Charity registration number: 1053275 Gurdwara Siri Guru Singh Sabha Annual Report and Financial Ststements forthe Year Ended 31 March 2024
Gurdwara Sirl Guru Singh Sabha Contents (continued) Reference and Administrative Details 2to5 Trustees, Report 6t09 Independent Auditors, Report statement of Financial Activities 10 11 Balancé Sheet 12to21 Notes to the Financial Statements
Gurdwara Siri Guru Singh Sabha Reference and Administrative Detsils Trusteos Mr G Singh Sarang Mr G Singh Lally Mr S Singh Gill Mr A Singh Ladhar Some of the properties owned by the charity are also held by the trustees as custodians on behalf of the charity. Charfty Reglstratlon Number 1053275 Principal Office Sikh Temple Cottenham street Newcastle-upon-Tyne NE4 SQU Chuhan & Singh Partnership Limited Chartered Accountants & statutory auditor 81 Borough Road Midd18sbrough TSI 3A4 Sintons Law The Cube Barrack Road Newcastle upon Tyne NE4 6DB Barclays Bank Westgate Road Newcastle upon Tyne NE4 gBN Lloyds Bank 102 Grey Street Newcasde upon Tyne NE99 1SL Santander UK 112-118 Northumberland Street Newcast5e upon Tyne NE17AG Auditor Solicltors Bankers Page 1
Gurdwara Siri Guru Singh Sabha Trustees. Report The trustees present the annual report together with the financial statements of the charity for the year ended 31 March 2024. Objectives and actlvities Our.objeGtives The charity's objectives are to provide a cultural socifrreligious base for the Sikh Community in Newcastle-upon-Tyne. The charity has continued in its objectives stated above by providing an open, easy and free means for the Sikh community in thé area to engage in their. religious and cultural heritag8. The Charity built a new Gurdwara for the local Sikh Community to help ensure that the charity achieves its objectives. We have referred to thè guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities and we are satisfied that we have fuFfilled our responsibilities in respect of this criteria. Strategies We want to make our Temple an accessible and welcoming venue where all Sikhs, or those wishing to know more about our faith, can gather tether to learn about religion and worship. The Temple is open daily from 4:30am until 8'.00pm with Saturday and Sunday being the busiest days. We try to promote the Sikh faith in the Newcastle area and encourage all schools, colleges and universib.es to visit the Temple. We regularly invite people from other faiths to attend at major functions in order to maintain and promote inter-faith activities. We also have a Langar (free kitch8n) which is open to everyone in the local community, irrespective of religious beSiets. We take part in an annual Int8r-F2ith Peac8 march in Newcastle marching from the Hindu Temple to the Church, Mosque, Synagogue and ending at our Temple with a free meal. An important part of our faith is helping those in need. We operate a clothing collection service and we regularly visit Newcastle City Centre to distribute food, clothing and blankets to those in need including horneless, refugees and asylum seekers. We offer many different dasses to the local community including Punjabi, religious olasses for children and yoga classes. Publlc ben8fit The chartty carries out a wid8 range of activities in pursuance of its charitable aims. The trustees onsider that these activsties provide ben8fit both to those who worship at our Temple and the wider communty. Use of volunteers Volunteers are an important resource in both our faith and community work. Volunteers are involved in most of our faith and community activities and we have people regularty giving their time. Page 2
Gurdwara Siri Guru Singh Sabha Trustees. Report (continued) Financial revlew Policy on reseThes The trustees are satisfied with the financial position of the charity at the year end and there are no COnrnS regarding the charty's ability to continue in the future. It is the policy of the charity to maintain unrestricted funds that are sufficient to cover management, adrninistration, and running costs of the charity for a period of four to six months. The eXs$ of income over expenditure for the year was £16,616. The total reserves at 31 st Mard) 2024 were £3,863.648. The trustees are satisfied wth the level of reserves Principal funding sources The principal source of funding for the charity are donations from the local Sikh communty. Trustees are members of the Temple are encouraged to pay their donations monthly via standing order. The charity also re]VeS rental income from its property Portfolio. Gift aid is also in operation. Plans for the future. The charity wishes to continu8 the promotion of the Sikh faith in the local Gomrriunity and to coninue helping those in need. Going concem The financial statements have been prepared on a going concem basis which assumes the charity will continue in operational existen for the foreseeable future. Structure, govemance and management Nature of governing document Gurdwara Siri Guru Singh Sabha is constitutsd as a charitable trust registered with the Charit18S Commission in February 1996 und8r the charity number 1053275. It is governed by a constitution last updated in November 1995. R8crnltment and appointment of trustses The existing trustees are responsible for the recruitment of new trustees but in so doing the trustees seek th8 views and recommendations of both elders and community leaders. The trustees believe this approach ensures that new trustees are respected members of the fatth and local communities and ensures that good relations. are fostered beeen the Temple and the people of the local community that we seNe. In selecting new trustees, we seek to identify people who regularly attend events an(5 functions organised by the charity and are willing to volunLeer to help in our broader community work. Potential trusts are invited to attend trustees. meetings as obseNers and are given more details of the Chariws aims and activities and. if all agree, they are then proposed as new trusts at the subsequent trustees, meeting. This process allows due consideration of the person's eligibility, personal competence, specialist knowledge and skills. Page 3
Gurdwara Siri Guru Singh Sabha Trustses, Report {continued) Induction and tralning of trustees Following appointrnent, new trustees are intrOdUd to their new role and given copies of the constitution along with a number of publications from the Charities commission which provide guidan on charitses and public benefit and on the advancement of religion for the public benefit This ensures that new trustees are aware of the scope of their responsibilities under the Charities Act Organlsational structure The charity trustees along with a management committee are responsible for the general control and management of th8 charty. The trustees and committee members give théir time freely and receive no remuneration or other financial benefits. The trustees and committee members meet together, as a body, periodically and are responsible for all decisions taken in relation to running the Temple and the community facilities and the activities provided by the charity. The trustees have delegated day to day rnanagement of the charity to Mr Ja9tar Singh who has been appointed President of the committee. The other officials of the Charity are as follows". President - Jagtar Singh Treasurer - Malkit Singh General Secretary - Jarnail Singh laJ"or risks and management of those risks The trustees have assessed the risks faced by the charity and are satisfied that syst8ms are in pla, or arrangement5 are in hand, to manage identified risks. In particular, insurantt cover is in plac8 and the finances cf the Temple are kept under rular review. Appropriate Disclosure and Barring S8rvice (DBS) checks are made for all those who work th children and other vulnerable groups wrthin the Temple and community. Page 4
Gurdwara Siri Guru Singh Sabha Trustees. Report (continued) ststement of Trustees. Responsibilities The trustees are responsible for preparing the trustees, report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practi) and applicable law and regulations. The law applicable to charities 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 resour¢es and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to-. 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., state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements. and prepare the financial statements 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 that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Reappointment of auditor Chuhan and Singh Chartered Accountants have been appointed as auditors for the ensuing year. The annual report was approved by the trustees of the charity on behalf by.. and signed on its Mr A Singh Ladhar Trustee Page 5
Gurdwara Siri Guru Singh Sabha Independent Auditorfs Report to the Members of Gurdwara Siri Guru Singh Sabha Opinion We have audited the financial statements of Gurdwara Siri Guru Singh Sabha (the 'charity') for the year ended 31 March 2024,: which comprise the Statement of Financjal Activities, Balance Sheet, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting standards, comprising Charities SORP - FRS 102 'The Financial Reporting stsndard applicable in the UK and Republic of Ireland, and applicable law (United lQ'ngd.om Generally Accepted Accounting Practice). In our opinion the financia] ststements: give a true and fair view of the state of the charity s affairs as at 31 March 2024 and of its incoming resources and appliGation of reSoUrs, including its income and expenditure, for the year then have been properly prepared in accordan with United Kingdom Generally Accepted Accountin9 Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted cur audit in accordance with Intsrnational Standards on Auditsng (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial stat8ments section of our report. We are independent of the charity in accordan with the ethical requirements that are relevant to our audrt of the financial statements in the UK including the FRC'S Ethi(1 Standard, and we have fulfilled our other ethical responsibilities in accordan with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provid8 a basi5 for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the trustees use of the going concern basls of accounting in the preparation of the financial statement5 is appropriate. Based on the work we have perfomed, we have not identified any material unrtaintieS relating to events or conditions tha( individually or collectively, may cast significant doubt on the charity's abilty to continue as a going concern for a period of at le2St e1ve months from when th8 original financial statements were authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in th8 relevant sections of this reporL other informatlon The trustees are responsible fcr the other information. The other information comprises the information included in the annual report, othér than the financial statements and our auditors report thereon. OLir opinion on the financial statements does not cover the other information and, expt to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Page 6
Gurdwara Siri Guru Singh Sabha Independent Auditovs Report to the Mernbers of Gurdwara Siri Guru Singh Sabha (continued) In 'connection' wth our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider wh8ther the other information is materially inconsistent with the financiSI ststements or our knowledge obtained in the audit or otheNise appears to be materially misstaFed. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the othér information. If, based on the work we have performed, we condude that th re is a material misststement of this other information, we are required to report that facL e nothing to report in this regard. Weh Matters on which we are required to report by exceptlon In the light of our thowledg8 and understanding of the charity and its environment obtained in the course of the audit. we have not identified material misstatements in the Trustees, Report. We have nothing to report in respect of the following matters where the Charities (Accounts and Report) Regulations 2008 requires us to report to you if. in our opinion-. ad uate accounting records have not been kept, or returns adequat8 for our audit have not been reci eived from branches not visited by us", or the financial statements are not in agreement with the accounting records and returns; or. in di8cSosures of trustees remuneration specified by law are not made. or we have not received all the infomation and explanations we require for our audit nsibiliti88 of trustees As explained more fully in the Statement of Trustees, Responsibilities (set out on page 5). the trustees a 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 detenmine is necessary to enable the pre'paration of financial statements that are free from mat8rial misstatement. whether due to fraud or In pparIng the financial statements, the truste8s are responsible for assessing the charity's ability to continue as a going concem, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditor Responsiblllties for the audit of the financial statements Our bbjectives 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 8n auditoff s report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordan with ISAS (UIQ will always detect a material misstatement when it exists. Misstatemeflts can arise from fraud or error and are conSided material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users takdn on the basis of these financial statements. The extént to which our procedures are capable of detecting irregularities, including fraud is detailed Page 7
Gurdwara Siri Guru Singh Sabha Independent Auditor's Report to the Members of Gurdwara Siri Guru Singh Sabha (continued) Our objectives are to obtain reasonable assuran about whether the financial statements as. a whole are free from material misstatemen( whether due to fraud or error, and to issue an auditof s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee audit conducted in. accordan with ISAS (UK) will always detect a material misstatement when i exists. Misstatements can arise from fraud or error and are considered material if. individually or in tlpe aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these finanGial statements. IgularitieS, including fraud, are instsnces of non£ompliance with laws and regulations. We design procedures in line with our responsibilits"es, outlined above, to detect matsrial misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting 1rularlties, including fraud is detailed below: We gained an understanding of the legal and regulatory frarnework applicable to the charity and considered the risks of acts by the charity that are contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk. recognising that the risk of not deteoting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate conc8alment by, for example, forgery or intentionally misrepresentations , or through collusion. We focused on laws and regulations which could give rise to a material effect in the financial statements cr operations of the charity, including, but not limited to. the Charities Act 2011, Charities {Accounts and Reports Regulations) and the Charities SORP (FRS 102), data protection and anti- money laundering. Our tests included agreeing the financial statement disdosures to underlying supporting documentation and enquiries with management. We also addressed th8 risk of management override of internal controls, including evaluating whether there was evidence of bias by the trustees that represented a risk of material misstatement due to fraud. Owinb to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAS (UIQ. For instan. the further removed non- compSiance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance. Page 8
Gurdwara Siri Guru Singh Sabha IndependentAuditor's Report to the Members of Gurdwara Siri Guru Singh Sabha (continued) A fijrther description of our responsibilities is available on the FinanGial Reporting Council's website 2L www.frc.org.ukJauditorsresponsibilities. This description fomis part of our auditorfs report. Use of our report This report is made solely to the charity trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the trustees those matters we are réquired to statè to trustees in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees as a body, for our audit work, for this repor( or forthe opinions we have fornied. Anthony Blueitt (Senior Ststutory Auditor) For and on behalf of Chuhan & Singh Partnership Limited, Statutory Auditor 81 Borough Road Middlesbrough TS13AA 2015 Date... Page 9
Gurdwara Siri Guru Singh Sabha Statement of Financial Activities for the Year Ended 31 March 2024 Unrestricted Total funds 2024 Note Incoma and Endowments from: Donations and legacies Investment income 336,567 61,059 338,567 61,059 Total income 397,626 397,626 Expendlture on: Charitable act6vities (381,010 381,010 381,010 Total expenditure {381,010) 16,616 Net income 16,616 Net movement in funds Rèconciliatlon of funds Total funds brought forward Total funds carried foward , 16,616 16,616 3,847,032 3,863,648 Unrestricted funds 3,847,032 3,863,648 Total 2023 15 Note Income and Endowments from: Donations and legacies Investrnent income 386.477 50.459 386.477 50.459 Total income 436,936 436,936 Expenditure on: Charitable activities 380.434) (380 434 Total expenditure Gainsllosses on investment assets Net income (380,434) 175,000 (380,434) 175,000 231,502 231,502 Net movement in funds Reconciliatlon of funds Total funds brought forward Total funds carried forward All of the charity's activities derive from continuing operations during the above periods. The funds bréakdown for 2023 is shown in note 15. 231,502 231,502 3,615,530 3,847,032 3,615,530 3,847,032 15 The notes on pages 12 to 21 form an inra1 part of these financial statements. Page 10
Gurdwara Siri Guru Singh Sabha (Registration number: 1053275) Balance Sheet as at 31 March 2024 2024 2023 Note Fixed assets Tangible assets Investments 2,789,124 1,550,000 4,339,124 2,851,473 1,550,000 4,401,473 10 Current assets Debtors Cash at bank and in hand 25,242 110,510 135,752 12 171,716 171,716 Creditors: Amounts falling due within one year Net current assets Total assets less current liabilities Creditors: Amounts falling due after more than one year 14 Net assets 13 {88,022 83,694 (97,300} 38,452 4,422,818 (559,266} 3,863,552 4,439,925 592,893 3,847,032 Funds of the charity: Unrestricted income funds Unrestricted funds 3,863,552 3,863,552 3,847,032 3,847,032 Total funds ncial statements on pages 10 to 21 were approved by the trustees, and authorised for issue 15 The fin Mr A Singh Ladhar Trustee The notes on pages 12 to 21 form an integral part of these financial statements. Page 11
Gurdwara Siri Guru Singh Sabha Notes to the Financial Statements for the Year Ended 31 March 2024 1 Accounting policies General information The charity is a public benefit entty and a gIStered charity in England and Wales and is unincorporated. The address of the principal office is Gurdwara Siri Guru Singh Sabha, Cottenham Street, Newcastle Upon Tyne, Tyne & Wear, NE4 5QU. Statement of compllance These financial statements have been prepared in Complian with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practi applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable IN the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011. Basis of preparatlon Th8 financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties rneasured at fair value through income or expenditure. The financial stat8ments a prepared in sterling, whiGM is the function81 currency of the entty. Golng concern The trustees consider that th8re are no material unrtaintieS about the charity's ability to continue as a going concem. Page 12
Gurdwara Siri Guru Singh Sabha Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) Judgements and key sources of estlmation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continua51y reviewed and are based on. experience and other factors, including expectations of future events that are believed to be reasonable under the cirCumstans. Incoming resources All income is included in the ststement of financi81 aGtivithes when the charity is entitled to the income, any perf0rrnan related conditions attached have been met or are fully within the control of the charity,. the income is considered probable and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular catone$ of income.. Donab"ons and legacy income is received by way of donations, legacies, grants and gifts and is included in full in the Statement of Financial Activities when receivable. Where legaGies have been notified to the charity but the criteria for income recognition have not been rnet, the legacy is treated as a contingent asset and disclosed if material. Grants, wher8 entitlement is not conditional on the de15very of a specific performance by the charity. a recognised when the charity becomes uncondition.ally enb"tl8d to the grant. Donated services and facilities are included at the value to the charity, being the amount the charity would have been willing to pay to obtain services or facilitres of equivalent economic benefit on the open Market. Investment income is included when receivabl8. Expenditure Expenditure is recognised on an accruals basis as a liabilty is incurred. Expenditure includes any VAT which cannot be fully recov8red, and is reported as part of the expenditure to which it relates: Costs of raising funds comprÈse the costs associatsd wifh attracting donations, grants and legacies and the costs of trading for fundraising purposes. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both cost5 that can be allocated directly to such activities and those costs of an indirect nature neSSary to support them. Other expenditure includes. all expendtture that is neither related to raising funds for the charity nor part of ts expenditure on charitable activities. All costs are allocated belween the expenditure categories of the SOFA on a basis designéd to reflect the use of the resource. Costs relating to a particular activity are allocated directly. others are apportioned on an appropriate basis, as set out in the notes to the accounts. Page 13
Gurdwara Siri Guru Singh Sabha Notes to the Financial Ststernents for the Year Ended 31 March 2024 (continued) Tangible flxed a88ets Tangible assets are initially recorded at cost, and subsequently ststed at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An inGrease in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has pvIOuSlY been recognised as expenditure within the statement of financial acttvities. A decrease in the carrying amount of an asset as a result of r8valuation, is recognised in other recognised gains and losses, except'to which it offsets any previous revaluation gain, in which case the loss is shown within other recognisad gains and losses on the statement of financial activities. Depreciation and amortisation Depreciation is calculated so as to write off the cost or valuation of an ass8t, less its residual value. over the. useful economic life of that asset as follows: Asset class Land and buildings Fixtures and fittings Motor vehicles Equipment Depreciation method and rats 2 1 straight line 20 % straight line 200/0 straight line 150 reducing balance Impaimient of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated wher8 such indicators exist. Where the carrying value 8xceeds the recoverable amount. the asset is impaired accordingly. Prior impairnients are also reviewed for possible reversal at each reporting date. Fcr the purposes of impairment testing, when it 15 not possible to estimate the recoverable amount of an individual asset, an estimats is made of the recoverable amount of the cash- generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includ85 the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquId in a business combination is, from the acquisition date, allocated to each of the cash%enerating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or 5iabilities of the charity are assigned to those units. Page 14
Gurdwara Siri Guru Singh Sabha Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) Investment proporties The only investments held by the charity are investment properties. Investment properties have been valued at open market value by Mr Jagtar Singh (President) who ho5ds no relevant professional qualification. Mr Singh is not employed by the charity. This valuation is based on his knowledge Df similar properties in the local area, The trustees are in agreement with the valuation. Trade dobtors Trade debtors are amounts dua from customers for merGhandise sold or sèrvices performed in the ordinary course of business: Trade debtors are recognised initialty at the transaction price. They are subsequently measured at amortised cost using the effective interest method. less provision for irnpairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be abl8 to collect all amounts due according to the original temis of the re1vableS. Trade creditors are obligations to pay for goods or servi$ that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the does not have an unconditional righ( at the end of the reporting period, to defer settlement of the creditor for at least elve months after the reporting date. If there is an unconditional right to defer settlement for at least elve months after the reporting date. they are presented as non-current liabilities. are r8cognised initially at the transaction pThc8 and subsequently measured at amortised cost using the effective interest method. Fund accountlng Unrestricted funds are available for use at the discretion of the trustees in furttteran of the purposes of the charity. Unrestricted funds include 2 revaluation reserve representing the restatement of investment ass8ts at market values. Designated funds are unrestricted funds earmarked by the trustees for specific purposes. Restricted funds are subjected to restrictions on their expenditure imposed by the donor. Page 15
Gurdwara Siri Guru Singh Sabha Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) 2 Income from donatlons and legacies Unrestricted funds General Total funds Donations and legacies., Donations from individuals 336,567 336,567 336,587 336,567 386,477 Total for 2024 Total for 2023 386,477 3 Investment income Unrestricted funds General Total funds Income from rents 61,059 61,059 61,059 61,059 Total for 2024 50,459 50,459 Total for 2023 4 Expenditure on charitable activities Unrestricted funds General Totsi funds Not8 Governan costs Total for 2023 8,655 6,795 8,655 6.795 Total expenditure Page 16
Gurdwara Siri Guru Singh Sabha Notes to the Financial Statements for the Year Ended 31 March 2024 {continued) 5 Analysis of govemance and support costs Governance costs Unrestricted funds General Total funds Audit fees Audit of the financial statements Other fees paid to auditors Total for 2024 .3,000 5.655 8,655 3,000 5,655 8,655 6,795 6,795 Total for 2023 6 Net incomingloutgoing resources Net incoming resources forthe year include: 2024 2023 3,000 2,500 Audit fees 7 Trustees remuneration and expenses No trustees, nor any persons connected with them, have reiVed any remuneration from the charity during the year. 8 Staff costs The average number of persons employed by the charity during the year was 7 (2023.7) No employ* received emoluments of more than £60,000 during the year Page 17
Gurdwara Siri Guru Singh Sabha Notes to the Financial Statsments for the Year Ended 31 March 2024 (continued) 9 Tangible fixed assets Land and buildings Furniture and equipment Computer equipment Total Cost At 1 April 2023 Additions 3,510.254 151.974 11,102 28,995 3,691,223 11,102 At 31 March 2024 3,510,254 163,076 28,995 2,702,325 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 681,308 67,651 143,121 3,749 15,321 2,051 83g,750 73,451 17,372 913,201 748,959 146,870 Net book value At 31 March 2024 2,761,295 2.828,946 16.206 11,623 2,789,124 13,674 2,851473 At 31 March 2023 8,853 10 Investment prop8rties 2024 2023 1,550,OOD 1,550,000 Investment properties Investm8nt properties Investment propertles Cost or Valuation At 1 April 2023 At 31 March 2024 1,550,000 1,550,000 Net book value At 31 March 2024 At 31 March 2023 1.550,000 1,550,000 All investments shown above are held at valuation. Investment propertiés have been valued at open market value by Mr Jagtsr Singh (President) who holds no relevant professional quaSification. Mr Singh is not employed by the charity. This valuation is based on his knowledge of similar properties in the local area. The trustees are in agreement with this valuation. Page 18
Gurdwara Siri Guru Singh Sabha Notss to the Financial Statemonts for the Year Endgd 31 March 2024 (continued) 11 Debtors 2024 2023 25,242 Other debtors 12 Cash and cash equivalents 2024 2023 Cash on hand Cash at bank 5,670 166,046 171,716 110,510 110,510 13 Creditors: amounts falling due within one y8ar 2024 2023 36,891 40,155 6,420 45.000 Bank loans Trade creditors other creditors Accruals 45.001 6,130 88,022 97,300 Bank loans due within one y8ar and more than one year are secured on the freehold property of the charity. Page 19
Gurdwara Siri Guru Singh Sabha Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) 14 Credltors" amounts falling due after one year 2024 2023 559,266 592,893 Bank loans 15 Funds Balance at 1 April 2023 Incoming resourcos Resources expended Balance at 31 March 2024 Unrestricted funds 3,863,648 General 3,847,032 397,626 {381,010 Balance at 1 April 2022 other Balance at Resources r8cognised 31 March expended gainsl{losses) 2023 Incoming resources Unrestricted funds 175.000 3,847,032 General 3,615,530 426.936 (380,434 16 Analysis of net assets between funds Unrestricted funds G8neral Total funds at 31 March 2024 Tangible red assets Fixed asset investments Current assets Current liabilities Credttors over 1 year Total net assets 2,789,124 1,550,OOD 171,716 (88,022) (559,266) 3,863,552 2,789,124 1,550,000 171,716 (88,022) 559,266 3.863,552 Page 20
Gurdwara Siri Guru Singh Sabha Notss to the Financial Statements for the Year Ended 31 March 2024 (continued) Unrestricted funds General Total funds at 31 March 2023 Tangible fixed assets Fixed asset investments Current assets Current liabilities Creditors over 1 year 2.851,473 1,550,000 135,752 (97,300) 592,893 3,847.032 2,851,473 1,550,000 135,752 (97,300) 592,893 Total net assets 3,847.032 17 Related party transactiong During the year the charity made the following related party transactions: Included in other creditors due within one year is £,000 {2023: £45,000) which are personal loans from members of the congregation. These loans are unsecured, interest free and repayable on demand. Page 21
Gurdwara Siri Guru Singh Sabha Statement of Financial Activities by fund for the Year Ended 31 March 2024 Total Total Unrestricted Unre8trictad Funds Funds 2024 2023 Income and Endowments from: Donations and legacies Investrnent income 336,567 61,059 386,477 50,459 397,626 436,936 Totsl income Expenditure on: Charitable activities Totsl expenditure Gainsllosses on inv8Strnent assets Net income (381,010 (380,434 (381,010) (380,434) 175.000 16,616 16,616 231,502 Net movement in funds Reconciliation of funds Total funds brought forward Totsl funds carried forward 231,502 3,847,032 3.615,530 3,863.648 3,847,D32 This page does not fomi part of the statutory financial statements. Page 22
Gurdwara Siri Guru Singh Sabha Detailed Statemant of Financial Activities for the Year Ended 31 March 2024 Total Total 2024 2023 Income and Endowments from: Donations and legacies (analysed below) Investment income (analysed below) Total income 336,567 61,059 386,477 50,459 436,936 397,626 Expendlture on: Charitable activities (analysed below) Total expenditure Gainsllosses on investment assets (analysed below) (381,010 (381,010) 380,434) (380,434) 175,000 18,816 16,616 231.502 Net income Net movement in funds Reconciliation of funds Total funds brought folward Total funds carried forward 231,502 3,847,032 3,853,648 3,615,530 3,847,032 This pagè does not fomi part of the statutory financial statements. Page 23
Gurdwara Siri Guru Singh Sabha Detailed Statement of Financial Activities for the Year Ended 31 March 2024 (continued) Total 2024 Total 2023 Don8tlons and legacies Donations Gift Aid tsx reclaimed 336,567 361,238 25,239 336,567 386,477 Investment inGome Rents received Other interest received 61,059 50,436 23 61,059 50,459 Charitsble activiti85 Wages and Salaries Staff pensions Rates & water Ligh( heat and power Insurance Repairs and maintenance Telephone and fax Other expenses Charitable donations Consumables Other establishment Motor expenses Legal and professional fees Loan interest Depreciation of other tangible (Profrt)/loss on sale of tangible fixed assets held for charlty's own use (75,332) {81,600) (614) (12,957) (47,280) (13,448) (45,685) (1,712) (7,787) (14,445) (1,278) (6,875) (2,958} (24,522) (33,636) (79,212} (13,044) (51,650) (14,117) (21,830) (1,965) (20,642) (23,755} (10,4041 (5,368) (1,311) (10,8141 {48,6691 (73,453) 350 (4,2g5> (2,500) 380,434 Accountancy fees The audit of the charitys annual accounts (5,655) 3,000) 381,010 GainsAosses on investment assets (Gain)Iloss in market value of investment properbes 175,000 This page dS not fonn part of the statutory financial statements. Page 24