A CHARITABLE INCORPORATED ORGANISATION
ANNUAL REPORT AND FINANCIAL
STATEMENTS
SUMMARY OF YEAR ENDED 31 DECEMBER 2021
CONTENTS
| Administrative details of the charity: ‐ Trustees and advisers |
2 |
|---|---|
| Trustees’ report 1. Objectives and activities 2. Activities for achieving objectives a. Impact of Covid‐19 pandemic b. Improving Vision and Health c. Fighting Hunger d. Education and Training programme e. Faith in Action Merton f. Adapting for the future – Livelihood Projects g. Children reach their full academic potential h. Construction of homes for the destitute i. Sanitation Project |
3‐11 3 4 5 6 7 8 9 10 11 |
| Strategic report | 12 |
| Reporting Accountant’s report | 15 |
| Statement of financial activities | 16 |
| Balance sheet | 17 |
| Notes of the financial statements | 18‐20 |
PAGE 1
ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE PERIOD ENDED 31 DECEMBER 2021
Board of Trustees
Mr Kanagasabapathy Vigneswaran
Mr Lavan Chelvakumar Nagaratnam Mr Velauthapillai Karunananthan Mr Satkunam Murugathas
Chair of the Trustee Board
Mr Lavan Chelvakumar Nagaratnam
Charity registered number
1170595
Registered Office
12 Colwood Gardens London SW19 2DT
Reporting Accountant
A J Accountancy 43 Anerley Road London SE192AS
Principal Bankers
Barclays Bank Plc
Solicitors
Bircham Dyson Bell, 50 Broadway, London SW1H 0BL
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’ – TRUSTEES REPORT PERIOD ENDED 31 DECEMBER 2021
The Trustees present their end‐of‐period report, together with the financial statements of Vision of Love for the year ended 31 December 2021.
The Trustees confirm that the year‐end report and financial statements of the Vision of Love charity comply with:
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The current statutory requirement
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The requirements of the governing document
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The provisions of the Statement of Recommended Practice (SORP)
The above guidance is specifically applicable to charities preparing their accounts in accordance with the Financial Reporting Standard practiced within the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).
1. OBJECTIVES AND ACTIVITIES
a) Policies and objectives
The Objectives of the Vision of Love charity are:
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The prevention or relief of poverty to the elderly population in Sri Lanka through the provision of goods, rations and services to individuals and families in need
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The prevention or relief of impaired physical, mental and financial health amongst the destitute in Sri Lanka
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The provision of optimal healthcare, education and workforce training to ensure individuals are given the opportunity to generate a sustainable income, thus promoting self‐sufficiency
b) Strategies for achieving objectives
Vision of Love fulfils its objectives by:
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Providing funding for cataract operations, in addition to essential medical pre‐screening, transportation to the hospital and post‐operative care.
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Supporting the elderly, notably those afflicted by the Civil war, through the monthly provision of staple foods including rice and dhal
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Providing funding to support the delivery of the Education in Human Values (EHV) programme for children and parents afflicted by the war.
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Funding essential upkeep and support in local villages – primarily in the northern province of Sri Lanka ‐ This includes but is not restricted to the delivery of stationery, textbooks and other essential educational items to school children.
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Regularly providing food and other nutritional support to children’s homes
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Providing monthly financial sustenance to families with minimal support
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2. ACTIVITIES FOR ACHIEVING OBJECTIVES
a) Impact of Covid‐19 Pandemic and Continued Support
The past two years have been one of the toughest in recent history, due to the harsh health, economic, and social impacts of the COVID‐19 crisis. The impacts have been felt everywhere, with no country spared. Yet, they have not been felt the same way by everyone.
The crisis has dealt a significant shock to Sri Lanka’s economy and people. It has brought unprecedented
losses. The poorest and the most marginalized, including women and girls, faced more risks
without the means to absorb the economic shocks and mitigate the health crisis. They have been caring for their families, sustaining livelihoods and leading efforts to fight the pandemic.
With the support of Third Eye Dancers USA , VOL delivered dry ration items in January 2021 to Namachivaya Home For Elders in Kilinochi, an elderly home for 30 residents.
Unfortunately, a common trend has been recognized throughout the pandemic. The mortality has been visibly higher in elderly, impoverished and ethnic minority populations; consequently, its secondary economic impact has been unevenly distributed across the population, notably within the above groups.
Vision of Love has continued to support these specific groups during this challenging period. The economic burnout will likely cast a shadow over the next decade. Without immediate preventative action, specific communities will be disproportionately impacted, further increasing the health and
On the auspicious day of Maha Shivarathri, Vision of Love were given the opportunity to support 61 families in the village of Ponnagar, with a dry ration package containing 10kg of rice, 2kg of dhal and 1kg of sugar.
economic inequalities across Sri Lanka.
Vision of Love provided food for 25‐30 needy people every day for 2 weeks. This provided relief to elderly citizens and children who have lost everything due to the war. Most of the people are living in a local temple and have no one to look after them.
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b) Improving Vision and Health ‐ Cataract operations and medical pre‐screening
Vision of Love continue to assist with cataract operations for communities in Sri Lanka. Although government support exists for cataract treatment, the infrastructure of the healthcare system does not support the impoverished with the most healthcare needs. Moreover, the lack of education surrounding cataract operations is left unaddressed. As a result, many people are left unaware that their symptoms and impaired vision can be managed surgically, restoring their vision.
Vision of Love provide support by running medical pre‐screening camps and offer additional funding for the operations. Furthermore, the transportation and accommodation costs between the hospital and homes are covered by the charity to ensure that the best treatment options are offered to the people.
Due to Covid‐19 outbreak in Sri Lanka, most of the cataract surgeries were postponed.
c) Fighting Hunger ‐ Dry rations to poor, elderly families
The provision of dry rations to the elderly and needy families is another initiative of Vision of Love ‐ particularly in some of Sri Lanka’s most remote and deprived villages in Mullaitivu. The concept is similarly practiced to that of a food bank in the UK. Vision of Love enter these community through the support of the local government and its affiliates who identify and vet the list of people with the greatest needs; provision of staple foods is provided on a monthly basis.
The typical recipients of the rations are orphaned children, elderly grandparents supporting their grandchildren with no other financial means to provide support. Approximately £10 is provided to each family of three to ensure basic nutritional support is supplied for a month.
Some of the projects are noted below:
Monthly support 60 patients with cancer or HIV, in the Northern Province of Sri Lanka
Monthly offering to around 100 people who were from 14 villages in Vanni, Sri Lanka. The amount of rice and the dal issued was according to the number of family members, which ranged from 1 person to 6 people.
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d) Education and Training programme
Vision of Love has started an Education and Training programme in Sri Lanka. Mullaitivu District unfortunately lacks the facilities to provide education to the local students. As a result, many boys and girls are not meeting basic job requirements and are losing opportunities quickly.
Vision of Love’s Education in Human Values (EHV) classes were held in Mullaitivu and Puthukudiyiruppu.
e) Faith in Action Merton, London Homelessness project
Vision of Love’s activities are not confined to Sri Lanka. In the UK, we have partnered with Faith in Action, an affiliated charity, to provide ongoing support to their efforts with the homeless community in Merton.
Vision of Love has provided donations of fresh vegetables for Faith in Action’s homeless drop‐in centre fortnightly for the last few years. On average, 65 homeless people and vulnerable people attend each session.
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Due to the lockdown and UK government restrictions, Vision of Love faced some limitations in supporting this project however Vision of Love had the opportunity to give 45 gift bags to Faith in Action, thanks to the support from Merton Giving.
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f) Adapting for the future ‐ Livelihood Projects
Vision of Love (VOL) continue to uphold the livelihood project development in the villages of Sri Lanka. The aim is to support people in improving the current small businesses or in the development of new ventures, thus promoting self‐sufficiency.
Due to the Covid‐19 outbreak in Sri Lanka, most of these initiatives were postponed in 2021. Instead, Vision of Love supported the families with essential food etc. during this challenging time.
g) Help Children reach their full academic potential
Another important Vision of Love initiative is the Education in Human Values (EHV) programme. This project is targeted at children and parents in impoverished communities, where we provide funding for monthly workshops. These workshops aim to teach people about essential subjects such as human values, whilst directly educating and tackling prominent issues including drug and alcohol abuse.
As part of this project, we provide monthly financial support of between £5‐£10 per family to go towards the tuition fee. There are currently 100 families benefitting from this project.
Vision of Love’s Education in Human Values (EHV) classes were held on the 10th and 24th April in Mullaitivu and Puthukudiyiruppu. Vision of Love and Shri Paduga Temple, France provided classes to 25 students
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h) Basic Housing – Construction of homes for the destitute
Vision of Love has built houses in the remote villages to help with the basic housing needs of poor families. These houses are being built for very deserving families, many of whom face daily struggles related to nutrition, financial support and education. For the majority of people in this area, they experience the physical and psychological aftermath of the civil war on a daily basis. Through the provision of a safe, stable home, we hope to assist in solving one of their biggest challenges.
Vision of Love has been constructing the eighth house at Thandiyaddy, Batticaloa for a family of three (a mother and two daughters). The foundation was laid in April 2021
i) Pre School Building Project
Vision of Love were given the opportunity to commence plans for construction on a Pre School (Shakthi Pre‐School) and toilet for 45 students, all from poverty‐stricken families. This initiative is to ensure that students receive continued support in their education.
On 20th May 2021, a foundation stone laying ceremony was held at Pinnawala Tamil Maha Vidyalaya.
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Work on the Pre‐School began on 30th May 2021 following the foundation stone laying ceremony.
J) Clean Water Project
Vision of Love were able to provide a tube well with a pump to a family identified in Kallikkulam Village, a village running under the Vavuniya Divisional Secretary.
With two small children, (one of whom has a congenital spinal cord condition) and no regular income, this family is currently living under the poverty threshold. They have one acre of land and a small house provided by the government during the period of resettlement.
Since there was little access to water nearby, the
young mother regularly acquired water from neighbouring houses whilst carrying her sick three year old child. Providing a tube well and pump should improve this family’s day to day life.
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Vision of Love were able to provide a tube well for a low income family in Mulliyawalai, who on a daily basis, go through severe hardships in accessing water. They have had to resort to purchasing water privately.
i) Sanitation Project
Vision of Love had the wonderful opportunity to take part in a Sanitation Project in Kandaketiya. This a remote village of 111 families that lack basic sanitary and toilet facilities. Vision of Love were involved in the construction of new toilets for the villagers. 6 toilets have been completed and the construction of 9 more toilets are underway; hence private latrine facilities will be developed for 15 families.
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Main activities undertaken to further the charity's purposes for the public benefit
The Trustees confirm that they have complied with the duty in Section 17 of the Charities Act 2011 and have taken due regard of the Charity Commission's general guidance on public benefit.
STRATEGIC REPORT
Achievements and performance
1. Review of activities
The business and activities of the Vision of Love are guided and organised through the Board of trustees. Vision of Love has no paid staff in either in the UK or overseas. All operations are carried out by the volunteers.
2. Financial review
a. Going concern
After undertaking an appropriate assessment, the trustees have expectations that Vision of Love has adequate resources to continue in operational existence for the foreseeable future.
Our current reserve levels are strong, and this combined with good financial management and discipline, means that our medium‐term outlook is secure. We do not currently anticipate that the overall financial position of the charity will be adversely affected, or its financial solvency threatened. The Trustees believe there are no visible uncertainties in respect to the charity’s financial position which may severely curtail its work and/or threaten its ability to operate as a going concern. The Trustees therefore continue to adopt the going concern basis in preparing the financial statements.
b. Financial risk management objectives and policies
The trustees review matters concerning accounting, financial reporting, and internal controls, including the Risk factors. They also review the management accounts and the annual report and financial statements before being submitted to the reporting Accountant.
c. Principal risks and uncertainties
The trustees recognise the importance of identifying and managing the risks of the charity. A risk management framework, comprising of a risk and control register, which would identify and prioritise the Charity's key risks, will be maintained in future. The register will include a program of control measures and actions to manage material risks. It will be subject to periodic assessment and updated by the trustees regularly.
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d. Principal funding
Currently the principal funding sources for the charity have been donation from Individuals and various organizations.
3. Structure, governance and management
a) Constitution
Vision of Love was registered as a charitable incorporated organisation on 06 December 2016.
b) Method of appointment or election of Trustees
The management of the Association is the responsibility of the Trustees who are elected under the terms of the governing document.
c) Organisational structure and decision making
The trustees are responsible for the management of the affairs of the Charity and they commit to conducting themselves in accordance with the highest ethical standards when carrying out their responsibilities. The Trustee Board has therefore adopted a Code of Conduct, which provides ethical standards and criteria to which all its members are required to adhere in the performance of their responsibilities to the Trustee Board.
4. Plans for future periods
In a short space of time, Vision of Love has managed to help communities in many different locations, through various activities. We plan to do several more projects in the future, with some already underway.
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VISION OF LOVE 5. Trustees, responsibilitie5 Statement The Trustees are responsible for pparIng the Trustees, report and the financial statements in accordance with applicable law and Untted Kingdom Accounting Standards (United Kingdom Genprally Accepted Acc(yunting Practice). In preparlng these flnanclal statements, the Trustees are required to: select suitable acwunting policies and then apply them consistentlv obseNe the methods and principles in thè Charities SORP 2015 IFRS1021 make jL¢dgements and estimates that are reasonable and prudent state whethei applicable UK accountlng standards have been followed subjert to any material departure disclosed and explained in the financial statements prepare the financial statements on the going toncern basis unless Ét is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping 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 wtth the Charities Act 2011 and regulations made therevnder. They are also responsible for safeguarding the assets of the group and hence for taking reasonable step5 for the prevention and detettion of fraud and other ifregularities. The Trustees are responsible for the maintenance and integrity of the corporate and financlal information intluded on the charf(¢es' website. Legislation in the United Kingdom governing the preparation and dissemination of financial ststements may differ from legislation in other jurisdictions. 6. Reporting Accountant Our Accountants, A J Accountancy have indicated their willingness to continue in office and this expression of interest is currently being considered. Approved by the Trustees on 21th Ortober 2022 and slgned by Mr Lavan Chairman helvaku ar Nagaratnam PAGE 14
VISION OF LOVE REPORTING ACCOUNTANfs REPORT Inde ndent ejtaminerfs re Or anisation 'the Cl(Y t to the trustees of Vision ol Love Charitable Incor orated Forthe riod ended 31 December 2021 I report to the tharity trusttts on my txamination of the xcounts lor the year ended 31 December 2021. Responsibslities and basis of report As the charity trustees of the Vision of Love. you a responsible for the preparation of accounts In accordènce with the requirements of the CharKlies Att 20111.the ACYI. I report in respect of my examinaiion of the Vlon of Love's accounts carried out under section 145 01 the Att. In carrying out my examination I have followed all applicable Directsons given by the Charity Commission under section 1451Sllbl of the 2011 Act. I have cornpleted my eyaminaiion. I confirm that no material matters have come to my attention in connection with the examinatmjll Fj'wre me cause to believe that in any material respe£L l. Accounting retords were noi kept as required by sertion 130 of the Act: or 2. the accounts do not accor(1 with those records.- I confirm that there ore no Otr mattef5 to which your atteniion should be drawn to enable a propef understanding tsf the a¢counts to be reathed. Signed- Naffle- C Kailaya-vasan FFA. FMAAT. ACIPP Address: 43 Aneriey Road. London. SE19 2A5 Date= PAGE 15
STATEMENT OF FINANCIAL ACTIVITIES
For the period ended 31 December 2021
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | ||||
| funds | funds | funds | funds | funds | funds | ||||
| 2021 | 2021 | 2021 | 2020 | 2020 | 2020 | ||||
| Note | £ | £ | £ | £ | £ | £ | |||
| Income from: | |||||||||
| Charitable activities | |||||||||
| Sponsorship and Donations | 60,234 | 7,923 | 68,157 | 56,476 | 12,355 | 68,831 | |||
| Other sources | - | - | - | - | - | - | |||
| Total income | 60,234 | 7,923 | 68,157 | 56,476 | 12,355 | 68,831 | |||
| Expenditure on: | |||||||||
| Charitable activities | - | ||||||||
| Medical | 1,884 | - | 1,884 | 3,451 | 4,247 | 7,698 | |||
| Food (Dry Ration) | 14,655 | - | 14,655 | 22,052 | - | 22,052 | |||
| Education | 748 | - | 748 | 1,846 | 28,750 | 30,596 | |||
| Water | 683 | - | 683 | - | - | - | |||
| Construction | 5,087 | 4,664 | 9,751 | 2,863 | 4,035 | 6,898 | |||
| Grama Seva | - | - | - | 2,967 | - | 2,967 | |||
| Livelihood Project | 847 | - | 847 | - | - | - | |||
| UK Homelss Support | 1,165 | - | 1,165 | - | - | - | |||
| Other | - | - | - | 543 | 50 | 593 | |||
| Total expenditure | 3 | 25,070 | 4,664 | 29,734 | 33,722 | 37,082 | 70,804 | ||
| Net income / (expenditure) | 35,164 | 3,259 | 38,423 | 22,754 | (24,727) | (1,973) | |||
| Reconciliation of funds | |||||||||
| Total funds at 1 January | 71,030 | 9,556 | 80,586 | 48,276 | 34,283 | 82,559 | |||
| Total funds 31 December | 106,194 | 12,815 | 119,009 | 71,030 | 9,556 | 80,586 | |||
| All activities relate to continuing operations in the above two financial periods. All recognised gains and losses are in the above statement of financial activities. The accompanying notes form part of these financial statements. |
included |
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Balance Sheet
A CHARITABLE INCORPORATED ORGANISATION: 1170595 (England and Wales) As at 31 December 2021
| 2021 | 2020 | ||||
| £ | £ | ||||
| Fixed assets | |||||
| Tangible Fixed Assets | - | - | |||
| - | - | ||||
| Current assets | |||||
| Stocks | - | - | |||
| Overseas Reserve Account | 10,355 | 3,470 | |||
| Cash at bank and in hand | - | 77,116 | |||
| 10,355 | 80,586 | ||||
| Creditors: Amounts | |||||
| falling due within one year | - | - | |||
| Net current assets | 10,355 | 80,586 | |||
| Net assets | 10,355 | 80,586 | |||
| Funds | |||||
| Restricted funds | 12,815 | 9,556 | |||
| Unrestricted funds | |||||
| General funds | 106,194 | 71,030 | |||
| Total funds | 119,009 | 80,586 | |||
| The accompanying notes form part of these financial statements. |
The financial statements were approved by the Trustees on 21th October 2022 and signed on their behalf, by:
………………………………………..
Mr Kanagasabapathy Vigneswaran Trustee
……………………………………….. Mr Velauthapillai Karunananthan Trustee
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Notes to the Financial Statements For the period ended 31 December 2021
1. Accounting policies
1.1 The financial statements have been prepared in accordance with 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 2015) ‐ (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
Vision of Love meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognized at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2 Company status
The Vision of Love is a Charitable Incorporated Organisation (CIO). The members of the charity are the Trustees named on page 1. In the event of the Vision of Love being wound up, the liability in respect of the guarantee is limited to £1 per member of the Vision of Love.
1.3 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Vision of Love and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for specific purposes. The aim and use of each designated fund are set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Vision of Love for specific purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund are set out in the notes to the financial statements.
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Notes to the Financial Statements
For the period ended 31 December 2021
Accounting policies (Continued)
1.4 Income
All income is recognised once the Vision of Love has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.
Donated services or facilities are recognised when the Vision of Love has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the Vision of Love of the item is probable and that economic benefit can be measured reliably.
On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the Vision of Love which is the amount the Vision of Love would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis.
1.6 Taxation
The Vision of Love is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Vision of Love is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
1.7 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount repaid net of any trade discounts due.
1.8 Cash at Bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
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Notes to the Financial Statements For the period ended 31 December 2021
Accounting policies (Continued)
1.9 Creditors and provisions
Creditors and provisions are recognised where the Vision of Love 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. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
1.10 Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the average rate of the transaction. Exchange gains and losses are recognised in the Statement of Financial Activities.
2. Governance Costs
There were NO Governance Costs incurred both in UK and in other countries whereas Vision of Love operates with 100% voluntary support and entire donation is used for the Charitable purpose, except bank charges are paid for transferring funds. The trustees contribute towards the costs of the meeting expenditure.
3. Related Party Transections
There were no related party transections to report. The trustees continue to donate funds to the Charity as an unrestricted donation.
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