Chartty registration number: 1160078 ASTJR KHALSA CENTRE GURDWARA TRUSTEES. REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Astar Business Advisors knmited Chartered Certified Accountants The Grange I Central Roa(1 Morden SM4 5PQ
Khalsa Centre Gurdwara Contents Page Trustees, Report Independent Examlnerfs Report ststement of Financial Artivities statement of FEnandal Position Statement of Cash Flows Notes to the Statement of Cash Flows Notes to the Finanaal Statements 9-14 The fr)Ilowing pages do not fom part of the statutory accounts: Detailed Statement of Flnancial Activities 15
Khalsa Centre Gurdwara Trustees. Report For The Year Ended 31 December 2024 The trustees present their report and the finan(3al 5tstements for the year ended 31 December 2024. Objectlves and Activitles Aims and ObJe¢Uves The oblettlves of the Charlty are: To advance the education of the Slkh communlty wlthln Greater London. To provide recreatlonal and leISure-Me facillties In the interests of social weffare for member5 of the Sikh community who have particular needs arfslng from youth, age, infimiity, disabilityi poverty, or %xial and economic disadvantage. In furtheran of these aim5, the Charity delivers a rdnge of religious and community-based artivities for the public benefit. Regular programmes include Diwans on Saturday evenings, Naam Simran on Wednesday evenings, and Asa Ki Vaar on Sunday mornings. Additional special programmes-such as Gurpurab5, Sangratbd, Purdnmashi, ladies, satsang. and other notable occasions-are organi5ed throughout the year and communicated through the monthly programme. The Charity also condurts Anand Kafaj marriage remonieS in accordance with Sikh Maryada. Where required, a registrar from the local authority can attend the Gurdwara to complete the legal marriage formalities. Furthermore, the Charity aange5 special prayers and servi$ for the WFder Sadh Sangat and upon request from individual members of the community. Publlc Benefit The Trustees confirm that they have complied with their duty to have due regard to the Charity Commission's guidance on public benefit when carrying out their responsibilities. The public benefits arising from the Charity's work are described in the settion entitled 'Objeciives and Activitie5. above. The trustees confirm that they have complied with the requirements of Settion 17 of the Charities Act 2011 to have due regard to the Charity Comrnission's guidan on public benefit. Achievements and Perfornian¢e Main Achievements Throughout the year. the Charity has continued tr) deliver its regular weekly programmes. including Wednesday services, Saturday evening diwans and Sunday morning Asa Ki Vaar. In addition. a range of servi5 and programmes were held to commemorate significant Sikh religious occaslons such as Gurpurabs, San9rand, Puranmashi, Avtar and Shaheedi days. The Gurdwara also accommodates ceremonies requested by members of the community, including birthday5, naming ceremonies. engagements. wedding5. anniver5arie5 and funerdl service5. The Charity continues to SUPPOrt the educational and cultural development of the community by offering free classes in Punjabl, Engllsh. Vaja, Kirtan and Tabla. as well as promoting awareness and understanding of Slkh scriptures. An annual summer coach trip to a seaside resort was also organised, providing recreatlonal and social opportunities for mefflbe. Khalsa Centre conttnue5 to flourlsh with the on9olng sUPPOrt of Its congregation and wider wmmunity. The generoslty of donors ha5 enabled the Charity to Strengthen its finanaal position and build reserves. allowing the Trustees and management to plan for tUre improvement works aimed at upgrading and refurbishing the Gurdwara premises to provide a MO welcoming and conducive envlronment for worshlp and community attlvities. The Trustees have established dear goals and objectives to further develop the Charity Into a posltlve, Inclusive and supportive environment for the benefit of all members of the Sikh communlty. Referen¢0 and Adm•nistratlve Detslls TNstees Mr Paramjit Slngh Hunjan - Trustee Mr Satpal Singh Rayit - Chair Mr Bhagwant Singh Rayit - Trustee Mr Bavinder Slngh Rlyat - Trustee Mr Ravinder Singh Jandir - Trustee Page I
Khalsa Centre Gurdwara Trustees. Report (continued) For The Year Ended 31 December 2024 Charity Number 1160078 Prlnclpal Address 95 Upper Tooting Road London SW17 Trw Independent Examiner Rocky Bhaii FCCA Astar Business Advisors Llmite Chartered Certified Accountants The Grange I Centrdl Road Morden SM4 5PQ Page 2
Khalsa Centre Gurdwara Trustees. Report (continued) For The Year Ended 31 December 2024 Re-appolntment of Independent Examln Astar Business Advisors Limited, Chartered Certlfled Accountants have expressed their willingness to stand for reappointment and a re501ution proposing their re-appointment will be put forward at the Trustees, meeting at which the accounts are approved. ststement of Trusteu. RPonsIbIlItIeS The Trustees, are responsible for preparing the Trustees. Report and the financlal statements in accordance with applicable law and United Klngdom Accounting Standards (United ingdOM Generally Accepted Accountlng Practi). The law appllcable to charities In England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair vlew of the state of affair5 of the charity and of the incoming resources and application of resources of the charity for that period. In preparing the firKncial statements the trustees are required to: select suitable accounting policies and then apply them consistentlyi observe the methods and principles in the Charity SORP; • make judgments and accounting estimates that are reasonable and prudent; and prepare the financial statements on the going conrn basis unless it is inappropriate to presume that the charlty wlll continue in business. The trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at anyknme the financial position of the charity and to enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They a also responsible ftir safeguarding the assets of the charlty and hence for taking reasonable steps for the prevention and detection of frdud and ther irregularities. The trustees are responsible for the Maintenan and integrity of the corpordte and financial inforniation included on the charity's website. Leglslation in the United Kingdom governing the preparation and dissemination of finanaal statements may differ from legislation in other jurisdictions. The trustees. report was approved by the board of trust and signed on its behalf by: Mr Satpal Singh Rayit Mr Bhagwant Si h Rayit Trustee 2611112025 Trustee Page 3
Khalsa Centre Gurdwara Independent Examiner's Report to the Trustees of Khalsa Centre Gurdwara For The Year Ended 31 December 2024 I report to the trustees on my examination of the accounts of Khalsa Centre Gurdwara (the Trust) for the year ended 31 December 2024. Responslbilitles and Basls ol Report As the charfty trustees of the Trust you are responsible for the preparation of the accounts in accordance with the reqU1ments of the Charities Act 2011 fthe Att-). I report In respect of my examination of the Trust's accounts carried out under sethon 145 of the 2011 Act and in carrylng out my examination, I have followed the applioble Direttion5 gtven by the Chaiity Commtssion under settion 145(5)(b) of the Act. Independent Examlneff's Statement I have complete(J my examination. I confinn that no material matters have come to my attention In connertion with the examination glving me cause to believe that in any material *: l. accounting records were not kept in respett of the Trust as required by section 130 of the Art; or 2. the accounts do not accord with those records: or 3. the accounts do not comply with the applicable requirements conorning the form and contents of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the account5 give a 'true and fair view, whith . ot a matter considered as part of an independent examination. I have no co drawn in th. erns have come across no other matters in connection with the examination to whith attention should be In ord to enable a proper understanding of the accounts to be aChed. Rock Bhari 2611112025 Astar Business Ad ited Chartered Certified Accountants The Grange I Central Road Mor(len SM4 5PQ CCA Page 4
Khalsa Centre Gurdwara Statement of Financial Activities For The Year Ended 31 December 2024 2024 2023 Unrestricteql Unrestrlcted funds funds INCOME AND ENDOWMENTS FROM: Donations and legacies Investments 152,424 2,958 93,159 207,879 73 71,200 other 248,541 279,152 EXPENDrnIRE ON: Raising funds Charitsble actlvities: (52,109) (39,9631 NEf INCOME 196,432 239,189 NET MOVEMENT IN FUNI>S RECONCILIATION OF FUNDS: Total funds brought forward 196,432 239,189 2.601,410 2,362,221 TOTAL FUNDS CARRIED FORWARD 16 2,797,842 2,601.410 The notes on pages 8 to 14 form part of these financial statements. Page 5
Khalsa Centre Gurdwara ststement of Financial Posltlon As At 31 December 2024 2024 2023 Unrestricted Total ftinds funds FIXED ASSETS 7angible Assets Investment Propertles 12 13 673,123 673.844 1,850,643 1,353,895 2,523,766 2,027,739 CURRENT ASSErs Debtors Cash at bank and in hand 14 8.457 277,951 5,596 575,111 286,408 580,707 Credltors: Amounts Falllng Due Wlthln One Year 15 (12,332} (7,036) NET CURREprr ASSETS (LIABILZTIES) 274,076 573,671 TOTAL ASSEfs LESS CURRENT UABILrnES 2.797.842 2,601,410 NEf ASSErs 2,797,842 2,601,410 FUNDS OF THE CHARITY Unrestricted Funds 2,797,842 2,601,410 TOTAL FUNDS 16 2,797,842 2,601,410 On behalf of the board Mr Satpal Singh Rayit Mr Bhagwant Singh Rayf( Trust 2611112025 Trustee The notes on pages 8 to 14 fomi part of these financial statements. Page 6
Khalsa Centre Gurdwara statement of Cash Flows For The Year Ended 31 December 2024 2024 2023 Cash flows from operatln9 arthrttles Net cash generated from operntions Net cash generated from operating activities Cash flows from Investlng artlvltles Purchase of tsngible assets Interest received 197,581 242,409 197,581 242,409 (497.699) 2,958 (532,860) 73 Net cash used in investing attivltles (494,741) (532,787) Decrease In cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equlvalents at end of year (297,160) 575,111 (290,3781 277,951 (290,378) Page 7
Khalsa Centre Gurdwara Notes to the Statement of Cash Flows For The Year Ended 31 December 2024 l. Recondllation of Income to cash generated from operatlons 2024 2023 Net income Adjustments for.. Inte$t income DeplatIOn of tangible assets Movernents In worknng capital.. Increase In trade and other debtors Increase in trade and other creditors 196,432 239,189 (2,958) 1,672 (73) 1,853 (2,800) 5,235 (5,596) 7,036 Net cash generdted from operdtions 197,581 242,409 2. Cash and cash equivalents Cash and cash equivalents, as ststed in the Statement of Cash Flows, relate5 to the following items In the Balan Sheet.. 2024 2023 Cash at bank and in hand 277.951 575,111 3. Analysis of Changes in net funds sati January 2024 Asat31 December 2024 Cash at bank and in hand 575,111 (297.160) 277,951 Page 8
Khalsa Centre Gurdwara Notes to the Financial Statements For The Year Ended 31 December 2024 l. General Infornhitlon Khalsa Centre Gurdwara 15 a charitable incorporated organisation registered with the Charity Commlsslon, registered charity number 1160078. The principal address is 95, Upper Tootlng Road, London, SW17 Trw. 2. Accountlng Poll¢les 2. 1. Basls of Preparatlon ol Flnanci•l statnents The financial statements have been prepared in accordance with the Charitles SORP (FRS 102) "Accounting and Reporting by Charities.. Statement of Recommended Prdctice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effertive I January 2019)° Financial Reporting Standard 102 Yhe Finandal Reporting Standard applicable in the UK and Republi of Ireland" and the Charities Att 2011. The charity is a Public Benefit Entity as defined by FRS 102. 2.2. Going Concern Disdosure The trustees have not identified any material UnrtaIntieS related to events or conditions that may cast significant doubt about the charity's ability to continue as a going conrn. 2.3. Incoming Resources During the year, the Charity generdted rental income from Its investment propertles, which are held to provide an ongoing and 5UStainable source of fund5 to support the charitable objertives of Khalsa Centre GurdwaR. Rental income is dertved from residential tenants under ft>rmal rental arrangements. Total rental income recognised in the Ststement of F5nancial Activities for the year ended 31 Dernber 2024 amounted to £92.620 (YE 31 December 2023 £71,200). Thi5 iricome is reCognd on an accruals basis, reflecting the period to which it lates, With amounts due but not yet received included in debtor5 at year-end. There were no significant rent arrear5, or contingent rents during the year. All rental arrangements are considered to be at arm's length and consistent with market terns. 2.4. Resources Expended Resources expended are recogni5ed on an accruals basis and are dassified under activity headings that reflect the Charity's prinapal operations. Expenditure on charitable actlvities comprises costs dirertly related to the Gurdward's religious service5. community progrdmmes, and educational provision. together with an appn)priate share of support and governance costs. Expenditure relating to the managernent and upkeep of investment propertie5 is presented separdtely. No trustee remuneration is incurred, and volunteer contributions are not induded in the financial statement5. 2.5. Tangible Flxed Assets and Depreclatlon Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impaimient 1055es. Depreciation 15 provided at rBtes calculated to write off the cost of the fixed assets, les5 their estimated residual value, over their expected useful lives on the following bases: Freehold Fixtures & Frttings 20% Reduang Balance Method 2.6. Investment Properties All investment properties are carried at fair value detemined annually and derived from the current market rents and Investment pmperty yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Change5 in fair value are recognised in the statement of financial activities. 2.7. Cash and Gish Equivalents Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call wlth banks. other short-term highly liquid investments that mature in no more than three Months from the date of acquisition and are readlly convertible to a known amount of cash with inslgnlficant risk of change in value, and bank overdrafts. 3. Income from Donatlons and Legacies Page 9
Khalsa Centre Gurdwara Notes to the Financial Statements (continued) For The Year Ended 31 December 2024 2024 2023 Unrestrlrted Unrestricted funds funds Donations and gifts: Donations from indlvlduals Gift aid Other: 71,956 77,738 37,317 Golak Parshad 55,035 25,433 64,837 27,987 152,424 207,879 2024 2023 Unrestrlcted Unrestrlcted funds funds Bank interest receivable 2.958 73 S. Other Income 2024 2023 Unrestrlcted Unrestricted funds funds Rental and other income from property Other income - PAYE rebate 92,620 539 71,200 93,159 71,200 6. Net Income/(Expertdlture) The net income is stated after chargingl{credlting}: 2024 2023 Depreciation of tangible fixed assets - owned 1.672 1,853 7. Analysls of Expenditure 2024 Support costs (see note 8) undertaken dirertty Total Ralslng funds 2.362 49,747 52,109 Page 10
Khalsa Centre Gurdwara Notes to the Financial Statements (continued) For The Year Ended 31 December 2024 2023 Actlvities undertaken directly Support costs (see note 8) Total Raising fijnds 1,932 38.031 39,963 8. Support Costs 2024 Ralslng fvnds Employee costs: Wage5 and salaries Employers Nl Premises expenses: Rates Light and heat Water rates Repairs and maintenan Premi5e5 insurari Generdl administration: Insurance on plant, machinery and equipment Telecommunications Independent examineffs fees Legal fees Bank charyes Credit card charges Depreciation.. Depreaation 22,208 539 1.584 4.329 2.485 10,092 1,816 610 365 1,440 1,741 610 256 1,672 49,747 2023 Ralslng funds Employee costs: Wages and salaries Employer5 Nl Premises expenses: Rates Property management and servlce charges Light and heat Water rates 6,055 2,603 1,086 12,574 1,667 3,880 2,634 Repalrs and malntenan Premlses Insurance General administration: Insurance on plant, machinery and equipment Prbnting, postage and stationery 582 li ..cowrINUED Page 11
Khalsa Centre Gurdwara Notes to the Financlal Statements (continued) For The Year Ended 31 December 2024 Telecommunication5 Independent examineV5 fees Legal fees Bank charges Depreclatlon.. Depredatlon 989 1,440 2,640 io 1,853 38.031 9. Independent Examiner's Remuneratlon 2024 2023 Independent examination of the financial statements 1,440 10. Staff Cosis Staff costs were as follows: 2024 2023 Wages and salaries Social security costs 22,208 539 6,055 22,747 6.062 No employees received employee benefits (excluding employer pension costs) for the reporting period of more than £60,000. 11. Average Number of Employees Averdge number of employees during the year was: l (2023: 1) 12. Tanglble Assets Land & Freehold Flxtures & Fittings Total As at l January 2024 Additions 666.434 9,263 951 675,697 951 As at 31 December 2024 666.434 10,214 676,648 Depre¢latlon As at l January 2024 Provided during the period 1,853 1,672 1,853 1,672 As at 31 December 2024 3,525 3,525 Net Book Value As at 31 December 2024 666,434 6,689 673.123 As at l January 2024 666.434 7,410 673,844 Page 12
Khalsa Centre Gurdwara Notes to the Financial Statements (continued) For The Year Ended 31 December 2024 13. Investment Property 2024 Falr Value As at l January 2024 Additlons 1,353,895 496.748 As at 31 December 2024 1,850,643 14. Debtors 2024 2023 Due wlthln one year Deposit Protection Scheme PAYE liability 8,396 61 5,596 8,457 5.596 15. Credttors: Amounts Falling Due Wlthln One Year 2024 2023 Trade creditors Net wages Rent DeposÈt Accrua15 (i) 1,056 8,397 2.880 (i) 5.597 1,440 12,332 7,036 16. Movement In Funds Asati January 2024 Asat31 December 2024 Income Expendlture Unrestrlcted funds General: General unrestricted fund 2,601.410 248.541 (52,109) 2,797,842 Totsl funds 2.601.410 248,541 152,109) 2,797,842 Asati January 2023 Asat31 December 2023 Incon Expendlture Unrestricted fvnds General: General unrestrirted fund 2.362,221 279,152 (39,963) 2,601,410 Total funds 2,362,221 279.152 (39,963) 2,601,410 17. Transactlons wlth TeeS Page 13
Khalsa Centre Gurdwarn Notes to the Financial Statements (continued) For The Year Ended 31 December 2024 None of the tnJstee5 received any remunerdtion or any other ben from an employment wlth the charlty or a related entity during the current or previous year. No trustee expenses have been inwrred. 18. Related Party Disclosures There have been no related party transactlons In the reporting period that require dlsclosure. Page 14
Khalsa Centre Gurdwara Detailed Statement of Financial Activities For The Year Ended 31 December 2024 2024 2023 Total funds Total funds INCOME AND ENDOWMEpifs FROM: Donations and legacles Donations from indlviduals Gift ald Golak Parshad 71,956 77,738 37,317 64,837 27,987 55,035 25,433 152.424 207,879 Bank interest recwvable 2,958 73 2.958 73 Rental and other income from property Other income - PAYE rebate 92,620 539 71,200 93,159 71,200 24B.541 279.152 EXPENDrnIRE ON.. Raising funds Purchases (2,362} (22,208) (539) (1,584) (1,932) (6,055) (7) (2.603) (1,086) (12.574) (1,667) (3.880) (2,634) (582) (li) (989) (1.440) {2,640) (io) Wages and salarie5 Employer5 NI Rate5 Property management and Servi charges Light and heat Water rates Repairs and maintenan Premises insurance Insurdntr on plant, machinery and equlpment Prlntlngy Postage and Stationery Telecommunicatlons Independent examinevs fee5 Legal fees Bank charges Credit card charges Depreciation (4,329) (2.485) (10.092) (1,816) (610) (365) (1,440) (1,741) (610) (256) (1,672) (1.853) (52,109) (39,963) (52,109) (39,963) NEf INCOME 196.432 239,189 Page 15