REGISTERED CHARITY NUMBER: 1171938
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
FOR
NANAK NAAM
Morgan Reach Chartered Certified Accountants 239 Kensington High Street Kensington London W8 6SA
NANAK NAAM
CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 December 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 4 |
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 11 |
| Detailed Statement of Financial Activities | 12 | to | 13 |
Nanak Naam Trustees’ Annual Report Year ended 31 December 2021
The trustees present their report and the financial statements of the charity for the year ended 31 December 2021.
Reference and administrative details
Registered charity name NANAK NAAM Charity registration number 1171938 Principal office 2 Honeysuckle Close Iver, Buckinghamshire SL0 0LZ The Trustees Mr Jaspal Singh Sagoo Mr Gurdev Singh Bansal Mr Rajbir Singh Mudhar Chief Executive Officer Mr Satpal Singh Accountants Morgan Reach Chartered Certified Accountants 1st Floor 239 Kensington High Street London, W8 6SA
Structure, governance and management
Nanak Naam began as a project in 2013 to fill a gap in the availability of online educational materials in English on the non-dual and transformational well-being wisdom of Sikh spirituality. We delivered lectures and courses and the related video recordings were posted onto YouTube. Due to the popularity and public demand of these courses and videos, Nanak Naam evolved and developed its offerings further and on the 7th of March 2017 the organisation was registered as a charity in England and Wales with the Charities Commission.
The charity is incorporated as a Charitable Incorporated Organisation (CIO) and controlled by a constitution as its governing document.
The charity is managed by its trustees. All three trustees were recruited due to their commitment and a keen interest in promoting the work of Nanak Naam and had all been instrumental in helping to coordinate courses for our organisation as well as providing guidance on strategic planning.
The trustees appointed Mr. Satpal Singh as CEO to research and deliver educational materials as well as manage the day-to-day running of the charity.
The charity also relies on dedicated volunteers and freelancers to support many of the charity’s core tasks such as audio and video editing, marketing and event planning.
Objectives and activities
Nanak Naam was established based on an idea, that the message of the great spiritual master, Guru Nanak, is truly universal and relevant to everyone regardless of religion, race or gender and exists to help every single man, woman and child on Earth. We believe that the lifechanging wisdom of the Guru has the power to cure some of the greatest emotional and mental wellbeing issues that we face today.
The object of the charity as stated in its governing document is:
For the public benefit the advancement of the Sikh religion, primarily but not exclusively, in particular the ancient practice of meditation.
Here at Nanak Naam we believe everyone should know and experience spiritual wellbeing for themselves. And we’re on a mission to bring light to the wisdom of Spiritual Oneness and to empower people to apply these practices into their lifestyle.
We do this by:
-
Promoting the non-dualistic spiritual wisdom of ‘Gurmat’ through online video, social media, literature, public speaking, courses and meet-up events.
-
Promoting meditative practices to help preserve mental well-being for the benefit of everyone.
Achievements and performance
EDUCATIONAL RESOURCES
As part of our ongoing commitment to producing free educational materials on mental-wellbeing based on the spiritual wisdom of Oneness, in 2021 Nanak Naam released:
-
Educational videos – In-depth lectures and interviews covering Anxiety, Stress Management at work, Dealing with negative emotions, Spiritual philosophy, Selfawareness
-
Guided Meditations
-
Anand Sahib (online course) – a 40-part video series translating and explaining the sacred verses into English which teach mankind about the path to inner-peace through self-awareness.
-
Punjabi YouTube Channel
-
Facebook Community Forum – An online community support group to aid spiritual learning and personal-developemt was launched, which is managed and moderated by our volunteers.
In addition to these numerous short-videos were also published as excerpts and summaries from the above lectures as well as Q&A’s answering the public’s questions on various lifeissues.
LIVE EVENTS
Due to restrictions on travel and large gatherings caused by the global pandemic, Nanak Naam were unable to hold or attend any live events. The management team made the decision to focus on developing and delivering online content and courses.
BOOKS & LITERATURE
Our printed booklets on ‘How to find happiness’ and ‘How to meditate’ continue to be available to download freely from our website.
MEDIA COVERAGE & ONLNE REACH
Our key social media channels (English content) in 2021 grew by
-
YouTube from 90K to 141K subscribers,
-
Facebook Page from 102K tp 110K followers.
-
Instagram from 55K to 65K followers.
Financial review
In 2021 we set a fundraising target of £250K. Thanks to the generous support of our donors we were able to raise over £300K. The vast majority of our funding was received from individual donors. Other funds were raised from our successful fundraising campaign, in partnership with the Dasvand Ntwork, for developing Global Learning Groups.
Capital expense costs such as the purchase of camera and computer equipment were kept low. The major operational expenses for the year occurred in the hire of personnel for video editing, web development, marketing, administration, education & research as well as management. Additional operational costs included the hire of office and filming-studio space as well as software subscriptions and financial payment fees.
The trustees' annual report was approved on 18 May 2022 and signed on behalf of the board of trustees by:
Mr J S Sagoo
NANAK NAAM
STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 December 2021
| Period | |||
|---|---|---|---|
| 1.1.19 | |||
| Year Ended | to | ||
| 31.12.21 | 31.12.20 | ||
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 284,862 | 226,007 | |
| Charitable activities | |||
| Other Charitable Activities | 3,148 | 4,089 | |
| Other income | 9,432 | 18,408 | |
| Total | 297,442 | 248,504 | |
| EXPENDITURE ON | |||
| Other | 178,507 | 101,749 | |
| NET INCOME | 118,935 | 146,755 | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 193,828 | 47,073 | |
| TOTAL FUNDS CARRIED FORWARD | 312,763 | 193,828 |
The notes form part of these financial statements
Page 5
NANAK NAAM
BALANCE SHEET
31 December 2021
| 31.12.21 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 4 9,138 CURRENT ASSETS Cash at bank 308,912 CREDITORS Amounts falling due within one year 5 (5,287) NET CURRENT ASSETS 303,625 TOTAL ASSETS LESS CURRENT LIABILITIES 312,763 NET ASSETS 312,763 FUNDS 7 Unrestricted funds 312,763 TOTAL FUNDS 312,763 |
31.12.20 Total funds £ 7,326 186,500 2 |
|---|---|
| 186,502 | |
| 193,828 | |
| 193,828 | |
| 193,828 | |
| 193,828 |
The financial statements were approved by the Board of Trustees and authorised for issue on 4 October 2022 and were signed on its behalf by:
J S Sagoo - Trustee
The notes form part of these financial statements
Page 6
NANAK NAAM
NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 December 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
continued...
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NANAK NAAM
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2021
2. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the period ended 31 December 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2021 nor for the period ended 31 December 2020.
3. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 226,007 |
| Charitable activities | |
| Other Charitable Activities | 4,089 |
| Other income | 18,408 |
| Total | 248,504 |
| EXPENDITURE ON | |
| Other | 101,749 |
| NET INCOME | 146,755 |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 47,073 |
| TOTAL FUNDS CARRIED FORWARD | 193,828 |
continued...
Page 8
NANAK NAAM
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2021
4. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | |
|---|---|
| Computer | |
| equipment | |
| £ | |
| COST | |
| At 1 January 2021 | 10,495 |
| Additions | 3,935 |
| At 31 December 2021 | 14,430 |
| DEPRECIATION | |
| At 1 January 2021 | 3,169 |
| Charge for year | 2,123 |
| At 31 December 2021 | 5,292 |
| NET BOOK VALUE | |
| At 31 December 2021 | 9,138 |
| At 31 December 2020 | 7,326 |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Computer & equipment- 20% Written Down Value
5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 31.12.21 | 31.12.20 | |
|---|---|---|
| £ | £ | |
| Bank loans and overdrafts (see note 6) | 38 | - |
| Social security and other taxes | 4,040 | - |
| Pension Payable | 1,209 | - |
| Trustee's Loan Account | - | (2) |
| 5,287 | (2) | |
| LOANS | ||
| An analysis of the maturity of loans is given below: | ||
| 31.12.21 | 31.12.20 | |
| £ | £ | |
| Amounts falling due within one year on demand: | ||
| Bank overdrafts | 38 | - |
6. LOANS
continued...
Page 9
NANAK NAAM
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2021
7. MOVEMENT IN FUNDS
| MOVEMENT IN FUNDS | ||
|---|---|---|
| At 1.1.21 £ Unrestricted funds Charitable Activities 193,828 TOTAL FUNDS 193,828 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds Charitable Activities 297,442 TOTAL FUNDS 297,442 Comparatives for movement in funds At 1.1.19 £ Unrestricted funds Charitable Activities 47,073 TOTAL FUNDS 47,073 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds Charitable Activities 248,504 TOTAL FUNDS 248,504 |
Net movement At in funds 31.12.21 £ £ 118,935 312,763 118,935 312,763 Resources Movement expended in funds £ £ (178,507) 118,935 (178,507) 118,935 Net movement At in funds 31.12.20 £ £ 146,755 193,828 146,755 193,828 Resources Movement expended in funds £ £ (101,749) 146,755 (101,749) 146,755 |
At 31.12.21 £ 312,763 |
| 312,763 | ||
| 146,755 |
continued...
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NANAK NAAM
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2021
8. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2021.
Page 11
NANAK NAAM
DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 December 2021
| Period | ||
|---|---|---|
| 1.1.19 | ||
| Year Ended | to | |
| 31.12.21 | 31.12.20 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 284,862 | 226,007 |
| Charitable activities | ||
| Merchandise Income | 3,148 | 4,089 |
| Other income | ||
| Advertising Income | 9,335 | 6,759 |
| Sundry Income | 97 | 1,649 |
| Grant Income | - | 10,000 |
| 9,432 | 18,408 | |
| Total incoming resources | 297,442 | 248,504 |
| EXPENDITURE | ||
| Other | ||
| Other operating leases | 9,992 | 6,829 |
| Professional Fees | 36,388 | 61,007 |
| Other Direct Costs | - | 657 |
| Video Editing Fees | 15,708 | 26,594 |
| Foreign Exchange Gain/Loss | 467 | 491 |
| 62,555 | 95,578 | |
| Support costs | ||
| Management | ||
| Wages | 99,511 | - |
| Social security | 6,343 | - |
| Pensions | 1,563 | - |
| Insurance | 183 | - |
| 107,600 | - | |
| Finance | ||
| Bank charges | 1,820 | 1,637 |
| Information technology | ||
| Postage and stationery | 149 | - |
| Carried forward | 149 | - |
This page does not form part of the statutory financial statements
Page 12
NANAK NAAM
DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 December 2021
| Period | ||
|---|---|---|
| 1.1.19 | ||
| Year Ended | to | |
| 31.12.21 | 31.12.20 | |
| £ | £ | |
| Information technology | ||
| Brought forward | 149 | - |
| Software Costs | 2,405 | 1,870 |
| 2,554 | 1,870 | |
| Other | ||
| Consultancy Fees | 238 | - |
| Telephone | 162 | 159 |
| Postage and stationery | 123 | 98 |
| Sundries | 789 | 456 |
| Travel | 405 | 762 |
| Computer equipment | 2,123 | 988 |
| 3,840 | 2,463 | |
| Other 2 | ||
| Computer cost | 138 | 201 |
| Total resources expended | 178,507 | 101,749 |
| Net income | 118,935 | 146,755 |
This page does not form part of the statutory financial statements
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