LEVY + PARTNEFIS 1/150NI Chartered Accountants Chartered Tax Advisers Statutory Auditors 74 Ritr Parade, Westgrn Avenue. London W5 3RA Tel.. 020 8932 1932 Fax.. 020 8932 0122 wvwJ.levyandpartners.com email.. info@levyandpartners.com 1964 16 O¢tober 2023 Our Ref: K0271ALJIMU Postcd certiti¢ate of p051ing proof Royal Mail Re8lStrar of Companies Companies Ilousc c.rown Way Maindy Cardift. cr14 3UZ l)C¢ir Sirs KHALSA C.OLLF,C.L I,nNDON IA C.QMPANY I.IMITID BY CUARAN'I-F.FI_C.QMPANV NU. ll2081264 CHARITY NO. 2Y61112 I'RUS'fF.Tr'S' RLPQR T AYI D FINAN(.'IAI. s'rAI'LMKNT5 FOR 'I'IIE YEAR ND.D 31 JANIIARY 2023 We enLloye for filing the 'l'rustecs' Rep()rt and Financial Statcnicnls tor the Ycar Ended 31 .lanuary 2023, for the abc)VL company. Yoiir5 faithtully Lev rtners Limited Enc.. Chartered Prowiploi. Levy + Partners Llmiied ITr8dlng a$ Le + Parfr81. cPanY Ilo. 6642925 IRe9tsler80 in England). RÈgi5tefed Olfice". 7.8 Rilz Parade. Wesiein Avenue. London W5 3RA. MYW le aiTrdparIiititsM Tax Advisers Re9thr0 Gairyon au¢lt andvareOr3 range a¢1115 byfhg In8fv1u olChartere(I Ac¢6nts in England and Wales Rtrglsteltrdrh Ihe Cliarfe Inslilul& or raxal as a Iiini olCharterÈd f&xAJV15ers ICAEW CHARTERED ACCOUNTANTS
ChArity number: 296012 CompAny number.. 02081264 IKhalsa College London (A company limited by guarantee) Trustees, report and financial statements for the year ended 31 Januthry 2023
Khalsa College London (A company limited by guarantee) Contents PAg¢ Legal and &dministrotiv¢ infomthtion Trustees, r¢port Independent ex8miners' report Statement of financial activiti¢s Balance sheet Notes lo the financial statements -12
Khalsa College London (A company limited by guar4ntee) Legal and administrY4tive information Charity number 296012 Company rtgbtratlon numb¢r 02081264 Regtstered offlce 26 si Thonw Drive Pinn¢r Middlegex IIA5 4SS Truste¢y Dr S S Kgpoor Mrs M K Kapoor MrP S KApoor Mr R S Kapoor Secret¥Jry Dr S S Kapoor Independent examlner Aryind L Joshi. FCA. CTA,DChA Levy + PartneTS Limitrd ChArtered A¢countsnts 7-8 Ritz Parad¢ W¢s¢ern Avenue London W5 3RA Bankers Barcluys Bank Pl Harrow Branch 355 StAtion Road Harrow Middlesex HAI 2AN PAgt I
Khalsa College London (A compaiiy limited by guarante¢} Report of the trustees (incorporating the directors, report) For the year ended 31 January 2023 The iru5tees present their report and the financial statements foT the year ended 31 January 2023. The irustecs, who are also directors of Khalsa Colleg¢ London for the purposes of company law and who served during the y¢ar and up to the date of this IEpori are ser out on pakre l. Structvrey governance and man*£¢ment Khalsa College London was incorporated as a private company limited by guarant¢¢ with the COTnpany number 2081264. It has no share capital but ¢&¢h member undertakc5. in the event of winding up, to Coniribuie £1 loward3 th¢ w5t and expenses of winding up. Thc ¢ompally's bpoverning document is the Memorandum and Articles of Association incorported 5 December 1986. Objectives #nd activitles To advance Ilie education of the public with 5pec181 reOrd to the educational needs of the ¢ominuniry of thc sub coiitinent ot India by tlie establislimeni and Thaintenlee ofun instirulion for ira¢hin&T and re5e¥rch. Achlev¢ments and p¢rform4nce Operations have bcen 58ti$facrory in the year under r¢vi¢w. Flnancial revlew The inc()min8 resourccs and resour¢es used are set oul on the anjiexed pag¢ 5 of die financial statements. Publ1¢ betflI Th¢ rrustec5 contirin that they have referred io the guidanc¢ contained itt lh¢ Chariry Commission's 8eneral 8uidance on public benefit wlien reviewing th¢ cliarity's obj¢ctiv¢s wid aclivilie¥ and in plannin& fiJiur¢ octiviiies. It is the jud&Tement of ihe tNBtecs (hal activities in pursuil of the abovc objectives thlly m¢1 th¢ public benefit test, whi¢h they hav¢ k¢p¢ in mind in plannin8 prograrnmc for th¢ ¢h&Tity. Si8tement of dlrectors, {Irll5tees) r¢spon.sibilities Th¢ directors are It5ponsible for prep8ring th¥ annual report, which a150 constitutcs the Truste¢s Report for ihc purpo.1¢ of cliarity law. and Ilie fJnanciRI srwtements in a¢¢ordancL with applicuble law And Unikd Kingdom Aceuunttng Standards (Unit¢d Kingdoni Generally A¢¢¢pt¢d Aicounting PTLlCticel. Company liw requires the trUSlce5 to prepare financial siatement5 for each finan¢iAI year which give a true and fair view of Ilie st¥te of affaÈrs ofihc cliarilablc company and o(the incoming resource$ aiid application of resour¢¢5, including the income and expeiidilure, of the charitable company for tliat period. In preparing these financial 5tat¢mcnts, the tru5tecs are required io.. s¢l¢ct suitable a¢¢ounling policie5 and then apply theih ColStently,. observe ihe methods and priiiciples in the Charities SORP., makc judgemenls and estimates th&1 are r¢450nable and prudent. state whether applicable LfK Accounting Siandards have been followed. subject to any material departures disclosed and explained in thE financial stat¢ments,' and prepare the financial statement5 on the going coD¢ern basis unless it 15 inappropriate to presume that the charitable ompany will ¢ontinue in operation. PAEe 2
Khaba Colle%¢ LondDn IA Company I1ted by 8urntee) Report of the trllSt¢u (ill¢Trryonling the 41ArectorJ' report) For the ye•r ended 31 JAnuary 2023 The 8Te responble for kwiDg ptoper A¢wuJJting r¢ctsTth vknich dixlwe with r•Bwttabk at aDy time the fitjancittl position of the charitsbl¢ wnp4lly and which ¢n8ble them lo th&1 the fiTh8nciRi 8tht¢ments COTry)Iy ryth the CDmpthi¢• knt 2006. or¢ akn r¢•pLYthibl¢ for wfwwrdlttg tbt asÈet> of tho ehaTltsbl¢ ¢oD)p•ny Ind h¢n¢¢ for tthng renAble it6ps for the prevention ad dection of fraud Jnd otbcr iThe8uIDritSC8. cgmpgny prov100 Thi8 report I¥ b¢¢n prepir¢d 4¢GOTdw¢ thIn the Jpe¢1 provision8 for gmiu etimpAtiiM under 15 of tho Cotiwic8 Ad 21K)6, On ixknlfDfthe board SSKwor Trurtet 13 O¢tob¢r 2023 P8e 3
Kholsa College London {A company limited by guArontee) Independent examiner's report to the trustees on the unauditLd fjllancial stAt¢ments of Khals# College London. I report tsn thc a¢counts of Khalsa Coll¢g¢ London for the year ¢nded 31 January 2023 8et out on pages 2 to 12. Rcspcrtfve responsibillties of trustce5 and independent examlner The ti'ustee5 IWIK) al'e also the directors of the compaliy foi. the purposes of company law} are re8ponsible for the prcparation of the accounts. The chai'ity's trustees consider that an audit is not Irquired for this ycar under scction 144121 ofthe Charilies Acl 20111th¢ 201 l A¢tl and that an independeiit ¢xamin&tion is needed. Haviiig sat15fied Inyself that Ihe chdrity is not subject to audit under company law and is eligible for independciit exa]nination, it is my responsibility to.. examine Ili¢ accounts under s¢glion 145 of th¢ 2011 A¢¢., to follow Ihe procedures laid dowii in thc General Dir¥cliuns given by the Charity Commission undcr section 145{Sllbl ol'ihe 2011 ALt' aiid 10 gtaie wlicther particular matters havL come to my attcntion. Basis of indepethd¢nt cx*mlner's statem¢nt My exaniinaiion was Carried out in accordance with the General Directions given by th¢ Charity Commission. An ¢xumiiiation includeb a r¢vi¢w ol'the a¢¢ountin&y rc¢ords k¢p¢ by th¢ charity and a ¢omparisoii of the ac¢ount¥ pr¢senL¢¢J with Ihose records. It alsD Lncludes coiisideration ol. any unusual itC1115 ur di5Llosure8 in the accoun15. and the 5eekiii8 ()f explaiiations fi'om you as trUSt¢es eoii¢eming any suLlI jnaiiers. I'h¢ pro¥¢dur¢s uiid¢rtak¢n do nor provide 011 the evidcnce that would be required in an audit and coiise(iueiitly 110 opiniaih is giveii as io whether the 4ccouiils pre$ent 'Itue and fllir view and the repon ts liinittd io thn5e matter% Sel Dill in Ilie ncxl slatcmciil. Independ¥nt examiner's statement In ¢oi)n¢¢lion with Iny examinalion. no matter has come lo my Y411entiot)'. which sives me r¢asonabl¢ ¢&us¢ to b¢liev¢ thA¢, in any mat¢rig1 r¢spe¢t, th¢ require1¢ts.. la) to keep accouiiting Tectsrds in accordaiice with section 186 of the Companie5 Act 2D06. and Ib) tv prcpare acu)unls whi¢h a¢eord with the a¢¢ovnling r¢cord$, comply with the a¢¢ounling r¢quir¢m¢nts ol. s¢¢tion )96 of the Companies Act 2006 aiid with the methods and principles of ihe Statement of Re¢DmiMend¢d Practicc.. Accountill8 and R¢portin8 by Charilies have not been mel, or 2. to which, in my opinion, attcntion should be draw) in order to enable a prop¢r understanding of the ac¢ounts to be reached. Arvlnd tfoshi, FCA, CTA,DChA l.evy + Partners Limited Ch4rt¢red A¢counlants 7-8 Ritz Parade Western Avenue London W5 311A Dat¢.' 13 October 2023 Poge 4
Khals# College London (A company limited by guarY4ntee) Statement of financial aetivities (Incorporating the income 2nd expenditure account) For the year ended 31 January 2023 Unrestrleted 2013 Totsl 2022 Total Nolt8 Incomt Voluntary income Activits¢s for g¢nerating ttds 67.01.3 67,013 47,662 Total In¢ome 67.013 67.013 60,445 Eipendlture Ex&min&tion fees Stoff costs TTUStees remuneration Esiablishmeiit costs Travel Hnd subsisten¢e of volunteers AcLourhtancy fe¢5 Overheads Interest payable similar chw$e$ Amortlsation and impairment Depreciation ai)d impain]J¢nt Insuranc¢ Printingp posia8¢ and stationery Telephone Bank chArs¢s 6,947 45,505 6,001 14.983 2,339 1.716 5,470 6,947 45.505 6,001 14,983 2,339 1,716 3.470 35.016 5,200 10.765 3,663 2,844 7,212 8,875 6,392 1,099 6,006 564 184 8,875 6,392 1,099 6.006 564 184 8,875 8,384 951 3,186 974 219 Total expendlture 106,081 l D6.081 87.289 Net movement In funds 139.0681 {39,0681 126.8441 Total funds brought forward 442.830 442,830 469,674 Total fmnds carried forward 403,762 40J,762 442,830 The notu OR pages 8 to 12 form an integral pgrt ot these finineiAI statements. P*ge 5
Khalsa College London (A company limited by guarantee) Balanc¢ sheet as at 31 January 2023 2023 2022 Noteg Flxed Assets Tjngible assets Current Assets Cash at bank and in hand 351.243 364.710 55,413 79.401 55,413 79,401 Crtdltors: 4mounts fAlllng dut wlthln on¢ yelr Net current 4Jsets 10 (2,894) 11,281} 52,519 78.120 N¢t assets 403,762 442,8.10 The fund8 of the chArlty Unre$tricted income fundB 403.762 442,830 Tot41 thnds 403,762 442,830 The Balance She¢¢ ¢ontinue9 on the followin8 p8g¢. The notes on pages 8 to 12 forni inte8r41 p•rt ofthese fin*nelal Jt4tements. Page 6
Kba]s ColhKe Londo (A ¢ompiny llmlted by guarantee) Balance sheet (contlnu¢d) Trurtees ital¢ments requlred by tb¢ CompaDleJ Act 2006 for th• yeAr ended 31 JAnuary 2023 In 8PProvinB these stytcnKnts &8 IsIc¢1 of the wanywe hereby wnfJrnL (8) th8t for the Jwr Btltsd abov¢ th¢ compdtty tntitl¢d to th¢ ¢xeJWI'on ¢onferr¢d by irclioD 477 of th¢ Compwji Ib) th&1 Do notice has been depo8ited di thc rc8Litered otTic¢ orth¢ pursvani to ie¢tioJ) 476 of the cOnan14 Act 2000 icqu¢4tin8 thai an Audlt b¢ wndu¢d for th¢ y¢Ar ¢ndcd 31 J4nuy2023. Ic>thHiW¢ A¢kmowW ow resp¢thiJiti¥ for,. (l) ensurio8 that thE corllpw k¢epA pMpDr •oEiYmtiDI TOCOTd# whlch ¢ompty with 8¢dlon 386 of th¢ CtsJDpani¢B Act 21MJ6, Jnd (21 Pf¢PArtns iIn•n¢1 Ththlch 8lv¢ a atsd hii vi¢w of th¢ Jtat¢ of affthi of th¢ ¢cthyny the ¢od or the fiDkn¢ial y¢ar4nd of or1o1 for th¢ y¢ar therL •nd•d In IOrd¢¢with the Tequtscrnulti ofseci0tyo 394 alld 395, 11 W.b Oth¢Ni comply with th¢ provi8iOW Cf th• CothrAnic& A¢1 r¢)AdllB kn fill11 BtrAte]Trxths. Bo for Il¢tsbJo lo tb¢ cotswy. The fill£13] xtrt¢monts 10 approved by thÈ board on 13 OotobET 2023 ond 8i4n¢d OD its bekn]f by Dr S S Kapoor Tnutee Company re8tstr4iion Mwmb•r,' 02081304 The nrtes paw l ts 12 f•rn •A Jntsgr*] PArt oftheje rtotsm¢nts. P41¢ 7
Khalsa College London (A company limited by guarantee) Noles to financial stAteMets for the year ended 31 January 2023 Statement of compliance The principal ac¢ouniiThg policies are summarised below. The accounting policies have been applied consisl¢i)Ily throughoui ihe year and the prectdiiig year. The trwisition to FRS 102 has resulted in no chan&e5 in ac¢ouniing policies lo ihose applied previously. 1.1. Basis of aeeoullting 'riic financial slalemenis Are prepared httve beeji prepared in accordance with Accounting and Reporting by ChaTlties.. Statemeni of Recommended Pracitce applicable to Charities pr¢p2ring their accounts in 4iccordance with the Finoneial Reporting Stdndard >Lpplicablt iii th¢ UK and Repiibli¢ of Ir¢land {FRS 1021 leffe¢tive l January 2a15}- (Charilies SORP IFRS 10211, and t]ie Compani¢¥ A¢t 2006. 1.2. Incoming reyourc&% All incoiiiing resour¥¢s are included in the statement of finatteial activities wlien the c114rity is ¢iititl¢d to the income and the amouni ¢an be ouantifi¢d with reasonable acLura¢y. -file followiiibl specific policie5 are applied io p&rticul&r cate&ori¢s of in¢oni¢', Voluiil&ry iiicome is received by way ol grants, donatioiis and 8ifis and 15 included in fvll in ¢h¢ statemeiiL Of Iinancial activities when r¥i¢iw&ble, Grdllts where eiiiitlcmeni is noi cL)ndiliunal on tli¢ delivery of & specific perfonmbncc by tlic ¢liarity, are r¢cogrsised wli¢n Ilie ¢hai'ity b¢¢thm¥s un¢(>iidilioi)ally enlitlcd lo Ilie bJf811t. Donated service.4 aiid f8¢ilitie5 are included at the valuc to the charity whert this Lan b¢ quantified. The value of seryi¢es provided by volunteer8 h&.4 noi been iiiclud¢d. Gifts d(iiiated for resale are included as incoming resource$ withiii Acllvities for ¥enerating fund¥ wheii they are sold. Grants. in¢luding grants for ihe purchase or rixcd os5ets. Are recognised iii fjjll in Ihe siatement of finaiicial &ctivities iTh the year in which they are receivable. 1.3. Resource5 expended ExpeiiditUTe is re¥vgnis¢d on fin Accrual bASlS QS 11 liability is incurred. Expenditu in¢ludes any VAT which chnnoi be fully recov¢i'¢d, Afhd is r¢porr¢d as pail ofthe cxpcnditUTe lo which il r¢lal¢s, C03t5 of generatin8 fiinds comprise the costs associated with attracting voluntary inwm¢ and the $ts of trading for fundraising purposes including the charity'5 shop. Charitablc cxp¢nditure comprises those costs incurred by th¢ ¢h8rity in th¢ delivery of its activities and services for its benefJciarie$. 11 includes both costs that can be allocated directly to such activitie alld those costs of an indirect nattwe ne¢css8ry to support them. Support costs ar¢ those costs incurred dir¢clly in 5UPPOrt of¢xp¢nditUTe on the objects of the charity and in¢lud project maiiagcment, Page 8
Kbalsx College London {A compaDy limited by guarantee) Notey to fiDaDcial statemelltg for the year ended 31 January 2023 1.4. Tgnglble fixed assets and depreciition Tangible fixed assets are stuted ai cost less aceumulated depreciation. Depreciation is provided at rates calculated to write off the cosi less residual Yalu¢ of each asset ovei its expected useful life. as follows: Land and buildiTh8S Building and improvements Office equipmeni Fixturts, fittings and ¢quipment Libi?ry books No depreciation is provided on freehold land Strnight line over thirty years 30°h per aniium- reducing b#¢¢ basis 30•/0 per annum- r¢ducin¥ balance basis 3/0 per annuin- redu¢ing ballee basis 1.5. Defined eontributlon pension s¢hem¢$ The pension costs chged in tlie finaftci41 st&tements represent th¢ contributioTh payabl¢ by th¢ charity during the y¢Ar. 1.6. GolThg Concern The accounts have been prepad on the assumption that the Charity is able to cary on ils activities as 80in8 concem, which ihe trustees consider appropriate having regord lo the circumstances. Voluntary Income 2023 Total 21122 Tot41 C J R S Grants receivAble 12,783 12.783 Actlvitles for generAtlng fund8 Unreitrlcted fund9 2023 Tot81 2022 Totol Other activities for gener&tiiw furtdj i11me 67,013 67,013 47.662 67,013 67,013 47,662 Net outgoing resources for the year 2023 2022 Net outgoing T¢sources 23 Stat¢d after charging,. Depreciation and other amounts MTitten off tangible fixed assets 15,267 17,259 Poge 9
Khalsa College LoDdoJ) (A company limited by guarantee) Notes to financiAI ststements for the year ended 31 January 2023 Employees Employment costs 2023 2021 Wuges and 8alaries Pension costs 43,098 2,407 34,631 385 45,505 35,016 No employee receivcd ¢molum¢nts of more than £60.00012022 .. None). Number of employees The averagc monthly numb¢rs of employee5 {in¢ludtn8 the trust¢¢sl durin8 the year. cAl¢ulat¢d on the bmsis of 11 time equivalents, wa5 as follow5.' 2023 Number 2022 Number TTUStee$' ¢molumenty 2023 21122 Remuneration and other benefits 6,001 5.200 Penslon cojts The company operates a deflned conlribution pension scheme in respect of the Smart P¢n5ion Ltd. The schen)e and it5 $¢ts are held by independent manager5. Th¢ pension ¢harg¢ r¢prescnt5 contributions due from tlic company and was as follows.. 2023 2022 Pension charge 2.407 .185 Taxatio The charity'5 8Ctivitie5 fall within the ex¢mptions afforded by the provisions of the Seclton 478 of the Corporation Tax Act 2010. A¢cordingly, there is no ttIOn charg¢ in th¢se accounts. Page 10
Khalsa College London (A company limited by guarantee) Notes to fin8nei41 $¢at¢ments for the year ended 31 January 21b23 land and Property buildlnymprovements fre¢hold Flyture4 Offit¢ fitting5 and equiprn¢nt equlpment TAnglble fixed assets Librory books Tot1 Cost At l February 2022 Additions 391,515 46.973 155,727 1,800 22,715 54,343 671,273 1.800 At 31 January 2023 391,515 46,973 157.S27 22,715 54,343 673,073 D#preclatlon At l F¢bTuary 2022 Charge for Ihe year At 31 January 2023 56,345 6,525 34,197 140.712 5.605 22.525 86 52.784 701 306,563 15,267 62,870 36,547 146,317 22,611 53.485 J21.830 Net book v&lves At J l January 2023 328,645 10,426 11,210 104 858 351,243 Af 31 Janvjry 2022 335.170 12,776 15,015 190 ,559 364,710 The c.harity purchased its School premises jointly with Iniernationwl school of Sikli studies London, anoiher Charity with common trustees. The share of 43°/D of th¢ fre¢liold wst h&8 beerh capitslised in the ac¢oui)¢s and the bAlance of 57% is l)eld on trus1 for Inlernalion81 schoold of Sikh Sludies. io. Credltors: amounts falllng due Ivithln one year 2023 2022 OtheT taxes and social security Unpaid wages Accruals 824 1.057 1.013 268 1,013 2.894 1.281 ii. Anly815 of net assets between funds Vnrestrl¢t¢d nd8 TotAI funds Fund balanc¢5 at 31 January 2023 as r¢pTe5ent¢d by.. TanEiblc fjxed a&8ets Curr¢nl 8ssets Currcnt liabilities 351.243 55.413 2,894 351,243 55.413 2,894 409.550 409.550 P8gell
Kha15 College London (A company limited by guarantee) Notes to finrdncial statementg for the yer4r ended 31 Januory 2023 12. Unr¢$trict¢d funds At At l February IDeoming Outgoing 31 JanuAry 2022 resources r4sourcts 2023 Unr¢stri¢t¢d Fund 442,830 67.013 (106,0811 403,762 13. Relatsd porty traTh$gctlon5 Th¢re w¢re no related paty transactlOll5. 14, Company Ilmlted by gu4r4Dt¢e Khalsi Cglleg¢ iA)ndort is a company limitcd by yarantee and wordirtgly does not h8ve a share ¢8pill. Every member of the ¢ompgny undert&keg to contribut¢ su¢h amount as may be required nol excetdin8 £1 to th¢ Assets of the chHritsble compdny in the event of ils b¢in8 wound up whil¢ he or she is a member, or within one y¢aT after h¢ OT she ¢eases io be a member. Page 12