KHALSA INTERNATIONAL WELFARE SOCIETY
Charity No. 1152436
Company No. 08346406
Trustees' Report and Unaudited Accounts
31 January 2023
KHALSA INTERNATIONAL WELFARE SOCIETY Contents
| Pages | ||
|---|---|---|
| Trustees' Annual Report | 2 to 3 | |
| Independent Examiner's Report | 4 | |
| Statement of Financial Activities | 5 | |
| Summary Income and Expenditure Account | 6 | |
| Balance Sheet | 7 | |
| Statement of Cash flows | 8 | |
| Notes to the Accounts | 9 to | 14 |
| Detailed Statement of Financial Activities | 15 to | 16 |
Page 1
KHALSA INTERNATIONAL WELFARE SOCIETY Trustees Annual Report
KHALSA INTERNATIONAL WELFARE SOCIETY
The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 31 January 2023.
REFERENCE AND ADMINISTRATIVE DETAILS
Company No. 08346406
Charity No. 1152436
Principal Office
58 Amber Drive Mickleover Derbyshire DE3 0AY
Registered Office
58 Amber Drive Mickleover DE3 0AY
Directors and Trustees
The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year:
M. BOLLA B.S. NANUWAN S. NANUWAN
Accountants
Julie Black Accountancy Ltd Suite 12 Tradmark House Hyssop Close Cannock WS11 7FA
Bankers
LLoyds Bank Irongate Derby
OBJECTIVES AND ACTIVITIES
Public benefit
Khalsa International Welfare Society organised free eye care camps, provided free food and clothes to those in need and funded improvements to religious monuments.
Page 2
KHALSA INTERNATIONAL WELFARE SOCIETY Trustees Annual Report
The member confirms he has complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).
Signed on behalf of the board
B.S. NANUWAN
Trustee 12 October 2023
Balbinder Nanuwan (Oct 16, 2023 16:52 GMT+1)
Page 3
KHALSA INTERNATIONAL WELFARE SOCIETY Independent Examiners Report
Independent Examiner's Report to the trustees of KHALSA INTERNATIONAL WELFARE SOCIETY
I report to the charity trustees on my examination of the financial statements of KHALSA INTERNATIONAL WELFARE SOCIETY for the year ended 31 January 2023.
Responsibilities and basis of report
As the charity's trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.
Having satisfied myself that the financial statements of the Charity 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 financial statements as 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 examiner's statement
I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in accordance with section 386 of the 2006 Act ; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the accounting requirements under section 396 of the 2006 Act other than any requirement that the financial statements give a 'true and fair' view which is not a matter considered as part of an independent examination; or
-
the financial statements have not been prepared in accordance with the methods and principles of the 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 financial statements to be reached.
Julie Black (Oct 12, 2023 16:39 GMT+1)
Julie Black ACMA Julie Black Accountancy Ltd Suite 12 Tradmark House Hyssop Close Cannock
WS11 7FA 12 October 2023
Page 4
KHALSA INTERNATIONAL WELFARE SOCIETY Statement of Financial Activities
for the year ended 31 January 2023
| Notes Income and endowments from: Donations and legacies 3 Total Expenditure on: Charitable activities 4 Other 5 Total Net gains on investments Net income Transfers between funds Net income before other gains/(losses) Other gains and losses Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds 2023 £ 107,746 |
Total funds 2023 £ 107,746 |
Total funds 2022 £ 96,886 |
|---|---|---|---|
| 107,746 97,257 10,017 |
107,746 97,257 10,017 |
96,886 74,257 5,454 |
|
| 107,274 - |
107,274 - |
79,711 - |
|
| 472 - |
472 - |
17,175 - |
|
| 472 | 472 | 17,175 | |
| 472 24,240 |
472 24,240 |
17,175 7,065 |
|
| 24,712 | 24,712 | 24,240 |
Page 5
KHALSA INTERNATIONAL WELFARE SOCIETY Summary Income and Expenditure Account
for the year ended 31 January 2023
| Income Gross income for the year Expenditure Total expenditure for the year Net income before tax for the year Net income for the year |
2023 £ 107,746 107,746 107,274 107,274 472 472 |
2022 £ 96,886 |
|---|---|---|
| 96,886 | ||
| 79,711 | ||
| 79,711 | ||
| 17,175 | ||
| 17,175 |
Page 6
KHALSA INTERNATIONAL WELFARE SOCIETY Balance Sheet
at 31 January 2023
| at 31 January 2023 | |
|---|---|
| Company No. 08346406 Notes 2023 £ Current assets Cash at bank and in hand 26,292 26,292 Creditors:Amount falling due within one year 7 (1,580) Net current assets 24,712 Total assets less current liabilities 24,712 Net assets excluding pension asset or liability 24,712 Total net assets 24,712 The funds of the charity Restricted funds 8 Unrestricted funds 8 General funds 118,099 Designated funds (93,387) 24,712 Reserves 8 Total funds 24,712 |
2022 £ 25,619 |
| 25,619 (1,379) |
|
| 24,240 24,240 |
|
| 24,240 | |
| 24,240 | |
| 24,240 - |
|
| 24,240 | |
| 24,240 |
These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
For the year ended 31 January 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
Approved by the board on 05 October 2023
And signed on its behalf by:
Balbinder Nanuwan (Oct 16, 2023 16:52 GMT+1)
B.S. NANUWAN
Trustee
12 October 2023
Page 7
KHALSA INTERNATIONAL WELFARE SOCIETY Statement of Cash flows
for the year ended 31 January 2023
| Cash flows from operating activities Net income per Statement of Financial Activities Adjustments for: Other gains/losses Increase in trade and other payables Net cash provided by operating activities Net cash from investing activities Net cash from financing activities Net increase in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year Components of cash and cash equivalents Cash and bank balances |
2023 £ 472 - 201 673 - - 673 25,619 26,292 26,292 26,292 |
2022 £ 17,175 - 279 |
|---|---|---|
| 17,454 | ||
| - | ||
| - | ||
| 17,454 | ||
| 8,165 | ||
| 25,619 | ||
| 25,619 | ||
| 25,619 |
Page 8
KHALSA INTERNATIONAL WELFARE SOCIETY Notes to the Accounts
for the year ended 31 January 2023
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)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Change in basis of accounting or to previous accounts
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
Fund accounting
-
Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
-
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
-
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.
Income
-
Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
-
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
-
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.
-
Volunteer help The value of any volunteer help received is not included in the accounts.
Investment income This is included in the accounts when receivable.
Page 9
KHALSA INTERNATIONAL WELFARE SOCIETY Notes to the Accounts
Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets
Expenditure
Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT expenditure which cannot be fully recovered, and is reported as part of the expenditure to which it relates. Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs. Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs. Other expenditure These are support costs not allocated to a particular activity.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
Trade and other creditors
Short term creditors are measured at the transaction price. Other 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.
Foreign currencies
Page 10
KHALSA INTERNATIONAL WELFARE SOCIETY
Notes to the Accounts
Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period.
Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.
All exchange differences are are taken into account in arriving at net income/expenditure.
Receipt of donated goods, facilities and services
All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.
1 Company status
The company is a private company limited by guarantee and consequently does not have share capital.
2 Statement of Financial Activities - prior year
| Income and endowments from: Donations and legacies Total Expenditure on: Charitable activities Other Total Net income Net income before other gains/(losses) Other gains and losses: Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 3 Income from donations and legacies Donations |
Unrestricted £ 107,746 107,746 |
Unrestricted funds 2022 £ 96,886 96,886 74,257 5,454 79,711 17,175 17,175 17,175 7,065 24,240 Total 2023 £ 107,746 107,746 |
Total funds 2022 £ 96,886 |
|---|---|---|---|
| 96,886 74,257 5,454 |
|||
| 79,711 | |||
| 17,175 | |||
| 17,175 | |||
| 17,175 7,065 |
|||
| 24,240 | |||
| Total 2022 £ 96,886 |
|||
| 96,886 |
Page 11
KHALSA INTERNATIONAL WELFARE SOCIETY
Notes to the Accounts
4 Expenditure on charitable activities
| Expenditure on charitable activities Governance costs Telephone Printing, postage and stationery Accountancy Bank charges 5 Other expenditure Office expenses Motor and travel costs 6 Staff costs No employee received emoluments in excess of £60,000. 7 Creditors: amounts falling due within one year Accruals |
Unrestricted £ 93,387 1,310 492 1,200 868 97,257 Unrestricted £ 555 9,462 10,017 2023 £ 1,580 1,580 |
Total 2023 £ 93,387 1,310 492 1,200 868 97,257 Total 2023 £ 555 9,462 10,017 |
Total 2022 £ 71,783 763 133 1,000 578 |
|---|---|---|---|
| 74,257 | |||
| Total 2022 £ 2,159 3,295 |
|||
| 5,454 | |||
| 2022 £ 1,379 |
|||
| 1,379 |
Page 12
KHALSA INTERNATIONAL WELFARE SOCIETY Notes to the Accounts
8 Movement in funds
| At 1 February 2022 Restricted funds: Unrestricted funds: General funds 24,240 Designated funds: Eye care camps in Pakistan - Food and clothing and other donations - Widow fund India - Healthy People Project India - Total - Total funds 24,240 Purposes and restrictions in relation to the funds: Designated funds: Eye care camps in Pakistan Improve eyesight to needy Food and clothing and other donations Improve welfare of needy Widow fund India Provide assistance to widows Healthy People Project India Health assistance India |
Incoming resources (including other gains/losses) £ 107,746 - - - - - 107,746 |
Resources expended £ (13,887) (37,457) (39,430) (11,400) (5,100) (93,387) (107,274) |
At 31 January 2023 £ 118,099 (37,457) (39,430) (11,400) (5,100) |
|---|---|---|---|
| (93,387) | |||
| 24,712 | |||
| in India | |||
9 Analysis of net assets between funds
| Net current assets 10 Reconciliation of net debt Cash and cash equivalents Net debt |
At 1 February 2022 £ |
Unrestricted funds £ 24,712 24,712 Cash flows £ |
Total £ 24,712 |
|---|---|---|---|
| 24,712 | |||
| At 31 January 2023 £ |
|||
| 25,619 | 673 | 26,292 | |
| 25,619 25,619 |
673 673 |
26,292 | |
| 26,292 |
Page 13
KHALSA INTERNATIONAL WELFARE SOCIETY Notes to the Accounts
11 Related party disclosures
Controlling party
The company is limited by guarantee and has no share capital; thus no single party controls the company.
Page 14
KHALSA INTERNATIONAL WELFARE SOCIETY Detailed Statement of Financial Activities
for the year ended 31 January 2023
| Income and endowments from: Donations and legacies Donations Total income and endowments Expenditure on: Charitable activities Governance costs Telephone Printing, postage and stationery Accountancy Bank charges Total of expenditure on charitable activities Other expenditure Office expenses Motor and travel costs Travel and subsistence Business mileage costs reimbursed Total of expenditure of other costs Total expenditure Net gains on investments Net income Net income before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward |
Unrestricted funds 2023 £ 107,746 107,746 107,746 93,387 93,387 1,310 492 1,200 868 3,870 97,257 555 555 3,220 6,242 9,462 10,017 107,274 - 472 472 - 472 24,240 |
Total funds 2023 £ 107,746 107,746 107,746 93,387 93,387 1,310 492 1,200 868 3,870 97,257 555 555 3,220 6,242 9,462 10,017 107,274 - 472 472 - 472 24,240 |
Total funds 2022 £ 96,886 |
|---|---|---|---|
| 96,886 | |||
| 96,886 71,783 |
|||
| 71,783 | |||
| 763 133 1,000 578 |
|||
| 2,474 | |||
| 74,257 2,159 |
|||
| 2,159 | |||
| 1,709 1,586 |
|||
| 3,295 | |||
| 5,454 | |||
| 79,711 - |
|||
| 17,175 | |||
| 17,175 - |
|||
| 17,175 | |||
| 7,065 |
Page 15
KHALSA INTERNATIONAL WELFARE SOCIETY Detailed Statement of Financial Activities
Total funds carried forward
24,712
24,712 24,240
Page 16