Charity number: 1151738 Company number: 08026761 (England and Wales)
Holy Mission of Guru Nanak Report of the Trustees and Unaudited Financial Statements For the year ended 31 December 2023
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Holy Mission of Guru Nanak Contents Page For the year ended 31 December 2023
| Reference and Administrative Details | 1 |
|---|---|
| Report of the Trustees | 2 |
| Independent Examiner's Report to the Trustees | 5 |
| Statement of Financial Activities | 6 |
| Statement of Financial Position | 7 |
| Notes to the Financial Statements | 8 |
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Holy Mission of Guru Nanak Reference and Administrative Details
TRUSTEES Ms M Chandiramani Mr M Panjabi Mr R Ramnani Mr S Tinani Prof N Ramnani Mrs R Meswani appointed 06 Jan 2024 REGISTERED OFFICE Sindhi Community House 318 Cricklewood Broadway London NW2 6QD REGISTERED COMPANY NUMBER 08026761 REGISTERED CHARITY NUMBER 1151738 INDEPENDENT EXAMINER IPS Accountants & Business Advisors 12 Cavendish House Plumpton Road Hoddesdon EN11 0LB
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Holy Mission of Guru Nanak Report of the Trustees For the year ended 31 December 2023
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2023.The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015). The board of trustees are satisfied with the performance of the charity during the year and the position at 31st December 2023 and consider that the charity is in a strong position to continue its activities during the coming year, and that the charity's assets are adequate to fulfil its obligations.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The main objects of the charity are:
-to advance the Hindu religion for the benefit of the public (in particular, but not limited to, the Sindhi Community) through the holding of prayer meetings, lectures, public celebration of religious festivals,
-to provide or assist in the provision of facilities in the interests of social welfare for recreation or other leisure time occupation of individuals (in particular, but not limited to, members of the Sindhi community) who have need of such facilities by reason of their youth, age infirmity or disability, financial hardship or social circumstances, without distinction as to race, nationality, ethnic or national origins or
-the prevention or relief of poverty or financial hardship in India and in other parts of the world (including the United Kingdom) by providing or assisting in the provision of food, medical aid, education and/or
Public Benefit
The Trustees confirm they have complied with the duty in section 4 of the Charities Act 2011 to the community.
The community welfare needs were also met with the various programs and activities as listed below.
Staffing and Volunteer
Volunteers are the lifeblood of our charity, and we are immensely grateful for their unwavering support. In 2023, we were privileged to work with over 120 dedicated individuals who generously donated their time and skills to help run our activities. Their daily contributions were instrumental in keeping our services operational, especially during the current challenging climate. The commitment of these volunteers has been crucial in maintaining our community support and engagement.
It's important to note that our trustees, who also serve in a voluntary capacity, receive no private benefit from their roles on the Board. Their dedication, along with that of our other volunteers, is particularly significant as a large proportion of the charity's workload is currently being managed by trustees and voluntary workers.
We extend our heartfelt thanks to all our volunteers whose selfless efforts throughout the year have been invaluable in fulfilling our charitable mission and serving our community.
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Holy Mission of Guru Nanak Report of the Trustees For the year ended 31 December 2023
ACHIEVEMENT & PERFORMANCE
Charitable Activities
In 2023, our community engagement continued to grow, with 13,246 beneficiary visits recorded across 211 events, averaging 63 participants per event. These activities, ranging from weekly programs to special initiatives, focused on fostering community engagement, promoting interfaith harmony, spiritual growth, and preserving Sindhi heritage. Our post-Covid recovery efforts remained strong, providing essential support and opportunities to our beneficiaries.
We successfully diversified our income through individual donations, rental income, and restricted grant funding, including support from City Bridge Trust for our active citizenship project aimed at fostering civic engagement and reducing social isolation among South Asian communities in Barnet, Brent, and surrounding areas. Looking ahead to 2024, we are committed to further diversifying our income streams while maximizing current sources, with a particular emphasis on optimizing Gift Aid contributions to enhance our financial sustainability and expand our community impact.
Investment performance
In the Financial Review section of this report, there is a description of the investment policies and objectives established by the Trustees and the extent to which social, environmental or ethical considerations are taken into account.
FINANCIAL REVIEW
Financial position
The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015). As stated in the introduction to this report, the trustees consider the financial performance by the charity during the year to have been satisfactory.
The Statement of Financial Activities show overall net surplus for the year of £24,216 (2022: £3,907).
The total general reserves carried forward at the year-end were £209,169 (2022: £172,108). In addition, the total designated funds carried forward were £490,789 (2022: £503,634) that contingency fund to cover unforeseen cost of building refurbishment, new furniture and forward at the end of the year.
Principal funding sources
The principal funding sources for the Charity are currently by way of individual donations.
Reserves policy
The trustees have established a policy for the charity's unrestricted funds not committed or invested in tangible fixed assets ('free reserves'). These reserves should be maintained at a level equivalent to 9-12 months of resources expended, which equates to £90,000 in general funds. The Trustees Committee believes that this level of reserves would enable the charity to continue its current activities in the event of unforeseen circumstances.
Current Financial Position
As of the end of the financial year, the total general reserves stood at £209,619. Based on the future plans detailed below, the trustees are confident that there are sufficient funds available to meet the charity's activities in the coming year.
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For the year ended 31 December 2023
Holy Mission of Guru Nanak Report of the Trustees
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, memorandum and articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006
The charity was constituted on 24 October 1988 and incorporated on 11 April 2012 and governed by its memorandum and articles as amended by special resolution registered at Companies house on 12 September 2018 and its objects are to apply funds for charitable purposes. The governing document authorises the Trustees to make and hold investments using the general funds of the charity.
Organisational structure
The Trustees named on page 3 (other than those stated as having ceased to be a trustee on a particular date) have served during the whole of the period from 1 January 2022 to the date of this report. Appointment of Trustees is governed by the Trust Deed of the charity. The Board of Trustees is authorised to appoint new Trustees to fill vacancies arising through death, resignation and removal within three months of the occurrence of the vacancy but at no time shall there be less than three Trustees in office.
In order to spread the workload involved in running the Missions activities, a Management Committee has been established, which takes on much of the work involved in the day-to-day management of events. This is active and working well.
Induction and training of new trustees
As part of their induction program, new Trustees are made aware of their responsibilities.
This includes an introduction to the objectives, scope and policies of the Charity, the Charity
Commission information on Trustee responsibilities and a copy of the Constitution. Additional training is available to keep up with all new regulations concerning the Charity's activities.
Risk management
The Trustees identify the major risks to which the Charity is exposed to each financial year when preparing and updating a strategic plan, in particular, those areas related to the operations and finances of the Charity. The Trustees then review any major risks which have been identified and establish systems to mitigate those risks.
The Trustees have also put in place appropriate internal controls and monitoring procedures, including budgetary control and review to minimise financial risks. To reduce the risk of over expenditure, procedures for authorisation of all transactions and projects exist. To further mitigate the risks, the trustees will carry out periodic reviews of the progress of objectives stated.
Approved by the Board of Trustees and signed on its behalf by
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M Panjabi Trustee Date: 17 September 2024
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Holy Mission of Guru Nanak Independent Examiners Report to the Trustees For the year ended 31 December 2023
I report to the trustees on my examination of the accounts of the charitable company for the year ended 31 December 2023
Responsibilities and basis of report
As the charity Trustees, who are also directors for the purposes of company law, are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts carried out under section 145 of the Charities Act 2011 ('The 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiners statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles ofthe Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
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IPS Accountants & Business Advisors 12 Cavendish House Plumpton Road Hoddesdon Herts EN11 0LB Date: 17 September 2024
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Holy Mission of Guru Nanak
Statement of Financial Activities
(including Income and Expenditure Account) For the year ended 31 December 2023
| Notes Income and endowments from: Donations and legacies 2 Other Trading Income 3 Investment Income 4 Other Income 5 Total Expenditure on: Raising funds 6 Charitable activities 7,8 Total Net Income/(Expenditure) Reconciliation of funds Total funds brought forward Total funds carried forward |
General Funds Designated Funds Restricted Funds £ £ £ 70,773 - 7,286 20,200 - - 3,969 - - 10,251 - - 105,193 - 7,286 (85) - (67,947) (12,845) (7,286) (68,032) (12,845) (7,286) 37,161 (12,845) - 172,108 503,634 - 209,269 490,789 - |
2023 Total Funds £ 78,059 20,200 3,969 10,251 112,478 (85) (88,077) (88,162) 24,316 675,741 700,057 |
2022 Total Funds £ 64,432 12,450 591 19 77,492 - (73,585) (73,585) 3,907 671,835 675,742 |
|---|---|---|---|
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Holy Mission of Guru Nanak Statement of Financial Position For year ended 31 December 2023
| Notes FIXED ASSETS 10 Tangible assets CURRENT ASSETS Cash at bank and in hand Prepayment CREDITORS 11 NET CURRENT ASSETS Total assets less current liabilities Net assets FUNDS General Funds 12 Designated Funds 12 Total funds Creditors: amounts falling due within one year |
Registered Number 1151738 General Funds Designated Funds Restricted Funds Total Funds 2023 Total Funds 2022 £ £ £ £ £ - 399,578 - 399,578 410,928 399,578 410,928 303,595 264,814 208,549 91,211 2,429 302,188 264,814 1,407 - - 1,407 - (688) - (2,429) (3,116) - 209,268 91,211 - 300,479 264,814 209,268 490,789 - 700,057 675,742 209,268 490,789 - 700,057 675,742 209,268 - - 209,268 172,108 - 490,789 - 490,789 503,634 209,268 490,789 - 700,057 675,741 |
|---|---|
For the year ended 31 December 2023 the charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS102 SORP.
The financial statement were approved and authorised for issue by the Board and signed on its behalf by:
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M Panjabi Trustee Date: 17 September 2024
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Holy Mission of Guru Nanak Notes to the Financial Statements For the year ended 31 December 2023
1 ACCOUNTING POLICIES
a) Basis of preparation
The financial statements 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 (FRS 102 - effective 1 January 2015) - (Charities SORP FRS 102) and the Companies Act 2006.
The charitable company meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.
b) Going concern
The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.
c) Income
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Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.
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Income from government and other grants, whether grants or grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance for the provision of specified service is deferred until the criteria for income recognition are met.
d) Donations of gifts, services and facilities
- Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the annual report for more information about their contribution.
On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
e) Interest receivable
- Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
f) Fund accounting
- Unrestricted funds are available to spend on activities that further any of the purposes of charity at the discretionof the Trustees. Designated funds are restricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the work or for specific projects being undertaken by the charity.
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Holy Mission of Guru Nanak Notes to the Financial Statements
For the year ended 31 December 2023
1 ACCOUNTING POLICIES
h) Allocation of support costs
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the charity and its and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities.
i) Tangible fixed assets
All fixed assets are initially recorded at cost. Items costing less than £1,000 each are not capitalised, but written off as expense. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Freehold property - 2.5% on straight line Fixtures and fittings - 25% on reducing balance
Computer equipment - 33% on reducing balance
j) Debtors
Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid net of any trade discounts due.
k) Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
l) Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
m) Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
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Holy Mission of Guru Nanak Notes to the Financial Statements For the year ended 31 December 2023 (Continued)
2. DONATIONS AND LEGACIES
| Donations Grants |
Unrestricted Funds £ 70,773 - 70,773 |
Restricted Funds £ - 7,286 7,286 |
Total Funds 2023 £ 70,773 7,286 78,059 |
Total Funds 2022 £ 64,432 - 64,432 |
|---|---|---|---|---|
3. OTHER TRADING INCOME
| Rental Income 4. INVESTMENT INCOME Deposit Interest Income 5. OTHER INCOME Insurance Claim Income Compensation Income |
Unrestricted Funds £ 20,200 20,200 Unrestricted Funds £ 3,969 3,969 Unrestricted Funds £ 9,926 325 10,251 |
Restricted Funds £ - - Restricted Funds £ - - Restricted Funds £ - - - |
Total Funds 2023 £ 20,200 20,200 Total Funds 2023 £ 3,969 3,969 Total Funds 2023 £ 9,926 325 10,251 |
Total Funds 2022 £ 12,450 12,450 Total Funds 2022 £ 591 591 Total Funds 2022 £ - - - |
|---|---|---|---|---|
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Holy Mission of Guru Nanak Notes to the Financial Statements For the year ended 31 December 2023 (Continued)
6. CHARITABLE ACTIVITIES
| Cultural and community events Religious and spiritual services Health and well-being services Provision of facilities 7. SUPPORT COSTS Cleaning Costs Depreciation Rates & Water Insurance Light & Heat Repairs & Maintenance Legal & Professional Bank Charges Accountancy |
Unrestricted Funds £ 21,240 24,358 13,954 21,240 80,792 Premises Costs £ 4,389 15,812 (833) - 13,875 8,030 - - - 41,273 |
Restricted Funds £ - - 7,286 - 7,286 Governance Costs £ - - - 1,407 - - 35 113 1,560 3,115 |
Total Funds 2023 £ 21,240 24,358 21,240 21,240 88,077 Total Funds 2023 £ 4,389 15,812 (833) 1,407 13,875 8,030 35 113 1,560 44,388 |
Total Funds 2022 £ 17,493 21,108 17,493 17,493 73,587 Total Funds 2022 £ 3,522 12,845 3,233 2,538 10,973 3,506 8,928 - 2,880 48,425 |
|---|---|---|---|---|
8. Net income/(expenditure) for the year
Net Income/(expenditure) is stated after charging/(crediting):
Depreciation of owned fixed assets
| 2,023 | 2022 |
|---|---|
| £ | £ |
| 15,812 | 16,080 |
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Holy Mission of Guru Nanak Notes to the Financial Statements For the year ended 31 December 2023 (Continued)
9. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or the other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
Trustees' expenses
During the year 2023 there were no trustee expenses claimed (2022 -£NIL).
10. TANGIBLE FIXED ASSETS
| 10. TANGIBLE FIXED ASSETS | ||||||
|---|---|---|---|---|---|---|
| Freehold | Fixture & | Computer | ||||
| Cost or valuation | Property | Fittings | Equipment | Total | ||
| £ | £ | £ | £ | |||
| At 01 January 2023 | 513,795 | 35,947 | 1,984 | 551,726 | ||
| Additions | - | 4,463 | - | 4,463 | ||
| At 31 December 2023 | 513,795 | 40,410 | 1,984 | 556,189 | ||
| Depreciation | ||||||
| At 01 January 2023 | 112,362 | 26,895 | 1,542 | 140,799 | ||
| Charge for year | 12,845 | 2,821 | 146 | 15,812 | ||
| At 31 December 2023 | 125,207 | 29,716 | 1,688 | 156,611 | ||
| Net book value | ||||||
| At 31 December 2023 | 388,588 | 10,694 | 296 | 399,578 | ||
| At 31 December 2022 | 401,433 | 9,053 | 442 | 410,928 |
| At 31 December 2022 401,433 |
At 31 December 2022 401,433 |
9,053 | 442 410,928 |
||
|---|---|---|---|---|---|
| 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE | YEAR | ||||
| Credit Cards | Unrestricted Funds £ 184 |
Restricted Funds £ |
Total Funds Total Funds £ £ 184 - |
||
| Deferred Income | 2,429 | 2,429 - |
|||
| PAYE Liabilites | (451) | (451) - |
|||
| Pension | 354 | 354 - |
|||
| Accrued expense | 600 688 |
2,429 | 600 - 3,116 - |
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Holy Mission of Guru Nanak Notes to the Financial Statements For the year ended 31 December 2023 (Continued)
12. MOVEMENT IN FUNDS
| 12. MOVEMENT IN FUNDS | |||
|---|---|---|---|
| At | Net | Balance at | |
| movement | |||
| 01/01/2023 | in funds | 31/12/2023 | |
| £ | £ | £ | |
| Restricted funds | |||
| City Bridge Trust - Active Citizenship Project | - | - | - |
| Unrestricted funds | |||
| General fund | 172,107 |
37,161 | 209,268 |
| Designated fund | 503,634 |
(12,845) | 490,789 |
| TOTAL FUNDS | 675,741 | 24,316 | 700,057 |
| Net movement in funds, included in the above | are as follows: | ||
| Restricted funds | Incoming resources |
Resources expended |
Movement in funds |
| City Bridge Trust - Active Citizenship Project | 7,286 |
(7,286) | - |
| Unrestricted funds | |||
| General fund | 105,193 |
(68,032) | 37,161 |
| Designated fund | - |
(12,845) | (12,845) |
| TOTAL FUNDS | 112,478 | (88,162) | 24,316 |
Note: The Active Citizenship Project, supported by City Bridge Trust, the funding arm of The City of and reduce social isolation among South Asian communities in Barnet, Brent, and surrounding areas. Through structured activities, the project seeks to empower these communities to become more actively involved in local affairs and strengthen social connections.
Comparatives for movement in funds
| Unrestricted funds General fund Designated fund TOTAL FUNDS |
Net movement 01/01/2022 in funds 31/12/2022 £ £ £ 152,121 19,987 172,107 519,714 (16,080) 503,634 671,835 3,907 675,741 At At |
|---|---|
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Holy Mission of Guru Nanak Notes to the Financial Statements For the year ended 31st December 2023 (Continued)
12. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follow
| Unrestricted General fund Designated TOTAL |
Incoming Resources Movement resources expended in funds 77,492 (57,505) 19,987 - (16,080) (16,080) |
|---|---|
| 77,492 (73,585) 3,907 |
13. RELATED PARTY DISCLOSURES
During the financial year there were no related party transactions.
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