional and statutory requirèments of the Charity. lfj Cash and cash equlvalw Cash is represented by ¢ash in hand afid deposits with financial institutions ￿paYable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquiil investments ihat mature in no more than three months from the date of acquisition and that are readi￿ convertible to known amounts of cash with insignificant rtsk of change in value. (gl Crèdrtors Short tem) (TeditOTS are measured at the transaetion price. Other financral liabilitie5. indudlng bank loans, are measured initially at fair value. net of transaction costs, and are measured subsequently at amortised C051 using the effertive interest method. Ihl Taxatlon Pungudutivu Welfare Association IUKI is a registered charity and accordingly is exempt from tax31ion on its income and gain5 fallin8 Wlthin section 505 of the Toxe5 Act 1988 or settion 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable purposes. 181 Employees Py8 The chaftty had no employees during 2023 PUNGUDUTIVU WELFARE ASSOCIATION IU.K.I NOTES FORMING PART OF THE FINANCIALSTATEMENTS IContirn*ll FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrirted Restricted fund5 funts 2a Income frorn donotbons and legaties Totsl Total 2023 2022 Subscriprions Donations-Ambulance Donations-Pension Gener31-Don3tion5 Gift Aid5 2.665 17,447 2.320 2.665 17,447 2.320 3.085 2.290 16.031 16,031 38,463 38.463 5.375 2b Income from charIta￿e adi¥iti•s Unrestricted Restrlcted fvnds fund5 Total 2023 Total 2022 Annual Event Annual Sports Dav 40.437 40.437 40.437 40.437 2£ In￿Me from in¥estment Total 2023 Total 2022 funds funds Bank interest receivable 43 288 43 Expendlture on ralslngfunds Unrestrftted Restrirted fvnds Totsl 2023 Totsl 2022 Annual Event Expenses 24.733 24,733 24.733 24.733 Expebxllture on ¢harltsble actlvltbes Unrestricted fund5 Re5trirted funds Totsl 2023 Total 2022 Annual Sports Oav Hall Hire Printing Computer and Software 835 225 186 835 225 186 72 85 1.246 1,246 158 P*p9 PUNGUDUTIVU WELFARE ASSOCIATION IU.LI NOTES FORMING PART OF THE FINANCIAL STATEMENT5 {Contlnuedl FOR THE YEAR ENDED 31 DECEMBER 2023 Governance costs Unfestrbcted Rèsirlcted fvnds funds Total 2023 Toial 2022 Bank Charges Independent examination fees 508 250 179 250 758 758 179 Other expènditure Unrestricted Réstricted funts funds Total 2023 Total 2022 General donations-Srilanka-PWA General donations-Sril3nka-North Ceylon Sarvodai General donation5-Ambul3nce 11,831 13.362 18,246 11,831 13.362 18,246 7,021 2,LX)O 43.439 43.439 9.021 Trustees The trustees recwved no remuneraiion and were not ￿1mbur5ed any of theii expenses in the period Credltors Amoufttsfalllng due within one ye•r Total 2023 Total 2022 Accruals Deferred Income 5LM) 250 8.615 8,865 P4e 10 PUNGUDLmvu WELFARE ASSOCIATION qu.￿) NOTE5 FORMING PART OF THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2023 Nèt movemènts in funds Total 2023 Total 2022 At l January 2021 Net incTeasÈldecreasel in funds 23.252 9,013 27,193 13 Q401 At 31 t)ecember 2021 32.265 23,252 10 Ana￿51$ of net assets between funds Unrestricted RestrirtÈd funds funds Total 2023 Total 2022 Current assets Current liabilities 13,605 19.160 32.765 15001 32.117 18,8651 .105 19,160 32,265 23,252 11