SRI SELVA VINAYAGAR TEMPLE IA Charitable Incorporatèd Oryanisationl TRUSTEES, REPORT AND ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024 Charity No: 1171912
SRI SELVA VINAYAGAR TEMPLE IA Charltable Incorporated Organlsalion) CONTENTS Page Trustees, Report Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Accounts 8-15
SRI SELVA VINAYAGAR TEMPLE IA Charilable In¢orporatsd Organisationl TRUSTEES, REPORT FOR THE YEAR ENDED 31ST MARCH 2024 The trustees presenl their annual reFKJrt and financial statements of th8 charity for Ihé year ended 31st March 2024. The financial statements have beèn prèp8rÈd in accordance wilh the accounting poliGiOS set out in note 1 to the accounts and mplY with the Gharily's conslilulion, the Charities Act 2011 and Accounting and Reporting by Chariles.. Slalemenl of Recommended Practice applicable lo ¢harilies preparing their accounts in accordance with th& FInaclaI Reporting Standard applicable in Ihe UK and Republic of Ireland published on 16 July 2015. STRUCTURE, GOVERNANCE AND MANAGEMENT Govemlng document The organisalion is a charitable incorporated organisalion registered as a charity with the Charity Commission on 06 March 2017 (charity no. 11719121. The charity is established undtir a wrillen conslftullon Ih2t established the objects and powers of tho charity and is also govemed under this conslilulion. Recruitment and appointmÈnt of TrustÈes The Board of Trustees has (he power lo appoint additional Twsteos as It considers fil lo do so. The Trustees in the office in the year are sel out on page 4. They have no beneficial interest in the organisalion othèr Ihan as members and have absolute discretion with regards lo inveslmenl decisions. No Trustee received remuneration during the year for services lo thè charity. Organlsatlon The Board meets monthly lo review the affairs of the charity. They use electronic methods when necessary In ord6r lo ensuro matters are not dekyed. Related partles We are a member of The Federaln of Saiva IHindLJ) 'femples' whKh is a body that assists the member Templés in establishing dales for special days which are somelimes not exact, and also publishes calendars and tnagazines once a year. We pay a membership fee. Risk Management The Trustees have a risk management strategy which comprises: An annual review of the risks the chaiily may face; Thè astabli%hmenl of sy%tgms and praeèdures lo mitigate those risks identified in the plan.. Implemcnlalion of Pr8dur0S designed lo minimise any polenlial impact on Ihe charity should Ihose risks materialise. Public Benefit statement In shaping our objectives for the year and planning our aclivilies, the Iruslees have considered Éhè Charily Commission's guidance on public benefit, including thè guidgn¢e 'public benefft.. running a charity {PD21. The achievements and activities above demonstrate the public benelil arising through the Charity's activities. Our volunteers The volunteers have been the lifeline of the Temple since Incepllon In 2CX)4 bul more so during this renovation projecl. We have many volunteers. of all ages, who give up théir tim8 lo serve the community for which we will ahvays be grateful. Even following the completion ol Ihe renovation project, the volunteers continu8 to assist th8 Temple.
SRI SELVA VINAYAGAR TEMPLE IA Charltable Incorporated OrganÉsationl TRUSTEES, REPORT (Contld) FOR THE YEAR ENDED 31ST MARCH 2024 OBJECTIVES AND ACTIVITIES The objectives of the chArity arè: To advanc@ th8 Hindu rèligion for the benefit of the publiG ill Redbridge and the surrounding aras IhTough maintaining a Saiva Hindu Temple where rituals are conductèd with special emphasis on Saivatn accoiding lo the tradition ol Tamilnadu and Sri Lanka To encourage the organisalion of educalional 8nd eulluial events based both at the tèmple and in the area of bènefit and through organising other related activities as the trustees shall delermine. The previous unincorporated organisalion had purcha58d the God Idols and thè bÉauliful There al gTeat expense prior to th& inceplion of this Temptè in 2004. These items have been transferred lo the Charity as a donation at a prudent V01ue for aGcounls purposos. However, their value to this Temple and the devotees is loo great a measure lo put in words or numbers. They were designed and con¢eplualized by our founder, thè laté Mr Sèlvarajah, and arè a work of his love lo this Temple. ACHIEVEMENTS AND PERFORMANCE This year again we conducled a larger scale Charlot Festival in tha sumrnei. The festival was allended by thousands of dèvotèès, Councillorg end police for. We were also grateful for the attendance of th8 Mayor, Ihls Tetnpie's long lerm devotee, Councillor Jeyaranjan Th8 fèstival was ma(58 possible by our sponsors, volunteers, priests and staff who gave up so much of Iheii lime to h6lp organise this. Dance classes, Abacus classes, violin classès and elderly devotee rneelings continued throughout the year. FUTURE PLANS We are continually looking lo inlroduce further tommunity projects, prival&ly and through the assistance of th8 Redhiidge CounGil. FINANCIAL REVIEW The finanoial results lor the year are sel out in the Statements of Financial Activities on page 6. The charity recorded gn overall surplus of £60,11812023 surplus- £13,606), The financial wsilion al the year r6vealed by the Balance Sheet on page 7 shows nel currenl assets or worklng capi131 of £178,18412023 ~ £80,567). Prlncipal funding sour¢es The charity's principal source of funding is donations from d8VOtees. The majority of the expenditure goes towards the ongoing maintenance of Ihe building and salaries of the priests and staff.
SRI SELVA VINAYAGAR TEMPLE
IA Ch&irit¥iblè Ii)corporatod Orgiinis¢iilonl
TRUSTEES, REPORT (Contldl
FOR THE YEAR ENDED 31ST MARCH 2024
Resorve5 policy
Tl)e Triislecb¥ ci)115idor il i)ru(loiil Io ii)riinlr?in an ade(iiitilv. levol ol iinrtslrii.lod rciSQlVVS lo covor 11)(-: Cliclrily's
cunlr¢iclual coiiTrniiliiiLbiils and sltrjviilo Slillitsitsnl workii)cJ LapilJl an($ lo aLClllI)Ii11c le ILin(Is loivar(Is Iliu e.oslb ol
acliioiiiiig luluro objeftilvLlS ol Ilio Cliarily.
REFERENCE AND ADMINISTRATIVE DETAILS
Trustoes:
Mrs SlTriirmil£i Mur&ilillillitsn - C1111 Ir
rK4r Seii(Illiir*1iali £h¢iivasivarai)
1111912
Cliarlly Nuinber:
Principal Addro5S',
29CI-303 Lcy Slreel, Illord, Essox IG1 4BN
Indopeiidont Exaininor:
David Tcrry,
Ramon Loo Llcl, 93 TabernJclc Slrcol. Loi)don EC2A 4BA
BnkeYs.,
NLIIWesl l)Ic. 50 Ilford Hill. Illord, Essex IG1 2AT
TRUSTEES, RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS
The Trustees aro respornsible for preparing tho Trusloos. Annii¢il Roporl and Iho Ilnancial 51alcmenls in ic ccoidttnce
wlll) 1ippliLable Ii?IAI c1nd United l<ingcloni Arcounling Standards Iuiiiled Kingdoiii Gcnortslly Accepled AcGounling
Pfèclicel.
The lÉiiV applicablo lo charilies iii England & Walos reqiiirog Iho Trustees lo prepfflfe financial slaleinenls lor C<l=h
financial year iyhicli 9IVC Ic trLie and Iriir view ol 11)e slalc ol allalrs of Ilie charily <ind ol Ilie incoming rcsouices <in(I
i)i)IiLalitsn ol rL4soiircos, Includlng Ihtt income
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SRI SELVA VINAYAGAR TEMPLE {A Charitablè Inrorporated Organisationl I report to thé Irustees on my examination of the accounts of the abovè ¢h2rity I'the Trust.) for the year ended 31 March 2024. Responsibilities and basls of report As thè ¢harity's Iruslees, you are responsible for the preparation ol the accounts in accordancé with the requirements of the Charities Act 2011 {'the Act.). I report in respect of my èx2minalion of the Trust's a¢Gounls cairied out under sèction 145 of the 2011 Act and in carrwng out my examination. I have followed all the applitable Directions given by the Charily Commission und8r seclion 14515llbl of the Act. Independont Examin8rfs statement The charity's gross income exeded £250,000 and l am qualified to undertake the examination by being a qualifEd member ol the Institute of Chartered Accounts of England and Wales. I have completed my examination. I confirm that no material mallers have come lo my allenllon In connection with the examinatton which gives m6 causè to bèlieve that in, any material r8specl'. Ihe aGcounling records were not kept in accoréanGe with seclion 130 of the Charities Act,. or the accounts did not accord with thè xr.eA)unling records- or the accounts did not comply knrilh Ihp applicable requirements concerning the form and content of accounts set OL¢t in th6 Charities lAcvnIS and Reports) Regul8ti(Jns ?.O08 other Ihan any i@quirement ihat the accouols gwe a 'lrue and fair, view which is not a maller considered as part of an in¢Jependenl èxamination. I have no concerns and have come across no other wnatters in cOnntIon with the examinalion lo whSch allenlion should bo drawn in this report in order to enable a propg.r iinderstanding of Ihe accounts to reached. David Terry- Chartered Accountant RAMON LEE LTD 93 TABERNACLE STREET LONDON EC2A 4BA 17 January 2025
SRI SELVA VINAYAGAR TEMPLE IA Charitable Incorporated Organisationl STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2024 Notes Unrestricted Funds Restricted Funds Total 2024 Total 2023 Income Grants and donations 382,004 15,856 397,860 297,917 Total ineomè 382,004 15,856 397,860 297,917 Expenditure chatabl$ activities 321,886 15,856 337,742 284,311 Total expendilure 321,886 15.856 337.742 284,311 Nel movement in funds for the year 60,118 60,118 13,606 Reconciliztion of funds Tolal funds, hroughl foThvanl 5Q1,613 501,613 488,007 Total funds, Carried forward 561,731 561.731 501,613 CONTINUING OPERATIONS Nona of the Charity's acttvilies were acquirad or discontinued during the above financial years. TOTAL RECOGNISED GAINS AND LOSSES The Charity has no recognised gains or losses other than the Bbove movements In funds during the above financtal yeays. Tha nolas on page 8 to 15 forrn part of these accounts.
SRI SELVA VINAYAGAR TEMPLE IA Cliarllablo Iiicoyporaled Organisallonl BALANCE SHEET AS AT 31ST MARCH 2024 Notes 2024 2023 Fixcd 05SQts Trln J( iblo ussels 503,1195 ,579,386 Ciirrenl a5soIs Cash al I)c1k ¢incl in Iiciiiil 207,.fj2f? 154,506 2D7,52¢? Llabililics Credilor" l&illin!I duc iyilliiii nno ycai 154,506 129,3421 173,9391 Not curreiit assols IILiablliliesl 178.184 80,567 Croditors falllng dLEQ more tlian oiio yoar (120.3481 1158,3401 NeL assets 561,731 501613 Tho funds of Iho charity.. Unrc.%li'iclcd luiids Resliicleo lui)ds 56'1,731 501.613 10 Total cliarliy fuiid¥ 561 731 501613 TlipsL' a(.'coui)Is thierci i>iii-ovpII hy the Soiir£l ol'fru41vvs on 'l-l J1r Illliiry 202J LIAd bi(Jiiucl on il81)phLiII by..
SRI SELVA VINAYAGAR TEMPLE IA Charitable Incorporated Organlsationl NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024 ACCOUNTING POLICIES 1.1 Basis of preparation of accounts The financial st5Jtèmènts have been prepared in accordallc8 with Accountinq and Reporting by Charities.. Slalemenl of Rocommended Practice applicable to chariligs preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leff20live 1 January 20151- Icharily SORP IFRS 1021 Revised), The Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. Sri Sèlva Vinayagar Temple meets the definition of a public benefit enlily under FRS 102. The finan¢i81 statements are prepared in sterling, which is the funclional ¢urr¢n¢y of the Charity. Mon&lary amounts in these financial statements are rounded lo the nearest £. The accounts (financial 51alemenisl have been preFiared under the historical cost convenlion wllh Items recognisèd al cost or transaction value unless Otheis¢ slated in the relevant notels} to th8sè accounts. 1.2 Preparation of accounts on a going concem basi5 The Charity's Financial Stalèmènts show net surpltjs or £60,11812023 surplus- £13,606) for the yoar and free reserves of £178,184 12023 - £80.5671. The trustees 8rÈ of the view that thes& results have secured the Immediate future of the Charity for the next 12 to 18 months and on this basis the Charity is a going concern. 1.3 Income Voluntary incomè inoluding donations. gifts and leg<lCl¥S that provide core funding or alè of general nature are recognised where there is entillemenl. certainty of rÉcèipl and the amount can be measLsred with sufficient reliability. %iic.h income is only deferred when.. The donor specifies that the grant or donation musl On be used in future a¢¢ounling periods. or The donor has imposed conditions which musl be mel before the charity has unconditional enlillement. Bank inleiesl is included on a receipt's basis. 1.4 Donated goods Goods donaled for on-going use by the ¢harily in c8rwng out its activitias 8r8 r8cognised as tangible fixod assets with the correspondino gain rècognised as income Irom donalK)ns within the SOFA. ThÉ donated gO(S are measured al fair value. 1.5 Expenditure recognition and irrecoverable VAT Expenditure is recognised once Ih8re is a leoal or constructive obligation to make a payment to a IhSrd party, il is probable that sèl1ment will be required, and the amount DI (he obligation can be measurèd réliably. Expenditure is classified under the following activity headings- 121 Expenditure on charitable 2Ctivities includes the costs directly assocAaled In runnlng a Hindu Temple and olher communily programffles, lo lurlher the purkX)ses of the Charity and their associated support ¢osls. Irrecovei8ble VAT 15 charged as a cost against the activity for which the Èxpenditure was incurred.
SRI SELVA VINAYAGAR TEMPLE IA Charltable Incorporatèd Oryanisation} NOTES TO THE ACCOUNTS (Contld) FOR THE YEAR ENDED 31ST MARCH 2024 1.6 Allocation of support costs Support costs are (hose functions that assist thè work of the charily bul do not directly undertake chaiilable activitiès. Support costs include back office costs, finance and adminislralion personnel and governance costs whKh support the Trust's programmes 8nd aclivilies. These cosls have been allocated between cost of raising funds and expenditure on chaiilable aclivilies. The basis on which support Gosts have been allocatsd are sel out in note 4. 1.7 Funds Unrestricted funds are available for use al the discretion of the Trustees and in furtherance of the g&n8ral objedives of Ihe ¢harily. The restricled funds are monies raised for, and théir use reslricled lo. a specific purpose or donations subject lo donor-impnsed conditions. 1.8 Tangible fixed ass8ts Tangible fixed assets are staled al cosl less depreciation. Thè eosl ol minor additions or those costing less than £500 are not capilalised. DÈprecialion is provided dl rales Galculaled to write of Ihc cost or valuation of fi'xed assets. less their estimated residual value. over their expeetÈd useful lives on Ilie fullowing bases.. Loasehold improvements Over 14 years Idol ornaments Not depreaxtéd Molui VehiGle 25¢A n&t book value Idol omamenls have not been depreciated as the assets am considered lo have a v8ry long useful life. 1.9 Cash at bank and in hand Cash al bank and in hand includes cash and short-lÉrm cash detx)sils. 1.10 Creditors and provisions Creditors and provi.qions are rgKngnised where Ihe charity has a present obliqation rèsulting from a P£isI evonl that will probably result in the transfer of funds lo a Ihirrt P8rty and the amounl due lo sett the obligation tan be measurgd 01 eslimaled reliably. Creditors 8nd provisK)ns are normally recognised al their selllemenl amount Bfter allowing for any tmde discounts due. 1.11 Financial instruments The Twst only has financial assets and financial liabilllles of a kind th2t qualify as basic financial instrumènts. Basic financial instruments a initially recogni59d al Iransaction value and subqequently measured al their seluemenl value wilh the Excepti(x) of bank loans which arè subsequgnlly measured al amortised cost usirKJ the eflectsve interest method_ 1.12 Taxallon The Charity is a registered charity and, thérefore, is not liable for Income Tax or Corporation Tax on income derived from ils charilable aclivilies. as il falls wlhin the various gxemplions avaiSable lo registered charities. 1.13 Judgement and key sources of estimation uncertainty In Ihe application of the charity's a¢counling policies. the charity 15 required lo make judgments, eslimales and assumptions about the carrying amount of assets and liabilities that are nol readily apparent from other sources. The estimates and associated assumptions are baséd on historical experien and other factors th£t arè considered lo be rèlèvant. Actu81 results may differ fro¥n Ihese estimates. The esllmal6s and underfing assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recagnised in the year in which Ihe esllmale is revised where the revision affecls only that period, or in the period of the revision and futur8 p&riods where the revision affects both current and future periods.
SRI SELVA VINAYAGAR TEMPLE IA Charltable Incorporated Organisatlonl NOTES TO THE ACCOUNTS (Contldl FOR THE YEAR ENDED 31ST MARCH 2024 DONATSONS Unreslricled Funds Restricted Funds Tolal 2024 Total 2023 Donation and GrantlGift Aid 382.004 15.856 397,860 297,917 382.004 15,856 397,860 297.917 The donations income in 2023 £275.740 was attributed to unrestrictad funds and £22,177 was attributed to restricted funds. ANALYSIS OF EXPENDITURE Hindu Temple 2024 2023 Costs dffrectly alloGaled to activities Priest wages and salary Prernisès cost Food and consumablès Flowers Other direct expenses Support costs Inol8 41 Governan costs <nole 41 74,808 82,091 28,833 22,589 14,344 112,269 2,808 74,808 82,091 28,833 22,589 14,344 112,269 2,808 76,792 85,358 4.509 9,300 687 105.065 2.600 337,742 337,742 2Ppl,311 Of tha £337.742 expendilure in 2024 12023 - £284.3111, £321,886 12023 £262,134) was charged lo unreslrioled funds and £15.85612023 £22.1771 to restricted funds. 10
SRI SELVA VINAYAGAR TEMPLE {A Charitable Incorporated Organisation) NOTES TO THE ACCOUNTS {Contldl FOR THE YEAR ENDED 31ST MARCH 2024 ANALYSIS OF SUPPORT AND GOVERNANCE COSTS The Chaiity initially idenlili&s thè costs of ilg support funclions.11 then identifies those costs which relate to the govemance funclion. Governancg Gosls and other support costs are apportioned separately between charity's key aclivity undèrtakèn (see nate 31 in the year. All the general support and govémancg costs are allo¢Jled lo activities al different percentages, based on staff timè and the number of serviG@ delivery hours altribulable to each acllvily. General support GovèmancÈ function Total 2024 Total 2023 Gener81 Office Expenses Insurance Comm(Inicalion (Phone + Slatsonaryl Legal and prof8ssional Dapree42tion Interest Indèpèndènt examinalion 19,802 4,828 1.787 3,266 75,491 7,095 19,802 4,828 1,787 3,286 75.491 7,095 2,808 14,620 2.546 2.086 3,048 75,491 7,274 2,600 2.808 112,269 2,808 115,077 107,665 NET INCOME I IEXPENDITUREI FOR THE YEAR Nel income resourrEs is shown after charging.. 2024 2023 Operating leases rent Depreciation of tangible fixed assets Independent examination lee 80.01 75,491 2.808 60,000 75,491 2,600 ANALYSIS OF STAFF COSTS. TRUSTEES REMUNERATION AND EXPENSES, AND COST OF KEY MANAGEMEwf PERSONNEL STAFF COSTS 2024 2023 Salaries 74.808 76,792 No employee eamed mc)re £60,0 Includlng benefits.
SRI SELVA VINAYAGAR TEMPLE IA Charltable Incorporated Organisatlonl NOTES TO THE ACCOUNTS {ConUd) FOR THE YEAR ENDED 31ST MARCH 2024 The average monthly number of staff employed by the charity during the ygar was as follows.. 2024 2023 Pflests Priests Assistant Admin slafl TANGIBLE FIXED ASSETS 2024 2023 NET BOOK VALUES Leasehold Improvements Idol Ornaments 392,279 111,616 467,770 111,616 503,895 519,386 MOVEMENTS IN YEAR Cost or valuatio Opening Balances Closing Balances Addltions Disposals Loasohold Improvements Idul Oinafflents 679,423 111,616 679,423 111,616 791,039 791,0.89 De reciation Opttnlng Balances Charge ForY*ar Closing Balanees Disposals Leasehold ImprovemEnts Idol Ornaments 211,653 75,4g1 287,144 211,653 75,491 287,144 12
SRI SELVA VINAYAGAR TEMPLE IA Charitable Incorporated Oryanisation) NOTES TO THE ACCOUNTS (Conlld) FOR THE YEAR ENDED 31ST MARCH 2024 CREDITORS: Amounts falling due within year 2024 2023 Accruals and other creditors 29,342 73,93g CREDITORS.. Amount falling due morè than one year 2024 2023 Bank loan 120.348 158,340 10. MOVEMENT IN FUNDS Balance as 01.04.2023 8atance as al 31.03.2024 Income Expenditure Unrestiictedfunds.. G8néral funds 501,813 382,004 321,886 561,731 501,613 382,004 321,886 561,731 Restricted fkjnds.. Renovaticm Projecl 15,856 15,856 15.856 15,856 Total funds 501,613 397,860 337,742 561,731 13
SRI SELVA VINAYAGAR TEMPLE IA Charltsble Incorporated Oryanisationl NOTES TO THE ACCOUNTS {Contld) FOR THE YEAR ENDED 31ST MARCH 2024 MOVEMENTS IN FUNDS- PREVIOUS YEAR Balance as 01.Q4.2022 Balance as at 31.03.2023 Income Expenditure Unrestricted lunds.. General funds 488,007 275,740 262,134 501.613 488,007 275,740 262,134 501.613 R•slrl¢ted funds.. Renovabon Pro?ecl 22.177 22,177 22,177 22,177 Total funds 488,007 297.917 284,311 501,613 11. ANALYSIS OF FUND BALANCES BETWEEN NET ASSErs Unrèstrlcted Funds Restricted Funds Total 2024 Total 2023 Tanuible fixed assets Nel Gutrenl assets Long term loan 503,895 178,184 {120.3481 503,895 178,184 1120,3481 579,386 80.567 1158,3401 561,731 561,731 501.613 ANALYSIS OF FUND BALANCES BETWEEN NET ASSETS- PREVIOUS YEAR Unrestricted Funds Restricted Funds Total 2023 Total 2022 Tanglble fixed assets Nel Current assets Long term loan 579,386 80,567 (158,3401 5Tg,386 8Q.567 1158,3401 634.972 43.0 (1S0,0() 501,613 501.613 488,007 14
SRI SELVA VINAYAGAR TEMPLE {A Charitable Incorporated Organisation) NOTES TO THE ACCOUNTS (Contld) FOR THE YEAR ENDED 31ST MARCH 2024 12. RELATED PARTYTRANSACTIONS There were no related party transactions for the year ended 31$l March 2024. 15