NANAKSAR SATSANG SABHA (LONDON) FINANCIAL STATEMENTS 31 MARCH 2024 Charity Number: 1072303
CONTENTS Page{s) Trustees Annual Report Independent Examinerfs Report to the Trustees Statement of Financial Activities Balance Sheet Notes to the Financial Statements 8-11
NANAKSAR SATSANG SABHA (LONDON) YEAR ENDED 31 MARCH 2024 Bankers BARCLAYS Bank PIC Leicester LE87 2BB Bank of Baroda 86 The Broadway, Southall, Middlesex, UBI IQD Metro Bank One Southampton Row London WCIB SHA Solicitors Shergill & Co 22 Bath Road, Hounslow, Middlesex, TW3 3EB
NANAKSAR SATSANG SABHA (LONDON) TRUSTEES ANNUAL REPORT YEAR ENDED 31 MARCH 2024 The Trustees have pleasure in presenting their Report and the unaudited Financial Statements of the charity for the year ended 31 March 2024. REFERENCE AND ADMINISTRATIVE DEfAILS Registered Charity name Nanaksar Satsang Sabha {London) Charity Registration number 1072303 THE TRUSTEES CONSTITUTION AND ADMINISTRATION Nanaksar Satsang Sabha is a registered charity under Charity Registration No.1072303. The Trustees and the Management Committee of the charity, during the year, were as follows: Narinder Singh Bhachu (President) Avtar Singh Mukar (Vice President) Satchand Singh Kalsi (Secretary) Sukhvinder Singh Bamrah (Assistant Secretary) Gurdev Singh Kalsi (Treasurer) Jaspreet Singh Matharu (Assistant Treasurer) Kulwant Singh Panesar (Trustee) Manmohan Singh Lotay (Trustee) Jaswant Singh Khull (Trustee) Surinder Singh Matharu {Trustee)
NANAKSAR SATSANG SABHA (LONDON) TRUSTEES ANNUAL REPORT YEAR ENDED 31 MARCH 2024 STRucfuRE, GOVERNANCE AND MANAGEMENT Governlng document The charity 15 governed by its constitution adopted on 26th October 1998 and registered with the Charity Commission. Appointment of trustees All the officers and trustees are in place in accordance with the constitutional requirements. Trustee's indurtion and trainlng All the new trustees are familiarised with the prattical work of the charity. New trustees are encouraged to attain the necessary skills required to achieve the objectives of the charity. New trustees are invited and encouraged to familiarise with the charity and the context within which it operates. Governance of Internal Control and Risk Management The Management Committee is aware of the type of risks the charity faces, prioritising them in the terms of potential impact and likelihood of these occurrences and identifying means of mitigating the risks. As part of thi5 process, the managing committee conform to the guidelines issued by the Charity Commission as appropriate to an organisation of the size and nature of the charity. ACHIEVEMENTS AND PERFORMANCE The charit¢s main income source of voluntary donations is increasing over the years. There is a corresponding increase in membership and donations. Volunteers The trustees record their appreciation to the volunteers, without whose help the results would not have been achieved.
NANAKSAR SATSANG SABHA (LONDON) TRUSTEES ANNUAL REPORT YEAR ENDED 31 MARCH 2024 Financial Review The Trustees are pleased to report that the net increase in the funds for the year was £98,308 taking the accumulated funds to £3,250,299. Re5erve5 Policy It is the policy of the charity to maintain unrestricted funds, which are the free resenies of the charity at a level which at least cover the management, administration and support costs for the year. The charity has four fixed interest earning deposit accounts with Bank of Baroda. PLANS FOR FUTURE PERIODS There are no immediate future plans except to increase the participation and donations to maintain the religious activities for their benefit. RESPONSIBILITIES OF THE TRUSTEES The charitvs trustees are responsible for preparing the Trustees Annual Report and the Financial Statements in accordance with applicable Saws and regulations. The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and the income and expenditure of the charity for that period. In preparing these statements the trustees are required to: Selett suitable accounting policies and then apply them consistently; Obsenie the methods and principles in the Charities SORP. Make judgments and accounting estimates that are reasonable and prudent.
NANAKSAR SATSANG SABHA (LONDON) TRUSTEES ANNUAL REPORT YEAR ENDED 31 MARCH 2024 State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements. Prepare the flnanclal statements on going concern basis unless tt is inappropriate to presume that the charity will continue in operation. Trustees are responslble for keeplng adequate accounting records that are sufficient to show and explain the charitls transactions and disclose with reasonable accuracy at any time the Flnancial p051tion of the charity and enable them to ensure that the financial statements complywith the Charities Act 2011.They are also responsible for safeguardin8 the assets of the charity and hence fortaking reasonable steps for the prevention and detection of fraud and other irregularities. INDEPENDENT EXAMINER Khushvinder Singh Saggu FCA FMAAT has been appointed as the Independent examiner for the ensuing year. Signed on behalf f the tr tees: Preside Date: 30 November 2024
NANAKSAR SATSANG SABHA (LONDON) INDEPENDENT EXAMINER'S REPORTTO THE TRUSTEES OF NANAKSAR SATSANG SABHA (LONDON) YEAR ENDED 31 MARCH 2024 I report on the accounts of the charity for the year ended 31 March 2024 set out on pages 6 to 11. RESPEcfivE RESPONSIBILITIES OF TRUSTEES AND INDEPENDENT EXAMINER The charit¢s trustees are responsible for the preparation of the accounts. The charitvs trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed. It is my responsibilityto: Examine the accounts under section 145 of the Charities Act; To follow the procedures laid down in the General Directions given by the Charity Commission {under section 145{5)(b) of the Charities Act); and To state whether particular matters have come to my attention. BASIS OF INDEPENDENT EXAMINER'S STATEMENT My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with these records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'turn and fairf view and the report is limited to those matters set out in the statement below. INDEPENDENT EXAMINER'S STATEMENT In connection with my examination, no matter has come to my attention.. l) which gives me reasonable cause to believe that in, any material respect, the trustees have not met the requirements to ensure that: proper accounting records are kept in accordance with section 130 of the Charities Act; and to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met; or 2) to which in my opinion. attention should be drawn in order to enable a proper understanding of the accounts to be reached. Khushvinder Singh Saggu FCA FMAAT Independent Examiner 7 Sutton Hall Road, Heston, Middlesex, TW5 OPX Date: 20 December 2024
NANAKSAR SATSANG SABHA (LONDON) STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2024 Unrestricted Funds Total Funds 2024 Total Funds 2023 Note INCOMING RESOURCES Incoming resources from Generating funds: Membership Voluntary donations Investment income Other 46,539 192,147 7,833 46,539 192,147 7,833 43,961 223,684 10,622 TOTAL INCOMING RESOURCES 246,519 246,519 278,267 RESOURCES EXPENDED Costs of generating funds: Establishment costs for Charitable activities Cost of generating voluntary income (126,958) {126,958} (104,981) (21,253) (21,253) (20,292) TOTAL RESOURCES EXPENDED (148,211) (148,211) {125,273) NET INCOMING RESOURCES FOR THE YEAR 98,308 98,308 152,994 RECONCILIATION OF FUNDS Total funds brought forward 3,151,991 3,151,991 2,998,997 TOTAL FUNDS CARRIED FORWARD 3,250,299 3,250,299 3,151,991 The Statement of Financial Activities includes all gains and losses in the year and therefore a Statement of Total Recognised Gains and Losses has not been prepared. All of the above amounts relate to continuing activities.
NANAKSAR SATSANG SABHA (LONDON) BALANCE SHEET YEAR ENDED 31 MARCH 2024 2024 2023 Note FIXED ASSErs Tangible assets 1,280,506 1,265,956 CURRENT ASSETS Cash at bank Debtors 1,902,793 67,000 1,819,035 67.000 CURRENT LIABILITIES Creditors: Amounts due in less than one year NET ASSETS 3,250,299 3.151,991 FUNDS Unrestricted income funds io 3,250,299 3,151,991 TOTAL FUNDS 3,250.299 3,151,991 These financial statements were approved by the members of the committee on 30th November 2024 and signed on thelr behalf by: President
NANAKSAR SATSANG SABHA (LONDON) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 I. ACCOUNTING POLICIES Basis of Accounting The financial statements have been prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, the Statement of Recommended Practice (SORP), "Accounting and Reporting by Charities" published in March 2005 and the Charities Act 2011. Incoming Resources Membership fee is accounted for when due and received on an annual basis. The value of any voluntary help received is not included in the accounts. Voluntary donations are included in the incoming resources when they are received. Resources Expended Charitable expenses are accounted for on an accrual basis inclusive of VAT. Expenditure which is directly attributable to specific activities has been included in those cost categories. Stocks Stocks are valued at the lower of cost and net realisable values after making due allowances for obsolete and slow-moving items. Depreclatlon Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives: Motor Vehicle 33% straight line method No depreciation has been provided for the Land and Buildings as, in the opinion of the trustees, it is maintained at a high standard with continuous repairs and maintenance.
NANAKSAR SATSANG SABHA (LONDON) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 2. INCOMING RESOURCES FROM ACTIVITIES FOR GENERATING FUNDS Unrestricted Funds Total Funds 2024 Total Funds 2023 Collection Box (Golakh) Donations/Path Bheta 158,035 34,112 158,035 34,112 177,354 46,330 192,147 192,147 223,684 3. ESTABLISHMENT COSTS FOR CHARITABLE AcfiviTIES Unrestricted Funds Total Funds 2024 Total Funds 2023 Utilities Building Insurance Building Maintenance Others 110,133 2,144 7,743 6,938 110,133 2,144 7,743 6,938 96,522 1,950 3,200 3,309 126,958 126,958 104,981 4. COST OF GENERATING VOLUNTARY INCOME Unrestricted Total Funds Funds 2024 Total Funds 2023 Pathi Aid-Prayers Travel - Staff Donations 12,332 3,921 5,000 12,332 3,921 5,000 14,062 1,230 5,000 21,253 21,253 20,292
NANAKSAR SATSANG SABHA (LONDON) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 5. STAFF COSTS AND EMOLUMENTS There were no paid employees during the year. No trustee related or connected by business has received any remuneration from the charity during the year. The total expenses relating to trustees amounted to Nil. (2023: Nil) 6. TAXATION The charity is exempt from Income Tax. 7. FIXED ASSETS Land and Buildings Motor Vehicles Total Cost At l April 2023 Improvements/Additions Disposals 1,265,956 14,550 16,495 1,282,451 14,550 At 31 March 2024 1,280,506 16,495 1,297,001 Depreciation At l April 2023 Charge for the year Disposals 16,495 16,495 At 31 March 2024 16,495 16,495 Net Book Value At 31 March 2024 1,280,506 1,280,506 At 31 March 2023 1,265,956 1,265,956 -10-
NANAKSAR SATSANG SABHA (LONDON) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 8. DEBTORS 2024 2023 Other Receivables 67,000 67,000 67,000 67,000 9. CREDITORS 2024 2023 Other Creditors 10. MOVEMENT OF FUNDS 2024 2023 At l April 2023 Income Resources Resources Expenditure 3,151,991 246,519 (148,211) 2,998,997 278,267 (125,273) At 31 March 2024 3,250,299 3,151,991 -11-