2023-03-31-accounts - Sangat Sikh Temple, Ipswich

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

SANGAT SIKH TEMPLE

GURU NANAK GURDWARA

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

SANGAT SIKH TEMPLE GURU NANAK GURDWARA BUSINESS INFORMATION

Trustees Mr B 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 FINANCIAL STATEMENTS 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

22 December 2023

Accountants

235 Foxhall Road Ipswich Suffolk IP3 8LF

SANGAT SIKH TEMPLE GURU NANAK GURDWARA PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2023

Turnover Contributions and donations Administrative expenses Rent and rates Provisions, cleaning and laundry Light, heat and power Repairs and maintenance Insurance Accountancy Charitable donations Printing, postage and stationery Telephone and internet Depreciation Operating profit Investment revenues Bank interest received Profit before taxation	2023 £ 4,180 5,563 4,432 4,087 2,560 510 1,858 194 372 220 108 45.15%	£ 43,516 (23,976) 19,540 108 19,648	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

SANGAT SIKH TEMPLE GURU NANAK GURDWARA BALANCE SHEET

AS AT 31 MARCH 2023

2023 Notes £ Fixed assets Tangible assets 2 Current assets Cash at bank 65,562 Creditors: amounts falling due within one year 3 (19,636) Net current assets Total assets less current liabilities Capital account 4	2022 £ £ 242,713 43,875 (17,817) 45,926 288,639 288,639	£ 242,933 26,058
		268,991
		268,991

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 21 December 2023.

Mr B Singh

SANGAT SIKH TEMPLE GURU NANAK GURDWARA NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

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:

Freehold properties are not depreciated
Investment properties are carried as historical cost and are not depreciated
Investment property components of freehold property have not been separately accounted for and are therefore carried as a complete asset
The investment portfolio has been has been accounted for at historical cost, net of any impairment losses, rather than at fair value
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

SANGAT SIKH TEMPLE GURU NANAK GURDWARA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

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

Tangible fixed assets
Land and buildings Plant and machinery etc £ £ Cost At 1 April 2022 and 31 March 2023 242,054 31,691 Depreciation and impairment At 1 April 2022 - 30,812 Depreciation charged in the year - 220 At 31 March 2023 - 31,032 Carrying amount At 31 March 2023 242,054 659 At 31 March 2022 242,054 879	Total £ 273,745
	30,812 220
	31,032
	242,713
	242,933

3 Creditors: amounts falling due within one year

3 Creditors: amounts falling due within one year
Other creditors 4 Capital account Opening balance Profit Closing balance	2023 £ 19,636 2023 £ 268,991 19,648 288,639	2022 £ 17,817
		2022 £ 254,582 14,409
		268,991