Charity registration number 1045458 BRENT SIKH CENTRE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Richard Anthony Chartered Accountants and Registered Auditors
BRENT SIKH CENTRE LEGAL AND ADMINISTRATIVE INFORMATION Trustees A S Hoonjan N S Mudhar N Nathan S K Sahota M S Sodhi S K Sokhi B Khurana A Singh S Chita K Kaur M Gill (Appointed 1 September 2024) Charlty registratlon England and Wales 1045458 Auditor Richard Anthony Ground Floor Cooper House 316 Regents Park Road London United Kingdom N3 2JX
BRENT SIKH CENTRE CONTENTS Page Trustees, report statement of trustees, responsibilities Independent auditols report Statement of financial activities Balance sheet Notes to the financial statements 9-18
BRENT SIKH CENTRE TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The truslees present their report and accounts for the year ended 310ecember 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply wilh the charity's trust deed, the Charilies Act 2011 and "Acoounting and Reporting by Charities: Statement of ReGommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" {effe¢tive 1 January 2019). Objectives and activities The Charity's pr%ncipal activity throughoul the year was in arranging services in accordance with tenets of Sikhism and no change is envisaged in the immediate future. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. The trustees have paid due regard lo guidance issued by the Charity Commission in deciding what activities the charity should undertake. Achievements and performance As we reflect on 2024. we are grateful for the continued blessings of Waheguru and the support of our dedicated sangal. We are grateful for the continued support from our community, donors, and volunteers. Since the beginning of 2024 our existing programmes are fully functional, including short daily morning and evening sessions, with comprehensive programs on specific days.. Wednesday mornings feature the Sukhmani Sahib Path, Thursday evenings are dedicated to Katha with Kirtan, and Sunday mornings offer a combination of Sukhmani Sahib Path, Katha, and Kirtan. Additionally, special programs for Simran, Gurpurabs, Puranrnashi, and Sangrand. We look foNard to building on this momentum and continuing our mission of selfless satvice in the year ahead. Founded in 1995, BSC is dedicated to seNing the community by providing spiritual, Gultural and social hub for the Sikh Community. essential seNices routed in Sikh values of sev8 (selfless seNice) and Sarbat da Bhalla {welfare of all). Our mission to provide support and resources lo those in need, we have spent this year visiting a local nursing home once a month to share the joy of kirtan with the residents. Our efforts continue to touch countless lives, our success stands as a testament to the unwavering support of donors, volunteers and sangat. We are deeply grateful for their dedication, compassion and hard work, which make these meaningful initiatives possible. Financial review The financial results of the Charity's activities for the year ended 31 December 2024 are fully reflected in the attached Financial Statements together with Notes thereon. 11 is the policy of the charity to maintain unrestricted funds, which are the free reserve of the charity, at a level which the Trustees think appropriate after considering the future Gommitments of the Charity and the likely administrative costs of the charity for the next year. Under the lerm ofTrust deed, the Charity has the power to make any investment, which the trustees see fit. The trustees regularly review the Charity's position and needs in respect of the investment policy. The trustees have assessed the major risks lo which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
BRENT SIKH CENTRE TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Plans for future periods The trustees plan to continue lo provide services and make improvements to the Centre and seNices and to ensure that an appropriate level of reserves is maintained. structure, governance and rnanagement The charity was established by a charitable trust deed on 29th March 1995, as amended by deed on the 11th of March 2001 as amended on 12 June 2018. The day to day affairs of the Charity is administered by the council of Committee members. None of the Trustees have any beneficial interest in the Charity. The trustees who seNed during the year and up to the date of signature of the financial statements were: A S Hoonjan N S Mudhar N Nathan S K Sahota M S Sodhi S K Sokhi B Khurana A Singh S Chita K Kaur G S Ahluwalia M Gill (Resigned 1 January 2024) (Appointed 1 September 2024) The Trustees have applied suitable recruitment and training pr0dUreS. The trustees, report was approved by the Board of Trustees. A S Hoonjan Trustee 15 January 2026
BRENT SIKH CENTRE STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounling Praclicel. 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 of the charity for that year. In preparing these financial statements, the trustees are required lo: select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP. make judgements and estimates that are reasonable and prudent., stale whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements-, and prepare Ihe financial slalements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial slatements comply with 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 Gharity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
BRENT SIKH CENTRE INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF BRENT SIKH CENTRE Opinion We have audited the financial statements of Brent Sikh Centre (the 'charity'l for the year ended 31 December 2024 which comprise the statement of financial activities, the balan sheet and notes to the financial statements, including 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 Standard 102 The Financial Reporting Standard applicable in the UK and RepubliG of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the state of the charity's affairs as at 31 December 2024 and of its incoming resources and application of resources, for the year then ended. have bean properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice- and have been prepared in accordance wilh the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Audilorfs responsibilities for the audil of the financial slatements section of our report. We are independenl of the charity in accordance with 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 fulfi15ed our other ethical responsibilities in accordance with these requiremenls. We believe Ihat 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 re18ting to events or conditions that, individually or collectively, may cast significant doubt on the charity s ability to Gontinue 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 responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial slatemenls does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is lo read Ihe other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of 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 this gives rise lo a material misstatement in Ihe financial statements themselves. 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 Ihis regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relalion to which the Charities (Accounls and Reports) Regulations 2008 requires us lo 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 sufficient 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.
BRENT SIKH CENTRE INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF BRENT SIKH CENTRE Responsibilities of trustees As explained more fully in the slatemenl of trustees, responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary lo 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 assessing the charity's ability to continue as a going concern, disclosing, as applicable, malters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so. 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 the Act and relevant regulations made or having effect thereunder. 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 auditols report Ihat includes our opinion. Reasonable assurance is a high level of assurance but is not a guarante8 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 malerial if, individually or in Ihe aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, inGluding fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined abové, to detect material misstatements in respect of irregularities, including fraud. The extent lo which our procedures are capable of detecting irregularities, including fraud, is detailed below. The charity is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant: Charities Act 2011 FRS 102 Charities SORP UK employment legislation UK health and safety legislation General Data Protection Regulations Anti-money laundering regulations We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. We understood how the charity is complying with those legal and regulatory frameworks by making inquiries of management and those responsible for legal and compliance procedures. The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with these laws and regulations. The assessment did not identify any issues in this area. We assessed the susceptibility of the entity's financial statements to material misstatement, inc5uding how fraud might occur. Audit procedures performed by the engagement team included: Identifying and assessing the measures management has in place to prevent and detect fraud, Understanding how those charged with governance considered and addressed Ihe potential for override of controls or other inappropriate influence over Ihe fsnancial reporting process, Challenging assumplions and judgements made by management in its Significant estimates, and Identifying and tesling journal entries, in particular any journal entries posted with unusual account combinations.
BRENT SIKH CENTRE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF BRENT SIKH CENTRE As a result of the above procedures, we considered the opportunities and incentives thal may exist within the organisation for fraud and identified the greatest potential existed within Ihe recording and recognition of revenue. Our procedures in this respect were focused on the originalion of revenue and directed towards ensuring the accuracy and completeness of the same by undertaking testing on a sample basis of the revenue ilems to ensure that sales had been recorded correctly and in the appropriate accounting period. We consider that the work we undertook in this regard was considered capable of detecting irregularities and fraud within the sales cycle. Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularilies, including those leading to a material misslatement in the financial statements or non-compliance with regulations. This risk increases more that compliance with a law or regulation is removed from the events and transactions reflected in Ihe financial statements, as we will be less likely to become aware of inst8nces of non-complian. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach. The risk is also greater regarding irregularities occurring to fraud other Ihan error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council's website at: https'.11 www.fr¢.org.uklauditorsresponsibiliti6s. This description forms part of our auditor's report. Other matters Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102}" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on l April 2005 which is referred to in the extant regulations but has now been wilhdrawn. This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepled Accounting Practice. Use of our report This report is made solely to the charity's trustees, 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 Ihe charity's trustees Ihose matters we are required to state to th8m in an auditor's report and for no other purpose. To the fullést extent permitted by law, we do not accept or assume responsibility to anyone other than the Gharity and tha charity's trustees as a body, for our audit work, for this report. or for the opinions we have formed. Michael Barnett BA FCA (Senior Statutory Auditor) For and on behalf of Richard Anthony. Statutory Auditor Chartered Accountants Ground Floor Cooper House 316 Regents Park Road London United Kingdom N3 2JX 15 January 2026 Richard Anthony is eligible for appointment as auditor of the Gharity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
BRENT SIKH CENTRE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unreslricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Notes Income from: Donations and legacies Investments 263,403 57,765 263,403 57,765 336,307 42,700 336,307 42,700 Total income 321,168 321.168 379,007 379,007 Expenditure on: Raising funds Charilable aclivilies 30,711 189,919 30,711 189,919 25,621 254,706 25,621 254,706 Total expendlture 220,630 220,630 280,327 280,327 Net income and movement in funds 100,538 100,538 98,680 98,680 Reconciliation of funds: Fund balances at 1 January 2024 2,917,910 1,446,730 4,364,640 2,819,230 1,446,730 4,265,960 Fund balances at 31 December 2024 3,018,448 1,446,730 4,465,178 2,917,910 1,446,730 4,364,640 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
BRENT SIKH CENTRE BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Fixed assets Tangible assets Invèstment property 11 12 3,599,449 1,167,738 3,581,387 1,167,738 4,767,187 4,749,125 Current assets Debtors Cash at bank and in hand 13 11,692 67,229 15,869 38,452 78,921 54.321 Creditors: amounts falling due within one year 15 (136,954) (81,229) Net current liabilities {58,033) (26,908) Total assets less current liabllitles 4,709,154 4,722,217 Creditors: amounts falling due after more than one year 16 (243,976) {357,577) Net assets 4,465,178 4,364,640 The funds of the charity Restricted income funds Unrestricted funds 18 19 1,446,730 3,018,448 1,446,730 2,917,910 4,465,178 4,364,640 The financial statements were approved by the trustees on 15 January 2026 A S Hoonjan Trustee
BRENT SIKH CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng policies Charity information Brent Sikh Centre is a UK Unincorporated Charity. The registered address is 241 Slag Lane, Kingsbury, London NW9 OEF. 1.1 Basis of preparation The financial slatemenls have been prepared in accordance wilh the charity's trust deed, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" {"FRS 102") and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice app5icable to charities preparing their accounts in accordance with the Financial Reporting Standard appliGable in the UK and Republic of Ireland (FRS 1021" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of Ihe Statement of Recommended Practice which is referred to in tha Regulations but which has since been withdrawn. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instrumenls at fair value. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the financial statements. the trustees have a reasonable expeclation that the charity has adequate resources to Continue in operational existence for the foreseeable future. Thus the trustees continué to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objeGtives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in Ihe notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. 1.4 Income Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or othetwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a
BRENT SIKH CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting pollcies (Contlnued) The value of volunteer help received is not included in the accounts. 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the lotal of direct costs and shared costs, including support costs involved in undertaking each aGtivity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a b8SiS consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and deprecialion charges are allocated on the portion of the asset's use. Grants payable without performance conditions are only recognised in the accounts when a commitment has been made and there are no conditions to be mel relating to grant which remain in the control of the charity. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Deprecialion is recognised so as to write off the Cost or valuation of assets less Iheir residual values over their useful lives on the following bases.. Leasehold propety Plant and machinery Fixtures, fittings & equipment Not depreciated 15 % reducing balance 150/0 reducing balance The gain or loss arising on the disposal of an asset is determined as the differance between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial aclivilies. 1.7 Investment property Investmenl property, which is property held to earn rentals andlor for capital appreciation, is initially recognised al cost, which includes the purchase cost and any directly attributable expenditure. Subsequently il is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss. 1.8 Impairment of fixed assets At each reporting end dale, the charity reviews the carrying amounts of its tangible assets to delarmine whether there is any indication Ihat those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
BRENT SIKH CENTRE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng policles (Contlnued) 1.10 Flnancial instruments The charity has elected to apply the provisions of Section 11 'BasiG Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes p8rty to the contractual provisions of the instrument. Financial assets and liabilities are offset, wilh the net amounts presented in the financial slatements, when there is a lega15y enforable right to set off the recognised amounts and there is an intention lo settle on a net basis or to realise the asset and settle the liability simultaneously. Baslc financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequenlly carried at amortised cost using the effective inlerest method unless the arrangement constitutes a financing Iransaclion, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabi5ities, including creditors and bank loans are initially recognised at Iransaclion price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted 8t a market rate of interest. Financial liabilities Glassified as payable within one year are not amortised. Debt instruments are subsequently carried al amortised cost, using the effective interest rale method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounls payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised inilially at trans8¢tion price and subsequently measured at amortised cost using the effective interest method. Derecognltlon of flnancial liabllitles Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.11 Employee benefits Th8 Cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.12 Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
BRENT SIKH CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Critical accounting estimates and judgements In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affecls both current and fulure periods. Income from donations and legacies Unrestricted funds 2024 Unrestricted funds 2023 Donations and gifts Legacies 263,403 309,502 26,805 263,403 336,307 Income from investments Unrestricted Unrestricted funds funds 2024 2023 Rental income 57,765 42,700 Expenditure on raislng funds Unrestricted Unrestricted funds funds 2024 2023 Fundraising and publicity Other fundraising costs 30,711 25,621
BRENT SIKH CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expenditure on charilable actlvities Unrestricted Unrestricted funds funds 2024 2023 Direct costs Staff costs Depreclation and impairment Rates Insurance Light and heat Repairs and maintenance Telecommunications Sundry expenses Donations Bank charges Bank and loan interest Audit fees Other interest payable 74,129 6,596 4,779 7,883 28,228 29,734 795 760 91,825 3,710 6,739 8,238 34,073 56.047 696 982 10,250 2,130 34,023 4.800 1,193 2,059 28,956 6,000 189,919 254,706 Analysis by fund Unrestricted funds 189,919 254,706 Net movement In funds 2024 2023 The net movement in funds is slated after chargingllcrediting).. Fees payable for the audit of the charily's financial statements Depreciation of owned tangible fixed assets 6,000 6,596 4,800 3,710 Trustees None of the trustees (or any persons connected with them) received any remuneration during the year. Employees The average monthly number of employees during the year was: 2024 Number 2023 Number Administration
BRENT SIKH CENTRE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Employees (Continued) Employment costs 2024 2023 Wages and salaries Social security cosls Other pension cosls 72,764 91,489 {259) 595 1,365 74,129 91,825 Honorarium cost amounting to £0 (2023: £33,000) represents the cost of casual workers, who assist various functions when the requirement arises. There were no employees whose annual remuneration was more Ihan £60,000. 10 Taxation The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 11 Tangible fixed assets Leasehold property Plant and machlnery Fixtures, flttings & equlpment Tolal Cost or valuation At 1 January 2024 Additions 3,560,364 1,700 3,668 11,820 40,955 3,604,987 11,138 24,658 At 31 December 2024 3.562,064 15,488 52,093 3,629,645 Depreciation and impairment Al l January 2024 Depreciation charged in Ihe year 3,319 1,825 20,281 4,771 23,600 6,596 At 31 December 2024 5,144 25,052 30,196 Carrying amount At 31 December 2024 3,562,064 10,344 27,041 3,599,449 At 31 Dember 2023 3,560,364 349 20,674 3,581,387 Land and buildings with a carrying amount of £3,560,364 were revalued by the trustees on the basis of markel value. The valuation conforms to International Valuatlon Standards and was based on recent market transaGtions on arm's length terms for similar properties. At 31 December 2024, had the revalued assets been carried at historic cost less accumulated depreciation and accumulated impairmenl losses, their carrying amount would have been approximately £2,113,634 (2023 £2,113,634).
BRENT SIKH CENTRE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 11 Tangible flxed assets (Contlnued) Attached lo the title deed of the leasehold land are the following provision and restrictions.. {9 August 2000) Provided always and it is hereby agreed Ihal the Purchasers their successors or assigns shall not be entitled to any righl 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 assurance hereinbefore contained shall not be deemed or construed to imply the grant of any SL5ch right. (9 August 2000) No disposition by a sole proprietor of the land (not being a trust corporation) under which capital money arises is to be registered except under an order of the registrar or of the Court. 123 July 2001) Except under an order of the registrar no disposition by the proprietor of the land is to be regislered wilhout the consent of the proprietor of the Charge dated 30 May 2001 in favour of The Royal Bank Of Scotland PLC referred to in the Charges Register. 12 Investment property 2024 Fair value At 1 January 2024 and 31 December 2024 1,167,738 Investment property comprises of 130 Slag Lane HA8 5LL and 296 Stag Lane Nwg 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 Slag Lane are the following restrictions: 122 May 2014) No disposition by a sole proprietor of the registered estate {exc8Pt a trust corporation) under which capital monéy arises is to be registered unless authorised by an order of lh8 Court. {22 May 20141 No disposition of the registered estate by the proprietor of the 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 to in the Charges Register. 13 Debtors 2024 2023 Amounls falling due within one year: other debtors Prepayments and accrued income 1,376 10,316 5,569 10,300 11,692 15,869
BRENT SIKH CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 14 Loans and overdrafts 2024 2023 Bank loans 358,976 422,577 Payable within one year Payable after one year 115,000 243,976 65,000 357,577 Royal Bank of Scotland PIC hold first legal charges over the following properties.. (30 May 2001) Brenl Skih Centre at 241 Stag Lane, London NW9 OEF and ils associated assets. 129 April 2014) 130 Stag Lane, London HA8 5LL and its associated assets,. {3 October 2018) 296 stag Lane, London NW9 OEG and its associated assets. The loan bears interest at 2.50/0 p.a. over Base Rate, it Is being repaid by monthly instalments the term of 20 years from October 2018, and additional repayments can be made at any time. 15 Creditors,. amounts falllng due wlthin one year 2024 2023 Notes Bank loans Other taxation and social security Other creditors Accruals and deferred income 14 115,000 65,000 363 184 15,682 6,497 15,457 136,954 81,229 16 Creditors: amounts falling due after more than one year 2024 2023 Notes Bank loans 14 243,976 357,577 17 Retirement benefit schemes 2024 2023 Deflned contributlon schemes Charge to profil or loss in respect of defined contribution schemes 1,365 595 The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
BRENT SIKH CENTRE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 18 Restricted funds The restricted funds relates to the revaluation reserves on the premise occupied by the charity. At 1 January 2024 At31 December 2024 Revaluation reseNe 1,446,730 1,446,730 Previous year: At 1 January 2023 At31 December 2023 Revaluation reseNe 1.446,730 1,446,730 19 Unrestrlcted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At31 De¢ember 2024 At 1 January 2024 Incoming resources Resources expended General funds 2,917,910 321,168 (220,630) 3,018,448 Previous year: At 1 January 2023 InGomlng resources Resources expended At31 December 2023 General funds 2,819.230 379,007 (280,327) 2,917,910
BRENT SIKH CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 20 Analysis of net assets between funds Unrestrlcted funds 2024 Restrlcted funds 2024 Total 2024 At 31 December 2024: Tangible assets Investment properties Current assetsl{liabiliti8s) Long term liabilities Provisions 3,599,449 1,167,738 {58.033) (243,976) (1,446,730) 3,599,449 1,167,738 (58,033) (243,976) 1,446,730 3,018,448 1.446,730 4,465,178 Unrestricted funds 2023 Restricted funds 2023 Total 2023 At 31 December 2023: Tangible assets Investment properties Current assetsl(liabilities) Long term liabilities 2,134,657 1.167,738 (26,9081 {357,577) 1,446,730 3,581,387 1,167,738 (26,908) (357,5771 2,917,910 1.446,730 4.364,640 21 Related party transactions There were no disclosable related party transactions during the year12023 - none). 22 Details of restri¢tlon Included in the restricted funds is the revaluation surplus of £1,446,730 {2023 - £1,446,730) on the land and buildings.