Sangat Trust (A Company Limited By Guarantee) Trustees, Annual Report And Consolidated Financial Statements Year Ended: 31 August 2024 Charity no: 1139995 Company no: 07355264
SANGAT TRUST Contents Page Report of the Trustees (including Directors, Report) Independent Auditor's Report 9-12 Consolidated Statement of Financial Activities (including Income & Expenditure Account) 13 Consolidated and Charity Balance sheets 14-15 Consolidated Cash Flow Statement 16 Notes forming part of the Financial Statements 17-29 Page 1
SANGAT TRUST {Company Number 07355264) Report of the Trustees (including Directors, Report) for the year ended 31 August 2024 OVERVIEW The Trustees, who are also directors of the Sangat Trust I'the Trust, or'the charity, or'the company,) for the purposes of the Companies Act, submit their annual report and the audited consolidated financial statements of the charity for the year ended 31 August 2024. The consolidated financial statements comprise the financial statements of the charity and its subsidiary undertakings which collectively are referred to as 'the group,. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" IFRS102} in preparing the annual report and financial statements of the charity. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the charity's governing document, the Charities Act 2011, the Charities Act 2022 (where relevant) and 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- SORP {FRS 102) published in October 2019. OBJECTS OF THE CHARITY The charity is a charitable company limited by guarantee and was set up on 24 August 2010. It is governed by a memorandum and articles of association. Its objects are: To advance the education of the public in Slkh arts, culture and heritage; To advance the Slkh religion for the benefit of the public through the holding of prayer meetings, lectures, public celebration of religious festivals, producing and/or distributing literature on the Sikh faith to enlighten others about the Sikh religion; The prevention or rellef of poverty by providing grants, itemsand services to indlviduals in need andlor charities, or other organizations working to prevent or relieve poverty; and To promote and protert the physical and mental health of people who have been affected by drug and alcohol abuse, physical abuse, forced marriages, caste discrimlnation, infanticlde and human trafficking through the provision of education, counselling and support. The charity has a wholly owned subsidiary (Sangat TV Limitedl which, together with its own wholly owned subsidiary Sangat l Limited, encapsulates the operations of Sangat TV Limited, a satellite broadcast facility which aims to address the Trust's objects. REFERENCE AND ADMINISTRATIVE DETAILS FOR THE CHARITY, ITSTRUSTEES AND ADVISERS Charity Registration Number- 1139995 Company Registration Number-07355264 Charity Address- 20 Great King Street North, Birmingham, B19 2LF Trustees Bhai Sahib Bhai Mohinder Singh Ahluwalia (Chairman), Mr Ranbir Singh Attwal, Mr Gurpartap Singh Dhillon, Mr Avtar Singh Chandan, Mr Jit Singh Thind, Baba Dr Davinder Singh (Honorary Co Chairman). Registered Office-20 Great King Street North, Birmingham, B19 2LF Bankers- HSBC Bank Plc, 46 The Broadway, Ealing, London W5 5JR th Independent Auditor- Rawlinson & Hunter Audit LLP, 8 Floor. 6 New Street Square, New Fetter Lane, London, EC4A 3AQ. Page 2
SANGAT TRUST (Company Number 07355264) Report of the Trustees (including Directors, Report) for the year ended 31 August 2024 (continued) CHAIR'S REPORT The term "Sangat" denotes a gathering of individuals who share similar beliefs and are dedicated to practicing and promoting the virtues of their faith. According to the teachings of Guru Granth Sahib Ji, 'Satsa ngat Ka isee jaa neeai Jithai eako naam vakhaaneeai is interpreted to signify a way of life characterised by virtuous conduct and righteous living. We extend our sincere appreciation to the Sikh community {Sangatl for their unwavering support to the Trust throughout another challenging yet progressive year. Our objective remains rooted in disseminating the cherished values of Sikh Dharam, emphasizi ng virtuous livinE and righteous behaviour acros5 all spheres of life. It is the conviction that individuals of noble character will strive for the welfare of all, leaving no one behind. We must continue to motivate and inspire our youth. In pursuit of this noble goal, particularly through the medium of media, we must embrace innovation and optimism. The year 2023-2024 was shaped by significant global and national events, from geopolitical conflicts to the evolving economic landscape and technological advancements. The need for humanitarian efforts and community cohesion has become ever more vital. Amidst these developments, the Trust has remained committed to its mission, adapting to changes while maintaining our focus on service, education, and outreach. The Role of Media and Technology Increased global awareness of interconnectedness and interdependence, particularly concerning the elderly, the vulnerable, and those with limited mobility, has underscored the importance of multimedia technology. This technology serves as a means to engage, educate, and share the Dharmic path while promoting virtues and values, including reconciliation. Notably, advancements in historical conservation a nd beautification of sacred sites have been relayed, offering virtual pilgrimages. Digital technology has also facilitated the continuation of virtual prayers and 'Keertan' fostering community cohesion. We recognize the power of technology to support all faith traditions, fostering new dialogues and relationships between the spiritual and secular. Strengthening Governance and Sustainability The Trust continues to bolster its distinguished team of selfless Trustees, comprising individuals with diverse educational, professional, commercia I, and volu ntary backgrounds. The organizational structure is a ptly formulated to fulfil the Trust's charitable objectives and reporting obligations, with expanded governance, finance, and operational support teams. As the Trust enters its fourteenth year, SlEnificant strides have been made toward ongoing sustainability, complementing the delivery of our objectives. l. To advance the Sikh rel igion for the public benefit through prayer meetings, religious festivals, and educational content. 2. To promote public education in Sikh arts, culture, and heritage. 3. To prevent or alleviate poverty through grants, services, and community support. 4. To promote and protect the physical and mental health of individuals affected by various social challenges. l express my heartfelt gratitude to the army of selfless who have dedicated their time and expertise, including those who have contributed to the establishment of new studios in Birmingham in 2024. The universal message of Sikh Scripture calls upon us to recognize humanity as one family and to acknowledge the divine in all. Page 3
SANGAT TRUST (Company Number 07355264) Report of the Trustees {including Dlrectors, Report) for the year ended 31 August 2024 (continu•d) Sangat Trust must Continue to effect change at the grassroots level, Inspirln8 and empowering our youth through education centered on val es and integrity of character. Bhai Sahi , Bhai Mohinder Singh Ahluwalia OBE KSG Chairman, Sangat Trust Date: 3 0 JUN 2025 sniucruRE. GOVERNANCE AND MAthIAGEMENr Ternis of Tntst The Trust is a registered charity (number 1139995) whose princlpal putTr05e is to finance charitsble purposes In whatever manner the Trustees, In their absolute discretlon. deem sultable. The policy of the Trust is to seek sufficient finance to contlnue to fund charitable expenditure. Organisation The Trustees of the charlty meet at least 3 times a yearto discuss overall strategy and to determine how best to dlrect its reSoUrS to meet its objertives. The Board of the Trustees now comprises of its six {6) trustees who are named on page 2. Bhai Sahib Bhai Mohindersingh acts as Chairman of the 8oard of theTrustees. Appolntment of Trnstees The appointment of Trustees is governed by the Goveming document of the charity being its articles of association. The authorisation to appoint Trustees, of which the must be at least 3, is vested in the Board of TTUStees. Tnistee Indurtion and tralning A number of new trustees with the requisite skills have been registered in the past years. They were made aware of their legal obligations under Charity Law. the deeision-makin8 proce55e5 at the Twst, Its strategic aims and reTrt performance. They have been provided with a pack of relevant documentatlon, including a budget, planned charitable expenditure, a current list of practical projects and copies of recent publications and press releases. All Trustees wlll be encouraged to attend induction and training events from time to tlme which will assist them in their roles. Relatsd partles Tran5action5 wlih related parties are disclosed in Note 17 to the financial statements. Grant makln8 pollry We consider requests forgrants and make grants which meetthe charitys objects as outlined on page 2. OBJECTIVES. AcfiviTIES, FINANCIAL REVIEWAND FUTURE PLANS The results for the year are set out on page 13. Page 4
SANGAT TRUST {Company Number 07355264) Report of the Trustees {including Directors, Report) for the year ended 31 August 2024 (continued) The premises occupied by Sangat Trust and Sangat TV Limited at Monument Road IBirmingham} and Scotts Road Isouthalll were provided on a rent-free basis by Mr Jit Singh Thind and Mr Gurpartap Singh Dhillon respectively. We are extremely thankful to them and many other such volunteers who provided free services and support during the advancement of the organisation. The total value of donated services included in the accounts was £41K {2023 - £54kl in relation to rent. During the period the Trust met its objectives by making project grants, commissioning religious research, developing collaborative initiatives a nd organising seminars and other policy-related events, as set out below. Sangat Trust continued to support the ambitious educational projects of The Kalgidhar Trust Baru Sahib-Educate to Save IETS educatetosave.coml primarily aimed at funding the ed ucation of underprivileged children in the vicinity of Akal Academies and supporting Guru Ki Kanshi (Akal University Project). Prominence is given to V151ting Holy men Saints, and Mahapurakhs - exalted lum i na ries, from India, by highlighting their good work in the form of charitable and reliEiOUS activities, hence, promoting them as "role models" for society, with a specific emphasis concerning the Sikh Dharam, Sikh community worldwide, and India. Every effort is made to raise awareness about community related event5 in the UK Parliament such as celebration of 'V3isakhi' birthday of Khalsa Panth. Humanitarian Aid, upholding the elite fundamental values of Sikh faith such as Sarbat da Bhalla (well-being and goodwill for all), Chardikala (An everlasting optimism), equality, justice, zero hunger- food for all (Langar Seva), championing human rights and Kar Sewa Harmandir Sahib (Amritsar Sahib), was one of the major highlights of this year. Humanitarian aid this year predominantly comprised of Langar Seva and Medical aid, Sangat Trust participates i n variou5 celebrations (Including numerous Centenary celebrations fall i ng due each year) in large numbers and the live coverage of the same which is professionally delivered with much desired quality and content is highly appreciated by the Sangat world-wide. Guru Ji's message of equality, communal harmony, saint- soldier character, Khalsa solidarity, justice, courage and valour is well remembered and preached, The fervour and momentum of these celebrations has continued unabated. Above celebrations and a550ciated relation building has resulted in SangatTV, now, relaying live broadcast from Takhat Shri Patna Sahib and p055ibi1ity of relaying from Kenya in the near future. Contribution of Bhai Sahib Bhai Mohinder Singh Ahluwalia, Chairman of GNNSJ and Sangat Trust, in achieving this result has been remarkable, instrumental and respectable. Bhai Sahib ji representing GNNSJ has been awarded and honoured with the seva of Mool Mantar Asthan at Sultanpur Lodhi, Takhat Sri Patna Sahib, Sheetal Kund in Bihar and Kar Sewa Harmandir Sahib {Amritsar Sahib}. Sangat Trust through Sangat TV brings all the Sikh Sangat together in support of these mammoth celebrations and religious heritage projects. Above initiatives which include Mool Mantar Asthan, Kar Seva Patna Sahib, Guru Ki Kanshi IAkaal University), Medical fund,Sangat Eye Camp, Langersewa and GNNSJ Karsewa Harmandirsahib IAmritsarSahib} works resulted in total grant payments of £115,00012023 £345,000) as detailed in Note 5 of the account5. Supporting a Sikh Helpline led by Giani Sukha Singh is another initiative to provide advice a nd guidance on tackling issues like bullying, harassment. domestic violence, mental health and where to go for support if you are a victim of these social evils. 18 February 2024 marked the launch of brand new Sangat TV studios in Birmingham by the courtesy of Guru Nanak Nishkam Sevak Jatha- Birmingham. Sangat from all walks of life attended this well planned event and enjoyed a much awaited landmark in the history of Sangat TV. Page 5
SANGAT TRUST (Company Number 07355264) Report of the Trustees (including Directors, Report) for the year ended 31 August 2024 (continued) New Sangat TV Studio facilities and related infrastructure will undoubtedly auger well for the future projects and aspirations of Sangat. Sangat highly appreciated this self-less {Nishkam) seva organized by the Honorable Chairman Bhai Sahib Bhai Mohinder Singh Ahluwalia. Baba Dr Davinder Singh Ji (President- The Kalgidhar Trust- Baru Sahib) and Dr Neelam Kaur Ji (Advisor- Educational & Healthcare - Baru Sahib) as our esteemed guests joined in the celebrations and were the key speakers along with Bhai Sahib Bhai Mohinder Singh Ji. The key message delivered by these highly respected speakers echoed the eternal message of Sikh Dharam {Sikh Way of Lifel namely the universal brotherhood of mankind, equality, compassion, humility, patience, tolerance, forgiveness and divine wisdom. The importance of media in reiterating the relevance of these values in the modern, technologically advanced, predominately materialistic society was reinforced. Sikhs as global cit12ens as champions of these values are well placed to be the ideal role models for the future generations. Future plans of Sangat Trust entail the continuation of Sangat Education programs and other aid projectswhile makinE every p055ible effort to seek action oriented wider participation of the Sikh community and general public with a view to enhance voluntary donations to increase outreach in the fulfilment of charitable objectives. Baba Ji Dr Davinder Singh Ji accepted the position of Honorary Co-chair of Sangat Trust. Guru Nanak Nishkam Sevak Jatha and The Kalgidhar Trust, both organisations, sharing common charitable objectives and synergies in various operations agreed to explore numerous collaborative initiatives in the near future. The emphasis of these initiatives would be on value led education and Dharam Parchar aiming at wide-spread practice of Sikh Ethos of Naam Japo { always in remembrance of the almighty the creator), Kirat Karo {earn an honest living) and Vand Shako (share your good fortunes with the not so fortunate in the society). Recognition of voluntary contributions The Trustees recognise the array of activities which are undertaken on a voluntary basis to support the objectives of Sangat Trust. The Trust Board consists of 11 Board members and 3 non-members all of whom voluntarily support the operational, financial and compliance requirements of the Trust and its subsidiaries. The operations of the TV channel consists of a team of volunteers whose aim is to generate new ideas to engage, connect and inspire a younger generation, such ideas as a youth camp in rural Worcestershire and a sponsored walk near the foothills of the Himalayas are 2 of many ideas generated and then delivered by this group. Through financial & human capital investments by Guru Nanak Sewak Jatha (Birmingham) it has been possible to convert a disused 5,000 square foot warehouse space into state-of-the-artTV Studio facilities which are located nearthe heart of Birmingham City Centre. This facility is provided free of charge to Sangat Trust by Guru Nanak Sewak Jatha (Birmingham). The mefflber5 also recognise the previous space contributions in Birmingham & London which accommodated the studios and Trust offices for many years kindly provided for by 2 current members of the Board. PUBLIC BENEFIT STATEMENT The Sangat Trust works forthe public benefit by raising public awareness and enhancing public participation in the key attributes of Sikh Dharm (Sikh way of lifel such as Sarbat da Bhalla {welfare of all), treating all human beings as one family, universal equality through creation of Global Citizens {Manas Ki Jaat Sabhe Ekey Pehchanho Guru Gobind Singh Jil and helping society by caring for each other and sharing our good fortunes with the less fortunate ones by contributing a minimum of IO¥o of our earnings for charitable purposes {Daswandhl, overcoming social evils such as lust. anger, greed, possessiveness, arrogance and ego through divine wisdom and promoting social virtues like tolerance, patience and forgiveness. The charity project work addresses its objectives and a550ciated aims and activitie5 as described on page 2 and the Trustees and staff are mindful of the need to work for the public benefit. Page 6
SANGAT TRUST (Company Number 07355264) Report of the Trustees (including Directors, Report) for the year ended 31 August 2024 (continued) POLICY ON RESERVES The total reseNes balance held on 31 August 2024 was £263,000 {2023 £263,000) of which unrestricted reseNes were £263,0(M) (2023 - £263,000). The charity's policy is to aim for sufficient reserves to fund at least twelve months future expenditure at any time. INVESTMENT POWERS The Trustee's investment powers are unrestricted within "ethical" limits. RISK MANAGEMENT The Trustees have a risk management strategy which comprises: an annual review of the risks the Trust may face, the establishment of systems and procedures to mitigate those risks identified, and the implementation of procedures designed to minimise any potential impact on the Trust should those risks materialise. FUNDRAISING The Trustees have referred to the guidance on Charity Fundraising: a guide to trustee duties issued by the Charity Commission I"CC20"). The Trustees consider that, following a review of the requirements, the charity is compliant. POST BALANCE SHEET EVENTS There were no significant post balance sheet events to report. TRUSTEES, RESPONSIBILITIES STATEMENT The Trustees (who are also directors of Sangat Trust for the purposes of company lawl are responsible for preparing the Trustees, Annual Report and Consolidated Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law require5 the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affa irs of the charity and of the incoming resources and a pplication of resources, including the income and expenditure, of the charity for that period. In preparing these financial Statements, the Trustees are required to: select suitable accounting pol icies and then apply them consistently; observe the methods and principles in Charities SORP 2019 IFRS102}; make judgements and estimates that are reasonable and prudent; state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financia I statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping adequate accounting record5 that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. 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. Page 7
SANGAT TRUST (Company Number 07355264) Report of the Trustees (including Directors. Report) for the yoar ended 31 August 2024 (continued) In so far as the Trustees are aware". there is no relevant audit information of which the charitws auditor is unaware: and the Trustees have taken all steps that they ought to have taken to make theMSee5 aware of any relevant audit Informatlon and to establish that the auditor is aware of that information. The Trustees are responsible for the maintenance and integrity of the financial and non-financial infonnation included on the charit$ website, Legislation in the United Kingdom goveming the preparatlon and dissemination of financial statements may differ from legislation in other jurisdictk)ns. Approved by the Trustees and signed on their behalf by Ranbirsingh Attwal. Trustee Date: 3 0 JUN 2025 Page 8
SANGAT TRUST (Company Number 07355264) Independent Auditor's Report For the year ended 31 August 2024 Opinion We have audited the financial statements of Sangat Trust { the charity") and its subsidiaries {"the group") for the year ended 31 August 2024 which comprise the Consolidated Statement of Financial Activities (including Income & Expenditure Account), the Consolidated and Charity Balance Sheets. the Consolidated Cash Flow Statement and the related 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, including Financial Reporting Standard 102 the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the group's and charity's affairs as at 31 August 2024, and of the group's incoming resources and application of resources, including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Charities Act 2011 and the Charities Act 2022 {where relevant}. Basis for opinion We conducted our audit in accordance with International Standards on Auditing {UKI (ISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Aud itor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and 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 Trustees. use of the going concern basi5 of accounting in the preparation of the financial statements is a ppropriate. 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 Trustees with respect to going concern are described in the relevant sections of this report. Page 9
SANGAT TRUST (Company Number 07355264) Independent Auditor's Report for the year ended 31 August 2024 (continued) Other information The Trustees are responsible for the other information. The other information comprises the information included in the Trustees, Annual Report and Consolidated Financial Statements, Other than the financial statements and our auditor's report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 In the light of our knowledge and understanding of the group and charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting record5 have not been kept by the charity, or returns adequate for our audit have not been received from branches not visited by us; or the charity's financial statements are not in agreement with the accounting records and returns. or certain disclosures of Trustees, remuneration specified by law are not made. and we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Trustees, Responsibilities Statement set out on page 7 the Trustees 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 group's and 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 Trustees either intend to liquidate the group or the charity or to cease operations, or have no realistic alternative but to do so. Page 10
SANGAT TRUST {Company Number 07355264) Independent Auditor's Report for the year ended 31 August 2024 (continued) Auditorfs responsibilities for the audit of the financial statements We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Our objertives 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 an auditorfs report that includes our opinion. Reasonable assurance is a high level of a55urance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI 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. 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Our assessment of the susceptibilityof the charit(5 financial statements to material mi5St3tement, including howfraud might occur, is considered to be low. This conclusion was reached after the consideration of the following: due to the relatively simple busine55 model and relatively low number of transactions within the charity there are comparatively few unexpected fluctuations in the reported results and balances and any such unexpected item5 would be specifically enquired into by us; and there are a number of individuals which comprise "management" and therefore there is no single individual who is likely to be able to override controls to effect a fraud. We designed our audit procedures to respond to identified audit risks, including non-compliance with laws and regulations lirregularitiesl that are material to the financial statements. Some of the specific procedures performed to detect irregularities, including fraud, are deta iled below: the review of control accounts and journal entries for large or unusual activities; the analytical review of the statement of financial activities forvariances that are either unexpected or considered not to be in accordance with our understanding of the charitable activities during the year; obtaining and reviewing for completeness a list of entries and persons considered to be related parties las defined by Financial Reporting Standard 1021 and reviewing the ledgers of the charity for previously unreported related party transactions; review of transactions and journals for any indication of management override or bias; and review of Trustee meeting minutes for unrecorded transactions. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularitie5 occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities is available on the FRC'S website at: htt www.frc.or auditorsres onsibilities This description forms part of our auditor's report. Page11
SANGAT TRUST (Company Number 07355264) Independent Auditor's Report for the year ended 31 August 2024 (continued) Use of report This report is made solely to the charittys trustees, as a body, in accordance with Part 4 of the Charities {Accounts and Reports) Regulations 2008. Our audit work has been undertaken $0 that we might state to the charity's trustees those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibilityto anyone other than the charity and the charity's trustees as a body for our audit work, for this report, or for the opinions we have formed. Ly- Kulwarn Nagra {Senior statutory auditor) Forand behalf of Rawlinson & Hunter Audit LLP Statutory Auditor Chartered Accountants Eighth Floor 6 Newstreetsquare New Fetter Lane London EC4A 3AQ Rowlinson & Hunter Audit LLP is eligible to act as on ouditor in terms of section 1212 of the Componies Act 2006. Page 12
SANGAT TRUST (Company Number 07355264) Consolidated Statement of Financial Activities for the Year Ended 31 August 2024 (including Income & Expenditure Account) Unrestricted fund Restricted fund 2024 Total funds 2023 Total funds Notes INCOMEAND ENDOWMENTS FROM Donations and legacies Advertisement income Total Income and endowments 422,000 119.000 541,000 115,000 537,000 119,000 656,000 754,000 79,OLM) 833,000 115,000 EXPENDITURE ON Charitable activities 541,000 115,000 656.000 889,000 Total expenditure 541,000 115,000 656,000 889,000 NET EXPENDITURE 156,OC(11 RECONCILIATION OF FUNDS Fund balance brought forward at I September 263,000 263,000 319,000 TOTAL FUNDS CARRIED FORWARDAT31AUGUST 263,000 263,000 263,000 CONTINUING OPERATIONS All income and expenditure has arisen from continuing activities. Details of the unrestricted and restricted funds in 2023 are given in Note 10. The notes on pages 17 to 29 form part of these financial statements Page 13
SANGAT TRUST (Company Number 07355264) Consolidated and Charity Balance Sheet at 31 August 2024 Group 2024 Group 2023 Charity 2024 Charity 2023 Notes FIXED ASSETS Intangible assets Tangible assets Investments li 12 13 50,(KKI 50,IJ)J 23,COJ 79,000 73,000 CURRENT ASSErs Debtors Cash at bank and in hand 14 151.000 505,000 92,000 576.000 267,000 496,000 218,000 552,000 656,000 668,000 763,000 770,000 CREDITORS Amounts falling due within one year NEf CURRENT ASSETS 15 1467,000) (466,OCK)I (530,000) (571,OCKJI 189,000 202,000 233,000 199,000 TOTAL ASSETS LESS CURRENT LIABILITIES 268,000 275,000 233,000 199,000 CREDITORS Amountsfalling due morethan 15 one year (5,000) 112.000) NET ASSErs 263,000 263,000 233,000 199,000 FUNDS Restricted funds Unrestricted funds 16 16 263,000 263,000 233,0(Kl 199,(X)O TOTAL FUNDS CARRIED FORWARD 21 263,000 263,000 233,000 199,000 The notes on pages 17 to 29 form part of these financial statements. Page 14
SANGAT TRUST Icompany Number 07355264) Consolidated and Charity Balance Sheet at 31 August 2024 The charity was entitled to exemption from audit under Section 477 0* the Companies Act 2006 for the year ended 31 August 2024. However the members have required the company to obtain an audit on a voluntary basis. The Trustees acknowledge their responsibilities for.. (a) ensuring that the charity keeps accounting records that complywith Sections 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair view of the state of affairs of the charity as at the end of each financial yÈar and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applica ble to the charitv. (b) The financial Statements were approved by the Board of Trustees on.........-...... its behalf by: . and were signed on Ranbir Singh Attwal, Trustee The notes on pages 17 to 29 form parr of these financial staterAent5. Page 15
SANGAT TRUST (Company Number 07355264) Consolidated Cash Flow Statement for the year ended 31 August 2024 2024 2023 Cash flows from operating activities: NEf INCOME/(EXPENDITURE) for the reporting period {as per the statement of fina ncial activities) (56,OCQI Adjustments for: Depreciation 8,000 6,000 Ilncrease)/Decrease in debtor5 159,000) 13,000 l Decrease) in creditors (2,000) 1111,o(x)} Net cash u*d in operating activities 153,000) {148,(X)01 Cash flows from investing activities: Purchase of tangible assets Net cash used in financing activities {14,000) (14,000) {9,000) {9,000) (67,000) {157,0001 Cash flows from financing activities: Repayment of loan {4,000) 112,0(J)I Change in cash and cash equivalents in the reporting period {71,000) 1169,0001 Cash and cash equivalents at I September Cash and cash equivalents at 31 August 576,000 505,000 745,000 576,000 Cash and cash equivalents consist of: Cash at bank and in hand 505,000 576,000 The notes on pages 17 to 29 form part of these financial statements. Page 16
SANGAT TRUST (Company Number 07355264) Notes to the Consolidated Financial Statements for the year ended 31 August 2024 I. ACCOUNTING POLICIES General Information The charity is an incorporated charity in England and Wales with company registration number 07355264 and Charity Commission registration number 1139995. Details of its registered office and objects are given on page 2. The charity is a company limited by guarantee. The members of the charity are the Trustees named on page 2. In the eventof the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. Basis of preparing the financial statements The con501idated financial statements of the charity, which constitutes a public benefit entity a5 defined by FRS 102, and its subsidiary undertakings have been prepared in accordance with '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 issued in October 2019, the Financial Reporting Standard applicable in the U K and Republic of Ireland,, the Charities Act 2011, the Cha rities Act 2022 (where relevant) and the Companies Act 2006. The functional and presentational currency is £ Sterling rounded to the nearest £1,000. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been applied to all years presented unless Otherwise stated. The financi31 statements have been prepared on a going concern basis under the historical cost convention. No separate SOFA has been presented for the charity alone as permitted by Section 408 of the Companies Act 2006. The gross income and the net deficit of the charity for the year ended 31 August 2024 were £537,CNJO and £34,(K)012023-£754,000 and£32,000 respectively) {these figures include restricted funds). Income All income is recognised in the Statement of Financial Activities once the charity is lega Ily entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received, For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfi Iment of those conditions is within the control of the charity a nd it is probable that they will be fulfilled. Advertising income is measured at the fairvalue of the consideration received or receivable, net of discounts and value added taxes. It is recognised once agreed advertisements have been broadcast. Donated Services Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met and the receipt of economic benefit can be measured reliably, I n accorda nce with the Cha rities SORP IFRS102), general volunteer time is not recognised. Please refer to the Trustee's annual report for more information about their contribution. Page 17
SANGAT TRUST {Company Number 07355264) Notes to the Consolidated Financial Statements for the year ended 31 August 2024 (continued) Expenditure Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. 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. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year-end date are noted as a commitment but not accrued as expenditure. Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditiona I relating to performance then the grant is only accrued when any unfulf illed conditions are outside of the control of the charity. Allocation and apportionment of costs Support COSts have been allocated between governance costs and other support costs. Governance costs comprise all costs involving the publ ic accou ntability of the charity and its compliance with regulation and good practice. These costs include cost related to statutory audit and legal fees. Taxation The charity is exempt from corporation tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees. Restricted funds ca n 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. The Statement of Financial Activities discloses the identical information of the Income and Expenditure Account and as such no separate Income and Expenditure Account has been prepared. GoinE Concern Having considered the levels of funds held and the level of income and expenditure, together with the level of reserve5 of the charity, the Trustees consider the adoption of the going concern basi5 in preparing these financial statements is appropriate. Debtors Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Page 18
SANGAT TRUST (Company Number 07355264) Notes to the Consolidated Financial Statements for the year ended 31 August 2024 {continued) Creditors Short term creditors are measured at the transaction price. Other financial liabilities, includ ing ba nk overdrafts, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised costs using the effective interest method. Intangible assets Intangible assets are initia Ily measured at cost. After initial recognition, intangible assets a re measured at cost less any accumulated amortisation and any accumulated impairment losses. No depreciation is provided on the licence costs as the licence is for an indefinite period and has in the opinion of the Trustees suffered no impairment in value in the year. Additions represent app development costs which will be amortised from when it becomes operational. Tangible fixed assets Ta ngible fixed assets costing more than £1,000 are capitalised and included at Cost includ ing a ny incidental expenses of acquisition. Depreciation is provided on ta ngible f ixed assets at rates calculated to write off the cost on a stra ight line basis over their expected useful economic lives as follows: Plant and Machinery over5 years lincluding motorvehiclesl Investments Investments in subsidiary undertakings are shown at cost less provision for impairment, if any. Financial instruments The charity only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loansfrom banks and otherthird parties, loans to related parties and investments in ordinary shares. 2. JUDGEMENTS IN APPLYING ACCOUNTING POLIGIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY Critical accounting estimate5 and assumptions The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions in certain circumstances that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financia I statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these estimates. The estimates and assumption5 that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are outlined below. Debtors The charity reviews debtors and makesjudgements on the recoverability of these debtors with reference to the age of outstanding amounts, credit status of the counterparty and the status of any outstanding dispute. VAT The charity reviews the treatment of supplies to ensure that an appropriate proportionate split is made between zero- rated supplies for VAT purposes and standard rated supplies for VAT purposes. Page 19
SANGAT TRUST (Company Number 07355264) Notes to the Consolidated Financial Statements for the year ended 31 August 2024 (continued) 3. DONATIONS AND LEGACIES 2024 2023 Donations Advertisement income 537,000 119,000 656,000 754,000 79,000 833,000 4. EXPENDITURE ON CHARITABLE ACTIVITIES 2024 2024 Grants Support payable costs (See note 5) (See note 6) 2024 2023 Totals Tota15 Charitable activities 115,000 541,000 656,000 889,000 115,000 541,000 656,000 889,OCK) 5. GRANTS PAYABLE AND RELATED COSTS The total grants pa id to i nstitutions during the year was as follows.. 2024 2023 Mool Mantar Asthan Kar Sewa Patna Sahib Guru Ki Kashi Medical Fund Sangat Eye Camp Langar Sewa GNNSJ- Kar Sewa Harmandir Sahib (Amritsar Sahibl Indonesia Floods Fund 1,000 2,000 23,000 7,000 18,000 6,000 15,000 43,000 115,000 2,000 5,000 99,000 26,ODO 9,000 66,000 44,000 94,000 345,000 Page 20
SANGAT TRUST {Company Number 07355264) Notes to the Consolidated Financial Statements for the year ended 31 August 2024 (continued) 6. SUPPORT COSTS 2024 Totals 2023 Totals other Support costs Wages INote 81 Television broadcastin8 costs Rent & rates Depreciation INote 121 Bank charges Governance costs 45,000 127,000 305.000 43,000 8,000 3,000 10,000 541,000 112.000 108,000 245.000 58,000 6,000 3,000 12,000 544,000 7. NET INCOME Net Income is stated after chargin8: 2024 2023 Auditor's remuneration 5,000 5,000 5.000 5,000 There were no fees paid for non-audit services to the auditors in the current or prior year. 8. STAFF COSTS The average number of employees during the year was 712023- 61. The number of employees whose emoluments as defined for taxation purposes amounted to over £60,000 in the period was Nil12023- Nil) 2024 2023 Wages and salaries 127,000 127,000 108,000 108,000 Page 21
SANGAT TRUST (Company Number 07355264) Notes to the Consolidated Financial Statements for the year ended 31 August 2024 (continued) 9. TRUSTEES, REMUNERATION AND BENEFITS The Trustees, who are key management, received no remuneration or other benefits for the year ended 31 August 2024 nor for the year ended 31 August 2023. Trustees. expenses There were some Trustees, expenses paid for the year ended 31 August 2024 and the year ended 31 August 2023, as disclosed within Note 17. These expenses relate to general expenses for cleaning, software , repairs and maintenance and telephone costs associated with charitable activities reimbursed by the company. 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcfiviTIES Unrestrirted fund Restricted fund Total funds 2023 INCOMEAND ENDOWMENTS FROM Donations and legacies Advertisement income Total 409,000 79,000 488,000 345,000 754,000 79,000 833,000 345,000 EXPENDITURE ON CHARITABLE AcfiviTIES Support costs Governance costs Grants paid and related costs Total expenditure 532,000 12,000 532,000 12,000 345,000 889,000 345,000 345,000 544,000 NET EXPENDITURE 156,0001 156,000) RECONCILATION OF FUNDS Total funds brought forward 319,000 319,000 TOTAL FUNDS CARRIED FORWARD 263,000 263,000 Page 22
SANGAT TRUST (Company Number 07355264) Notes to the Consolidated Financial Statements for the year ended 31 August 2024 {continued) 11. INTANGIBLE FIXED ASSETS App Development Licence Costs Total COST At I September 2023 Additions At 31 August 2024 45,000 5.0(X) 50,(K)O 45,000 5,000 50,LMJO NET BOOK VALUE At 31 August 2024 45,000 5,000 50,000 At 31 August 2023 45,000 5,0 50,000 The licence is to operate a satellite TV channel which has an indefinite life and i n the opinion of the directors has suffered no impairment in value in the year. The App Development will be amortised when it becomes operational. 12. TANGIBLE FIXED ASSETS Plant and machinery lintluding motor vehicles) COSTS At I September 2023 Addition At 31 August 2024 200,000 14,000 214,000 DEPRECIATION At I September 2023 Charge for year At 31 Au8USt 2024 177,000 8,000 185,000 NET BOOK VALUE At 31 August 2024 29.000 At 31 August 2023 23,000 Page 23
SANGAT TRUST {Company Number 07355264) Notes to the Consolidated Financial Statements for the year ended 31 August 2024 {continued) 13. INVESTMENT5 Sangat Trust holds a IOO¥o shareholding in Sangat TV Limited lone Ordinary share of £l-company number 072423031 and Sangat TV Limited hold a IOOYO shareholding in Sangat l Limited {One Hundred Ordinary shares of £1 each company number 071509011, both incorporated in England and Wales and held at cost. Both cornpanies have the same registered office address as the Sangat Trust - see page 2. Sangat l Limited holds the licence for satellite TV broadcasting. These subsidiary undertakings predominantly deliver"Public Benefit" as per the Trustees, Report, and charitable objectives of the ulti mate parent compa ny (Sangat Trust). The subsidiaries relevant financial information is as follows: 2024 2023 Sangat TV Llmited Turnover ILossl/profit for the year Net Assets 449,0(M) {28,000) 29,000 590,000 5,000 56,000 Sangat l Limlted Net assets loo loo 14. DEBTORS Group 2024 Group 2023 Charity 2024 Charity 2023 Trade debtors Amounts owed by group undertakings Other debtors 27,IK)O 21,OC() 216,000 50,000 1,000 267,000 213,000 4,000 1,000 218,CrfJO 98,IM)O 26,IXIO 151,000 53,0(X) 18,0(K) 92,000 Prepayments Trade debtors are stated after a bad debt provision of £Nil {2023 - £Nil). Page 24
SANGAT TRUST {Company Number 07355264) Notes to the Consolidated Financial Statements for the year ended 31 August 2024 (continued) 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2024 Group 2023 Charity 2024 Charity 2023 Trade creditors Other creditors Accruals Bank loan TOTAL FUNDS 12,000 5,0(Kl 447,000 3,000 467,000 3,OCKI I,o(J) 462,000 89,Otio 116,000 441,000 455,CMJO 466,000 530,000 571,000 CREDITORS: AMOUNTS FALLING DUE MORE THAN ONE YEAR Group 2024 Group 2023 Charity Z024 Charity 2023 Bank loan TOTAL FUNDS 5,000 5,000 12,000 12,000 Included within other creditors is a loan amount of £8,000 {2023 £12,000) which bears interest at 2.5% and is repayable by 16 November 2027. The accruals in the cha rity solely relate to grants payable in relation to restricted funds,. accruals at group level also include additional accrua Is i n relation to support costs. 16. MOVEMENT IN GROUP FUNDS At I September 2023 Net movement in funds At 31 August 2024 Unrestricted funds General fund 263,000 263,000 Restricted funds Restricted fund TOTAL FUNDS 263,000 263.000 Net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund Restricted funds Restricted fund TOTAL FUNDS 541,000 541,000 115.000 656,01)0 115,000 656,000 Page 25
SANGAT TRUST (Company Number 07355264) Notes to the Consolidated Financial Statements for the year ended 31 August 2024 (continued) 16. MOVEMENT IN GROUP FUNDS-continued Comparatives for movement in group funds At I September 2022 Net movement in funds At 31 August 2023 Unrestricted funds General fund Restrirted funds Restricted fund 319,CNJO (s6,]0) 263,000 TOTAL FUNDS 319,000 156,000) 263,000 Comparative net movement in funds, included in the above are as follows: Incorning resources Resources expended Movement in funds Unrestricted funds General fund Restricted funds Restricted fund TOTAL FUNDS 488,000 544,000 {56,000) 345,000 833,000 345,000 889,000 {56,000) General funds represent the unrestricted funds, which are not designated for particular purposes. Restricted funds a5 at 31 August 2024 amounts to Nil12023 - £Nil). However, included in accruals are amounts totalling £441,00012023 £455,000) collected for cha rita ble donations and relief work for Pingalwa ra Charita ble Society (Amritsar - India), Nishanne Sikhi, Nepa l Earthquake relief, Kerala floods relief, Punjab floods relief, Akal University (Guru Ki Kashi}, Patna Saheb {Bihar- India), Sheetal Kund Sewa and Kar Sewa Harmandir Sahib (Amritsar Sahib) conducted by Guru Nanak Nishkam Sewak Jatha, Birmingham, UK. Page 26
SANGAT TRUST (Company Number 07355264) Notes to the Consolidated Financial Statements for the year ended 31 August 2024 (continued) 17. RELATED PARTY DISCLOSURES Transactions with Sangat TV LSmited 2024 2023 Advertising paid to Sangat TV Limited Intercompany balance due to Sangat Trust 373,000 171,000 511,000 168,000 Transactions with Sangat l Limited 2024 2023 Intercompany balance due to Sangat Trust 45,000 45,000 Transactions with other Related Parties 2024 2023 Advertising income from Kalgidhar Trust Advertising income from Guru Nanak Nishkam Jatha (Birmingham) UK Expenses reimbursed to Jit Singh Expenses reimbursed to Lakhwinder Singh 43,000 2,01)0 3,0(M) 48,000 16,000 4,000 1,000 At the end of the year the following amounts were owed from: 2024 2023 Guru Nanak Nishkam Jatha {Birmingham} UK Kalgidhar Trust 2,000 17,000 8,QK)O 12,IXJO At the end of the year the following was due by Sangat Trust to: 2024 2023 Guru Nanak Nishkam Jatha IBirminghaml UK Guru Ki Kashi (Akal University) 1,000 6,000 Guru Nanak Nishkam Jatha (Birminghaml UK is an unincorporated charity in which the Bhai Sahib Bhai Mohinder Singh Ahluwalia is a Trustee. Ranbir Singh Atwal, a Trustee, has influence in Guru Ki Kashi {Akal University) and The KalgidharTrust. Both Jit Singh, a Trustee, and Lakhwinder Singh are directors of Sangat TV Limited. Page 27
SANGAT TRUST (Company Number 07355264) Notes to the Consolidated Financial Statements for the year ended 31 August 2024 (continued) 18. CONTINGENT LIABILITIES There were no contingent liabilities. 19. CONTROLLING PARTY The controlling parties are the Trustees. 20. FINANCIAL INSTRUMENTS The carrying amounts of the charity's financial instruments are as follows: 2024 2023 Financial assets Measured at fairvalue through SOFA: -cash at bank and in hand 505,000 576,000 Debt instruments measured at amortised cost -Trade debtors -other debtors 27,000 98,000 21,0(Xl 53,0(Kl Financial liabilities Measured at amortised cost: -Trade creditors -other creditors and accruals 12,000 452,000 3,000 463,CMJO Measured at fair value through SOFA: -Bank loan 8,000 12,CK)O Page 28
SANGAT TRUST {Company Number 07355264) Notes to the Consolidated Financial Statements for the year ended 31 August 2024 (continued) 21. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted fvnds 2024 Restricted funds 2024 Total 2024 Fixed assets Debtors Cash at bank Creditors {due within one year} Creditors {due more than one year) 79,000 151,000 505,000 {467,000) {5,000) 263,000 79,000 151,000 505,000 (467,01)0) 15,000) 263,000 Unrestricted funds 2023 Restricted funds 2023 Total 2023 Fixed assets Debtors Cash at bank Creditors (due within one year) Creditors (due more than one yearl 73,000 92,000 576,IX)O {466,000} (12,000) 263,000 73,000 92,000 576,000 (466,000) (12,000) 263,000 Page 29