REGISTERED CHARITY NUMBER: 1107100
REPORT OF THE CUSTODIAN TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 FOR
SRI GURU SINGH SABHA HITCHIN HERTS
Keelings Limited Statutory Auditors, Chartered Tax Advisers and Chartered Certified Accountants Broad House 1 The Broadway Old Hatfield Hertfordshire AL9 5BG
SRI GURU SINGH SABHA HITCHIN HERTS
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
| Page | |
|---|---|
| Report of the Custodian Trustees | 1 to 3 |
| Report of the Independent Auditors | 4 to 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10 to 17 |
| Detailed Statement of Financial Activities | 18 to 19 |
SRI GURU SINGH SABHA HITCHIN HERTS
REPORT OF THE CUSTODIAN TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
The custodian trustees present their report with the financial statements of the charity for the year ended 31 December 2023. The custodian 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
Sri Guru Singh Sabha Hitchin Herts (SGSSH) operates to support, enhance and promote the welfare of the local Hitchin and North Hertfordshire community. Centred on the teachings of the Sikh religion, the charity provides both faith and non-faith based services to over 700 beneficiaries, enhancing social interaction and cultural diversity capabilities within the community.
Significant activities
SGSSH (Sri Guru Singh Sabha Hitchin Herts) is first and foremost a Sikh Gurdwara (place of worship) and provides faith based activities and services, with the primary function being to uphold and promote the Sikh faith. SGSSH endeavours to provide an open inclusive space for users to learn about the teachings and practices of the Sikh faith. A major part of SGSSH's activities is to ensure a continual link through the generations with the Sikh faith and community at large. SGSSH seeks to educate the wider local community through school visits, scout / girl guide groups and other sections of the community regularly visiting the Gurdwara to learn of the teachings of the Sikh faith. SGSSH champions community cohesion and is involved in outreach projects, such as feeding the homeless.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
SGSSH has ensured a stable environment for the charitable purposes to be met. Community engagement and virtual participation in the services of SGSSH was made possible by greater use of social media and the SGSSH Youtube channel. SGSSH has benefited from its benefactors (ranging from small donations to larger sums) being generous and ensuring that SGSSH remains self-sufficient. Last year SGSSH was able to acquire another investment property (52 Wilbury Way Hitchin), which has helped to ensure that SGSSH is able to function efficiently in what will be challenging times during the cost of living crisis.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Recruitment and appointment of new custodian trustees
SGSSH has operated a selection policy whereby applicants are invited to submit applications to The Executive Management Board Members (usually made up from the custodian and charity trustees), who then select persons to take up any new posts or a new reselection of custodian trustees.
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SRI GURU SINGH SABHA HITCHIN HERTS
REPORT OF THE CUSTODIAN TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT Organisational structure
An executive board of charity custodian trustees up to 16 members, meet at least quarterly, to administer the charity. There are ad-hoc sub-committees (where applicable) to cover development, membership, finance and audit.
The executive board is responsible for controlling the work, management and administration of the charity on behalf of its beneficiaries.
The Executive Board members who served during the year ended 31 December 2023 were as follows:
Mandeep Singh Basra (Acting Chairman part year) Surjit Singh Sidhu (Acting Chairman part year) Gurjeet Singh (General Secretary part year) Santokh Singh Takhar (General Secretary part year) Amrik Singh Shergill (Treasurer) Balbir Singh Gurjit Singh Kalirai Jatinder Singh Matharu Harvinder Singh Pooni Gurcharan Singh Flora Surtar Singh Bachra Balraj Singh Dulay (part year) Shamsher Singh Bachra Joginder Singh Khera (part year) Sukhwinder Singh Dhaliwal
There are currently 15 members with one vacancy.
Risk management
The custodian 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.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1107100
Principal address
50 Wilbury Way Hitchin Herts SG4 0TP
Custodian Trustees
Baldev Singh Jhalman Singh Lidder Shangar Singh Thind Sucha Singh Phgura Harchet Singh Bains
Auditors
Keelings Limited Statutory Auditors, Chartered Tax Advisers and Chartered Certified Accountants Broad House 1 The Broadway Old Hatfield Hertfordshire AL9 5BG
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SRI GURU SINGH SABHA HITCHIN HERTS
REPORT OF THE CUSTODIAN TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.
STATEMENT OF CUSTODIAN TRUSTEES' RESPONSIBILITIES
The custodian trustees are responsible for preparing the Report of the Custodian Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the custodian trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the custodian trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The custodian trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of custodian trustees on 28 October 2024 and signed on its behalf by:
B Singh - Trustee
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REPORT OF THE INDEPENDENT AUDITORS TO THE CUSTODIAN TRUSTEES OF SRI GURU SINGH SABHA HITCHIN HERTS
Opinion
We have audited the financial statements of Sri Guru Singh Sabha Hitchin Herts (the 'charity') for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 December 2023 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the custodian trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the custodian trustees with respect to going concern are described in the relevant sections of this report.
Other information
The custodian trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Report of the Custodian Trustees is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
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REPORT OF THE INDEPENDENT AUDITORS TO THE CUSTODIAN TRUSTEES OF SRI GURU SINGH SABHA HITCHIN HERTS
Responsibilities of custodian trustees
As explained more fully in the Statement of Custodian Trustees' Responsibilities, the custodian trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the custodian trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the custodian trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the custodian trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
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REPORT OF THE INDEPENDENT AUDITORS TO THE CUSTODIAN TRUSTEES OF SRI GURU SINGH SABHA HITCHIN HERTS
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud and the detection of fraud.
However, it is the primary responsibility of management with the oversight of those charged with governance to ensure that the charity operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection fraud.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team;
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obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the charity operates in and how the charity is complying with the legal and regulatory framework;
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inquired of those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;
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discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.
As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are UK Generally Accepted Accounting Principles, the Charities Act 2011, and employment regulations.
In addition, we considered provision of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the charities ability to operate or to avoid a material penalty. The key laws and regulations we considered in this context included Health and Safety Act.
We identified potential for fraud in the following areas: - override of controls
- improper income recognition
Our procedures to respond to risk identified included the following:
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reviewing financial statement disclosures.
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enquiring of management, the custodian trustees and external legal advisors concerning actual and potential litigation and claims.
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performing analytical procedures to identify any unusual or unexpected relationships that may indicate material misstatement due to fraud.
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testing the appropriateness of journal entries and assessing the assumption reflected in accounting estimates for indication of potential bias.
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addressing the risk of fraud in income recognition by performing substantive testing between on the revenue.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as the fraud may involve deliberate concealment. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
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REPORT OF THE INDEPENDENT AUDITORS TO THE CUSTODIAN TRUSTEES OF SRI GURU SINGH SABHA HITCHIN HERTS
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Use of our report
This report is made solely to the charity's custodian trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's custodian trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's custodian trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Keelings Limited Statutory Auditors, Chartered Tax Advisers and Chartered Certified Accountants Broad House 1 The Broadway Old Hatfield Hertfordshire AL9 5BG
28 October 2024
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SRI GURU SINGH SABHA HITCHIN HERTS
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Gain on revaluation of investment property Other Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 260,844 113,500 374,344 - 197,378 197,378 176,966 3,931,851 4,108,817 |
Restricted funds £ - - - (500,000) - (500,000) 500,000 - 500,000 |
2023 Total funds £ 260,844 113,500 374,344 (500,000) 197,378 (302,622) 676,966 3,931,851 4,608,817 |
2022 Total funds £ 200,486 113,500 313,986 - 199,018 199,018 114,968 3,816,883 3,931,851 |
|---|---|---|---|---|
The notes form part of these financial statements
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SRI GURU SINGH SABHA HITCHIN HERTS
BALANCE SHEET 31 DECEMBER 2023
| Notes FIXED ASSETS Tangible assets 9 Investment properties 10 CURRENT ASSETS Debtors 11 Cash at bank and in hand CREDITORS Amounts falling due within one year 12 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 13 NET ASSETS FUNDS 15 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted fund £ 2,381,829 1,525,000 3,906,829 8,301 196,295 204,596 (2,608) 201,988 4,108,817 - 4,108,817 |
Restricted funds £ - 500,000 500,000 - - - - - 500,000 - 500,000 |
2023 Total funds £ 2,381,829 2,025,000 4,406,829 8,301 196,295 204,596 (2,608) 201,988 4,608,817 - 4,608,817 4,108,817 500,000 4,608,817 |
2022 Total funds £ 2,411,655 1,525,000 3,936,655 14,100 83,549 97,649 (14,406) 83,243 4,019,898 (88,047) 3,931,851 3,931,851 - 3,931,851 |
|---|---|---|---|---|
The financial statements were approved by the Board of Custodian Trustees and authorised for issue on 28 October 2024 and were signed on its behalf by:
B Singh - Trustee
The notes form part of these financial statements
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SRI GURU SINGH SABHA HITCHIN HERTS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
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.
The presentation currency of the financial statements is the Pound Sterling (£).
Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires custodian trustees to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for income and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the custodian Trustee's opinion, there are no significant judgements or key sources of estimation uncertainty.
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.
Freehold property - in accordance with the property Fixtures and fittings - 10% on cost Motor vehicles - 25% on reducing balance
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 custodian 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.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
continued...
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SRI GURU SINGH SABHA HITCHIN HERTS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
1. ACCOUNTING POLICIES - continued
Financial instruments
The charity only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares
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Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Financial Activities.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2. DONATIONS AND LEGACIES
| Donations Gift aid Donated services and facilities Other income |
2023 £ 158,098 36,670 60,083 5,993 260,844 |
2022 £ 137,809 - 59,377 3,300 |
|---|---|---|
| 200,486 |
3.
4.
INVESTMENT INCOME
| Rents received SUPPORT COSTS |
2023 £ 113,500 |
2022 £ 113,500 |
|---|---|---|
| Management Finance £ £ Raising donations and legacies - - Other resources expended 36,076 1,979 36,076 1,979 Gain/loss on revaluation Governance on assets costs £ £ Raising donations and legacies (500,000) - Other resources expended - 2,597 (500,000) **2,597 ** |
Other £ - 131,954 131,954 Totals £ (500,000) 172,606 (327,394) |
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continued...
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SRI GURU SINGH SABHA HITCHIN HERTS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
5. AUDITORS' REMUNERATION
The auditors remuneration this year was £1,250 (2022: £1,250), the auditors remuneration for non-audit work was £1,250 (2022: £1,250).
6. CUSTODIAN TRUSTEES' REMUNERATION AND BENEFITS
There were no custodian trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
Custodian Trustees' expenses
There were no custodian trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
7. STAFF COSTS
8.
| Wages and salaries Other pension costs The average monthly number of employees during the year was as follows: Religious workers No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 200,486 Investment income 113,500 Total 313,986 EXPENDITURE ON Other 199,018 NET INCOME 114,968 RECONCILIATION OF FUNDS Total funds brought forward 3,816,883 |
2023 £ 24,542 230 24,772 2023 2 Restricted funds £ - - - - - - |
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continued...
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SRI GURU SINGH SABHA HITCHIN HERTS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
| 8. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | |
|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total |
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| fund | funds | funds | |||||
| £ | £ | £ | |||||
| TOTAL FUNDS CARRIED FORWARD | 3,931,851 | - | 3,931,851 | ||||
| 9. | TANGIBLE FIXED ASSETS | ||||||
| Fixtures | |||||||
| Freehold | and | Motor | |||||
| property | fittings | vehicles | Totals | ||||
| £ | £ | £ | £ | ||||
| COST | |||||||
| At 1 January 2023 and 31 December 2023 | 2,612,419 | **113,652 ** | 17,128 | 2,743,199 | |||
| DEPRECIATION | |||||||
| At 1 January 2023 | 207,039 | 111,893 | 12,612 | 331,544 | |||
| Charge for year | **28,107 ** | 590 | 1,129 | 29,826 | |||
| At 31 December 2023 | 235,146 | 112,483 | 13,741 | 361,370 | |||
| NET BOOK VALUE | |||||||
| At 31 December 2023 | 2,377,273 | 1,169 | **3,387 ** | 2,381,829 | |||
| At 31 December 2022 | 2,405,380 | 1,759 | 4,516 | 2,411,655 | |||
| Included in cost or valuation of land and buildings is freehold land of £1,000,000 (2022 | - £1,000,000) which is | ||||||
| not depreciated. | |||||||
| 10. | INVESTMENT PROPERTIES | ||||||
| £ | |||||||
| FAIR VALUE | |||||||
| At 1 January 2023 | 1,525,000 | ||||||
| Revaluation | 500,000 | ||||||
| At 31 December 2023 | 2,025,000 | ||||||
| NET BOOK VALUE | |||||||
| At 31 December 2023 | 2,025,000 | ||||||
| At 31 December 2022 | 1,525,000 | ||||||
| Included in investment properties is freehold land valued at £275,000 (2022 - £275,000). | |||||||
| Fair value at 31 December 2023 is represented by: | |||||||
| £ | |||||||
| Valuation in 2020 | 565,000 | ||||||
| Valuation in 2021 | 155,000 | ||||||
| Valuation in 2023 | 500,000 | ||||||
| Cost | 805,000 | ||||||
| 2,025,000 |
continued...
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SRI GURU SINGH SABHA HITCHIN HERTS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
| 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 £ Trade debtors 8,301 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 £ Social security and other taxes - VAT 2,559 Other creditors and accruals 49 2,608 13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2023 £ Bank loans (see note 14) - 14. LOANS An analysis of the maturity of loans is given below: 2023 £ Amounts falling due between two and five years: Bank loans - 2-5 years - 15. MOVEMENT IN FUNDS Net movement At 1.1.23 in funds £ £ Unrestricted funds General fund 3,931,851 176,966 Restricted funds Fair value reserve - 500,000 TOTAL FUNDS 3,931,851 676,966 |
2022 £ 14,100 2022 £ 700 3,525 10,181 14,406 2022 £ 88,047 2022 £ 88,047 At 31.12.23 £ 4,108,817 500,000 4,608,817 |
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continued...
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SRI GURU SINGH SABHA HITCHIN HERTS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
15. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming Resources resources expended £ £ Unrestricted funds General fund 374,344 (197,378) Restricted funds Fair value reserve - 500,000 TOTAL FUNDS 374,344 302,622 Comparatives for movement in funds Net movement At 1.1.22 in funds £ £ Unrestricted funds General fund 3,816,883 114,968 TOTAL FUNDS 3,816,883 114,968 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 313,986 (199,018) TOTAL FUNDS 313,986 (199,018) A current year 12 months and prior year 12 months combined position is as follows: Net movement At 1.1.22 in funds £ £ Unrestricted funds General fund 3,816,883 291,934 Restricted funds Fair value reserve - 500,000 TOTAL FUNDS 3,816,883 791,934 |
Movement in funds £ 176,966 500,000 676,966 At 31.12.22 £ 3,931,851 3,931,851 Movement in funds £ 114,968 114,968 At 31.12.23 £ 4,108,817 500,000 4,608,817 |
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SRI GURU SINGH SABHA HITCHIN HERTS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
15. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Fair value reserve TOTAL FUNDS |
Incoming resources £ 688,330 - 688,330 |
Resources Movement expended in funds £ £ (396,396) 291,934 500,000 500,000 103,604 791,934 |
|---|---|---|
16. CONTINGENT LIABILITIES
Post year end 31 December 2023, there was a children's fun day event on 25 July 2024 organised and supervised by Sikh Education Council held at SGSSH.
The full extent of the activities were not known to; approved by; or under the management of SGSSH. At the event, an accident occurred resulting in a minor falling from another third party (Herts Bouncy Castles / Amazing Occasions Stevenage) supervised stand alone climbing wall situated in the SGSSH car park.
A solicitor's protocol letter dated 19 September 2024 has been received of a potential injury claim against SGSSH, which is currently with SGSSH insurers.
We have no further information at this stage.
17. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2023.
18. POST BALANCE SHEET EVENTS
Post year end 31 December 2023, Hitchin House Property Ltd (tenant) exercised its tenants purchase option under its contractual lease option to purchase its let property for £1,500,000.
The transaction completed on 3rd September 2024.
The transaction involved part cash of £1,000,000 payable on completion and a fixed term and fixed interest only facility loan of £500,000.
The facility loan is repayable on 31 December 2029, with fixed payable of £31,667pa.
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SRI GURU SINGH SABHA HITCHIN HERTS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
19. TAXATION
No provision is required for UK taxation since the Charity's activities fall within the special exemption for charitable activities given by section 505 of the Income and Corporation Taxes Act 1988.
20. PENSION COMMITMENTS
The charity contributes to pension schemes for the benefit of its employees. These schemes operate on the money purchase principle, which ensures that their liabilities cannot exceed their assets.
The assets of the schemes are held in independently administered funds.
The pension charge represents contributions payable for the year by the charity and amounts to £230 (2022: £427).
Pension contributions owed at the balance sheet date were £49 (2022: £119).
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SRI GURU SINGH SABHA HITCHIN HERTS
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| INCOME AND ENDOWMENTS Donations and legacies Donations Gift aid Donated services and facilities Other income Investment income Rents received Total incoming resources EXPENDITURE Other Wages & social security Pensions Support costs Management Telephone Postage and stationery Advertising Sundries Food and consumables Motor, travel and subsistence Sikh preaching & Keertan Youth related activities Audio and visual Professional fees Donations (external) Gurbani classes Finance Bank charges Bank interest Other Rates, water and utilities Carried forward |
2023 £ 158,098 36,670 60,083 5,993 260,844 113,500 374,344 24,542 230 24,772 1,288 816 - 491 9,291 715 9,617 2,875 395 350 6,500 3,738 36,076 782 1,197 1,979 28,495 28,495 |
2022 £ 137,809 - 59,377 3,300 200,486 113,500 313,986 36,028 427 36,455 1,316 461 250 449 7,809 155 11,440 74 411 77 - 4,300 26,742 528 14,743 15,271 16,662 16,662 |
|---|---|---|
This page does not form part of the statutory financial statements
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SRI GURU SINGH SABHA HITCHIN HERTS
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| Other Brought forward Insurance Light and heat Repairs and renewals Security costs Freehold property Fixtures and fittings Motor vehicles Gain/loss on revaluation on assets Gain on revaluation of investment property Governance costs Auditors' remuneration Accountancy and legal fees Total resources expended Net income |
2023 £ 28,495 3,645 42,719 18,019 9,250 28,107 590 1,129 131,954 (500,000) 1,250 1,347 2,597 (302,622) 676,966 |
2022 £ 16,662 3,283 26,719 40,059 - 28,681 858 1,506 117,768 - 1,250 1,532 2,782 199,018 114,968 |
|---|---|---|
This page does not form part of the statutory financial statements
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