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& FIna￿claI 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 Federal￿n 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 Pr￿8dur0S 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 B￿nkeYs., 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 11)LJ melhods and i)rinciplo% iii thè Cl)¢irilios SORP. ni¥iko jLidgcmonls and tssliiiialog Ilial 1c ro rocisoncible cin(I ijrii(lei)I', slcllo wliolhor applicLible UK Accounliiig Siai)dai'ds Iiavo beon lollowod, siJl)jccl lo 1( ny liic?ILJfitil (Iopiirliirès disLIosLd aiicl oxpl£liiicd in Iho liiiancial 4lalcjiiieiils', prc.pl￿ re IIIL fiiiaiioiiL I slalemcjiils un Ilie ooiiig concerii l)clSlS iinlL7ss il is inLippropri1< le lo preslinio that Ih cl)¢iiilal)le inLors)oral(:d nrganistilion will coTrliiiuL iii busiiiLJSS. l-lio TrLisIL'es ¥ll'e rL's1)onsiblL lur kr:L'i)iii!I i)roi)ttr ¢ititioiiiiliii(J rcJLc)I'tls Ilicil (lji-c.lose LWIII) ¥L'&lSOI)ablu c1LLuf(]cy ill 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 Othe￿is¢ 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