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2022-10-31-accounts

Charity registration number 1141833

SHREE SAKTHY GHANAPATHY TEMPLE

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022

SHREE SAKTHY GHANAPATHY TEMPLE

TRUSTEE'S REPORT

FOR THE YEAR ENDED 31 OCTOBER 2022

The trustees present their annual report and financial statements for the year ended 31 October 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's governing document, the Charities Act 2011 and "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)" (effective 1 January 2019).

Objectives and activities

The trustees shall hold the fund and its income upon trust to apply them for the advancement of the Hindu (Saiva) religion according to the Saiva Sithantha traditions, principles, and practices prevailing in India, Malaysia and Sri Lanka and such other charitable purposes for the benefit of the community as the trustees shall from time to time determine and there has been no change in these during the year.

Financial review

It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The trustees have assessed the major risks to which the Charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The Charity is governed by its Constitution.

The Trustees are appointed to the Board Via an election process and serve for 3 years. The outgoing Trustees are eligible for re-election.

The Trustees are highly respected and senior members of the community, bringing in their vast experience and knowledge to ensure the charity is running properly and according to its constitution.

The Trustees trustees who served during the year and up to the date of signature of the financial statements were: Mr C Kailaya-Vasan

Mr K Paramanathan Mr K Ganeshamoorthy Mr K Kiridaran Mr P Kugathasan

The Trustee's report was approved by the Board of Trustees.

Mr C Kailaya-Vasan Trustee

21 July 2023

SHREE SAKTHY GHANAPATHY TEMPLE

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF SHREE SAKTHY GHANAPATHY TEMPLE

I report to the trustees on my examination of the financial statements of SHREE SAKTHY GHANAPATHY TEMPLE (the Charity) for the year ended 31 October 2022.

Responsibilities and basis of report

As the trustees of the Charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

J. V Louis

Dated: 21 July 2023

SHREE SAKTHY GHANAPATHY TEMPLE

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 OCTOBER 2022

Unrestricted
funds
2022
Notes
£
Income from:
Donations and legacies
3,949
Charitable activities
93,300
Total income
97,249
Expenditure on:
Raising funds
21,912
-
Charitable activities
42,411
-
Total expenditure
64,323
-
Net income for the year/
Net movement in funds
Fund balances at 1 November 2021
Fund balances at 31 October 2022
Restricted
funds
2022£
-
-
-
-
32,926
200,448
233,374
-
-		 Total Unrestricted
funds
2022
2021
£
£
9,372
70,336
79,708
21,912
11,803
42,411
51,464
64,323
63,267
16,441
184,007
200,448
3,949
93,300
97,249
32,926
200,448
233,374		 Total Unrestricted
funds
2022
2021
£
£
9,372
70,336
79,708
21,912
11,803
42,411
51,464
64,323
63,267
16,441
184,007
200,448
3,949
93,300
97,249
32,926
200,448
233,374
79,708
11,803
51,464
63,267
16,441
184,007
200,448

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

SHREE SAKTHY GHANAPATHY TEMPLE

BALANCE SHEET

AS AT 31 OCTOBER 2022

Notes
Fixed assets
Tangible assets
5
Current assets
Debtors
6
Cash at bank and in hand
Creditors: amounts falling due within
one year
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
Unrestricted funds		 2022
£
162,969
70,518
233,487
(3,436)		 £
3,323
230,051
233,374
-
233,374
233,374		 2021
£
172,249
25,913
198,162
(1,212)		 £
3,498
196,950
200,448
-
200,448
200,448

The financial statements were approved by the Trustees on 21 July 2023

Mr C Kailaya-Vasan Trustee

SHREE SAKTHY GHANAPATHY TEMPLE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022

1 Accounting policies

Charity information

SHREE SAKTHY GHANAPATHY TEMPLE is an unincorporated Charity based in England and Wales. The Charity's Principal address is 21 Brigstock Road, Thornton Heath, CR7 7JJ.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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)" (effective 1 January 2019). The Charity is a Public Benefit Entity as defined by FRS 102.

The Charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.

1.4 Income

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

SHREE SAKTHY GHANAPATHY TEMPLE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings 5%

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

1.8 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.

3 Employees

The average monthly number of employees during the year was:

2022 2021
Number Number
2 2

SHREE SAKTHY GHANAPATHY TEMPLE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022

3
Employees
Employment costs
Wages and salaries
Other pension costs		 (Continued)
2022
2021
£
£
23,098
22,042
319
287
23,417
22,329		 (Continued)
2022
2021
£
£
23,098
22,042
319
287
23,417
22,329
22,329

There were no employees whose annual remuneration was more than £60,000.

4 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

5 Tangible fixed assets

Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 November 2021 3,682
At 31 October 2022 3,682
Depreciation and impairment
At 1 November 2021 184
Depreciation charged in the year 175
At 31 October 2022 359
Carrying amount
At 31 October 2022 3,323
At 31 October 2021 3,498

6 Debtors

Blueview Limited 2022
£
162,969
162,969		 2021
£
172,249
172,249