REGISTERED COMPANY NUMBER: 05502833 (England and Wales) REGISTERED CHARITY NUMBER: 1111986 Re ort of the Trustees and Financial Statements for the Year Ended 31 Jul 2024 for Guru Mane o Granth Gurdwara RA Audit Services Limited (Statutory Auditor) 2nd Floor Grove House 55 Lowlands Road Harrow Middlesex HA13AW
Guru Mane o Granth Gurdwara Contents of the Financial Statements for the Year Ended 31 Jul 2024 Page Report of the Trustees Report of the Independent Auditors 9 to 12 Statement of Financial Activities 13 Statement of Financial Position 14 to 15 Statement of Cash Flows 16 Notes to the Statement of Cash Flows 17 Notes to the Financial Statements 18 to 28
Guru Mane o Granth Gurdwara ort of the Trustees for the Year Ended 31 Jul 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 July 2024. 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 We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set. The objective of the charity is to.. (i) Advance the Sikh Religion in the UK, including through the provision of temples, to practice the teachings of Sri Guru Granth Sahib jee, the Eternal Guru of the Sikhs. which explains how to meet God during this lifetime. (li) To relieve poverty and sickness and to advan education both generally and in the principles of the Sikh faith for the benefit of the public. Page 1
Guru Mane o Granth Gurdwara Re ort of the Trustees for the Year Ended 31 Jul 2024 OBJECTIVES AND ACTIVITIES Significant activities The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set. Art Gallery The Charity has established a permanent Sikh Art Gallery - Without Shape Without Form. The Gallery is dedicated to illustrating the grand narrative of the Sikh faith and its development through pivotal historical events. The Charity's aim is to use art as a medium to educate those from all communities about the universal teachings of the Sikh faith and to foster and showcase the wealth of creative talent that lies untapped in the community. Through the year the Gallery welcomes several thousand visitors from all communities and also hosts special visits for schools and local organisations from both public and private sectors. In November 2019 a new exhibition "Eq1" was launched at the Gallery, supported by the Arts Council UK. The exhibition celebrated the 550th birth anniversary of the first Sikh Guru, Sri Guru Nanak Dev Jee and their teachings of Simran (meditation), earning an honest living and sharing with the needy. The new contemporary style exhibition was hugely successful in attracting many new visitors opening the teachings of Sri Guru Nanak Dev Jee to new audiences and giving an opportunity those in the creative industries to participate in a community project. Following the success of the Without Shape Without Form gallery in Slough, a touring exhibition called the Journey of the Mind commenced in 2021. Journey of the Mind brings Sikh Teachings and heritage to a contemporary context to spark conversation and exchange beyond racial and religious boundaries. The exhibition aims to evoke curiosity about the internal journey of the mind and promote greater understanding of the mind and well-being. The success and growing popularity of the touring exhibition was encapsulated in the arrival of the exhibition in London in September 2023 at the Victoria & Albert Museum. A unique collaboration with British-born Canadian artist Nirbhai Sidhu, delivered the Unstruck Melody, an experience that combined spirituality and knowledge to the thousands that visited both the exhibition and attended the programme of events across London. From 21 February to 3 March 2024 the 'Journey of the Mind exhibition was hosted at Cromwell Place in South Kensington, London attracting a large number of visitors with a broad cultural mix. This was followed by a series of well attended talks and workshops across London. Children and Youth Camps and Live Theatre We held camps for children in July and December 2024, both camps were attended by over eight hundred children, learning and practicing the Sikh values of Simran meditation, honest living, self-less service and equality. Children were also able to see a new live theatre performance from Gopi & Joti and take part in a Sports Day to mark the culmination of the Summer Camp in July. In addition to the above the Gurdwara has a busy calendar of events that run throughout the year, including a monthly Akhand Paath Sahib (continuous reading of Sri Guru Granth Sahib Ji) and monthly Simran meditation and Children Seva events. Page 2
Guru Mane o Granth Gurdwara ort of the Trustees for the Year Ended 31 Jul 2024 OBJECTIVES AND ACTIVITIES Public benefit Skills Academy An initiative to provide the local community with much-needed training facilities saw the creation of the UK'S first free City & Guilds accredited academy; Refresh. Members from across the diverse Slough community have continued to benefit from free training courses. Students have progressed to employment, further education or to establishing new businesses. Students are able to acquire carpentry, electrical, plumbing, plastering and bricklaying skills as part of the broad-based construction course taught by qualified tutors. The academy's success has been recognised through the various awards it has received and more importantly glowing testimonials from the students themselves. All students on the course that ran from September to December 2024 successfully complete their training. Volunteers The Queen's Award for Voluntary Service One of the Charity's objectives is to relieve poverty and sickness, consistent with this aim the Charity since inception, has operated a free communal kitchen (known as Langar) where anyone, regardless of faith or background, can have a free meal. This service is available to all the public every day of the year. The charity serves on average 5000 free meals a week through its communal kitchen. However, restrictions presented by the pandemic meant that those in need were not able to come to the Gurdwara for food. In response to the needs of the community at a time of national crisis the Charity commenced a Free Food Programme at the start of the COVID pandemic in March 2020. The Charity collaborated with other charities and organisation to distribute over 430 tonnes of fresh produce and provided over 1 million freshly cooked, nutritious, vegetarian hot meals to the homeless, needy & NHS staff, all over London & Greater London. The Charity's food support program featured was on the BBC in June 2020 and in June 2021 the Charity received The Queen's Award for Voluntary Service, the highest award a voluntary group can receive in the UK. As the pandemic receded the Charity's free food support program has been adapted to again focus on the needs of local residents that require support to meet their individual and family food needs. The surge in cost of living, driven by energy prices has seen a surge in local demand for our free food services. These services to the local community continued to be delivered through 2024 and to date. Page 3
Guru Mane o Granth Gurdwara ort of the Trustees for the Year Ended 31 Jul 2024 FINANCIAL REVIEW Financial position The charity has maintained a sound financial position throughout the period. This was achieved through careful cost management and a stable income base from long term members of the congregation. Total income for the year to July 2024 was £1.451 m. The decrease versus income of £1.8m in 2023 was due to a one-off gain in 2023 of £0.5m from the disposal of the property in Greenbridge, Swindon. Donations in the year to July 2024 grew by 180/0 and included donations for the refurbishment of the new independent Sikh Heritage Girls School. The refurbishment was completed in the summer of 2024. The school successfully obtained registration with the Department of Education and opened in September 2024. The strong income flow reflects the commitment of the congregation to the charity's objectives and trust in the charity's management team to continue to grow the charity in line with its objectives in the field of education. Overall congregation numbers have continued to grow in Slough through engagement at regular monthly events and children's camps. Congregation growth helps provide additional funding to meet increased energy and food costs at time of high inflation. The charity continues to implement prudent cost management introduced during the pandemic. The charity had funds in the bank of £0.95 million. The ability to raise funds, absorb increased costs and maintain funds to cover operating expenses demonstrate the charity's financial strength and resilience and continued sound financial management. Page 4
Guru Mane o Granth Gurdwara Re ort of the Trustees for the Year Ended 31 Jul 2024 FINANCIAL REVIEW Reserves policy Reserve levels indicate that there are no material risks to the organisation's ability to operate as a going concern. As a result, the accounts have been prepared on a going concern basis. The Trustees have confirmed that, after careful review of the reserves policy, the most appropriate measure of reserves for the Charity is by reference to the Charity's liquidity position. In considering the adequacy of the reserves, the Trustees have taken into account the largely discretionary nature of its expenditure and the relatively stable level of annual donations received. The Trustees consider the key measure of sustainability for the Charity to be current and future liquidity cover, rather than the surplus or deficit accounting position. As a consequence, the trustees have set appropriate reserves policies relating to liquidity based on the relationship between readily realisable assets. on-going level of donations received and the cash requirements associated with sustaining the Charity's operations for a period. In establishing this policy, the Board of Trustees conducts an annual review of the level of unrestricted reserves in the general fund by considering risks associated with the various income streams, expenditure plans and balance sheet items. This enables an estimate to be made of the level of reserves that are sufficient.. to allow time for re-organisation in the event of a downturn in income or asset values., to protect ongoing work programme., and to allow the Charity to meet its objectives. Risks and issues considered by the Board of Trustees in making this judgement on the level of unrestricted reserves include.. likelihood of a downturn in income streams., period of time required to re-establish income streams., period of time required to downsize the Charity operations., whether there is adequate control over budgets" and requirements for a reasonable level of working capital. The Trustees have also assessed other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks. In the event of the Charity facing difficult financial circumstances, this would allow it to continue operations during a period of managed adjustment to these new circumstances. The Trustees review the Charity's reserves policy annually and are satisfied with the level of cash reserves at the end of 2024 which amounted to £0.95m. The Charity's total unrestricted reserves amounted to £0.95m which the trustees consider is sufficient to fund ongoing costs of the Charity for at least one year and will maintain them at a similar level by continuing its fund-raising activities as in previous years and managing its outgoings. Page 5
Guru Mane o Granth Gurdwara ort of the Trustees for the Year Ended 31 Jul 2024 FINANCIAL REVIEW Going concern Following the easing of covid restrictions the charity has seen income and congregation numbers rise back to pre-covid levels. The strong financial performance this year is testimony to the valuable service the charity provides to all the community and the strength in its financial management. The trustees are confident of the ongoing support of the organisation's congregation and therefore believe it is appropriate to adopt the going concern principle in preparing its accounts. Trustees are not expecting any material on-going impact on the revenue. The Charity has sufficient reserves to sustain key activities for long term through sound financial management and planning. Based on the financial and activity assessment the Charity will continue as going concern. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. The charity is a company governed by its Memorandum and Articles of Association dated 7 July 2005 as amended by special resolution(s) dated 9 August 2009 and 13 June 2021. The charity is registered as a charity with the Charity Commission. Recruitment and appointment of new trustees The Board of Trustees requires a breadth and depth of experience to carry out its duties. New Trustees are appointed by existing trustees after consideration of the skills required by the Charity to meet both current and future objectives. New Trustees are likely to be familiar with the work of the Charity and are made aware of the scope of their responsibilities under the Charity Act as part of their induction training. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 05502833 (England and Wales) Registered Charity number 1111986 Registered office 221 Bath Road Slough United Kingdom SL14BA Page 6
Guru Mane o Granth Gurdwara Re ort of the Trustees for the Year Ended 31 Jul 2024 Trustees Mr A S Khaira Mr S S Dhillon Mr K S Sidhu Mr S Singh (resigned 17.3.24) Mrs M K Dosanjh Mr J Singh (resigned 6.1.24) Mr S S Hayre Mr H S Badwal (appointed 11.7.24) Mr P S Lallh (appointed 11.7.24) Company Secretary Mr S S Dhillon Auditors RA Audit Services Limited (Statutory Auditor) 2nd Floor Grove House 55 Lowlands Road Harrow Middlesex HA13AW STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also the directors of Guru Maneyo Granth Gurdwara for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charity SORP" make judgements and estimates that are reasonable and prudent., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 7
Guru Mane o Granth Gurdwara Re ort of the Trustees for the Year Ended 31 Jul 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES - continued In so far as the trustees are aware: there is no relevant audit information of which the charitable company's auditors are unaware., and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. AUDITORS The auditors, RA Audit Services Limited (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting. Approved by order of the board of trustees on by: and signed on its behalf Mr K S Sidhu - Trustee Page 8
ort of the Inde endent Auditors to the Members of Guru Mane o Granth Gurdwara Opinion We have audited the financial statements of Guru Maneyo Granth Gurdwara (the 'charitable company,) for the year ended 31 July 2024 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. In our opinion the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 July 2024 and of its incoming resources and application of reSoUrs, including its income and expenditure, for the year then ended" have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland," and have been prepared in accordance with the requirements of the Companies Act 2006. 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 charitable company 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 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 charitable company'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 trustees with respect to going concern are described in the relevant sections of this report. Page 9
Re ort of the Inde endent Auditors to the Members of Guru Mane o Granth Gurdwara Other information The 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. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit". the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements., and the Report of the Trustees has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us" or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit" or the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the 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 trustees are responsible for assessing the charitable company'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 trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Page 10
Re ort of the Inde endent Auditors to the Members of Guru Mane o Granth Gurdwara Our responsibilities for the audit of the financial statements 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.. Irregularities including fraud are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows.. The client partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify and recognise non-compliance with applicable laws and regulations. 1) We identified the laws and regulations applicable to the charitable company through discussions with directors, key management personnel and from our commercial knowledge and experience. 2) We focused on specific laws and regulations which we considered may have a direct effect on financial statements or the operations of the charitable company including Companies Act 2006, current taxation legislation, data protection, anti-bribery and money laundering, food safety, employment and health and safety legislation. 3) We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management. 4) Identified laws and regulations were communicated with the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by., 1) Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual suspected and alleged fraud and 2) Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we.. 1) Performed analytical procedures to identify any unusual and unexpected relationships, 2) Tested journal entries to identify unusual transactions. 3) Investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 1) Agreeing financial statements disclosures to underlying supporting documentation. 2> Enquiring of management as to actual and potential litigation and claims and 3) Reviewing correspondence with HMRC, enquiring of management over health and safety. Page11
ort of the Inde endent Auditors to the Members of Guru Mane o Granth Gurdwara There are inherent limitations in our audit procedures described above. Auditing standards also limit the audit procedures required to identifying non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 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.uklauditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Poonam Madani BFP ACA FCCA (Senior Statutory Auditor) for and on behalf of RA Audit Services Limited (Statutory Auditor) 2nd Floor Grove House 55 Lowlands Road Harrow Middlesex HA13AW Date.. Page 12
Guru Mane o Granth Gurdwara Statement of Financial Activities Incor oratin an Income and Ex for the Year Ended 31 Jul 2024 enditure Account 31.7.24 Total funds 31.7.23 Total funds Unrestricted Restricted fund funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 1,242,463 1,242,463 1,056,721 Other trading activities Other income 176,298 32,239 176,298 32,239 226,250 499,967 Total 1,451,000 1,451,000 1,782.938 EXPENDITURE ON Charitable activities Repairs and maintenance Water Light and heat Insurance Telephone Office expenses Bank charges Depreciation Bank loan interest Food and materials Marketing Sundries Audit fees Legal and Professional fees Exhibition and event 113,585 8,278 97,328 59,703 6,476 8,039 1,246 18,960 285,032 121,688 10,913 9,281 8,000 39,730 125,082 113,585 8,278 97,328 59,703 6,476 8,039 1,246 369,154 285,032 121,688 10,913 9,281 8,000 43,210 125,082 77,668 3,588 146,664 42,935 5,314 4,225 1,190 288,119 224,098 81,865 16,149 14,076 9,600 7,020 195,720 350,194 3,480 Total 913,341 353,674 1,267,015 1,118,231 NET INCOMEI{EXPENDITURE) Transfers between funds 537,659 19 (851,416) (353,674) 851,416 183,985 664,707 Net movement in funds (313,757) 497,742 183,985 664,707 RECONCILIATION OF FUNDS Total funds brought forward 1,184,470 10,179,456 11,363,926 10,699,219 TOTAL FUNDS CARRIED FORWARD 870,713 10,677,198 11,547,911 11,363,926 The notes form part of these financial statements Page 13
Guru Mane o Granth Gurdwara Statement of Financial Position 31 Jul 2024 31.7.24 Total funds 31.7.23 Total funds Unrestricted Restricted fund funds Notes FIXED ASSETS Tangible assets 13 54,009 13,818,911 13,872,920 13,641,431 CURRENT ASSETS Debtors Cash at bank and in hand 14 35,820 946,628 35,820 946,628 37,514 1,218,601 982,448 982,448 1,256,115 CREDITORS Amounts falling due within one year 15 (165,744) (253,020) (418,764) (386,868) NET CURRENT ASSETS 816,704 (253,020) 563,684 869,247 TOTAL ASSETS LESS CURRENT LIABILITIES 870,713 13,565,891 14,436,604 14.510,678 CREDITORS Amounts falling due after more than one year 16 (2,888,693) (2,888,693) (3,146,752) NET ASSETS 870,713 10,677,198 11,547,911 11.363,926 FUNDS Unrestricted funds Restricted funds 19 870,713 1.184,470 10,677,198 10,179,456 TOTAL FUNDS 11,547,911 11,363,926 The notes form part of these financial statements Page 14 continued...
Guru Mane o Granth Gurdwara Statement of Financial Position continued 31 Jul 2024 These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on and were signed on its behalf by: Lvfi Mr K S Sidhu - Trustee Mr S S Dhillon - Trustee The notes form part of these financial statements Page 15
Guru Mane o Granth Gurdwara Statement of Cash Flows for the Year Ended 31 Jul 2024 31.7.24 31.7.23 Notes Cash flows from operating activities Cash generated from operations Interest paid 864,475 (285,032) 617,864 (224,098) Net cash provided by operating activities 579,443 393,766 Cash flows from investing activities Purchase of tangible fixed assets Sale of tangible fixed assets (600,644) (608,017) 1,268,764 Net cash (used in}Iprovided by investing activities (600,644) 660,747 Cash flows from financing activities Loan repayments in year (250,772) (242,254) Net cash used in financing activities (250,772) (242,254) Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period (271,973) 812,259 1,218,601 406,342 Cash and cash equivalents at the end of the reporting period 946,628 1,218,601 The notes form part of these financial statements Page 16
Guru Mane o Granth Gurdwara Notes to the Statement of Cash Flows for the Year Ended 31 Jul 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.7.24 31.7.23 Net income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Profit on disposal of fixed assets Interest paid Decrease/(increase) in debtors Increasel(decrease) in creditors 183,985 664,707 369,154 288,119 (495,353) 224,098 (22,865) (40,842) 285,032 1,694 24,610 Net cash provided by operations 864,475 617,864 ANALYSIS OF CHANGES IN NET DEBT At 1.8.23 Cash flow At 31.7.24 Net cash Cash at bank and in hand 1,218,601 (271,973) 946,628 1,218,601 (271,973) 946,628 Debt Debts falling due within 1 year Debts falling due after 1 year (242,253) (3,146,752) (7,287) (249,540) 258,059 (2,888,693) (3,389,005) 250,772 (3,138,233) Total (2,170,404) (21,201) (2,191,605) The notes form part of these financial statements Page 17
Guru Mane o Granth Gurdwara Notes to the Financial Statements for the Year Ended 31 Jul 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charitable company, 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 Companies Act 2006. The financial statements have been prepared under the historical cost convention. The financial statements are prepared in sterling, which is the functional currency of the company Monetary amounts in those non statutory financial statements are rounded to the nearest £. 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. Income from fund raising activites is accounted for on cash basis. Charity also generates rental income by letting parking space of Gurdwara. Rental Income is accrued on a monthly basis. 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. Allocation and apportionment of costs Expenditure is used for charitable purpose and premises and establishment costs. These are allocated accordingly in respect of the support and running of the Gurdwara and supporting its running costs and services to the congregation. Tangible fixed assets Tangible fixed assets are stated at cost net of depreciation and any impairment losses. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Freehold property - 20k straight line basis Plant and Machinery - 150/0 Straight line basis No depreciation is charged on freehold land. Taxation The charity is exempt from corporation tax on its charitable activities. Page 18 continued...
Guru Mane o Granth Gurdwara Notes to the Financial Statements - continued for the Year Ended 31 Jul 2024 ACCOUNTING POLICIES - continued 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. Designated funds are a portion of unrestricted funds that the charity trustees have set aside for a particular purpose hence restricted for that purpose. Foreign currencies Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. Government grants Government grants are recognised at the fair value of consideration received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. Financial Instruments The company has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Page 19 continued...
Guru Mane o Granth Gurdwara Notes to the Financial Statements - continued for the Year Ended 31 Jul 2024 ACCOUNTING POLICIES - continued Basic financial liabilities, including creditors, bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Cash at bank and in hand Cash at bank and cash in hand includes immediate access and overnight bank deposits. Cash held in fixed term deposit account are also classified as cash at bank and in hand as they are generally held with the overall intention of retaining cash in hand for liquidity purpose. Going Concern At the time of approving the accounts, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the accounts. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY In the application of the company's accounting policies, the trustees are required to make judgments estimates and assumptions about the carrying amount of the assets and liabilities that are not readily apparent from other are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Key Sources of estimation uncertainty The following judgements have had the most significant effect on amounts recognised in the financial statements. Useful lives of tangible fixed assets The costs of tangible fixed assets less their residual value are depreciated over their estimated useful economic lives which are estimated by the trustees. Changes in the expected level of usage and technological developments could impact on the useful economic lives of these assets., therefore, further depreciation charges could be revised. The level of provision is required on an on-going basis and is disclosed in note 13 to the accounts. Page 20 continued...
Guru Mane o Granth Gurdwara Notes to the Financial Statements - continued for the Year Ended 31 Jul 2024 DONATIONS AND LEGACIES 31.7.24 31.7.23 Donations Gift aid 1,167,366 75,097 984,612 72,109 1,242,463 1,056,721 OTHER TRADING ACTIVITIES 31.7.24 31.7.23 Rental income Grants 176,298 186,250 40,000 176,298 226,250 OTHER INCOME 31.7.24 31.7.23 Gain on sale of tangible fixed assets Bank interest 495,353 4,614 32,239 32,239 499,967 Page 21 continued...
Guru Mane o Granth Gurdwara Notes to the Financial Statements - continued for the Year Ended 31 Jul 2024 CHARITABLE ACTIVITIES COSTS Support costs (see note 7) Direct Costs Totals Repairs and maintenance Water Light and heat Insurance Telephone Office expenses Bank charges Depreciation Bank loan interest Food and materials Marketing Sundries Audit fees Legal and Professional fees Exhibition and event 113,585 8.278 97,328 59,703 6,476 8,039 1,246 369,154 285,032 121,688 10,913 9,281 113,585 8,278 97,328 59,703 6,476 8,039 1,246 369,154 285,032 121,688 10.913 9,281 8,000 43,210 125,082 8,000 43,210 125,082 1,259,015 8,000 1,267,015 SUPPORT COSTS Governanc costs Audit fees 8,000 NET INCOMEI(EXPENDITURE) Net incomel(expenditure) is stated after chargingl(crediting)'. 31.7.24 31.7.23 Auditors, remuneration Depreciation - owned assets Surplus on disposal of fixed assets 8,000 369,155 9,600 288,119 (495,353) Page 22 continued...
Guru Mane o Granth Gurdwara Notes to the Financial Statements - continued for the Year Ended 31 Jul 2024 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 July 2024 nor for the year ended 31 July 2023. Trustees, expenses There were no trustees, expenses paid for the year ended 31 July 2024 nor for the year ended 31 July 2023. 10. STAFF COSTS There were no employees, remuneration or other benefits for the year ended 31 July 2024 and 31 July 2023. 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted fund funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 1,056,721 1,056,721 Other trading activities Other income 186,250 4,614 40,000 495,353 226,250 499,967 Total 1,247,585 535,353 1.782,938 EXPENDITURE ON Charitable activities Repairs and maintenance Water Light and heat Insurance Telephone Office expenses Bank charges Depreciation Bank loan interest Food and materials Marketing Sundries Audit fees Legal and Professional fees Exhibition and event 77,668 3,588 146,664 42,935 5,314 4,225 1,190 20,388 224,098 81,865 16,149 14,076 9.600 7,020 195,720 77,668 3,588 146,664 42,935 5,314 4,225 1,190 288,119 224,098 81,865 16,149 14,076 9,600 7,020 195,720 267,731 Total 850,500 267,731 1,118,231 Page 23 continued...
Guru Mane o Granth Gurdwara Notes to the Financial Statements - continued for the Year Ended 31 Jul 2024 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted fund funds Total funds NET INCOME Transfers between funds 397,085 369,121 267,622 (369,121) 664,707 Net movement in funds 766,206 (101,499) 664,707 RECONCILIATION OF FUNDS Total funds brought forward 418,264 10,280,955 10,699,219 TOTAL FUNDS CARRIED FORWARD 1,184,470 10,179,456 11,363,926 12. USE OF VOLUNTEERS Guru Maneyo Granth Gurdwara enlists the services of volunteers in delivering the aims and objectives of the Charity. The volunteers are organised into teams with supervisors and co-ordinators managing the allocation to duties across teams. Key departments in the charity are Finance, Building Management, Children's Education and Teaching, Kitchen and Food Services, Prayer Hall and Religious Services, Media and Audiotvisual. The contribution of the volunteers cannot be quantified so is not included in the accounts. 13. TANGIBLE FIXED ASSETS Freehold property Plant and machinery Totals COST At 1 August 2023 Additions 15,481,618 600,644 469,455 15,951,073 600,644 At 31 July 2024 16,082,262 469,455 16,551,717 DEPRECIATION At 1 August 2023 Charge for year 1,913,156 350,195 396,486 18,960 2,309,642 369,155 At 31 July 2024 2,263,351 415,446 2,678,797 NET BOOK VALUE At 31 July 2024 13,818,911 54,009 13,872,920 At 31 July 2023 13,568,462 72,969 13,641,431 The freehold property above includes the value of the land £2,569,113 (2023.. £2,569,113). Page 24 continued...
Guru Mane o Granth Gurdwara Notes to the Financial Statements - continued for the Year Ended 31 Jul 2024 13. TANGIBLE FIXED ASSETS - continued The freehold property constitute of three properties which includes two Gurdwara and an independent school. 14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.7.24 31.7.23 Trade debtors Other debtors Prepayments 2,250 3,762 32,058 35,264 35,820 37,514 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.7.24 31.7.23 Bank loans and overdrafts (see note 17) Trade creditors VAT Other creditors Accruals and deferred income 249,540 58,093 2.419 17,110 91,602 242,253 47,135 8,253 5,711 83,516 418,764 386,868 Accruals and deferred income includes £29,417 (2023 . £24,417) in relation to rental income. 16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.7.24 31.7.23 Bank loans (see note 17) 2,888,693 3,146,752 Page 25 continued...
Guru Mane o Granth Gurdwara Notes to the Financial Statements - continued for the Year Ended 31 Jul 2024 17. LOANS An analysis of the maturity of loans is given below: 31.7.24 31.7.23 Amounts falling due within one year on demand.. Bank loans 249,540 242,253 Amounts falling due between two and five years: Bank loans - 2-5 years 998,159 969,012 Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 yr by instal 1,890,534 2,177,740 18. SECURED DEBTS The following secured debts are included within creditors.. 31.7.24 31.7.23 Bank loans 3,138,233 3,389,005 The Bank loan is secured by way of fixed charge over the freehold properties of the charity. Included within other creditors falling due within one year and creditors falling due after more than one year is £3,139,525 (2023.. £3,389,005) in respect of a bank loan. The loan is repayable by February 2034 and is subject to variable rate of interest. 19. MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 31.7.24 At 1.8.23 Unrestricted funds General fund 1,184,470 537,659 (851,416) 870,713 Restricted funds Restricted 10,179,456 (353,674) 851,416 10,677,198 TOTAL FUNDS 11,363,926 183,985 11,547,911 Page 26 continued...
Guru Mane o Granth Gurdwara Notes to the Financial Statements - continued for the Year Ended 31 Jul 2024 19. MOVEMENT IN FUNDS- continued Net movement in funds, included in the above are as follows.. Incoming resources Resources Movement expended in funds Unrestricted funds General fund 1,451,000 (913,341) 537,659 Restricted funds Restricted (353,674) (353,674) TOTAL FUNDS 1,451,000 (1,267,015) 183,985 Comparatives for movement in funds Net movement in funds Transfers between funds At 31.7.23 At 1.8.22 Unrestricted funds General fund 418,264 397,085 369,121 1,184,470 Restricted funds Restricted 10,280,955 267,622 (369,121) 10,179,456 TOTAL FUNDS 10,699,219 664,707 11,363,926 Comparative net movement in funds, included in the above are as follows. Incoming resources Resources Movement expended in funds Unrestricted funds General fund 1,247,585 (850,500) 397,085 Restricted funds Restricted 535,353 (267,731) 267,622 TOTAL FUNDS 1,782,938 (1,118,231) 664,707 Page 27 continued...
Guru Mane o Granth Gurdwara Notes to the Financial Statements - continued for the Year Ended 31 Jul 2024 19. MOVEMENT IN FUNDS- continued A current year 12 months and prior year 12 months combined position is as follows.. Net movement in funds Transfers between funds At 31.7.24 At 1.8.22 Unrestricted funds General fund 418,264 934,744 (482,295) 870,713 Restricted funds Restricted 10,280,955 {86,052) 482,295 10,677,198 TOTAL FUNDS 10,699,219 848,692 11,547,911 A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows.. Incoming resources Resources Movement expended in funds Unrestricted funds General fund 2,698,585 (1,763,841) 934,744 Restricted funds Restricted 535,353 (621,405) (86,052) TOTAL FUNDS 3,233.938 (2,385,246) 848,692 20. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31st July 2024 except trustees donated £49,680 (2023 . £7,819) to the Charity Page 28