**REGISTERED CHARITY NUMBER: 1071912** 

**REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022** 

## **FOR** 

**SACHKHAND NANAK DHAM (DARSHAN DARBAR) UK** 

Macalvins Limited Chartered Accountants and Statutory Auditors 7 St John's Road Harrow Middlesex HA1 2EY 



**SACHKHAND NANAK DHAM (DARSHAN DARBAR) UK** 

**CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022** 

|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|4|
|**Report of the Independent Auditors**|5|to|6|
|**Statement of Financial Activities**||7||
|**Balance Sheet**||8||
|**Cash Flow Statement**||9||
|**Notes to the Cash Flow Statement**||10||
|**Notes to the Financial Statements**|11|to|19|





**SACHKHAND NANAK DHAM (DARSHAN DARBAR) UK** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2022** 

The trustees present their report with the financial statements of the charity for the year ended 30 September 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). 

## **OBJECTIVES AND ACTIVITIES** 

## **Objectives and aims** 

The objects and aims of the charity are to deliver the teachings of the founder, His Holiness Hazur Mahraz Darshan Das Ji, and through the teachings and leadership of the head and patron of Sachkhand Nanak Dham, His Holiness Hazur Mahraz Tirlochan Darshan Das Ji, through spiritual discourses and events at the Sachkhand Nanak Dham (Darshan Darbar), 25 North Park Richings Park Iver SL0 9DH. 

The charitable objects are set out in the declaration of trust dated 5 October 1998: 

1) TO ADVANCE RELIGION AND EDUCATION IN ACCORDANCE WITH (A) THE TEACHINGS OF SIRI GURU GRANTH SAHIB JEE AS EXPOUNDED BY HAZUR MAHRAZ DARSHAN DAS JEE AND IN DOING SO TO BRING MAN TO A GREATER REALISATION OF GOD AND (B) THE TEACHINGS, PHILOSOPHY AND IDEOLOGY OF THE FOUNDER OF SACHKHAND NANAK DHAM, HAZUR MAHRAZ DARSHAN DAS AND (C) THE PRINCIPLES OF DAS DHARAM WHICH WAS FOUNDED BY HAZUR MAHRAZ DARSHAN DAS. 

2) TO RELIEVE IN CASES OF NEED THE AGED, DISABLED, ORPHANS AND OTHER CHILDREN WHO ARE IN CONDITIONS OF FINANCIAL HARDSHIP, SICKNESS OR DISTRESS. 

## **Significant activities** 

During the year to 30 September 2022 the charity made a number of improvements to its temple at Richings Park, Iver at a cost of £121,951 and acquired a property in Dudley for conversion to a temple at a cost of £606,770. 

The charity continues to benefit the public with services it offers in its temples. It is open to all faiths and free food is available and a safe place for individuals to worship freely regardless of religion, cast or gender. The charity gives daily sessions of hymn singing and spiritual discourses by the head of the organisation when His Holiness travels to the UK. 

## **Public benefit** 

The charity meets the definition of a public benefit entity as set out in the Charities Act 2011 and in guidance issued by the Charities Commission. 

In accordance with The Charities (Accounts and Reports) Regulations 2008 the trustees confirm that they have hadregard to the Charity Commission’s public benefit guidance when exercising any powers or duties to which the guidance is relevant. 

The trustees confirm that: 

- they are aware of the Charity Commission guidance; 

- they have taken the Charity Commission guidance into account when making a decision to which the guidance is relevant; and 

- if they have decided to depart from the guidance, they have good reasons for doing so. 

Page 1 



**SACHKHAND NANAK DHAM (DARSHAN DARBAR) UK** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2022** 

## **FINANCIAL REVIEW Financial review** 

Financial results: 

The charity's net income for the year to 30 September 2022 before gains on revaluation was £252,482 (2021: £344,337). 

Revaluation gains for the year to 30 September 2022 were recorded at £50,500 (2021: £1,062,971). 

## Prior year adjustment: 

In the year to 30 September 2021 the trustees determined that the accounting policy for land and buildings should be changed to record land and buildings at market value. Previously land and buildings were recorded at cost less impairment. 

As at 30 September 2021 the trustees valued land and buildings at £6,350,000. This figure was included in the financial statements for the year ended 30 September 2021. 

In the absence of formal valuation reports from independent valuers for all properties the trustees have determined to take a prudent approach for the year ended 30 September 2022 and have determined that land and buildings should only be revalued in the financial statements where supported by independent valuation reports. 

On this basis the trustees have restated the value for land and buildings at 30 September 2021 at £4,780,938. 

A prior year adjustment of £1,569,062 has therefore been recognised in the financial statements for the year ended 30 September 2022. The prior year adjustment has the effect of reducing unrestricted reserves by £1,569,062. 

## Financial position: 

As at 30 September 2022, the net assets were £3,075,200 (2021: £2,772,218) and it had total cash and bank balances of £102,484 (2021: £316,566). 

## **Reserves policy** 

The charity's reserves policy is to maintain a cash reserve that equates to at least three months of expenditure. Over time the charity aims to build up cash reserves to a level that equates to at least six months of expenditure. 

## **Going concern** 

The financial statements have been prepared on a going concern basis notwithstanding the fact that there are net current liabilities of £259,160 at 30 September 2022 (2021: £707,907). 

Included in creditors: amounts falling due within one year is a short-term loan of £300,000 provided by members and adherents of the faith community (2021: various loans totalling £931,000). The loan for £300,000 was repaid in September 2023 and the charity obtained further loans from members and adherents of the faith community to enable the repayment to be made. These further loans are not due for repayment before January 2025. 

Freehold land and buildings include a property which is now considered to be surplus to requirements. This property has now been offered for sale. This property is included in the financial statements at a value of £1,656,876 and is being marketed at offers over £1,650,000. 

The charity has two bank loans and the total outstanding on these loans at 30 September 2022 was £2,439,823 (2021: £1,899,227). These loans are repayable over terms of 21 years and 19 years respectively. The annual commitment for repayment of these loans (capital and interest) does not exceed £225,000. 

The trustees are confident that the charity has adequate funding to meet its ongoing commitments and accordingly the financial statements have been prepared on a going concern basis. 

## **FUTURE PLANS** 

The charity is growing and has plans to open new centres and reach a wider audience in the UK. His Holiness is travelling  regularly to the UK also and giving discourses and sermons. 

## **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 overseen and managed by its Board of Trustees. At present there are four trustees. 

Page 2 



**SACHKHAND NANAK DHAM (DARSHAN DARBAR) UK** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2022** 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees** 

The power to appoint new trustees is vested in the members and adherents of the charity. In considering the recruitment of a new trustee, the members and adherents would look to individuals who have had involvement with the charity, who have the necessary skillsets and who have the availability of time to better the charity's goals and objectives. 

## **Decision making** 

The overall strategy of the charity and its day-to-day administration are vested in the Board of Trustees. They are assisted by a secretary and a treasurer. 

## **Induction and training of new trustees** 

On appointment, new trustees will undergo an orientation to brief them on their legal obligations under charity law, the Charity Commission guidance on public benefit, and to inform them of the content of the Trust Deed, the decision-making processes, the aims of the charity and recent financial performance of the charity 

## **Key management remuneration** 

The trustees are considered to be the key management of the charity along with the secretary and treasurer. 

The trustees, secretary and treasurer are not remunerated for their services. 

The charity does not have any employees. 

## **Related party transactions** 

During the year to 30 September 2022 the charity paid expenses of £19,973 to Mr T Das to support him whilst undertaking religious and spiritual duties in the UK (2021: nil). 

Mr T Das is a trustee of the charity. 

During the year to 30 September 2022 the charity made payments of £20,000 to SND Electrical Wholesalers (UK) Limited for electrical goods supplied to the charity (2021: nil). 

The balance payable to SND Electrical Wholesalers (UK) Limited at 30 September 2022 was nil (2021: nil). 

Mr J S Bhambra is a trustee of the charity and is a director and shareholder in SND Electrical Wholesalers (UK) Limited. 

## **Risk management** 

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. 

The trustees have undertaken a risk assessment and continue to keep this under review. This process considers the risks to which the charity is exposed and agrees policies and actions to minimise any potential exposure to those risks. 

## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 

1071912 

## **Principal address** 

25 North Park Richings Park Iver SL0 9DH 

## **Trustees** 

B Singh (appointed 21.7.23) S S Sokhi (resigned 14.8.23) B S Bahl J S Bhambra T Das 

Page 3 



SACHILHAND NANAK DHAM (DARSHAN DARBAR) UK
REPORT OF THE TRUSTEES
FOR THE YKAR ENDED 30 SEPTEMBER 2022
REFERKNCE AND ADMINISTRATIVE DETAIIS
Audltor5
Macalvin$ Limi¢ed
CharteT¢d Acc4)untaDts
And Statutory Auditors
7 St Johtt's Road
H8]TOW
Middlesex
HAI 2EY
STATEMENT OF TRUSTELS, RESPOIYSIBILITILS
The In￿¢¢5 are r¢spon5ibl¢ for preparing the Report of the TTU5tee5 and the financial siatemcnts in accordance with wpltcable law
8nd United KingdoTn Accounting Standards (United Kingdom Generally Accepted Ac¢ounting Pracii¢¢l.
Th¢ law applicabl¢ ￿ dJaritie5 in Englojjd 4nd wal￿ the Ch￿ltieS A¢t 2011, Charity IA¢¢ouDts and Reports) R¢gul&tions 2008 attd
the provision5 of the trust d¢ed requires the trustees to prepare fjnancial statements for each fJn8nGial year whith give a true and [￿r
viuv of th¢ State of atT2iT5 of the charity and of the incoming resourccs atjd application of r¢source5, including the incom¢ athd
oxpenditure, of the Charity for that peri￿1. In preparing those financial st8*m¢Rts. the trustees arc required to
Select suithble accounting Wplicies and then apply them consist¢ntly*
observe the methods and principles in the Chority SORP,.
rllake judgements and ¢stimat¢s that arc reasonabl¢ and prudent;
Slal¢ wheiher applicable ac￿￿ntIo￿ standards hav¢ Ix¢n followed. subject to any maCert￿ departures disclos¢d atld explained i
the financial slat¢mezJts;
prepare the fin&n¢iai statements on the going con¢¢rn basi5 unless it ts inappropriate to prt5ume that th¢ ¢hHrity will e4)ntirtu¢ in
business.
The trustees are respon5Lbl¢ for keeping proper wunting records whirh disclose with r¢awnablc accuracy at time th¢ financial
position of the charity aod to enable them to en5UTe thai the financial stai¢m¢nts comply with the Charities Act 2011. the Charity
{A¢counts and R¢portsl R¢8ulaiions 2008 and th¢ provi5ion5 of th¢ In￿1 dtcd. Th¢y are also Te5ponsible for safeguarding the #￿ts
of the chority and hence for taking re4sonAbl¢ 5tcps for ihc prev¢ntion dctcction of fraud and other irregulariii¢&
Approved by order of the board of ¢TUStee5 0Th...
and signed on its behalf by..
J S Bhambra- Trustee

REPORT OF THE INDF.PENDENf AUDII'ORS TO THE TRIIS7'Tr:LS O
SACIIKHAND IYANAK DHAM (DARSHAN DARBARI UK
OpiDion
We Audited the fi]Jancial ￿at￿￿ents of Sttdjkbattd Nanak Dharn {Darshon Datbar) UK (the 'charily) for the year ended
30 Se￿trer 2022 which (x)mpri*e the Siatemcnl of Financial Activities, the Bal￿¢¢ Sh¢et, the Flow Siatem¢rLI gnd not¢5 to
the fingmcial stst¢rn¢ni4 iu¢luding a of signifi¢snl &C¢OUllting p)liLics. The financial rep)rting framework that has IKen
applied in their preparation is appliubk law UTLited Kingdom Acco￿]￿% St8ndaTds (Unitrd Kingdow Gengrallv A(wled
A¢£ouniing Pla￿1¢<).
In ouropinion the fin￿¢]•7 ￿￿tements..
give a trnt and fair vi¢w of the state of the Charitys affairs as at 30 Septtmber 2022 and of it5 incoming tepA)ufL%S and appli￿10￿
of rcsourcc& forth¢ yeÈr then e]JtsJ.
h&ve beell pmperly prcpaml in acry)rdan¢¢ with United Kingdom Gcncrnlly AcLtpttd AccoulltiDg PTaCti4
have beett pr¢par¢d in ?¢cordsn* with the requiren￿ll￿ ofth¢ Chyrriites Aa 2011.
B*sis lor opinion
W¢ coThduLi¢d vui audit in acL1)rd￿lI* with JnteJnation*l Stsndfirds on Audititsg (UK) IJSAs OJKII srtd applicable law. Our
Te%ponsibilities under rknsc standBrd% Bre further describcd in 1h¢ Auditors, ￿SponsIbl]itIeS for th¢ 3udil of the fmancial statements
se¢tioJJ of our r¢wn. We sre indeF￿ndent ofihe charity in accordan¢¢ with IFK ¢thIC￿ Tequircrt*llts thai arc T¢l¢vani to our audit of
the financial %txtsm¢nts in the UK in¢ludiTrg the TrRC's Ethiul Standard, 8Trd Ivt have fvlfLlled our oth¢r ethic￿ re5PDnsibililies irj
CLY>rdartce with these rtquirenKDrs. We bElicve thai the audit ¢vidcnce have ol)tained is 8uffitient 8ttd appropriatt to provid¢
b8*s forour opinion.
cour￿$10￿5 r¢l•tin¥ to goin% ts)De¢rn
auditlLg the financial stst¢tn¢n4 we have con¢lud¢d that th¢ Iru5tees' use of thc going ¢on¢¢rn basis of Èctounling in the
preparation of the fJtwKial 8tAiemenis is appropriat¢.
Based on the we ha￿ perforrnc(i have not id¢ntifJ¢d maietial un(%nwnti¢s relltittg to e￿]ts OT condklions that,
individually OT collectively, may Lasi si8nifJcaTht doubt on the charitys ability to ct>ntinue L8 a going conc¢m for a p¢riod of mt It￿t
tsvelvc months frorn when the flnanci￿ 5tat¢m¢nts are auihorised for issu¢.
Ourresponsibilili¢s atml the responsibilitics of th¢ truste¢$ with res1￿1 ￿ going des¢nThed in fv rel¢vant sectiotss of this
report.
Other inform&ilon
Ihc Irustees are rrynsible for the othcr infornigtion. The other infOrn￿tIon wmprises the irtform&ion includ¢d in the A]Jlluil
R¢powL otherthall ihe fi])aJ)cial stalem¢nts alld RepDrt of the IndePe[￿ent Auditots ther￿)ll.
Our opinion on th¢ finyn¢illl s￿LeMen$ does not cov¢r the other infomiation except to the cxt¢ni oth¢MK ¢xpli¢itly stated ill
our repDr4 we do not ¢xptrs8 any form of a$MrAnce tonclusion th¢T¢Q
In conn¢¢ti(bn with our audit of the financial swtement4 our rcspoJJsibiliry is io T¢ad the other inforniaiion and, in doin8 su: eunsider
whether the other inforn)atlQD is ]n&teri2lly in¢onsis*ni with the financial siaiemenl% OT our knoisledge obtsincd in Ihe audit or
oiheTwTse appeajs to b¢ materially ¥ni551aie41. Tf we identifv such material incons¢st¢nci£s or appomt marerial missiat¢[￿nt￿ we are
requsT¢J io Ikt£rniine whether rhis giv¢s ris¢ lo a mafrrial mi&%takmeni irl the financial 51xiemenis Ihems¢lvc5. If, bascd on thc work
r have ￿rrOr￿e￿ coneludc that th¢Te is & mtti￿la[ misstatemeDt of thi8 Othcr infonNtion, we ate required to report that fa￿.
We have nolhin8 10 tEPOrt iti this regard.
Matttrs M whKb w¢ are rt4uired to re￿rt by exteptlo
We have rtothithg to in resP￿t ofihe followng maiicrs wherc the Ch&Titi&q (A¢eow)ts Atsd Report81 Regulations 2008 r¢quires
U5 to report lo you if, in OUT gPiDiQn'.
the information given in ih¢ Reporl ofthe Trn5tets LS inconsLStenl in any [nakri￿ respectwiih tk firwi¢ial stotell￿llS. or
sufficient accounting records have not been ktPL or
the finartcial sl&temenlS are not in 88re¢m¢nt with the Rccouftiing records T¢tUrn5' or
E hav¢ Trot reeeived ail the infoTJJ)aiion Jnd eXplan￿lon$ require for ouraudit.
Rtsponsibillths of trn$te
As explaifted more fvlly in the Stsicm¢nt of Tn]st¢¢$' Kestx)rtsibiliiies th¢ are Tesp)rtsible for thc prcparation ofthe ftnAn¢iA]
statements whicb give a tru¢ aJ)d fair view. And for such ini¢Jnal conlTuI #s ihe tTIL%lees determine 15 nece55ary 10 enabk th¢
pr¢par&tion orrsnan¢i•l siAtements that firc fTom mat¢TioI mi55ttttemenL wFKihcr to or em)r.
In pr¢p￿ll)g Ihe financi￿ ststements, the trustccs are y¢stN)n5ibl¢ for as￿$1￿8 the charity'8 8bility to colltinue &8 A goiog o)ncern.
disclosin& as appli(xblA Jntttters retsted to going con¢¢rn ynd using the going ¢on¢¢m basis of accouDling unless th¢ ￿SteeS either
telld 10 liquidaie the (*ariiy QT to ce&8¢ op¢rations oi have M realistic èjtemtttive but io th) so.
Page 5

REPORT OF THE INDEPENDEWt AUDITORS TOTHE TRUSTF.F.S OF
SACIIKIIAND NAf4AK DHAM IDARSHAN DARBARI VK
Our responsihilities for i&t gudit of the fitslmcial sla¢¢m¢nts
We h&v¢ bc¢Tr Sp￿l￿ted audirors under S¢otioJ) 144 of the Charities Aa 20112nd rewFrt itt acwrdan¢¢ wth th¢ A¢t aThd relevant
gulalioDS nwde or h#viTh8 eifect thtreunder.
Our ob￿liVeS are to obtain T¢a50nable assurance aknut fill￿CIal statements LS a whole at¢ frcc from m8tsriAI
misstarcm¢ni. wl)ctJKr duc to fraud orerroT. and to issue aR¢p)rt of th¢ Inde￿ndent Audilors intludes our opinion. R¢*￿￿#ble
ossurance is ahi8h level Or￿S￿ra￿te. bul is nol a guar￿lee that an audit conducted in a¢wrdAllLf With ISAs(UKI always deteL*
a mttttrial mI￿￿eMent when il cxists. MÉsstalcmen15 clln arise from fraud QT ¢rroT aud aTe considered materia] it., individually or in
Ibe 088Te8ate. Ih¢y Lvuld re￿A￿t￿lY be expethd to inIJu¢n¢¢ tbe ecDnO]ni¢ decisions of ws¢rs tsk¢n on th2 of IheÉe fittan¢i8J
statcmcnis.
iwlaritic4 in¢luding fraud, aTe inkantes of non.complian¢¢ with 18ws 8thd regulatiOll5. W¢ ¢k5igQ Ptocdute5 ith line wilh our
respoD5ibiliti¢& outlined ai¥)ve, 10 dew'i Ma￿rial misstateJneM$ itt rtspecl ofirre8ularitie4 induding fiaud. Thc extent to whi¢h our
pm¢edu￿s art ¢apablc of del¢ctin8 iTr¢gulBriti¢% in¢luding frnud is d¢tailcd klow..
identifyin8 and assessing risks of tNt¢rial misstatern¢Tht in respect of irregu]ariti¢s, induding fraud artd not)-¢omplivnce with laws
¥nd regulation& o)nsiddrd TJK follow￿￿¥..
. lh¢ natur¢ ofth¢ dJ*rity ind se¢ior in wthi¢h li op¢r*¢6 wDirol environm¢nt fiD&￿i&l t*rfornLancc in¢luditig
tbe dE$ign of the iharitys systems and controls.
. rcsults of our¢Dqiiiries Df mllnagementabout theirowi id¢ntifi¥xtion and ￿sessMent0r the risksof Irregul￿ltIes.
. identrfying, evaluatijjg and complying with and tegulations and whcth¢rthey wert avmre of ally insthces of
nort-compliance,.
. detectingsnd responding to th¢ risks ot"IToud gnd whetherthey havc ktK)wlcdg¢ of any ackntsl. s￿$]￿ed or
alleged frttuQ.
- Iht inierngl ¢ontro15established to mitisak risks of fraud or nonwcomplionte with lawsgJ)d r¢gulations.
These m¥tters were discu￿1 arJJoJJg the audit ¢nsag¢m¢nt tram rc8llrdirtE how and wtKrc fraud might occur in the fJnon¢iai
stsiemcnis and Bny wtrteniittl indicators of fraud.As a Tewlt of thes¢ PTo¢edure& consid¢]rd the opF¥irtuniiies irJ*niives Ihat
Lllay uist within Iht owHnisa¢ion for fraud. in commotk with all audiis und¢r ISA5 (UKI, w¢ albx) yequircd to p¢rfom) specific
proceduresio Tcspond kn the Tisk of matwment overridc.
We also ob￿ned an und¢rsthndift8 of the legsj regulatory frameworks that the Lhariiy operates in, fowsillg on provisio￿ tsr
IhD* laws and regulaiions that had * direbl ¢ffeci on the detcTSntt￿iOTh of ]nai¢rial amounts and distlosures in thc financial
sla*mtni$.'Ihe key and rcgulationy ¢onsid¢T¢d in this ¢ontext includcd th¢ UK tharity law dnd other releKgttt le8islatLOn.
A Curther d¢wplion of our responsibilities for the audit of the fin&n¢i41 siaremcnts is iocat¢d ou th¢ Findncial Rewning Council's
websit¢ at w%vw.fJr.urg.uklawJl￿rSresPQnSlb1J]Iic$. This descripiiun forms partof our Report of thc Intynd¢nt Auditors.
Other m*tter- eompar•liYt f￿￿re5 unlu￿lIed
The c4>mpar81ive ligures recorded in thc financial stst¢m¢nts relate to the year cn(kd 30 S¢p*mbet 2021. These fi8iiies are
unaudited.
Il8t of our report
This rep)rt is made solely lu the tharily's tnistees, 8s a body. UJ accordan¢¢ wth Part 4 of the Charities {Ac¢outtt8 and R¢rffi5}
R¢gulations 2008. Our audit work been undertaken so that might Stat¢ to the eharily's knJ￿ees ihos¢ matt¢r3 required lo
stsie Iv Ihem in an a￿dItors, retx)rr fui nv other purp)se. -lo the fvlle5t cxt¢nl p¢rniitt¢d by lllw, do not A¢¢epi or assume
SFNill5ibility to &rtyon¢ other than th¢ charity and the tharity's trU￿e¢S as a kndy? fvr our audit for this report, or for the
opiniulls have fomie(L
MpcalviDs Limilcd
Chariered Accountsnis
Stabtsiory AudiioTS
7 SiJohn's Road
Harrow
Middk5ex
HAI 2EY
Dat¢..
202
Pa£¢ 6

## **SACHKHAND NANAK DHAM (DARSHAN DARBAR) UK** 

## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2022** 

|Notes<br>**INCOME AND ENDOWMENTS FROM**<br>Donations and legacies<br>2<br>Investment income<br>3<br>Other income<br>4<br>**Total**<br>**EXPENDITURE ON**<br>Raising funds<br>5<br>Other<br>**Total**<br>**NET INCOME**<br>**Other recognised gains/(losses)**<br>Gains on revaluation of fixed assets<br>**Net movement in funds**<br>**RECONCILIATION OF FUNDS**<br>**Total funds brought forward**<br>As previously reported<br>Prior year adjustment<br>9<br>**As restated**<br>**TOTAL FUNDS CARRIED FORWARD**|30.9.22<br>Unrestricted<br>fund<br>£<br>421,915<br>21,327<br>96,112<br>539,354<br>286,872<br>-<br>286,872<br>252,482<br>50,500<br>302,982<br>4,341,280<br>(1,569,062)<br>2,772,218<br>3,075,200|30.9.21<br>Total<br>funds<br>as restated<br>£<br>464,040<br>21,360<br>42,855|
|---|---|---|
|||528,255|
|||183,918<br>-|
|||183,918|
|||344,337<br>1,062,971|
|||1,407,308<br>1,364,910<br>-|
|||1,364,910|
|||2,772,218|



The notes form part of these financial statements 

Page 7 



SACHKHAND NANAK DHAM (DARSHAIY DARBAR) UK
BALANCE SHEET
30 SEPTEMBER 2012
30.9.22
30.9.21
Tthal
fund5
fund
FIXED ASSETS
Tangible &8sets
JnvcsthM¢ property
io
5.518,919
555.5(K>
4.784.588
505,tMx
6.074.419
5,289,588
CURREprf ASSETS
Debtors
C&%h at bank in hand
12
86.101
102.484
1.786
316.366
186.585
318.352
CREDITORS
Amounts f8Jling due within on¢ year
13
{447,7451
(1.026.259)
NET CURRENT ASSETS
1259.1601
1707.9071
TOTAL ASSETS LESS CURRENT LIABILITILS
5.815,259
4.581.681
CREDITORS
Amounls (ajling due aftu mor¢ than orK ye•r
14
12.740,0591
(1.809.463)
NET ASSETS
3,075.21V)
2,772,218
FUNDS
Unr#th¢ted fvnd5.'
Generdl fund
17
3.075.21M)
2,772,218
TOTAL FUNDS
3.075.2(KJ
2,772,218
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## **SACHKHAND NANAK DHAM (DARSHAN DARBAR) UK** 

## **CASH FLOW STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2022** 

|Notes<br>**Cash flows from operating activities**<br>Cash generated from operations<br>1<br>Interest paid<br>Net cash provided by operating activities<br>**Cash flows from investing activities**<br>Purchase of tangible fixed assets<br>Sale of tangible fixed assets<br>Interest received<br>Net cash used in investing activities<br>**Cash flows from financing activities**<br>New loans in year<br>Loan repayments in year<br>Net cash provided by financing activities<br>**Change in cash and cash equivalents in the**<br>**reporting period**<br>**Cash and cash equivalents at the beginning of**<br>**the reporting period**<br>**Cash and cash equivalents at the end of the**<br>**reporting period**|30.9.22<br>£<br>266,138<br>(75,563)<br>190,575<br>(739,453)<br>3,200<br>1<br>(736,252)<br>600,000<br>(268,405)<br>331,595<br>(214,082)<br>316,566<br>102,484|30.9.21<br>as restated<br>£<br>407,088<br>(60,778)<br>346,310<br>(1,158,975)<br>-<br>4<br>(1,158,971)<br>931,000<br>(55,502)<br>875,498<br>62,837<br>253,729<br>316,566|
|---|---|---|



The notes form part of these financial statements 

Page 9 



**SACHKHAND NANAK DHAM (DARSHAN DARBAR) UK** 

## **NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2022** 

## **1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES** 

||30.9.22|30.9.21|
|---|---|---|
|||as restated|
||£|£|
|**Net income for the reporting period (as per the Statement of Financial**|||
|**Activities)**|252,482|344,337|
|**Adjustments for:**|||
|Depreciation charges|1,923|1,263|
|Interest received|(1)|(4)|
|Interest paid|75,563|60,778|
|Increase in debtors|(84,315)|(1,786)|
|Increase in creditors|20,486|2,500|
|**Net cash provided by operations**|266,138|407,088|



## **2.** 

## **ANALYSIS OF CHANGES IN NET DEBT** 

|**Net cash**<br>Cash at bank and in hand<br>**Debt**<br>Debts falling due within 1 year<br>Debts falling due after 1 year<br>**Total**|At 1.10.21<br>£<br>316,566<br>316,566<br>(1,020,764)<br>(1,809,463)<br>(2,830,227)<br>(2,513,661)|Cash flow<br>£<br>(214,082)<br>(214,082)<br>599,000<br>(930,596)<br>(331,596)<br>(545,678)|At 30.9.22<br>£<br>102,484<br>102,484<br>(421,764)<br>(2,740,059)<br>(3,161,823)<br>(3,059,339)|
|---|---|---|---|



The notes form part of these financial statements 

Page 10 



**SACHKHAND NANAK DHAM (DARSHAN DARBAR) UK** 

**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022** 

## **1. ACCOUNTING POLICIES** 

## **Basis of preparing the financial statements** 

The financial 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 Recommended 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 1 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 statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets. 

## **Changes in accounting policies** 

In the year to 30 September 2021 the trustees determined that the accounting policy for land and buildings should be changed to record land and buildings at market value. Previously land and buildings were recorded at cost less impairment. 

In the absence of formal valuation reports from independent valuers for all properties the trustees have determined to take a prudent approach for the year ended 30 September 2022 and have determined that land and buildings should only be revalued in the financial statements where supported by independent valuation reports. 

The policy now adopted by the trustees is therefore that freehold and leasehold land and buildings are recorded initially at cost and are periodically revalued on the basis of independent valuation reports. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities. 

## **Income** 

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. 

## **Expenditure** 

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. 

## **Tangible fixed assets** 

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. 

|Plant and machinery|- 20% on cost|
|---|---|
|Fixtures and fittings|- 20% on cost|
|Motor vehicles|- 20% reducing balance|
|Computer equipment|- 3 years straight line|



Freehold and leasehold land and buildings are recorded initially at cost and are periodically revalued on the basis of independent valuation reports. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities. 

## **Investment property** 

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities. 

## **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 the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. 

## **Going concern** 

Where current liabilities exceed current assets the trustees consider the ability of the charity to meet its liabilities from liquid assets as and when the liabilities fall due for payment. The trustees also consider the support given to the charity by its members and creditors. 

continued... 

Page 11 



**SACHKHAND NANAK DHAM (DARSHAN DARBAR) UK** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2022** 

## **1. ACCOUNTING POLICIES - continued** 

## **Going concern** 

If the trustees are of the opinion that the charity can meet its liabilities as and when they fall due for payment, and has sufficient support from its members and creditors, the financial statements are prepared on a going concern basis. 

## **2. DONATIONS AND LEGACIES** 

|Donations<br>**3.**<br>**INVESTMENT INCOME**<br>Rents received<br>Deposit account interest<br>**4.**<br>**OTHER INCOME**<br>Other Income - Gid Aid Claim<br>**5.**<br>**RAISING FUNDS**<br>**Raising donations and legacies**<br>Insurance<br>Light and heat<br>Telephone<br>Postage, packing and carriage<br>Event Costs<br>Food and other supplies<br>Rates and water charges<br>Sundries<br>Motor and travelling costs<br>Repairs and maintenance<br>Advertising and promotion<br>Computer consumables<br>Cleaning<br>Support for spiritual teachers<br>Depreciation<br>Support costs|30.9.22<br>a<br>£<br>421,915<br>30.9.22<br>a<br>£<br>21,326<br>1<br>21,327<br>30.9.22<br>a<br>£<br>96,112<br>30.9.22<br>a<br>£<br>5,113<br>26,424<br>4,075<br>742<br>28,239<br>24,046<br>12,572<br>2,929<br>16,294<br>8,970<br>17,100<br>331<br>-<br>19,973<br>1,923<br>118,141<br>286,872|30.9.21<br>s restated<br>£<br>464,040|
|---|---|---|
|||30.9.21<br>s restated<br>£<br>21,356<br>4<br>21,360<br>30.9.21<br>s restated<br>£<br>42,855<br>30.9.21<br>s restated<br>£<br>2,615<br>8,812<br>1,537<br>1,149<br>12,298<br>7,069<br>5,032<br>999<br>9,778<br>37,334<br>175<br>17<br>78<br>-<br>1,263<br>95,762|
|||183,918|



continued... 

Page 12 



**SACHKHAND NANAK DHAM (DARSHAN DARBAR) UK** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2022** 

## **6. SUPPORT COSTS** 

|**SUPPORT COSTS**||||
|---|---|---|---|
|||Governance||
||Finance|costs|Totals|
||£|£|£|
|Raising donations and legacies|75,563|42,578|118,141|



## **7. TRUSTEES' REMUNERATION AND BENEFITS** 

There were no trustees' remuneration or other benefits for the year ended 30 September 2022 nor for the year ended 30 September 2021. 

## **Trustees' expenses** 

During the year to 30 September 2022 the charity paid expenses of £19,973 to Mr T Das to support him whilst undertaking religious and spiritual duties in the UK (2021: nil). 

Mr T Das is a trustee of the charity. 

During the year to 30 September 2022 the charity made payments of £20,000 to SND Electrical Wholesalers (UK) Limited for electrical goods supplied to the charity (2021: nil). 

The balance payable to SND Electrical Wholesalers (UK) Limited at 30 September 2022 was nil (2021: nil). 

Mr J S Bhambra is a trustee of the charity and is a director and shareholder in SND Electrical Wholesalers (UK) Limited. 

No other payments or reimbursement of expenses were made to trustees during the year ended 30 September 2022. No payments or reimbursement of expenses were made to trustees during the year ended 30 September 2021. 

## **8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** 

||Unrestricted|
|---|---|
||fund|
||as restated|
||£|
|**INCOME AND ENDOWMENTS FROM**||
|Donations and legacies|464,040|
|Investment income|21,360|
|Other income|42,855|
|**Total**|528,255|
|**EXPENDITURE ON**||
|Raising funds|183,918|
|Other|-|
|**Total**|183,918|
|**NET INCOME**|344,337|
|**Other recognised gains/(losses)**||
|Gains on revaluation of fixed assets|1,062,971|
|**Net movement in funds**|1,407,308|
|**RECONCILIATION OF FUNDS**||
|Total funds brought forward|1,364,910|



continued... 

Page 13 



**SACHKHAND NANAK DHAM (DARSHAN DARBAR) UK** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2022** 

## **8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued** 

||Unrestricted|
|---|---|
||fund|
||as restated|
||£|
|**TOTAL FUNDS CARRIED FORWARD**|2,772,218|



## **9. PRIOR YEAR ADJUSTMENT** 

In the year to 30 September 2021 the trustees determined that the accounting policy for land and buildings should be changed to record land and buildings at market value. Previously land and buildings were recorded at cost less impairment. 

As at 30 September 2021 the trustees valued land and buildings at £6,350,000. This figure was included in the financial statements for the year ended 30 September 2021. 

In the absence of formal valuation reports from independent valuers for all properties the trustees have determined to take a prudent approach for the year ended 30 September 2022 and have determined that land and buildings should only be revalued in the financial statements where supported by independent valuation reports. 

On this basis the trustees have restated the value for land and buildings at 30 September 2021 at £4,780,938. 

A prior year adjustment of £1,569,062 has therefore been recognised in the financial statements for the year ended 30 September 2022. The prior year adjustment has the effect of reducing unrestricted reserves by £1,569,062. 

## **10. TANGIBLE FIXED ASSETS** 

|**COST**<br>At 1 October 2021<br>Additions<br>Disposals<br>At 30 September 2022<br>**DEPRECIATION**<br>At 1 October 2021<br>Charge for year<br>At 30 September 2022<br>**NET BOOK VALUE**<br>At 30 September 2022<br>At 30 September 2021|Freehold<br>property<br>£<br>4,780,938<br>728,721<br>-<br>5,509,659<br>-<br>-<br>-<br>5,509,659<br>4,780,938|Plant and<br>machinery<br>£<br>-<br>1,425<br>-<br>1,425<br>-<br>214<br>214<br>1,211<br>-|Fixtures<br>and<br>fittings<br>£<br>21,939<br>-<br>-|
|---|---|---|---|
||||21,939|
||||21,939<br>-|
||||21,939|
||||-|
||||-|



continued... 

Page 14 



**SACHKHAND NANAK DHAM (DARSHAN DARBAR) UK** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2022** 

## **10. TANGIBLE FIXED ASSETS - continued** 

|**COST**<br>At 1 October 2021<br>Additions<br>Disposals<br>At 30 September 2022<br>**DEPRECIATION**<br>At 1 October 2021<br>Charge for year<br>At 30 September 2022<br>**NET BOOK VALUE**<br>At 30 September 2022<br>At 30 September 2021|Motor<br>vehicles<br>£<br>4,500<br>-<br>(3,200)<br>1,300<br>1,125<br>175<br>1,300<br>-<br>3,375|Computer<br>equipment<br>£<br>413<br>9,307<br>-<br>9,720<br>138<br>1,533<br>1,671<br>8,049<br>275|Totals<br>£<br>4,807,790<br>739,453<br>(3,200)|
|---|---|---|---|
||||5,544,043|
||||23,202<br>1,922|
||||25,124|
||||5,518,919|
||||4,784,588|



In the year to 30 September 2021 the trustees determined that the accounting policy for land and buildings should be changed to record land and buildings at market value. Previously land and buildings were recorded at cost less impairment. 

As at 30 September 2021 the trustees valued land and buildings at £6,350,000. This figure was included in the financial statements for the year ended 30 September 2021. 

In the absence of formal valuation reports from independent valuers for all properties the trustees have determined to take a prudent approach for the year ended 30 September 2022 and have determined that land and buildings should only be revalued in the financial statements where supported by independent valuation reports. 

On this basis the trustees have restated the value for land and buildings at 30 September 2021 at £4,780,938. 

Freehold land and buildings include a property which is now considered to be surplus to requirements. This property has now been offered for sale. This property is included in the financial statements at a value of £1,656,876. 

## **11. INVESTMENT PROPERTY** 

|**FAIR VALUE**<br>At 1 October 2021<br>Revaluation<br>At 30 September 2022<br>**NET BOOK VALUE**<br>At 30 September 2022<br>At 30 September 2021|£<br>505,000<br>50,500|
|---|---|
||555,500|
||555,500|
||505,000|



The trustees have valued the investment property at 30 September 2021 and at 30 September 2022 using rental yield calculations and information on property price inflation available from the Office for National Statistics. 

Fair value at 30 September 2022 is represented by: 

|Valuation in 2022<br>Valuation in 2021<br>Cost|£<br>50,500<br>72,971<br>432,029|
|---|---|
||555,500|



Page 15 

continued... 



**SACHKHAND NANAK DHAM (DARSHAN DARBAR) UK** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2022** 

## **12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** 

|Other debtors - Gift Aid<br>Prepayments and accrued income<br>**13.**<br>**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**<br>Bank loans and overdrafts (see note 15)<br>Trade creditors<br>Other creditors<br>**14.**<br>**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**<br>Bank loans (see note 15)<br>Other creditors<br>**15.**<br>**LOANS**<br>An analysis of the maturity of loans is given below:<br>Amounts falling due within one year on demand:<br>Bank loans<br>Other loans<br>Amounts falling between one and two years:<br>Bank loans - 1-2 years<br>Amounts falling due between two and five years:<br>Bank loans - 2-5 years<br>Other loans - 2-5 years<br>Amounts falling due in more than five years:<br>Repayable by instalments:<br>Bank loans more 5 yr by instal|30.9.22<br>£<br>86,101<br>-<br>86,101<br>30.9.22<br>£<br>121,764<br>2,811<br>323,170<br>447,745<br>30.9.22<br>£<br>2,318,059<br>422,000<br>2,740,059<br>30.9.22<br>£<br>121,764<br>300,000<br>421,764<br>121,764<br>365,291<br>422,000<br>787,291<br>1,831,004|30.9.21<br>as restated<br>£<br>-<br>1,786<br>1,786<br>30.9.21<br>as restated<br>£<br>89,764<br>2,496<br>933,999|
|---|---|---|
|||1,026,259|
|||30.9.21<br>as restated<br>£<br>1,809,463<br>-|
|||1,809,463|
|||30.9.21<br>as restated<br>£<br>89,764<br>931,000|
|||1,020,764|
|||89,764|
|||269,291<br>-|
|||269,291|
|||1,450,408|



Page 16 

continued... 



**SACHKHAND NANAK DHAM (DARSHAN DARBAR) UK** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2022** 

## **16. SECURED DEBTS** 

The following secured debts are included within creditors: 

||30.9.22|30.9.21|
|---|---|---|
|||as restated|
||£|£|
|Bank loans|2,439,823|1,899,227|



The bank loans recorded in the financial statements of £2,439,823 are secured by way of legal charges over four properties owned by the charity. 

These properties are recorded in the financial statements at a combined value of £5,338,389. 

## **17. MOVEMENT IN FUNDS** 

|At<br>1.10.21<br>£<br>**Unrestricted funds**<br>General fund<br>4,341,280<br>**TOTAL FUNDS**<br>4,341,280<br>Net movement in funds, included in the above are as follows:<br>Incoming<br>resources<br>£<br>**Unrestricted funds**<br>General fund<br>539,354<br>**TOTAL FUNDS**<br>539,354<br>**Comparatives for movement in funds**<br>**Unrestricted funds**<br>General fund<br>**TOTAL FUNDS**|Prior<br>year<br>adjustment<br>£<br>(1,569,062)<br>(1,569,062)<br>Resources<br>expended<br>£<br>(286,872)<br>(286,872)<br>At<br>1.10.20<br>£<br>1,364,910<br>1,364,910|Net<br>movement<br>in funds<br>£<br>302,982<br>302,982<br>Gains and<br>losses<br>£<br>50,500<br>50,500<br>Net<br>movement<br>in funds<br>£<br>1,407,308<br>1,407,308|At<br>30.9.22<br>£<br>3,075,200|
|---|---|---|---|
||||3,075,200|
||||Movement<br>in funds<br>£<br>302,982<br>302,982<br>At<br>30.9.21<br>£<br>2,772,218|
||||2,772,218|



continued... 

Page 17 



**SACHKHAND NANAK DHAM (DARSHAN DARBAR) UK** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2022** 

## **17. MOVEMENT IN FUNDS - continued** 

Comparative net movement in funds, included in the above are as follows: 

|**Unrestricted funds**<br>General fund<br>**TOTAL FUNDS**|Incoming<br>resources<br>£<br>528,255<br>528,255|Resources<br>expended<br>£<br>(183,918)<br>(183,918)|Gains and<br>losses<br>£<br>1,062,971<br>1,062,971|Movement<br>in funds<br>£<br>1,407,308|
|---|---|---|---|---|
|||||1,407,308|



A current year 12 months and prior year 12 months combined position is as follows: 

|**Unrestricted funds**<br>General fund<br>**TOTAL FUNDS**|At<br>1.10.20<br>£<br>1,364,910<br>1,364,910|Prior<br>year<br>adjustment<br>£<br>(1,569,062)<br>(1,569,062)|Net<br>movement<br>in funds<br>£<br>1,710,290<br>1,710,290|At<br>30.9.22<br>£<br>1,506,138|
|---|---|---|---|---|
|||||1,506,138|



A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: 

|Incoming<br>resources<br>£<br>**Unrestricted funds**<br>General fund<br>1,067,609<br>**TOTAL FUNDS**<br>1,067,609|Resources<br>Gains and<br>Movement<br>expended<br>losses<br>in funds<br>£<br>£<br>£<br>(470,790)<br>1,113,471<br>1,710,290<br>(470,790)<br>1,113,471<br>1,710,290|
|---|---|



## **18. RELATED PARTY DISCLOSURES** 

During the year to 30 September 2022 the charity made payments of £20,000 to SND Electrical Wholesalers (UK) Limited for electrical goods supplied to the charity (2021: nil). 

The balance payable to SND Electrical Wholesalers (UK) Limited at 30 September 2022 was nil. (2021: nil) 

Mr J S Bhambra is a trustee of the charity and is a director and shareholder in SND Electrical Wholesalers (UK) Limited. 

## **19. GOING CONCERN** 

The financial statements have been prepared on a going concern basis notwithstanding the fact that there are net current liabilities of £259,160 at 30 September 2022 (2021: £707,907). 

Included in creditors: amounts falling due within one year is a short-term loan of £300,000 provided by members and adherents of the faith community (2021: various loans totalling £931,000).The loan for £300,000 was repaid in September 2023 and the charity obtained further loans from members and adherents of the faith community to enable the repayment to be made. These further loans are not due for repayment before January 2025. 

Freehold land and buildings include a property which is now considered to be surplus to requirements. This property has now been offered for sale. This property is included in the financial statements at a value of £1,656,876 and is being marketed at offers over £1,650,000. 

continued... 

Page 18 



**SACHKHAND NANAK DHAM (DARSHAN DARBAR) UK** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2022** 

## **19. GOING CONCERN - continued** 

The charity has two bank loans and the total outstanding on these loans at 30 September 2022 was £2,439,823 (2021: £1,899,227). These loans are repayable over terms of 21 years and 19 years respectively.The annual commitment for repayment of these loans (capital and interest) does not exceed £225,000. 

The trustees are confident that the charity has adequate funding to meet its ongoing commitments and accordingly the financial statements have been prepared on a going concern basis. 

Page 19