Charty rowtratlon number 1045458 BRENT SIKH CENTRE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Richard Anthony Chartered Ac¢ountants and Reglstsrnd Audltor4
BRENT SIKH CENTRE LEGAL AND ADMINISTRATIVE INFORMATION Trustees MrA S Hoonjan Mr N S Mudhar Mrs N Nalhan Mrs S K Sahota Mr P S Sandhu Dr M S Sodhi Mrs S K S(*hi Mr B Khara MrA Singh Mrs S Chita Mrs K Kaur Mr G S Ahluwalia ChaTity number 1045458 Auditor Richard Anthony Ground Floof Cooper H(iuse 316 Regents Park Road London United ngdorn N3 2JX
BRENT SIKH CENTRE CONTENTS Page Trustees. report SLqtement of trustees, reswnsltll1ieS Independent auditorfs report Statement of fina81 actilieS Balance sheet Notes to the fjnanctal statements 9-18
BRENT SIKH CENTRE TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees present their rewt and accounts ts the year erKled 31 De(%rnber 2023. The ffinancial statements have been prepwed in accordance the accounting polioes set out in note 1 to Ihe financial staternents and compty with the chaTitls trust deed. the Charitses Act 2011 and "AClUnting and Reporting by Charities: Statement of Recommended Practice appkable to tharities preparing their accounts in accordance with Ihe Financial Reporting Standard applicable in the UK and Republ of IrelarHI {FRS 102)" (effective 1 January 2019). ObCtiVeS and activitses The Charity's principal adNity throughout the year was in awanging Servi in accordance with tenets of Sikhism and no change is envisaged in the imrnediate future. The trustees have paid due regard to guidan issued ty the Charity Commission in decJry what acb'vitie5 the cbarrty should undertake. The trustees have paMI due regard to widance iss1 by Ihe Chaiity Cornmissn in deciding what activities the harity should undertake. Achlevements and performnco As we iefiect on 2023, we are grateful for the (tInued blessings of Waheguru and support of our dedicated 5angat. We are grateful for the contiwed support from our rnMunty, dofi. and volunteers. SIre the beginning of 2023 our existing programrnes are fulty functional, including short daily moming and evening sessions, with comprehensive programs on spectfic days: Vkdnesday momings featu the Sukhmani Sahib Path, Thursday evenings are dedicated to Katha with Kirtan, and Sunday momings offer a combination of Sukhmani Sahib Path. Katha, and Kirtan. Additionally, special programs for Mn. Gurwrth. Puranrnashi. and Sangrand. We look foThvard to building on this momentum and Continuing our mission of setkss sep4ice in the year ahead. Founded in 1995, BSC is dedicated to serving Ihe Cornmty by prowding spiritual, Guhural and soeial hub for the Sikh communty. essential services roui8d in Sikh values of seva (semess service) and Sarbal da Bhalla (welfare of all). Our mission to provide support and resources to those in need. wided by the principles of equalty. wnpassion and selfless service. £10,000 was donaled to Khalsa Aid for their disaster fund. Our volunteers are the backbone of our organisation. Our volunteers ¢ontrlJuted m(¥e than 20,IJX) hours of sellless service. Our efforts conlinue to touch counlles5 lives, su$$ is a testament to the unwavering support of donors. volunteers and sangat. We are deeply grateful for their dedicion and hard WÉ% Financial review The financial results of Ihe Charws actsvtlies for the year ended 31 DecAnber 2023 are fully refiected in the attached Financial Statements together with Notes thereon. It is the policy of the charity to maintsin unrestricted funds. vthich are the free ieserve of the charity, at a level whid) the Trustees think approptiate after consthring the future commitments of the Charity and the likety administrative costs of Ihe chanty for the next year. Under the tem of Tfust deed, the Charity has the power to make any investment. whith the trustees see frt. The twslees regulaty review the Charity's Position arxl needs in respect of the investrnent pohcy. The trustees have assessed the major risks to whKh the d)arity is exposed. and are salisw that systems are in place to mrtigate exposure to the major risks.
BRENT SIKH CENTRE TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Plans tor fure p•rlod8 I he liuslees plan lo ¢onlmue to pro¥e SerceS and make improvements lo the Cenlre and ser¥tts and lo ensure Ihal an appropnale level ol reseNes Is maintained Stru¢turn. gov•rnan¢• and fflanag•m•nt The chanty was established by a chanlable In1 deed on 291h March 1995. as annded by deed on the 111h of March 2185 amended on 12 June 2018 The day lo day affairs of Ihe Charty admintstefed by the ol Commillee rnmbers None of the Trustees have any beneficial Inleresl In the Chanty The trustees who seThed during the yeaf and up lo the dak of 5walure ol the finala1 ststemenls were Mr A S Hoonjan Mr N S Mudhar Mr5 N Nathan Mrs S K Sahola Mr P S Sandhu Dr M S Sodhi Mrs S K Sokhi Mr B Khaiana MrA Singh Mts S Chrta Mr$ K Kaur Mr G SAhluwal The Tfuslees have aPpld suilable reuurtment and traffung pro(dures The Iru es. report was apwoved by the Boa of Truslees MrA S Hoonjan Trusts• Dale 13-i¢J:19
BRENT SIKH CENTRE STATEMENT OF TRUSTEES. RESPONSIBILrriES FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees are responsible for Preparing the Trustees. Report and the finalal statements in accordance with applicable law and United Kingdom AcCOting Stsndards (United Kingdom Generally Accepted Actx)unling Practice). The law applicable to thartties in Enland and requires the truslees to prepare finala1 statements for each financial year which give a true and fair view of the state of affairs of the thality and of the incoming resources and application of resources of the charity for that year. In preparing these finClaI ststements, the truslees are required to: - select suitable accounting policies and then apply them con$istenUy: - observe the methods and prinaples in the Charities SORP: - make judgements and estimates that ale reasonable arKI pnxlrt. - state whether apph'¢able attomting standards have been folkMed. sut4.ect to any material departures disdosed and explained in the financial sLqtements; and - prepare the ffinaniial statements on the going concem basis unless it is apprOpriate to presume that the tharity will continue in operation. The trustees are responsible for keeping $uffKnt acc(xmling records that disc)se with reasonatAe accuraw at any time the financial positi.on of the tharity and enable them to ensure that the financial statements comply wtth 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 (tsrity and henGe for tsking reasonable step5 for the prevention and detection of fraud and other irregulaTilies.
BRENT SIKH CENTRE INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF BRENT SIKH CENTRE Oplnlon We have audited the financial statements of Brent Sikh Centre (the 'chariV) for the year ended 31 Oecember 2023 which comprise the statement of financial activiti.es. the balance sheet and notes to the financial ststements, induding significant accounting policies. The finanoal reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards, including Finanaal Reporting Standard 102 The FinanGial Reporting Standard applicable in the UK and Republic of Ireland (Unrted lfjngdom Generalty Accepted Accounting Practice). In our opinion. the finanoal statements: give a true and fair view of the stste of the charilys affairs as at 31 December 2023 and of its incoming resources and application of resources, for the year then ended: have been properly prepared in )rdance with United ngdorn Generally Accepted Accounting Practice: and have been prepared in accordance wilh the requirements of the Chariiies Act 2011. Basls for opinlon We conducted our audtl in accordance wtth Intemational Standards M AuditirKJ (UK) (ISAS (UK)) and applicable law. Our responsibilities under those slandards are further described in the Auditorfs reswnsitsliti8s for the audit of th& financial statements section of our report. We are independent of the diarity in acGordance wth 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 fuffilled our other ethical responsibil1tS in accordance with these fequirements. We believe that the audit eviden we have obtained is suffiaent and appropriate lo provide a basis for our oiwnion. Conclusions relating to going concem In auditing the finanaal Statements. we have concluded that the Injstees, use of the going concem bas of accounting in the preparation of the financial statements is •WOPTiate. Based on the work we hav8 perforn)ed. we have not identtfied any material certainlieS relating to events or conditions that, individually or collectively, may cast significant doubt on the tharrtls abilty to Continue as a going oncern for a period of al least e1Ve months from when the financial statements are authorised for issue. Our respon5ibiltties and the responsibltIeS of 1he tNstees with resped to going nCern are described in the relevant sections of this reporL Other InfomMtlon The other information comprises the information included in the annual report other than the financial statements and our audii0rf5 report thereon. The trustees are responsible for the other infomiation contained within the annual report. Our opinion on the financial statements does not Cover the i)ther infomiation and we do not exp$$ any form of assurance condusion thereon. Our responsibilty is to read the other information and. in doing so, consider whether the other inforniation is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or othepNise appears to be materially misstated. If we identify such material inconsistenc4es or apparent material misstatements, we are required to detemine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the work we have perfOed, we ndUde thal there is material misstalemenl of this other infomiation, we are required to report that facl. We have nothing io report in this regard. Matters on which we are requlrod to rnport by excepoon We have nothing to report in resped of the foll0vng matters in relation to which the Charities {Ac¢ounts and Reports) Regulations 2008 require us to report to you rf, in our opinson.. the infomation given in the financial statements is inconsistent in any material respect v•ith the Irustees, report; or sufficient accounting records have not been kept: or Ihe financial statements are not in agreement with the aL¥x)unling records; or we have not received all the information arKI explanalions we require for our aud
BRENT SIKH CENTRE INDEPENDENT AUDITOR'S REPORT ICONTINUED) TO THE TRUSTEES OF BRENT SIKH CENTRE Responsibilities of trustegs As explained more fully in the statement of trustee5' responsknilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair wew, and for such internal control as the trustees detefmine is necessary to enable the preparation of ffinanc4al 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 abilty to continue as a going concem. disdosing. as applicable. matters related to going ncem and using the going con¢em basis of accx)unling unless the trustees either intend to cease operations, 01 have no realislic alternative but to do so. Auditorf$ rnsponsibililies for the audlt of the financlal statements We have been appointed as auditor under sedion 144 of the Charities Ad 2011 arml reFN)rt in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the finanual ststements as a wholè are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that incjudes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conduded in accordance with ISAS (UK) will always delect a material misstatement when it exists. Misstatements r2n arise from fraud or error and are considered material rf. individually or in the aggregate, they could reasonaNy be expected to influence the economic decisions of users tsken on the basis of these financial statements. Irregularities, irKSuding fraLKI, are instances of no1MplIanCe with laws and regulations. Wle design procedures in line wrth our responsibilities, outlined above, to detect material misstatements in fesped of irregularilies, including fraud. The extent to which our procedures are capable of detecting irregularities, induding fraud. is detailed below. The charity is subied to laws and regulations that directty affed the financial statements induding financial reporting legislation. We delemiined that the followw)g laws and regulations were most significant: Charities Act 2011 FRS 102 Charities SORP UK employment legislation UK heallh and safety legislation General Data Protection Regulations Anti-money laundering regulations We assessed the exlent of compliance with these laws and regulations as part of our procedures on the related finanrial statemènt items. We understood how the tharity is complying with those legal and ulatOry frameworks by making inquiries of management and those responsible for legal and compliance procedures. The engagement partner assessed whether the engagement team le1velY had the apFoprrate competency and pabilities to identify or recognise norFcompliance with these laws and regulations. The assessment did not identify any issues in this area. We assessed the susceptibility of the entivs financial statements to material misstatement, induding fraud might occur. Audit procedures perfomied by the engagement leam included: Identi'ng and assessing the measures management has in place to wevent and detect fraud, Understanding how those charged with governan considered and addressed the potential for override of controls or other inappropriate infiuence over the finanaal rewrting process, Challenging assumplions and judgements made by management in its significant estimates. and Identfying and testing joumal entries. in particular any N)umal entries posted with unusual account coMbinatnS.
BRENT SIKH CENTRE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF BRENT SIKH CENTRE As a result of the above proGedures. we consldered the opportunities and incentives that may exisl With the organisation for traud and identified the greatest potential existed wiihin the recording and recognition of revenue. Our procedures in this respect were focused on the origination of revenue ar directed towards ensuring the atturacy and completeness of the same by undertaking testing on a sample basis of the revenue it8ms to ensure that sales had been recorded corredly and in the appropriate accounting period. We consider that Ihe work we undertook in this regard was nsIdered capable of detecting IegUlarl14eS and fraud within Ihe sales cycle. Due to the inherent limitations of an audit, there is a risk that we wal not detect all irregularities, induding those leading to a material misstalement in the financial ststements Of noTrcompliance with regulatKins. This risk increases more that compliance yth a law or regulation is removed from the events and transactions refieded in the financial ststements, as we will be less likely to become aware of instances of n0nwcompllan. Therefore, rf a breach of operational regulations is not disclosed to us or evident from relevant correspondence. an audit will not detect that breath. The risk is also greater regarding irregulariiies occurring to fraud other than error, as fraud involves intentional concealment. forgery, collusion, omission. or misrepsentan. A further descriplion of our responsibilities is available on the Financial Rewting Council's website at: lrttpsjl w4iw.frc.org.ukJauditorsiesponsibilitses. This description fomis part of our auditorfs report. Other matter4 Your attention is drawn to the fact ttlat the ¢hanty has prepared financial statements in aL*ordanGe with "Accounting and Reporting by Charities: Statement of Recommended Praclice applicable lo charities Pfeparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" {as amended) in preference to the Accounts'ng and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred lo in the extant regulalions but ha5 rM)w been withdrawn. This has been done in order for the financial statements lo proNide a and fair view in accordance with current Generalty Accepted Accounting Practice. Use of our report This pOrt is made solely to the chaiity's Iru$tees, 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 stste to them in auditorfs report and for no other pury)ose. To the fvllest extent permitted by law, we do not accepl or assume responsibility to anyone otheT than the charity and Ihe charitys trustees as a body. for our audit worK for this report, or for the opinions we have fomied. Michael Bamett BA FCA Isenior Ststutory Auditor) for and on behalf of Richard Anthony 2J ac4ofjc£ zo14 Chartered Accountants Statutory Auditor Ground Floor Cooper House 316 Regents Park Road London United langdom N3 2JX Rlchard Anthony is eligible for appointment as auditor of the charty by virlue of its eligibility for appointment as auditor of a company under section 1212 of the CompaniesAct 21]06.
BRENT SIKH CENTRE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted Restrlcted funds funds 2023 2023 Totsl Unrestricted Restricted funds funds 2022 2022 Total 2023 2022 Income from: Donations and legacies Investments 375.318 42,700 375.318 42,71)0 227,348 27,150 227,348 27,150 Totsl Income 418.018 418.018 254.498 254.498 ExpendIre on: Raising funds Charitable adivities 25,621 255.993 25.621 255.993 19,521 169,143 19.521 169,143 Total expendltwe 281,614 281.614 188,664 188,664 Not Income and movement in fvnds 136.404 136,404 65.834 65,834 Reconclllation of funds: Fund balances at 1 January 2023 2,819.230 1,446,730 4.265.960 2.753,396 1,446,730 4,200,126 Fund balan¢es at 31 December 2023 2.955.634 1.446,730 4,402.364 2.819,230 1.446.730 4,285,960 The stalement of financ4al adivities indudes all gains and losses recognised in the year. All income and expenditure derive from continuing actiwties.
BRENT SIKH CENTRE BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 110ts8 Flxed assets Tangible assels Investment property 11 12 3.581,387 1,167.738 3,572,022 1.167.738 4.749,125 4,739.760 Current a¥s•ts Debtors Cash al bank and in hand 13 15,869 38.452 4.867 48.253 54,321 53,120 Credllorn: amounts falllng due wlthln one y•ar 15 (81229) 134.174) N•t eurr•nt (IlAblllllesV4ssets (26.908) 18,946 Total •$sets less curr•nt Ilabllltles 4.722.217 4.758.706 Cr•dltors: amounts falllng due aft•r mor• than one y•ar 16 (357.577) (492.746) Net assets ex¢ludlng p•nslon Ilabllxy 4,364.640 4,265.960 N•t as••ts 4.364.640 4,265,SfjO Th• fund8 of th• Gharlty Restncted income fuNIs Unrestrirted funds 18 1.446,730 2.917,910 1,446.730 2.819.230 4.364.640 4.265,960 The financial statements were approNTd by the tiustses on Il.li. fts+ S Hoonjan Trtty•
BRENT SIKH CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policie• Charity Information Brent Sikh Centre is a UK Unincorporated Charity. The registered address 241 Stag e, Kingsbury. London NW3 OEF. 1.1 Accounting convenlion The finan(ual ststements have been prepared in accordance with the charitls trust deed. the Chartlies Act 2011 FRS 102 "The Financial Repotting Standard apph'cable in the UK and Republic of Ireland" fFRS 102 and th8 Charilies SORP "Accounting and Reporting by Charities: Ststement of Recommended Practice applicable to charities preparing their accounts in accordance wilh the Financial Reporting Stsndard applicable in the UK and Rèpublic of Ireland {FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defjned by FRS 102. The charity has taken advantage of the provisions in Ihe SORP for tharities not kn prepare a Statement of Cash Flows. The finanual statements have departed from the Charities (Accounts and Reports) RegulatnS 2008 only to the extent required to provide a true and fair v. This departure has involved following the Statement of Recommended Practice for tharities applying FRS 102 rather than the version of the Statement of Recommended Pradtce which is referred to in the Regulats"ons but which has Sin been withdrawn. The financial statements are prepared in sterfing, which is the functional encY of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial stalements have been prepared under the historical cost convention, modified to indude the revaluation of freehold propèrties and to indude investment properties and certain financial instrum8nls at fair value. The principal accounting poliaes adopted are set out below. 1.2 Going Concern Al the time of approving the ffinancial statements. the Irustees have a reasonable expectstion that the tharity has adequate resources to conlinue in operational existence for the foreseeable future. Thus the Irustees continue to adopt the going concem basis of wiuntiThJ in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are availaNe for use al the discretion of the trustees in furtherance of their tharitable objectives. Restricted funds are subject to specific conthtions by donors or wantors as to how they may be used. The purposes and uses of the restTicled funds are set OLIt in the notes lo the finanual stalements. Endowment funds are subject to speafic conditions by don(n thal the captiai must be maintained by the charity. 1.4 Income Income is recognised vthen the ¢hanty is legally entilled lo it after arry perfomance conditions have been met, Ihe amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on reGeipt. Other donations are recognised once the charity has been notified of the donation. unless performance conditsons require deferral of the amount. Income tax recoverable in relation to donations received under Gifi Aid or deeds of Covenant is recognised at the time of the donation. Legaaes are recognised on receipt or otheThvise rf Ihe Gharity has been notified of an impending distribution, the amount is known. and r1p1 is expected. If the amount is not known, the legaw is treated as a contingent asset.
BRENT SIKH CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounllng pollcles Icontinued) The value of volunleer help received is nol induded in the a¢unts. 1.5 Expenditure Expenditure is recognised once there is a legal or construdive obligation lo transfer e¢onclC berofft to third party, it is probable that a transfer of economic benefits wil be required in settlement, and the amount of the obligation Gan b8 measured relobly. Expenditure is classifd by activity. The costs of each are made up of lolal of direct Costs and shared costs, induding 5UPPOrt oosts involved in undertaking each activity. Dffect St$ attributable to a single activity are allocaled directly to that act4Vity. Shared costs which contribute to more than one actiwty and support •sts which are not attributable to a single activtty are apportioned bets¥een those activibes on a basis CLnsistent with the use of resources. Central staff sts a allocated on the basis of time spert and depreciation charges are allocated on the pothjn of the assefs use. Grants payable without perfonnance Condrtions are only re¢¢)gnised in the aca)unts when a mmItMent has been made and there are no conditions to be met lating to grarrt whith remain in Ihe control of the charity. 1.6 Tanglble fixed as¥ets Tangible fixed assets are initialty measured at cosl and subsequently measured at cost or valuation. net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cosl or valuation of assets less their residual values over their useful lives on Ihe following bases.. Leasehold propety Plant and machinery Fixtures. fittings & equipmenl Not depreciated 15% reduGing balan 15% reducing balance The gain or loss arising on the disposal of an asset is determined as the difference beiween the sale proceeds and the CaIng value of the assec and is tecognised in the statement of financial adivities. 1.7 Inve8lmont proprty Investment property, which is property held to earn rentals andlor for ¢apital appreciation. is initialty recognised at cost. which indudes the purchase cost and any diredly attributable expenditure. Subsequently rt is measured at fair value at the reporting end date. The Surplus or defiiit on revaluation is recognised in proffit or loss. 1.8 Impairn)ent of fixed assets Al each reporting end date. the ¢harity reviews the carying anuntS of its tangible assets to determine whether there is any indication that those assets have suffered an impaimient loss. If any such indication exists. the recoverable amount of the asset is estimaled in order lo detem)ine the extent of the impairment loss (rf any). 1.9 Cash and cash equivalents Cash and cash equivalents include cash hand. deposits held at call with banks. other short-tenn liquid investments with orinal maturTties of three months or less. and bank oveidrafts. Bank overdrafts are shown within borrowings in Current liabilities. 10-
BRENT SIKH CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policle• (Continued) 1.10 Flnancial Instruments The chaiity has elected to apply the provisions of Section 11 'Basic FinaThial Instruments, and Section 12 '(Xher Financial Instruments Issues, of FRS 102 to all of its ffinanckal instruments. Finanaal instruments are reiJ)gnised in the charivs balance sheet when the charity be¢omes party to the contraciual provisions of the inslnttnent Financial assets and liabilities are offset. with the net amounts presented in the financial statements, when there is a legalSy enforceable right to set off the recognised amounts arKI there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneousty. Basic finanelal assets Basic financial assets. which indude debtors and cash and bank balances, a initialty measured al transaction price including transaction costs and are subsequenty carried al amortised cost using the effective interest method unless the arrangement constitutes a finanang transaction. where the transaction is measured at the present value of the future reipts discounted at a market rate of interest. Financial assets dassified as receivable within one year are not amortised. Basi¢ flnancial liabllities Basic financial liabilthes, including creditors and bank loans are initially recognised al transaction price unless the arrangement constitutes a financing Iransadion. vthere the debt instrurnenl is measured * the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently Caled al amortised cost. using the effeclive wrterest rate ffth0d. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary wirse of operations from suppliers. Amounts payable are dassified as current liabi15ties rf payment is due within one year or less. If nol. they are presented as norpcurrent liabilrties. Trade rJeditors are recognised inilially at transaction price and subsequ8ntty measured at amortised cost using the effective interest method. Derecognition of financlal liabilitles Financial liabilities are derecognised when the d)ariVs Contractu obligations expire or are discharged or cancelled. 1.11 Employeè benefits The cosl of any unused holiday entitlement is recognised in the period in whith the employ88's services are received. Temination beneffts are recognised Immediate as an expense when the chaiity is demonstrabty ¢ommiited terminate the enM)loymenl of an employee or to proNryde termination beneffts. 1.12 Retirement bonefits Payments to defined corrtribution retirement benefrt sd*mes are tharged as an expense as they fall due. 11
BRENT SIKH CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Crftlul accounting estEmatss and judgemgnts In the application of the char*3 accounting pol¢ie$. the trustees are required to make judgements. estimates and assumptions about the carrying amount of asset5 and liabltieS that are not readily apparent from other sources. The estimates and assoaated a5sumplioDs are based on histori1 experience and other fact5 that e considered to be relevant. Actual Te5uS may drffer from these estimates. The estimates and underlyin9 assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is vISed where the revision affects only that period, or in the period of the revision and future periods where the revision affeGts both Tren1 and future periods. Income from donatlon$ and kga¢les Unrestricted Unrestrtctsd funds fund3 2023 2022 Donations and gifts Legacies receivable 304,212 71,106 227,348 375.318 227,348 kncome from Investments Unrestrlcted Unre$trlcted fund$ funds 2023 2022 Rental income 42.700 27,150 Expenditur• on r41slng funds Unrestrlcted Unrestrlcted funds fund• 2023 2022 Fundrnlsing and publlclty oth fundraising costs 25,621 19,521 12-
BRENT SIKH CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Expendikne on chorftable aGllvNies Unrestrictsd Unrestricted funds funds 2023 2022 Direct Costs Staff Costs Depreciation and impaimient Rates Insurance ght and heat Repairs and maintenance Telecommunications Sundry expenses Donations Bank charges Bank and k)an interest Audit fees Other interest payable 91.825 3.710 6,738 8,238 34,073 57.335 696 982 10,250 2.130 34.023 4,800 1,193 84.135 2,058 2.353 7.440 23,482 22,566 646 133 1.330 21,366 2,870 255,993 169,143 Anatysls by fund Unrestricted funds 255,993 169,143 Net movement in funds 2023 2022 The net movemenl in funds is stated after thargingl(thdrting): Depreciation of owned tsngible frxed assets 3.710 2,058 Trustees None of the tTU5tees lor any persons conneded with them) received any remunerakn'on during the year. Enwloye The average monthly rnunber of empbyees during the year was." 2023 Numbor 2022 Number Administration 13-
BRENT SIKH CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 Employ Icontlnued) Employment costs 2023 2022 Wages and salaries Social Security costs Other pension costs 91,489 (259} 595 82,979 259 897 91,825 84,135 Honorarium ¢ost amounting to £33,OIJO {2022: £33.0(Kl) represent5 the cost of casual workeis, who assist variou5 fundion5 when Ihe requirement arises. There were no employees whose annual remunera was more than £60,000. 10 Taxation The charty is exenw from tsx on wirne and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation Chargeable Gains Act 1992 to ts extent that these are applied to its charitable obje(as. 11 Tanglble fixed assets Totsl FKopgrty mwohin•ry ffttings & •qulpm¥nl Cost or valuation At 1 January 2023 Additions 3.560.364 27.880 3,591.912 13.075 13,075 At 31 Dec8mber 2023 3,560.364 40.955 3.604.987 Depreciatlon and Impalrm•nt Al 1 January 2023 Deprecialion charged in the year 3,257 62 16.633 3.648 19.890 3,71Q At 31 December 2023 3.319 20,281 23,600 Carrylng amount At 31 December 2023 3,560.364 349 20.674 3.581,387 At 31 December 2022 3.560.364 11,247 3.572,022 Land and buildings with a carrying amount of £3,560,364 were revalued by the trustees on the basis of maTket value. The valuation conforrn5 to Intemational Valuation Standards and was based on rnt market transactions on arm's length tems for similar properfies. At 31 December 2023, had the revalued assets been orried al historic cost less accumulated depreciation and accumulated impairment10sses, their carrying amount w0d have been appr0matelY £2,113,634 (2022 - £2,113.634). 14-
BRENT SIKH CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 11 Tangible fixed assets (Continued) Attached to the trtle deed of the leasehold land are Ihe followng provision and restrictions: (9 August 2000) Provided always and it is hereby agreed that the Purchasers their successors or assigns shall not be entttled lo any right of light or air which would in any manner diminish or interfere with the free and unrestricted user of any adjoining property now or lately belonging to the Company either for building or any other Purpose and the assurar•ce hereinbefore contained shall not be deemed or construed to Nnply the grant of any such right (9 August 201x1) No disposition by a t•ole propiietor of the land (not being a Irust corporation) under which capital nKJney arises is to be registered exP1 under order of the registrar or of the Court. (23 July 21) Except under an order of the iStrar no disposition by the proprietor of the land is lo be registsred without the consenl of the proprietor of the Charge dated 30 May 2001 in favour of The Royal Bank Of Scodand PLC referred to in the Charges Registei. 12 Investment property 2023 Falr valug At 1 January 2023 and 31 December 2023 1,167,738 Inveslment property comprises of 130 Slag HA8 5LL and 296 Stag Lane NW3 OEG. The fair value of the investment property has been arrived at on the basis of a valuation carried out al £1.167.738 by trustees. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. Attached to the title deed of 130 Stag Lane a the following restrKtions: (22 May 2014) No disposition by a sole proprietor of wegistered èstate (except a trust corporation) under which capital money arises is lo registered unless authorised by an order of the court. (22 May 2014) No disposilion of the registered estate by the proprietor of thè registered estate is to be registered without a written consent signed by the proprietor for the time being of the Charge dated 29 April 2014 in favour of The Royal Bank of Scotland PLC referred lo in the Charges Register. 13 Debtors 2023 2022 Amounts falling due wlthln one year. Other debtors Prepayments and accTued income 5.569 49.312 4,867 54.881 4,867 15-
BRENT SIKH CENTRE NOTES TO THE FINANCIAL STATEMENTS ICONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 14 Loans and overdrafis 2023 2022 Bank loans 422.577 512.885 Payable within one year Payable after one year 65.000 357.577 20.139 492,746 Royal Bank of Scotland PIC hold first legal charges over the folowing properties: (30 May 2001 > Brent Skih Centre at 241 Slag Lane, London NW9 OEF and Its associated assets.. (29 April 2014) 130 Stag Lane, Londm HA8 SLL and its associated assets: (3 October 2018) 296 Slag Lane. London NVffJ OEG and its associated assets. The loan bears interest at 2.59A p.a. over Base Rate, it is being repaid by monthty instslments the temi of 20 years from October 2018. and additional repayments can be made at any time. 15 Creditors: amounts falllng due withln one year 2023 2022 Notes Bank loans Other taxation and social security Other creditors Accruals and deferred income 14 65,000 363 20,139 330 15.682 8,045 81.229 34.174 16 Creditorn: amounts falling due after more th¥n one year 2023 2022 Bank loans 14 357,577 492,746 17 Retlremenl bèn•fit schemes 2023 2022 Defined Contrlbutlon schemes Charge to profft or loss in resped of defined corrtrlKrtion %*emes 897 The charity operates a defined ntribUtIon pension scheme for all qualifying employee5. The assets of the scheme are held separately from IIK)se of the tharity in an independently administered fund. 16-
BRENT SIKH CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 18 Restrl¢ted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to speafic cormlitions by donors as lo how they may be used. At 1 January 2023 At31 December 2023 1.446,730 1.446,730 Prevlous year: At 1 January 2022 At31 December 2022 1.448,730 1,446,730 19 Unrnstrlctsd funds The unrestricted funds of the charity comprise the unexpended balances ol donations and grants whith are not subject to specific conditions by donors and grantors as to how they may be used. These indude designated funds which have been set aside out of unrestricted ldS by the trustees for specthc putposes. At31 December 2023 At 1 January 2023 Incoming Resources exponded General funds 2.819,230 418.018 (281.614) 2,955,634 Prnvlous year: At 1 January 2022 Incomlng Resources resources txpendod At31 December 2022 General funds 2.753.396 254,498 {188,664) 2,819.230 17-
BRENT SIKH CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 20 Anatysis of net assets between fund8 Unrestrictod Restricted funds funds 2023 2023 Total 2023 At 31 December 2023: Tangible assets Investment woperties Current assetsl(liabilities) Long tèrm liabilities 2,134,657 1.167,738 10.816 (357.57n 1,446.730 3,581,387 1,167,738 10.816 1357.577) 2.955.634 1,446.730 4,402,364 Unrestricted Restricted funds funds 2022 2022 Total 2022 At 31 December 2022: Tangible assels Investment propeities CUrnt assetsloiabilities) Long term liabilities 2.125.292 1,167,738 18.946 {492.746) 1,446,730 3,572,022 1,167,738 18,946 (492.746) 2,819.230 1,446,730 4,265,960 21 Related party transactions There were no disclosable related party transadions during the year (2022 - none). 22 Detail$ af restriction Induded in the restricted funds is the revaluation surplus of £1.446.730 (2022 - £1.446.730) on the laThJ and buildings. 18-