Charfty reglstratlon number 1176421 WOLVERHAMPTON SIKH MISSION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 WOLVERHAMPTON SIKH MISSION LEGALAND ADMINISTRATIVE INFORMATION Tru8tse8 P S Upp81 S S Uppal K S Bopara H S Uppal A S Bhogal J S Dudhra G S Sangha D S Sahota (Appointed 18 Februery 2024) {ApFointed 18 February 20241 Charfty number 1176421 Prlnclpal addrts8 8 Upper Villiers Stre8t Wofverhamplon West Midlands W2 4NP Auditor CKCA Limlted No 4 C88tle Court 2 C°8le Way Dudlay West Midlands DY14RH WOLVERHAMPTON SIKH MISSION CONTENTS Page Trustees, report Statement of trustee5' reswnsib￿llles Indepondenl auditorfs repJrt Statgment ol financial acti¥￿e5 Balance sheet staternent of cash Ilows 10 Notes to the fina￿la1 slalements 11-20 WOLVERHAMPTON SIKH MISSION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Tho trustees present their report and finanaal stslements for th8 year ended 31 Detsmber 2023. The worklng name of the charity is Guru Teg Bahadur Sikh Temple and the piindpal address is 8 Upper Villiers Street, Wofverhampton. W￿2 4NP. Th8 registered charty number is 1176421. The charmy was estaNished follovAng reglslered Charity status for the CIO tevig granted on 21 December 2017 under Rogistralion Number 1176421. The finantial stslemenl$ have been prepared in acojrdance ￿th the ar£ounting polietes set ￿1 in note 1 to the financial stslgmenls and comply wrth th8 charity's govemlng document. the Charitses Act 2011 8fKJ 'Aceounting and Reporting by Charthe$.' Stalement of Recomrnended Practice applIca￿e to Char￿85 preparing their accounts in accordance wlh Ihe Flnan¢ial Reporting Stsndard applicable in th8 UK and Republlc of Ireland IFRS 1021. ObJectlwB and actlvltleg The trustees hold the tNg1 fund and its income to be used In the clty of V*ilverhampton the Ffovision of place of worship (the Gurdwara} for persons professing Ihg Sikh religion ar￿ for furtherlng the rellglous and other charrtable WO￿ of the Gui¢)knra. The premlses are run by th8 communty for the community wfth the help of the trustees. Under the prlnaples of Sikhism th8 premises are opèn to 811 communf(ies and indlvidu815 provided no alcohol or drugs ara brought onlo the promlses. The charity aims to a8si$I the local communty In any way rt can by engaging and giving back, both In t6mis of finanual and services it provides, The success of thi5 is MeaSu￿d by the engagement of the local community. The trustees are constantty exploring ways lo engago. Th8 trustees have p8id due regard lo guidance issued by the Charity Commis&on In deciding what acbvities charity should undertake. During the year the development of Ihe Ilsted Gurdwara and adjc4niw buildings continugd. lthen planNng the activities for the year, the trustee8 have considered the Commission's guidance on public benefit. The Gurdwara seeks to work in harmony wih other communitie3 and charitable organisati)n5 and this Is reflectèd in the donations made during the year. The Gurdwara continugd to surport a number of Slkh causes d￿ng 2023. This included 8 8ub5twrtial ontrlblrtion lo building 8 library in th8 village whith is known as Guru Teg Bahadur in India. The charity provKles 811 the nonnal 8ervtrs provlded by Sikh Gurdwarns Suth as celebraticffl of Sikh Gurpurbs (Religious days - births el¢. of our Gurus), Births and ￿￿dding8. pTr)vi&on of fvneral seNce8 and S￿181 8rKI leisure centre facllilies for e4d8r retired members of the Communty. The Gurdwara continues to be involved In encouraging sport in the local community and sees thls as 8 good opportunty lo integrate ￿￿th the different community groups. The Trnstees 8re also koking to purchase a temporary building the 1￿M of a p￿aC8￿n, to be used as an advlce eentre fcf membtrs of the community. The Gurthvara relie¥ cfi voluntary ccmtrfbutions to operate and fiAfiI rts objectives. The trustee8 also wish to acknowledge wth gratitude all individuals who have madè donations or volunteered time during the year. The Gurdwara could not continue to operate withoLrt theii support. WOLVERHAMPTON SIKH MISSION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Achlevemonts and ￿rformanCe We have 0)ntin￿l lo provide financial support to Punjab Unlled Sports and Football Club who have offices in the Gur(fvMra. The club. whieh caters for children aged b8knvgen 9 and 19, provides football faolilie8 for these childr8n and helps lo keep them off the street al weekends. Tr dub is multFrncial and Multi￿lItuTal and has been operating in Ktjfverhampton for over 40 years. The club is managed by professionals who provlde their 8ervlces free of tharge. The dub takes children from the whole of the city of Wolverhampton. During 2021 this continued lo ha¥8 a strong impact in the Communty where possible as this Yds re8lrlttsJ du8 to the CoronavlnJ$ pandemic. We 8180 run yoga classes aNJ martial arts dasses in the Gurth#ara tsvice a week, where gov8mment guidelines allow. Ag8ln the participants are from all aroas of the communlty and ar8 mainly middle-ag&J men and women. Our healthy living prC4￿MMe, in partnership with the Brltlsh Heart Foundation, is aim8d al 1￿chOr￿j the Asian community 8bout healthy living and how to prepare healthy fcod. The programme ran throughsjjl the ￿, when th8 Gur(hAra was OFtn, and h8s helped the congregation healthy eating plans and weight loss. Each Tuesday a 'Wies Dal is held at the Gurdwara. All the ladies of the conwation take over the Gurdwara for the day. The 8>￿￿111¢￿ of &kh ancestry openod at the Gurthvara In 2012 and has ￿tinUed lo impact the o)mmunOty during the year. Its, aim to inuease the awarene53 of the roots of Sikhlsm has meant that this exhlbitlon has agaln been viewed by * number of sthools, both primary and 8e¢ondary a wèekly basls. The schools are from Wolverhampton and the surroundlng area. The Truste05 are extrem8ty prothy of this exhlbrtion 8nd thè impact it has had ¢JD thg community over the last few years and hope that its powlarity will conUnue in the fuiure. The eharity considers its key performance indicators to be th8 level of donations received. During the year there has been an increase In ¢S)nalions as shown in the finandal review seclion of thi$ rep)rt. The Ghaiity does Th)t out 8ignrfi¢ant fundr8lsing activities. FI￿&￿1•1 revi•w Total incomg for th6 year amounted to £531.929 (2022.. £618.508) a decrease of 14% (2022." 33.4% increase). The level of donations and gifts has decwsed lo £465,525 (2022: £489,028). The clalm for the 2023 caleN*r year was submitted to HMRC after th& year end and was for £66,404 {2022.' £72,148>. A reserve for this daim ha8 been made In the accounts. and is included in other debtors. Donations and gNt aid are the main source of income for the charfty. The gxpendtture on charitabl6 &tMiies and the running ot tha charity aM0￿￿ed to £241,283 (2022.. £263.527) Capital 8XpenditU￿ of £231.81012022: £998.351) was inc#Jrred. The trutstees are 8atisfied that the charity is adequately financed for the foreseeable fLrture. It is the policy of charity that unrestricaed funds ¥thich have nol been d95ignated for a speclfie use should ke mainlain8d at a level equivalent to between three and six month's expendrture. The trustees cOn￿der that reserves al this level will 8nsure that. in the event of a signtficant drop in donations received, ty wtll te ab￿ to La)ntinue the charty's ojrrenl activities while consideration Is given lo ways in which additional funds may be tais&8. Thi51gvel of reserves has bèen malntained throughout the year. The Irustses have U)e power to Invest as they 889 fit in order to 8nsure that the o14ectOves of the Charty are met. The trustees have assessed Ihe major risks to which the charity is exposed, and are 8atisfi8d lh818y81ems are place to mitigate expo$ure to the major rlsks. WOLVERHAMPTON SIKH MISSION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The key risk lo th8 charity is the f811 in donation ineome. Donations are mon￿¢￿ed on a regular basis by the trustees and the Gurdwara lakes an active role in the communty and ￿ngregatiOn lo enD)urage Ca)ntribution8 to thè good works the charty undartakes. Structure. governance and m•naggm•nt The charity is governed by a Trust deed as a registered CIO wth the Charity CoMmis￿On England & Wales. Trustees are advised of the Charty Commlssbon guldance on belng a new Tnjglee on their appolntmenl lo the Board. The trustees have regular day to day contact Wrtl￿.n the Gurdwara and are heavlly Involved In the decislon making process. The Iru5198s who served during the year arKI up to the date of signature of the financial statements W8r8: P S Uppal S S Uppal K S Boparai H S Uppal RS38si A S Bhogal J S Dudhra B Singh G S Sangha D S Sahota {Resigned 1 July 20241 {Resigned 1 February 20241 (Appointed 18 February 2024) {Appoinled 18 February 20241 The Trustees ruTr the affairs of the cUr￿ara. The b)ard of trustee8 may fill vacancies arising during the year by appointing trustees Ihem5elve$. Any appointments made are with due regard to the relevant ski118 and knowledge required. The trustees, report was appmed by the Board of Trustees. //? S S Uppal Trustee Dated: 28 October 2024 WOLVERHAMPTON SIKH MISSION STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Th8 trust88s are responsible for preparing th8 TtU5tees' Report and the financial statements in accordance wlh applieable law and Unlled KlrrfJdom Arxountlng Standard8 (United Kingdom Generally Accepted Accwntlng Practice). The law appIl￿ble lo tharities in England and Wale8 requires the trustees lo prepare financkgl statements for earth financAal year which give a true and fair view of the stale of affairs of the chanty and of the irKoming resourees and appllcatbon of resource8 of the chality for that year. In preparing these financial stalements, the trustees are required to: - Se￿Ct Suitable accounting policies Bnd then appty them con$istenWy', - observe the methods arKI principles in the Charities SORP., - make judg8m8nts and estimates that 8re reasonable 8nd prudent. - sl*è vthèther applieable accounllng stsndards hav8 been followed. subject to any materlal departures di$dosad and explained in the finanaal stalemenls: aTh - prwre the financ181 statements on the CL)ncem basis unless it is inappropriate to presume that the charty 11 contiThJe in oper8t60n. The trustees are responsible foi keeping sufficient accounting records Ihat disclose wlh reasonable accuracy al any time the finandal wsitlon of Ihe charity and enable them to ensure Ihat the financial statemenls compty with the Charities Act 2011, Ihg Chorlty {Accounts and Raports) Regulations 2008 and the prowsions of th8 trust dged. They are also responsible for safeguardiro Ihe assets of Ihg ¢harty arKI hanc8 for taking r8a50nable stsps for tho prevention and detection of fraud and other irregularities. WOLVERHAMPTON SIKH MISSION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF WOLVERHAMPTON SIKH MISSION Oplnlon We h8ve audited the finonoal statements of Wolverhampton Sikh Mission (the 'charty'l for the yew enderj 31 December 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flws and notes to the finanaal stslements, induding significant accounts'ng policles. The financial reporting framework th81 has been applied in their preparatNJn is applicable law and Unitgd Kingdom Account1r￿ Standards, including Financial Rewrting Stsndard 102 The Fln8nclal Reporting Standard BppIic8bl& in th8 UK and RepublK of Ireland Iunited Kingdom GenerallyAccepted Aceounling Pra¢ti¢e). In our opinicn, the fina￿81 slatsmenls= give a true and fair view of the stsl8 of charlty's affairs as 8131 December 2023 and of tts Incomlng resources and application of resources. fof the year then ended., have ￿en properly prèpared in ￿cOrdanCe wth United lfjngdom Ger￿alty Accepted Acctsunling Practhi>.' and have been prepared in accordance with the requlrements of the Charttle$Ad 2011. Bas16 for oplnlon We wnducted our audit in accordance with Intematlonal Stand8rd8 on Audlfjng (UK} {ISA$ (UKII and applicable law. Our responsibilities under those standards are further described In the Audrforfs ffjsponsibilrfies for the 8udit ol the financiol slatements section of our report. ￿ are independent of the charty in accordance vAlh the ethlcal requirements that aro relevant to our audit of the financial stslements in the induding the FRC'S Ethul Standard, and we have fulfilled our other ethical resFonsibilitses in accc*dance with these r8quir8monls. We believe that the audit evidence we have obtained 1$ sufficient and appropriate to provide a basis for our opinion. Conclusk>ns rnlatlng to golng concern In auditing th6 financlal slalèmenls. we have wncluded thot the trustees, use of the golng coneem basis of accountlng In the preparation of the finarKaal statements 15 aPpropr￿te. Based on the work we have performed. we h8ve not identified any material uncertainties relating to events or onditions that, individually or collectively, may ca81 signlficant doubt on the charlty's abilty to ccntinue as a going ¢oncern for o peri¢xl of 01 least tmlve months from when Ihe Ilnandal statements are authorised for issue. Our resFxJnsibilibes and th8 responsibilittes of the twstees with respect to going C¥￿¢$rn are descdted In the relevant Sectlons of thls report. Oth¢r InfO￿alk)n The other informalitsn comprises the Informatlon lrtluded in the annual report other than the finar£ial statgments 8nd our auditorfs report Ihereon. The trustees are responsible for the other information contained wllhln the annual report. Our oplnion on the financial statements does not cover the other informotion and we do not èxpress any fom of assuran￿ conclusion thereon. Our respon&trAlity is to read the other information and, in dolng so, consid helher the oiher information is materially inconsistent with the finanu81 statements or our ￿edge obtained in the wurse of the audit. or otherwise appears to be materially misstated. If we identlty such materpl inconsistencies or apparent material rnisslatemenls. we are roquireis to detemiine whether thls g￿&S rise lo È mater41 misstatement in the financial statements themselves. If, based on the work we have perfomed. we conclude that there 18 msterial mi5Statem8nl of this other information, we are required to report that fact. V+le have nothlng to report In this regard. Comparative figures have not been audited. WOLVERHAMPTON SIKH MISSION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF WOLVERHAMPTON SIKH MISSION Matters on whlch are required lo report by exceptlon We have nothing to report in re8pecl of the follovAng matters in relation lo which the Chaiities {Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. the informali¢)n gNen In ts financial statements is inconsistanl in ary material respect wlth the trustees, report,. or sufficient accounting records h8ve not bean kept,. or the finanaal statem$rrts are not in agreement wth the accounlirwJ ￿CL￿d5.. or we have not received all the information and eX￿anationS we raqulre for OUT S￿￿1t. Re8pon8ibllltles of trust••s As explain8d more fully in Ihe statement of trustees, responsibilitiès. the trustges are responsible for the preparation of the finanaal statements and for being satisfied that they give a true and fair view, and for such Intem81 ￿trol as the trustees determine Is necessary to enable the preparation of fina￿la1 statement5 that are free from material misstatem8nt, whglhgr due lo fraud or error. In weparing the flnanci81 ststements, the trustees are responsible for assessing the charity's ability lo continue as a golng concern. discfosing, as applicable, matters rel*ed lo golng concem and using tho going concem basis of a¢￿U￿ting ￿lesS the trustees 81t￿r intend to ceose operalons. or have no re81i8tic aFtemalive but lo do so. Audliorfs r95ponslbllltle$ ft*r the audlt of thg flnanclal statements We have been 8ppointed as 8vditor under sectlon 144 of the Charit*s Act 2011 and report in ac¢ordance wmh the Act and relevant regulations made or havlryJ effect the￿under. Our obiective5 ar8 to obtain reaSona￿e assuranGe atKsut vthelher the ffnancrdl statements as a whole are free from material misslalemenl. whelher due to fraLFd or error, and to issue an auditorf5 report that include$ our opinion. Reasonable assurance 1$ a high level of a8sur8nce bul is not a guarantee that an audit conducted in accordance with ISAS (UK) wll always delect a material mlsslatement when it exists. Mlsst8tements can 8rise from fraud or error and ar& considered material rf, indivldually or in the aggregate, they could reasonably be expected to infiuerKe the economic decisions of users taken on the basis of these financial statements. The exient to whld) our prweduTes are capable of detectlng irregul8ri1ies, induding fraud, is detailed below. Extent to vthl¢h the audlt was considered capablg of detsctlng Iwregularltles, Includlng fraud We identified and assessed the risks of material misstatement ol the financial statements, in rasFect of irregularitses whether due lo fraud or error. or non compliance wlh laws and regulali)ns and then designed and perfomied audit procedures rosponsive to those risks. induding obtslnlng audri evidence that is sufflclenl and appropri8te ID promde a basls for our opinion. In idgnbfying and assessing risks of matedal mbsststemenl in respect of irregularilie$. inc1￿31n9 fra￿1 and no egmpliance wth laws 8nd regulatKsns, our procedures included the followtng.. oblaine(l an understsndlng of the legal and regulatory framewths that are appliCa￿e to the Charity by dI￿us810n and erqulry with the Trustees and our general kno￿edge oTrd experierKe of the Charity. We fr￿used on 8p8dfie laws and regulations which we consldered may have a dlrect mat8rial effect on the financial slalements or the operations of the company. Including the Charitie6 Ad 2011. dats protection, empfoyment, and health and safety legislation., assessed Ihe extent of compliance vith the 18ws and r¢gulation5 Klentffied above through making erquiri8s, revith*ing correspondence vAth rekvant regulators. WOLVERHAMPTON SIKH MISSION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF WOLVERHAMPTON SIKH MISSION Audii rn$pons• to rbks Id•nllfi•d We assessed the su%eptibility of the Charity's finanoal statements lo material mlsstatement. inrluding how fraud might occur. Audit proc8dures p8rlorm8d includ8d bul wgrg not limitgd to.. Discussions wth trustees as to vknere they considered there was susceptlbllity to fraud. their knovAedge of actual, suspectad and alleged fraud., Performlng analytical procedures lo identify any unusual (Y unexFected relationshlp8.' Reviewing unusual or unexpected transactions,. and Agreeing the financial statement disclosur8S to underfyiTrJ supporting docwnentstM)n. Ov￿ng lo the inherent limitst￿n8 of an audit, there Is ar) unavoklable risk that b%* may r*Jt have detected s(¥ne malerfal mSsslalements in the financlal stalgments, even though we have property planned and perfgrmed our audrt in accordance with auditing stsndards. The more removed that laws and regulatiC￿$ are from financial transactions. the less likely it is that we would be¢ome awar8 of non-compliancfr. Auditing standards also limit the audit procedure8 required to Klenlify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory ond Fegal correstKJndence, if any. Material misstslements that arise due lo tra￿1 can be harder to delect than those that arlse frem error as they may involve deliberate Cor￿ea1Ment or Collus￿n. A futher description of our resw)nsibilities is availaLle on the Financial ReFtal a8s8ts 1888 current liabllltlgs 3,699,876 3,409,231 Thè fund# ofthe ch*rty Restricted income funds Unrestricted funds 16 17 47,062 3,652,814 52.746 3.356,485 3.699.876 3,409,231 The financial slalements were approved by tho trusl88s on 28 Octobor 2024 S S Uppal Trusteo WOLVERHAMPTON SIKH MISSION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Note8 Cash Ilows from opèrating •ctlvltl•s Cash generated from oFerotion$ 20 355.966 354,905 Investlng actlvitles Purchase of tangible fixed assets Investment income received (231,8101 {998.350) 20 N•t cash used In Investlng actlvltles 1231.810) 1998,330) Flnanclng actlvltles Repaymgnt of bwowings 1145.3901 195,390 Net Cash (used Inllgenerated from financing activltieB (145.3901 195.3 Nèt d•¢roase In cash and cash oqulyalonts {21,2341 1448,035) Cash and cash equ￿alents at bgglnnlrvJ of year 77,615 525,650 Cash and Cash equivalents at end of yoar 56,381 77,615 Relatlng to,. Cash at bank and in hand Bank overdrafts included in creditors payable within one year 56,389 77.623 (8) (8) 10- WOLVERHAMPTON SIKH MISSION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Aetountlng polkles Charlty Inforniatlon IAbfverh8mplon Sikh Miswon is 8 Charity govemed by a trust deed approv8d by the Charty Commis$ion. 1.1 Accountlng conventlon The finanaal statements have been prepared in accordance with thè charity's trust deeds, the Charities A 2011 and "Accounting and Reporting by Charities.. Stslemenl of Recommended Practice appllcable to harilies preparing their accounts in accord8nce wfth the Finandal Re￿rtIng Standard applicable in the UK and Republ￿ of Ireland IFRS 1021" las amended for accountlng perlods commencing from 1 January 2016). The charity is # Public Benefit Entity as d8fin8d by FRS 102. The finan￿91 stslemenls are prepared in sterling, which is the functional CLFrrency of the charty. Monetary amounts in these financial statements are rounded to the nearest £. Th8 financial ststements have been prepared under the historical cost convention. The prtnclp81 acc￿ntir policlos adopted ore set oul below. 1.2 Golng concem At th8 lime of approvlng tha flnanoal statements, the trustees have 8 reasonable expectsllon that the charfjty has adequalg resourc9S to continue in operational existence for the foreseeable fvlure. Thus the trLtstee8 conllnue to adopt the going cwcem basis of accounting in preparing the finanual sL*ements. 1.3 Charltable fvnd8 Unreslrided lunds are available for use at the discretion of the trustees in furtherance of their charitabl¢ objectives. Reslri¢ted fvnd5 are subiect lo specrfic conditions by donors or grantors as to how they may be used. The purpose$ and us95 of the re$tricte(I funds are sel out in Ihe notes to the ffinanclal slalemenls. 1.4 Income IrKome is recognlsed the charlty 18 legally enltled to rt after ony perfomwnce condibon8 have been met. the amounts can b8 m&a$ured reliaNy, and it is pmbable that income V*il be received. Cash donatbons are recognlsèd on receipt. other donations recognised once the eharity has been nth'fjed of the donatlon. unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the ￿me of the donation. 1.5 Expendlture Expenditure is reGognised once thefe is a legal or conslrucilve obllgalion to transfer economic benefit lo a third party, il 1$ probablg that a transfer of ecorsomic benefits vlll be requlred In settlement. and the amount of the O￿lgatiOrt can be measured r81iat4y. Expendiluro Is classifiad by activity. The eosls of each activity ore mad& up of the total of dIr￿t costs and shared costs. Includlng support eosts involved in undertaking each aclivily. Direct cost8 attribula￿e lo a single 8cb.vity 8re allocated directly lo that aclivily. Shared costs which ¢xsntribute lo more than one activity and support costs which are not 8ttnbutable lo a single activty are apportioned betsve8n those activities on a ba$1$ consistent with the use of resources. Central staff co81$ are allocated on the l)asis of lime spent. and deprociation tharges are allocated on the pOrt￿)n of the a88et'3 use. l expenditure is a￿OUrIted for on an a¢cru8ls basis and has been dassified under headings that aggregate 811 Gosts related to the Golegory. 11 WOLVERHAMPTON SIKH MISSION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting pollcl•s {Contlnu•dl 1.6 Tangiblo fix•d assets Tanglble fixed assets are initially m6a8ured at c￿1 and subsequently measured 8t cost or valuation. net of d9preC￿lon and any impairmenl1088es. DepreaalK)n is recognised so as lo write off the c￿1 or valuation of assets less their residual vaths over their useful lives on the follo￿ng bases.. Freehold land and building8 Flxtures and fittiThJs Motor v8hicles 2% Straight Llne 25% Str8ighl Line 33.33% Strwght knne The galn or loss arising on the diswsal of an a88et Is detemiined as the dlfferenco between the sale proceeds and the carying value of the as58t, and is recL)Jnised in the statement of financtal aclivities. 1.7 Impalmient of flxed usets At each reportin9 end da18, the charty remews the carrylng amount8 of its tangible assets lo determine whether there is any indication that those assets hav8 suffered an impaimenl loss. Ff any such indration exi8tS, the recoverable am¢￿nI of the asset is estimated in order to deterrnlr￿ the gxtent of the imp8innent loss lif any). 1.8 Cash and cash gqulval•nts Ca8h and eash equivalents inclwje c£sh in harKI, deFosits hetd at Ca￿ wlh banks. other short-tenn I￿)Uld invgslments wth original maluiities of three month$ or less. bank overdrafts. Bank overdrafts are shown within borrowings in ¢urrenl liabillues. 1.9 Flnanclal Instruments Th8 charity has elected tt> apply the provlslons of Se¢lion 11 'Ba8lc Flnaneial Instrumènts. and Secticm 12 'Olher Financial Inslrumenls15sue$' of FRS 102 lo all of its financk?I Instruments. Flnanckgl instruments are reccgni8ed in the charitV8 balance sheet ￿en the ¢tharity becomes party lo the contra¢tual provisions of Ihe In8trumenl. Financial assets liabilities are offset, wlh the net amounts presented in the lIn8￿la1 statements. when Ihete Is a legally enforceable rlght to set off the recognised amounts and there is an intsntion to settle on a net basls or lo realise the assel and 8ettle the liability simultaneously. 5￿[¢ financial assets Basic financial assets, which Ir￿ll¥ja debtors and cash and bank balantss, are initially measured at transadion price including transaction costs and are subsequendy carmed al amortised cost using the effective Interest method unless the arranggmenl constriutes a financing transaction. where the transac*ion is measured al the pre8enl value of the ftjlure receipts discwnt8d al a market rate of interest. Finanryal assets cla$sified as ieceivable wthln one year are not amorti8ed. Basic financial Ilablllties Basic fin8ncAal Iiab'lil￿, inclLKllng creditors ond bank loans are Inltlalty ￿COgniSed at transaction prieÈ unless the arrangement constitutes a financ4ng transaction, ￿ere th8 debt instrument 18 measured at the PTesent value of the fLFture payment$ discounted al a market rate of Interest FinanGkg1 liat41rt188 da$8ified as payable within one year are not amortised. Trade uedjlors are obligations lo pay for good8 or seNices that have ken acqulreil in the ordinwy course of operations from suppliers. Amounts payable are dassrfied as current liabilrties if payment is due within one year or less. If not, they are present8d as non-current liabilrbes. Trade creditors are recognised initially at transaction Pr￿ and subsequently rneasured at amortised cost using the effective interest method. 12- WOLVERHAMPTON SIKH MISSION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 AG¢ountlng pollGI8s lcontlnuwd DerKognltlon of ftnancial liabililies Flnancial liabilities are derecognisad when the charity's contr￿tUal obligations 8xpire or are dis¢harg¢d or cancelled. 1.10 Ernployee beneffts The cost of any unused holiday entit￿ment 18 recogni8ed in the period in vthich the employee's servtees are recelved. Temiinalion beneffts are recognised immedialety as an expon$& vthon the charity is demonstrably committed to temiinate the employment of an employee or lo provide lerminalion benefits. Crlllcal accoundng 88tlmate8 and ludg6m•nt8 In the application of the charity's attounting pOl￿te$. the trustees are required lo make judgements, estimates and assumptions about the carryin9 amount of assets and liabilities that are ml readity apparent from other sources. The estimates and assc¢ialed assumptions are based on historical experience and olh8r factors that are considered to be refevant. Actual result8 may differ from these estimates. The estimates and underfylng assumpllons are revlewed on 8n ongolng bas18. Revisions to accounting estimates are recogni6ed in the penc4J in whlch the esllmate Is revised where the revision affects C￿lY that period, or in the Feriod Df the revision aryj fuluTe periods %there the revisiC￿ affects both current and future periods. crftlcal Judgements U8oful economic lile of non4urrent a558ts The useful economic lives of non-currgnt assgls have te8n derlved from the I[￿9Ment of the Trustee8. using their best estimole of write-down penod. Income from donatlong and legacles Unrtstrl¢ted Unrostrlctgd funds funds 2023 2022 Don8tion8 and grfts 465,525 489,028 Inconw from Inve8tm&nts Unrestrfcted Unrestricted funds funds 2023 2022 Interest receivable 20 13- WOLVERHAMPTON SIKH MISSION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Other Incomè UnTeStrict•d Unrestrict•d fvnds nds 2023 2022 Gfft aid 66,404 129,460 Expendlturg on Charttablo acllvltlos Charhabl• actlvltles 2023 Charftabl• actlvttl•s 2022 Dirnct costs Staff costs Depreciatlon and Impalment Gran*his Langar Donations to inslthjtlons Donations to individuals 46,967 8,866 16.170 45,015 2,¢)00 6.070 38,376 15.458 16.759 26.481 40,136 21,920 125.088 159,130 Shere of support and goveman¢• costs15oe nol¢ 71 Support Governan 101.587 14,809 99,682 4,715 241,284 263.527 Analysls by fund Unrestricted funds Restricted funds 235,600 257,843 5,684 241,284 283.527 14- WOLVERHAMPTON SIKH MISSION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Support costs alk•cat•d lo acthiltles 2023 2022 Rates Imurance Light & heat Repairs & malntenance Bank charges Telephone & fax Molof expenses Sundri8S AdvertisiThJ G¢)vemance costs 4,975 8.367 36.174 34,401 1,427 2,955 5,600 29,512 20.878 1,633 391 3.126 13,142 22,445 4.715 14,678 14.609 116,196 104,397 Analysed bet4wtsn: Charrtable acb'vibes 116,196 104,397 Govemance costs include audlt fees of £7,50012022.' £7,150} for the y8ar ended 31 D￿ember 2023. Nel movem¢nt in lund8 2023 2022 The n8t movement in funds Is slated after ChargIn￿{Credi￿ngl'. Depreciation of owned tsngible fixed a$$6ts 8,868 15.458 Trustees None of the tru51ees {or any pgrsons connectod ￿ them) ￿CeIVed any remuneration or beneffils from th8 charity during the year. 10 Empl¢)yeg$ The average monlhty number of employees durfng the year was: 2023 Numbgr 2022 Numbgr Employm•nl costs 2023 2022 Wages and salaries Sodal security costs 46.967 35.368 3.008 46,967 38,376 15. WOLVERHAMPTON SIKH MISSION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 10 Employoes {Contlnu•dl There were no employees ¥￿Se annual remunerab'on w83 more than £60,000. 11 Thxatlon The etharily is exempt from tsxatl¢)n on its 8clivitie5 because all ils incom& is applied for charltsble puryjoses. 12 Tanglblo Ilxod assots Fbwhold la￿1 Ass•ts undgr FIxiuro8 •nd and bulklngs ¢on•thictlon Lknr vehl¢l•s Total Cost At 1 January 2023 Additions 1,097.627 2,393,080 60,060 171,750 52,039 12,250 3,554,996 231,810 At 31 December 2023 1,157,687 2.584.830 52,039 12,250 3,786.806 Depr•clatlon and knp•irment Al 1 January 2023 Depreciali¢n charged in the year 38.647 5,684 43.717 3,182 12.250 94,614 8.886 At 31 December 2023 44,331 46,899 12.250 103,480 Carrylng amount At 31 December 2023 1,113,356 2.564,830 5.140 3,683.328 At 31 December 2022 1.058,980 2,393,080 8,322 3,460.382 13 Deblovs 2023 2022 Amounts falllng due within one year.. Other debtors Prepayments and ae¢rued incc*ne 66,404 3,397 72,418 3,172 69,801 75,590 16- WOLVERHAMPTON SIKH MISSION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 14 Loans and ovèrdrafts 2023 2022 Bank overdrafts Other loan8 so,000 195.390 50,008 195,398 Payabie vAlhin on8 year 50.008 195,398 15 Creditorn: amounts falllng dug wfthln one year 2023 2022 Notes Bank overdrafts Other borrowngs Other taxab.on and social Security Trade credrtors Accruals and delerred income 14 50,000 1,661 35,578 22,393 195,390 1621 9,028 109.640 204,364 16 R•¥trlGtgd fund$ The restricted fuTrJs of the tharity comprise the unexpended balan￿S of donations and grants hold on trust subject to specific conditions by donors as lo how they may be used. Al 1 January Resour 2023 expended At31 D•cember 2023 Wolverhampton BC - Land & Buildings Misc Oonation 52.171 575 (5,6841 46,487 575 52,746 15,6841 47.CE2 17- WOLVERHAMPTON SIKH MISSION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 16 R•strkted funds {Contlnued} Prevlous Y￿r. Al 1 January Resource5 2022 ex￿nded At31 D¢¢gmber 2022 Wolverhampton BC- Land & 8uilding$ Mlsc Donation 57.855 575 {5,684) 52,171 575 58,430 5,684 52,746 Restricted funds were received In previous years towards Ihg purchase of land and bulldings. The fvnd5 Is being ￿duCed each year by the freehold dep￿cla￿On eharge. 17 Unras¢rlctod funds The unrasiricted funds of the charity comprtse the unaxpended balan¢os of dOnatKi￿ and grants which are not subject to specific conditions by donors antl grantors as to IM)w they may be used. These include designated funds which have been sel aside out of unrestricted funds by the trustees fcf specific purp05e8. A11 January 2023 Incomlng resourc Resource# expended At31 Decemb•r 2023 General fvnds 3,356.485 531.929 (235.600) 3.652.814 Prtvlous year. At 1 January 2022 Incomlng R•sources rnsources èxpended A131 December 2022 Géneral funds 2.995,820 618.508 (257.8431 3,356.485 18 AnatysFs of net assets between funds Unrostrlcted fvnd8 2023 Re&trfctsd funds 2022 Total 2023 At 31 Decomb•r 2023: Tangible assets Current aSSolsl(Ilabililies} 3.636,264 16,550 47,062 3,683,326 16.550 3.652,814 47,062 3.699,878 18- WOLVERHAMPTON SIKH MISSION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 18 Analys1$ of nfrt •$sets between funds (Continued) unrestrict￿ Restrlcted fund8 2022 Totsl 2022 2022 A¢ 31 Decembor 2022: Tangible assets Current as8etslOiabilities) 3,407.636 {51.151} 52,746 3,460,382 151,151} 3.356.485 52,748 3,409,231 19 Related party transactions S S Uppal, a Tru81ee, donated £3,OW in year12022.' £2,OCNJ}. H S Uppal, a Trustee. donated £Nil in the year12022.' £6101. K Uppal, Y￿fe of P S UFpal, a Trustee. donated £2S,S00 in the year (2022.. £Nil). An amount of £50.000 12C122'. £50,000) was due to J Dudrah. a Trustee. as at 31 December 2023. Thi5 15 Induded ¥wthin credkors due in ￿sS than one year. 20 Ca$h gen•r•ted fmm oper4tlon8 2023 2022 Surplus for the year 290.645 354,981 Adjustments for.. Investment income recognised in ststemenl of financial activlles Depreaalion and Impaimient of tanglble flxeij asset8 120) 15,458 8.866 Movements in working capltal.. Decreasellin￿easBI in debtors Incre8selldecraasel in creditors 5.789 50,666 114,7891 (725) Cash gen•rJted from op•rations 355,966 354.905 19- WOLVERHAMPTON SIKH MISSION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 21 Analysls of changes In net fUnd￿(debt) At 1 Jan￿ry 2023 Cash ft0￿ At JI Dewnb•r 2023 Cash at bank and in hand Bank overdrafts 77.623 18) P1,234) $6,389 (81 77,615 {21.234) 56,381 Loans falling du& ￿thIn one year 1195,390) 145,390 (50.000) (117,775) 124.156 6,381 -20-