Watford Velmurugan Trust (WVMT UK)
Report to the trustees of: Watford Velmurugan Trust (WVMT UK) On Accounts for the year ended: 31 January 2024 Charity number: 1174203 Company number 07493432 Set out on pages: 2-6
Respective responsibilities of trustees and independent examiner
I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 31 January 2024.
As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the Act and in carrying out my examination, I have followed all the applicable directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination (other than that disclosed below) which gives me cause to believe that in, any material respect:
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the accounting records were not kept in accordance with section 130 of the Charities Act; or
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the accounts did not accord with the accounting records; or
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the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
I have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
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Watford Velmurugan Trust (WVMT UK)
Annual Report of the Trustees
For the year ended 31 January 2024
The Trustees present their report and financial statements for the year ended 31 January 2024.
Reference and Administrative Information
Charity Name: Watford Velmurugan Trust (WVMT UK) Charity number: 1174203
Trustees
At the close of year, the trustees were:
Mr. Senthuren Sathiyabalasingam Mr. Dharmarajen Vencatasawmy Mr. Arulampalam Dhanabalan Mr. Arulananthasamy Sivamanoharan Mr. Markandu Vimalaraj Mrs. Pugalenthy Imaiyal Mr. Sabaratnam Arulsijamani Mr. Shanmugaratnam Nisanthan Priest: Mr Thiyagarajan Eladdchumikanthan Bankers HSBC
Background
The Trust was established as a limited company in 2011 and became a registered charity in 2017.
Aims and objects.
As set out in our Articles of Association, the Trust has two charitable objectives:
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To advance the Hindu religion in Watford for the benefit of the public through the holding of prayer meetings, lectures, public celebration of religious festivals, producing and/or distributing literature on Hindu religion to enlighten others about the said religion.
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The relief and assistance of people in any part of the world who are the victims of war or natural disaster, trouble, or catastrophe in particular by the supply of medical aid to such persons.
The Trust meets its first objective by providing a Temple for Watford’s Hindu community to visit and make ritual offerings. Services and celebrations are overseen by an official employed by the Trust. Members of the wider Watford community are welcome at the Temple to learn more about the Hindu religion.
The objectives for 2023-24 were to observe the schedule Pujas, satisfy the needs of families and individuals for personal rituals, and secure a long-term home for the Temple.
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The Trust has not established any practical way to address its second objective beyond encouraging devotees to donate to international charities.
Public benefit
The Trust provides public benefit by providing a place for prayers, religious festivals and community events.
Activities and the impact of Covid-19
In normal circumstances, the main activity of the Trust is to maintain and provide three scheduled pujas each day for devotees to come and pray on their own time, organise public celebration of religious festivals, satisfy individual religious needs and raise funds through donations, money collection boxes to maintain the place of worship and support devotees who are in need.
Through 2021-22 May, the Trust has operated a Temple at its current home at The Outdoor Bowls Club, Watford. This arrangement was temporary, and the Trust had laid plans for intensive work through 2020 to generate additional funds to help fund relocation to a permanent home in 2022.
The Covid-19 public health crisis has severely disrupted the Trust’s activities. However, the Trustees believe that the Trust will emerge from the crisis in good order. The Trustees continue to work with local supporters and partners to ensure the Trust benefits from a clear constitution, good governance, sound operating practices and with the consent and goodwill of the broader Hindu community.
Volunteers
The Trust employs only one individual and relies heavily on volunteers to assist in its work and activities. During the year, the trust benefited from the work of approximately 50 individual volunteers.
Financial review
The work of the Trust is entirely supported through donations from the public and from the Trust’s members and regular worshippers. The Trust managed to minimise net loss of £4,529.
Reserves policy
The trustees assess that the Trust needs to hold unrestricted reserves equal to at least 25% of projected annual turnover for the coming year. At 2023-24-year end, the Trust had total reserves of £10,445. The Trust’s 2024-25 budget is for income of £100,000, suggesting a reserve needed of £25,000. The Trust therefore holds adequate general reserves for its current needs and has in addition designated £12,000 toward the cost of a new Temple.
Future plans
Since February 2019 the Trust has been operating at temporary premises. At the start of 2023 it must find a new home. The trustees are currently fully focused on identifying the securing a new home – and on fundraising to meet anticipated costs.
Signed on behalf of the Board:
Ra en Vencatasawm j y
Rajen Vencatasawmy Chairman
31 January 2025
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Watford Velmurugan Trust (WVMT UK)
Statement of Financial Activities (including Income and Expenditure account)
For the year ended 31 January 2024
| Incoming resources from generated funds Voluntary Income-Grant Interest Incoming resources from charitable activities Total incoming resources Resources expended Costs of generating funds Net incoming resources Costs of charitable activities Depreciation Net income/(expenditure) for year Fund balances at start of year Fund balances at end of year |
2023-24 General Fund 2022-23 General Funds 105,314 2,395 33,047 39,448 7 5 107,716 72,500 0 0 107,716 72,500 0 0 107,716 72,500 112,245 73,249 0 0 (4,529)( 749) 10,273 11,022 5,744 10,273 |
|---|---|
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Watford Velmurugan Trust (WVMT UK)
Balance Sheet
For the year ended 31 January 2024
| 2024 | 2023 | |
|---|---|---|
| Fixed Assets | 12,286 | 0 |
| Current Assets | ||
| Debtors and prepayments | 5,660 | 6,575 |
| Bank and cash | 1,038 | 10,423 |
| Total current assets | 6,698 | 16,998 |
| Creditors due within one year | 8,540 | 6,725 |
| Net current assets | 10,444 | 10,273 |
| Other liabilities | 0 | 0 |
| Total assets less liabilities | 10,444 | 10,273 |
| Funds | ||
| General Fund | 5,744 | 2,273 |
| Designated Funds | 4,700 | 8,000 |
| Total Funds | 10,444 | 10,273 |
For the year ending 31 January 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476. The Trustees acknowledge their responsibilities for ensuring that the charity keeps accurate accounting records, and for preparing accounts that give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including income and expenditure, for the financial year.
The accounts were approved by the board on 31 January 2025
Signed on behalf of the Board:
Rajen Vencatasawmy
Rajen Vencatasawmy Chairman
Markandu Vimalaraj Treasurer
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Watford Velmurugan Trust (WVMT UK)
Notes to the accounts
Accounts for the year ended 31 January 2024
1. Basis of accounting
The financial statements have been prepared in accordance with the Trust’s Articles of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
2. Accounting policies
a. The financial statements are prepared in sterling with amounts rounded to the nearest £.
b. The financial statements have been prepared under the historical cost convention.
3. Fund accounting
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Unrestricted funds used entirely at the discretion of the trustees for the Trust’s activities.
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Designated funds are unrestricted funds reserved by the Trustees for particular purposes.
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Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal.
4. Income
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Donations were received at the Temple and through on-line donations.
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Other income includes a rent rebate, Gift Aid claimed from HMRC for previous years, and a refund of past bank fees.
5. Expenses
The Trust’s expenses include the cost of accommodation, employment, administration, and charitable activities.
6. Fixed assets and depreciation
The Trust occasionally receives donations of religious statues (or purchases such statues). For transparency, these statues are shown as fixed assets” but are fully depreciated 12 months after their acquisition.
7. Debtors and prepayments
The amount shown relates primarily to the prepayment of rent.
8. Trustee remuneration and related transactions
No members of the management committee received any remuneration and no trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charity.
9. Taxation
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The Trust is not registered for VAT and pays VAT on purchases without exemption or recovery.
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• As a charity, the Trust is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the Charity.
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