SANGAT SIKH TEMPLE
GURU NANAK GURDWARA
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
SANGAT SIKH TEMPLE GURU NANAK GURDWARA BUSINESS INFORMATION
Trustees Mr S Singh Accountants Staines and Co 235 Foxhall Road Ipswich Suffolk IP3 8LF Business address 719 Bramford Road Ipswich Suffolk IP1 5BD
SANGAT SIKH TEMPLE GURU NANAK GURDWARA CONTENTS
| Page | |
|---|---|
| Accountants' report | 1 |
| Profit and loss account | 2 |
| Balance sheet | 3 |
| Notes to the financial statements | 4 - 5 |
SANGAT SIKH TEMPLE GURU NANAK GURDWARA ACCOUNTANTS' REPORT TO THE PROPRIETOR
ON THE UNAUDITED ACCOUNTS OF SANGAT SIKH TEMPLE
In accordance with instructions, we have compiled the financial statements of Sangat Sikh Temple which comprise the Profit and loss account, the Balance sheet and the related notes, using the accruals basis.
You are responsible for the financial statements for the year which you have approved. It is our responsibility to compile the financial statements of Sangat Sikh Temple from the accounting records, information and explanations that you have supplied to us.
You have determined that the business is exempt from the statutory requirement for an audit for this accounting year. We have not carried out an audit or any other form of assurance review so we do not express any opinion on the financial statements.
The financial statements are provided exclusively for you. Therefore, we shall not be liable where the financial statements are used for any other purpose and/or relied upon by any other person(s).
Staines and Co
20 December 2022
Accountants
235 Foxhall Road Ipswich Suffolk IP3 8LF
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SANGAT SIKH TEMPLE GURU NANAK GURDWARA PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2022
| Turnover Contributions and donations Administrative expenses Rent and rates Provisions, cleaning and laundry Light, heat and power Repairs and maintenance Insurance Accountancy Charitable donations Telephone and internet Sundry expenses Depreciation Operating profit/(loss) Investment revenues Bank interest received Profit/(loss) before taxation |
2022 £ 7,407 2,475 1,926 3,275 2,417 510 1,001 328 - 293 2 42.33% |
£ 34,039 (19,632) 14,407 2 14,409 |
2021 £ 3,738 1,174 5,002 2,316 2,334 510 2,044 486 255 391 7 93.29% |
£ 9,438 (18,250) (8,812) 7 (8,805) |
|---|---|---|---|---|
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SANGAT SIKH TEMPLE GURU NANAK GURDWARA BALANCE SHEET
AS AT 31 MARCH 2022
| 2022 Notes £ Fixed assets Tangible assets 2 Current assets Cash at bank 43,875 Creditors: amounts falling due within one year 3 (17,817) Net current assets Total assets less current liabilities Capital account 4 |
2021 £ £ 242,933 27,354 (15,998) 26,058 268,991 268,991 |
£ 243,226 11,356 |
|---|---|---|
| 254,582 | ||
| 254,582 |
In accordance with the engagement letter dated , I approve the financial statements set out on pages 2 to 5. I acknowledge my responsibility for the financial statements, including the appropriateness of the accounting basis as set out in note 1 to the financial statements, and for providing Staines and Co with all information and explanations necessary for their compilation.
The financial statements were signed on 19 December 2022.
Mr S Singh
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SANGAT SIKH TEMPLE GURU NANAK GURDWARA NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2022
1 Accounting policies
The principal accounting policies applied are as follows.
1.1 Accounting convention
The financial information is compiled on an agreed accounting basis that enables profits to be calculated such as to meet the requirements of Section 25 of the Income Tax (Trading and Other Income) Act 2005, and provides sufficient and relevant information to enable the completion of a tax return.
The financial statements have been prepared in accordance with the recognition and measurement principles of UK GAAP - FRS 102 [other than the following departures which are neutral for income tax purposes:
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Freehold properties are not depreciated
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Investment properties are carried as historical cost and are not depreciated
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Investment property components of freehold property have not been separately accounted for and are therefore carried as a complete asset
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The investment portfolio has been has been accounted for at historical cost, net of any impairment losses, rather than at fair value
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Financing transactions, such as interest free loans to or from related parties have not been discounted to net present value].
Presentation and disclosure requirements of FRS 102 have not been followed as these are not relevant to the sole trader.
1.2 Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings No depreciation Fixtures and fittings 25% reducing balance
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SANGAT SIKH TEMPLE GURU NANAK GURDWARA NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1 Accounting policies
(Continued)
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
2 Tangible fixed assets
| Land and buildings Plant and machinery etc £ £ Cost At 1 April 2021 and 31 March 2022 242,054 31,691 Depreciation and impairment At 1 April 2021 - 30,519 Depreciation charged in the year - 293 At 31 March 2022 - 30,812 Carrying amount At 31 March 2022 242,054 879 At 31 March 2021 242,054 1,172 3 Creditors: amounts falling due within one year 2022 £ Other creditors 17,817 4 Capital account 2022 £ Opening balance 254,582 Profit/(loss) 14,409 Closing balance 268,991 |
Total £ 273,745 30,519 293 30,812 242,933 243,226 2021 £ 15,998 2021 £ 263,387 (8,805) 254,582 |
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