COMPANY REGISTRATION NUMBER: 07767690 CHARITY REGISTRATION NUMBER: 1148670 Guru Nanak Society Of London Trust Company Limited by Guarantee Financial Statements 30 August 2024 TAXAUDIT ACCOUNTANTS LIMITED Chartered accountanls & statutory auditors The Grange, 1 Central Road, Morden. England, Surrey SM4 5PQ
Guru Nanak Society Of London Trust Company Llmltsd by Guarantee Financial Statements Year ended 30 August 2024 Page Trustees, annual report (incorporating the director's report) Independent auditovs report lo the members Statement of financial activities (including income and expenditure account) 12 Statemenl of financial position Notes to the financial statements 13 14 The following pages do not form part of the financial statements Detailed statement of financial activities 22 Notes to the detailed statement of financial activities 23
Guru Nanak Society Of London Trust Company Limited by Guarantee Trustses, Annual Report (Incorporating the Directorfs Report) Year ended 30 August 2024 The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 30 August 2024. Referen¢• and admlnlstrative detslls Registered charity name Guru Nanak Soaely Of London Trust Charlty registration number 1148670 Company reglstratlon number 077676 Prlncipal office 673 Garratt Lane Wandsworth London SW17 OPB England Registorod offlce 673 Garratt Lane Wandsworth London SW17 OPB England The trustees Mr Ahuja r Gogar Mr Chopra Mr Manocha Mr Sachdev Mr Jagmama (Regigned 8 September 20231 (Regned 10 January 2025) (Appointed 30 September 2024) Audilor Taxaudit Accountsnls Limited Chartered account8nls & Statutory auditors The Grange. 1 Central Road, Morden, England, Surrey SM4 5PQ
Guru Nanak Society Of London Trust Company Limited by Guaranteo Trustees, Annual Report Ilncorporating the Director's Report) (conllnu•dJ Year ended 30 August 2024 structure. govemance aTrd managèment Govorning document The charity is governed by a Constitution adopted in September 2011 and last revised in August 2012. and conslilules a limited company, limited by guarantee. as defined by the Companies Act 2006. The Board of Trustees. holds ultimate responsibility for the overall control and strategic direction of the charity. Trustees offer their time voluntarily and receive no remuneration or other financial benefits. Trustee meetsngs are held monthly and follow a formal agenda. Decisions are made by &mple majority vote. These meeb'ngs cover strategic oversight. risk and reserves management. policy direction, inter4Jrganisational relations, and Ferformance monilonng. D8y-tO-day operations and administration are delegated lo the Executive Commrttee.
Guru Nanak Society Of London Trust Company Limited by Guarantse Trustees. Annual Report (Incorporating the Directorfs Report) (co*>tlnued) Year ended 30 August 2024 ObjectNe8 and actlvltle8 The objects d the charity are the promots.on of Sikhism and the development of communrty integration by providing faalitie5 to support ils members and other5 in understanding Sikh philosophies through education and discussions. The aims of the charity are.. Organising Diwans and celebrdle Gurpurbs. Maintain the Gur¢JWara and the Sikh Centre. Provide facilities for the learning of the Punjabi language and Sikh Studies Maintain a library and other resources and material ¢)n the Sikh religion. history, and heritage. Prornoting interfaith understanding and cooperation wlh other c(ynmunities and charrties. Organise philosophical discussions and promote the Sikh Rehat Maryada. Supporting academic research into Sikhism. Discouraging practices contrary to Sikh teachings. The charity carries out Its aims through a variety of educational and religious activitie$ including seminars, discus$ion$, training sessions, and daily religious services. A free community kn'tchen Ilangarl 0rateS most days of the year. Special religious events, including weekly Diwans. Gurpurbs, and Nagar Kirtans, are also conducted. The trustees confimi they have had regard to the Charity Commisston's guidance on public nefit when selling objeth'ves and planning a¢livitie$. Trustee Induction and Training Most trustees are well-acquainled with the charity's work. New trustees and volunteers are encouraged to acquire relevant skills to effectively support the charity's objectives. The Charity facililale$ suilatje Iraining opportunities through external voSuntary sector training providers. New trustees are supported in familiarising themSee5 wth the charity's operations and the wder context in which il functions. Ri$k Man•gornont Trugtees Conduct an annual review lo identify and assess risks facing the charity. They are satisfied that appropriate systems are in place to mitsgale these risks. Where nece&5ary, professional advice is sought lo ensure robust intemal controls and risk management procedures. The trustees have considered the major financia and other risks faced by the charity and where appropriate have enligted the help of professional a(fvisors to establish systems and procedures to manage thoge risks. Rellglous Activitiès Major rdigious observances and Gurpurbs were celebrated in accordance wlh religious customs and relevant govemmenl guidelines. Volunteer5 The trustees express sin gratitude to 311 volunteers and donors whose generous contributions particularly in the langar and community services have supported the smooth functs'oning of both Gurtharas.
Guru Nanak Society Of London Trust Company Limited by Guarantee Tru8tees' Annual Report (Incorporating the Director's Report) (wthnu•d) Year ended 30 August 2024 Strateglc report The followng sections for achievements and performance and financial review fomi the strategic let of the charity. Achle¥ement8 and perforynance The charity anlicipales continling with its current aclivil'es and enhancing its faulities for both the Sikh and wider Iccal communits'es. Key future inrtiatives indude.. Constitutional Review.. Upd'ng the Trust's Constitution lo refiect modern governance best practices, current UK charity law, and broader legal obligations. Digital Donalion5' Installation of contactless card reader temiinals (Electronic Gdlaksl lo reduce reliance on cash donations Facilities Mainlenance.. Establishing servi contracts lo support long term maintenance at Tcob'ng Gurdwara following the expiration of ¢ontractors' initial guarantee periods During the year, £83.778 was stent on building enhancements to secure planning Femiission for a new sile. Opemtional costs remain primarily associated with langar services, UtiliteS (notably affected by rising energy tariffsl, and maintenance. All expenditures are carefully reviewed lo ensure value for money and service effectiveness. Cost-efficiency measure$ have been ImeMented where possible. The trustees are pleased to rewrt that full planning permission ha5 now been obtained for the development of the charity's new site. This marks a significant milestone in the Trust's long-lerm vi&on to expand ils facilities and better serve both the Sikh and wder eommunities. Subject lo construction timdines and regulatory processe& it is anlicipaled that the rsew site wll be operational by autumn 2025. The trustee$ are committed lo ensuring the project is delivered to a high standard, in keeping th the charity's values and community aspirations. The Sile address is as follow, North Side of FM)plar Avenue Soulhall UB2 4PN Financlal revigw The trustees are pleased to report that the net incr@a5e in Unrestricted fund$. Reserves policy The charity pnmarily relies on donations and offerings from members. Recognising the inherent volats.lily of such income, the trustees aim lo maintain sufficient reserves to SUPFN)rl ongoing operations, meet financial obligations, and invest in capital development ere needed. The charity priorilises holding liquid re*rves to ensure financial stability. TTusto&s' responslbllltle8 Statement The trustees. who are also directors for the purposes of company law, are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United lfjngdom Generally Accepted Accounting Prath'cel.
Guru Nanak Soal•ty Of London Trust Company Llmh•d by Gu•ranlee Trusle•s' Annual R•port {In¢orpor•llng lh• Dlr•ctor'• R•port) ¢t•nlmu•dl Year ended 30 Augu•t 2024 Compony lffw rnquth th• th•rtty INile•• Io PTep•rn fln•ndal il•lem•nl• lor •Kh y•w vthlth gl¥• • l•k th ol th• il•t• ol •ll•tr• of th• th•rft•bl• ¢ompDny Dnd lh• trumlny i••owc•• •nd P•tK ol Yeurr. kthiTvJ th• Ino)n •nd •xpendNurn. lor Ihol p•rlod. In prep•nnp Ihes• In•181 vjlalements. lh• Iwilem ore wued lo.. Ipd iuitibk• •cCOting pold•8 ond In them rxNh81•1ontly: •)bwM lh• m•lhrth and wlnkn In th• •PFllc•bl• Chqrltbgi SORP.. m•kè ludgm¢nh •cawJnbnu rttim•t•• th•1 108wi•bh and pnonI. •t•t• optI UK A¢counllng Standa) h•¥• be Id[tred. iutyocl lo •ny mo1•ts1 dled •nd expwned finwKlfil •tsl•menli'. yepare Ihe •rlI7 $lalèmoTr11 on th• o)ncem 11 Inopproprl8t• lo wewme th•1 th•rly conlknu• kn b1n•. The l¢ustee8 8r8 lot k•epkng adoqu•l• •c£Oun1h ter¥)th th•1 aro ufficaenl to •nd oxpkgni Ihe lrnnsxbons •nd whh rna6onaè ovrary 01 ony I'me tho fm•nd•l F•)sftx+n ol the •n•bb th•m to •nsur8 thal the fin8rKlal $141ementi ojmpty the Compon$ 2006. Ttw 4180 rn3ponalble lor MleguDrdlThJ the assets of the charity 8rMI hence for 18kM rfj•son•ble ¥l•ps lor Prn{1)n •nd detec1K•1fr8Ud •nd vrtgeI. AudlhT Eath Ol Ihe p•rnon• li a trwt•• It the d)1• ofapprnv81 ofth r¥Forl D)nfinn thal.. so tsf U th•y 4r• •w•rn. ther• i• no Triev1 audrt Mform•lb?n ol th• chaiill• auditor Trs iaken al 8t•P8 Ihat they oughl to have laken •8 • bwte• lo make themJ•fv•$ •war• of any mlevllnt aud* inlonmtitin •Thl to ••1gbli8h audmor h 4war• ol Ihat truth. •nrN•l report and lh• slrnlegk i•pcrfl wer• 8pwov•d on 26 Juno 2025 and 81gned ¢)ft behjlfofthe ollNstees ty. Mr G(yar Mrcho TNs¢••
Guru Nanak Society Of London Trust Company Limited by Guarantee Independent Auditor's Report to the Members of Guru Nanak Society Of London Trust Year ended 30 August 2024 Opinion We have audited the financial statements of Guru Nanak Society Of London Trust Ilhe 'charily'l for the year ended 30 August 2024 which CCp11Se the stslemenl of financial actwities linclwjing income and expenditure account), slalement of financial position and the related note5, including a summary of significant accounting policies. The finanal reporting framewcKk that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Apted Accounb"ng Practice). In our opirion the finanaal statements.. give a true and fair view of the state of the charrty's affairs as al 30 August 2024 and of ils incoming resources and application of resources, including its income and expenditure, for the year then ended.. have been property prepared in accordance wlh United Kingdom Generally Accepted Accounting Practs'ce" have been prepared in accordance wth the requirentS of the Companies Act 2006. Basis for opinion We conducted our 8udil in accordance with Internats'onal Standards on Auditing (UK) {ISAs IUKII and applicatAe law. Our responsibilities under those standards are further described in the audilorfs responSi.11t1eS for the audit of the financial statements section of our report. We are independent of the charity in accordance wlh the ethical requirements that are relevant to our audit of the finanaal statemen15 in the UK. including the FRC'S Ethical Standard, and we have fulfilled our her ethical responsiknlilies in accordance wlh these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions rnlating to going concem In audits'ng the financia stalemenls. have concluded that the Irustee5' Use of the going concern basis of accounting in the preparation of the financial statements 15 appropriate. Based on the we have performed, have not identified any malenal uncertainli85 rdating to events or conditions that, individually or ¢ollectNdy, may cast gnIfan1 doubt on the charity's ability to continue as a going concern for a period (rf at least tvElve months from when the finanaal statements are aulhorised for issue. Our responsb11ilies and the responbil.eS of the trustees with respect to going concern are described in the relevant sections of this report.
Guru Nanak Society Of London Trust Company Limited by Guarantee Independent Auditorf8 Report to the Members of Guru Nanak Society Of London Trust IAttl) Year ended 30 August 2024 othor infomiation The other infomiation comprises the infomation included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other infomalion. Our opinion on the financial statements does not cover the other informats'on and, except to the extent otherwise explicitly staled in our reporL we do not expTess any form of assurance conclusion theOn. In connecb.on th our audit of the financial slatemenls. our Tesponsibility is to read the other infomation and, in doing so, consider whether the other infomats'on is materially inconsistent wth the financial statements or our knedge obtained in the audit or OtheiSe appears to be materially misstated. If we identfy such material inconsistencies or apparent material misstatements, we are required lo delemine whether there is a material mi58talemenl in the financial statements or a material misslalenient of the other infomatson. If, based on the work we have performed, we conclude that there is a material misslalement d this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prCribed by the Conwnle8 Act 2006 In our opinion. based on the work undertaken in the ci)urse of the audiL' the information given in the trustees, report for the financia year for 1¢h the financial stslements are prepared is Consistent with the financial statements.. and the trustees, report has been prepared in accordance with apFAicable legal requirements. Matters on vthlch w• are roquirod to roport by oX¢gPtion In the light of the knoedge aThJ understanding of the charity and its environment obtained in the course of the audi( we have not identified material misstalemenls in the trustees, report. We have nothing to rep in respect of the fdlowng matters in rdatson to Nthich the Comparues Act 20C6 requires us to report lo you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been reiVed from branches not visled by us.. or the financial slatdnents are ncl in agreement wlh the accounting records and retums., or certain disclosures of trustees, remuneration specrfied by law a not made., or we have not received all the infomalion and explanations wa require for our audit.
Guru Nanak Society Of London Trust Company Limited by Guarantee Independent Auditorfs Report lo the Members of Guru Nanak Society Of London Trust (continue Year ended 30 August 2024 Re¥ponsibilltles of iru8tees As explaned more fully in the trustees, respCS1bil1tieS statement. the trusteeg I0 are also the directors for the purposes of company lawl 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 conlrd as the trustees determine 1$ necessary to enoble the preparation of financial statements that are free from materia misstatement, vthether due lo fraud or error. In Fyeparing the finanaal slalements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disdosing, as applicable. matters rdaled lo going concern and using the going concern basis of accounting unless the Iru5tees either intend to liquidate the Charity or to cease operations. or have no alIStiC allemative but to do so.
Guru Nanak Society Of London Trust Company Limitsd by Guarantse Independent Auditor's Report to the Members of Guru Nanak Society Of London Trust Icontlnued) Year ended 30 August 2024 Audito¢s responsibilitigs for the audlt of the financial ststemgnts Our ot4"ectwes are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due lo fraud or error, and to issue an auditor's report 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 {UKI wll always detect a material misslatemenl when it exists. Misstalemenls can arise from fraud or error and are considered material if. individually or in the aggregate. they could reasonably be expected lo infiuènce the eCtorniC deusions of users taken on the basis of these financial stalemenls. Irre9ularib"es, including fraud. are instance5 of non40mplian with laws and regulation5. We design procedures in line wlh our responsibilities, outlined above, tr) deleel material misstatements in respect of irregularities, including fraud. The extent to 1¢h our procedures are capable of detecting irregularities. including fraud is detailed IloW.. Our assessment of the suepts.bIPIlY of the charity's financial stslements to materi81 misstatement. including how fraud might occur, Is considered to be low. This conclusion was reached after the congderation of the fdlowng.. Due to the relatively simple business model and low number of transactions wlhin the Charity. There are Comparabvely few unexpected fluctuation5 In the reported results and balances and any such unexpe¢led items would be specifically inquired into by us,. and There a a number of individuals which comprise "management" and therefore there is no single individual who is likely to be able lo override conlrcls lo effect a fraud. We designed our audit predureS lo respond lo identified audit risks, including non-compliance with laws and regulations lirregulantiesl that are Tnaerial lo the financial slalemenls. Some of the specrfic procedures performed lo delect irregularities, including fraud. are detailed below. Obtaining and reviewng for completeness a list of entrie5 and persons considered to be related partie5 las defined by Finarcial Reporting Standard 1021 and reviewing the ledgers of the Charity for previously unreported related party transactions., Review of transactions journals for any indication of fra or management override., 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 delecl all irregularities, ncluding those leading to a material misstalemenl in the financial statements or non-complian wth regulalion. This risk increases the more that compliance ¥Mth a law or regulation is removed frorn the events and transactions reflected in the financial slalements, as we wll be less likdy to become aware of instances of non-compliance. The risk is also greater regarding irregularits'es occurring due lo fraud rather than error, as fraud irwolves intentional concealment, forger, cc41usion, omission misrepresentation. This report 15 mad8 solely to the Charity's Trustees, as a body, in accordance wth Part 4 of the Chanties (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity's Tnjstees those matters we are required to state lo them in an auditor's port and no other purpose. To the lullest extent permitted by law, we do not accept or assume responsib'lity to anyone other than the Charity ar)d the Charity's Trustees as a a body. for our audit wjrk. for this report, or for the opinions we have formed.
Guru Nanak Society Of London Trust Company Llmitod by Guarantee Independent Auditorfs Report to the Members of Guru Nanak Society Of London Trust Icontinuedj Year ended 30 August 2024 As part of an audit in accordance wlh ISAS IUKI, we exercise profe55ional judgment and maintain professional 5cepticism throughout the audit. We also.. Identify and a&8ess the risks of material misslatemenl of the financial stat&nents, whether due lo fraLKI or error. design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our oiinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error. as fraud may involve collusion. forgery, intentional omissions. misrepresentations. or the override of internal control. Obtain an understanding of internal control relevant to the audit in order lo design audit procedures that are appropriate in the circumstances, but not for Ihe wrwJse of expressing an opinion on the effectiveness of the interna control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and. based on the audit evidence obtained. whether a material UnrtaInty exists related to events or conditions that may cast significant rjoubl on the charity's ability to continue as a going oncern. If we condude that a material unTrrtainly exists, are required lo draw allenlion in our auditor's report lo the related dI10Sre5 in the financial statements or. if such disclosures are inadequate, to modrfy our opinion. Our conclusions are based on the audit evidents obtained up lo the dale of our auditor's report. However, future events or conditions may cause the charity lo Se to conts'nue as a going concein. Evaluate the overall presentsti(M, structure and content of the financial statements, induding the disclosures. and whether the financial statements represent the underlying transactions and events in a manner that achieves fail presentation. 10
Guru Nanak Society Of London Trust Company Limited by Guarantee Independent Auditor's Report to the Members of Guru Nanak Society Of London Trust(continued) Year ended 30 August 2024 We communicate MAth those charged wlh governance regarding. among other mlers, the planned scope and timing of the audit and significant audit findings, including any sgnifi.canl defiaencies in intemal control that identify during our audit. Use of out report This report is made solely lo the charity'5 memters, as a body, in accOrdare with Chapter 3 of Part 16 of the Ccxnpanies Act 2006. Our audit r has been undertaken so that might state lo the charity's members tho matters are required lo slate to them in an audito¢s report and for no other purwse. To e fullest extent pemiitted by law, v do not aocept or assume responsibility lo anyone other tha the Charity and the charity's members as a body, for our audit work, for this report, or for the opinio we have formed. Rocky Bhafl IS Stalulory uditorl For and on behalf of Taxaudit Accountants Limited Chartered accountan15 & stalulory auditors The Grange. 1 Central Road, Morden, England. Surrey SM4 5PQ 27 June 2025 11
Guru Nanak Society Of London Trust Company Limited by Guarantee Statement of Financial Activities lincluding income and expenditure account) Year end8d 30 August 2024 2024 unstrICted funds Total funds Total funds 2023 Notg Income and end0entS Donations and legacies Total Income 393,782 393,782 349,482 393,782 393,782 349,482 Expenditure Expenditure on charitable ath'vrtie$ Total expenditure 209,670 209,670 209,670 160,345 160,345 209,670 Nel Income and net movement in funds 184,112 184,112 189.137 Reconciliation of funds Total funds brought forvard Total fund8 carried forward 3.137,426 3,137.426 3.321.538 2,948,289 3,137,426 3.321.538 The statement of financial ath'vilies includes all gains and losses recognised in the year. All inccKne and expenditLJre derNe from conts'nuing activities. The noteB on Pa9 14 to 20 fonn part of these flnan¢lal $tstem•nts. 12
Guru Nanak So¢l•ty 01 London Tru8t Comp•ny Llmltod by GuArinle• statement ol Flnan¢lAI Posltlon 30 Augusl 2024 2D24 2023 Flx•d •ss•ts Tor¥Jlble fixed I$8el• 12 4,893,107 4.879,788 C¥Tr•nl •s••ts Cfrsh •1 b•nk and In nd 61.395 36228 Cr•dltors: •m•unts falllng du• thIft ¢fft• y••r Pl•t ¢UTrnrt Il•bllltl•s IJ 294,125 232,7XI 107.273 4.880,377 4.772.515 143.501 Tot1 ass•ts1•¥s ¢¥rv•nt Il•blllll•# Crndltars: •mounts l•lllhg th• •ft•r mor• than onè y•ar N•1 14 1,338,e39 1.835.089 3,321.538 3,137.426 Funds gfth• ¢h•rtty UnrestriLled fvnds 3.321.538 16 3.321,538 3.137,420 3,137.426 Totsl ¢h•rtty fvnds These frnncaal slalemeN8 w• approved by Ihe board ol Irusl#e¥ •Trd athhtyisèd Issue on 26 The 2025, and •re •fvJnod behaMofI bojrd br. Mr Gc9ar TnJsle• IAr Choprn Trust Th• on pA•rt 14 to 20 lorni p•rt d th•M fln•n•l•l •l•hm•nts. 13
Guru Nanak Society Of London Trust Company Limited by Guarantee Notes to the Financlal Stat8ments Year ended 30 August 2024 General Infomiation The charity is a public benefit entity and a privale Company limited by guarantee, registered in England and Wales and a regISted charity in England and Wales. The address of the registered office is 873 Garratt Lane, Wandsworth, London, SW17 OPB, England. ststement of Compliance Th financial statements have IRen prepared in ¢omFAiance wth FRS 102, 'The Financial Reporting Standard applicaLle in the UK and the Republic of Irdand.. the Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance wlh the Financial RertIng Standard ap1¢able in the UK and Republic of Ireland IFRS 102) (Charities SORP IFRS 102)) and the Companies Act 2006. Accounting policle8 Basis of prgparatlon The financial statements have been prepared on the historical cost basis, as modified by the revaluabon of certain financial assets and liabilibes and investment properb'es measured at fair value through income or expenditure. The finan¢i?I statements are prepared in sterfing, thich 1$ the functional currency of the enb"ty. Golng concern There are no material uroertainb.es atroul the charity's atj'lity lo continue. Fund accountlng Unrestricted funds are available fcf use at the discretion of the Iruslees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commiknent. Restricted funds are subjected lo restrictions on thr expeThJiture declared by the donor or through the temis of an appeal. and fall inlo one of tsvo sub-clagses." rerIcted income funds or endowmenl funds. 14
Guru Nanak Society Of London Trust Company Limited by Guarantee Notes to the Flnanclal Statements (conts"nued) Yoar ended 30 August 2024 Accountlng pollcies Iconrinu¢dJ Incomlng resour¢oS All incoming resources are included in the statement of financial activities when enlidement has passed lo the charity., it is probable that the economic benefits associated with the transaction 11 flow to the charity and the amount can be reliably measured. The following specific poliaes are applied to path"cular categories of income.. income from donations or grants is recognised ¥pthen the is evidence of entiuement to the gift. receipt is probable and its amount Can be rneasured reliably. legacy incixne 15 recognised when receipt is probable arKI entillemenl is established. income from donated gOlS is measured at the fair value of the goods unless this 1$ impractscal lo measure reliatAy, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when e1Ved if the value can be reliably measured. No amounts are induded for the contribution of general volunteers. income from contracts for the supply of services is recognised wlh the delivery of the contracted seTvice. Thi5 is classified as unrestncted funds unless there is a contractual requirement for it to be spent on a path'cular purpose and retumed if unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an ¢ru315 basis as a liability Is incurred. Expenditure includes any VAT which cannot te fully recovered. and is classified under heading5 of the slalemenl of finanaal activities to lCh it relates.. expenditure on raising funds includes the costs of all fundraising activities, events. non-charitable trading acb"vities, and the sale of donated goods. expenditure on charitatle activits'es includes all costs incurred by a charity in undertaking acts'vits"es that further its charitable aims for the benefit of its beneficiaries. including th05e support costs and costs relating to the govemance of the Gharity apportioned to charitable aclivilies. other expenditure includes all expenditure that is nther related lo raising funds for the charity nor part of its expendrture on charitable activities. All costs are allocat&J to expenditure categories flectIng the use of the resource. Direct cost5 allribulable to a single actwity are allocated direclly to that actNily. Shared costs are apportioned between the activities they contnbute lo on a reasonable, iuslifiable and consistent basis. Tangible as5els Tangible assets are initially recorded at cost, and subsequenUy staled al cost les5 any accumulated depreciation 2nd impaimient losses. Any langitAe assets carried at revalued amounts are recorded at the fair value al the dale of revaluation less any subsequent accumulated depreciation and subsequent accumulat8J impaimienl losses. 15
Guru Nanak Society Of London Trust Company Llmitsd by Guarantee Notes to the Financial Statements fcon¢lnuedJ Year ended 30 August 2024 Accounting policle8 (coniinuod) Tanglble a88ets (conllnued) An increase in the carying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for 1mpairment that has previously been recognised as expenditure within the statement of financial actThiilies. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to whiGh it offsets any previous revaluation gain, in which case the loss is shown w7thin other recognised gains and losses on the statement d finanaal acb'vib'es. D&pr•¢iatlon Depreoalion is calculated so as lo write off the cost or valuation of an asset, less its SIdUal value, over the useful economic life of that asset as follows.. Freehold property Long leasehold propety Fixtures and fittings 1Vo Straight line 999 years over the remaining life of asset 25Yv reducing balance Impalrment of flxed assets A review for indicators of impairment is carried out al each reporting date, wth the recOVerae amount being estimated ere such indicators exist Where the carrying value exceeds the recoverable amount, the asset is impared accordingly. Prior impairments are also reviewed for possble reversal at each reporting date. For the purposes of impaimienl lesling, when it is not posSie lo estimae the recoveratle amount of an individual asset, an estimate is made of the recoverable amount of the cash-generaling unil lo which the as*t belongs. The cash-generaling unit is the smallest identifiable group of assets that Includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of g¢x)dwll, the gooth"Il a¢quid in a business mbinatIon is, frcm the acquisition dale. allocated to each of the cash-generating units that are expected lo benefrt from the synergies of the combination, irresFective of whether other as5els or liabilities of the charity a assigned to those units. Financial Instruments A financial asset or a finanal liability is re¢cxJnised only when ttE charity bewmes a paty to the contractual provisions of the instrument. Bawc financial instruments are initially reccgnised al the amount receivable or payable including any related transaction cost5. Current assets and current liabilities are stjbsequently measured * the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amorb.sed cost. 16
Guru Nanak Society Of London Trust Company Limited by Guarantse Notes to the Financial Ststements i¢ontinuedJ Year ended 30 August 2024 Accounting policles (¢¢)nllnuedJ Financial inslruments (conthued) Where investments in shares are publicly traded or their fair value can otherwse be measured reliably, the investment is subsequently measured at fair value wlh changes in fair value recognised in income and expenditure. AJI other such investments are subsequently measured at cost less impaimient. Other h'nancial instruments, induding deriv*ive$, a initially Cognised at fair value. unle5S payment for an asset is deferred beyond normal busi$$ terms or financed al a rate of interest that is not a market rate, in which case the asset 1$ measured at the present value of the future payments discounted at a market rate of intere51 for a similar debt instrument. Other fi'nancial instruments are subsequently measured al fair value, wth any changes recognised in the statement of financial activities. ¥Mth the exeepts'on of hedging instruments in a designated hedging relationship. Financial assets that are measured at C091 or amortiged cost are reviewed for objective evidence of impaimenl at the end of each reports'ng date. If there is obj'ective Idence of impairment, an impaimient loss is reccgnised under the appropriate heading in the statement of finan¢ial activities in which the inrtial gain was recognised. For all equrty inslrumentg regardless of significan, 2nd other fin2ncial assets that are individually significant, these are assessed individually for impairment. Other firncIal assets are either assessed individually or grouped on the basis of similar credit risk ¢haracleristi¢s. Any reversals of impairment are recognised immediatdy. to the extent that the reversal does not result in a carying amount of the financial asset that exceeds what the carrying amount would have been had the impaimient not previously been recognised. Llmlted by guarantoè The Charity is limited by guarantee. Donations andlggaclgs Unrestricted Total Fund8 Unrestricled Total Funds Funds 2024 Funds 2023 {roSt8t•dJ Donations Ctjnalions 393.782 393.782 349.482 349,482 17
Guru Nanak Society Of London Trust Company Limited by Guarantee Notes to tho Financial Statements (continued) Year ended 30 August 2024 Expenditurg on charltable activltlgs by fund type Unrestricted Total Funds Unre$trs¢led Total FurKIs Funds 2024 Funds 2023 (r8St&tedJ Current year acb'vty Support costs 203,670 6.000 203,670 s,000 158,343 2,002 160,345 158.343 2.002 160.345 209,670 209,670 Expenditure on charitable activilie5 by aclivity type A¢b"vilies undertaken directly Support costs Total funds 2024 Total fund 2023 Current year activity GOvnanCe costs 203,670 203,670 6,000 158.343 2,002 6,000 6,000 203,670 209,670 160.345 Net Incorne Net income is stated after charginty{credilingl." 2024 2023 {resrate¢¥J Depreciation of tangible fixed assets 70,460 14,275 Audilors remunoration 2024 2023 (reslated) Fees payable for the audit of the financial statements 6.000 3,500 10. Staff c08ts The total staff costs and employee benefits for the reporting period are analysed as follow6.. 2024 2023 (rest•tvdJ Wages and salaries 14,269 During the year, no priest was hired lo perform religious services for the Sangat. All rdigious duties and ceremonies were voluntarily conducted by memters of the ccmmunity. As such, no expenditure was incurred for priest services during the financial year. 18
Guru Nanak Society Of London Trust Company Limited by Guarantee Notes to the Financial Statements icontlnued) Year ended 30 August 2024 10. Staff costs f¢¢)nWftu6d) The average head count of employees during the year was Nil {2023.. 1). The average number of full-time equivalent employees during the year 15 analysed as follows= 2024 2023 Number of staff - tyFe 1 No emF4oyee received emF4oyee benefits of more than £60.000 during the year12023.. Nill. 11. Trustse rgmunerdtlon and expon$é8 No remuneration or other tenefits frTr employment with the charity or a related entity tre received by the Iruslees. 12. Tangible fixed asset8 Long leasehold Fixtures and propety fitbngs Freehdd propety Total Al 31 August 2023 las restated) A¢*litions 4,169,436 83,779 667.524 68,730 4,905,690 83,779 At 30 August 2024 Dèpr•¢iation At 31 August 2023 Charge for the year At 30 August 2024 Carrying amount At 30 August 2024 At 30 August 2023 4.253,215 667.524 68,730 4.989.469 25,902 21,246 47,148 25,902 70,480 96,362 42,532 42.532 6,682 6,682 4.210.683 660.842 21,582 4.893.107 4,169,436 667,524 42,828 4.879.788 13. Creditors: amounts falllng due wlthln ono yèar 2024 2023 (r•s¢atodJ Other loan5 Bank loans Accruals and deferred incorne 140,000 148,125 6,000 140,001 3,500 294,125 143,501 19
Guru Nanak Society Of London Trust Company Limitsd by Guarantee Notes to tho Financial Statsments (continued) Year ended 30 August 2024 14. Credilors.. amounts falllng due after more than one year 2024 2023 (rosiatedj Bank loans and overdrafts 1,338,839 1.635,089 The loan is secured on charity property. 15. Analysis of charftable fund8 Unrgstricted funds Al 31 August 20 23 Al 30 August 20 Ircome Expenditure General funds 3,137,426 393,782 {209.6701 3,321,538 Al 31 August 20 22 At 30 August 20 23 Iorne Expenditure General funds 2,948,289 349,482 1160.3451 3,137,426 18. Analysis of nel assets belween funds Unrestricted Total Funds Funds 2024 Tangible fixed assets Current assets Creditors lexs than 1 year Creditors greater than 1 year Not assets 4,893,114 4.893,114 61,395 61,395 1146,0011 1146,0011 11,486,9641 {1,486,9641 3.321.544 3.321,544 Unrestricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Creditors greater than 1 year Nel assets 4,879,787 4.879,787 36,228 36,228 {143, 5001 1143,5001 {1,635,0891 {1,635,0891 3.137.426 3.137,426 20
Guru Nanak Society Of London Trust Company Limitsd by Guarantse Management Infomiation Year ended 30 August 2024 Tho following pages do not form part of tho financial statements. 21
Guru Nanak Society Of London Trust Company Limltod by Guarantee Detailed Ststsment of Financial Activities Year ended 30 August 2024 2024 2023 Income and endovmionts Donatlon8 and Itga¢ie5 Donations 393,782 349,482 Total in¢ome 393.782 349,482 Exp&nditure Expendituro on charitable actlvltles Wages and salaries Rates and dter Light and heal Repairs and manlgnance Insurance Legal and professional fees Depreciation Bank charges Interest on bank loans Kitchen Langar Cleaning 14.269 1.064 15.710 375 5.516 3.877 14.276 1.287 101,559 1861 2,498 160,345 878 15,735 1.057 2.166 6.000 70.459 2.267 1C6.581 2.020 2,507 209.670 Total expendIrn 209,670 160,345 Net incorno 184,112 189,137
Guru Nanak Society Of London Trust Company Limited by Guarantee Notes to the Detailed Statement of Financial Activities Year ended 30 August 2024 2024 2023 Expendlture on Charitable activitie8 Current year activity Activities undertaken directly Direct charitable activity 1 - wageslsalaries Di[t charitable activity 1 raes & water Oirect charitable activity 1 - light & heal Direct charitable adivily 1 repairs & maintenance Direct charitable activity 1 insurance Direct charitable activity 1 - legal and professional fees Direct charitable adivity 1 depreciation Direct charitable adivity 1 Bank charges Direct charitable activity 1 interest on bank loans Direct charilable activity 1 Kitchen langar Direct charitable activity 1 CleaniThJ 14,269 878 15.735 1,057 2.166 15.710 375 5,516 375 14,276 1,287 101,559 1.414 2.498 70.459 2.267 106,581 2.020 2.507 203,670 158.343 Governanc8 c08ts Govwnance costs - audit fees GovnanCe costs- Previous year correction 6.000 3,502 11,5001 2,002 6,000 Expènditur• on charitablo actlvltle8 209,670 160,345 23