REGISTERED CHAIUTY NUMBER: 1050410 Trustees, Report and Audited Financial Statements for the Year Ended 31st December 2023 for Human Welfare International Charitable Trust S Syedain & Co Chartered Accountants & Statutory Auditors First Floor 87 Keiiton Road HaoW Middlesex HA3 OAH
Human Welfare International Charitable Trust Contents of the Financial Statements for the Year Ended 31st December 2023 Page Trustees, Report Statement of Trustees, Responsibilities Report of the Independent Auditors 9 to 12 Statement of Financial Activities 13 Statement of Finanelal Position 14 to 15 Statement of Cash Flows 16 Notes to the Statement of Cash Flows 17 Notes to the Financial Statements 18 to 28 Detailed Statement of Financial Activities 29 to 30
Human Welfare International Charitable Trust Trustees, Report for the Year Ended 31st December 2023 The trustees present their report with the financial statements of the charity for the year ended 31st December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recoinmended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102} (effective l January 2019). OBJECTIVES AND ACTIVITIES Objectives and Aim The priniary object of the Trnst is to relieve poverty and sickness in India and clsewhere, particularly by providing fvnds, support and assistance to the Giini Amarda8s Charitable Hospital and Institute of Medical Sciences in Ludhiana. Punjab, India and any other charitable hospitals or institutions as may froin time to time be selected by the trustees. Further objects are to advance education in India and tlie UK, and to assist persons, both spiritually and financially where necessary, who are in hai'dship or distress as a result of their social, domestic or economic circumstances. Significant activlties The trust's income is mainly derived froin donations made by Ineinbers of the conLirc&iation who attend the Gurdwaras operated by the Trust in Southall and Leicester. A free kitchen is part of the serviLe provided every day and vegetarian food is available twenty-four hours a day, every day of the week, to ineinbers of tlie public. In the financial year of 2023, apart from the above-mentioned objectives and in support of the above achievements, the following activities and events were undertaken by tlie Trust.. As usual, 14 days Simran-jaap ev¢nts wLre hosted in Soutliall in April for Vaisakhi prograinme, and in Novcmber for Guru Nanak Dev ji's Gui'purab, altliough the above pro&)rammes were broadcasted on Zoom and worshippers form all over the country could join and it was very successful. In fact, we have no hesitation of saying this that number of Gurdwara's Iiave taken inspiration froin us and started a siinilar type of programmes in tlieii. respective Gurdwai'as. We can say that other Gurdwaras have been inspired by our pi'ogirainme and their Gurdwaras have started a similar meditation programme, wliich is nonnally hosted by young childi'en, wliiLh is very important for us. We have stai.ted giving leads and control to the young generatioiis and tliey now look fonvard to hosting these pi'oLirammes and similar programmes It is &>iving inspirations to other youngsters as Well, wliicli is quite satisfying to the trustees and the trust. We have also noticed that nuinber of Homeless and poor people have started coniing to our Temple for free food etc. Although they are not Sikh, but it gives us immcnse pleasure to serv¢ thein Iiot food and also give tliem some grocery, whatever we can from the kitchen. It gives us total satisfaction to do this as this is what is required from us to fced th¢ hungry and help the iieedy. We sincerely believe that it has become lot inore common in recent months due to recession, ciitting on welfare fund, cutting on their benefits etc. By doing tliis, the Trust is helping the loL'al cominunity and the society. Page I
Human Welfare International Charitable Trust Trustees, Report for the Year Ended 31st December 2023 OBJECTIVES AND ACTIVITIES Public benefit In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Coinmission's guidance on public benefit, including the guidance 'Public benefit: running a chai'ity (PB2}. It is the trustee's opinion that the op¢i'ation of the Trust in its present fonn is for the public benefit under the principles set out in the Charity Commission guidance. ACHIEVEMENT AND PERFORMANCE Charitable activities In the financial year of 2023, apart from tlie above mentioned objectives and in support of the above achievements, the following activities and events were undertaken by the Trust as mentioned below. Donation income has increased by 7% since last year which is promisingy as the level of congrLgation is increasing from the impact of covid as the elderly people becaine Inore reluLtant to travel to public places. Also due to the economic environment people air donating less tlian they used to in the past. As usual, 14 days Simran-jaap events were hosted in Southall in April 2023 for Vaisakhi programme, and in Novembcr 202.3 for Guru Nanak Dev Ji's Gurpurab. Althou&yh the above pro&yramines were bi'oadcasted on Zooin and worshippers fomi all over the country could.join and it was very successful. In fact, we have i)0 Iiesitation of saying this that number of Gurdwara's have taken inspiration from us and started a similar type of programmes in their respective Gurdwaras. We can say that other Gurdwaras have been inspired by our progyrainme and tlieir Gurdwaras Iiave started a siinilar meditation programme, which is normally hosted by youngF cliildren, which is very important for us. We have started giving leads and control to the young generations and tliey now look fOrw.d to Iiost tliese programmes and similar pi'ogi'ammes. It is gTiving iiispirations to other youngstLrs as well. which is quite satisfying to the trustees and tlie trust. We have also noticed that number of homeless and poor people hav¢ started coming to our Temple for frce food elc. Although they are not Siklis, it gives us immense pleasure to serve tliem hot food and also to give them some groceiy, wliatever we can fi'om the kitchen. It gives us total satisfaction to do tliis as tliis is what is required from us to feed tlie hungry and help the needy, We sincerely believe that it has become lot more cominon in recent months due to the recession, reduction in the benefits and welfare funds. By doingT tliis, tlie Trust is helping the local cominunity and the society. Page 2
Human Welfare International Charitable Trust Trustees, Report for the Year Ended 31st December 2023 FINANCIAL REVIEW Financial position The primary funding source is donations froni both the Gurdwara congregations. The funds from this source are used to provide the congregation with well-maintained Gurdwaras, in Southall and Leicester and other resources in order to achieve the objectives of the charity. Donation income had increased by 70/0 to £591,621 (2022.. £552,102) since last year due to general increase in donations from congregration .The ovei'all income had increased during the year as a result of the settlement amount from the GAD Hall fire claim fi'oiii the insurers. However, the total resources expended had increased to £481,390 (2021 . £435,691) which was due to the overall increase in costs due to the economic conditions. On 15 July 2021, the Guru Amardass Hall was completely destroyed as a result of a massive fire, which was caused by an electrical short circuit. Fortunately, no personal lives were lost but tlie hall was completely destroyed. A cash settlement was negotiated with the insurance coinpany which was agreed at 80 % of value at risk. The final settleinent received was £1,127,256 which was after initial costs, and this was received in August 2023. Work to restore the hall commenced shortly after the settleinent was received and it is anticipated that the hall will bc coinpleted during the end of 2024 when we hope that we can start to use the hall again for our reli&rious functions. The charity has been able to maintain its net assets above the minimum amount as part of the ondition of both loans. Rental income from the Trust's investment pi'operties have remained the same as last year at £53,000. The insiirance proceeds enabled the Trust to receive interest on the settleinent that were received from the insurers. Reserves policy In our last report, we had suggested to review our Reserve Policy. which was done during the year. It was decided that tlie trust will try to keep tlie IOO/o of the total outstandingy loan by tlie trust in our bank account. Also, it was decided tliat it is not a big risk anymore due to tlie fact that, our monthly cominitinent lias already been reduced by £10,000 per inonth due to our changing the inortgage from RBS to Lloyds and our mortgage rate is fixed for the remaining tern]s at a very low rate. Page 3
Human Welfare International Charitable Trust Trustees, Report for the Year Ended 31st December 2023 FUTURE PLANS We believe that by bringing extra congregation and young generation, we may not be increasing the turnover in short tenn ot. time, but it should prove very fruittijl for everyone in a long tern] in terms of not only financial gains but spiritual goals and also fulfilling our responsibilities towards the coinmunity at large and also to the country, where we live in. We believe that our Centres are providing more help to the local community now than in the past, as per explanations with regards to lot more programme for youngsters, lot inore needy people coming to the centre for food and other help etc. The Trust has run another successful year (considering the reduction income as a result of the fire at GAD Hall) and we really do not see any failures aiid do not t.or see any major issue or problem apart from encouraging more volunteers and youngsters to give tlieir valuable tiine and if we can provide the congregsation, society a valuable service, then perhaps we would have satisfaction in tenns of spiritual goals etc. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity. Charity constitution The Charity is controlled by its governing document, a deed of trust. and constitutes an unincorporated charity. The trust was set up by deed dated 30th October 1995 and supplementary deeds dated 10th March 1998, 26th June 2006, 3 1st January 2008 and 17th June 2009. The board has already started investing the pro and cons of converting the Trust into a Cliaritable Incory)orated Organisation and have already asked our Auditors as well for theii. opinion and will decide in near future, onLe it has been fiilly discussed. Unfortunately, no progress has been made on this during the year. due to dealing with insurance claim and not able to use the hall for the whole year The Trust is not looking to replace any existing trustees and the Trust is satisfied with the cuent trustees. Page 4
Human Welfare International Charitable Trust Trustees, Report for the Year Ended 31st December 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Appointment of trustees The trustees are responsible for the administration and investment policy of the Charity. Trustees are appointed and removed by the board of trustees after deliberation with the Chairn]an. The trustees who served during the year were.. Bhai Anhad Raj Singh (Chairn]an) Ainarjit Singh Daljit Singih Saggu Surinder Singih Jagdev Gurvinder Pal Singh Kohli Organisational structure A board of trustees (the "Board"), which meets regularly tlirouLyhout tlie year, administers the charity. The Chairman of the trust is responsible for settingr the general strategy and direLtion of the trnst, whereas the administration and operational responsibilities pertaining to the trust fall to the board. Volunteers Many volunteers give up their time to help witli day-to-day tasks at the Sikh temples (Gurdwaras) operated by the Trust, particularly at weekLnds and in the evenings. The trustees are grLatly indebted to these volunteers for their contribution, cominitmcnt and suppoit. Related parties The Chairman Mr Anhad Raj Singih is also tlie chairinan of Guru Amardass Charitable Hospital and Institute of Medical Sciences in Ludhiana, Punjab, India wliLi'c the Trust donates part of its donations as per its deeds on an ad-hoc basis. As are result of the GAD Hall fire a company called Juxtaposition Limited wab engagcd for the iiislallation of the scaffolding and temporary tin roof, in addition to some Llearance work. Mr Siirinder Ja&'dev, one of tlie Trustees, is also a director of Juxtaposition Liinited. Page 5
Human Welfare International Charitable Trust Trustees, Report for the Year Ended 31st December 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management The trustees recognise that with recession worldwide and Covid effects and cost of living crises is still having definitely impact on the total donations during the year. Also, many young generations are drifting away from any sort of religion. Overall lack of confidence in the economy also has negative impact on place of worships as congregations feel the economic financial pressure and theret"ore, their visits to tlie Gurdwara gets less and also their donations etc get effected as well. The trustees also recognise that it is becomingF lot more difficult to fInd a suitable priest, religyious woi'kers and Holy Book readers etc due to lot inore conti'ol on the immigration policy of the current Governinent. Also, in July 2021. Guru Ainardass Hall was completely destt'oyed with massive fire, which was caused by electrical short circuit. Fortunately, no personal lives were lost but the hall was coinpletely destroyed. Insurance Claiin was started during the year and one of tlie trustee was made In chargye of the insurance claim who has since been taking this matter with the Iiisurance company. Insurance claim was settled as cash settlement and inajor renovation work started at Guru Aniardass Hall towards the end of the Yeai. which continued in 2024. Currently renovation work lias finished and the hall is ready to be used again and waitin&y for final completion certificate and once received, the Gurdwara should start generating re&yular iiicome for the hall in 2025. The trustees have taken the following measures to initigate these risks:_ Tryin&F to do progTrammes for young generations and tryinLy to make food which is preferred by the yoiingsters etc. Also trying to give the control on tlie progsraiTimes to youngysters and also trying to xive them programme in Englisli which they understand better. We do think that by doing tliese activities, we would be spending more resources but would be doing a gTreat job for the young>sters, their parents and mainly for the community at large as once they start coming to the Gurdwara, start taking parts in reli&¥ious activities, would ensure that tliey will nol be indulging in other anti social activities etc. Secondly, we would be preparin& a generation, who would be takin&y over tlie charity to take further wlien we are not in this world. We do not foresee any problem witli bank's mortgage as our interest rate on our borrowing is fixed at fantastic rate as mentioned in our last years report and the mortgage is always paid oli time, tlius reducing the amount outstanding as well. Propety values have also gone up during the period, whicli makes our loan to valuation in more favourable to the Trust. The trust also acknowledges that we still have a very big site of Leicester, two residential units in Leicester, 4 residential units in Southall. whicli have no loan or moitgagFe on thein and tliey provide us cushion against the above risks. We also acknowledge that the site at Leicester is very much under pei'fonning in sense of its sizc and facilities available and looking at different avenues to inLrea8e the income from Leicester site. Page 6
Human Welfare International Charitable Trust Trustees, Report for the Year Ended 31st December 2023 REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1050410 Principal address IA -3 Clifton Road Southall Middlesex UB2 5QP Trustees Mr D S sa8U Mr A Singh Mr S S Jagdev MrGPSKholi Mr A R Singh Auditors S Syedain & Co Chartered Accountants & Statutory Auditors First Floor 87 Kenton Road Harrow Middlesex HA3 OAH Bankers Lloyds Bank PIC UxbridL7e Birmingliam OCS4 Ariel House, 2138 Coventry Road Slieldon B26 3JW EVENTS SINCE THE END OF THE YEAR Inforn]ation relating to events since the end of the year is given in the notes to the financial stateinents. Approved by order of the board of trustees on 28th May 2025 and signed on its behalf by: Mr D S Saggu - Trustee Page 7
Human Welfare International Charitable Trust Statement of Trustees, Responsibilities for the Year Ended 31st December 2023 The trustees are responsible for preparing the Trustees, Report and the financial statements in aLcordanLe with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to pi'epare financial statements for each financial year which give a true and fair view of tl)e state of affairs of the charity and of the incoming resources and applicatioii ot. resources, including the incoine and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to select suitable accounting policies and then apply tliem consistently. observe the methods and principles in the Charity SORP; mak¢.jud&yements and estimates that are reasonable and prudent. state whether applicable accountin&F Standards have been followed, subject to any material depaitures disclosed and explained in the financial statements. prepare the financial stateinents on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply witli the Charities Act 2011, the Charity (Accounts and Reports) Re&iulations 2008 and the provisions of tlie trust deed. Tliey are also respoiisible for safeguarding the assets of the cliarity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 8
Report of the Independent Auditors to the Trustees of Human Welfare International Charitable Trust Opinion We have audited the financial statements of Huinan Welfare Jnternational Charitable Trust (the 'charity') for the year ended 31st December 2023 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and notes to tlie financial statements, including a summary of significant accounting policies, The financial i'eporting frainework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), includiiig Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland,. In oiir opinion the financial statements: give a true and fair view of the state of the charity's affairs as at 3 1st December 2023 and of its incoming resources and application of resources, for the year then ended. have been properly prepared in accoi'dance with United Kingdom Geiiei'ally Accepted Accounting Practice, including Financial Reporting Standard 102 'The li inancial Reporting Standard applicable in the UK and Republic of Ireland and have been prepared in accordance with the requirements of 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 Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requireinents that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we Iiave obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial stateinents, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of tlie financial statements is appi'opriate. 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 signifiLant doubt on the cliarity's ability to continue as a goin&y coiicern for a period of at least twelve months from when the financial statements are authoris¢d foi. issue. Our responsibilities and the responsibilities of the tNstees with respect to going concern are described iii the relevant sections of tliis report. Page 9
Report of the Independent Auditors to the Trustees of Human Welfare International Charitable Trust Other information The trustees are responsible for the other inforniation. The other int"omiation comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors tliereon. Our opinion on the financial statements does not cover the other inforn]ation and, except to the extent otheNise explicitly stated in our report. we do not express any forn] of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other inforination and, in doing so, consider wliether the other inforniation is materially inconsistent with the financial stateinents or our knowledge obtained in the audit or otlierwise appears to be materially misstated. If we identit'y such material inconsistencies or apparent inaterial misstatemeiits, we are requii'ed to detennine whether this gives rise to a material inisstatLment in the financial stateincnt&i themselves. If, based on the work we have perforn]ed, we conclude that there is a inaterial misstatement of this other inforn]ation, we are required to report that fact. We have nothing to report in this regard. Matters on which we are requlred to report by exception We have nothing to report in respect of the followingT matters where the Charities (Accounts and Reports) Regulations 2008 reqiiires us to report to you if, in our opinion: the information given in the trustees Report is inconsistent in any inaterial respect with the financial statements. or sufficient accounting records have not been kept; or the financial statements are not in agreement with tlie accountingy records and returns. or we have not received all tlie inforn]ation and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities, the trustees are responsible for the preparation of the financial statements wliich give a truc and fair view, and for such internal control as tlie trustees detern]ine is necessary to enable the preparation of financial statemcnts that are free from material misstatement, whether due to fraud oi. error. In preparing the financial statements, the trustees are responsible for assessing tlie cliarity's ability to continue as a goin&y concern, disclosiiig, as applicable, Inatters related to going concern and using the gyoing concern basis of accounting unless tlie trustees either intend to liquidate tlie charity or to cease operations. or have no realistic alternative but to do so. Page 10
Report of the Independent Auditors to the Trustees of Human Welfare International Charitable Trust Our responsibilities for the audit of the financial statements We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect tliereunder. Our objectives are to obtain reasonable assurance about whether the financial stateinents as a whole are free trom material misstatement, whether due to traud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstateinent when it exists. Misstatements can arise froin fi'aud oi. error and are considered material if, individually or in the aggFregyate, tliey could reasonably be expected to intluence the economic decisions of users taken on the basis ot" tliese financial stateinents. We enquired of management, which included obtaining and reviewing supporting documentation, conceiiling the charity's policies and procedui'es r¢latingi to: Identifyingi evaluating, and complying with laws aiid i'egyulations and whether they were aware of any instances of non-coinpliance; Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspcctcd, or allL&ied fraud; The internal controls established to mitigyate i'isks related to fraud or non-compliance with laws and re&Fulations. We inspected the minutes of meeting¥s of those charged with governance. We obtained an understanding7 of the legal and regulatory framework that the charity opei'ates in, focusinLY on those laws and regulations that had a inatei'ial effect on tlie financial statemenls or that had a fundamental effect on the opei'ations of tlie Lliarity from our professional and sector expei'ience. We reviewed processes for in place for monitoriiig and accounting for funds providcd to partner oi'&yani&*ations outside tlie UK. We coinmunicated applicable laws and regulations tlirou&yhout the audit teain and remained alert to any indications of noncompliance tliroughout the audit. We reviewed any reports made to regulators. We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations. We perfornied analytical procedures to identify any unusual or unexpected relationsliips that may indicate risks of material Inisstatement due to fraud. Page 11
Report of the Independent Auditors to the Trustees of Hurnan Welfare International Charitable Trust In addressing the risk of fraud through management ovettide of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgemcnts made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the nonnal course of business. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or Tegulation is reinoved froin the events and transactions reflected in the financial stateinents, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery,collusion, omission or misreprcsentation. A further desciiption of our responsibilities foi. the audit of the financial statements is located on the Finaiicial Reporting Council's website at www.frc.orgy.uk/auditorsresponsibilitics. This description foiins part of our Report of the Independent Auditors. 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 undLrtaken so that WL, might state to the charity's trustees those inatters we are required to state to them in an auditors, report and for no other purpose. To the fullLst extent pennitted by law, we do not accept or assume responsibility to anyone other than the charity aiid the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. S Syedain & Co Cliartered Accountants & Statutory Auditors First Floor 87 Kenton Road Harrow Middlescx HA3 OAH 28th May 2025 Page 12
Human Welfare International Charitable Trust Statement of Financial Activities for the Year Ended 31st December 2023 Unrestricted Restricted fund fund 31.12.23 Total funds 31.12.22 Total funds INCOME AND ENDOWMENTS FROM Donations and legacies Notes 1,718,877 1,718,877 556,846 Investment incoine 54,875 54,875 53,000 Total 1,773,752 1,773,752 609,846 EXPENDITURE ON Charitable activities Reli&ious Actlvity Support costs and Administration Costs Total 145,808 335,582 145,808 335,582 122.184 313,507 481,390 481,390 435,691 Net gains/(losses) on investments (34,000) (34,000) 54,000 NET INCOME 1.258,362 1,258,362 228,155 RECONCILIATION OF FUNDS Total funds brou&yht forward 2,894,845 2,894,845 2,666,690 TOTAL FUIYDS CARIUED FORWARD 4,153,207 4,153,207 2,894,845 The notes fonn part of these financial statements Page 13
Human Welfare International Charitable Trust Statement of Financial Position 31st December 2023 Unrestricted Restricted fund fund 31.12.23 Total funds 31.12.22 Total funds Notes FIXED ASSETS Tangible assets Investment propety 2,492,964 10 1,320,000 2,492,964 2,561,857 1,320,000 1,354,000 3,812,964 3,915,857 3,812,964 CURRENT ASSETS Debtors Cash at bank and in hand 196,140 1,439,363 196,140 1,439,363 21,879 422,827 1,635,503 1,635,503 444,706 CREDITORS Ainounts falling due within one year 12 (287,026) {287,026} (293,676) IYET CURRENT ASSETS 1,348,477 1,348,477 151,030 TOTAL ASSETS LESS CURRENT LIABILITIES 5,161.441 CREDITORS Ainounts falling due after inore than one year 5,161,441 4,066,887 13 {1,008,234) {1,008,234} (1,172,042) NET ASSETS 4,153,207 4,153,207 2,894,845 The notes forni part of these financial statements Page 14 continued...
Human Welfare International Charitable Trust Statement of Financial Position - continued 31st December 2023 FUNDS Unrestricted funds 16 4,153,207 2.894,845 4,153,207 2,894,845 TOTAL FUNDS The financial statements were approved by the Board of Trustees and authorised for issue on 28th May 2025 and were signed on its behalf by.. Mr D S Saggu - Trustee Kholi - Truste¢ The notes fom] part of these financial statements Page 15
Human Welfare International Charitable Trust Statement of Cash Flows for the Year Ended 31st December 2023 Notes 31.12.23 31.12.22 Cash flows from operating activities Cash generated froin operations Interest paid 1,236,850 (55,529) 282,454 (47,120) Net cash provided by operating activities 1,181,321 235,334 Cash flows from investing activities Purchase of tangible tixed assets Interest received (2,549) 1,175 (30.243) Net cash used in invcsting activities (1,374) (30,243) Cash flows from financing activities Loan repayments in year (163,411) Net cash used in financing activities (163,025) (163,411) (163,025) Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period 1,016,536 42,066 422,827 Cash and cash equivalents at the end of the reporting period -380,761 1,439,363 422,827 The notes forn] part of these financial statements Page 16
Human Welfare International Charitable Trust Notes to the Statement of Cash Flows for the Year Ended 31st December 2023 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.12.23 31.12.22 Net income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Losses/(gain) on investments Interest received Interest paid Increase in debtors Decrease in creditors 1,258,362 228,155 71,442 34,000 (1,175) 55,529 (174,261) (7,047) 74,147 (54,000) 47,120 (1,511) (11,457) Net cash provided by operations 1,236,850 282,454 ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS At 1.1.23 Cash flow At 31.12.23 Net cash Cash at bank and in hand 422,827 1,016,536 1,439,363 422,827 1,016,536 1,439,363 Debt Debts fallinLy due within l year Debts falling due after l year (197,295) (1,172,042) (397) (197,692} 163,808 (1,008,234) 163.411 (1,205.926) (946,510} 1,179,947 (1,369,337) Total 233.437 The notes forni part of these financial statements Page 17
Human Welfare Internationaj Charitable Trust Notes to the Financial Statements for the Year Ended 31st December 2023 ACCOUNTING POLICIES Basis of preparing the financial statements The tinancial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities.. Statement of Recoinmended Pi'actice applicable to charities preparing tliLir aLcounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102} (effective l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statenients have been prepared under the historical cost convention, as modified by the revaluation of certain assets. Income All income is i'ecognised in the Statement of Financial Activities once the Trust has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Cash donations are recognised on receipt. Intere%t received is recognised when receivable. The Trust receives gifts in kind in the forn] of food as part of the congyreLyational offerings. These gFifts in kind are used as part of the free lan&yer (food) and as part of the items required in the day to day runnin&y of the Gurdwaras,. The ainount involved is not considered material in i'elation to the total incomin&> resources. The giifts in kind of food offering has not been included in the accounts. Assets given for use by the Trust are recognised when receivable. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation cominittingy the Trust to that expenditure, it is probable that a transfer of economic benefits Will be required in settlement and tlie amount of tlie obligyation can be ineasured reliably. Expenditure is accounted for on an accruals basis and ha.8 becn clasbified undcr Iieadinbis that aggrcgate all cost related to the category. Where costs cannot be directly attributed to particular headings tliey have been allocated to activities on a basis consistent with the use of resources. Governance costs includes the costs attributable to the Trust's compliance with constitutional and statutory requirements, audit, Trustee's expenses and reimbursed expenses. The Trust has only a few relevant actlvlty categories on which resources are expended and as sucli the costs between the different categories are easily allocated without the use of any method of apportionment. The Trust provides provision of the scripture of the Sikh religion called the "Sri Guru Grantli Sahib" to be read in both the Gurdwaras, 24/7 which requires employing self employed priests on a contractual basis who are paid as soon as they have fulfilled their duties. Page 18 continued...
Human Welfare International Charitable Trust Notes to the Financial Statements - continued for the Year Ended 31st December 2023 ACCOUNTII¥G POLICIES - continued Voluntary help A significant amount of time is spent expended on the Trust's activities which is donated free of charge. It is not possible to quantify the value of time given and accordingly it is neither recorded as donated income nor as an expense in the financial statements. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Freehold property Fixtui'e and Fittings 2Q/o on cost 15 % on reducing biilance Investment property Investment property, which is property held to earn i'entals and/or for capital appreciation is initially measured at cost and subsequently measui'ed using the fair value model aiid stated at its fair value at the repoiting end date. Tlie surplus or deficit on revaluation is recognised as part of the net incoine/(loss) for the year. Taxation The charity is exempt from tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within tlie objects of tlie Trust. Restrictions arise wlien specified by the donor or when fiinds are raised for particular restricted purposes. The restricted funds are in relation to donations made specifically towards the buildingr of the hospital in Ludhiana known as tlie Baba J(Iswant Singh Trust Ludhiana, India, Going concern At the tiine of approving the accounts, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence foi. the foreseeable future. Thus the Trustees, continue to adopt the going concern basis of accounting in preparing the accounts. Page 19 continued...
Human Welfare International Charitable Trust Notes to the Financial Statements - continued for the Year Ended 31st December 2023 DONATIONS AND LEGACIES 31.12.23 31.12.22 Donations Insurance claims 591.621 1,127,256 552,102 4,744 1,718,877 556,846 The insurance claim relates to the final settlement received from the insurance company in relation to the insurance claim froin the GAD Hall tire. INVESTMENT INCOME 31.12.23 31.12.22 Rents received Deposit account interest 53,700 1,175 53,000 54,875 53,000 CHARITABLE ACTIVITIES COSTS Direct Costs Support costs (see note 5) Totals Religous Activity Siipport costs and Administration Costs 145,808 145,808 305,616 29.966 335,582 451,424 29,966 481,390 Page 20 continued...
Human Welfare Internatlollal Charitable Trust Notes to the Financial Statements - continued for the Year Ended 31st December 2023 SUPPORT COSTS Management Finance Governance costs Totsis Support costs and Administration Costs 3,128 2,300 24,538 29,966 TRUSTEES, REMUNERATION AND BEINEFITS There were no trustees, remuneration or other benetits for the year ended 31 st December 2023 nor for the year ended 31 st December 2022. Trustees, expenses There were no Trustee expenses this year. STAFF COSTS 31.12.23 31.12.22 Wagyes and salaries 16,598 16,596 16,598 16,596 The average montlily number of employees during tlie year was as follows: Soutliall 31.12.23 31.12.22 No employees received emoluments in excess of £60,000. Page 21 continued...
Human Welfare International Charitable Trust Notes to the Financial Statements - continued for the Year Ended 31st December 2023 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted fund fund Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 556,846 556,846 Investment income 53,000 53,000 Total 609,846 609,846 EXPENDITURE ON Charitable activities Religous Activity Support costs and Administration Costs 122,184 122,184 313,507 313,507 Total 435,691 435,691 Net gains on investments 54,000 54,000 NET INCOME 228,155 228,155 RECONCILIATION OF FUNDS Total funds brouglit forward 2,666,690 2,666,690 TOTAL FUNDS CARRIED FORWARD 2,894,845 2,894,845 Page 22 continued...
Human Welfare International Charitable Trust Notes to the Financial Statements - continued for the Year Ended 31st December 2023 TANGIBLE FIXED ASSETS Fixture and Fittings Freehold property Totals COST At 1st January 2023 Additions 3,110,762 226,936 3,337,698 2,549 2,549 At 3 1st December 2023 3,110,762 229,485 3,340,247 DEPRLCIATION At 1st January 2023 Charge for year 616,525 62,215 159,316 9,227 775,841 71,442 At 31 st December 2023 678,740 168,543 847,283 NET BOOK VALUE At 3 1st Deceinber 2023 2,432,022 60,942 2,492,964 At 3 1st December 2022 2,494,237 67,620 2,561,857 10. INVESTMENT PROPERTY FAIR VALUE At I st January 2023 Revaluation 1,354,000 (34,000) At 3 1st December 2023 1,320,000 NET BOOK VALUE At 3 1st December 2023 1,320,000 At 31 st December 2022 1,354,000 Page 23 continued...
Human Welfare International Charitable Trust Notes to the Financial Statements - continued for the Year Ended 31st December 2023 10. INVESTMENT PROPERTY_ continued Fair value at 31 st December 2023 is represented by.. Valuation in 2014 Valuation in 2015 Valuation in 2016 Valuation in 2017 Valuation in 2019 Valuation in 2020 Valuation in 2021 Valuation in 2022 Valuation in 2023 Cost 378.860 30,000 87,000 (3,123) 110,000 20,517 355,606 54,000 (34,000) 321,140 1,320.000 The Trustees consider that the caiiyin&Tr value of the investinent properties approximates to their fair value. The fair value is based on an independent valuers, valuation. 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.23 31.12.22 Other debtors Prepayments 39,934 156,206 13,006 8,873 196,140 21,879 Included within Other Debtoi's is an amount £22,325.05 that is due from Juxtaposition Limited as part of the GAD Hall initial clear up work. Page 24 continued...
Human Welfare International Charitable Trust Notes to the Financial Statements - continued for the Year Ended 31st December 2023 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.23 31.12.22 Bank loans and overdrafts (see note 14) Other loans (sce note l4) Social security and other taxes Other creditors Accrued expense 167,692 30,000 901 62,523 25,910 167,295 30.000 1.046 78,785 16,550 287,026 293,676 13. CREDITORS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR 31.12.23 31.12.22 Bank loans (see note 14) 1.008,234 1,172,042 14. LOANS The Trust has two loans with Lloyds bank. The first was taken out in 2012 foi. a period of 180 months at a fixed rate of interest uf 3.6060 % per aiinuin foi. seven years. In October 2019 the interest rate for the loan was re-negiotiated and a new fixed interLst rate of 2.942 % per annum Iiad been agreed. The final instalment of the loan i'epayable on 2611012028. The second loan was taken out in 2017 for a period of 240 months at a rate of interest of base plus 3 % whicli was 3.25 % per annum at the year end. Other loans relate to a £30,000 Interest Free Loan which had been provided by meinbers of the congreLyation. IS. SECURED DEBTS The following secured debts are included within creditors., 31.12.23 31.12.22 Bank loans 1,175.926 1,339,337 Both the bank loans are secured by way of a fixed charge over some of tlie freehold properties that the Trust holds. Page 25 continued...
Human Welfare International Charitable Trust Notes to the Financial Statements - continued for the Year Ended 31st December 2023 16. MOVEMENT IN FUNDS Net movement in funds At 31.12.23 At 1.1.23 Unrestricted funds General t'und 2,894,845 1,258,362 4,153,207 TOTAL FUNDS 2,894,845 I,258,362 4,153,207 Net movement in funds, included in the above are as follows.. Inconiing Resources resources expended Gains and Movement losses in funds Unrestricted funds General fund 1,773,752 (481,390) (34,000) 1.258,362 TOTAL FUNDS 1,773,752 (481,390) (34,000) 1,258,362 Comparatives for movement in funds Net movement in funds At 1.1.22 At 31.12.22 Unrestricted funds General fund 2,666,690 228,155 2,894,845 TOTAL FUNDS 2,666,690 228,155 2,894,845 Page 26 continued...
Human Welfare International Charitable Trust Notes to the Financial Statements - continued for the Year Ended 31st December 2023 16. MOVEMENT IN FUNDS- continued Comparative net movement in funds, included in the above are as follows.. Incoming Resources resources expended Gains and Movement losses in funds Unrestricted funds General fund 609,846 (435,691) 54.000 228.155 TOTAL FUNDS 609,846 (435,691) 54.000 228,155 A current year 12 months and prior year 12 months combined position is as follows: Net movement in funds At 1.1.22 At 31,12.23 Unrestricted funds General fund 2,666,690 1,486,517 4,153,207 TOTAL FUNDS 2,666,690 1,486,517 4,153,207 current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows.. Incomin resources Resources expended Gains and Moveinent losses in funds Unrestricted funds General fund 2,383.598 (917,081) 20,000 1.486,517 TOTAL FUIYDS 2,383,598 {917.081) 20,000 1,486,517 Page 27 continued...
Human Welfare International Charitable Trust Notes to the Financial Statements - continued for the Year Ended 31st December 2023 17. RELATED PARTY DISCLOSURES Tlie Trust had engaged a company called Juxtaposition Limited to assist in the clearance work on the GAD Hall as a result of the damage caus¢d by the fire during the year. Mi. Surinder Jagdev, one of the tnlstees of the Trust is also a director of this company. There is still an outstanding debtor balance of £22,325 showing at the year end. 18. POST BALANCE SHEET EVENTS Tlie insurance claim settlement for the GAD hall, that was damaged as a result of a major fire during the year, was £1,355,746 and the amount i'eceived by the Trust, net of initial expenses, was £l,1127,256 during August 2023. Some of the restoration on GAD hall commenced during the end of 2023 and it is anticipated that the work should be completed by the end of 2024. Page 28
Human Welfare International Charitable Trust Detailed Statement of Financial Activities for the Year Ended 31st December 2023 31.12.23 31.12.22 INCOME AND ENDOWMENTS Donations and legacies Donations Insurance claims 591,621 1,127,256 552,102 4,744 1,718,877 Investment ineome Rents received Deposit account interest 556,846 53,700 1,175 53,000 54,875 Total incoming resources 53,000 1,773,752 609,846 EXPENDITURE Charitable actlvities Wa&ies Rent and Rates Insurance Light and heat Sundrles Repair & Maintenance F"ood & Catering Biiildingis repairs Visitiiig priests F'recliold property Fixtures and fittings Bank loan interest 16,598 25,396 26,596 121,610 1,565 13,068 18,565 17,006 84,049 62,215 9.227 55,529 16,596 18,920 19,697 122,189 1,012 13,721 13,421 10,725 77,484 62,215 11,932 47,120 451,424 Support costs Management Postage and stationery Carried forward 415,032 1,553 1,553 432 432 This page does not forn] part of the statutory fmancial statements Page 29
Human Welfare International Charitable Trust Detailed Statement of Financial Activities for the Year Ended 31st December 2023 31.12.23 31.12.22 Management Brought forward Advertising 1,553 1,575 432 175 3,128 607 Finance Bank charges 2,300 Governance costs Auditors, remuneration Auditors, remuneration for non audit work Telephone Legal and Professional fees 1,906 6,000 5,750 12.960 4,378 1,200 9,158 3,238 24,538 Total resources expended 18,146 481,390 Net income before gains and losses 435,691 1,292,362 Realised recognised gains and losses Realised gains/(losses) on investment property 174,155 Net income (34,000) 54,000 1,258,362 228,155 This page does not fonn part of the statutory financial statements Page 30