Charity registration number: 1053275 Gurdwara Siri Guru Singh Sabha Annual Report and Financial Statements for the Year Ended 31 March 2025
Gurdwara Siri Guru Singh Sabha Contents (continued> Referen and Administrative Details Trustees, Report 2to6 Independent Auditors, Report 7t010 Statement of Financial Activities 11 Balan Sheet 12 Cash Flow Ststement 13 Notes to the Financial Statements 14to23
Gurdwara Siri Guru Singh Sabha Reference and Administrative Details Trustees Mr G Singh Sarang Mr G Singh Lally Mr S Singh Gill Mr A Singh Ladhar Some of the propertj'es owned by the charity are also hebj by the trustees as custodians on behalf of the charity. Charity Registration Number 1053275 Prlncipal Offica Sikh Temple Cottenham Street Newcastle-upon-Tyne NE4 SQU Chuhan & Singh Partnership Limited Chartered Accountsnts & Statutory Auditor 81 Borough Road Middlesbrough TS13AA Auditor Solicitors Sintons Law The Cube Barrack Road Newcastle upon Tyne NE4 6DB Bankers Barclays Bank Westgate Road Newcastle upon Tyne NE4 9BN Lloyds Bank 102 Grey Street Newcastle upon Tyne NE99 1SL Santander UK 112-118 Northumberland Street Newcastle upon Tyne NE17AG Page 1
Gurdwara Siri Guru Singh Sabha Trustees. Report The trustees present the annual report together viith the financial statements of the charity for the year ended 31 March 2025. Objectlves and activities Our objectives The charitys objectives are to provide a cultuial socio-religious base for the Sikh Community in Newcastle-upon-Tyne. The charity has continued in ts objectives by providing an open, easy and free means for the Sikh community in the area to engage in their religious and cultural heritage. The Chartty built a new Gurdwara for the local Sikh Communty to help ensure that the charity achieves its objectives. We have referred to the guidan 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 fulfilled our responsibilities in respect of these criteria. Strategies We vrdnt to make our Temple an aCsSible and y1¢0Mlng venue where all Sikhs, or those wishing to know more about our faith, can gather together to learn about religion and worship. The Temple is open daily from 4.'30am until 8:00pm with Saturday and SLJnday being the busiest days. We ty to promote the Sikh faith in the Newcastle area and encourage all schools, colleges and universities to visit the Temple. We regularfy invite people from other faiths to attend at major ftjnctions in order to maintain and promote inter-faith activities. We also have a Langar (free kttchen) which is open to everyone in the local community, irrespective of religious beliefs. We tske part in an annual Inter-Faith Peace 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 Servi and we regularly visit Newcastle City Centre to distribute food, clothing and blankets to those in need including homeless, refugees and asylum 5kers. We offer many different classes to the local communty induding Punjabi, religious classes for children and yoga classes. Public benafit The charity carries out a wide range of a¢tNits"es in pursuan of its charitable aims. The trustees consider that these ath"vities provide benefit both to those who worship at our Temple and the wder community. Use of volunt8ers Volunteers are an important resour in both our faith and community work Volunteers are involved in most of our faith and community activities and we have people regularly giving their time. Page 2
Gurdwara Siri Guru Singh Sabha Trustees, Report (continued) Financial review Pollcy on reserves The trustees are satisfied with the financial posth.on of the charity at the year end and the trustees have not identified any concems regarding the chanty's ability to conb'nue in the future. The trustees have reviewed the reserves policy of the charity and have decided that the most appropriate measure of reseNes for the charity is by reviewing the charty's liquidty position. In this regard, it is the policy of the charity to maintsin readily realisable assets that are sufficient to cover management, administration, and running costs of the charity for a peric>d of four to six months. The trustees consider that the level of readily realisable assets at the year end are adequate. The eXsS of income over expenditure for the year was £1 CNJ,358. The total reserves at 31st March 2025 were £3,963,910. The trustees consider the key measure of sustsinability for the charity to be current and future liquidity cover, rather than the surplus or deficit for the period. To monitor this. the trustees set appropriate reseNes policies relating to liquidity. based on the relationship ben readily realisable assets, the level of donations re]Ved and the cash requirements required to sustain the charty's operations. The trustees conduct regular reviews of the level of readily realisable assets by considering the risks associated with different income streams, expenditure plans, and bank loan repayments. This enables the trustees to judge if the level of the readily realisable assets is sufficient. Then, the trustees can consider, where appropriate, any necessary actions needed in the event of a potential downturn in income and allow the charity to adapt and respond appropriately to ensure the charity can continue to meet it objectives. Risks and issues considered by the trustees when making this judgement include, the likelihood of a fall in income streams, the period of time that would be necessary to re-establish income Stams, whether there are adequate controls over expenditure and the level of wothing capital required. The trustees have also assessed other operational and business risks relevant to the charity and confim that they have systems in place to mitigate significant risks. Principal funding sources The principal source of funding for the charity are donations from the local Sikh community. Trustees are members of the Temple and are encouraged to pay their donats.ons monthly via standing order. The charity maximises these donations by applying for Gift Aid on eligible donations. The charty also reiVeS rental income from ts property portfolio. Plans for the future. The charity wishes to continue the promotion of the Sikh faith in the local communty and to cnntinue helping those in need. Going concern The financial statements have been prepared on a going concem basis which assumes the charity will continue in operational existen for the foreseeable future. Page 3
Gurdwara Siri Guru Singh Sabha Trustees. Report (continued) Structure, govemance and management Nature of goveming document Gurdwara Siri Guru Singh Sabha is constituted as a charitsble trust registered with the Charities Commission in February 1996 under the charity number 1053275. It is govemed by a constitution last updated in November 1995. Recruitment and appolntment of trustees The existing trustees are responsible for the recruitment of new trustees but in so doing the trustees seek the views and recommendations of both elders and communty leaders. The trustees believe this approach ensures that new trustees are respected members of the faith and local communits.es and ensures that good relations are fostered ben the Temple and the people of the local community that we serve. In selecting new trustees, we seek to bdentify Ople who regularty attend events and functions organised by the charity and are willing to volunteer to help in our broader community work. Potenb"al trustees are invited to attend trustees, meetings as observers and are given more details of the charivs aims and athities and, rf all agree. they are then proposed as new trustees at the subsequent trustees, meeting. This process allows due consideration of the person's eligibility. personal competence, specialist knowledge and skn'lls. Induction and training of trustees Following appointment, new trustees are intrOdUd to their new role and given copies of the constitution along wrth a number of publications from the Charities Commission which provide guidance on charities 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. Page 4
Gurdwara Siri Guru Singh Sabha Trustees. Report (continued) Organisational structure The charity trustees along with a management committ* are responsible for the general control and management of the charity. The trustees and committee members give their time freely and receive no remuneration or other financial benefits. The trustees and committee members meet together, as 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 management of the charty to Mr Jagtsr Singh who has been appointed President of the committee. The other officials of the Charity are as follows: President- Jagtar Singh Treasurer- Balbir Singh General Secretary - Jamail Singh The properties owned by the charity are held in trust for the charity by the fdlomring holding nominees: G S Sarang J Singh T Singh M S Dulai B S Dhindsa Dsmattu G S Sokhi M S Lalli NSGill G S Lally SSGill S S Dhillon P S Ladhar Major risks and management of those risks The trustees have assessed the risks fad by the charity and are satisfied that systems are in place, or arrangements are in hand, to manage identÈfEd risks. In particular, Insuran cover is in place and the finances of the Temple are kept under regular review. Appropriate Disclosure and Barring Service (DBS) checks are made for all those who work V4ith children and other vulnerable groups wthin the Temple and community. Page 5
Gurdwara Siri Guru Singh Sabha Trustees. Report (continued) Statement of Trustees. Responsibilities The trustees are responsible for preparing the trustees, report and the financial statements in accordance wth the United Kingdom Accounting Standards (Unrted Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a twe and fair ¥llew of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements. the trustees are required to: select surtable accounting poIleS and then apply them consistenty,. observe the methods and principles in the Charities SORP: make judgements and estimates that are reasonable and prudent; state whether applicable accounting stsndards have been followed. subject to any material departures disclosed and explained in the financial statements. and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charty wll continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial posrtion of the chanty and enable them to ensure that the financial ststements compty 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 chartty and hen for taking reasonable steps the prevention and detection of fraud and other irregularities. The trUStS are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation goveming the preparation and dissemination of financial statements may differ frLYn legistation in other jurisdictions. Reappointment of auditor Chuhan and Singh Chartered Accountants haNE tEen appointed as auditors for the ensuing year. The annual report Ivas approved by the trustees of the charity on ... behalf by.. Mr A Singh Ladhar Trustee Page 6
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 'charTty') for the year ended 31 March 2025, which comprise the Statement of Financial Activities. Balan Sheet, Cash Flow Statement, and Notes to the Financial Statements, including a summary of signifi'cant accountsng policies. The financial reporting framewort that has been applied in their preparation is United Kingdom Accounting Stsndards. comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicable law (Unrted Kingdom Generally ACpted 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 March 2025 and of its incoming resources and application of resources, including rts income and expenditure, for the year then ended", have been properly prepared in accordan with United Kingdom Generally Apted Accounting Practi. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for oplnion We conducted our audit in accordance wtth International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibileS under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordan wrth the ethical requirements that are relevant to our audrt 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 eviden we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to going concern In auditing the financial statements, we have concluded that the trustees use of the going conrn basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charty's ability to continue as a going concern for a period of at least e1ve months from when the original financial statements were authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going conrn are described in the relevant sections of this reporL Other Infonnation The trustees are responsible for the other inforrnation. The other information wmprises the information included in the annual reporL other than the financial statements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other infomiation and, expt to the extent otherwise explicitly stated in our reFOrt, we do not express any fomi of assuran conclusion thereon. Page 7
Gurdward Siri Guru Singh Sabha Independent Auditorfs Report to the Members of Gurdwara Siri Guru Singh Sabha (Gontinued) In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audrt or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detemiine whether there is a material misstatement in the financial statements or a material misstatement of the other infomation. If. based on the work we have perfomed. we conclude that there is a material misstatement of this other InfOnab"0n, we are required to report that fact. We have nothing to report in this regard. Matters on whlch we are requlred to report by exception In the light of our knovAedge and understanding of the charity and its environment obtsined in the course of the audit we have not identified material misstatements in the Trustees, Repott. We have nothing to report in respect of the followng matters where the Charibes (Accounts and Report) Regulations 2008 requires us to report to you if. in our opinion.. adequate accounting records have not been kep( or returns adequate for our audit have not been received from branches not visited by us" or the financial statements are not in agreement with the accounting records and returns" or certain disclosures of trustees remuneration specffie(I by law are not made. or we have not received all the infomiats'on and explanats'ons we require for our audrt. Responsibilities of trustses As explained more fully in the Statement of Trustees, Responsibilities (set out on page 6), the trustees are responsible for the preparation of the finanaal statements and for being satisfied that they give a true and fair view, and for such internal control as the twstees detemiine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are resFK)nsible for assessing the charity's ability to continue as a going concem, disclosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the trustees either intend to liquidate the charity or to ase operations, or have no realistic altematrve but to do so. Auditor Responsibilities for the audit of the financial statements We have been appointed as auditor under S.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 rnisstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assuran is a high level of assuran. but is not a guarantee that an audÈt conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can anse from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Page 8
Gurdwara Siri Guru Singh Sabha IndependentAuditorfs Report to the Members of Gurdwara Siri Guru Singh Sabha (continued) Irregularities, including fraud. are instances of non-compliance with laws and regulab'ons. We design procedures in line with our responsibilities, Outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below= We gained an understanding of the legal and regulatory framework applicable to the charity and considered the risks of acts by the charty 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 detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error. as fraud may involve deliberate cOnalment 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 or operations of the charity, including, bjt not limited to, the Charities Act 2011, Charrties (Accounts and Reports Regulations) and the Charities SORP (FRS 102), dats protection and anti- money laundering. Our tests included agreeiro the financial statsment disclosures to underfying supporting documentation and enquiries with management. We also addressed the 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. Owing to the inherent limÉtations of an audit, there is an unavoidable risk that some material misststements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAS (UK). For instance, the further removed non- Complian is from the events and transactions refiected in the financial statsments, the less likely the auditor is to become aware of it or to recognise the non-compliance. Page 9
Gurdwara Siri Guru Singh Sabha Independent Auditor's Report to the Members of Gurdwara Siri Guru Singh Sabha (continued) A further description of our responsibilities is available on the Financial Reportit)g Council's website at: www.frc.org.uklauditorsresponsibilities. This descriplion fonns 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 Ad. Our audlt work has been undertaken so that we might stste to the trustees those matters we are required to state to truslees in an auditors, report and for no other purpose. To the fullest extent rmitted by law, we do not accept or assume responsibility to anyone other than the charty and its truste&s as a body. for OLrr audit work, for this repo¢ or for th& opinions we have formed. Anthony Blueitt (Senior Ststutory Audtior) For and on behalf of Chuhan & Singh Partnership Limited. Statutory Auditor 81 Borough Road Middlesbrough TS13AA i174D Page 10
Gurdwara Siri Guru Singh Sabha Statement of Financial Acbvities for the Year Ended 31 March 2025 Unrestricted funds Total 2025 Nots Income and Endowments from: Donations and legacies Investment income 396,290 99,251 396,290 99,251 Totsl income 495,541 495,541 Expenditure on: Charitable activities {395,183 (395.183) Total expendtiure (395.183) (395,183 Net income 100,358 100.358 Net movement in funds 100,358 100,358 Reconciliation ol funds Total funds brought forward 3,863,552 3,863,552 Total funds Caled forward 12 3,963.910 Unrestricted funds 3,963,910 Totsl 2024 Note Income and Endowments from: Donations and legacies Investment income 336,567 61,059 336,567 61,059 Total income 397,626 397,626 Expenditure on: Charitable actÉvities (381,106) (381.106) Total expenditure 381,106} (381,106) Net income 16,520 16,520 Net movement in funds 16,520 16,520 Reconclllation of funds Total funds brought fOard Total funds carried forward 3,847,032 3,847,032 12 3,863.552 3,863,552 l of the charity's adivities derive from continuing operations during the above two periods. The funds breakdown for 2024 is shown in note 15. The notes on pages 14 to 23 form an integral part of these financial statements. Page11
Gurdwara Siri Guru Singh Sabha (Registration number: 1053275) Balance Sheet as at 31 March 2025 2025 2024 Note Fixed assets Tangible assets Investments 2,731,969 1.550.000 2,789,124 1,550,000 4,339,124 4,281,969 Current assets Cash at bank and in hand 282,729 171,716 Creditors: Amounts falling due within one year Net current assets 10 (99,095) {88,022) 183,634 83,694 Total assets less current Ilabllltles 4,465.603 4,422,818 Credltors: Amounts falling due after more than one year 11 Net assets 501,693 559,266 3.963,910 3,863,552 Funds of the charlty.. Unrestrlcted income funds Unrestricted funds 3,963.910 3.863,552 Total funds 12 3,963,910 3,863,552 The ancial statements on pages 11 to 23 were approved by the trustees, and authorised for issue ..A5and signed on their behalf by. Mr A Singh Ladhar Trustee The notes on pages 14 to 23 fomi an integral part of these financial statements. Page 12
Gurdwara Siri Guru Singh Sabha Cash Flow Ststementfor the Year Ended 31 March 2025 2025 2024 Nota Cash flows from operating activities Net cash income 100,358 16,520 Adjustments to cash flows from non<ash items Depreciation Investment income 75,365 99,251) 76.472 73.451 (61.059 28,912 Worklng capital adjustments Decrease in debtors Increasel(decrease) in creditors Net cash Ilows from operating activities Cash flows from investing actfvities Interest receivable and similar income Purchase of tangible fixed assets Net cash flows from investing activities Cash flows from financlng activities Repayment of loans and )QWIngS Net increase in cash and cash equivalents 25,242 6,014) 10 429 76,901 48,140 99.251 18,210 61,059 (11,102) 81,041 49,957 10 (46.929 (36.891 111,013 61,206 Cash and cash equivalents at 1 April 171,716 110,510 Cash and cash equivalents at 31 March 282.729 171,716 All of the cash fiows are derNed from conb"nuing operations during the above tsvo periods. The notes on pages 14 to 23 fo an integral part of these financial statements. Page 13
Gurdwara Siri Guru Singh Sabha Notes to the Financial Statements for the Year Ended 31 March 2025 1 Accounting policies General infomiation The charty is a public benefit entity and a registered charty in England and Wales and is unincorporated. The address of the principal Offi is Gurdwara Siri Guru Singh Sabha. Cottenham Street, Newcastle Upon Tyne, Tyne & Wear, NE4 5QU. statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statetnent of Recommended Practice applicable to charities preparing their accounts in accordan witr] the Financial Reporbng Standard applicable in the UK and Republic of Iland (FRS 102) (Charities SORP (FRS 102)} and the Charits'es Act 2011. Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of rtain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling. which is the functional currency of the entity. Going concern The trustees consider that there are no material uncertainties about the chanty's ability to continue as a going cOnrn. Page 14
Gurdwara Siri Guru Singh Sabha Notes to the Financial Statements for the Year Ended 31 March 2025 (continued) Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumpkn'ons that affect the amounts reported. These estimatss and judgements are continualty reviewed and are based on experien and other factors. including expectations of future events that are believed to be reasonable under the circumstances. Incoming re8ourc8s All income is included in the statement of financial activities when the charty is entitled to the income, any perfomiance related conditr.ons attached have bn 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 spectfic policies are applied to particular categories ot income: Donations and legacy income is received by way of donations, legacies. grants and gffts and is included in full in the Statement of Financial Activities when re1Vable. Where legacies have been notified to the charity but the criteria for income recognition have not been met, the legacy is treated as a contingent asset and disclosed if material. Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally ents'tled to the granL Donated setvices and facilities are included at the value to the charity. being the amount the charity would have been willing to pay to obtain ServIS or tscilittes of equivalent economic benefit on the open market Investrnent income is included when receivable. Expenditure Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which nn0t be fully recovered, and is reported as part of the expendtture to which it relates" Costs of raising funds comprise the costs associated with 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 serVIS for tts beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature neSSary to support them. Other expenditure includes all expenditure that is neither related to raising funds for the charty nor part of its expenditure on charitsble activities. All costs are allocated betsyeen the expenditure categories of the SOFA on a basis designed 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 15
Gurdwara Siri Guru Singh Sabha Notes to the Financial Statements for the Year Ended 31 March 2025 (continued) Tangible fixed assets Tangible assets are initially recorded at cost, and subsequentty stated 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 revaluats.on less any subsequent accumulated depreciation and subsequent accumulated impaiment losses. An increase 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 previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluab"on, is recognised in other recognised gains and losses, except to which it offsets any previous revaluats.on gain, in which case the loss is shown within other recognised 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 asse( 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 rate 2 % straight line 200A straight line 20DA straight line 15Yo reducing balan Impainnent of fixed assets A review for indicators ot impairment is carried out at each reporting date, the recoverable amount being ests"mated where such indicators exist. Where the carying value exceeds the recoverable amounL the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of irnpairment testing. when it is not possible to estimate the recoverable amount of an individual asset, an estimate 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 includes 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 acquired in a business combination is, from the acquisition date. allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilitie5 of the charity are assigned to those units. Page 16
Gurdwara Siri Guru Singh Sabha Notes to the Financial Statements for the Year Ended 31 March 2025 (continued) Investment properties The only investrnents held by the charity are investment properties. Investment properties have tEen valued at open martet value by Mr Jagtar Singh (President) who holds no relevant professional qualification. 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 the valuation. Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilthes if the does not have an unconditional right, at the end of the reporting p10d, to defer settlement of the creditor for at least bNelve months after the reporting date. If there is an unconditional right to defer settlement for at least velve months after the reporting date, they are presented as non-current liabilrties. are recognised initially at the transaction Pri and subsequently tneasured at amortised cost using the effective interest method. Fund accounting Unrestricted funds are available for use at the discretion of the twstees in furtherance of the purposes of the charity. Unrestricted funds indude a revaluation reserve representing the restatement of investrnent assets 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 17
Gurdwara Siri Guru Singh Sabha Notes to the Financial Statements for the Year Ended 31 March 2025 (continued) 2 Income from donations and legacies Unrestricted funds General Total funds Donakn'ons and legacies; Donations from individuals Gift aid reclaimed 312.841 83,449 312,841 83,449 Total for 2025 396,290 396,290 Total for 2024 336,567 336,567 3 Investment income Unrestricted funds General Total funds Interest receivable and similar income" Interest receivable on bank deposits Income from rents 184 99,067 99,067 Total for 2025 99,251 99,251 Total for 2024 61,059 61,059 Page 18
Gurdwara Siri Guru Singh Sabha Notes to the Financial Ststements for the Year Ended 31 March 2025 (continued) 4 Anatysis of governance and support costs Governance costs Unrestricted funds General Totsl funds Audit fees Audit of the financial statements Other fees paid to auditors Total for 2025 3,000 4.780 3,000 4,780 7.780 7,780 Total for 2024 8,655 8,655 5 Trustees remuneratlon and expenses No trustees, nor any persons connected with them. have r1ved any remuneration from the charty during the year. 6 Staff costs The average number of persons employed by the charty during the year was 2 (2024.7). No employee reiVed emoluments of more than £60.000 during the year. Page 19
Gurdwara Siri Guru Singh Sabha Notes to the Financial Statements for the Year Ended 31 March 2025 (continued) 7 Tanglble red assets Land and buildings Furniture and equipment Computer equlpment Total Cost At 1 April 2024 Additions 3,510.254 163.076 18,210 28,995 3.702,325 18,210 At 31 March 2025 3,510,254 181.286 28,995 3.720.535 Depreciation At 1 Aprtl 2024 Charge for the year At 31 March 2025 748,959 67.652 146.870 5,969 17,372 1,744 913,201 75,365 816,611 152,839 19,116 988,566 Net book value At 31 March 2025 2,693,643 28.447 9,879 2.731.969 11,623 2,789,124 At 31 March 2024 2,761.295 16,2Q 8 Investment properties 2025 2024 Investment properties 1,550,000 1,550,000 Investm8nt properties Investment properties Cost or Valuation At 1 April 2024 1,550,000 At 31 March 2025 1,550,000 Net book value At 31 March 2025 1,550,000 At 31 March 2024 1,550,000 All investments shown above are held at valuab"on. Investment properties have been valued at open market value by Mr Jagtar Singh (President) who holds no relevant professional qualification. Mr Singh is not employed by the chaty. This valuation is based on his knowledge of similar properties in the local area. The ttustees are in agreement with this valuation. Page 20
Gurdwara Siri Guru Singh Sabha Notes to the Financial Statements for the Year Ended 31 March 2025 (continued) 9 Cash and cash equivalents 2025 2024 Cash on hand Cash at bank 5,670 166,046 171,716 282,729 282,729 10 Creditors: amounts falling due within one year 2025 2024 Bank loans Other creditors Accruals 47,535 45,000 6,560 36,891 45,001 6,130 88,022 99,095 Bank loans due within one year and more than one year are secured on the freehold property of the charity. Included in bank loans repayable in more than one year is £270,054 {2024: £328,225) due for repayment in more than fwe years. Page 21
Gurdwara Siri Guru Singh Sabha Notes to the Financial Statements for the Year Ended 31 March 2025 (continued) 11 Credltors: amounts falling due after one year 2025 2024 Bank loans 501,693 559,266 12 Funds Balance at I April 2024 Incoming resources Resources expended Balance at 31 March 2025 Unrestricted funds General 3,863.552 495.541 395.183 3,963,910 Balance at 1 Aprll 2023 Incoming resources Resources 8xpended Balance at 31 March 2024 Unrestricted funds General 3,847,032 397,626 (381,106) 3,863.552 13 Analysis of net assets between funds Unrestricted funds General Total funds at 31 March 2025 Tangible fixed assets Fixed asset investments Current assets Current liabilities Creditors over 1 year Total net assets 2,731,969 1,550.000 282,729 {99,095) (501,693) 2,731,969 1.550.000 282,729 (99,095) (501,693) 3,963,910 3,963,910 Unrestrtcted funds Genernl Total funds at 31 March 2024 Tangible fed assets Fixed asset investments Current assets Current liabilities CditO over 1 year Total net assets 2,789,124 1,550,000 171,716 (88,022) (559.266) 2.789,124 1,550,000 171,716 (88,022) (559,266) 3,863,552 3.863,552 Page 22
Gurdwara Siri Guru Singh Sabha Notss to the Financial Statements for the Year Ended 31 March 2025 {Gontinued) 14 Analysis of net funds At 1 April 2024 At 31 March 2025 Cash at bank and in hand 171.716 171,716 171,716 At 31 March 2024 Net debt 171,716 At 1 April 2023 Cash at bank and in hand 110,510 110,510 Net debt 110,510 110,510 15 Related party transactions During the year the charity made the following related party transactions: Included in other creditors due wthin one year is £45,000 {2024: £45,000) which are personal loans from members of the congregation. These loans are unsecured, interest free and repayable on demand. The trustees of the charity donated £12,OCN) (2024.. £11.750) to the charty during the year. Page 23
Gurdwara SAri Guru Singh Sabha Detailed Statement of Financial Activities for the Year Ended 31 March 2025 Totsl 2025 Total 2024 Donatlons and legacies Donations Gift tax reclaimed 312,841 83,449 396,290 336,567 336.567 Investment income Rents received Other interest received 99.067 61,059 99.251 61,059 Charitsble activities Wages and salaries Rates & water Light, heat and power Insuran Repairs and maintenan Telephone and fax Other expenses Charitable donations Consumables Other establishment Motor expenses Legal and professional fees Bank charges Loan interest Depreciation of other tangible Accountancy fees The audit of the charitys annual accounts (27,408) (14,710) (96,598) (14,876) (32,666) {2,329) (5,350) (36.102) (18.760) (3,318) {848) (12,321) (75.332) (13.044) (51,650) (14,117) (21,830) (1,965) (20,642) (23,756) (10.404) (5,368) (1.311) {10,814) (96) (48,669} (73,453) (5,655) (3,000) (381,106 (46,752) (75,365) (4,780) (3,000 (395,183) This page does not form part of the statutory financial statements. Page 24