Charity Registration No. 1143043 Company Reglstratlon No. 07517633 (England and Wales) HINDU TAMIL CULTURALASSOCIATION (ENFIELD) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
HINDU TAMIL CULTURAL ASSOCIATION (ENFIELD) LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr Tharnpippillai Manmalharajah Mr Navaralnarn Shanmuganalhan Mr Ponniah Kailayapathivagan Mr Sundarampillai Sivachandran Mr Anlhonipillai Kanlharuban Mr Kanagasabapathy Mathisoody Mr Kabilan Ganeshamoorthy Mr Jeevah Haran Secretary Mr Thampippillai Manmatharajah Charlty number 1143043 Company number 07517633 Registered office 61-65 Church Lane Edmonlon London N9 9PZ Audltor Moore NHC Audit Limited First Floor 73-75 High Street Sleven8ge Hertfordshire SG1 3HR Bankèrs 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 ststement of Trustees, responsibilities Independent auditor's report Statement of financial activities Balance sheet statement of cash flows Notes to the financial statements 12-22
HINDU TAMIL CULTURAL ASSOCIATION (ENFIELD) TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annual report and financial siatements for the year ended 31 Dember 2023. The financial stslernenls have been prepared in accordance with the accounting policies sel out in note 1 to the finan¢i¥l slalements and comply with the Charity's Igoveming documtrnll, the Companies A¢t 2006 and "Accounting and Reporting by Charities". Slalemenl of Re¢ommended Pra¢li¢e applicable lo charities pparing their ac¢ounls in 8¢¢ordan¢e with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021" (effective 1 January 20191. Objectives and activities The Charity's objects are spe¢ifi¢ally restricted to the following.. To advance the Hindu Religion in particular but not exclusively by the estsblishment and management of the Nagapooshani Ambaal Temple,. and the advancement of education in the Tamil Language, CLJlture and Art. To further its objects, the Charity may.. Organise events and to arrange activities to raise funds for progress I promotion of Nagapooshani Ambaal Temple and objectives of the Trust., Establish Nursery and Hindu Religious and EdLJcational Institutions for the benefits of the Hindu Community., Raise funds, invite and receive contributions from person or persons by way of subscriptions and Othernlse provided Ihat the Trust shall not undertake trading activities in raising funds for the said objects,. and Invest the monies of the Trust not immediately required for the said objectives in or upon such investment, securities or property as may be thought fit, subject nevertheless to such conditions lif any) as may for the time being be imposed or required by law. The Trustees have considered the guidance contsined in the Charity Commission's general guidan on public benefit in reviewing the Charity's aims and objectives and in planning its future activities. Public bènefit The Charity has achieved the public benefil objectives by meeting the spirilual 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 dLJties, cleaning, organised special events, decorations, and other religious activities and pray that they continue to setve the TrLJSt in the fLJture. Although volunteer contribution is integral to the contribLJtion 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 meets'ng the Charity's charitable objectives. Any surpluses arising from donations and other income are held for the general benefit of the Charity's operations. Flnan¢lal revlew The Statement of Financial Activities ISOFAI shows net income and expenditure for the year. The SOFA also shows the financial activity of the Charity distinguishing between restricted and unrestricted activities. Al 31 December 2023, the Charity had net assets of approximately £3.5 million12022- £3.3 million). Income The Trustees were pleased with the level of income during the year. Income decreased from the previous year with a net income for the year at £180,01712022 - £180,902).
HINDU TAMIL CULTURAL ASSOCIATION (ENFIELD) TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Resèrvès pollcy and golng conc•m The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concem. The trust is totally relianl on donations, taking all Ihese factors into account, next yearf s income is based on the expectation of the governmenl 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 unreslricled reserves of £177,38612022 - £1 $0,986) 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 Coll 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 lo the Charity's liquidity position. As al 31 Dember 2023, in considering the adequa of the reserves, the Trustees have a reasonable expectation that the Charity has adequate resources lo continue in operational existence for the foreseeable future. For this rea50n, they have continued lo adopt the going concem basis concept in preparing the financial stalerllenls. The Trustees consider the key measure of susl8in8bility for the Charity lo be current and future liquidity cover, rather than the surplus or deficit accounting position. AS 8 consequ&n¢e, the Trustees have sel approprialtr reserves policies relating lo liquidity based on the relationship between readily realisable assets, on-going level of donations received, and the cash requiremonls 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 resetves in the general fund by considering risks associated with Ihe various income streams, expenditure plans and balan sheet items. This enables an estimate to be made of the level of reserves that are sufficient.. to allow time for rtrorganisation in the event of a downturn in income or asset values., to protect ongoing work programme., and lo allow the Charity to meet its objectives. Risks and issues considered by the Board of Trustees in making this judgement on the level of unreslricled reserves include.. likelihood of a downtum in income streams., year of lime required to re-establish income streams., year of time required to downsize the Charity operations., whether there is adequate control over budgets., and requirements for a reasonable level of working capital. The Trustees are of the view that with minimum annual income of £500k, maintaining cash reserves of al 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 lo mitigate the significant risks. In tho event of the Charity facing difficult financial cir¢umstsn¢es, this would allow il lo Continue operations during a year of managed adjustment lo these new cir¢umslan¢es. The TrLJStees review the Charity's reserves policy annually and are satisfied with this level of ¢ash reserves at the end of 2023 and are confident that the cash reserves will continue to increase in subsequent years.
HINDU TAMIL CULTURAL ASSOCIATION (ENFIELD) TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Investmènts pollcy 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 marf(ets, the Trustees consider it appropriate to be holding funds in deposit accounts where they achieve a steady return. Rlsk managèmènt The Trustees have an informal risk management strategy which comprises.. Ongoing review of the risks the Charity may fa-, Establishment of systems and procedures lo mitigate those risks., and Implementation of procedures designed to minimise any potential impact on the Charity should those risks materialize. 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 miligate 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 assuran that major risks have been adequately managed. The a¢livilies of the Charity are dependent on its ability to raise funds from donations and other lending. The key risk for 2024 therefore is the Charity's ability lo secure ongoing funding lo support the repayment of bank loans that We used for the purpose of building th& temple lo dale. The Trustees consider this risk lo be low as its donors are diverse and very supportive. The charitable expenditure is largely discretionary and Can be reduced lo miligale substantial redu¢lion 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 (Enfieldl was incorporated on 4th February 2011. It is registered as a charity with the Charity Commission. The TrLJSt 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 currendy eight members each giving a guarantee to contribute a sum, not exceeding £1, to the company should it be wound up. The goveming document is the Articles of Associalion. The Trustees, who are also the directors for the purpose of company law, and who served during the year 8nd up lo the dale of signature of the financial stslemenls were.. Mr Thampippillai Manmatharajah Mr Navaralnam Shanmuganathan Mr Ponni8h K¥ilay8pathivagan Mr Sundarampillai Sivachandran Mr Anlhonipillai Kantharuban Mr Kanagasabapalhy Mathisoody Mr Kabilan Ganeshamoorthy Mr Jeevah Haran
HINDU TAMIL CULTURAL ASSOCIATION (ENFIELD) TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Appolntmènt of Truste89 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 DeMber. All the members of the executive committee shall be elected by the Trustees at this meeting. The byelection 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. Organlsatlonal structurè and dèclslon maklng Each Truslee has assumed responsibility for moniloring 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 Truslees. All Trustees give their time voluntarily and receive no benefits from Ihe Charity. Decision making duties are Carried out by the executivo committee which shall be ele¢led by the Trustees their monthly meeting. Other ad-hoc decisions are tsken by the Executivo ¢ommittoe members ITrusleesl with gxe¢ulive positions. Induction and training of new Trustees As part of their Induction program, new Trustees are rnade aware of their responsibilities. This includes an introduction lo the objectives, scope and policies of the Charity. the Charity Commission information on Trustees, responsibilities and a copy of the Conslitulion. Additional training is available lo keep up with all new regulations oncetning 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. Audltor 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. Dlsclosure of Infomiatlon to audltor 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 infomiation and to establish that the auditor is aware of such information. The Trustees, report was approved by the Board of Trustees. Mf I hampippiiiai Manmatharajah Trustèo Dale: ..27..Sep.2024... . .
HINDU TAMIL CULTURAL ASSOCIATION (ENFIELD) STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees, who are also the directors of Hindu Tamil Cultural Association (Enfieldl for the purpose of company law, are responsible for preparing the Trustees, Report and the financial stalements 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 Irue 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.. select suitable accounting policies and then apply them consislenlly.. observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., slate whether applicable UK Accounting Standards have been followed, subject to any material departures disc105ed and explained in the financial slalements., and prepare the financi81 statements on the going Concem basis unless it is inappropriate to presume that the Charity will Continue in optrralion. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy al any time the financial position of the Charity and enable them to ensure that the finan¢ial ststements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for tsking 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) Oplnlon We have audited the financial statements of Hindu Tamil Cultural Association (Enfieldl Ithe 'Charity'l for the year ended 31 Decerllber 2023 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 Practi1. In our opinion, the financial statements.. give a true and fair view of the slate of the charitable company's affairs as al 31 December 2023 and of its incorning resources and application of reSoUrs, including its income and expenditure, for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Pra¢ti¢$,' and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducled our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors 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. INe believe that the audit eviden we have obtained is sufficient and appropriate lo provide a basis for our opinion. Concluslons r8latlng to golng 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 lo events or conditions that, individually or collectively, may cast significant doubl on the Charity's ability lo continue as a going concem for a period of al least twelve rnonlhs froTh when the financial slalements are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect lo going concern are described in the relevant sections of this report. Other information The other information comprises the inforrnation included in the annual report other than the financial slalements and our auditor's report Ihereon. The Trustees are responsible for the other information contsined within the annual report. Our opinion on the financial sl8lemenls does not cover the other inforrnalion and, except to the exlenl olhetwise explicitly slated in our report. we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other information and, in doing so. Consider whether the other information is materially in¢onsislenl with the financial ststemenls or our knowledge obtained in the Course of the audit, or otherwise appears lo be materially misstated. If we identify such material in¢onsisten¢ies or apparent material misstatements, we are required to determine whether this gives rise to a material misststement in the finan¢ial statements themselves. If, based on the work we have performed, we ¢onclude that there is a material misstatement of this other information, we are required to report that fa¢t. We have nothing to report in this regard. Opinions on other matters pres¢ribed by the Companies A¢t 2006 In our opinion, based on the work undertaken in the course of our audit.. the information given in the Trustees, report for the financial year for which the financial statements are prepared, which includes the directors. report prepared for the purposes of company law, is consistent with the financial statements,. and the directors, report included within the Trustees, report has been prepared in accordance with applicable legal requirements.
HINDU TAMIL CULTURAL ASSOCIATION (ENFIELD) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF HINDU TAMIL CULTURAL ASSOCIATION {ENFIELD) Matters on whlch wè aro requlrèd to rèport by •xceptlon 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 misstalemenls in the directors. report included within the Trustees. report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to repDrt to you if, in our opinion.. adequate accounting records have not been kept, or retums adequate for our audit have not been received frorll branches not visited by us,. or th& financial stslemenls are not in agreement with the ¥tsUn11ng records and retums., 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., or the Trustees were not entitled lo prepare the financial stslemenls in accordance with the small companies regime and lake advantage of the small companies, exemptions in preparing the Trustees, report and from the requirement lo prepare a strategic report. Responsibilities of Trustees As explained more fully in the slalemenl of Trustees, responsibilities, the Trustees, who are also the directors of the Ch8rity for the purpose of cornpany law, are responsible for the prep8r8lion of the financi81 sl8lements and for being satisfisd th81 they give a true and fair view. and for such internal control as the Trustees determine is necessary lo enable the preparation of financial statements that are free from material misstslemenl, whether due lo fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Charity's ability lo Continue as a going ¢on¢ern, disclosing, as applicable, matters related to going ¢on¢ern and using tho going concem basis of aOntIng unless the Trustees either intend to liquidate the charitable Company or to Cease operations, or have no realisti¢ alternative but to do so. Auditofs responsibilitie5 for the audit of the financial statements OLJr 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 auditorfs report that includes our opinion. Reasonable assLIran is a high level of assurance but is not a guarantee that an audit condLJCted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individLJally or in the aggregate, they could reasonably be expected to influen the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are Capable of deltrcling irregularities, including fraud, is detailed below.
HINDU TAMIL CULTURAL ASSOCIATION (ENFIELD) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF HINDU TAMIL CULTURAL ASSOCIATION {ENFIELD) Explanatlon as to what èxtènt th• audlt was conslderèd capablè of dèt•ctlng Irregularltles, Includlng fraud The objectives of our audit in respect of fraud, are,. to identify and assess the risks of material misstatement of the financial statements due to fraud,. lo obtain sufficient appropriate audit evidence regarding the assessed risks of material misslatemenl due lo fraud, through designing and implementing appropriate responses to those assessed risks,. and lo respond appropriately lo instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both managernent and those charged with governance of the company. Our approach was as follows.. We obtsined an understanding of the legal and regul810ry requirements applicable lo the company and considered that the most significant 8re the Companies Act 2006. Inlern8tional Financial Reporting Stsndards as adopted by th& UK, and UK laxalion legislation. We obtained an understsnding of how the company Complies with these requirements by discussions with management and those Charged with governance. We assessed the risk of material misststement of the financial statements, inclLJding the risk of matèrial misstatement dLJe to fraud and how it might o¢cur, by holding discussions with management and those charged with governance. We inquired of management and those charged with governance as to any known instances of non- compliance or suspected non-compliance with laws and regulations. Based on this understanding, we designed specific appropriate audit procedures to identify instances of non- compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required A further description of our responsibilities is available on the Financial Reporting Council's website at.. https.'Il www.fr¢.org.uklauditorsresponsibilities. This des¢ription forms part of our auditorfs report. Us• of our roport This report is made solely lo 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 lo the charitable companls members those matters we are required lo stale lo them in an auditor's 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 forrned. Francis Corbishley (Senior Statutory Auditor) for and on behalf of Moore NHC Audit Limited 27.Spp.2024..... . Chartered Accountants Statutory Auditor First Floor 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 2023 Unrestrictsd Rèstrictod funds funds 2023 2023 Total Unrestricted funds 2022 Restricted funds 2022 Total 2023 2022 Nots$ Income from: Donations and legacies Charitable a¢tivities Other trading activities Investments 665,805 261,623 101,015 75,728 47,744 713,549 261,623 101,015 75,728 533,276 201,568 57,942 74,000 53,412 586,688 201,568 57,942 74,000 Total income 1,104,171 47,744 1,151,915 866,786 53,412 920,198 enditure on- Charitable activities Other expenditure 926,789 926,789 45,109 688,458 12,837 688,458 50,838 10 45,109 38,001 Total expondlture 926,789 45,109 971,898 701,295 38,001 739,296 Net income for the yearl Net movement in funds 177,382 2,635 180,017 165,491 15,411 180,902 Fund balances al 1 January 2023 3,236,364 52,193 3,288,557 3,070,869 36,782 3,107,651 Fund balancès at 31 December 2023 3,413,746 54,828 3,468,574 3,236,360 52,193 3,288,553 The statement of financial activities includes all gains and losses recognised in the year. The stslomenl of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from ¢onlinuing activities. The ststemenl of financial activities also complies with the requirements for income and expenditure account under the Companies Act 2006.
HINDU TAMIL CULTURAL ASSOCIATION (ENFIELD) BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Notes Flxed assèts Tangible assets Investment properties 13 14 3,033,567 2,595,992 3,065,001 2,511,293 5,629,559 5,576,294 Current assets Debtors Cash at bank and in hand 15 13,167 14,943 13,711 65,477 28,110 79,188 Creditors.. amounts falling due within one year 16 1381,0781 1338,2761 Net current liabilities 1352,9681 1259,0881 Total a55ets less current liabilities 5,276.591 5,317,206 Creditors.. amounts falling due after more than one year 17 11,808,017) 12,028,653) Net assets 3,468,574 3,288,553 Income funds Restricted funds Unrestricted funds 21 54.828 3,413,746 52,193 3.236,360 3,468,574 3,288,553 These financial slalemenls have been prepared in accordance with the provisions applicable to companies subject lo the small companies regime. The financial ststemenls were approved by the Trustees on 27 Sep 2024 matharajah Tw$t&o Company Registration No. 07517633 10-
HINDU TAMIL CULTURAL ASSOCIATION (ENFIELD) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Cash flows from op•ratlng actlvltl8s Cash generated from operations 22 195,351 168,825 Investlng actlvltlès Purchase of tangible fixed assets Purchase of inveslrnenl propety Investment in¢ome received 131,7611 184,6981 75,729 135,2911 180,4451 74,000 Net cash used in investing activities 140,7301 141,7361 Financing activities Repaywenl of bank loans 1205,1551 1200,6371 Nat cash used in financing activities 1205,1551 1200,6371 Net decrease in cash and cash equivalents 150,5341 173,5481 Cash and cash equivalents al beginning of year 65,477 139,025 Cash and cash •qulval8nts at and of y8ar 14,943 65,477 11
HINDU TAMIL CULTURAL ASSOCIATION (ENFIELD) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcl8s Charity inforniation Hindu Tamil Cultural Association (Enfieldl 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 A¢¢ounting convention The financial statements have been prepared in accordan with the Charity's Memorandum and Articles of Association, the Companies Act 2006 and 'Accounting and Repong 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 IFRS 1021 leffective 1 January 20191" The Charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in steding, which is the ftjnctional currency of the Charity. Monetsry amounts in these financial statements are rounded to the nearest £. The financial slalements have been prepared under the historical cost convention, Irllodified lo include the revaluation of freehold propertie5 and lo include investment properties and certain financial instruments at fair valuel. The principal accounting policies adopted are set out below. 1.2 Going concern At the lime of approving the financial slatemenls, the Trustees have a reasonable expectstion that the Charity has adequate resources lo continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going ¢oncem basis of accounting in preparing the financi81 s18tements. 1.3 Charltable 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. Reslricled 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, in¢luding capital grants, is included when these are receivable, except as follows.. When donors specify that donations and grants given to the Charity must be used in future accounting periods, the income is deferred until those periods. When donors impose conditions, which have to be fulfilled before the Charity becomes entitled to use such income, the income is deferred until Ihe preconditions for use have been met. When donors specify that donations and grants, including capital grants, are for restricted purposes, which do not amount to pre<onditions regarding entitlement, this income is included in restricted funds when receivable. Gifts in kind are valued by the amount ststed on the receipt if provided by the donor. Where no receipt is available, the items are valued by multiplying the weight with the prevailing price on the respective precious rlletal or commodity exchange in London at the respective wholesale pri of each, plus a fixed value for labour per gram. Where lax has been deducted al source, income is grossed up where a claim for the tax repayment has been made. The tax recoverable is shown as a debtor Income from inveslrnenls is included in the Stslernenl of Financial Activities in the period it is receivable and deferred or accrued accordingly. 12-
HINDU TAMIL CULTURAL ASSOCIATION (ENFIELD) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies {Continued} 1.5 Expenditure The policy for including items within the relevant activity categories of expenditure is that expenditure is charged lo the Slalement 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 gener8ting funds comprise the costs associated with attracting voluntary income. Charltable actlvltles Activities in furtherance of the Charity's objectives and aims. Charitable expenditure comprises those costs incLJrred by the Charity in the delivery of its activities and setvices for its beneficiaries. It includes both costs thal can be allocated directly to such activities and those costs of an indirect nature to support them. Governance costs shall include all expenditure directly related to the administration of the Charity including expenditure incurred in the management of the Charity's assets, organisational administration and compliance with charitable and statutory requirements. 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 sel 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 lo activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consislenl with the use of the resources. 1.6 Tangible fixed assets Tangible fixed assets are initially measured al c05t and subsequently measured al st or valuation, nel of depreciation and any impairment losses. Depreciation is re¢ognised so as to write off the cost or valuation of assets less their residual values over their usefvl lives on the following bases". Temple buildings Computers Equiprnenl Motor vehides 2.10 Straight line 25.10 Straight line 200/0 slraighl line 25QA straight line The gain or loss arising on the disposal of an asset is determined as the difference betteen the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activits'es. 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 stalernenl of financial aclivilies. 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 exient of the impairment loss lif any). 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held al call with banks, other short-lerm liquid investments with origin81 m8turilies of three months or less, and bank overdrafts. Bank overdrafts a shown within borrowings in ¢urrenl liabilities.
HINDU TAMIL CULTURAL ASSOCIATION (ENFIELD) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies {Continued} 1.10 Taxation The coThpany has been confirmed to be exerllpl from Corporation Tax, as having charitable ststus, upon any surpluses arising frorll 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 th81 will probably result in the transfer of funds to 8 third party and the amount due lo sellle the obligation Can be measured or estimated reliably. Creditor and provisions are normally re¢ognized at their selllemenl amount after allowing for any trade discounts due. The Charity has financial assets and financial liabilities of a kind that qLJalify as basic financial instruments. Basic finan¢ial instruments are initially re¢ognised at transition value and subsequently measured at their settlement valLJe with the ex¢eption of bank loans, whi¢h are subsequently measured at am0sed ¢ost using the effective interest method. 1.12 Government grants Government grants are recognised at the fair value of the asset re¢eived or re¢eivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. Government grants relating to tumover are recognised as income over the periods when the related cosis are incurred. Income from donations and lega¢ies Unrestricted Restricted funds funds 2023 2023 Total Unrestricted Restricted funds funds 2022 2022 Total 2023 2022 Till collection General donation received General donation received (children's welfare - reslricledl Government granis Building fund donations- reslricled 56,466 56,466 10,610 10,610 543,503 543,503 522,666 522,666 26,468 26,468 63,836 29,248 29,248 65,836 21,276 21,276 24,164 24,164 665,805 47,744 713,549 533,276 53,412 586,688 14-
HINDU TAMIL CULTURAL ASSOCIATION (ENFIELD) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Income from charltablè actlvltlès Unrestricted Unrestricted funds funds 2023 2022 Abisekam & Archanai contribLJtion 261,623 201,568 Income from other trading activities Unrèstrlctod Unrostrlctèd funds funds 2023 2022 Miscellaneous inwme 101,015 57,942 Income from investments Unrestricted Unrestricted funds funds 2023 2022 Rentsl in¢ome 75,728 74,000
HINDU TAMIL CULTURAL ASSOCIATION (ENFIELD) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 ExndIture on charltablè actlvltlès Unrestricted Unrestricted funds funds 2023 2022 Staff costs Depreciation and impairment Announcements and adverts Abisekam and related expenses Water rates General rates Premises insuran¢9 Light and heat Printing, stationery and postage Ttrlephone Computer supplies Repairs and renewals Cleaning Se¢urity and alarm Motor vehicle and travelling expenses Office expenses Wedding expenditure Festival expenditure 159,942 63,197 5,081 303,081 5,428 8,994 9,711 53,825 6,256 2.320 1,680 2,497 10,392 5,546 125,284 61,097 201,917 4,797 8,089 4,359 20,855 5,997 1,975 2,274 7,860 8,266 6,398 1,972 2,465 22,719 87,525 6,001 23,117 123,694 790,762 573,849 Share of governance costs Isee note 81 136,027 114,609 926,789 688,458 Nèt movomènt In funds 2023 2022 The nel movement in funds is slated after chargingllcredilingl.. Fees payable for the audit of the charity's financial statements Depreciation of owned tangible fixed assets 7,768 63,197 7,700 61,097
HINDU TAMIL CULTURAL ASSOCIATION (ENFIELD) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Support and gov•manc• costs Support Governance costs costs Total 2023 Support Governance costs costs Total 2022 Audit and accountsncy fees Professional fees Bank charges Bank loan interest 7,768 3,279 12,165 112,815 7,768 3,279 12,165 112,815 7,700 988 13,100 92,821 7,700 988 13,100 92,821 136,027 136,027 114,609 114,609 Allocated to". Charitable activities 136,027 136,027 114,609 114,609 Governance costs includes payments to the auditors of £7,76812022- £7,700) for audit fees. Twstees None of the Trustees lor any persons conneded with them) received any remuneration or benefits frorn the Charity during the year. 10 Other expenditure Ro$trlctèd Unrestrletèd Re$trlctod funds funds funds 2023 2022 2022 Total 2022 General donations Asia General donations - UK 32,028 13,081 38,001 38,001 12,837 12,837 45,109 12,837 38,001 50,838
HINDU TAMIL CULTURAL ASSOCIATION (ENFIELD) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 11 Employees Number ofemployees The average monthly number of employees during the year was.. 2023 Number 2022 Number Priests Adminislralion 11 Employment costs 2023 2022 Wages and salaries Social security costs 158,214 1,728 123,397 1,887 159,942 125,284 There were no employees whose annual remuneration was £60,000 or more. 12 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. 13 Tangible fixed assets Templ8 bulldlngs Computer8 Motor vehlcles Jowellory Total Cost At 1 January 2023 Additions 2,910,973 53,187 11,182 4,920 430,479 3,399,559 20,580 31,762 Al 31 December 2023 2,910,973 64,369 4,920 451,059 3,431,321 Depreciation and impairment At 1 January 2023 Depreciation charged in the year 288,497 58,219 41,140 4,978 4,920 334,557 63,197 Al 31 December 2023 346,716 46,118 4,920 397,754 Carrying amount Al 31 December 2023 2,564,257 18,251 451,059 3,033,567 At 31 December 2022 2,622,476 12,046 430,479 3,065,001
HINDU TAMIL CULTURAL ASSOCIATION (ENFIELD) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 14 Invèstmant proparty 2023 Falr valu& At 1 January 2023 Additions through external acquisition 2,511,293 84,699 At 31 December 2023 2,595,992 15 Debtors 2023 2022 Amounts falling due within one year: Other debtors Prepayments and accrued income 12,293 874 12,837 874 13,167 13,711 16 Credltors: amounts falllng due wlthln one year 2023 2022 Notes Secured loan Other taxation and social securty Other Creditors Accruals and deferred income 18 314,981 5,293 50,190 10,614 299,500 4,105 25,011 9,660 381,078 338,276 17 Creditors- amounts falling due after more than one year 2023 2022 Notes SecLJred loan 18 1.808,017 2,028,653
HINDU TAMIL CULTURAL ASSOCIATION (ENFIELD) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 18 Loans and overdrafts 2023 2022 Secured loan 2,122,998 2,328,1 $3 Payable within one year Payable after one year 314,981 1,808,017 299,500 2,028,653 Amounts included above which fall due after five years.. Payable by instalments 1801,3181 The loans are secured against the properties owned by the Charity. 19 Unrèstrl¢tsd funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been sel aside out of unrestricted funds by the trustees for specific purposes. At 1 January 2023 Incoming resources Resources expended At31 December 2023 General funds 3,236,364 1,104,171 1926,7891 3,413,746 Previous year: At 1 January 2022 Incoming resources Resources expended At31 December 2022 General fLJnds 3,070,869 866,786 1701,2951 3,236,360 20-
HINDU TAMIL CULTURAL ASSOCIATION (ENFIELD) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 20 Analysls of nat assots b8twoen funds Unrestricted Restricted funds funds 2023 2023 Total Unrestricted Restricted funds funds 2022 2022 Total 2023 2022 Fund balances al 31 December 2023 are represented by.. Tangible assets Investment properties Current assetsllliabililiesl Long term liabilities 3,033,567 2,595,992 1407,7961 11,808,017) 3,033,567 3,065,001 2.595,992 2,511,293 1352,9681 1311,2811 11,808,017) 12,028,653) 3.065,001 2,511,293 1259,0881 12,028,653) 54,828 52,193 3,413,746 54,828 3,468,574 3,236,360 52,193 3,288,553 21 Restricted funds The income funds of the Charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes.. Movemènt In funds Movomènt in funds Income Balancè at 1 January 2022 Income Expondlture Balance at 1 January 2023 Balance at 31 De¢emb8r 2023 Children's homes 36,782 53,412 138,0011 52,193 2,635 54,828 Chlldren's homès The children's homes fund represents donations that have been reiVed specifically for children's homes in Sri Lanka. 22 Cash generated from operations 2023 2022 Surplus for the year 180,017 180,901 Adjustments for.. Inveslmtrnl income recognised in ststemenl of financial activities Depreciation and impairment of tangible fixed assets 175,7281 63,197 174.0001 61,097 Movements in working capitsl.. Decreasellincreasel in debtors Increase in creditors 110,6361 11,463 27,321 Cash g•nerated from 0ratIOnS 195,351 168,825 21
HINDU TAMIL CULTURAL ASSOCIATION (ENFIELD) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 23 Analysls of changes In nat Idebtllfunds At 1 January 2023 Cash flows At 31 December 2023 Cash al bank and in hand 65,477 150,5341 14,943 Loans falling due within one year Loans falling due after more than one year 1299,5001 12,028,653) 115,4811 220,636 1314,9811 11,808,017) 12,262,676) 154,621 12,108,055) 22-