REGISIERED CHARITY NUMBER: 1081931 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENT5 POR THE YEAR ENDED 31 MARCH 2024 FOR RAMGARHIA BOARD (LEICESTER & LEICESTERSHIRE)
RAMGARHIA BOARD (LEICESTER & LEICESTERSHIRE) CONTENTS OF THE FINANCIAL STATEMENTS For The Year Ended 31 March 2024 Page Relerence and Admlnlstrallve Detalls Report ol the Twstees Report ol the Independenl AudltOf3 stotement of Finoncial Ac1ivilies Bolance Sheet Cash Flow Stalemenl 10 Notes to the Cash Flow Statement Notes to Ihe Flnonciol Slotements 12 to 21 Detailed Stalemenl of Flnanclal Acllvllles 22 to 23
RMIGARHIA BOARD (LEICESTER & LEICESTERSHIRE) REFERENCE AND ADMINISTRATIVE DETAILS For The Year Ended 31 March 2024 TRUSTEES I S Ponesor- President H S Jogdev- Wice Presidenl K S Sagoo - Secretary S S Panesar- Treasurer S S Sehmi (resigned 15.12.231 M S Reyat A S Matharu (resigned 15.12.231 M S Riyat G S Gahir Iresigned 15.12.231 S S Reehal Dr H S Virdee A S Hanspal (resigned 15.12.231 J S Mathoru S S Hanspol G S Bahra U S Golhar (appointed 15.12.231 H S Kundra R S Panesor M S Dhiraj HSJuss M S Panesor B S Channa (appointed 15.12.231 B K Lola {appointed 15,12.231 J K Deogan loppointed 15.12.231 P K Ghatavra lappointed 15.12.231 T K Flora (appointed 15.12.231 M K Mvdhar loppointed 15.12.231 H Singh Riyait loppointed 15.12.231 D S Virdee (appointed 15.12.231 PRINCIPALADDRESS 2 Sri Guru Romdos Way Hamilton Leicester Leicestershire LE5 IGN REGISTERED CHARITY NUMBER 1081931 AUDITORS TC Group 31 High View Close Hamilton Office Park Leicester Leicestershire LE49 Page I
RAMGARHIA BOARD (LEICESTER & LEICESTERSHIRE) REPORT OF THE TRUSTEE5 For The Year Ended 31 March 2024 The trustees present their reporl wilh the financial statements of the charity for the year ended 31 March 2024. The trustees hove odopted the provisions of Accounting and Reporting by Charities: Stotemenl of Recommended Practice applicoble to chorilies preparing their accounts in accordance with the Financiol Reporting Standard opplicoble in the UK and Republic of Ireland IFRS 1021 leffective l January 20191. OBJECTIVES AND ACTIVITIES Objecllves ond alms The charity's objects are to advance the sikh religion in the community of Leicester by the provision ol the Gvrdworo to be known os "Ramgarhia Sikh Gurdwora Leicesterf.. To relieve poverty and sicknes5 ond to advance education for the benefit of the public. To provide facilities for recreational and other activities with a view to improvlng the conditions of life for the said community and the wider community. The charity hos continued to provide various religious and sociol activities through its work for the sikh and wider community of Leicester. This included religious festivals, sporling and other actiwties ond the provision of a community centre for the elderly. There hos been no change in lhese during the year. The charity is dependent on the continued setvice of unpaid volunteers in all ospect5 of the chaiitvs activities. The contribution in terms of hours cannol be occuratèly quantified in this respect. Pvbllc benefit The section of this report enlilled ' Objectives and aclivilies" sets out Ihe objects and aim5 of Ihe chority. The trustees have considered Ihis, in conjvnction with Ihe guidance in the Chorily Commission's general guidance on public benefit, and hove concluded that: the aims of the charity continue to be charitable; the work done by the charity gives identifiable benefits to the charitable sector and both directly and indirectly to individuols in need,. the benefit5 are for the public," not unreasonably restricted in any way: - there is no detriment or harm arising from the aims or octivities. ACHIEVEMENT AND PERFORMANCE Charflable ocllvltles During the year the charity continued to provide Gurdworo setvices thot wère available to the public oll year round. In addition, the charity con provide priests that con provide religious and educational seryices for the public away from the Gvrdwara. The Gvrdwara a150 continued to celebrate all the main Sikh festivals ond provided education of such festivals for the public os well as encouraging social interaction witt)in Ihe community. Fundralslng aclfvltles In 2024 the Romgarhio Board ILeicester & leiceslershirel reports on increase in the level of volunlary income received to meet it5 objectives. Donotions and collections ot £724,78812023 £424,5731 were received and Ihe total incoming resources from generoted funds amounted lo £1.136,97512023- £704,6151- Total volvntary income received fincluding Gift Aidl incr8a5ed by 65.7% compared to an increase of 36.3% in 2023. Income from charitable activities increosed by £72,317 to £204.957 12023 - increase of £14.9471. Since the opening of the new gurdwara in June 2023 Ihere has been a noticeable increase in both the income from donations and hall hire. Income from hall hire was £197.91712023- £132,640). Income from Ihe rentol of the car part was £42,OCK)12023- £42.0(x)I. Pagé 2
RAMGARHIA BOARD (LEICESTER & LEICESTERSHIRE) REPORT OF THE TRUSTEES For The Year Ended 31 March 2024 FINANCIAL REVIEW Flnanclol posltlon The twstees consider that the unrestiicted ond restricted functs of the chaiity hove svfficienl resources and assets avoilable thot ore odequote to fulfil their obligation5. They are pleased Ihat since the opening of the new gurdwora in Jvne 2023 there is significant increase in both the income from donations and the hire of the community hall during the year to expected levels. Net incoming resources for the year were £320.907 compared with £271,989 in 2023. Income frorn donations lincl Gift Adl increosed by £348.355. Income from Ihe hire of the holl during the year was £197,91712023- £132,6401. 11 is the policy of the chority Ihat unreslricted funds. which have not been designated for a specific use. should be mointoined ol o level equivolent to one yearfs expenditure. The trustees consider that reseNes at this level will ensure Ihat in the event of o significant drop in funding they will be oble to continue the chorily's estIng octivilies while consideration is given to ways in which additional funds may be raised. At the end of the financial year, Ihe free reseryes ovailoble were1£279,9381 compored with1£296,7881 at 31 March 2023. FUTURE PLANS The Gurdwara Sahib finally opened its doors to the congregation on 30 June 2023 and is functioning beyond our expectation5. We aim to repay all outstanding soft loans as ot 31 March 2024 by Morch 2026. STRUCTIJRE, GOVERNANCE AND MANAGEMENT Govemlng document The charity was established by a charitable trust deed on 20 February 2000 os amended on 23 July 20W. Recrultmenl and gppolntment of new trvslees Trustees are appointed once they have been nominated by the members ond the congregotion of the charity. The charity. if necessary. Mfjll oppoint trvstees by election Ihrough o ballot if more than one member is nominated. New Irustees ore inducted and trained by more experienced existing Iruslees including the Presidenl. General Secretary and Treasurer. The chority is headed by the Ramgarhia Board (Leicester & Leiceslershirel and operates through a number of sub-projecls which include a Gurdwara, community cenlre, senior cilizens club, social sisler5 club, punjabi school and sporting activities club. Decisions on the doy-to-day running of the chority ore token by common consensus of Ihe management committee in accordance with the con5titvtion. The trustees have assessed the major risks to which the charity is exposed. and ore satisfied that sys*ems are in place to mitigole exposure to the major risks. FUNDS HELD AS CUSTODIAN FOR OTHERS Custodian trustees ore responsible for the safe keeping of the freehold land and buildings of the charity. Custodlan Trustees Dr H S Virdee Dr D S Virdee J S Molhoru S S Hanspal U S Golhar H S Riyait G S Bahra STATEMENT OF TRUSTEES. RESPONSIBILillES The Irustees are responsible for preparing the Report of the Trustees and the finonciol statements in accordance with opplicable law and United Kingdom Accounling Slondards Iunited Kingdom Generally Accepted Accounling Practice). Page 3
RAMGARHIA BOARD (LEICESTER & LEICESTERSHIRE) REPORT OF THE TRUSTEES For The Year Ended 31 March 2024 STATEMENT OF TRUSTEES. RESPONSIBIUTIES - conllnued The low applicable to charities in Englond and Woles. the Chorities Acl 2011, Charity (Accounts and Reportsl Regulations 2008 and the provisions of Ihe trust deed reqvires the trustees to prepare linancial slatements for each finoncial year which give a true and fair vtew of the slote of offairs ot the charity and of the incoming resources and applicolion of resovrces. including the income and expendilure. of the charity for that period, In preparing those finoncial statements. Ihe trustees are required to select suitable occountlng policies and then apply them consistently: observe the methods ond principles in the Chorily SORP; make judgements and estimates thot are reasonable and pwdent". stote whether opplicable accounting standords hove been followed. subjecl to any material departures disclosed and explained in the flnoncial stotements.. prepare the financial statements on the going concern basis unless it is inappropriate to presvme that the chority wll continue in business. The trustees ore responsible for keeping proper occounting records which disclose wfh reasonable accuracy at any time the financial position of the charity and to enoble them to ensure Ihat the financial 5tatementr5 comply wth the Charities Act 2011, the Charity IAccovnls and Reports) Règulations 2008 and the provisions ol the trust deed. They are olso responsible lor safeguarding the assels of the charity and hence for taking reasonable step5 for the prevention ond detection of fraud and other irregularities. Approved by order of the board of rusees on .... and signed on its beholf by= I S Panesar - President - Truslee Page 4
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF RAMGARHIA BOARD (LEICESTER & LEICESTERSHIRE) Oplnlon We have audited the financial statements of Romgorhia Board (Leicester & Leicestershire) (the 'charily'l for the year ended 31 March 2024 which comprise the Stotement of Financial Activities, the Balance Sheet, the Cash Flow Statement ond notes to the finoncial statements. including a summary of significant accounting policies. The financial reporting framework that hos been opplied in their preporation is applicoble low and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. In our opinion the finoncial statements: give a tpJe and fair view of the state of the charity's affair5 as at 31 March 2024 and of its incoming resources and application of resources. forthe year then ended- have been propedy prepored in accordance with United Kingdom Generolly Accepted Accounting Practice.. ond have been prepared in accordance with the requiremenls of the Charities Act 2011. Ba51$ for oplnlon We conducted our audit in accordance with Internationol Standards on Auditing IUKI (Ishs IUKII and opplicable low. Our responsibilities under those 5Fandords ore further described in the Audilors. responsibilities for the audit of the financial stalements section of our report. We are independenl of Ihe charity in occordance with the ethicol reqvirements that ore relevant to our audit of the linancial stotements in the UK. including the FRC'5 Ethical Standard. and we hove fulfilled our other ethicol responsibilities in occordance with these requirements. We believe thot Ihe oudit evidence we have obtained is Sufficient and appropriate to provide a basis for our opinion. Concluslons relqtlng to going concem In ouditing the finonciol statements, we hove concluded that the trustees. use of the going concern basis of accounting in the preparation of Ihe financial statements is appropriate. Based on Ihe work we have pérfomied. we have not idenlified any material uncerloinlies ielating to even15 or conditions that. individually or collectively, may cast significant doubt on the charily's ability to continue as a going concern for o period of at least twelve months from when the financiol stafemènts are authorised for issue. Our résponsibilities ond the responsibilities of the trustees wth respect to going concern are described in the relevant sections of this report. other informfJNon The trustees are responsible for Ihe other inlomation. The other infonnotion comprises the informolion included in Ihe Annual Report. other than the financial Statements and our Report of the Independent Auditors thereon. Our opinion on the financial stoteménts does not cover the other infomiation and. excepl lo the extent othewse explicilly stated in our report. we do not express ony fom of assuronce conclusion Ihereon. In connechon wilh our audit of the financial Statements. our responsibilily is to read the other infonmation and. in doing so. consider whether the olhei information 15 malerially inconsistent with Ihe financial 5tatemenls or our knowledge oblained in Ihe audit or otherwise appears to be materially misstaled. If we identify Such material inconsisrencies or apparent material misstatements. we are required to determine whether this gives rise to a material misstatement in the financial statemen15 themselves. If. based on the WOTk we hove performed. we conclude that there is a material misstatement of this other infoTmation. we are required to report that fact. We have nothing to report in thi5 regord. Mollers on whlch we are reqvred to report by exception We hove nothing to report in respect of the following matters where the Chorities {Accounls ond Reports) Regulations 2(J)8 requires us to report to you if. in our opinion: the information given in the Report of the Trustees is incon515tent in ony material respect th the financiol statements.. or sufficient accounting records have not been kept: or the financial stolements are not in agreement the accounting records and retum5-. or we have not received all the information and pxplanations we require lor our audit. Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF RAMGARHIA BOARD (LEICESTER & LEICESTERSHIRE) Responslbllltles ol trustees s explained more fully in the Stalement of Trustees, Responsibilities, the Iruslee5 ore responsible for the preparation of the financial statements which give o true and fair view, and for such intemal control as the trustees determine is necessary to enable the preparation of financiol statemenls that are free from malerial misstatement, whether dve to Iraud or error. In prepatÈng Ihe financial statements. the tfUStee5 ore responsible for assessing Ihe chority's ability to continue as a going concern, disclosing, as applicable. mollers reloted to going concern and using thè going concern basis of accounting vnless the trustees either intend to liquidale the charity or to cease operations, or have no realistic allernative but to do so. Ovr responsibilities for the audit of the Ilnanetal statements We have been appointed as audilors under Section 144 of Ihe Chorisies Act 2011 and report in accordance wilh Ihe Act and relevant regulations mode or having effect thereunder. Our objectives ore to obtain reasonable ossurance obout whether the financial Statements as a whole are free from materiol misslatement, whether due lo fraud or error. and to issue o Report of the Independent Auditors thol includes our opinion. Reasonable assuTonce is o high level ol a55urance. but is not a guoronlee that an audit condvcted in occordance with ISA5 IUKI wll olways datecl o material misstatement when it exists. Misstatements can arise from froud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decision5 of users taken on the basis of these finoncial statements. The extent to which our procedure5 are capable of delecting irregularities, including froud is detailed below.. We oblained on understanding of the legal and regulatory frameworks that are applicable to the chority and determined that the most signiticanl frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting fromework. We understood how the chority i% complying with those frameworks by moking enquiries of monagement and those responsible for legal and compliance procedures. We COobOra*ed our enquirie5 through review of board minvles and discussions wilh those charged with governance. We assessed the suscepltbility OF the chaiity's finoncial statements to material misstatement. including how fraud might occur. by discussion wth management from various parls of the bv5iness to undersland where they considered there was a susceptibility to fraud. We corbsidered the procedures and controls that the charify hos established to prevent and detecl froud, and how these ore monitored by management. ond olso any enhonced risk factors such as perfomionce targets. Based on our understanding, we designed ovr audit procedures to identify any non-compliance wth laws ond regulations identified in the paragraphs above. We also performed audit work over thè risk of manogement oveIde of controls. including testing of journal enlries and other odjustments for opproprioteness, evaluating the business ralionale of significant transactions oulside the normal course of business and reviewing occounting estimates for bias. Because of the inherent limitations of an avdit. there is a risk that we will not dètect all irregulorilies, including those leading to a moterial misstatement in the financial stotements or non-compliance with regulation. Thi5 risk increases tho more thot compliance with a law or regulation is rèmoved from the events and transactions reflected in the financial stotemenls, as we will be less likely to become oware of instances ol non-complionce. The risk is also greater regording irregularities occurring due to fravd rolher than error, as froud involves intentional concealment, forgery. collusion. omission or misrepresentotion. A further description of ovr responsibililies for the audit of Ihe financial slatements is located on the Financial Reporting Covncil's website at y.frC.Org.ukIUuditorsfeSponSlb1lltle$. This description forms port of our Report of the Independent Auditors. Page 6
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF RAMGARHIA BOARD (LEICESTER & LEICESTERSHIRE) Use ol our report This report is mode solely to the chority's trustees, as o body, in accordance with Part 4 of the Charities IAccounts and Reports) Regulations 2(K)8. Our oudit work ha5 been undertaken so that we might state to the charilvs Irustees Ihose motters we ore required to sFote to them in on ouditor5' report and foi no olher purpose. To Ihe fullest extent permilled by law. we do not occept or assume responsibility to anyone olher thon the charity and the charity's trustees as a body. for our audit WO for this report, or for the opinion5 we hove formed. TC Group 31 High View C105e Hamilton Office Park Leicester Leicestershire LE4 9LJ Dote:........ Poge 7
RAMGARHIA BOARD (LEICESTER & LEICESTERSHIRE) STATEMENT OF FINANCIAL AcnvmES For The Year Ended 31 March 2024 2024 Total funds 2023 Total funds Unreslricted fund Restricted fund Notes INCOME AND ENDOWMENTS FROM Donation5 and legacie5 710.921 167.403 878,324 529.969 Choritrable a¢tivlties Hall hire Sale of tickets and Senior Citizen Club 197.917 12,740 197.917 12.740 132.640 Other trading activities Investment income 47,953 41 47.953 41 42.000 Tt)tal 969.572 167,403 1.136.975 704,615 EXPENDITVRE ON Raising funds 381.357 381.357 162.299 Charftable acffvHles Hall hirè Govemance Mortgage interesl 146.369 9.550 ?78.792 146.369 9.550 278.792 91,047 7.560 171,720 Total 816,068 816,068 432,626 Nèt goins on investments 451.075 451.075 NE[ INCOME Transfw5 belween fvnds 604,579 167.403 167.403 1167,4031 771.982 271.989 20 Net movement In lunds 771.982 771.982 271.989 RECONCILIATION OF FUNDS Total funds btought forword 4.944.478 4.944.478 4,672,489 TOTAI FUNDS CARRIED FORWARD 5.716,460 5,716,460 4,944,478 The notes form part of these financial stalements Page 8
RAMGARHIA BOARD (LEICESTER & LEICESTERSHIRE) BALANCE SHEET 31 March 2024 2024 2023 Notes FIXED ASSETS Tangible assets Investmenl property 12 13 7,649.125 1,690,000 8.580,820 9,339,125 8.580,820 CURRENT ASSETS Debtors Cash at bank and in hond 14 18,670 129,981 14.240 41,051 148,651 55,291 CREDITORS Arnounls falling due within one year 15 1428.5891 1352,0791 NET CURRENT ASSETS 1279,9381 1296.7881 TOTAL ASSETS LESS CURRENT UABIUTIES 9.059.187 8.284.032 CREDITORS Amounts folling due alter more than one year 13.342,727} 13,339.5541 ASSEf5 5.716.460 4.944.478 FUND5 Unrestricted funds 20 5,716.460 4,944.478 TOTAL FUNDS 5,716.460 4.944.478 The financial slatements were approved by Ihe Board of Trustees and oulhorised for issue on ..l.I...frlk(.&¥....lr ond were signed on ils behalf by: I S Panesar- Presidenl- Trustee K S Sogoo- Secrelory- Trustee S S Ponesor - Treasurer - Trustee The noles form parl of these finoncial statements Poge 9
RAMGARHIA BOARD (LEICESTER & LEICESTERSHIRE) CASH FIOW STATEMENT ForThe Year Ended 31 March 2024 2024 2023 Notes Cash flows from operaling aclivllles Cash generated from operations Interest paid 712.600 1279.8381 631.427 1172,9251 Net cash provided by operating octivities 432.762 458,502 Cash Hows Irom Invesllng aclmlles Purchase of tangible fixed assets Interest received 1428.5681 41 1919,6781 Net cash used in investing activities 1428,5271 1919.6721 Cash Ilows from financlng actlvltles New loons in yeor Loan repayments in year 133.914 149.2191 499,030 111.2951 Net cash provided by finoncing activities 84.695 487.735 Change In cash ond cash equlvalents In the reportlng perlod Cash and cash eqvlvalents al the beginning of the reportlng perlod 88,930 26,565 41.051 14.486 Cash and cash equlvalents at the end of Ihe reporllng perlod 129.981 41.051 The notes form part of these financial statements Page 10
RAMGARHIA BOARD (LEICESYER & LEICESTERSHIREI NOTES TO THE CASH FLOW STAYEMENT For The Year Ended 31 March 2024 RECONCIUATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net Income for the reportlng perfod (as per the Statement ol Flnanclal Acllvllles) Adjustments foT: Depreciation charges Losses on investmen*s Interest received Interest paid Ilncreaselldecrease in debtors IDecreasel/increase in creditors 771,982 271.989 121,337 1451.0751 1411 279.838 14,4301 15.0111 11,716 161 172,925 10,969 163,834 Net cash provided by operations 712.600 631,427 ANALYSIS OF CHANGES IN NET DEBT Al 1.4.23 Cash flow Al 31.3.24 Net cosh Cash at bank ond in hond 41,051 88,930 129,981 41,051 88,930 129.981 Debt Debts folling due within l year Debts folling due afler l year 181,521 13,1731 181.5211 13.342,7271 13,339,5541 13.339,5541 184,6941 13,424,248) Tolal 13.298,5031 4,236 13,294.2671 The not85 form part of these financial 5totemenls Pagell
RAMGARHIA BOARD (LEICESTER & LEICESTERSHIRE) NOTES TO THE FINANCIAI STATEMENTS For The Year Ended 31 March 2024 ACCOUNTING POLICIES Basls of preporlng the flnanclal slatements The financial statements of the charity, which 15 a public benefit entity under FRS 102, hove been prèpared in o¢cordonce with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities.. stalement of Recommended Practice opplicoble to chorittes preparing their accounts in accordance with Ihe Financiul Reporling Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20191.. Financial Reporting Standard 102 'The Financial Reporting Standard applicable in Ihe UK and Republic ol Ireland, and the Charities Act 2011. The finoncial statements have been prepared under the hislorical cost convention, 05 modified by the revaluation of certain osset5. Income and endowments Voluntary income including donotions. gifts. legacies and grants that provide core funding or are ol o general nature is recognised in Ihe Stotement of Financial Activitie5 once the chority ha5 entitlement to Ihe tunds, it is probable that the income will be received ond the omount con be meosured reliably. Donatlons and legocles Donations and legacies are recognised on a receivable basis when receipt 15 probable and the omount can be reliably meosurèd. GIN ald Incoming resources from tax reclaims are included in Ihe Statement of Financial Activitie5 at the same lime as the gitt to which they relate. Expendlture Liabilities are recognised as expenditure as soon as there 15 a legal or con51ructive obligation committing the charity to thal expenditvre, it is probable Ihot a transfer of economic benefits will be required in settlement and Ihe amounl of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis ond has been clossified under headings Ihat aggregote all cost related to the category. Where cosls cannol be directly otFribvted to porticulor headings they have been allocated to octivities on a bas15 consistent with the use of resources. Ralslng fvnds These are costs incurred in ottrocting voluntary income. the management of inveslments and those incurred in Iroding aclivilies that raise funds. Charitable aclivities Charilable expenditvre comprises those costs incurred by the charity in Ihe delivery of its octivithes and services for its beneficiaries. It includes both cosls that con be ollocated direcmy to such activities and those costs of an indirect nature necessary to support them. Govemonee eosts These include the costs attributable lo the chority'5 compliance with constilutional and statutory requirements. including oudit. strategic manogement ond Irustees's meetings ond reimbursed expenses. Svpport costs Support costs include cenlrol tvnctions and have been allocated to activity cost categories on a basis con515tent with the use of resources, lor example, allocating property costs by floor areas, or per capita, stoff costs by the lime spent and other costs by their usage. Tanglble flxed assets Depreciation is provided at the followtng annual rotes in order to write off eoch aet over its estimated useful life. Freehold property Fixtvres. fittings and equipmenl Over 50 years or the period ol the lease 15% on reducing balance Page 12 continued...
RAMGARHIA BOARD (LEICESTER & LEICESTERSHIRE) NOTES TO THE FINANCIAL 5fATEMENTS - continued For The Year Ended 31 March 2024 ACCOUNTING POLICIES . continued Inveslmenl property Investment property is shown ol most recent valvotion. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities. Taxalion The charity is exempt from lax on its charitable activities. Fund occounllng Unreslticted fund5 can be used in accordonce wilh the charitoble objectives ot the discretion of the trustees. Restricted funds can only be used for porliculor reslricted purposes wthin the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particulai restricled purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Hlre purchase ond leasing commltments Rentals poid under operoting leases are charged to the Statement of Financial Activities on a 51raight line ba515 over the period of the leose. Pension costs and other post-rellrement beneflts The charity operates a defined conlribution pension scheme. Contributions payabse to the charity's pension Scheme are charged to the Statement of Financial Activities in Ihe period to which they relate. Going concem The Trustees have considered the recent increases in interest rates and the net cutrent liability poylion of the chorily os ot 31 March 2024 in ielalion to their asse55ment of going concern. Taking this into account. the Iru51ees consider that there are no material uncertainties about the charity's ability to continue os a going concern. Borrowlngs Interesl-bearing borrowings are initially recorded at fair value. nel of transaction c05t5. Interest-bearing borrowing5 are subsequently corried ot omortised cost. wilh the difference between the proceeds. net of transaction costs. and the amount due on redemption being recognised as a chorge to Ihe over the period of the ielevant borrowing. Interest expense is recognised on the bosis of the effective interest method and is included in interest payoble and similar charges. Borrowings are classified as cvffent liobilities unless the hos an vnconditional right to defer setttement of the liability for at least Iwelve months after the reporting date. Page 13 continued...
RAMGARHIA BOARD (LEICESTER & LEICESTERSHIRE) NOTES TO THE FINANCIAL STATEbMENTS - conMnued For The Year Ended 31 March 2024 DONATIONS AND IEGACIES 2024 2023 Donations Gift aid 724,788 153,536 424.573 105,396 878.324 529.969 OTHER TRADING ACTIVITIES 2024 2023 Rents received 47.953 42.CQO INVESTMEMf INCOME 2024 2023 Deposit account interest 41 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Aclivity Hall hire Hall hire Hall hire Sporling activities Salé of tickèts and Senior Citizen Club 197,917 131.340 1.300 Sale of tickets and Sènior Citizen Club 12.740 210.657 132,640 RAISING FUNDS Rqlslng donallon$ and legacles 2024 2023 staff c05t5 Rent Rotes and water Insurance Light and heol Telephone Postoge and slalionery Repairs and maintenance Subscriptions Donations Siropas Longar. par5had and svndries Cleaning and waste disposal Advertising Bank chorge5 Equipment hire Website costs 24.913 13,000 13IX>i 7,036 45,857 1,576 2.376 5.640 125 1.206 49,136 89,856 16.693 7(X) 6.260 5.435 31.425 39,CKK) 167 1,281 42,347 1.317 19 3.957 100 300 2.785 25.248 3,524 55 10.534 240 Carried forward 269,509 162,299 Page14 continued...
RAMGARHIA BOARD (LEICESTER & LEICESTERSHIRE) NOTES TO THE FINANCIAL STATEMENTS - conllnued For The Year Ended 31 March 2024 RAISING FUNDS - conllnued Ralslng donallons and legacies - continued 2024 2023 Brought fomord Security COSts other interest Depreciation 269.509 6.671 333 104.844 162,299 381.357 162.299 CHARrrABLt ACTIVITIES COSTS Support costs (seè nole 81 Direct Costs Totals Hall hire Governance Mortgage interest 146.369 146.369 9.550 278.792 9,550 278,792 425.161 9.550 434.711 SUPPORT COSTS Govemance cosls Governance 9.550 Support costs, included in the above, are as follows: 2024 2023 Total octivities Governonce Auditor5, remuneration Accountancy and legal fees 9,000 550 6,750 810 9,550 7.560 Poge15 continued...
RAMGARHIA BOARD (LEICESTER & LEICESTERSHIRE) NOTES TO THE FINANCIAL STATEMENTS - conlinued For The Year Ended 31 March 2024 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneratlon or olher benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Sukhdev Panesar trreasurerl was poid £15.220 12023 - £7,415) for stewarding ond holl supervision services. Trustees. expenses There were no trustees, expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. Inderjlt Panesar (President) wos reimbursed £23.327.33 for invoices paid on behalf of the chorily in connection wfh the Keyham Lane new temple improvements. Haryinder Jvss Urusteel was reimbursed £28,335.73 for invoices poid on behalf of Ihe chority in connection with the Keyham Lane new temple improvemenls. io. STAFF COSTS 2024 2023 Wages and salories other pension costs 24.807 106 31,425 24.913 31.425 The average monlhly number of employees during the year w05 as lollows: 2024 2023 Gianis No employee5 received emoluments in excess of £60,0(K). COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund Restricted fund Total funds INCOME AND ENDOWMENTS FROM Donotions and legacies 324,002 205.967 529,969 Chaiitable actlvllles Holl hire 132.640 132.640 other trading activities Investment income 42.(KX) 42,( Total 498.648 205.967 704,615 EXPENDITURE ON Raising funds 162.299 162,299 Charltoble actlvltles Hall hire Governance 91.047 7,560 91.047 7,560 Page16 continued...
RAMGARHIA BOARD (LEICESTER & LEICESTERSHIRE) NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 March 2024 COMPARATIVES FOR THE STATE141ENT OF FINANCIAL ACTIVITIES . continued Unreslricted fund Restricted fund Totol funds Mortgage interest 171.720 171,720 Total 432.626 432,626 NET INCOME Translers belwefrn funds 66,022 205,967 205.967 1205,9671 271.989 Net movemenl in funds 271,989 271.989 RECONCILIATION OF FUNDS Total Ivnds brought forward 4,672.489 4,672,489 TOTAL FUNDS CARRIED FORWARD 4,944.478 4.944.478 12. TANGIBLE FIXED ASSErs Fixlures. fitFings ond equipment Freehold property Tolals COST At l April 2023 Additions Reclossification 8.514.432 384,998 11.238.925) 508.181 43.570 9.022.613 428,568 11,238.9251 At 31 March 2024 7.660.505 551.751 8.212.256 DEPRECIATION At l Aprtl 2023 Chorge for yeor 441.793 16.494 441,793 121,338 104,844 At 31 Morch 2024 104.844 458.287 563.131 NET BOOK VALUE At 31 March 2024 7.555.661 93.464 7.649,125 At 31 March 2023 8.514.432 66.388 8,580,820 Included in cost or valuation of land and buildings is freehold lond of £670,902 which is not depreciated. Poge 17 continued...
RAMGARHIA BOARD (LEICESTER & LEICESTERSHIRE) NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 March 2024 13. INVESTMENT PROPERTY FAIR VALUE Revaluation Reclassification 451,075 1,238,925 At 31 March 2024 1.690,000 NET BOOK VALUE At 31 March 2024 1 ,690,0(X) At 31 March 2023 Foir value at 31 March 2024 is represented by: Valuation in 2024 Cost 451.075 1.238.925 1 ,690,000 If investment property had not been revolued il would have been included at Ihe following historical 05t-. 2024 2023 C05t 1,238,925 Investment property wos valued on an open martet basis on 23 Febrvary 2022 by Bruton Knowle5. 14. DEBTORS: AMOUNTS FALLING DUE WNHIN ONE YEAR 2024 2023 other debtors Prepayments and accrued income 15.948 2,722 11.568 2.672 18.670 14,240 Page 18 continved...
RAMGARHIA BOARD (LEICESTER & IEICESTERSHIRE) NOTES TO THE FINANCIAL STATEMENTS - conlinued For The Year Ended 31 March 2024 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Bank loans and overdrafts (see note 171 Trade creditors Toxation and social security Olher creditors 81,521 33,644 2.052 311,372 68,160 3.296 280.623 428,589 352.079 16. CREDITORS: AMOUNTS FALUNG DUE AFfER MORE THAN ONE YEAR 2024 2023 Bank loans Isee note 171 3.342.727 3.339.554 17. IOANS An analysis of the maturity of loan5 is given below- 2024 2023 Amounts falling dve within one year on demond: Bank loons 81,521 Amounts falling due beeen fvrfo and five year5-. Bank loans - 2-5 yeors 286,703 311.315 Amoun*s falling due in more thon five yeors: Repayable by instalments.. Bonk loans more 5 yr by inslal 3,056,024 3,028,239 18. LEASING AGREEMENTS Minimum lease payments under non<ancelloble operaling leases fall due as follows: 2024 2023 Ithin one year 13,0(X) 19. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2024 Total funds 2023 Total funds Unrestricted fund Restricted fund Fixed oss&t5 Investments Current ossets Current liabilities Long lerm liobilitie5 7,649,125 1.690.(X)O 148.651 1428.5891 13,342.7271 7.649,125 1.690,000 148,651 1428.5891 13.342.727) 8,580,820 55.291 13520791 13,339.5541 5,716.460 5,716,460 4,944.478 Page19 continued...
RAMGARHIA BOARD (LEICESTER & IEICESTERSHIRE) NOTES TO THE FINANCIAL STATEMENTS - conlinved For The Yeor Ended 31 March 2024 20. MOVEMENT IN FUNDS Net movement in fund5 Transfers between fvnd5 At 31.3.24 At 1.4.23 Unrestrlcled hjnds General fund 4.944.478 604,579 167.403 5.716,460 Restricted fund5 Donations ond gronts 167.403 1167,4031 TOTAL FUNDS 4.944.478 771,982 5.716.460 Net movement in funds, included in the above are as follows- Incoming iesources Resources expended Gains and losses Movement in fund5 UnTesfrlcled fund5 Generol fund 969.572 1816.0681 451.075 604.579 Restrlcted fund5 Donations and gronts 167,403 167,403 TOTAL FUND5 1.136.975 1816.0681 451.075 771.982 Comparalives for movement In funds Nel movement in funds Transfers belween funds Al 31.3.23 At1.4.22 Unresfrlcled funds Generol Ivnd 4,672,489 66,022 205,967 4.944.478 Reslrkted lunds Donations and grants 205,967 1205,9671 TOTAL FUNDS 4.672,489 271,989 4,944.478 Page 20 continued...
RAMGARHIA BOARD (LEICESTER & LEICESTERSHIRE) NOTES TO THE FINANCIAL STATEMENTS - conlinved For The Year Ended 31 March 2024 20. MOVEMENT IN FUND5 - conllnved Comparative net movement in funds. included in the above are as follows: Incoming resources Resources expended Movement in tunds Unrestrlcted fvnds General tund 498.648 1432.6261 66.022 Reslrlcted funds Donalions and grants 205.967 205,967 TOTAL FUNDS 704,615 1432.6261 271.989 21. RELAIED PARTY DISCL05URES During the year the charity receivpd additional loans from members amounting to £55.000 12023.. £90,OCKJI and repaid loans amounting lo £30.0(X)12023 - £nill. At the year end. other creditors includes loans repayable to members tolalling £215.(K)012023- £190.01. The loans do nol ottrocl ony interesl. Page 21
RAMGARHIA BOARD (LEICESTER & LEICESTERSHIRE) DEfAILED STATEMENf OF FINANCIAL ACTivrriES For The Year Ended 31 March 2024 2024 2023 INCOME AND ENDOWMENTS Donamons and legacles Donations Gitt aid 724.788 153,536 424,573 105.396 878.324 529,969 Oth tradlng ac11vlffes Rents received 47,953 42.0 Investment Income Deposit account interest 41 Chorltable aclivitie5 Sole of tickets and Senior Citizen Club Hall hire Sporting activities 12,740 197.917 131.340 1,300 210.657 132,640 Total Ineoming resources 1,136,975 704,615 EXPENDITURE Raislng donallons and legacies Wages Pensions Rent Rate5 and water Insurance Light and heat Telephone Postage and stolionery Repairs and maintenance Subscriptions Donations Siropas Longar. parshad and sundries Cleaning and waste di5posoI Advertising Bonk charges Equipment hire Website costs Securily costs Other interest Depreciation of freehold propetty 24,807 106 13.000 13001 7.036 45.857 1,576 2.376 5.640 125 1.206 49.136 89,856 16,693 700 6.260 5.435 31.425 39,000 167 1,281 42.347 1,317 19 3.957 100 300 2,785 25,248 3.524 55 10,534 240 6,671 333 104,844 381,357 162.299 This page does not fomi part of the slatutory financial Statements Poge 22
RAMGARHIA BOARD (LEICESTER & LEICESTERSHIRE) DEfAILED STATEMENT OF HNANCIAL ACTIVIIIES For The Year Ended 31 March 2024 2024 2023 Raising donatlon$ and legacles Chorltablè actlvltles Rates ond water Insurance Lighl and heat Telephone Postage and stalionery Advertlsing Sundries Hall Supervision Security costs Events Repairs and mainlenance Cleoning and wasle disposal Bonk charges Disallowed VAT Depreciation of lixtures and fittings Bank loan interest Mortgogè interest 8,063 4,159 24.827 1.021 131 5.920 4.346 18.167 969 145 687 15.220 6.422 10.347 12,323 37,740 1.351 6,139 16.493 1,046 278.792 4.054 7.415 7.(K17 1.104 2.708 23,929 1.032 11.716 1,205 171.720 425.161 262.767 Svpport Costs Govwnance costs Auditor5, remuneration Accountancy and legal fees 6.750 810 550 9.550 7,560 Total resovrce5 expended 816,068 432.626 Net Income befoTe goins and losses 320,907 271,989 Reallsed recogni5ed gains ond losses Realised gainslllossesj on investment property 451.075 Nel income 777.982 271.989 fftis page does not lorm part of the statutory finonciol statements Page 23