The Kalgidhar Trust (A Registered Charity) Trustees, Annual Report & Financial Statements Year Ended: 31 July 2024 Charity no: 1041548
THE KALGIDHAR TRUST Contents Page Report of the Trustees 3-19 Independent Auditor's Report 20-23 Statement of Financial Activities 24 Statement of Financia I Position 25 Notes forming part ofthe Financial Statements 26-32
THE KALGIDHAR TRUST Report of the Trustees For the Year Ended 31 July 2024 The Trustees submit their report and the financial statements of The Kalgidhar Trust I'the Charity" or "the Trust") for the year ended 31 July 2024. The financial statements have been prepared in accordance with the accounting policies set out on pages 26 to 28 and comply with the Charity's Trust Deed and applicable law. The Trustees have adopted the provisions of the Statement of Recommended Practice ISORPI "Accounting and Reporting by Charities" IFRS 1021 in preparing the annual report and financial statements of the Charity. REFERENCE AND ADMINISTRATIVE DETAILS FOR THE CHARITY, ITS TRUSTEES AND ADVISERS Charity Registration Number- 1041548 Charity Address- 1st Floor Office Suite 3, Arrow Business Centre, Perivale, UB6 71A Trustee- Dr. Davinder Singh Samloke S. Harkishan Singh S. Rajinderpal Singh Rai S. Ranbir Singh Attwal Reglstered Office- 15¢ Floor Office Suite 3, Arrow Business Centre, Perlvale, U86 7LA Bankers- Barclays, 210 High Street. Hounslow TW3 IDL Independent Auditor- th Rawlinson & Hunter Audlt LLP, 8 Floor, 6 New Street Square, New Fetter Lane, London, EC4A 3AQ The Charity is governed by virtue of constitution set out in its Trust Deed, which was adopted on 20 July 1992 and amended on 22 June 1994. The Charity works alongside Sikh Places of worship in UK and also with The Kalgidhar Trust in India. The success of any work of such magnitude depends upon the spirit of Sewa (selfless service), team- work and discipline. The Kalgidhar Trust emphasizes spiritual upliftment in all its programmes to establish permanent peace in the world. The Kalgidhar Trust lays emphasis on moral upliftment of children throLtgh a blend of modern scientific education and spiritual education. This unique system of education inculcates moral values in the children, who become good global citizens and an asset to the society. These children having imbibed the virtues can become the leaders and torch-bearers for others also,. thereby helping eradicate negative forces and vices amongst their contacts. Experience tells that one morally enlightened child can influence 25-30 members ofthe society around him or her.
THE KALGIDHAR TRUST Report of the Trustees For the Year Ended 31 July 2024 (Continued) STRUCTURE, GOVERNANCE AND MANAGEMENT Terms of Trust The Trust is a registered charity Inumber 10415481 whose principal purpose is to finance charitable purposes in whatever manner the Trustees, in their absolute discretion, thi nk fit. The policy of the Trust is to seek sufficient finance to continue to fund the charitable expenditure of the Trustees. Organisation The Trustees of the Charity meet at least 4 times a year to discuss overall strategy and to determine how best to direct its resource5 to meet its objectives. The Board of the Trustees comprises its 4 trustees who are named on page 3. Appointment of Trustees The appointment of Trustee5 is governed by the Governing document of the Charity being its Trust Deed. The authorisation to appoint Trustees, of which there must be at least 3, is vested in the Board of Trustees. 4 Trustees named on page 3 have seNed throughout the period covered by this report. Further details are outlined on page 3. Trustee Induction and training New trustees are made aware of their legal obligations under Charity Law, the decision-making processes at the Trust, its strategic aims and recent performance. They are also provided with a pack of relevant documentation, including a budget, planned charitable expenditure, a current list of practical projects and copies of recent publications and press releases. Trustees are encouraged to attend training events where these will assist with their role. Related parties Transactions with related parties are disc105ed in Note 9 to the financial statements. Grant makln8 policy We consider requests for grants and make grants which meet the Charity'5 objects as outlined on page 5 etseq.
THE KALGIDHAR TRUST Report of the Trustees For the Year Ended 31 July 2024 (Continued OBJEcfivES, ACTIVITIES, FINANCIAL REVIEW AND FUTURE PLANS The Charity's objectives are.. To propagate the Sikh religion in accordance with the tenets of the Ten Gurus and the living Guru Granth 5ahib li IThe eternal living Guru). This is carried o¢Jt through recitation of GurbanilKirtan Imusical recitation), through religious discourse and using publications. To aid in relieving poverty in the UK and abroad. These are carried out by delivering Value Based Education through a strong network of 130 Schools (Akal Academies) and 3 Universities11 under construction) in Northern part of Ind ia. The Kalgidhar Trust advocates dismantling of all barriers and boundaries, embracing humanity by treating all human beings as one race l Manush Ki Jaat Sabhey Ekey Pehcnanbo - Guru Gobind 5ingh Jil and praying for welfare unto all {Sarbat Da Bhalla Guru Nanak Dev Jil. This entails emancipation of societies by producing 'Global Citizens" delivering equality, justice and welfare of all. PRESIDENT OF THE KALGIDHAR TRUST Dr Baba Davinder Singh JI Successor to Bèba Iqb31 Singh Ji MBBS, MO WHO WE AREI OUR WORKI WHAT WE DO Kalgldhar Trust UK The Kalgidhar Trust UK is a sister organisation of the Kalgidhar Trustlsociety, India. The UK body supports and aspires to bring about a silent but sure chonge to uplift the socio-econorni¢ status of the rural disadvantaged Sikh children in India. In addition to fund raising activities It administers and promotes scholarships in Europe and the UK. The financial support ond donations in kind are generously advanced by individuals, Gurdwaras and multiple diverse organisations. The task at hand is managed by a wellequipped off ice and staffed by highly qualified professional Sikh volunteers. The Sewadars Ivolunteersl are passionate about Sikhi and in the development of the education81 capacity of Sikhs in India and believe strongly in Taking Sikhi to the World. The Kalgidhar Trust / Society -India The Kalgidhar Society - Baru Sahib, is a not for profit, charitable organisation engaged in the delivery of value based educational prograrn5 at 129 low c05t CB5E (Central Board of Secondary Education) Akal Academy schools spread out in the northern part of India and 2 universities. The 70,000 students who attend these schools are mostly from the deprived sections of societvi regardless of caste, creed, religion, Social status or geographic region of the country. The key strategy is to provide cost-effective, quality oriented holistlc schooling to the rural under privileged chi Idren i n India. The well-planned value-based education skilfully integrates a stark modern learning educational infrastructure.
THE KALGIDHAR TRUST Report of the Trustees For the Year Ended 31 July 2024 (Continued) OUR SUCCESS STORIE5 3 August 2023 UKTrl U ate 10GUIVSV*IH SAHIB During the vislt to Hounslow, UK the Mana8ement of Gurdwara Sri Guru Singh Sabha, Hounslow appreciated the work done by The K8lgidharTrust in the field of Education and has given assurance to support more kids under Educate To Save project. providing free education to klds of economically weak rural families. The Management of Gurdwara Sri Guru Singh Sabha, Houn51ow is already sponsoring 10 kids for the past 5 years. 7 August 2023 Here is a glimpse of the Sant Samagam organised in the sweet memory of Sant Baba Iqbal Singh Ji Baru Sahib on 6th August 2023 at Gurdwara Sri Guru Singh Sabha, Southall, 2-8 Park Avenue, Southall UK. 13 August 2023 dharTrust's U5Ateam em ers the under Ivlle Education 15 the key to empowering the underprivileged and creating a sustainable future. The Kal8idhar Trust aims to empower youn8 mind5 and create a sustainable future through value-ba5ed education with 129 Akal Academie5 and 2 Universities. Our USA team is working enthuslastically towards bringing change into the lives of the underprivileged by raising awareness about our 'Educate to Save, inltl8tive. They recently paid a visit to Euless TX Gurudwara Sahib. holoidhar Trust's USA Team Empowers Underprivileged
THE KALGIDHAR TRUST Report of the Trustees For the Year Ended 31 July 2024 (Continued) 21 August 2023 Akal Relief Team Noble Efforts receive Akol Aelief Teorn noble Efforts receive Appreciofion Appreciation True nobility is not about appreciation but relentless efforts to bring positive change, Press Club Ratia Welfare Trust honors Kalgidhar Society for its flood rel ief efforts during Floods 2023 in Haryana. ¥lw u# Honor is a testament to the efforts of the Akal Relief Team of Kalgidhar Society, Baru Sahib. The Akal Relief Team rescued people, provided them with food and groceries, organized Medical Camps, and sprayed medicines to prevent disease. 7 September 2023 Akal Academy Students Share Festive Moments with the Presldent of India AKAL 3 student5 of Akal Academy Dakra Sahib and the Principal Ms. Mandeep Kaur had an opportunityto celebrate the festival of Raksha Bandha n at Rashtrapati Bhawan. Akal Academy Students Share Festive moments with the PreSTdent of Indio President Draupadi Murmu met all the students affectionately. The students tied Rakhi to President Madam. The honorable President also addressed the students and explained to them the importance of the festival and the importance of creati ng a safer and secure environment for women in the
THE KALGIDHAR TRUST Report of the Trustees For the Year Ended 31 July 2024 (Continued) country. Students from 80 schools from all over the country came to Rakshabandhan, organized by Rashtrapati Bhavan. It is a matter of great pride that one of our schools was also one of those selected schools. 20 september 2023 Global Participation in International Conference on "Recent Advances on Green and Sustainable Developments ICRAGSD-2023" at Akal University Global Participotion in Internotionol Conference on -Aeeent Advon¢es on Green and Su$t¢inoble Developm•nts ICAAGSD-2023" of Akal UnivefSi:y To protect Mother Nature from the ever- increasing chemical pol lutants. scientists are restlessly developing/modifying chemical processes to make them sustainable. AKAL UNIVERSITY TALWANDI SABO recently hosted an International Conference on Recent Advances on Green and Sustainable Developments IICRAGSD-20231. The international conference aimed to extend the expert experience and suggestion5 among the participants for a sustainable and eco-conscious future. The conference was held in hybrid mode, with more than 300 participants worldwide. The conference was part of the Centennial Jubilee Year Celebration Ishatabdi Mahotsavl of the I ndian Chemical Society, Kolkata,
THE KALGIDHAR TRUST Report of the Trustees For the Year Ended 31 July 2024 (Continued) 25 September 2023 100 Years of Foundation Day for Bunga Mastuana Sahib IOQ Years of Foundation Day for E*unga mastuana Sahib 30YIs•p- tr Oct 2023 The"IOOth Foundation Day" of 'Bunga Mastuana Sahib" was celebrated fervently from 30th Septemberto 2nd October 2023. Bunga Ma5tuana Sahib was established in 1923 by Sant Attar Singh Ji Mastuane Wale. Samagam was organized by The KalEidhar Trust and Gurdwara Janan Asthan Cheema Sahib. 28 September 2023 Eternal UniversityTops in the AD Scientlfic Index 2023 Rankings OurEternal Universit Baru Sahib- HP. ranked 1st in Himachal Pradesh, 10th among Private Universities in India & secured 311th Position Globallv This shows our commitment to academic Eternal University Tops in the AD Scientific Index 2023 Aonkings excellence.
THE KALGIDHAR TRUST Report of the Trustees For the Year Ended 31 July 2024 (Continued) 10 October 2023 Achieve Happiness in Life Through "SUKHMAN" Menta I health is imperative for the q uality of life. October 10 was World Mental Health Day, and The Kalgidhar Trust Brau Shaib organized a special week dedicated to mental health SUKHMAN- Youth Mental Well-being, a mental health campaign from 9th October to 14th October. Aehieve Happiness In Life Through "SUhHfflAn" SUKHMAN, derived from the Punjabi words "Sukh" (H¥). meaning "peace," and "Man" 111M, representing 'mind,' is a dedicated initiative designed to cultivate and enhance the mental well- being of toda¢s youth. In a fast-paced and often stressful world, this project seeks to provide valuable resources and support to empower young individuals in their journey towards better mental health. To know more click here: htt akaldeaddictioncenter.com sukhman 8 December 2023 'Educate to Save. Seminar in Seattle, USA Recently, our volunteers in the USA organized the Educate to Save Seminar in seattle, USA. The seminar was a call to join Mission Reboot Punjab and empower Rural Punjab through Education. 4TE K105 SAVE, Ourvolunteers shared insights on the transformative impact of the Educate to 10
THE KALGIDHAR TRUST Report of the Trustees For the Year Ended 31 July 2024 (Continued) Save initiative in Ed ucating Rural and bringing transformation. Dr. Davinder Singh J i highlighted the cultural and educational legacy of Punjab, underscoring the crucial role education plays in shaping its future. 05 February 2024 Retired Partner at PWC visits Rural Academy for Insightful Session Rural Students of Akal Academ had an opportunity to meet and have a comprehensive career counselling session with a Retired Senior Partner at Price Waterhouse CA LLP. The session provided the students with insights into various career paths. Dhindsa i• We were honored to host Harinderjit Singh Ji at the Academy. Throughout his visit, he had a great time interacting and exchanging insightful knowledge and experiences with the instructors, staff, and kids. He also learned about the beneficial effects that Akal Academies have on society via education. Not only this, he took the time to connect with villagers along the way, spreading the word about Akal Academies, and the response was overwhelmingly positivel Together, we're making a difference! 11
THE KALGIDHAR TRUST Report of the Trustees For the Year Ended 31 July 2024 (Continued) 22 February 2024 Gritty Rural Girl Breaks Gender Barriers to Become a Judge In a heartwarming tale of perseverance and determination, Prabhjot Kaur, a spirited young woman from a quaint village in Punjab, has etched her name in the annals of historyl This extraordinary graduate of Akal Academ Dhindsa has ascended to the esteemed position of a judge, marking a signif icant milestone in her journey. Her student fraternity and Teachers joyously extend their heartfelt felicitations to this exceptional alum na. celebrating her well-deseNed triumph after years of unwavering dedication a nd resilience. In a moment filled with pride a nd inspiration, She imparts wisdom to the current generation of students. Giit¢i. Rmrrtl Bve(sk.s Ceii¢l¢r Ilrtrn*i-.f to 8e¢omea JUDGE! Prabhjot Kaur attributes her remarkable success to the unwavering support and guidance of her mentors at Akal Academy, Dhindsa, who were beacons of encouragement, urging her to relentlessly pursue her aspirations. Their unwavering belief in her capabilities instilled the conf idence she needed to shatter stereotypes and carve out a path to glory. Her achievement stands as a testament that with grit. determination, and unwavering conviction, every d ream is Wlthin reach. Bravo, Prabhjot! May your journey continue to illuminate our path with honorl Let us alway5 remember thal each Small stride toward progress propels us closer to greatness, just as this Akalite has exemplif led I A beaming Arvinder Pal Kaur Oberoi, Principal of Akal Academy Dhindsa signed off with "You. too, can 'Sponsor a Dream, Change a Future, at EducateToSave.Com.' 12
THE KALGIDHAR TRUST Report of the Trustees For the Year Ended 31 July 2024 (Continued) 8 April 2024 Celebrating One in All & All in Onel In Sikhism, emphasis is a Iways laid upon serving humanity with love a nd tolerance. Sant Baba Iqbal Singh Ji also emphasized that interfaith relationships foster deep reverence toward the Almighty. It lead5 US to everlasting peace while rising above the limits of intolerance. 11 Dr. Neelam Kaur, Advisor for Health & Education at The Ka Igidhar Trust & Eterna l University, along with other volunteers, attended the 'lftar of Tolerance, event hosted by the Embassy of the United Arab Emirates. The event was held under the poised leadership of Mohammed Musabeh Al Shami, Chargé d'Affaires. It wa5 a testament to interfaith unity and spiritual enlightenment. It celebrated u nity in diversity and highlighted the signif ica nce of interfaith dialogue in fostering mutual respect and understanding. 13
THE KALGIDHAR TRUST Report of the Trustees For the Year Ended 31 July 2024 (Continued) 2 June 2024 Dr. Davinder Singh Ji, President of The Kalgidhar Trust, Baru Sahib is in the U K with the Mission of Reboot Punjab- Transforming Lives Through Education. 2 July 2024 Kalgidhar Society's Commitment to Sustainability Recognized at Leading CSR Conventlon IL The Kalgidhar Society has been honored with the prestigious CSR award for the 'Best Sola r Energy In itiative of the Year,. This event. organized by Brand Honchos Corporate Media House, mark5 one of ihe biggest conventions in the field of Corporate Social Responsibility and Environmental, Socia I, and Governance initiatives. This accolade recognizes the society's outstanding efforts in installing solar panels on the rooftops of Akal Academies across five Northern States. 14
THE KALGIDHAR TRUST Report of the Trustees For the Year Ended 31 July 2024 {Continued) 10 July 2024 Inauguration of Akal Gurmat International Camp at Akal Academy The Akal Gurmat International Camp began at Akal Academy with an inauguration Ardass at Gurdwara Baru Sahib. AKAL ACADEMY AKAL ACADEhlY From July 7th to August 14th, students from the USA, China, and England learnt Gurmu khi, Gatka, Sikh Philosophy, and Prattical Ways of Sikh Livin& participate in Gurbani Nitnem, and deepened their understanding of Sikh scriptures a nd history. Since its inception, this camp has successf ully connected students worldwide to the rich heritage of Sikhism. 24 July 2024 To raise awareness a bout the Educate to Save initiative, which aims to empower rural Punjab through education and ensure a brighter futu re, Dr. Davinder Singh Ji, President of the Kalgid har Trust, Baru Sahib, was in Canada until 27th August 2024. Here are glimpses of the Day 6 Sangat get-together in Brampton. These gathering5 bring together our alumni too, fostering a strong Akal Connect network. Through these interactions, alum ni a im to give back to society with their time and daswand, reflecting the transformation in their lives. 15
THE KALGIDHAR TRUST Report of the Trustees For the Year Ended 31 July 2024 {Continued) He also met the Sangat in Brampton and educated them regarding giving back to society with their time and Daswand, reflecting the transformation in rural children's lives. 16
THE KALGIDHAR TRUST Report of the Trustees For the Year Ended 31 July 2024 (Continued> All Initiatives including Guru Ki Kanshi, Computer donation appeal, Educate to Save, and Punjab f lood relief resulted in grant payment5 of £966,00012023- £823,0001. FUTURE PLANS The Kalgidhar Trust plan5 to reach out to the unreached" through its various educational, health care and social vices eradication programmes under the project RURAL POOR DEVELOPMENT INITIATIVE I'RPDI'I. It is expected that a silent socio-economic reform will result out of thi5 sure-footed Brass-root exercise of the RPDI. The footprints of eradication of illiteracy and vices" would keep on growing and positively touch the live5 and fulfil the needs of the rural deprived classes. PUBLIC BENEFIT The Kalgidhar Trust works for the public benefit by raising public awareness and enhancing public participation in the key attributes of Sikh Dharm (Sikh way of lifel such as Sarbatt da Bhalla (welfare of all), treating all human beings as one family, universal equality through creation of Global Citizens (Manas Ki Jaat Sabhe Ekey Pehchanho Guru Gobind Singh lil and helping society by caring for each other and sharing our good fortunes with the less fortunate ones by contributing a minimum of IO% of our earnings for charitable purposes IDaswandhl, overcoming social evils such as lust, anger, greed. possessiveness, arrogance and e80 through divine wisdom and promoting soci21 virtue5 like tolerance, patience and forgiveness. The CharitV'5 activities clearly addre55 Its objectives and associated aims 2nd activities as described on page 5 et seq and the Trustees and staff are mindful of the need to work for the public benefit. POLICY ON RESERVES The balance held as restricted funds and unrestricted funds as at 31 July 2024 were £32,00012023 - £23,000} and £115,00012023 £56,000). The Charity's policy is to aim for sufficient reserves to fund at least twelve months future expenditure at any time. INVESTMENT POWER5 The Trustee's investment powers are unrestricted within "ethical" limits. RISK MANAGEMENT The Trustees have a risk management strategy which comprises.. An annual review of the risks the Trust may face, The establishment of systems and procedures to mitigate those risks identif led, The implementation of procedures designed to minimise any potential impact on the Trust should those risks m8terialise,' and Quarterly Trust meetings regularly review apparent and inherent risks and the availablp. too15 to mitigate such risks. 17
THE KALGIDHAR TRUST Report of the Trustees For the Year Ended 31 July 2024 (Continued) FUNDRAISING The Trustees have referred to the Code of Fundraising Practice {"the Code'l which was developed during 2017 by the fundraising community through the work ot the Institute of FLtndraising and Public Fundraising Association, and the Guidance on Charities and Fundraising issued by the Charity Commission I"CC2WI and the Charities IProtection and Social Investment) Act 2016 {"the Act"). The Trustees consider that following a review of the Code requirements they are compliant. TRUSTEES, RESPONSIBILITIES STATEMENT The Trustees of The Kalgidhar Trust are responsible for preparing the Trustees, Annual Reporl and the financial statements of the charity in accordance with applicable law, the Charities Act 2011, the Charites Act 2022 (where relevant) and the Statement of Recommended Practice.. A¢counting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 issued in October 2019. The law applicable to charities in England and Wales 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 during for that year. In preparing these financial statements, the Trustees are required to.. select 5Ultable actounting policies and then apply them consistently,. observe the methods and principles in the Charities SORP 2019 IFRS 1021; make judgements and estimates that are reasonable and prudent: state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Charity will continue in operation. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities Act 2022 (where relevant), the Charity IAccounts and Report51 Regulation 2008, and the provisions of the Trust Deed. The Trustees are responsible for safe8uarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 18
THE KALGIDHAR TRUST Report of the Trustees For the Year Ended 31 July 2024 (Continued) The Trustees are responsible for the MaIntenan and integrity of the Charity and financial inforrnation included on the Charlty's website. Legislation in the Unlted Kingdom governin8 the preparation and dissemlnatlon of flnancial statements may dlffer from legislatlon in otherJurlsdlctlons. INDEPENDENT AUDITOR A resolutlon will be proposed at the Annual General Meeting that Rawlin5on & Hunter Audlt LLP be re-appolnted as Audltor to the Charity for the ensuing year. Approved by the Trustees and signed on their behalf by Ranblr Sin8h Atlwal Trustee Date: 15 MAY 2025 19
THE KALGIDHAR TRUST Independent Auditorfs Report to the Trustees of The Kalgidhar Trust Opinion We have audited the financial statements of The K3lgidhar Trust I'the Charity") for the year ended 31 July 2024 which comprise the Statement of Financial Activities, Statement of Financial Position and notes to the f inancial 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, including Financial Reporting Sta ndard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practicel. In our opinion the financial statements: give a true and fair view of the state of the Charity's affairs as at 31 July 2024, and of its incoming resources and application of resources, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Charities Act 2011 and Charites Act 2022 Iwhere relevant). Basis for opinion We conducted ou r audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law, Our responsibilities under those standards are further described in the Auditorfs 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 Financial Reporting Council'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 dou bt 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 responsibilitie5 of the Trustees with respect to going concern are described in the relevant sections of th is report. 20
THE KALGIDHAR TRUST Independent Auditorfs Report to the Trustees of The Kalgidhar Trust {Continued) Other information The Trustees are responsible for the other information. The other information comprises the information included in the Trustees, Annual Report and Financial Slatements, other than the f inancial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except lo 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: the information given in the financial statements is inconsistent in any material respect with the Trustees, report; or suff icient accounting records have not been kept; or the financial statements are not in agreement with the accounting records- or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Trustee5' Responsibilities Statement set out on page 18, the Trustees are responsible for the preparation of f inancial 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 3ssessinE 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. 21
THE KALGIDHAR TRUST Independent Auditor's Report to the Trustees of The Kalgidhar Trust {Continued) Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. 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 an auditorfs report that includes our opinion. Reasonable assurance is 8 high level of assu rance, but is not a 8uarantee 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, individ ually or in the aggregate, they could re350nably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, includi ng fra ud, a re instances of non-compliance with laws and regu lations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, includ ing fra ud. The extent to which our proced ures are ca pable of detecting irregularities, including f raud is detailed below. Our assessment of the susceptibility of the Charity's financial Statements to material misstatement, including how fraud might occur, is considered to be low. This conclusion was reached after the consideration of the followi ng.. due to the relatively sim ple business model and relatively low number of transactions within the Charity there are comparatively few unexpected fluctuations in the reported results and balances and any such unexpected items would be specifically enquired into by us; and there are a number of individuals which comprise "management" and therefore there is no single individua I who is likely to be able to override controls to effect a f raud. We designed our audit procedures to respond to identified audit risks, including non-compliance with laws and regulations lirregu la rities) that a re materia I to the financial statements. Some of the specific procedures performed to detect irregula rities, including fraud, are deta iled below.. the review of control a ccounts and journal entries for large or u nusual activities; the analytlC31 review of the statement of financial activities for variances that are either unexpected or considered not to be in accordance with our understanding of the charitable activities du ring the yea r; obtaining and reviewing for completeness a list of entries and persons considered to be related parties las defined by Financial Reporting Standard 1021 and reviewing the ledgers of the Charity for previously unreported related party transactions; review of transactions and journals for any indication of fraud or management override; and review of Trustee meeting minutes for unrecorded transaction5. Because of the inhe rent limitations of an audit, there is a risk that we will not detect all irregula rities, including those leading to a material misstatement in the financia I statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the fina ncial statements. as we will be less likely to become aware of instances of non-compl ia nce. The risk is also greater rega rding irregula rities occurring due to fraud 22
THE KALGIDHAR TRUST Independent Auditorfs Report to the Trustees of The Kalgidhar Trust (Continued) rather than error, as fraud involves intentional concealment, forgery, collusion, omission or mis- representation. A further description of our responsibilitie5 is available OA the FRC'S website at: htt 'www.frc.or auditorsres onsibilities. This description forms part of ou r auditor's report. Use of Report This report is made solelyto the Charity's Trustees. as a body, in accordance with Part 4 of the Charities IAccounts and Reportsl Regulations 2tKJ8. Ouraudit 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 auditor's 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 a5 a body, for our audit work, for this report, or for the opinions we have formed. Rawlinson & Hunter Audit LLP Statutory Auditor Chartered Accountant5 Eighth Floor 6 New Street Square New Fetter Lane London EC4A 3AQ Date. IS rf. 2•iC Rawlinson & Hunter Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Acl 2006. 23
THE KALGIDHAR TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2024 Notes Restricted Unrestricted Total Restricted Unrestricted Total Funds Funds 2024 Funds Funds 2023 £'ooo £'ooo £'ooo £'ooo £'ooo Incoming Resources Incoming resou rces from generated funds: Donations and gifts 551 499 1,050 648 181 829 Gift Aid 129 129 57 57 Total incoming resources 551 628 1,179 648 238 886 Resources Expended Cost of generating funds= Charitable activities Governance & Support costs 542 424 966 628 195 823 145 145 138 138 Total resources expended 542 569 I,iii 628 333 961 Net movement in funds Fund balances brought forward at l August 2023 Fund balances carried forward at 31July 2024 59 68 20 1951 1751 23 56 79 151 154 32 115 147 23 56 79 All of the above resu Its are derived f rom continuing activities. All gain5 and losses recognised in the year are included above. The notes on pages 26 to 32 form part of these financial statements. 24
THE KALGIDHAR TRUST STATEMENT OF FINANCIAL POSITION AS AT 31 JULY 2024 Notes 2024 2023 £00 £'ooo Current Assets Other debtors 43 21 Cash at bank and in hand 12 162 88 205 109 Creditors: amount fallin8 due wlthin one year {58) (30> Net current assets 147 79 Total assets less current liabilitles 147 79 Net Assets 147 79 Funds: RestrScted funds 32 23 Unrestricted funds 56 Total Funds 147 79 The financial statements were approved and authorised for issue by the Trustees on.... 1..5.MAY...2025...and signed Ranbir Singh Attwal, ehalf by: Trustee The notes on pages 26 to 32form part of these financial statements. 25
THE KALGIDHAR TRUST NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 I Statement of Compliance The Ka Igidhar Trust I'the Charity"), registered charity nurnber 1041548, is based and administered in the United Kingdom. The registered address is l Floor Office Suite 3, Arrow Business Centre, Perivale, UB6 7LA. The nature of the Charity's operations and principal activities are set out in the Trustees. Annual Report. The financial statements have been prepared under the historical cost convention and in accordance with the Charities Act 2011, the Charities Act 2022 (where relevant) and with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued in October 2019. The Charity has applied Update Bulletin l as published on 2 February 2016 and does not include a cash flow statement. The f inancial statements are presented in pounds sterling which is the functional currency of the Charity and rounded to the nearest £000. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. Accounting policies (a) Golng concern Having considered the levels of funds held and the level of income and expenditure, together with the level of reserves of the charity, the Trustees consider the adoption of the going concern basis in preparing these financial statements is appropriate. Ib) Fund accounting General funds are u nrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Restricted funds are subjected to restrictions on their expenditure im posed by the donor or through the terms of an appeal. Where permitted, the costs associated with raising and managing the restricted funds a re charged to the restricted funds. 26
THE KALGIDHAR TRUST NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 (continued) (c) Incoming resources All incoming resources a re included in the Statement of Financial Activities when the Charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. For legacies, entitlement is the earlier of the Charity being notified of an impending distribution or ihe legacy being received. Gifts in kind donated for distribution are included at valuation and recogn ised a5 income when thev are distributed to the projects. Gifts donated for resale are included as income when they are sold. Donated facilities are included at the value to the Charity where this can be qua ntif led and a th ird party is bearing the cost. No amounts are included in the financial statement5 for services donated by volunteers. Id) Resources expended All expenditure is accounted for on an accruals 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 use of the resources. Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Support costs are those costs incurred directly in support of expenditure on the objects of the Charity. (e) Financial instruments The Charity only has f inancial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised at transaction value, except where settlement is delayed, in which case the transaction is recognised at the present value of the settlement amount, (f) Donated services Donated professional services a re recognised in income at their fair value when their economic benefit Is probable, it can be measured reliably and the Charity ha5 control over the item. Fair value is determined on the basi5 of the value of the gift to the Charity. A correspondinE a mount is recognised in expenditure. 27
THE KALGIDHAR TRUST NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 (continued) (g) Debtors and creditors receivable I payable within one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recogn ised as expenditure. (h) Cash and cash equivalents Cash is represented by cas h in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liqu id investments that matu re in no more than three months from the date of acquisition and that are readily convertible to known amou nts of cash with insignif icant risk of change in value. (i} Voluntary help The Charity benefits from many voluntary hours and unclaimed out-of-pocket expenses. No amount is included in these f inancial statements for these voluntary hours and unclaimed expenses. Without the effort and devotion of the volunteers the Charity would not be able to carry out successful fund- raising events. 28
THE KALGIDHAR TRUST NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 {continued) 3 Income 2024 2023 £'ooo £'ooo Donations and gifts from individuals 1,050 829 Gift Aid 129 57 1,179 886 4 Total resources expended Direct Costs 2024 Total 2024 Total 2023 £'ooo £'ooo £,0) Legal & professional charge5 Travel & subsistence Support costs Salaries and Wages (Note 61 Donations out 50 87 966 50 87 966 63 70 823 Total resources expended I,iii I,iii 961 Support costs include £4,50012023- £10,500) being the Charity's share of the premises cost for First Floor 30 Merrick Road, Southall, UB2 4AU, the former premises of the Charity. RSA Associates {Reporting Accountants- Sole Proprietorship of Mr R S Attwal (Trusteel who have always provided their services free of cost to The Kalgidhar Trust and who share part of the premises with The Kalgidhar Trust, have contributed £4,50012023- £4,500) towards the costs during the year being the remaining 50% of the tota I rental cost. Any additional contributions by M r R 5 Attwal and family are reported in donations and related party disclosures INote 91. 5 Auditor's Remuneration 2024 2023 £'ooo £'ooo Fees payable to the Charity's auditor for the audit of the Charity's annual accounts 29
THE KALGIDHAR TRUST NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 (continued) 6 Staff costs 2024 2023 £'ooo 82 £'ooo 65 Wages & salaries Social security costs 87 70 The number of employees whose emolument5 as defined for taxation purposes amounted to over £60,000 in the period was Nil12023 - NIL). The Trustees did not receive any remuneration from the Charity for their services in the current or prior year. During the year the Charity had an average of 3 employees (2023- 3 employees), 7 Fund Reconciliation Atl August 2023 £'ooo At 31 July 2024 £'ooo Income 2024 £'ooo Expenditure 2024 £'ooo Restricted Funds Unrestrirted Funds General Funds Total net assets 23 551 15421 32 56 628 15691 11,iiii 115 79 1,179 147 General Funds represent the unrestricted funds, which are not designated for particular purposes. Restricted fund5 amounting to £44,718 12023- £45,708) were received for Guru Ki Kashi Akal University Project and £950,00012023- £800,000) were remitted to The Kalgidhar Trust, India from restricted and unrestricted funds. During the year £485,61412023- £421,552) of funds were received forthe Educate to Save Project, £5012023- £Nill were received forAkal Charitable H05Pltal and £3,469 12023 - £Nil} were received for Computer Donation appeals. In addition, £Nil12023 - £175,379) were received for Baru Sahib flood relief and £17,028 {2023 - £5,519) were received for Punjab Flood relief, 8 Analysis of net assets between funds Unrestricted funds £'ooo Restricted funds £'ooo Total £'ooo Other Debtors 43 43 Cash at bank 130 32 162 Creditors 158} 115 {581 147 32 30
THE KALGIDHAR TRUST NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 (Continued) 9 Related party disc105ures Individual donations were received from the Trustees: Mr R S Rai Ifamily business) an amount of £72,29412023 £45.8501 and from Mr RS Attwal and family an amount of £14,56012023 £10,200) Total donations of £950,00012023 - £800,000) were paid to The Kalgidhar Trust Ilndia)- a registered charity in India, in which Dr Ba ba Davinder Singh 15 the trustee and the present Chairman of the The Kalgidhar Trust11 ndial and he is also a trustee in The Kalgidhar Trust in the UK. The Trustees did not receive any remuneration and were not reimbursed any expenses from the Charity for their services in the current or prior year. Advertising payments of £41,634 (2023 £47,384) and Donations of £15,97112023 - £22,713) were made to Sangat TV and Sangat Trust respectively which is a wholly owned subsidia ry of Sangat Trust in which Mr R S Attwal is also a Trustee. Additional ly, donations of £3,96012023 - £Nill were received from the Dooa Foundation, in which Mr R S Attwal is a trustee. 10 Operating Lease Commitment The charity's operating lease of premises (First Floor. 30 Merrick Road, Southall, UB2 4AUI ended on 31 March 2024. At 31 July 2024 the total outstanding commitments amounted to around £Nil12023 - £6,000). With effect from l April 2025, the Charity has entered into a new lease agreement for the premises (First Floor Office Suite 3, ATrow Busine55 Centre, Perivale, UB6 7LAI until 31 March 2027 with a monthly rent commitment of £1 + VAT. 11 Controlling party The Trustees consider that the Trust is jointly controlled by the Trustees and there is no ultimate controlling party. 31
THE KALGIDHAR TRUST NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 (Continued) 12 Financial Instruments The carrying amounts of the Charity'5 financial instru ment5 are as follows: 2024 2023 £'ooo Financial assets Measured at fair value through SOFA: Cash at bankand in hand 162 88 Measured at amortised cost: Other Debtors 43 21 Financial liabilities Measured at amortised cost: Creditors 58 30 32