REGISTERED COMPANY NUMBER: 00894740 (England and Wales) REGISTERED CHARITY NUMBER: 259740
Report of the Trustees and
Financial Statements for the Year Ended 31 December 2023
for
Medway Towns Gurudawara Sabha Limited(The)
A Star Accountancy Limited Chartered Certified Accountants and Registered Auditors 19 Beech Avenue Sidcup Kent DA15 8NH
Medway Towns Gurudawara Sabha Limited(The)
Contents of the Financial Statements for the Year Ended 31 December 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 4 |
| Report of the Independent Auditors | 5 | to | 7 |
| Statement of Financial Activities | 8 | ||
| Balance Sheet | 9 | to | 10 |
| Notes to the Financial Statements | 11 | to | 17 |
Medway Towns Gurudawara Sabha Limited(The) (Registered number: 00894740)
Report of the Trustees
for the Year Ended 31 December 2023
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES Objectives and aims
The principal activity and objective of the company is the promotion of the Sikh Religion and social and cultural interests of its members and their families.
Volunteers
Reliance on volunteers and members
The Board of Directors acknowledges that its objectives depends on volunteers and members of the Sabha who are available to provide support and assistance in the furtherance of its objectives. The Directors wishes to express its thanks to them and to all the organisations which provide it with its financial support and services in achieving its objectives.
Presentation of the financial statements
The financial statements are presented in the form required by the; Charities SORP (FRS102) 'Accounting and Reporting by Charities Statement of Recommended Practice for Accounting and Reporting issued by the Charity Commissioners for England & Wales', (effective 1 January 2015). As permitted by the Companies Act 2006, the company has adjusted the format of the financial statements to include headings relevant to its activities in order to enable it to show a true and fair view
ACHIEVEMENT AND PERFORMANCE Charitable activities
New Temple
Purchase of the premises to be used as a temple, was completed during 2008. The initial cost of the premises was £1,650,000 and was funded by an initial secured loan of £1,320,000 and donations received by the company. The initial loan has been repaid and further replacement loan granted for £1,942,000. During the year repayments of £148,080 (2022 £130,994) have been made against this loan and £867,158 (2022 £945,875) remains outstanding.
FINANCIAL REVIEW
Principal funding sources
Traditionally the charity relies primarily upon donations for its income.
Investment policy and objectives
The company continually reviews its cash position and deposits surplus funds in interest earning deposit accounts.
Page 1
Medway Towns Gurudawara Sabha Limited(The) (Registered number: 00894740)
for the Year Ended 31 December 2023
Report of the Trustees
FINANCIAL REVIEW
Results
A surplus of £152,261 (2022: £145,832) was recorded in the year ended 31 December 2023 which increased accumulated funds at 31 December 2023 to £3,040,638 (2022: £2,888,377).
Expenditure increased during the year by £86,917, to £328,411 (2022 £241,494), in part due interest on loans paid during 2023 at full rates, (whereas some interest holidays were taken in the earlier part of 2022, following on from Covid). The charity also experienced an in crease in utilities during the year & additional legal costs were incurred in respect of legal matters that initial arose in 2022.
Income also increased by £93,346 to £480,672 (2022: £387,36) .
£50,000 was repaid during the year in respect of the remainder of the interest free loans provided by some trustees in earlier years.
Donations to other charities during the year were:
£ 501 Aeromet
£3,000 Khalsa Aid Flood Appeal £1,500 Khalsa Aid UK Earthquake Appeal £3,500.0 0Macmillan Cancer Support
FUTURE PLANS
The charity looks forward to remain fully operational throughout 2024 & wedding bookings are now being taken on into 2025.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
The Medway Towns Gurudawara Sabha Limited is a company limited by guarantee and a registered charity (No.259740). It is governed by its Memorandum and Articles of Association and The Working Constitution of the Sabha (meaning congregation). The Members of the Council of Management constitute Members of the Sabha and are appointed to serve as Directors.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
00894740 (England and Wales)
Registered Charity number
259740
Registered office
Medway Towns Gurudawara Sabha Ltd (The) 1 - 5 Lankester Parker Road Rochester Kent ME1 3QU
Page 2
Medway Towns Gurudawara Sabha Limited(The) (Registered number: 00894740)
Report of the Trustees
for the Year Ended 31 December 2023
Trustees
Piara Singh Dehl President from 22/7/2024 Pyara Singh Kang : Vice President from 22/7/2024 Balbir Singh Dhudwar : Chairperson - Non director Surinderpal Singh Sandhu : Assistant Gen Secretary from 22/7/2024 Avtar Singh Kooner Treasurer Palwinder Kaur Chakkar Supporting Sevadaars Ranjit Kaur Supporting Sevadaars Inderjit Kaur Randhawa : H & Safety from 22/7/2024 non trustee Rai Singh Billing Supporting Sevadaars - non trustee (resigned 22.4.24) Jasbir Kaur Thind (appointed 22.7.24) Sukhdev Singh Sahota (appointed 22.7.24) Davinder Kaur (appointed 22.7.24) Harpal Singh Sahota Education Lead - Non Director Balbir Singh Ghattora Supporting Sevadaars from 22/7/2024 Avtar Singh Dhillon : Assistant Treasurer from 22/7/2024 Joga Singh Mahal Supporting Sevadaars - non director Javinder Kaur Storekeeper - Non trustee Sohan Singh Dhillon Vice President - non director Sirjit Singh Marway Asst. & Stage Secretary - non trustee (resigned 22.4.24) Mohinder Sing Rakkar Stage Secretary - non trustee (resigned 22.7.24) Surjan Singh Toor Maintenance - non trustee Mota Singh Shokar : President to 22/7/2024 Baldev Singh Powar Supporting Sevadaars - non trustee (resigned 22.7.24) Jatinder Singh Dhillon Supporting Sevadaars - non trustee (resigned 22.7.24) Gurjit Singh Chaggar Supporting Sevadaars - non trustee Shangara Singh Pataria Supporting Sevadaars from 22/7/2024 Parmjot Kaur Dhadwal Supporting Sevadaars - non trustee Johal Supporting Sevadaars - non trustee (resigned 22.7.24) Karnail Singh Dhillion (appointed 22.7.24)
Company Secretary
Gurjit Singh Chaggar
Auditors
A Star Accountancy Limited Chartered Certified Accountants and Registered Auditors 19 Beech Avenue Sidcup Kent DA15 8NH
Page 3
Medway Towns Gurudawara Sabha Limited(The) (Registered number: 00894740)
for the Year Ended 31 December 2023
Report of the Trustees
TRUSTEES' RESPONSIBILITY STATEMENT
The names of the members of the Board are set out on page 1. A number of committee members are listed as 'non-trustee', these are co-opted members & are neither trustees, nor directors. In addition there are several members from the community who provide direct support to the activities of the Gurudawara
Directors' responsibilities
Charity Law and Company law require the Board to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the company and of the statement of financial activities of the company for that year. In preparing those financial statements the Board is required to:
o Select suitable accounting policies have been used and applied consistently; o Make judgements and estimates that are reasonable and prudent;
o Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business; and
o State whether applicable accounting standards and statement of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements.
The Directors are also responsible for maintaining proper accounting records that disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
AUDITORS
The auditors, A Star Accountancy Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Approved by order of the board of trustees on 31 October 2024 and signed on its behalf by:
Palwinder Kaur Chakkar - Trustee
Page 4
Report of the Independent Auditors to the Trustees of Medway Towns Gurudawara Sabha Limited(The)
Opinion
We have audited the financial statements of Medway Towns Gurudawara Sabha Limited(The) (the 'charitable company') for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
-
In our opinion the financial statements:
-
give a true and fair view of the state of the charitable company's affairs as at 31 December 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
-
the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
-
the charitable company has not kept adequate accounting records; or
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the financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Page 5
Report of the Independent Auditors to the Trustees of Medway Towns Gurudawara Sabha Limited(The)
Responsibilities of trustees
As explained more fully in the Trustees' Responsibilities Statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach was as follows:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to: The Charities Act 2011 & Charity Sorp regulations, , Companies Act 2006, Employment, Health & Safety & Pensions regulations, as these are generally recognized to have a direct effect on the determination of material amounts and disclosures in the financial statements.
We also considered safeguarding, considerations ,adequacy of insurance cover & consideration of environmental considerations, food hygiene, bribery & corruption practices, charity fund raising regulations, Gift aid declarations & claim procedures etc, as whilst these do not have a direct effect on the determination of the amounts and disclosures in the financial statements, non-compliance with which may be fundamental to the operating aspects of the organisation, or to to an entity's ability to continue its operations, or to avoid material penalties
Enquiries as to any possibility of fraud or irregularity were made of those charged with Governance.ans we corroborated our enquiries via reference via review of board minutes, review of HMRC Gift aid submissions & supporting donation pre-numbered receipts,plus a review of papers provided to us as auditors in respect of a legal matter initially arising in 2021 & settled during 2022.
We considered the risk of fraud via Management Override of Controls and in response and looked for transactions outside of the normal course of the operation.and considered and none were identified.
In particular there was a Pensions set up error in the payroll system during 22/2023 & 2023/24 tax years which caused issues with the tax calculations on earnings, pension & net pay. To resolve this & identify the necessary corrections we reconstructed a parallel payroll file for each year to establish the correct position.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Page 6
Report of the Independent Auditors to the Trustees of Medway Towns Gurudawara Sabha Limited(The)
Use of our report
This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of A Star Accountancy Limited Chartered Certified Accountants and Registered Auditors Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 19 Beech Avenue Sidcup Kent DA15 8NH
31 October 2024
Page 7
Medway Towns Gurudawara Sabha Limited(The)
Statement of Financial Activities
for the Year Ended 31 December 2023
| 31.12.23 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 475,570 Investment income 2 189 Other income 4,914 Total 480,673 EXPENDITURE ON Charitable activities Management administration 212,081 Charitable Donations 8,651 Other 107,679 Total 328,411 NET INCOME 152,262 RECONCILIATION OF FUNDS Total funds brought forward As previously reported 2,844,794 Prior year adjustment 7 43,583 As restated 2,888,377 TOTAL FUNDS CARRIED FORWARD 3,040,639 |
31.12.22 Total funds as restated £ 381,325 51 5,950 |
|---|---|
| 387,326 | |
| 148,306 1,702 91,486 |
|
| 241,494 | |
| 145,832 2,742,545 - |
|
| 2,742,545 | |
| 2,888,377 |
The notes form part of these financial statements
Page 8
Medway Towns Gurudawara Sabha Limited(The) (Registered number: 00894740)
Balance Sheet
31 December 2023
| 31.12.23 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 8 3,735,790 CURRENT ASSETS Debtors 9 84,526 Cash at bank and in hand 140,410 224,936 CREDITORS Amounts falling due within one year 10 (114,607) NET CURRENT ASSETS 110,329 TOTAL ASSETS LESS CURRENT LIABILITIES 3,846,119 CREDITORS Amounts falling due after more than one year 11 (805,480) NET ASSETS 3,040,639 FUNDS 14 Unrestricted funds 3,040,639 TOTAL FUNDS 3,040,639 |
31.12.22 Total funds as restated £ 3,768,868 64,336 102,769 167,105 (93,619) 73,486 3,842,354 (953,977) 2,888,377 2,888,377 2,888,377 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.
The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.
The notes form part of these financial statements
continued...
Page 9
Medway Towns Gurudawara Sabha Limited(The) (Registered number: 00894740)
Balance Sheet - continued
31 December 2023
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 31 October 2024 and were signed on its behalf by:
Palwinder Kaur Chakkar - Trustee
Piara Singh Dehl - Trustee
The notes form part of these financial statements
Page 10
Medway Towns Gurudawara Sabha Limited(The)
Notes to the Financial Statements for the Year Ended 31 December 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, 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 Companies Act 2006. 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.
Freehold property - 1% on a reducing balance basis.
Fixtures and Fittings 25% on a reducing balance basis.
Taxation
The charity is exempt from corporation 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.
A company vehicle was acquired on hire purchase 5th August 2014 costing £15,295 but was never capitalised & has been accounted for as an operating lease in the accounts which is a departure from SORP. This vehicle remained the property of the Lessor until an option payment was made in September 2018 at which point full title to the vehicle was effectively transferred to the charity.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Donated goods & services
Donated goods & or services are included in both income & expenditure at estimated valuation of the directors.
continued...
Page 11
Medway Towns Gurudawara Sabha Limited(The)
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 31.12.23 | 31.12.22 | |
| as restated | ||
| £ | £ | |
| Deposit account interest | 45 | 51 |
| Other interest receivable | 144 | - |
| 189 | 51 |
3. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 31.12.23 | 31.12.22 | |
|---|---|---|
| as restated | ||
| £ | £ | |
| Auditors' remuneration | 2,000 | 2,000 |
| Depreciation - owned assets | 42,959 | 41,785 |
| Hire of plant and machinery | - | 726 |
| Deficit on disposal of fixed assets | 162 | - |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
5. STAFF COSTS
The average monthly number of employees during the year was as follows:
| 31.12.23 | 31.12.22 | |
|---|---|---|
| as restated | ||
| Executive director/trustees | 8 | 8 |
| Priests | 4 | 4 |
| 12 | 12 |
No employees received emoluments in excess of £60,000.
The average number of staff during the year was 12 (2022: 12) including executive directors who receive no remuneration & excluding non trustee co-opted committee members.
Payments were made to 4 priests (2022: 4) during the year.
continued...
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Medway Towns Gurudawara Sabha Limited(The)
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | ||
|---|---|---|
| fund | ||
| as restated | ||
| £ | ||
| INCOME AND ENDOWMENTS FROM | ||
| Donations and legacies | 381,325 | |
| Investment income | 51 | |
| Other income | 5,950 | |
| Total | 387,326 | |
| EXPENDITURE ON | ||
| Charitable activities | ||
| Management administration | 148,306 | |
| Charitable Donations | 1,702 | |
| Other | 91,486 | |
| Total | 241,494 | |
| NET INCOME | 145,832 | |
| RECONCILIATION OF FUNDS | ||
| Total funds brought forward | 2,742,545 | |
| TOTAL FUNDS CARRIED FORWARD | 2,888,377 | |
| 7. | PRIOR YEAR ADJUSTMENT |
continued...
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Medway Towns Gurudawara Sabha Limited(The)
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
8. TANGIBLE FIXED ASSETS
| COST At 1 January 2023 Additions Disposals At 31 December 2023 DEPRECIATION At 1 January 2023 Charge for year Eliminated on disposal At 31 December 2023 NET BOOK VALUE At 31 December 2023 At 31 December 2022 |
Freehold property £ 4,188,025 - - 4,188,025 431,191 37,568 - 468,759 3,719,266 3,756,834 |
Fixtures and fittings £ 126,292 10,042 (510) 135,824 114,258 5,391 (349) 119,300 16,524 12,034 |
Totals £ 4,314,317 10,042 (510) |
|---|---|---|---|
| 4,323,849 | |||
| 545,449 42,959 (349) |
|||
| 588,059 | |||
| 3,735,790 | |||
| 3,768,868 |
A minibus acquired at a cost of £15295 in 2014 under an HP agreement which ended in September 2018 when full title to the vehicle was passed to the charity by way of a final option payment. However, the vehicle has never been capitalised in the company's financial statements which is a departure from SORP. The vehicle currently remains in use.
| 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Prepayments & accrued income 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 12) Social security and other taxes Other creditors Accrued expenses |
31.12.23 a £ 84,526 31.12.23 a £ 86,679 5,673 2,920 19,335 114,607 |
31.12.22 s restated £ 64,336 31.12.22 s restated £ 72,618 10,334 4,397 6,270 |
|---|---|---|
| 93,619 |
continued...
Page 14
Medway Towns Gurudawara Sabha Limited(The)
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
| Bank loans (see note 12) Other loans (see note 12) LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank loans Amounts falling due between two and five years: Other loans - 2-5 years Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 yr by instal |
31.12.23 a £ 805,480 - 805,480 31.12.23 a £ 86,679 - 805,480 |
31.12.22 s restated £ 903,977 50,000 |
|---|---|---|
| 953,977 | ||
| 31.12.22 s restated £ 72,618 |
||
| 50,000 | ||
| 903,977 |
12. LOANS
Secured bank loans were taken to assist with the purchase and construction of a new premises in 2011. The loans are secured by a mortgage debenture over all of the company's freehold property and assets.
Interest is charged on the various tranches of the loan, with various repayment terms, ranging between 4% and 6%.
Additional security has been provided by members of the board to secure the loans.
Other loans represent long term interest free loans from Gurudawara members.
13. SECURED DEBTS
The following secured debts are included within creditors:
| 31.12.23 | 31.12.22 | |
|---|---|---|
| as restated | ||
| £ | £ | |
| Bank loans | 892,159 | 976,595 |
The following legal charges exist over the assets of the company in favour of the company's bankers:
A' First Legal Charge' over freehold property at 1 - 5 Lankaster Park Road, Rochester, ME1 3QU
A 'First Legal Charge' over freehold property at Cossack Street, Rochester ME1 4DQ
A 'First Legal Charge' from Drumyard Ltd over freehold property at MSD Warehouse, 31 Second Avenue, Chatham, ME4 4DQ
Page 15
continued...
Medway Towns Gurudawara Sabha Limited(The)
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
13. SECURED DEBTS - continued
An 'All Moneys Gurantee' from Drumyard Ltd for a principle sum of £1,900,000 plus interest and other costs as detailed in the guarantee, together with MSD Warehouse, 31 Second Avenue, Chatham, ME4 5AU and such other security as the bank may from time to time hold in respect of debts and liabilities of the guarantor(s) to the bank.
An 'Unlimited Debenture' from Medway Towns Gurudawara Sabha Limited (The).
14. MOVEMENT IN FUNDS
| Prior year At 1.1.23 adjustment £ £ Unrestricted funds General fund 2,844,794 43,583 TOTAL FUNDS 2,844,794 43,583 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 480,673 TOTAL FUNDS 480,673 Comparatives for movement in funds At 1.1.22 £ Unrestricted funds General fund 2,742,545 TOTAL FUNDS 2,742,545 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 387,326 TOTAL FUNDS 387,326 |
Net movement in funds £ 152,262 152,262 Resources expended £ (328,411) (328,411) Net movement in funds £ 145,832 145,832 Resources expended £ (241,494) (241,494) |
At 31.12.23 £ 3,040,639 |
At 31.12.23 £ 3,040,639 |
|---|---|---|---|
| 3,040,639 | |||
| Movement in funds £ 152,262 152,262 At 31.12.22 £ 2,888,377 |
|||
| 2,888,377 | |||
| Movement in funds £ 145,832 145,832 |
|||
| 145,832 |
Page 16
continued...
Medway Towns Gurudawara Sabha Limited(The)
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
15. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2023.
16. ULTIMATE CONTROLLING PARTY
The Charity is controlled by its Management Committee acting as director/trustees
17. SHARE CAPITAL
The company is limited by guarantee and has no share capital.
In the event of a winding up, the Council of Management shall exercise their right to give and transfer the assets of the Sabha to the Shromani Gurudawara Parbanthak Committee, Amritsar, India or any other institution or institutions having charitable objectives similar to the objectives of the Sabha.
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