2024-04-30-accounts - Sikh Sangat, London East

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Sikh Sangat London East

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

SIKH SANGAT LONDON EAST	SIKH SANGAT LONDON EAST
CONTENTS
For The Year Ended 30 April 2024
	Page
1. Executive Committee Report	1 – 4
2. Independent Examiner Report	5 – 6
3. Statement of Financial Activities	7
4. Statement of Financial Position	8
5. Notes to the Financial Statement	9 - 11
6. Approval of Financial Statements	12

SIKH SANGAT LONDON EAST

EXECUTIVE COMMITTEE REPORT

FOR THE YEAR ENDED 30 APRIL 2024

REPORT OF THE TREASURER

I am pleased to present the Treasurer’s report for the period ending 30 April 2024. This report sets out the financial position, the issues facing the organisation and its long-term stability and growth.

Financial summary (previous financial year figures in brackets)

Our total income for the year is £102,169 (2023 - £100,765). Our total expenditure is £94,247 (2023 - £77,675). This results in a net surplus for the year of £9,134 (2023 – surplus of £23,413).

Income

Donation income received during the year increased to £41,653 (2023 - £40,861). Golak donations increased to £23,010 (2023 - £20,989). The majority of Langar and Prashad donations received during the year have been reported in Receipted donations £600 (2023 – £3,322). Kirtan Bheta is reported in Receipted Donations. Rental Income for 65/67 Francis Road increased in the year to £31,707 (2023 - £30,316). Other Income (inc. social trips) has decreased to £231 (2023 - £1,097) in the period.

Expenditure

Staff costs were £31,951 (2023 - £28,093) and core costs rose significantly to £52,248 (2023 - £44,695). Property costs increased to £2,239 (2023 - £361). Sangat and Community Welfare decreased to £3,808 (£4,526). Interest Income increased significantly to £1,212 (2023 - £323).

Assets & Liabilities

In relation to Assets, the total assets of the Sikh Sangat London East, increased during the period to £115,450 (2023 - £104,535). Loans to staff were £3,293 (2023 - £3,587). Accrued Income was £4,697 (2023 - £4,475). Payroll liabilities were -£650 (2023 - -£1,050)

Acknowledgements, Contributions and Sources of Funds

The time and effort contributed by our Sangat and volunteers is an invaluable and unaccountable source of support which cannot be easily quantified. The donations are of course much needed, and coupled with the above, this makes the Sikh Sangat London East representative of our community in Britain.

The contributions include professional expertise where members work in a voluntary capacity for the Sikh Sangat London East and share their experiences and community perspectives. We were also fortunate to have several volunteers who have provided valuable support to the gurdwara at times of need.

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SIKH SANGAT LONDON EAST

EXECUTIVE COMMITTEE REPORT

FOR THE YEAR ENDED 30 APRIL 2024

REPORT OF THE TREASURER (continued)

I would like to pay special thanks to the previous committee members for their support and guidance, their commitment and seva have provided us with a stable foundation to build upon and key decisions that were made are still being benefited from today.

My thanks is extended to our suppliers and partners for supporting us by providing us with generous donations of langar supplies; This has gone a long way in providing us with sustainability today.

During the period the executive committee embarked on a building project to relocate the toilets, the staff accommodation and Lanagr storeroom. We are pleased to have reached one of the key milestones that we set at the start of the project; the approval of planning permission from the local authority. This has all been made possible by your generous donations and support.

The next milestone of the project is to work out what works can be undertaken internally by expert volunteers and tradesmen and then to outsource the work that require other skilled professionals.

As guardians of the Gurdwara, it is our duty to ensure that we are spending donated funds responsibly and the building project would be no exception, the next steps for the incumbent executive committee would be to devise a detailed budget and tender the works required out to multiple, independent professionals for a competitive quote.

The reduced Net Profit for the period reflects the expenditure on the building project.

Successful training courses have continued throughout the period.

The Gurdwara has seen a lot of new Sanagt attending the Saturday Diwans and this has translated into a rise in program bookings.

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SIKH SANGAT LONDON EAST

EXECUTIVE COMMITTEE REPORT

FOR THE YEAR ENDED 30 APRIL 2024

REPORT OF THE TREASURER (continued)

On behalf of the Executive Committee, I would like to make the following observations and recommendations for the coming period:

In the coming period we are faced with some big challenges with the rising of essential running costs. We are looking at ways to manage and reduce our core expenditure whilst maximising our revenue streams to support this.

With £120k in our reserves, and the ever changing, volatile economic climate, we must keep at least 6-9 months running costs; with last years average monthly expenditure totalling £6,500 per month, we would need to ring-fence between £40k - £60k to safeguard our Gurdwara Sahib in the event of another unprecedented, catastrophic world disaster.

Activities held on site have been popular, Gatka classes for adults and children and Kirtan classes are being held on a Saturday throughout the day and we are seeing a rise in attendance at Saturday’s Diwan programmes. We are looking to relaunch both adult and children Punjabi Classes in the coming period and look to encourage members of our Sanagt to support Leyton Gurdwara.

Our offering to the wider community is an area that we look to develop, the social demographic of Leyton has changed vastly over the last decade and we have been attracting individuals and families from all over the East London area, with many students from overseas, that enjoy attending the Saturday Diwan programs and having Langar. Volunteer resourcing is an area we would like to encourage and expand upon.

We are grateful for all your generous donations made and for your ongoing financial and voluntary support. We would humbly ask for this to continue so that we are able to make our Gurdwara Sahib a better place for present and future generations to come.

We always require specialist help from different professions such as project management, architectural, building, electrical, accountancy and audit. If you or anyone else you know that would be willing to help, work in any of these or other professions then your time, advice and skills would be gratefully received.

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SIKH SANGAT LONDON EAST

EXECUTIVE COMMITTEE REPORT

FOR THE YEAR ENDED 30 APRIL 2024

REPORT OF THE TREASURER (continued)

The Sikh Sangat London East Constitution requires the Treasurer on behalf of the Executive Committee to prepare financial statements.

The Treasurer is responsible for preparing the financial statements and has followed best practice in preparing them.

The Executive Committee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the organisation and following best practice enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the organisation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Independent Examiner

An independent examination was carried out by Mr Jagraj Lalli

This report was approved by the Executive Committee on 20/02/2025

Signed on behalf of the board of Executive Committee,

Varjodh Johal Treasurer

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SIKH SANGAT LONDON EAST

INDEPENDENT EXAMINER REPORT

FOR THE YEAR ENDED 30 APRIL 2024

Opinion

I report on my examination of the accounts for the year ended 30[th] April 2024, Charity no. 278097.

Respective responsibilities of the Trustees and Independent Examiner

As trustees of the charity, the members of the Gurdwara, Sikh Sangat London East are responsible for the preparation of the accounts. They consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
select suitable accounting policies and apply them consistently.
examine the accounts under section 145 of the 2011 Act;
follow the procedures laid down in the General Directions given by the Charity Commissioners section 145(5)(b) of the 2011 Act; and
make judgements and estimates that are reasonable and prudent
state whether particular matters have come to my attention.
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation

The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Each of the trustees confirms that:

So far as that trustee is aware, there is no relevant audit information of which the Gurdwara, Sikh Sangat London East auditor is unaware.

The trustee has taken all the steps that they ought to have taken in order to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

Basis of Independent Examiner’s Statement

My examination was carried out in accordance with the General Directions given by the Charity Commission.

An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the management committee concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in a full audit, and consequently I do not express an audit opinion on the accounts.

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SIKH SANGAT LONDON EAST

INDEPENDENT EXAMINER REPORT

FOR THE YEAR ENDED 30 APRIL 2024

Independent Examiner's Statement

I report on the accounts for the year ended 30[th] April 2024, Charity no. 278097

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:

the accounting records were not kept in accordance with section 130 of the Charities Act; or
the accounts did not accord with the accounting records; or
the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Jagraj Lalli

Independent Examiner

06/02/2025

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SIKH SANGAT LONDON EAST

STATEMENT OF FINANCIAL ACTIVITIES (Incorporating income and expenditure account)

FOR THE YEAR ENDED 30 APRIL 2024

The analysis on page 8 forms part of these financial statements.

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SIKH SANGAT LONDON EAST

STATEMENT OF FINANCIAL POSITION

(Incorporating income and expenditure account)

FOR THE YEAR ENDED 30 APRIL 2024

These financial statements were approved by the Executive Committee and authorised for issue on 20/02/25.

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SIKH SANGAT LONDON EAST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

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SIKH SANGAT LONDON EAST

APPROVAL OF FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

Page 10

Totsl 2023-2024 Total 202>2023 CASH ATBANK 5.941 109,Wg 115,450 535 104,(KN) 104,535 Saying5 Account LOANS TO ¥fAFF Tra¥tl Loan 438 3,149 3,587 1293 3293 ACCRUED INCOME 1.610 10&7 £697 1,953 1522 4,475 Golak Donations.Awi12022 The xuucd income rcprucnts Apri] donations that wcrei¥nked in May PAYROLL Gi3nDi 650 650 .1,050 -1,050 Thc GiattDi ents the krtDighdy Dudebéfftthe Itnth ClPYrdI tUD Page 11

SIKH SANGAT LONDON EAST

APPROVAL OF FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

As requested by the Executive Board of Sikh Sangat London East, I have conducted an independent review for the financial year 2023 - 2024. The accounts were prepared by Mrs Bijal Sian. During the Independent review, no irregularities were detected.

Accounts reviewed by

Jagraj Lalli Independent Examiner

Accounts prepared by

Varjodh Singh Johal Treasurer

Board representative

Herman Singh Johal President

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