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2022-12-31-accounts

Charity Registration No. 1143043

Company Registration No. 07517633 (England and Wales)

HINDU TAMIL CULTURAL ASSOCIATION (ENFIELD) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

HINDU TAMIL CULTURAL ASSOCIATION (ENFIELD)

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr Thampippillai Manmatharajah
Mr Navaratnam Shanmuganathan
Mr Ponniah Kailayapathivagan
Mr Sundarampillai Sivachandran
Mr Anthonipillai Kantharuban
Mr Kanagasabapathy Mathisoody
Mr Kabilan Ganeshamoorthy
Mr Jeevah Haran
Secretary Mr Thampipillai Manmatharajah
Charity number 1143043
Company number 07517633
Registered office 61-65 Church Lane
Edmonton
London
N9 9PZ
Auditor Moore NHC Audit Limited
First Floor
73-75 High Street
Stevenage
Hertfordshire
SG1 3HR
Bankers Barclays Bank plc
The Enfield Group
20 The Town
Enfield
Middlesex
EN2 6LY
HSBC Bank plc
17 The Broadway
Southgate
London
N14 6PP

HINDU TAMIL CULTURAL ASSOCIATION (ENFIELD)

CONTENTS

Page
Trustees' report 1 - 4
Statement of Trustees' responsibilities 5
Independent auditor's report 6 - 7
Statement of financial activities 8
Balance sheet 9
Statement of cash flows 10
Notes to the financial statements 11 - 19

HINDU TAMIL CULTURAL ASSOCIATION (ENFIELD)

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022

The Trustees present their annual report and financial statements for the year ended 31 December 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 Memorandum and Articles of Association, the Companies Act 2006 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 Charity’s objects are specifically restricted to the following:

To advance the Hindu Religion in particular but not exclusively by the establishment and management of the Nagapooshani Ambaal Temple; and the advancement of education in the Tamil Language, Culture and Art. To further its objects, the Charity may:

The Trustees have considered the guidance contained in the Charity Commission’s general guidance on public benefit in reviewing the Charity’s aims and objectives and in planning its future activities.

Public benefit

The Charity has achieved the public benefit objectives by meeting the spiritual requirements of the congregation. This was achieved by holding the daily poojas, arti and discourses. All key festival and religious dates are observed and celebrated by the devotees.

Volunteers

The Charity depends heavily upon the continuing support of devotees. We also thank all volunteers for their hard work during the year, particularly those working within the areas of Prashad preparations, various educational activities, car park duties, cleaning, organised special events, decorations, and other religious activities and pray that they continue to serve the Trust in the future.

Although volunteer contribution is integral to the contribution of the Charity, It is difficult to quantify the number of voluntary hours served by the devotees.

Achievements and performance

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 meeting the Charity's charitable objectives.

Any surpluses arising from donations and other income are held for the general benefit of the Charity's operations.

Financial review

The Statement of Financial Activities (SOFA) shows net income and expenditure for the year. The SOFA also shows the financial activity of the Charity distinguishing between restricted and unrestricted activities.

At 31 December 2022, the Charity had net assets of approximately £3.3 million (2021 - £3.1 million).

HINDU TAMIL CULTURAL ASSOCIATION (ENFIELD)

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Income

The Trustees were pleased with the level of income during the year.

Income increased from the previous year with a net income for the year at £166,397 (2021 - £151,794). This increase is due to a rise in Abisekam and Archanai contributions.

Reserves policy and going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. The trust is totally reliant on donations, taking all these factors into account, next year' s income is based on the expectation of the government guidelines. No doubt, our core expenses will also reflect proportionally however, having prepared a forecast for this period the trustees have noted that even though income has increased compared to pre-Covid level, costs have also increased due to higher inflations and other economic factors.

The Trust recognises the importance of having reserves. These funds are freely available to spend on any of the Charity's purposes and hence exclude restricted funds.

An increase in unrestricted reserves of £150,986 (2021 - £131,916) indicates that there are no material risks to the organisation's ability to operate as a going concern. As a result, the accounts have been prepared on a going concern basis.

The Trustees have confirmed that, after careful review of the reserves policy, the most appropriate measure of reserves for the Charity is by reference to the Charity's liquidity position. As at 31 December 2022, in considering the adequacy of the reserves, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they have continued to adopt the going concern basis concept in preparing the financial statements.

The Trustees consider the key measure of sustainability for the Charity to be current and future liquidity cover, rather than the surplus or deficit accounting position. As a consequence, the Trustees have set appropriate reserves policies relating to liquidity based on the relationship between readily realisable assets, on-going level of donations received, and the cash requirements associated with sustaining the Charity's operations for a year.

In establishing this policy, the Board of Trustees conducts an annual review of the level of unrestricted reserves in the general fund by considering risks associated with the various income streams, expenditure plans and balance sheet items.

This enables an estimate to be made of the level of reserves that are sufficient:

Risks and issues considered by the Board of Trustees in making this judgement on the level of unrestricted reserves include:

The Trustees are of the view that with minimum annual income of £500k, maintaining cash reserves of at least £50k will provide sufficient resources in the event of adverse conditions. The Trustees have also assessed other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks.

In the event of the Charity facing difficult financial circumstances, this would allow it to continue operations during a year of managed adjustment to these new circumstances.

HINDU TAMIL CULTURAL ASSOCIATION (ENFIELD)

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

The Trustees review the Charity's reserves policy annually and are satisfied with this level of cash reserves at the end of 2022 and are confident that the cash reserves will continue to increase in subsequent years.

Investments policy

The Trustees' investment powers allow the Trustees to invest surplus funds to generate income with which to fund future activities.

The Trustees' investment policy is to aim for safety, commensurate with immediate and planned spending requirements and given the current uncertainties in the financial markets, the Trustees consider it appropriate to be holding funds in deposit accounts where they achieve a steady return.

Risk management

The Trustees have an informal risk management strategy which comprises:

The Board of Trustees is responsible for the management of the risks faced by the Trust. Consideration of such risks is made on an informal ongoing basis and controls to mitigate such risks are reviewed on an ongoing informal basis. A review and assessment of these controls is undertaken on an annual basis.

Through the above, the Trustees are satisfied that major risks identified are subsequently mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.

The activities of the Charity are dependent on its ability to raise funds from donations and other lending. The key risk for 2022 therefore is the Charity's ability to secure ongoing funding to support the repayment of bank loans that were used for the purpose of building the temple to date. The Trustees consider this risk to be low as its donors are diverse and very supportive. The charitable expenditure is largely discretionary and can be reduced to mitigate a substantial reduction in income.

Structure, governance and management

The Trust is a company limited by guarantee. None of the Trustees had any beneficial interest in the company during the year. The Hindu Tamil Cultural Association (Enfield) was incorporated on 4th February 2011. It is registered as a charity with the Charity Commission.

The Trust is a Registered Charity under the Laws of England and Wales, which is overseen by the Charity Commission. The Trustees are responsible for the activities of the Trust and the day to day management.

There are currently eight members each giving a guarantee to contribute a sum, not exceeding £1, to the company should it be wound up. The governing document is the Articles of Association.

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr Thampippillai Manmatharajah Mr Navaratnam Shanmuganathan Mr Ponniah Kailayapathivagan Mr Sundarampillai Sivachandran Mr Anthonipillai Kantharuban Mr Kanagasabapathy Mathisoody Mr Kabilan Ganeshamoorthy Mr Jeevah Haran

HINDU TAMIL CULTURAL ASSOCIATION (ENFIELD)

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Appointment of Trustees

The appointment of Trustees is governed by the Articles of Association. The number of Trustees must consist of at least six members.

The election of office bearers shall be carried out by the members in a meeting by the Trustees in December. All the members of the executive committee shall be elected by the Trustees at this meeting.

The by-election of a member of the committee of the Trust in place of the one who expires or is being disqualified or otherwise cease to be a member of the committee shall be held by the Trustees and the remaining members of the Trust shall use their best discretion in adapting the provisions for such by election.

Organisational structure and decision making

Each Trustee has assumed responsibility for monitoring activities in specific operational areas and chairing groups consisting of staff and volunteers. The Trustees report the activities of these operational areas to the Board of Trustees. All Trustees give their time voluntarily and receive no benefits from the Charity.

Decision making duties are carried out by the executive committee which shall be elected by the Trustees their monthly meeting. Other ad-hoc decisions are taken by the Executive committee members (Trustees) with executive positions.

Induction and training of new Trustees

As part of their induction program, new Trustees are made aware of their responsibilities. This includes an introduction to the objectives, scope and policies of the Charity, the Charity Commission information on Trustees' responsibilities and a copy of the Constitution. Additional training is available to keep up with all new regulations concerning the Charity's activities.

Remuneration policy for key management personnel

The key management personnel of the Charity are the Trustees, who are not remunerated.

Related party relationships

Details of related parties are included in the notes to the financial statements.

Auditor

Moore NHC Audit Limited were reappointed as the charitable company's auditors during the year. A resolution will be proposed at the Annual General Meeting that Dr Kathiravellupillai Sivasinmyananthan will be authorised to engage auditors for the Charity for the ensuing year.

Disclosure of information to auditor

Each of the Trustees has confirmed that there is no information of which they are aware which is relevant lo the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate slops to Identify such relevant information and to establish that the auditor is aware of such information.

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

..............................

Mr Thampippillai Manmatharajah Thampippillai Manmatharajah (Sep 28, Trustee 2023, 10:36am)

Date: .............................................28 Sep 2023

HINDU TAMIL CULTURAL ASSOCIATION (ENFIELD)

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2022

The Trustees, who are also the directors of Hindu Tamil Cultural Association (Enfield) for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law 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 resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate 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 Companies Act 2006. They 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.

HINDU TAMIL CULTURAL ASSOCIATION (ENFIELD)

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF HINDU TAMIL CULTURAL ASSOCIATION (ENFIELD)

Opinion

We have audited the financial statements of Hindu Tamil Cultural Association (Enfield) (the ‘Charity’) for the year ended 31 December 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's 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 for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' 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 uncertainties 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 financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

HINDU TAMIL CULTURAL ASSOCIATION (ENFIELD)

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF HINDU TAMIL CULTURAL ASSOCIATION (ENFIELD)

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the Trustees' report.

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, the Trustees, who are also the directors of the Charity for the purpose of company law, 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 concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance 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 assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Francis Corbishley (Senior Statutory Auditor) for and on behalf of Moore NHC Audit Limited ......................... F J Corbishle y Chartered Accountants Francis Corbishley (Sep 28, 2023, Statutory Auditor 10:37am) First Floor 28 Sep 2023 73-75 High Street Stevenage Hertfordshire SG1 3HR

HINDU TAMIL CULTURAL ASSOCIATION (ENFIELD)

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022

Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£
Income from:
Donations and legacies
2
533,276
53,412
Charitable activities
3
201,568
-
Other trading activities
4
57,942
-
Investments
5
74,000
-
Total income
866,786
53,412
Expenditure on:
Charitable activities
6
688,458
-
Other expenditure
9
12,837
38,001
Total expenditure
701,295
38,001
Net income for the year/
Net movement in funds
165,491
15,411
Fund balances at 1
January 2022
3,070,869
36,782
Fund balances at 31
December 2022
3,236,360
52,193		 Total
Unrestricted
funds
2022
2021
£
£
586,688
493,158
201,568
166,044
57,942
26,679
74,000
59,923
920,198
745,804
688,458
589,889
50,838
23,999
739,296
613,888
180,902
131,916
3,107,651
2,938,953
3,288,553
3,070,869		 Restricted
funds
2021
£
56,614
-
-
-
56,614
-
36,736
36,736
19,878
16,904
36,782		 Total
2021
£
549,772
166,044
26,679
59,923
802,418
589,889
60,735
650,624
151,794
2,955,857
3,107,651

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

HINDU TAMIL CULTURAL ASSOCIATION (ENFIELD)

BALANCE SHEET

AS AT 31 DECEMBER 2022

Notes
Fixed assets
Tangible assets
12
Investment properties
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within
one year
15
Net current liabilities
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
16
Net assets
Income funds
Restricted funds
19
Unrestricted funds		 2022
£
£
3,065,001
2,511,293
5,576,294
13,711
65,477
79,188
(338,276)
(259,088)
5,317,206
(2,028,653)
3,288,553
52,193
3,236,360
3,288,553		 2021
£
£
3,090,806
2,430,848
5,521,654
3,075
139,025
142,100
(264,650)
(122,550)
5,399,104
(2,291,453)
3,107,651
36,782
3,070,869
3,107,651

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

28 Sep 2023 The financial statements were approved by the Trustees on .........................

..............................

Mr Thampippillai Manmatharajah Thampippillai Manmatharajah (Sep 28, 2023, 10:36am) Trustee

Company Registration No. 07517633

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HINDU TAMIL CULTURAL ASSOCIATION (ENFIELD)

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

1 Accounting policies

Charity information

Hindu Tamil Cultural Association (Enfield) is a private company limited by guarantee incorporated in England and Wales. The registered office is 61-65 Church Lane, Edmonton, London, N9 9PZ.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charity's Memorandum and Articles of Association, the Companies Act 2006 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)". The Charity is a Public Benefit Entity as defined by FRS 102.

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 donations and other income received or generated for the charitable purposes. These funds are available for use towards meeting the objectives of the Charity.

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

1.4 Income

Income from donations and grants, including capital grants, is included when these are receivable, except as follows:

Income from investments is included in the Statement of Financial Activities in the period it is receivable and deferred or accrued accordingly.

HINDU TAMIL CULTURAL ASSOCIATION (ENFIELD)

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

1 Accounting policies

(Continued)

1.5 Expenditure

The policy for including items within the relevant activity categories of expenditure is that expenditure is charged to the Statement of Financial Activities on an accruals basis, inclusive of VAT which cannot be recovered and is classified as follows:

Costs of generating funds

The costs of generating funds comprise the costs associated with attracting voluntary income.

Charitable activities

Allocation of costs within types of expenditure

The methods and principles for the allocation and apportionment of all costs between the different activity categories of resources set out above are:

All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources.

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:

Temple buildings 2% straight line Computers 25% straight line Equipment 20% straight line Motor vehicles 25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Investment properties

Investment properties are included in the Balance sheet at their fair value in accordance with Financial Reporting Standard 102 and are not depreciated. Gains are recognised in the statement of financial activities.

1.8 Impairment of fixed assets

At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 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.

HINDU TAMIL CULTURAL ASSOCIATION (ENFIELD)

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

1 Accounting policies

(Continued)

1.10 Taxation

The company has been confirmed to be exempt from Corporation Tax, as having charitable status, upon any surpluses arising from is activities as long as those surpluses are held for the purpose of the company's objects.

All the activities are outside the scope of VAT and input tax on purchases is not recoverable and therefore is charged against the category of expenditure for which it was incurred.

1.11 Creditors and provisions

Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditor and provisions are normally recognized at their settlement amount after allowing for any trade discounts due.

The Charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transition value and subsequently measured at their settlement value with the exception of bank loans, which are subsequently measured at amortised cost using the effective interest method.

1.12 Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred.

2 Income from donations and legacies

Unrestricted
Restricted
funds
funds
2022
2022
£
£
Till collection
10,610
-
General donation
received
456,830
-
General donation
received (children's
welfare - restricted)
-
29,248
Government grants
65,836
-
Building fund donations -
restricted
-
24,164
533,276
53,412		 Total Unrestricted
Restricted
funds
funds
2022
2021
2021
£
£
£
10,610
14,966
-
456,830
478,192
-
29,248
-
29,904
63,836
-
-
24,164
-
26,710
586,688
493,158
56,614		 Total
2021
£
14,966
478,192
29,904
-
26,710
549,772

HINDU TAMIL CULTURAL ASSOCIATION (ENFIELD)

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

3 Income from charitable activities

Unrestricted
Unrestricted
funds funds
2022 2021
£ £
Abisekam & Archanai contribution 201,568 166,044

4 Income from other trading activities

**Unrestricted ** Unrestricted
funds funds
2022 2021
£ £
Miscellaneous income 57,942 26,474
Activities for generating funds - 205
Other trading activities 57,942 26,679

5 Income from investments

**Unrestricted ** Unrestricted
funds funds
2022 2021
£ £
Rental income 74,000 59,923

HINDU TAMIL CULTURAL ASSOCIATION (ENFIELD)

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

6 Expenditure on charitable activities

Unrestricted
Unrestricted
funds funds
2022 2021
£ £
Staff costs 125,284 126,733
Depreciation and impairment 61,097 62,638
Announcements and adverts - 2,190
Abisekam and related expenses 201,917 189,806
Water rates 4,797 16,704
General rates 8,089 8,158
Premises insurance 4,359 13,293
Light and heat 20,855 20,655
Printing, stationery and postage 5,997 2,824
Telephone 1,975 2,268
Computer supplies 2,274 569
Repairs and renewals 7,860 17,188
Cleaning 8,266 6,877
Security and alarm 6,398 2,496
Motor vehicle and travelling expenses 1,972 2,168
Office expenses 2,465 3,157
Wedding expenditure 22,719 -
Festival expenditure 87,525 -
573,849 477,724
Share of governance costs (see note 7) 114,609 112,165
688,458 589,889

7 Support and governance costs

Audit and accountancy
fees
Professional fees
Bank charges
Bank loan interest
Allocated to:
Charitable activities		 Support
costs
Governance
costs
£
£
-
7,700
-
988
-
13,100
-
92,821
-
114,609
-
114,609		 Total
2022
£
7,700
988
13,100
92,821
114,609
114,609		 Support
costs
Governance
costs
£
£
-
7,000
-
11,313
-
7,662
-
86,190
-
112,165
-
112,165		 Total
2021
£
7,000
11,313
7,662
86,190
112,165
112,165

Governance costs includes payments to the auditors of £7,700 (2021- £7,000) for audit fees.

HINDU TAMIL CULTURAL ASSOCIATION (ENFIELD)

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

8 Trustees

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

9 Other expenditure

Unrestricted
Restricted
funds
funds
2022
2022
£
£
General donations - Asia
-
38,001
General donations - UK
12,837
-
12,837
38,001		 Total Unrestricted
Restricted
funds
funds
2022
2021
2021
£
£
£
38,001
9,726
36,736
12,837
14,273
-
50,838
23,999
36,736		 Total
2021
£
46,462
14,273
60,735

10 Employees

Number of employees

The average monthly number of employees during the year was:

Priests
Administration
Employment costs
Wages and salaries
Social security costs		 2022
Number
4
4
8
2022
£
123,397
1,887
125,284		 2021
Number
5
5
10
2021
£
124,760
1,973
126,733

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

11 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 Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

HINDU TAMIL CULTURAL ASSOCIATION (ENFIELD)

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

12
Tangible fixed assets
Cost
At 1 January 2022
Additions
At 31 December 2022
Depreciation and impairment
At 1 January 2022
Depreciation charged in the year
At 31 December 2022
Carrying amount
At 31 December 2022
At 31 December 2021
13
Investment property
Fair value
At 1 January 2022
Additions through external acquisition
At 31 December 2022
14
Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income
15
Creditors: amounts falling due within one year
Secured loan
Other taxation and social security
Other creditors
Accruals and deferred income		 Temple
buildings
Computers
£
£
2,884,974
48,815
25,999
9,292
2,910,973
58,107
230,800
42,665
57,697
3,396
288,497
46,061
2,622,476
12,046
2,654,176
6,151
Notes
17		 Jewellery
£
430,479
-
430,479
-
-
-
430,479
430,479
2022
£
12,837
874
13,711
2022
£
299,500
4,105
25,011
9,660
338,276		 Total
£
3,364,268
35,291
3,399,559
273,465
61,093
334,558
3,065,001
3,090,806
2022
£
2,430,848
80,445
2,511,293
2021
£
2,201
874
3,075
2021
£
237,337
2,125
15,274
9,914
264,650

HINDU TAMIL CULTURAL ASSOCIATION (ENFIELD)

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

16
Creditors: amounts falling due after more than one year
Notes
Secured loan
17
17
Loans and overdrafts
Secured loan
Payable within one year
Payable after one year
Amounts included above which fall due after five years:
Payable by instalments
The loans are secured against the properties owned by the Charity.
18
Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
Total Unrestricted
funds
2022
2022
2022
2021
£
£
£
£
Fund balances at 31
December 2022 are
represented by:
Tangible assets
3,065,001
-
3,065,001
3,090,806
Investment properties
2,511,293
-
2,511,293
2,430,848
Current assets/(liabilities)
(311,281)
52,193
(259,088)
(159,332)
Long term liabilities
(2,028,653)
-
(2,028,653)
(2,291,453)
3,236,360
52,193
3,288,553
3,070,869		 2022
2021
£
£
2,028,653
2,291,453
2022
2021
£
£
2,328,153
2,528,790
299,500
237,337
2,028,653
2,291,453
(801,318)
(1,312,769)
Restricted
funds
Total
2021
2021
£
£
-
3,090,806
-
2,430,848
36,782
(122,550)
-
(2,291,453)
36,782
3,107,651



 

 

 

   
      
  


       



 






















		 




























