Charity nurnber: Z96012 Compgny number: 02081264 Khalsa College London (A ¢ompaJJy limited by guarantee) Trustee8' report and finan¢ial statements for the ye4r ended 31 January 2024
Khalsa Colleg¢ London (A company limited by guarantee) Content5 Pg¥e Legal and administrAliYe information Tru$te¢s' report Independ¢nt cxaminers. repL)rt Slai¢ment of finan¢iAI activitie8 Balance she¢t Notes to th¢ financial statements
Khals• College London (A eomp4ny limiled by guarantee) Legal and administrative information Charlty number 296012 Company reglsiratlon number 02081264 Regl$tered offlce 26 St Thomas Drive Pinner Middlesex HA5 4SS Trustee Dr S S Kapoor Mrs M K Kapoor Mr P S Kapoor Mr R S KapooT Seeretory Mr P S Kopoor Independent txamlner Arvlnd L Joshi, FCA, CTA,DChA Levy + Pgrtner5 Limit¢d Chartered Accountants 7-8 Ritz Parade Western Avenu¢ IA>ndon W5 3RA B4nkers Bar¢lay5 Bwnk Pl Harrow Branch 355 Station R04d H8rrow Middlesex HAI 2AN P#g¢ I
Kha15a College London (A company limited by guarantee) Report of tht trustees (ineorporating the direetors, report) For the year ended 31 January 2024 The trust¢es pres¢i)t thcir report and the fiiiineial statements for (he year ended I l Jaiiuary 2024. The tru$tees, wlio ore also directors of Khalsa Colle¥v L4?nd(>n for Ihe PUTPOSC.% of company law ond who served during the year and up to th¢ date of this report are set out on pag¢ l. Structure? %overnan¢e and m4n4g¢m¢nl Khalsa Colle¥e Londoji was incorporatcd as a privatc Lompany limitL,d by 8uaraiilee wilh the compally number 2U81264. 11 ha5 110 share Lklpltal but each member undertakes, in Ihe eveiit of windinbl UP, to Lontribute £1 iowards the Lost and expeiises of wii)diiiki up. The conipaiiy's 8ov¢riiing do¢uJi)¢Jit is th¢ M¢moraiidun) and Arlicl¢s of Association ineorporled 5 Decernber 1986. ObJectiv¥¥ 4nd aLtlvltle$ 'ro advan¢c tlie ¢ducaiitsn (>f the public willi special regard to the educaiional need5 of the comniunity of tlic sub conlineiil of India by ili¢ ¢slabli$limcni and mainten&iic¢ ol'an insiilulion for t¢aching and rese8TcII. Achlvvements perform#nce Op¢r¢ilions huv¢ b¢Ln sa115fartory in the year uiidtr review. FlnanLial review ie inconiiiig T¥50urces &iid T¢Soue¥ u5¢d *Lre b¢1 on th¢ aiinexed pth8¥ 5 oftlie financial siaicments. Publlc beneflt Thc trustees confirm Ihdt they h8ve refrrred tr) the 8uidanc¢' contained in tlie Charity Commissinn'g 8¥nernl guidancc on publiL benefit whcn rcvicwinbT the charity's objectives aiid activitiL& atid in pltsnning future fjClivili¢s. It is the judgemeni of the trusices thai aclivilies in pur8UTI of the hbove objeetives lully met the public bcnefit resi, which they h#ve kept in miiid in plaiining programmc for the churity. Si4lcment Of direclor5' (trustee5) responsibilitiLs Thc dirc¢iois nie Irsponsible for prepAfi118 Ilie annual report, which Also COnSiilUtcs the'frustees Report for the purposc of ¢horiiy law, the fin&n¢ial 5tJtcm¢nts in a¢¢ordanc¢ with Applicable low and Unil¢d Kin&Tdom A¢¢oiinliiig Standards IUnit¢d Kingdom Genernlly A¢¢epted Accounting Practice). Companylow r¢quires the Irusiees to prcparc financial stat¢mcnts for cd¢h financial yeor which give a tnJ¢ and fair view of ih¢ statc of affairs ofih¢ ¢liarilablr c()mpaThy of the incofflTng r¢sourrE5 and appli¢alion of resouT¢¢8, iDcludiDg tlic income and expendilur¢, of th¢ ch8rilwbl¢ boinpany for Iliai period. Iii prepariiig ih¢se fin8n¢ial 3tal¢m¢nls. Ihe trust% are requircd to.. select suilabl¥ ucrouniing policies and then apply them consisiently. observe the ni¢thods &iid priii¢ii)l¢s in the Charities SQRP. make jiidgem¢nis and esiimate5 that are Itasonable and PTud¢nl,' stgte whether applicable UK Accounting Staiidards have been followed, subjccl to any material departurcs disclosed prepare the financial statcrncnt5 011 the goiiig concerii ba515 unles5 it 15 inappropriate to prc5lllllC that ihe chsrilable Company will ¢ontiiiue in operation. Page 2
Khx15a CollL'kiL l.oiido (A compny llmlicd bv %ur&nte) Report of the Irusteu (Inrorporutffing the dlrectOTS' repoi't) For the year eDded 31 January 2024 Sm411 comptsny provlilon$ Thio ¥L>011 hAs hi%'n pTell In wlthin Ihe Bpttial NOViRiODY for $11 coniiiAiiieJ tsiWJ. 1.1 ol. the Oh b¢h•lf Ird Mi. P S KapDui' 22 OLolxr 2024
Khalsa College London (A company limited by guarantee) Independent examiner's report to the trusteey on the unaudited financial statements of KhaLs College London. I report on the accounts of Khalsa College London foi. the year ended 31 January 2024 sct out on pa&Te8 2 to I l. Respcctive responsibilitlLiS ol trustees and independent exAminer Tlic trustees I10 are also ilie directors of tlie company for thc purp05cs of company lawl are responsible foT th preparation of the Rccounls. The charity's trustees ¢onsidei' that an audit 1% iiDI required for this yer undei. s¢¢tion 14412) ofthe c.harities Act 201 I (tho 201 l A¢tl and that an ind¢pendent examinotion is nceded. HAVlI)g s#risfied my.4elf that the charity is not subjcct lo audit under coinpany law and is eligible for ind¢p¢nd¢iit exaiiiinorion, il is my responsibiliry lo.. ¢xamiiiL the account5 under yection 145 of the 2011 Aci.. to lollow Ihe pni¢¢dures laid down in the GeneT81 Dire¢tion$ giveii by th¢ Charity Commission under seelion 14515llbl ot'ihe 2011 Act; and t() stole whether particular mattcrs havc come to my attention. Ba$l.¥ of Independent examlner's st&tem¢nt My exaniination wo.5 Lurri¢d our in a¢cnrdHiice with the General Direction5 ¥iven hy th¢ Chariry Commiysion. An exarniiiaii()n inLludes H rcvicw ol. the accouiitinb? rcLurd5 kLpI by the cliarily oiid a Comparison of tlie accounts prcsented witli thosc rccords. It also iiieludes coiisideraiion of any uniisual iierns ar di%¢lo%ures in Ihe occounls, and Ihe seekiiig of ¢xplan&tions from you as Iruslees conceniin¥ any such mllltcrs. -Fhe procedures undertoken d() n(11 providi oll Ihc evidence Iliai woiild be requir¥d in An uudit and coiisequenily no opinion is given as to wh¢ih¢r Ihe accounts present Indcpendenl examiner'$ stAtement In coiincction with niy examiiiation. no mattel. has come to my attcntiun.. l. whicli gives me reasonable c&use t(J believe that, in aiiy rnatcrial rL5pe¢t. the requirem¢nlJ.' la) to keep accouiilin8 record5 111 aCCOTdancc with 5ccli(?n l8() of th¥ Companies A¢t 2006, and Ibl to prep8re accounts which 8Lcord with the acLoui)liii¥ reLords, coinply wilh thc acLviiniing requirements of seLlion 396 of the Companies Acl 2006 and with Ihc mcthudb and principle.% of th¢ StJl¢m¢nt of Recoinmeiided Practice.. Ac¢oullling aiid Reportiii¥ by Ch&ritlf5 have i)01 beeii niei, or 2. to whi¢h, in niy opinion, allenlion should be drawii in ordcr lo cnablc a proper undcrstaiidiiig of th¢ u¢counts to bc reached. Arvl .loshi, FCA, CTA,DChA Levy ¥ E>artnci'5 1.iinited Chartered Accountonls 7-8 RilT. Parade W¢stcrn Aventse LA>ndon W5.IRA Date.. 22 O¢tob¢r 2024 Page 4
Kha150 College London (A company limited by gu4rant¢e) Statement of financial activities (incorporating the income and expenditure account) For the year ended 31 January 2024 Unrestrlet¢d fund5 2024 Totil 2023 Totll Notes Income Activities for generating funds 69,068 69,068 67,013 Total Incorne 69.068 69,068 67,013 Expendlture Examination fees Stoff i()sis Tru5tees' remun¢ration EJtoblishm¢nt costs Travcl and subsistence of volunteers Accounlon¢y lees Overh¢ads Int¢r¢st p#yable and similur char8¢3 Amortisaiion aiid ifflpairnient Depreciation gnd impairmenl Insurance Prinliii8, postig¢ and 3¢Htionery Telephone Bllnk charges 12,498 29,511 6,000 17.168 506 2,142 7.272 12,498 29.511 6,000 17.168 506 2,142 7.272 6.947 45,505 6,001 14.983 1,716 5,470 8,875 4,054 8,875 4,054 8,875 6,392 1,099 6.006 564 184 697 1,324 193 697 1,324 IY3 Total expendlture 90.240 90,240 106,081 Net movement In fMnds 121.1721 (21.1721 1.39,068 Total fund5 broii8ht forwhrd 403,762 403,762 442.830 Tot&1 funds ¢Arrled forward 382.590 382.590 403,702 The notes on page$ 8 to 11 forrn integral pgrt of thes¢ finaD¢i41 st*tement& Page 5
Khalsa College London (A ¢ompwny limited by guarantee) Balance sheet as at 31 Januory 2024 2024 2023 Notes Flx¢d 45sets Tangible 85s¢I$ Curre1 assets Cash at bank athd in hand 338.314 351,243 46,344 55,413 55,413 Credltors: amounts folllng due within one year (2.068} (2,8941 Net current assets 44.276 52,519 Net osset5 382,590 403,762 The funds of the chgrlty Unr¢5tric¢Ed income funds 10 382.590 403,762 Total funds 382,590 403,762 The BalaDC¢ Sh¢et conlinu¢s on the following p48¢. The notes on pages 8 to I I form An integrol part of these flnonTial 3t*ternentS. PAge 6
Khal¥a College London (A compgny Ilmlied by guarante¢) alanee sbtet (eoTStEnued) Truste¢5 Statenients re4ulred by the Conipanles Act 2006 forthÈ year ondod 31 JaTru8ry 2024 In approving these filljncibl $tementsE tru&lees of tli¢ comp)nywL bertbyconfurD-. 141 forthe ¥ta¥ st#lcd abov¢ tho mllY wjji eniitl¢d lo ihe ¢xempiioii ¢Qllf¢n¢d by swLion 477 orth¢ CompDlli¢S Ari 2006. Ib) that DO nDti¢¢ hAs bcen dcposilcd ui ll)c rc¥isl¥ieil otTc¢ ol lh¢ compaDy pDrsu8Dt lo $¢¢uon 476 of th¢ CotJpaEUCS ArL2006 r4ue61ing thni llydil bo ¢ondvGwd for th¢ yoar¢nded 31 Imugry 2Q24. Ic) Ih8iwe oekn0wl¢dg¢ourr¢5poibI1iTI¢5 for. (l) on8urin¥ thai the cornpiffty k¢cp& prop¢r.D¢couuliDB F¢eoTd¥ uthl¢h roniply with iEction 386 of the CompJnie$ A¢1 2005, aDd '; 12) PT¢p&fill8 linJu¢o1 stole18 wbiLb giv¢ o vve and f8w Yi¢w of th¢ stal¢ o(èiTait¥ pfthe nIp&nY 48 8L th¢ ¢Dd of th¢ fAnCIal ycArarO ofÉts profil orloss lor (be arthOD esyJ¢d in u¢wrdnn¢e vrith the rvquir¥ments of &¢ciions 394 and 395, aud which otheThvisp ¢onipl>'.with the proMsiOll6 of th¢ Cou)pdlli¢s A¢t T¥lotlM8 10 I]ll8nciAI 51&1¢mcni& %D fAr as kpplicoblc lo th¢ ¢ompuny. Th¢fjDhuknial swicmcnts appto,vc(I by the b0d on 22 Ociokr2024 SDdJ.¢8ned on its b¢holf by Mr P S Kfjp¢JDr I'ruslee Tri%ryT_ Comptiuy. r6tyif¢iion 11riifvb 0208.1204
Khalsa College London (A company limited by guarantee) Notes lo fittancial statements for the year ended 31 January 2024 Statement of compliance The prtncipal aLcouniing policies are suminarised below. The accounting policies have been applied consistently Ihrougrhoul Ilie year and th¢ pr¢¢eding year. Tli¢ transition lo FRS 102 ha5 resulted in no ¢hAiiges iii accounliiig poliLies to tliose applied previously. Bos1$ of g¢counling 'l-lie finanbial SlAtemenis &re preparcd have becn prcparcd in a¥¢ordaiiLe wilh AccouiitlllbT and Reportiiix by ClIHrities.' Slalein¢nt of R¢cumm¥nded PraLtiL¢ appli¥dble lo cliarilieg prepariiig their acLounls iii accorddiiLe willi Ilie Finaiicial Reparnitix Stsjidard applicable iii Ilie UK aiid Republic of Ireldnd IFRS 1021 leffecliv¢ l Jaiiiiary 20151 {Charilies SORP IFRS 10211, 4t)d ili# Companies Act 2006. ¢sour¢¢$ cxpended Expeiidilure is r¢io&rnis¥d 011 Jti basis ¥5 a liability is iiicurrcd. Lxpciidiiiire ii)cludes any VAI- which ¢aiiiiLII be fully rccovei'ed, aiid is reportcd as part of Ilie LxpLnditUTe to wliicli il r¢ldies. Costs of xencraling fiitids comi)rise Ilic Lnsty ass(>Lialed wilh Hllracting wolunlary inLome and the cos1$ of trAdiiig for fundrHl5in¥ piirp05Cs Trncludink Ilic eliarity's sliop. C.hHritable expenditure comprise5 Ihn.4e cos15 incurred by the charity in Ihv deliveiy of irs activities and service$ lor ils ben¢fiLiftrics. li includcs both c05t5 that can Allne&ied directly to such uctivilies and those ¢osts of Bn indireii naturc nc¢essary to 511PPOrt thcm. Support cos15 Are those ¢0s18 incurrcd directly iii support of expenditure on thc objcct5 of tlie charity at)(J include projcct management. 1.3. Tunglblc fixed Assets ond depreci#tion Tan8ible fixL.d a55cIs are $ialed al ¢05t Icys ¢UMIlI1Ld depreLialion. Depreciation 15 pr(Ivided ai ral¢s ¥al¢ulalcd to wri(e olf th¢ Lost Icss residual walue uf each a55rt ov¥r lis ¥xpe¢ted us¢tul lit¢, as follow5.' Land aiid buildi118S Biiildi118 and iillprov¢ni¢'nt¥ OffiLe ¢quipineni Fixture%, litiin&ts and ¢quipm¢n¢ I,ibrary books No depreciation is providcd on frcehold land Sir4ighi lin¢ uv¢r thiriy year5 330/y per annum - redu¢in& balanc¢ basis 3JW* per hnnum- r¢diicing balaiic¢ b8sjS 33Q/• pcr annum- reduci118 balance basis Defined ct)ntrlbullon penslon s¢h¢mes The pension Costs Charged in th¢ financial siitements r¢pres¢nt the ¢onlribution payable by the charity durin8 the year. Going ¢oncern The a¢¢ounls have been prepared on the assumption that the Charity is able lo carry on its activities a5 a goin&Y Loncern. which the Irtsstees consider &ppropriaie having regard to the cirLumslancis. PAge 8
Kha15a College London (A company limited by guarAntee) Notcs to financial statementy for the yLar end¢d 31 January 2024 Activities for generating funds 2024 Total 2023 Totil Other activiri¢s for generating fund5 income 69,068 67.013 09,068 67,013 Nel outgolng resource5 for the year 2024 21123 Net out80in8 re50UT¢¢$ IS s¢4ted after ¢hJrging'. DepreciAlion and other atnounts writtcn otTithllgible fixed assets 12,929 15.267 Employees Employment ¢0st8 2Q24 2023 Wages And sAIAries Pension ¢osts 28.978 533 43,098 2,407 45,505 No employee received emoluments of more thhn £60,00012023 None). Number of employees The avcTage monthly numbers of employees (including the trustees) during the year, colcul&ted on th¢ basis of full tirne equival¢nts, wa5 85 follows.. 2024 Iyumber 2023 Number Truste, emoluments 2024 2023 Remuneration and other benefits 6,000 6,001 Page 9
Khalsa College London (A company limited by guarRnte¢) N1)t to financlal statemcntS for the year ended 31 January 2024 Pen8lon cos¢8 The company operaics A defincd conti'ibuiion pension scheme in resp¢cl of thc Smart P¢n$ion Ltd. Th¢ s¢h¢m¢ and its assets are held by independent managers. Th¢ pension ¢harg¢ r¢presents contributions due from ilie comp4ny 8nd was a5 follows.. 2024 2023 Pension ch&rge 53.1 2.407 T4x4tlo The charity'5 activities fall within the exemptions Rffordcd by tlic provi5iOt)s of the Sectioii 478 of the c.orporation Tax Act 2010. Accordingly. there is no taxation chY4Tbrc in thcs¢ a¢¢ounts. L•nd Rnd Property buildlngsmprovements fr¢ehold Ixtures, Offlce flitlngs ind e4ulpment equlpmertt Tanglble flxed assets Llbr#ry l)ooks TotAI Coyt A¢ I l.'cbruary 2023 and Ai 31 January 2024 391,515 46,973 157,527 22,715 54.343 673,073 Depre¢l*tlon Al l February 2023 Charge for tlic year Ai 31 J4nuary 2024 62,870 6,525 36,547 2.350 146,317 3.733 22,611 35 53,485 286 321.830 12,929 69,395 38,897 150,050 22,646 53.771 334.759 Net book valucs Ai 31 Jaiiuary 2024 322,120 8,076 7,477 69 572 338..314 Al 31 Janumry 2023 328,645 10.426 11.210 104 858 351,243 The Charity purchased its School premises jointly with Intcrnational school of Sikh studic5 London, nOther c.harity with cornmon trustee5. The share of 430/D of the freehold c05t hBs been cHpilalised in the account5 thc balance of 57Yo is lield on trust for International schoold of Sikh studies. Pig¢ 10
KhalsA College London (A company limited by guaran¢ee) Notes to fjnancial statements for the yerdr ended 31 January 2024 Creditors: amounts falling dlle within one year 2024 2023 Other taxLs and 50C141 security Uiipaid wages Accru015 455 824 1,057 1,613 2,068 2,894 io. Analysls ol net assets between funds TotMI funds Fund balances at 31 January 2024 as represenicd by: Unrestri¢ted funds At At l February Ineomlng Owtg(blnK 31 JgnuHry 2023 r¢JoyrceJ resources 2024 Unr¢slri¢ted Fund 403,762 69.068 (90,2401 382.590 12. RL'loted party tran84ctlons There w¢re no related pty transactions. 13. Company Ilmlted by guarantee Khalsa Colleg¢ London rs H ¢omppny limited by guarwiite¢ and accordingly th)¢$ not have a share capital, Every member of the ¢ompany undertake$ io contribute such Amount as may be required not ex¢¢eding £1 to the assets of thv rharitable coinpany in the event of its being wound up while h¢ or she is N m¢mber, or within one year hfter he OT she ceases to be a meinber. PAg¢Jl