CHARITY REGISTRATION NUMBER: 1206370
NADESWARA OLD STUDENTS TRUST Unaudited Financial Statements
31 December 2024
NADESWARA OLD STUDENTS TRUST
Financial Statements
Year ended 31 December 2024
| Page | |
|---|---|
| Trustees' annual report | 3 |
| Independent examiner’s report | 5 |
| Statement of financial activities (including income and | |
| expenditure account) | 6 |
| Statement of financial position | 7 |
| Notes to financial Statements | 8-11 |
NADESWARA OLD STUDENTS TRUST
Trustees' Annual Report
Year ended 31 December 2024
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2024.
Objectives and activities
For the public benefit to advance the education of students and alumni of Nadeswara College in Kankesanthurai, Sri Lanka including, but not limited to, awarding scholarships, providing maintenance allowances and grants, holding events, and providing and assisting in the provision of facilities for education on at the college.
Achievements and performance
i) Funding for Teaching Staff: NOST provided funds to employ teachers in Chemistry , Political Science , and History .
ii) Enhancing English Education: To support English language learning at all levels, NOST funded the purchase of essential textbooks and resources.
iii) IT Infrastructure Support: Funded the establishment of an IT room equipped with six computers to support digital learning.
iv) Student Sponsorship: Continued funding to sponsor and encourage students, ensuring inclusive educational support.
v) Agriculture Programme Support: Providing ongoing funding for the college's agriculture programme, where the vegetables cultivated by students are used to prepare nutritious meals for the children.
Financial review
At the completion of the financial year, NOST has been operating on funding received through old student’s donation of £10,933. A total of £6,029 is spent on charitable donations and £9 is spent on administration expenses. The financial year ended with a surplus of £4,895
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 2024-year end, the Trust had total reserves of £4,895. The Trust’s 2025-26 budget is for expenditure of £7,000, suggesting a reserve needed of £2105.The Trust therefore holds adequate reserves for its current needs.
Structure, governance and management
The charity is controlled by its governing documents, a CIO Constitution.
Recruitment and appointment of new trustees
New trustees are appointed due to their interest in the work of the charity and their recognised experience in specific fields which will further support the work of NOST.
NOST is committed to diversity, in its organisational team and board of trustees, to better reflect our diverse cohort of residents and local community. When we expand our board of trustees, we will ensure to offer the position acknowledging this.
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NADESWARA OLD STUDENTS TRUST
Trustees' Annual Report
Year ended 31 December 2024
Reference and administrative details
Registered charity name Nadeswara Old Students Trust Charity registration number 1206370 The principal office and 19 Garston Crescent registered Watford Office WD25 0LD The trustees Mahalingham Rajakuladevan Meerah Ravithasan Ponnampalam Ravichandran Thirunavukkarasu Thirumaran Dr Iyathurai Premroy Visuwanathan Easwarakumar Marcus Ramanan Marianayagam Ramasamy Velauthan Chelliah Paramanathan Yogaeswaran Sellathurai Shanmuganathan Kannan Sivarajah
Bankers Metro Bank Plc One Southampton Row London, WC1B, 1HA Independent examiner Visvanathan Sriram ACMA Aikon Accountants Limited Chartered Management Accountants 17 Hanover Square London W1S 1BN
The trustees' annual report was approved on 1[st] July 2025 and signed on behalf of the board of trustees by:
Mahalingham Rajakuladevan Chair
01 July 2025
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NADESWARA OLD STUDENTS TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF NADESWARA OLD STUDENTS TRUST
Year ended 31 December 2024
I report to the Trustees on my examination of the financial statements of Nadeswara Old Students Trust (the charity) for the year ended 31 December 2024.
Responsibilities and basis of report
As the Trustees of the charity, you are responsible for the preparation of the financial statements in accordance with the requirements 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.
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I am qualified to undertake the examination because I am a member of the Chartered Institute of Management Accountants, one of the listed bodies listed in section 145 of the 2011 Act.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by Charities SORP: or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the accounting requirements of Charities SORP 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; or
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the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have not come across any other matters concerning the examination to which attention should be drawn in this report to enable a proper understanding of the financial statements to be reached.
Visvanathan Sriram ACMA Aikon Accountants Chartered Management Accountants 17 Hanover Square London’ W1S 1BN
Dated: 01 July 2025
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NADESWARA OLD STUDENTS TRUST
Statement of Financial Activities (including income and expenditure account)
Year ended 31 December 2024
| 2024 | ||||
|---|---|---|---|---|
| Unrestricted | Restricted | |||
| funds | funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Charitable activities | 2 | 10,933 | _ | 10,933 |
| ---------------------------- | -------------------------------- | -------------------------------- | ||
| Total income | 10,933 | _ | 10,933 | |
| ============================ | ================================ | ================================ | ||
| Expenditure | ||||
| Expenditure on charitable activities | 3 |
(6,038) | _ | (6,038) |
| ---------------------------- | -------------------------------- | -------------------------------- | ||
| Total expenditure | (6,038) | _ | (6,038) | |
| ============================ | ================================ | =============================== | ||
| ---------------------------- | -------------------------------- | -------------------------------- | ||
| Net income/(expenditure) and net | ||||
| movement in funds | 4,895 | _ | 4,895 | |
| ============================ | ================================ | ================================ | ||
| Reconciliation of funds | ||||
| Total funds brought forward | _ | _ | _ | |
| ---------------------------- | -------------------------------- | -------------------------------- | ||
| Total funds carried forward | 4,895 ============================ |
_ ================================ |
4,895 ================================ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 8 to 11 form part of these financial statements.
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NADESWARA OLD STUDENTS TRUST
Statement of Financial Position
Year ended 31 December 2024
| 2024 | ||
|---|---|---|
| Note | £ | |
| Current assets | ||
| Debtors | 6 | 1,850 |
| Cash at bank and in hand | 3,045 | |
| ----- -------------------------- | ||
| 4,895 | ||
| Liabilities | ||
| _ | ||
| --------------------------- | ||
| Net current assets | 4,895 | |
| ---------------------------- | ||
| Total assets less current liabilities | 4,895 | |
| --------------------------- | ||
| Net assets | 4,895 | |
| ========================== | ||
| Funds of the charity | ||
| Restricted funds | - | |
| Unrestricted funds | 4,895 | |
| ---------------------------- | ||
| Total charity funds | 4,895 =========================== |
These financial statements were approved by the board of trustees and authorised for issue on 1[st] July 2025, and are signed on behalf of the board by:
Mahalingham Rajakuladevan
Ramasamy Velauthan
Chair
Treasurer
01 July 2025
01 July 2025
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NADESWARA OLD STUDENTS TRUST
Statement of Financial Position
Year ended 31 December 2024
1. Accounting Policies
Basis of preparation
The financial statements of the charity, 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. The financial statements have been prepared under the historical cost convention.
Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Incoming resources
Income is recognised when the charity has an entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received, and the amount can be measured reliably.
Income from grants, trusts and foundations is recognised when the charity has an entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably. Grant income received in advance is deferred and released in the financial year to which it relates.
Resources expended
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Income
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NADESWARA OLD STUDENTS TRUST
Statement of Financial Position
Year ended 31 December 2024
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 expenditures 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 accrual basis and has been classified under headings that aggregate all costs 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.
Charitable activities
Charitable activities comprise those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs
Governance costs comprise those costs associated with meeting the constitutional and strategic requirements of the charity and the accountancy fees and costs linked to the strategic management of the charity.
Allocation and apportionment of costs
Overhead and support costs relating to charitable activities have been apportioned based on usage.
Taxation
Nadeswara Old Students Trust is a registered charity and, therefore, is not liable to income tax or corporation tax on income derived from its charitable activities or tax on capital gains, as it falls within the various exemptions available to registered charities.
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. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Cash at bank and in hand
Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short-term deposits.
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NADESWARA OLD STUDENTS TRUST
Statement of Financial Position
Year ended 31 December 2024
Tangible assets
Tangible fixed assets are carried out at cost less accumulated depreciation and accumulated impairment loss.
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
| Fixtures and fittings | - | 33% straight line |
|---|---|---|
| Equipment | - | 33% straight line |
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the charity will comply with the conditions attached to them and the grants will be received.
Where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
2. Charitable activities
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2024 | |
| £ | £ | £ | |
| Donations | 6,426 | – | 6,426 |
| Event host income | 4,457 | _ | 4,457 |
| Other Income | 50 | 50 | |
| _ | |||
| ------------------------------- | ---------------------------- | ------------------------------ | |
| 10,933 | _ | 10,933 | |
| ============================== | ============================ | ============================ |
3. Expenditure on charitable activities by fund type
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2024 | |
| £ | £ | £ | |
| Computers - ICT Hub | 2,877 | – | 2,877 |
| Laboratory Equipment | 1,103 | _ | 1,103 |
| Support English & Science teaching | 685 | _ | 685 |
| Big Cupboards for storage | 496 | _ | 496 |
| Educational Tour | 281 | _ | 281 |
| Kitchen Utensils | 245 | _ | 245 |
| Zoom/Web maintenance | 211 | _ | 211 |
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NADESWARA OLD STUDENTS TRUST
Statement of Financial Position
Year ended 31 December 2024
| Remittances - Prize giving day | 131 | _ | 131 |
|---|---|---|---|
| Postage | 5 | _ | 5 |
| Bank charges | 4 | _ | 4 |
| ----------------------- | ---------------------------- | ----------------------- | |
| 6,038 ======================= |
_ ============================ |
6,038 ============================ |
4. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
The average headcount of employees during the year was Nil. The average number of full-time equivalent employees during the year is analysed as follows:
| 2024 | |
|---|---|
| No. | |
| Trustees | 11 |
| ============== |
5. Trustee remuneration and expenses
There were no trustee’s remuneration or other benefits for the year ended 31 December 2024. There were no trustees’ expenses paid during the year ended 31 December 2024.
6. Debtors
| 2024 | |
|---|---|
| £ | |
| Prepayments | 1,850 |
| ----------------------- | |
| 1,850 | |
| ======================= |
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