Charlty reglstratlon number 1176421 (England and Wales) WOLVERHAMPTON SIKH MISSION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 WOLVERHAMPTON SIKH MISSION LEGAL AND ADMINISTRATIVE INFORMATION Truste•8 P S Uppal S S Uppal K S Boparal H S Uppal J S Dudhra G S Sangha D S Sahota {Appointed 18 February 2024) (Appointed 18 February 2024) Charhy numbeT (England and Wales) 1176421 Piln¢lpal addro88 8 Upper Villiers Street Wolverhampton West Midlands 24NP Audltor CKCA Lwnit8d No 4 cos￿8 Court 2 Castlegate Way Dudl8y Wesl Midlands DY1 4RH WOLVERHAMPTON SIKH MISSION CONTENTS Page Trustees. report Statement of Iruslees, responsibilities Independent auditorfs report Statement of financlal actmlies Balance sheet Slatement of cash flow8 10 Notes to the )Inanraal ststements WOLVERHAMPTON SIKH MISSION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Irustees present their report 8nd financial statement3 for the year ended 31 December 2024. The worklng narne of the charity is Guru Teg Bahadur Sikh Temple and the princip818(Idress is 8 Upper Villiers Street, Wdvethampton, WV2 4NP. Tho registerod charity number i8 1176421. The charity was established followng registered Charity ststus for the CIO belng granted on 21 December 2017 under Règlstralion Number 1176421. The fine￿ra1 stalernents have been prepared in 8ccordanca with the accounting policies sel out in noto 1 to the financial stat8ments and C¥Mp￿ with the chariws goveming document. the Charities Act 2011 8nd "Accounting and Reporting by Charmles: Statement of Recommended Practice applie8b￿ lo charflles prepartng thelr accounts In aG￿rdance with the Flnanclal Reporung Stsndard applicable in the UK and Republlc of Ireland {FRS 1021. ObJoct1v￿ and actlvNIos The trustee$ hold the IN8t fund antj Ils Income lo be used in the city of Wolverh8mplon for the provlslon of a place of worship {the Gurdwara) for ￿rGOn$ profgsslng the Slkh r8ligion and for furth$rfng tha roligious and othor charltablg work of1he Gurdwara. The pwmlsfrs are run by the communlty for the community with Ihe help of the tru8tè8s. Und8r the p￿￿1p1a9 of Sikhism the premisas am open to all 1￿MmUnItIeS and Indlvlduals provided no alcohol or drugs are brought onto the pr8mi808. The charity aims to assist the local communty in ony way il can by engaging and glvlng back. bolh In temis of financial and s&rvices rt prowdes. Th& success of thls Is mBasured by the ongaggmonl of the local communty. Th9 trusteès are constanlly exploring ways lo engage. The trystees have pald due regard to guldance issued by the Charity C¢)mmission In d8cldln9 %that actI￿tIeS the charity should undertake. Durlng the year the development of Ihe listed Gurdwara and adloining buildings continued. When planning the 8¢tiviti'es for the year, the trustees have considered the Commission's guidance on public benefft. The Gurdwara seeks lo work in harmony with othèr communlties and charitsble organisations and this 1$ reflectsd in the donations m8de during Ihg year. The tharity provi¢J8s all tha nomial Se￿￿8 provided by Sikh Gur(hY8ra$ $uth as celèbratlon of Slkh GU￿urbS (Religious d8ys - births et¢, of our Gurus). Blrths and Weddlng8, provision of fvneral sèrviths and 8ock?l and Idsure centre facilibes for older ratired members of the Commun￿. The Gurdwara conllnues lo be inv￿ved in encouraging sport in tha local community arKI sees this a8 a good opportunlty to integrate with the drflerent communlty groups. During the year. work wo$ catriad out on th8 sile acquired in 2022. P8rmission was obtained to convert the 8XlSting buildlng Into five residential Ilals. Thls company wlll now be known as 20 Cross Street SoLrth. WV2 3JQ. The GTGB Centr8. The Gurdwara relles on volunlary contrlbullons to operate and fulfil its ob￿CtIveS. The trustees also wish to acknowledge wlh gralltud¢ all indivvjuals who have made donalians or VolUnt￿r9d time during the year. The Gurdwara could not Conth'nue lo op8rate wlhout their support. WOLVERHAMPTON SIKH MISSION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achievèments and porf•rman Wfr run yoga classes and martial arts dasses Sn the Gurifvmra a week. where govemment guidelines allow. Again Ihe participants ar8 from all areas of ts wmmunity and are malnty mlddle-aged rn8n and women. Our healthy Imng programme, in partnership wth the Brrfish Heart FourKlalion. is almod at leaching thg Aslan community about healthy INtng and how to prepare h8allhy food. The programme ran throughout the ￿*r, wh8n the Gurdwara was open, and has helped the congregats'on with heathy 8ating plans and welght loss. Each Tuesday a 'Ladi8s Day Is held at the GurthAra. All th8 ladlès of the congregation tske over the Gurdwara for th6 doy. The exhibition of Sikh anc8sty opened at the Gurdwara In 2012 and has continued lo Impact Ihe community during the year. Its. aim to increase the awareness of the roots of Slkhlsm has meant that Ihis exhibtiron has agaln been vlewed by a number of schools, both primary and secondary on a wee￿Y basis. Tho schools are from Wolv6rhamplon and the surrounding area. The Trust98s are exlreme5y proud of thls 8xhlbltlon and the Impact It has had on the communty over the last fgw years and hope that Its powlartty vlll continLFe in the future. The charty ￿nSiderS kfjy pgrfomance Indicators to be th8 level of donations received. Durlng the year there has been an increase in donations as shown in the financial revlew 88Ctlon of thls report. Th8 charity do$$ not cary out significant fundraising activit￿5. Flnan¢lal r•vl Total incom• for tha y8ar amounlod lo £608,11112023.. £531.9291 an increase of 14% {2023- 14% decr88s81. The level of donath)ns and gifts h88 decreased to £521,36712023.. £465,525). The claim for the 2024 ¢algndar year was submitt9(1 lo HMRC after the year end and was for £86,74412023- £66,404). A reserve for this daim has been made in the accounts, and is included in other d8blor$. Donatlons and gfft ald aro thè main sourc8 of Incomé lor th8 charity. The expenditure on charitable acbvilies and the running of lh8 charity amounted to £263.675 12023: £241,284} Capital expendIlu￿ of £135.540 {2023.. £231.8101 was incurred. The Irustge5 are satisfied that the charity is adequately financed for the lore58gable future. It Is the po11ry of the charty that unrestricted funds which have not been des￿dnat8d for a specrfic use should be m8int8ined at 8 level equivalent to behveen three and six month's expenditure. Thè Irustees cLJnsider that reserves al this level will ensure that, in the èvent of a significant drop in donatlons receNed, they will be able to nlinuo the charity's current activities while consideration is given lo ways in which additional funds rnay be raised. This level of reserves ha$ been maintained thre￿ghOUt the year. The trustees have the power to invest as they see ffit in order to ensuie that the obigcllves of the Charity are meL The trustees have as5es5ed the major risks to which the charity is expos8d, and afe satisfied that Systems are In plYKe to mlllgats èxposure lo the major risks. The key risk to tha charity is the fall in donation in￿me. DonatKJns are rTh)nitored on a regular baws by fhe twst8es and the Gurdwara lakes an active rol8 in the community and congregatlon lo encourage contributions to the good works the charfty undertakes. Strncture. gov•rnanc• and management The charity is govemed by 8 Trust deed as a registered CIO wth the Charity Commission for England & Wal8$. Tru81ges are advised of the Chadty Commission guidanc8 on being 8 new TTuslee on Ih8lr appolnlment to the Board. The Iruslees have regular day to day contact wthin the Gurdwara and are heavily involved in the derA$ion making process. WOLVERHAMPTON SIKH MISSION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 Th8 trustees who served during the year and up to the date of slgnaturo ofthg financial statements were.. P S Uppal S S Uppal K S Boparal H S Uppal RSBasi A S BFwal J S Dudhra B Singh G S Sangha D S Sahots IR8signed 1 ju￿ 20241 IResigned 1 October 20251 {R8signed 1 February 20241 IAppointed 18 February 2024} (Appointsd 18 Fgbruory 20241 The Trustees run the affaiTS of the Gurunting policies and Ihen apply them consistentty,. observe the melhods and prin¢ipte$ in the Charities SORP,. - make judgements and gstimates that are reasonable and prudgnt: stale whelher applicable accounting standards have been followed, subject to ony m8terlal departures dlsclosed and explained in the financial ststements., and prepare the financial statements on the 90ing concern basls unless It ts Inappropriale to presume that the charity WIN conJnue In operation. The trustees are rgsponwble for keeping SLrfficiwt accounting rfycords that disd0s9 wSth reasonable accuracy at any time the finanaal position of the charty and enable them lo ensure that the financial statements comply with the Charities Art 2011. Ihe Charity (Accounts Bnd Reports} Regulations 2008 and the prov68ion8 of th8 trust deed. Thay are also responslble for safeguarding the assets of the charlty and hence for taklng reasonable steps for the prevention and detection of fraud and olher irregularities. WOLVERHAMPTON SIKH MISSION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF WOLVERHAMPTON SIKH MISSION Oplnk¥n We have audlted the flnancS818t81ements of Wolverhampton Slkh Mlsslon (the 'charlty'l for the year gnded 31 December 2024 whlch comprlsg the slalgmgnt of financtal activities, the b8lanc& sh991, thè statement of cash flows 8nd notes lo tho financial stslamants, including signfficanl 8¢¢ountlng polides. Tho finan￿81 r8POrting fromework that has b8en applied in thèir preparation is applicable law and Unitsd Kingdom Accounting Stsndards, IncludiThJ Financlal ReportSng Stantlard 102 The Finanu81 Reporting St8nd8rd appllcabl6 In the UK and Rgpublic of Irelond Iunlled Kingdom Gengrally A¢¢aptsd Accounting Practice). In ¢)ur opink)n, the flnanclal ststements.. give a true an(J fair view of the stste of th8 charity's aff8lr$ as al 31 December 2024 and of Its inoyning resources and application of resources. for the year thgn endg11; have be8n properly prepared in accordance wNh Unh8d Kin and have been prepared in a¢cord8nce with the Charitios Act 2011. om Ggnerolly A￿epted AGcounting Practice; Basls for oplnlon We conducted our audit in accordancè with Inlemational Standards on Auditing IUKI IISAS (UK)) a￿1 applicable law. Our respor)sitxlities under those 8tsndard$ are further described in the Auditorfs ￿sponsibl11t1es for the audlt of the fin8nclal stalemenls sectlon of our report. We are independent of the ¢h8rity in accordance with th8 ethical requirements that aro relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standar(1, and we h8ve fU￿illed OUT other ethical responslbiltties in accordance with these requirements. We believe that the 8udlt evldence we have oblained 1$ $uifi¢iont and appropriate to provide a ba3is for our opinion. Conclusions rnlating to 90iTrg ¢¢>ncem In aLKlitSng the financial 8tst8menls, we havg conduded that the tru51ees' use of the going concern basi$ of accounting in the preparation of the ffin8ncial statements is appropriate. Based on the work we have performed, we have not identrfied any material uncertainties relating to events or condltlons that, individually or collècUvely, may cast significant doubl on the charity's abllity to conllnug as a going ncgm a perlod of al1ga$t tsvelva months from wh8n the financial $lalements are authorised for i$$ue. Our responsibiliti8s ond tha responsibilities of the trustaes wlth respect to golng concem are described in the tdeyant sectlons of thls report. other Information The other Inforni8tlon comprlses the informatlon included In the annual report other than thg finafkclal stalaments an¢J our 8udltor's rgport Iharoon. The tru51ees are responsible for the olhgr Information contained within the annual report. Our opinion on th8 finanaal stat8m8nts do8s not cover th¥ other information and we do not express any form of assurance conclusion thereon. Our responslbllty Is lo read the other infomalion and. in doing so. consider whether Ihe other information is materially inconsislenl with the financlal ststsments or our knowledgo oblBined in the cours8 of the audit. or otherwise appears to be mal8rlally mlsstated. If wg Idgnllfy suoh motsrial inconsistencies or apparonl materbal misslatemenls, we are required to deltrm)ine wh8lhor this giv8$ rise to a material misslal8menl in thè finanual slat•m8nts themselves. If. based on the work we have performed. we conclude that thère Is a material misstatement of this other inlormallon. we are requSred to report thal faot. We have nothing to rewt in this regard. ComparalNe figures have not been audited. WOLVERHAMPTON SIKH MISSION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF WOLVERHAMPTON SIKH MISSION Matt•rs on which ￿ arn r•quir8d to rnport by •xceptlon We have nothing to rewrt in respect of the following matter5 In relayon to whlch tho Charitie8 (Accounts ond Reports) Regulallons 2008 requlres us lo report to you if. in Dur opinion.. the Inf0M￿tr)n given in the finanGi81 stslements 18 Inconslstent In 8ny materlal respect ￿th the tru8te8s' report or sufflcienl aC￿UntIng records have not been kept.. or tho finan(#al Statements are not in agroement wth the accounting records" or we have not rgceivod all the Informal￿n and explanations we requSre for our audll. R•sponsibilitl•s of tru8t••s As explained more fully in the statement of Irustees, responslbilllies. the trustees are reswnsible for Ihe preparation of the financial Statements and for being satisfied Ihat they give a Iwe and fair view, and for such internal control as the trustees detemiine is necessary to enable the preparabon of finAnci81 statemènts that are free from material misstatement, whether due to fraud or error. In preparing the finarbcial statements, Ihe trustees are responsible for 8S8essing the charivs ability to continu6 as a going concern, disdosing. Os opplicable. matter8 related to going concem and using the going concem basis of accounting unless the trustees eilher intend lo cease operations, or havè no ra8lL8tlc albrna￿ve but to do so. Audltofb r￿ponSIbIl￿1*S for the audlt of the IlnanGlal stat•m•nts We have been 8ppoint8d as auditor under sedon 144 of the cha￿t￿$ Act 2011 and report in a￿1)rdance wilh th8 Act and relevant iegulalions mad8 or ha￿ing effect Ihereunder. Our objectiv&s a￿ lo obtsin reasonable assurance about whether the finanrAal statements as 8 whole are free from mat8rial misstat&m8nt, whèthèr dua to fr8ud or &rror, and to issue an auditorfs report that includes our opinion. Re0s0rtab￿ assuran￿ is a high level of assurance but is nol a guarantee that an audft conducted in ac¢ordan¢e wlth ISAS {UK) will always detKI a matarlal mlsstalement when It exlsls. Misststsmants can arfse from fraud or error and are consider8d matorial if. indivklually or in the aggregate, they could reasonably b8 8xpgcled lo Influence Ihe economic dec4sions of users taken on the basis of these financlal slatements. The extgnt to which our proc8duro8 are c8pable of d8tectlng Irregularftle8, ine4u(Jing fraud. Is detalled be￿￿. Extw)t to vthlch the audlt was consldered capablo of d•t•cting irTegularltles. Includlng fraud We identified and assessed the risks of matorial misststement of the financlal statements. In respect of Irrogularltles whether due to fraud or error. or non compllance wlth law$ and ragulallons and then deslgned and perfomi8d aud procedures responsNe to Ihose risks. including obtaining audit evidance th8t Is sufficient and appropriate lo provlde 8 basi5 for our opinion. In identifying and ass8ssing risks of rnal8rial mi$statemenl in r￿peCt of lrwularit￿s. including fraud and non- cornpliance with laws and regulations, our proCedU￿S inoluded the follomng: We obtaingd on understanding of the legal and regulatory fram￿orkS that are applicable lo the Charfty by discussion and enquiry with the Trustees and our general knowlgdge and &xperi8nce of the Charity. We f￿￿sed on speoifiG ￿w$ anil regulations which we considered may have a direct rnatsrfal effect on the financlal statements or thg operations of thg company, induding the Charlties Act 2011, data proteclion. employment, and hedth and safety legi$lalM)n" We asse$sod Ihg exlenl of ¢omplion¢e wilh the laws and regulatlons Identified 81x)ve through maklng enqulrfes. reviewing correspond8nca with relevant r8gulators. WOLVERHAMPTON SIKH MISSION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF WOLVERHAMPTON SIKH MISSION Audit rnspons• to rtsks Identlflod We 8ssessed the su$ceplibility of the Chadty'8 flnanclal stat￿ents to material mlsstalement, Includlng how fraud mlght occur. Audit proogdur8s pèrfomed Included but Wgrg not limited io.. Discus8lons with trustees as to where th8y con81dered there was susc•ptibilrty to fraud, their knowledge of actual, 8UVCted and 8lleged fraud.. Perfoming analY￿cal procedures to identrfy any unusual or un&xp8ct8d relationships: Rovi8wing unusual or unexpected transactions., and Agr•eing the financial slalemenl dlsclosures lo undedying supporbng documentslion. Owing lo the inhèrent limltallons of an audi( there is an unavoidable rfsk that we may not have detected some material misstatements in the financlal stalem8nts. even though ￿ have propèrty planned and performed our audit in accordance with auditing standards. The more removed that laws and regulations are from Ilnandal transactions, the less likely it is that we would become aware of r￿n-cOmPlianCe. Auditing standards also limit th& aud procedures requirad lo identify non-coffpliance wtth laws and regulatlons lo gnquiry of the Iruslees and other managèment and the Inspection of rggulatory aTrd legal correspondonce, if any. hAalerkql misstatements that arise due lo fraud can be harder lo datect than those that 8ri$9 from grrof os they may involvg delib8rate concealment or collusi￿. A further descripiion of our responsibilities is av8il8ble on the Financial Reporting Council'8 web$itg at.. https.'Il www.frc.org.uklauditorsre$ponsibilities. This description forms part of our audilorfs report. U$e of our rnport This report i% made 8018ly lo the charty's trustees. as a L￿y, in accordance with Part 4 of the Charities (Accounts and Report51 Regulation8 2008. Our Budlt work has been undertaken so that w8 might state to the charitls trustees those matters we are required to stale to them in an auditor's report and for no other purpose. To the lullest extent permitted by law, we do not accept or assume responslblllty lo anyone other than the charity and thè tharilY8 trusteès as a body, for our audit work. for this report. orfor the oplnlons we have lormed. CKAudit 27 Octobér 2025 Chart•r•d Aecountants statutory Audltor No 4 Castle Court 2 C8sllegal6 Way DLtdley Wesl Midlands DY14RH CKCA Limited is 8figible for appolntment as audllor of the chaTity by virtue of 11$ eligibility for appointment as auditor of a ￿rnpanY under section 1212 of thè Compani8sAct 2006. WOLVERHAMPTON SIKH MISSION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unr￿trICt•d Restrictsd funds funds 2024 2024 Total UnTQStrfctad Restrlcted funds fund8 2023 2023 Total 2024 2023 Notes In¢omg and ondowm•nts from: DonalTons and legacies Other kncome 521,367 86.744 521,367 86,744 465.525 66.404 465,525 66,404 Totsl In¢orng 808,111 608,111 531,929 531,929 Exp•ndltur• ¢)n: Charitsble athltios 255.209 8.466 263.675 235,600 5.684 241.284 Totsl expèndlturn 255.209 8.466 263.675 235,600 5,684 241,284 Net Sncomel{expendllurel and mov•ment In funds 352,902 (8,4661 344,436 296,329 15,6841 290.645 Roconclllatlon of funds: Fund balances at 1 January 2024 3,652,814 47.062 3.699,876 3,356,485 52.746 3,409,231 Fund balan¢￿ at 31 De¢ember 2024 4.005.716 38,596 4,044,312 3.652.814 47,062 3,699,876 WOLVERHAMPTON SIKH MISSION BALANCE SHEET ASAT 31 DECEMBER 2024 2024 2023 Flxed assets Tanglble assets 11 3,807,451 3,683,326 Currnnt assets Debtors C89h 8t bank and in hand 12 96.541 172,967 69.801 56.389 269.508 126.190 Cr•dltors: amounts falllng due within on• year 14 132,847} {109.640} Not current assgts 236.861 16,550 Total assets cuffènt Ilabllltl•s 4,044,312 3,699,876 The funds of th• charhy Re9trfcted inoome funds Unrestricted funds 15 16 38,596 4.005.716 47.062 3.652.814 4.044.312 3.699.876 The flnancial stalements were approvod by the trustees on 27 O¢tob8r 2025 S S Uppal Twst WOLVERHAMPTON SIKH MISSION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Ca$h Ilows from opgratlng actfvitl Cash generated from operations 20 302,118 355,966 Inv•$ting actlvltl•s Purchaso of tangible flxad 888eis 1135,5401 (231,810} Net cash Us￿ In investlng a¢tlvMies 1135.540) 1231,8101 Flnanclng a¢tlvllles Repayment of borrowngs {50.CQOI (145,3901 Nat cash usod In flnanclng a¢tiviii•s 150,000} {145,390) Net In¢reaso1(de¢re*$?) in cash and cash èqulval•nts 116,578 {21.234) Cash and cash aqu￿[ents at bèginning of year 56,381 77,615 Cash and ¢a$h •qulval•nts It end of year 172,959 56,381 Relating to: Cash at bank and in hand Bank overdrafts included in ￿edItOrS payable wlthln one year 172.967 56,389 {81 18) io- WOLVERHAMPTON SIKH MISSION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Ac¢ountlng pollclo8 Charlty Information Wolverhampton Sl(h Mlssion is a Charity govemed by a trust degd approved by lh9 Charity Commissitin. 1.1 Bas1$ of pr•parntion The financlal glatemgnls have been prepared in accordance wlth the charftys trust deeds, the Charitie$ Act 2011 and 'Accountlng and Roporting by Charities- Stsl$ment of Racommended Practice applicable to Charities preparing their accounts in accor(lance with the Financial Reportj'ng Stsndard appllcab1e in the UK and Rapublic of Ireland IFRS 102). las amended for accounting p8riods commencing from 1 January 2016>. The tharily 1$ a Publi¢ Benefit Entity as defined by FRS 102. Thè financial statements h8vg departgd from the Charities (Accounts and R8ports} Regulations 2008 only to the extent requlred to provid& a true and fair view. This departu￿ has involved following the Statemenl of Recommended Practice for charities applWng FRS 102 r8thor than the verslon of th8 Statement of RecoTnmended Pradce which is referred lo In th8 Regulallons but which has slnce been withdrawn. Tho financial statements are prepared In sterling. whtch is the furvxlwl ¢urroncy of th8 tharity. Monetary amounts in these finandal stslements are round8d to the neartst £. The financial stslements have téen prepared under the historical cost convenuon. The prSncip81 aC￿Unting policies adopted arè sèt out bèlow. 1.2 Golng ¢on¢ern At thp lime of approving the flnanclal 8tstements. the tnJ¥legs have a rea80n8ble expeclallon that the tharfty has adeqLtate resources to continue In operaUonal existsnGe for the foreseèable fulura. Thus tha Irustaas conJnu& to adopt the goin9 concom basis of accounting in preparing the finan¢lal stst8m8nts. 1.3 Charitable fund$ UnTestricled funds are availoble for use al the dis¢r•tion of th8 trustees in furlherance of their charitabl obj8clives. ROSI￿ted funds are suble¢t to spedfic condlllons by donors or grantors as to how tt)ey may be used. The purrx)ses and uses of the restricted fundg are set out Sn thg noles lo the financial 8tstements. 1.4 In￿m? Ineorne is recognlsed when the charity is legally entitled lo it after any p8rform8nce conditiorffj have been mel, thè amounts can be measure(I reliably. ond il is probable that income wlll bg received. Cash donatbns arg r9cognisgd on re￿Ipt. Olhef donafjons aro racognisad onc& the charity has been nollfied of the donation, unless ￿rfOrManCe ctsndrtions ￿qui￿ d8ferrBI of the amount. Income tax rècoverable In relation to donations re￿Wed under GIftAld or deods of covenant is reC￿niSed al the lime of the donatlon. 1.5 Expendltur¢ Expenditure is reccwanised once there is a legal or constructlve obligallon to tr8nsfer economic benefit to third paty. It is probable that a transfer of e00r￿MiG beneffts will b& required in settlement. and the amount of the obli9ation can b8 measured reliably. Expenditure is c18$sif19d by actimty. The costs of each actNTty are made up of the totsl of dlrect Costs and shared costs. induding support costs involved In undertaking each activity. DI￿¢1 costs altribulablè lo 8 Sing 8Ctlvrty are allocated directly lo that actwity. Shared costs which contribute lo more than one activity and support costs which are not attributable lo a single activity afo apportioned betsY¢gn those activities on a basi5 consistent the use of rosources. Central staff costs aro allocated on the basis of time 5pen( and depreciation chai￿$ ara allocated on the portion of the a￿t'S use. 11 WOLVERHAMPTON SIKH MISSION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accauntlng pollcl•s {C•nllnuod) l expenditure is account8d fix on on ac¢wals basis and has bean classified under headings that aggrggalo all c03ts related lo the rAtegory. 1.6 Tanglble fix•d as$•ts Tangihlè fixed 8838ts are inltlally measured at ￿81 and sub88qu8nUy measured at cost or valuation. net of depreciation 8n(l any imp8irment losses. DeprgGlallon Is r¢¢ogn1$9d so as to wnlte off the cosl or valuatlon of assets less thelr residual valu9s over thelr useful Iiv8s on the following basgs: Freèhold land and bulkllngs Fixiures 8nd frttings Motor v8hkl8s 2% Straight Line 25Yo Straight Line 33.33Ph Strakdht Llne Thg gain or loss arising on Ihe disposal of an assot is deterningd as the drfference b&￿e$n the salg proceods and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Impalmient of flxed a8s0ts At each reporting end dale. the charity reviews the ¢arrying amounts of tangible assets to d$tsmiSne whether there is any indication that those ass8ts have suffèred An impairm8nl loss. If any suth indication exlsts, the recoverable anTh)Ltnt of the asset Is esumated Sn order to deterniine the extent of the impairmènt loss lil any). 1.8 Cash and cayh equivalents Cash anej cash equivalents include cash Sn hand, deFosits heltj at call wlth banks. other short-term liquld Investments wth original malurfoes of Ihree months or less. and bank overdiafts. Bank overdrafts are shown within borrowings in current liabilities. 1.9 Flnanclal instrumènts The charity has elected to apply the provisions of Section 11 'Basic Financial In$trufnents' and Section 12 'Other Financkql Inslrumenls19sues' of FRS 102 10 all of its financ481 instruments. Financial instruments are recognised in the chariws balance sheet when the charlty becomes party lo th8 contractual Provisions of the in51Tument. Flnancial assets and liabilltles a￿ offset. with the net amounts presented in the )Inanclal ststements, when there Is a legally enfO￿e¥bI¢ rlght lo sel off the raccgnlsgd amounlg and ther8 is an intentlon to sottle on 8 net basis or lo raalis8 th& ass8t and $ott18 Iha liability simultan8ously. LP•sl¢ flnan¢lal amets Baslc financial assets. which include debtors and cash and bank balances, are initially rneasurgd at transaction pdce IrKludlng transaction costs and are subsequenuy carried at Bmorbsed Cost usir¢g th8 8ff8ctiva interest method unless the arrangement constitutes a financyng tranSac￿On, where the transaction is measured at Ihe present value of the fLrture receipts discounted at a mark8t rale of int&rest. Financial assets classrfted as r8celvable within one year are r￿1 amortised. 12- WOLVERHAMPTON SIKH MISSION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounllng pollcl•s Icontlnuod) Baslc flnan¢l•lllabllltl¢s Basic finandal liabilities, induding creililors and bank loans are initially recognised at transaction price unless Ihe arrangement constitutes a financing transaction, where the debt instrument is measured 8t the present valug of the future payments dlscounled at a m8t1(et role of intemst. Financlal Ilabllltles classified as payable within one year are not amortised. Trade Creditors are obligations ID pay for goods or services that have been a¢q￿re￿ in the ordinary course of 0￿rationS frorn suppliers. Amounts payable are classffied as ujrrenl Ilabili118s if payment is due within one year or less. If not. they are presented as non-currenl liabil￿es. Trade credltors are recognis￿ initially al transa¢tion price and sub88quenlly mgasured al amortisod cost us4ng the effectSvfr Interest meth¢xl. DOr￿09n1t1On of flnanGlal Ilablllties Financial liabilitiès arè derecognlsed when Ihe tharity's wntraclual obl19a￿on$ explre or ai8 discharged or cancelled. 1.10 Employ￿ bon•frts The oosl of any unusod holiday enUll8menl 1$ rocognised in the perK)d in which th8 amployee's services are recgivgd. Temiinalfjon benefrts are recognised immediately as an expense when the charity is dpm¢ybstrably committed to temiinat6 thè employment of an employee or to provide terrrrinatlon benefits. Crltlul a¢Gountlng estimates and Judg•m•nt8 In the appllcalion of the charity's accounting policies, the Iruslees are required to mak8 ludgements, estlmates and assumptions about the carrying amount of assets an(1 liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience 8nd other factors that are ts)nsldered to be relevant. Actual rosulls may Iliffgr from these estimates. The eslimalgs and undetying assumptions are reviewed on an ongoing ba515. Revi3Èons to accounting eslimales are r¢cognised in the period in which the eslimale is remsed where the revSsion affects only that period, or in the Per￿ of the revislon and future periods where Ihe revision 8ffect8 both currènt and ftJttJre periods. Crltlcal ludg•mont$ Useful economlc Ilfv of non*urr9nt assots The usefvl economic lives of norrfurrent assets have been derived from the judgement of the Trustegs, uslro thelr best estimote of w￿1￿own period. Incomg from donatlon$ and l•gaci•s Unrestricl•d Unr•$trl¢tod funds lund$ 2024 2023 Donations and gifts 521,367 465.525 13- WOLVERHAMPTON SIKH MISSION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Othor income Unrgslrlctsd Unrestrlct•d funds funds 2024 2023 Gfft ald 86,744 66.404 Expondituro on GhaTitsbl• actsviti08 ChaTitable actfvltle$ 2024 Charftable actlvltlos 2023 Direct costs Staff costs Depreciation and impairment Granthis Langar Donatlons to Institutlons Donations to individuals 57,798 11,414 11,237 48,451 1,000 700 46.967 8,866 16,170 45,015 6,070 130,600 125,088 Share of support and gov•rnanc• ¢osts Ise• not• 61 Support Governance 122.697 10.378 101.587 14,609 263.675 241.284 Analysls by fund Unrestrictsd funds Restricted funds 255.209 8.466 235.600 5.684 263,675 241,284 14- WOLVERHAMPTON SIKH MISSION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support wsts allocated to activlties 2024 2023 12,296 8,817 75.582 10.927 1,655 4,975 8,367 36.174 34.401 1,427 Insurance Lighl & haat Repairs & malntenance Bank th8rges Telephone & fox Motor expenses Sundries Govemance costs 997 11,933 10,378 14,678 14,609 133.075 116,196 Analysed bètween: Charitsble acllvlties 133.075 116,196 Govemance costs Indudo audit f88s of £9,IJOO12023.. £9.1100) for the year endèd 31 Decemter 2024. N•t Movement In lunds 2024 2023 The net movemgnl In fvnds is slated after chargingllcrediting).. Depreciallon of owned tangible fix8d assets 11,414 8,866 Trustees None of the Iruslees (or any persons connected vA¢h Ihaml r6celvèd any remunerallon or beneflls from Ihe charity during the year. Employee• The average monthly number of employèe$ durlng the year was.. 2024 Number 2023 Numbgr Employmont Gosts 2024 2023 Wages and salari8s 57.798 46.967 Thgrg wore no employees whose annual romun8ralion was morn than £60.01)0. 15- WOLVERHAMPTON SIKH MISSION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED> FOR THE YEAR ENDED 31 DECEMBER 2024 10 Taxallon The charity is exempt frorn taxal￿n on its activities because all its incoma is app￿led for Charita￿0 wrpo888. 11 Tanglbl• fix•d assfjts Frn•hola lénd M•ets unth FIx￿r•S and and bulldlngs conslnKtitsn fftllns v•hiGIgs Co8t At 1 January 2024 Addition$ 1,157,687 2,564.830 18,990 115.638 52,039 912 12.250 3,786,806 135.540 At 31 December 2024 1.176.677 2,680.468 52,951 12,250 3,922,346 D•prttlatlon and Impalm)ent At 1 January 2024 Dgpwiqllon charged In the year 44.332 8,466 46,899 2.948 12.29) 103,481 11.414 Al 31 DecembBr2024 52.798 49,847 12.250 114,895 Carrylng amount Al 31 December 2024 1,123,879 2.680.468 3,104 3.807,451 Al 31 De¢ember 2023 1.113,356 2,564,830 5.140 3,683.326 12 D•btors 2024 2023 Amounts falllng due wlthln one year.. Other debtors Prepayments and accrued income 93,106 3,435 66,404 3,397 96.541 69,801 13 Loans and overdrafts 2024 2023 Bank overdrafts Other loans So,￿0 SQ,(K18 Payabl6 wlthln ono year 50,CK18 16- WOLVERHAMPTON SIKH MISSION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED> FOR THE YEAR ENDED 31 DECEMBER 2024 14 Crodltors: amounts hlllng due wlthln ono year 2024 2023 Noto5 Bank overdrafts Other borrowings Other tsxation and soual setyJrity Trad• creditors cruals and deferred Income 13 S0.O¢X) 1.661 35,578 22,393 18,826 13,813 32.647 109,640 15 R•strICt￿ funds The restricted funds of tho charity comprise the unexptrndgd balon¢es of donafjons antl grants held on trust subj'ect to spwific conditions by donors as to how they may be used. Al 1 January Rgsourcgs 2024 0x￿nded At31 D•combor 2024 Wdverhamplon BC - Land & Buildings Misc Donatlons 46,487 575 (8.4661 38.021 575 47.062 {8,466> 38.596 Pr•vlou$ yoar.. At 1 January 2023 Resources expended At31 D•cem￿r 2023 Wolverhampton BC - Land & Buildlngs Misc Donation 52,171 575 15,684) 46,487 575 52,746 15,684) 47,062 Restricted funds were received in previous years towards the purtha8e of land 8nd buildings. The hJDds is bging reduced each y8ar by the freehold depreciation charge. 1T- WOLVERHAMPTON SIKH MISSION NOTES TO THE FINANCIALSTATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 Unrestrlcted fvnd• The unre8trlcted funds of the rttaiity comprise the unexpeiThYèd balances of donatiCffl8 and grants whlch are not subject to specrfic wndilions by donors and grantors as to h¢)w thoy may be used. These include designated furKls which have been sel aside out of unreslrieted funds ty the trustees for speafic purposes. At 1 January 2024 Incomlng resources Resourcgs •xp•nded At31 Docember 2024 G¢noral funds 3,652,814 808,111 1255,2091 4,005,716 Prwlous year: At 1 January 2023 Incoming Resources rnsourc88 expended At31 December 2023 General funds 3,356.485 531,929 {235.6C41) 3.652.814 17 Analy$18 of not 198ots betwo•n funds Unr•strfcted Restrictèd funds fund8 2024 2024 Total 2024 At 31 December 2024: Tangible assets Current asselsl{liabilrtie81 3.7e8,855 236,861 38,596 3,807.451 236,861 4,OOS,718 38,596 4,044.312 Unrg¥trlctgd Restrlcted funds funds 2023 2023 Totsl 2023 At 31 December 2023: Tangible assèts Cuffenl as8ettl{liabllltlo8J 3,636.264 16.550 47,062 3,683.326 16,550 3,652.814 47,062 3,699.876 18- WOLVERHAMPTON SIKH MISSION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 18 Capltsl commltfflents 2024 2023 Amounts contracted for but nol provided in the financial 8tatsments: 2024 2023 Acqulsilion of property, ￿an1 and equiwent 7,492 19 Related party trdnsactlons S S Uppal, a Trustee, donated £1,500 in the year12023.' £3.000}. A S Bhog81, a Trustee, donated £600 in the year12023.' £Nill. P S Uppal, a Trustee, (kjnated £3,000 in the year12023'. £NII). J S Dudhra, o Trust88, donated £1.000 in the year12023.' £Nill and an amount of £Nil (2023: £50,000> was due to them at 31 Dgcornber 2024. K Uppal, wile of P S Uppal, a Trustee, donated £NII In the y8ar12023'. £25,500). During the year Pinehurst S￿￿rities Limited donated £10,00012023= £nill to the Gurdwara. P S Urpal & S S Uppal are sharehok18r5 of Pinehursl Seeurilies Limited. 20 Cash genèrated from operatlons 2024 2023 Surplus for the year 344,436 290,645 Adjustments for. Depredallon and Impairment of tangible fixed assets 11,414 Moyements In worklng capital: Ilncrease}Id8crease in deblors IDeGreaseifincrea8e In cr&Jitors 126,740) 126,992) 5,789 50,666 Cash yenerated from operatlons 302,118 355,966 21 Anatysls of ¢hang•8 In net fund• At 1 January 2024 Co•h I1￿ At31 DxeM￿I 2024 Cash at bank and in hand Bank overdrats 56,389 181 116.578 172.967 {81 56.381 116,578 172,959 Loan¥ falling due wthin year 150.000) 50,0fy) 6,381 166,578 172,959 19-