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2022-03-31-accounts

REGISTERED CHARITY NUMBER: 1190790

REPORT OF THE TRUSTEES AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

FOR

LONDON SRI MURUGAN TEMPLE

LONDON SRI MURUGAN TEMPLE

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

Page
Report of the Trustees 1 to 4
Report of the Independent Auditors 5 to 8
Statement of Financial Activities 9
Balance Sheet 10 to 11
Cash Flow Statement 12
Notes to the Cash Flow Statement 13
Notes to the Financial Statements 14 to 20
Detailed Statement of Financial Activities 21 to 22

LONDON SRI MURUGAN TEMPLE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

The trustees present their report with the financial statements of the charity for the year ended 31 March 2022. The trustees have adopted the provisions of 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 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The London Sri Murugan Temple's primary mission is to promote Hindu religious activities and related cultural and charitable activities.

The organisation provides the following services for devotees and the community:

The Temple employs Priests and other religious workers who carry out religious services in the Temple and into the Community for devotees.

The Temple also provides a community hall for services associated with Temple activities for devotees and people in the Community.

Review of Progress and Achievements

The Charity reached a major milestone in May 2005 when the newly constructed Temple was opened with a Mahakumbhabishekam ceremony. The opening has been highly successful and the Temple continues to be attended by a substantial number of devotees and visitors on a regular basis. The Temple has been recognised as a landmark by Newham Council.

In 2017, another Kumbhabishekam was conducted and celebrated following 12 years of the opening of the Temple, as is the tradition.

In 2018 the Trustees and Management committee appointed Architects and consultants to begin the process of developing a community centre to provide more appropriate facilities as well as a wedding hall for the devotees of the temple.A considerable amount of work was completed during 2020 with designs and meetings with the London Borough of Newham to obtain planning consent before development could begin. However we have not been able to progress with the proposed development plans as the Local authority has insisted on housing development on the site. The trustees do not consider this to be appropriate for the Temple and decided to revisit the designs with a view to remodelling the existing buildings to provide the proposed services. The Trustees have subsequently submitted plans to replace houses on the site.

The Temple was in lockdown for considerable periods during 2020 and 2021 due to the Covid 19 pandemic. The Temple had been operating in a restricted manner conforming to Government guidelines on Covid 19 safety precautions. During the lockdown period, the Temple was able to furlough staff under the Governments Job Retention Scheme and the Temple continued to pay staff in full and where possible extra funds provided to alleviate any difficulties during this period.

The Temple's income reduced during 2020 and 2021 due to restrictions on activity and understandable lower attendance of devotees but income has returned to pre-pandemic levels in the last 6 months.

During lockdown, a new system for doing archanas and poojas on line was introduced in June 2020 to help devotees unable to visit the temple. This has proved to be successful.

Page 1

LONDON SRI MURUGAN TEMPLE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

OBJECTIVES AND ACTIVITIES

Public benefit

The Charity has continued to provide many religious services in the Temple for the benefit of the community. The Temple facilitates cultural programmes and activities on a regular basis which provides a meeting place for the elderly and the young.

The Temple, its facilities and the religious functions performed by the temple are open to the general public without any entrance fee charges.

The Trustees confirm that they have given due consideration to the Charity Commissions published guidance on the public benefit requirement under Charities Act 2011.

Volunteers

The Trustees are grateful to the volunteers who helped during the year by carrying out activities for the charity. Many volunteers give up their time to help, particularly at weekends and in the evenings and we are greatly indebted to these volunteers for their commitment and support.

FINANCIAL REVIEW

Financial position

The Temple was closed or operating in a restricted manner for much of 2020 and 2021 due to the global pandemic caused by Covid 19. Although Temple poojas continued to be performed regularly, devotees visiting the Temple fell greatly during this time and activities were restricted. This position improved significantly during the latter part of Financial year 2021-22 as pandemic restrictions lifted. Devotees have returned and Temple activities are once again in full flow.

During the year, the Charity generated total income amounting to £737,315 (2021 £458,922). The total expenditure for the year amounted to £533,478 (2021 £525,403), resulting in net surplus after depreciation for the year of £203,837 (2021 (£66,483)) before other recognised gains.

The Charity had cash reserves amounting to £2,452,017 at the balance sheet date (2021 £2,046,366). The Trustees intend to utilise some of these resources to redevelop its properties to provide a wedding hall, a community resource centre and to acquire further adjoining properties to provide sufficient car parking spaces.

The Temple freehold properties were valued by the Trustees at £7.27M on 31st March 2022 and the investments properties at £1.75M on 31st March 2022. In the opinion of the Trustees these represent fair value at the year end.

The fair value reserve at the balance sheet date amounted to £2,086,917 for the freehold properties and £831,854 for the investment properties.

The Trustees acknowledge and thank the auditors for the auditing services provided by the auditors on a voluntary basis.

Principal funding sources

The Charity's main sources of Income for the year was from voluntary donations which amounted to £297,055 (2021 £112,695) and from special prayer services and other activities which amounted to £375,641 (2021 £242,521)

Reserves policy

The trustees consider that the Temple had sufficient liquid funds at the balance sheet date to meet the charities immediate future requirements.

To reduce the risk of over expenditure, proper procedures for authorisation of all transactions exist. To further mitigate the risk the management committee carry out strict controls on finances and periodic review of procedures

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

London Sri Murugan Temple is registered as a Charity with the Charity Commission in April 1976 under charity number 271097.It is governed by its constitution last updated in July 1996. In August 2020, London Sri Murugan Temple became registered as a Charitable Incorporated Organisation with a new Constitution and new registration number 1190790.The Charity Commission will continue to hold both registration numbers until the transfer process to the new organisation is completed.

Page 2

LONDON SRI MURUGAN TEMPLE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

Recruitment and appointment of new trustees

There are 26 Trustees who make up the Board of Trustees. Trustees are elected by members every three years except for 5 advisory trustees who will remain in office for a term of Six years.

Organisational structure

The Trustees are responsible for the day to day running of the temple. The Trustees meet on a monthly basis to review temple activities and finances.

The Trustees give their time freely and receive no remuneration or other financial benefits.

Induction and training of new trustees

New trustees are made aware of their responsibilities. This induction includes an introduction to the objectives, scope and policies of the charity. The trustees appointed are usually familiar with the activities of the charity as they are members. The new trustees are given training by existing committee members and are regularly briefed on changes in regulations.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Charity number

1190790

Principal address

78-90 Church Road Manor Park London E12 6AF

Trustees

Advisory Trustees Mr. G. Ramadass Mr. R.C.A. Anpananthar Mr. S.Narashiman

Management committee Mr. S.Sampathkumar - President Mrs.S.Krishnasamy - Vice President Mr.R.Renganathan - Vice President Mr.P.Dakshinamoorthy - Secretary Mr.R.Panneerselvam - Assistant Secretary Mrs.P.Raguvaran - Treasurer Miss.V.Thambyrajah-Assistant Treasurer Mr. A. Gopal Mrs.M Gopalanathan Mr.I.Muthu Mr.R.Narayanan Mrs.R.Ramachandran Mrs.M.Ramadoss Mr.A.Ramanathan Mr.R.Ramasamy Mr.G.Sathiamoorthy Mrs.S.Sekaran Mr.M. Sivam Mr.P.Sivasubramaniam Mr.M.Thenappan Mr.P.Uthayakumar

Page 3

LONDON SRI MURUGAN TEMPLE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

REFERENCE AND ADMINISTRATIVE DETAILS

Auditors

Ashfords Partnership LLP (Statutory Auditors) 114 - 116 Goodmayes Road Ilford Essex IG3 9UZ

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true 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 charity for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

................................................................. Mrs P Raguvaran - Trustee

Page 4

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF LONDON SRI MURUGAN TEMPLE

Opinion

We have audited the financial statements of London Sri Murugan Temple (the 'charity') for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and 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 (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going 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 to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Page 5

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF LONDON SRI MURUGAN TEMPLE

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Page 6

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF LONDON SRI MURUGAN TEMPLE

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our 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 a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatements of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to these risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis of our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on the provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, such as Companies Act 2006.

In addition, we considered the provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or avoid a material penalty.

Audit response to risk identified

Our procedures to respond to risks identified included the following:

We also communicated relevant identified laws and regulations and potential fraud risk to all the engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Page 7

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF LONDON SRI MURUGAN TEMPLE

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulations. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' 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 charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Ashfords Partnership LLP 114 - 116 Goodmayes Road Ilford Essex IG3 9UZ

(Statutory Auditors)

Date: .............................................

Page 8

LONDON SRI MURUGAN TEMPLE

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Investment income
3
Other income
Total
EXPENDITURE ON
Raising funds
4
Other
Total
NET INCOME/(EXPENDITURE)
Other recognised gains/(losses)
Gains on revaluation of fixed assets
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 31.3.22
Unrestricted
funds
£
297,055
64,619
375,641
737,315
442,050
91,427
533,477
203,838
299,999
503,837
10,159,098
10,662,935		 31.3.21

Total
funds
£
112,695
103,706
242,521
458,922
433,977
91,427
525,404
(66,482)
71,487
5,005
10,154,093
10,159,098

The notes form part of these financial statements

Page 9

LONDON SRI MURUGAN TEMPLE

BALANCE SHEET 31 MARCH 2022

Notes
FIXED ASSETS
Tangible assets
9
Jewellery
10
Investment property
11
CURRENT ASSETS
Debtors: amounts falling due within one year
12
Debtors: amounts falling due after more than one
year
12
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
13
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS		 31.3.22
Unrestricted
funds
£
6,251,438
199,145
1,749,999
8,200,582
21,782
-
2,452,016
2,473,798
(11,445)
2,462,353
10,662,935
10,662,935		 31.3.21

Total
funds
£
6,342,865
197,615
1,450,000
7,990,480
37,155
95,000
2,046,366
2,178,521
(9,903)
2,168,618
10,159,098
10,159,098

The notes form part of these financial statements

continued...

Page 10

LONDON SRI MURUGAN TEMPLE

BALANCE SHEET - continued

31 MARCH 2022

FUNDS
14
Unrestricted funds
TOTAL FUNDS		 10,662,935
10,662,935		 10,159,098
10,159,098

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

............................................. President - Trustee

............................................. Secretary - Trustee

............................................. Treasurer - Trustee

............................................. Trustee ............................................. Trustee

............................................. Trustee

The notes form part of these financial statements

Page 11

LONDON SRI MURUGAN TEMPLE

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2022

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by/(used in) operating activities
Cash flows from investing activities
Jewellery donations
Interest received
Net cash provided by investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 31.3.22
£
401,648
401,648
(1,530)
5,532
4,002
405,650
2,046,366
2,452,016		 31.3.21
£
(12,831)
(12,831)
(580)
19,899
19,319
6,488
2,039,878
2,046,366

The notes form part of these financial statements

Page 12

LONDON SRI MURUGAN TEMPLE

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2022

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Depreciation charges
Interest received
Decrease/(increase) in debtors
Increase in creditors
Net cash provided by/(used in) operations
2.
ANALYSIS OF CHANGES IN NET FUNDS
At 1.4.21
£
Net cash
Cash at bank and in hand
2,046,366
2,046,366
Total
2,046,366		 31.3.22
£
203,838
91,427
(5,532)
110,373
1,542
401,648
Cash flow
£
405,650
405,650
405,650		 31.3.21
£
(66,482)
91,427
(19,899)
(19,175)
1,298
(12,831)
At 31.3.22
£
2,452,016
2,452,016
2,452,016

The notes form part of these financial statements

Page 13

LONDON SRI MURUGAN TEMPLE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Allocation and apportionment of costs

All costs incurred by the charity are allocated against the General Fund.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold Buildings - in accordance with the property Computer equipment - 33% on cost

No Depreciation is provided on Investment properties.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in market value is transferred to a fair value reserve.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

continued...

Page 14

LONDON SRI MURUGAN TEMPLE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

2. DONATIONS AND LEGACIES

Donations - Covenants
Other donations
Gift aid
Undial collections
Jewellery income
3.
INVESTMENT INCOME
Rents received
Deposit account interest
4.
RAISING FUNDS
Raising donations and legacies
Support costs
Other trading activities
Staff costs
Pooja expenses
Aggregate amounts
5.
SUPPORT COSTS
Raising donations and legacies		 Finance
£
2,818		 31.3.22
£
13,347
137,963
21,762
122,453
1,530
297,055
31.3.22
£
59,087
5,532
64,619
31.3.22
£
197,810
31.3.22
£
142,604
101,636
244,240
442,050
Governance
Other
costs
£
£
190,492
4,500		 31.3.22
£
13,347
137,963
21,762
122,453
1,530
297,055		 31.3.21
£
18,051
46,653
7,361
40,050
580
112,695
31.3.22
£
59,087
5,532
64,619		 31.3.21
£
83,807
19,899
103,706
31.3.22
£
197,810
31.3.22
£
142,604
101,636
244,240		 31.3.21
£
178,919
31.3.21
£
219,217
35,841
255,058
433,977
Totals
£
197,810

continued...

Page 15

LONDON SRI MURUGAN TEMPLE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

6. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.

7. STAFF COSTS

Wages and salaries
The average monthly number of employees during the year was as follows:
Priests
Cleaners
Sculptors
Religious workers		 31.3.22
£
230,737
230,737
31.3.22
6
2
3
3
14		 31.3.21
£
309,882
309,882
31.3.21
9
3
3
4
19

No employees received emoluments in excess of £60,000.

8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Investment income
Other income
Total
EXPENDITURE ON
Raising funds
Other
Total
NET INCOME/(EXPENDITURE)
Other recognised gains/(losses)
Gains on revaluation of fixed assets
Net movement in funds		 Unrestricted
funds
£
112,695
103,706
242,521
458,922
433,977
91,427
525,404
(66,482)
71,487
5,005

continued...

Page 16

LONDON SRI MURUGAN TEMPLE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued

RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
9.
TANGIBLE FIXED ASSETS
COST OR VALUATION
At 1 April 2021 and 31 March 2022
DEPRECIATION
At 1 April 2021
Charge for year
At 31 March 2022
NET BOOK VALUE
At 31 March 2022
At 31 March 2021
Cost or valuation at 31 March 2022 is represented by:
Valuation in 2001
Valuation in 2003
Valuation in 2016
Cost		 Freehold
property
£
7,277,371
934,506
91,427
1,025,933
6,251,438
6,342,865
Freehold
property
£
(393,475)
1,698,523
781,868
5,190,455
7,277,371		 Computer
equipment
£
13,161
13,161
-
13,161
-
-
Computer
equipment
£
-
-
-
13,161
13,161		 Unrestricted
funds
£
10,154,093
10,159,098
Totals
£
7,290,532
947,667
91,427
1,039,094
6,251,438
6,342,865
Totals
£
(393,475)
1,698,523
781,868
5,203,616
7,290,532

The freehold land and building are located at: No 2,4 and 6 Browning Road, London E12 and at No 64-70, 78 and 90 Church Road, London E12.

The freehold properties are stated above at cost of £5,190,455 plus fair value reserve of £2,086,916.

continued...

Page 17

LONDON SRI MURUGAN TEMPLE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

10. JEWELLERY

JEWELLERY
MARKET VALUE
At 1 April 2021
Additions
At 31 March 2022
NET BOOK VALUE
At 31 March 2022
At 31 March 2021		 Total
£
197,615
1,530
199,145
199,145
197,615

The Jewellery fund represents Gold and Silver jewellery articles donated by the devotees and is valued at market value at balance sheet date.

Cost or valuation at 31 March 2022 is represented by:

Valuation in 2021
Cost
11.
INVESTMENT PROPERTY
FAIR VALUE
At 1 April 2021
Fair value adjustment
At 31 March 2022
NET BOOK VALUE
At 31 March 2022
At 31 March 2021		 Jewellery
£
71,487
127,658
199,145
£
1,450,000
299,999		 Jewellery
£
71,487
127,658
199,145
1,749,999
1,749,999
1,450,000

The Investment properties are located at: No. 8 & 26 Browning Road, London E12 and at No. 72-76 Church Road, London E12.

The Investment properties are stated above at cost of £918,145 plus fair value reserve of £831,854.

Fair value at 31 March 2022 is represented by:

Valuation in 2001
Valuation in 2003
Valuation in 2016
Valuation in 2019
Valuation in 2022
Cost
1		 £
(23,153)
337,368
67,640
150,000
299,999
918,145
,749,999

continued...

Page 18

LONDON SRI MURUGAN TEMPLE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

12.
DEBTORS
Amounts falling due within one year:
Prepayments
Amounts falling due after more than one year:
Loan to UK Religious Dev Ltd
Aggregate amounts
13.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Accrued expenses
14.
MOVEMENT IN FUNDS
At 1.4.21
£
Unrestricted funds
General fund
10,159,098
TOTAL FUNDS
10,159,098		 31.3.22
£
21,782
-
21,782
31.3.22
£
11,445
Net
movement
in funds
£
503,837
503,837		 31.3.21
£
37,155
95,000
132,155
31.3.21
£
9,903

At
31.3.22
£
10,662,935
10,662,935		 31.3.21
£
37,155
95,000
132,155

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
737,315
737,315		 Resources
expended
£
(533,477)
(533,477)		 Gains and
Movement
losses
in funds
£
£
299,999
503,837
299,999
503,837

Comparatives for movement in funds

Unrestricted funds
General fund
TOTAL FUNDS		 At 1.4.20
£
10,154,093
10,154,093		 Net
movement

in funds
£
5,005
5,005
At
31.3.21
£
10,159,098
10,159,098

continued...

Page 19

LONDON SRI MURUGAN TEMPLE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

14. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
458,922
458,922		 Resources
expended
£
(525,404)
(525,404)		 Gains and
Movement
losses
in funds
£
£
71,487
5,005
71,487
5,005

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 At 1.4.20
£
10,154,093
10,154,093		 Net
movement

in funds
£
508,842
508,842
At
31.3.22
£
10,662,935
10,662,935

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
1,196,237
(1,058,881)
TOTAL FUNDS
1,196,237
(1,058,881)		 Gains and
Movement
losses
in funds
£
£
371,486
508,842
371,486
508,842

15. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2022.

Page 20

LONDON SRI MURUGAN TEMPLE

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022

31.3.22 31.3.21
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Donations - Covenants 13,347 18,051
Other donations 137,963 46,653
Gift aid 21,762 7,361
Undial collections 122,453 40,050
Jewellery income 1,530 580
297,055 112,695
Investment income
Rents received 59,087 83,807
Deposit account interest 5,532 19,899
64,619 103,706
Other income
Archanas 90,560 48,583
Ubayams 87,392 27,821
Other poojas 115,598 31,365
Outside poojas 33,560 11,740
Wedding services 18,443 2,100
Other income 17,053 356
Annathanam 11,735 -
Natheswaram/Thavil 1,300 1,050
HMRC JRS Grant - 119,506
375,641 242,521
Total incoming resources 737,315 458,922
EXPENDITURE
Other trading activities
Priest's, musicians & Cooks wages 142,604 219,217
Pooja expenses 101,636 35,841
244,240 255,058
Other
Freehold property 91,427 91,427
Support costs
Finance
Bank charges 2,818 1,083
Other
Wages 88,133 90,665
Rates and water 6,479 5,590
Carried forward 94,612 96,255

This page does not form part of the statutory financial statements

Page 21

LONDON SRI MURUGAN TEMPLE

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022

31.3.22 31.3.21
£ £
Other
Brought forward 94,612 96,255
Insurance 8,026 8,141
Light and heat 8,931 14,952
Telephone 4,560 4,684
Postage and stationery 4,190 3,107
Sundries 29,542 5,212
Cleaning expenses 5,143 5,669
Repairs and renewals 6,159 8,462
Security costs 8,093 4,656
Computer expenses 2,343 2,198
Chariot Festival 15,142 -
Donations 3,751 14,500
190,492 167,836
Governance costs
Legal and professional fees 4,500 10,000
Total resources expended 533,477 525,404
Net income/(expenditure) 203,838 (66,482)

This page does not form part of the statutory financial statements

Page 22