Charfty Roglgtratlon No. 603976 GURU NANAK SIKH GURDWARA ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
GURU NANAK SIKH GURDWARA LEGAL AND ADMINISTRATIVE INFORMATION Trnstees Mr Sucha Singh Khalra Mr Jamail Singh Sidhu Mr. Joga Singh Sidhu H Singh Varanitch (Appointed 3 June 2023) (Appointed 3 June 2023) Charity number 503976 Prlncipal address 1-2 Hadley Park Road Leegomery Telford Shropshire TF16PW Registered office 1-2 Hadley Park Road Leegomery Telford Shropshire United Kingdom TF16PW Independant Examlner Taheer Afzal ACA BSS & Co (Accountancy Services) Limited 75 Aston Road Shifnal Shropshire TF118DU
GURU NANAK SIKH GURDWARA CONTENTS Pago Trustees report Statement of financial activities Balance sheet Notes to the financial ststements 5-10
GURU NANAK SIKH GURDWARA TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual report arKI fin8nd81 siatemenls for Ihe year ended 31 March 2024 The finanaal statements have been prepared in accordance wlh the accounting policies set out in note 1 to the financial statements and comply the charitrfs Trust Deed, the Charities Act 2011 and "Accounting and Reporting by Chanties Statement of Recommended Pracbce applicable to charities preparing their accounts in accordance wth the Finanaal Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". Obje¢tlves and activltles To promote the Sikh ligIOn in accordan with the teachings of Sri Guru Granth Sahib Ji. The trustees have paid due regard to guidance issued by the Charty Commissi(In in deciding what activrties the charity should undertake Achlevements and perfomiance The trustees consider that the perfonnance of the charity this year has been reasonable Ythen comparing the activty to the previous year. During the year, the charity generated £87,706 donations from charitable actimbes as compared to £90,860 in the previous year. Totsl income increased by 4% from £97,168 to £101.029. and total expenditure Increased by 17% from £86,305 to £103,906. Financlal review The chanty holds reserves of £745,815 (2023. £748,692) which are unrestricted funds. These funds are held In order to meet any unforeseen expenditure that may occur. It is the policy of the charity that unrestricted fijnds which have not been designated for a specific use should be maintained at a level equivalent to ben three and six month's expenditure. The trustees consder5 that reserves at this level will ensure that. in the event of a sigruficant drop in funding. they will be able to continue the charity's current athvibes lIe consideration is given to ways in which additsonai ndS may be raised. This level of reserNes has been maintained throughout the year. The trustees have assessed the major risks to which the charity is exFosed, and are satisfied that systems are in pla to mrtigate exposure to the major risks. structure, govemance and management The charity is an unincorporated assoaation and is govemed by ifs constriution. Trustees are appointed through a process of elethon. The trustees who seNed during the year and up to the date of signature of the financial statements were.. Mr Sucha Singh Khaira Mr Gurmit Singh Bansi {Regned 3 June 2023) Mr Jamail Singh Sidhu Mr Jarnail Singh Johal Mr Joga Singh shU H Singh Varanitch (Resigned 3 June 2023) (Appointed 3 June 2023) (Appointed 3 June 2023) The Trustees report was apwoved by the Board of Tnjstees, and signed on their behalf by.. Mr. Joga Slngh Sldhu Trustees Dated.. 17 December 2024
GURU NANAK SIKH GURDWARA INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GURU NANAK SIKH GURDWARA I report to the trustees on my examination of the financial statements of Guru Nanak Sikh Gurdwara (the charity) for the year ended 31 March 2024. Responslbllltles and basls of report As the trustees of the charity you are responsible for the weparati<Jn of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act). I report in respect of my examination of the charity's financial statements carrted out under section 145 of the 2011 Act. In carying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examlnerfs statement Your attention is drawn to the fact that the charity has prepared finanaal ststements in ac¢x)rdancE with Accounting and Reporting by Chants'es preparing their accounts in accordance with the Finanaal Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities. Statement of Recommended practi issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. l understand that this has been done in order for financial ststements to provide a true and fair view in accordance Vth Generally Accepted Accounting Pracbce effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no matters have come to my attention in connectron with the examinatson giving me cause to believe that in any material respect: accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act: or the financial statements do not accord wrth those records.. or the financial statements do 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 Tr)t a matter considered as part of an independent examination. I have no conc2ms and have come across no other matters in connectson with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Taheer Afzal ACA BSS & Co (Accountancy Services) Limiied 75 Aston Road Shifnal Shropshire TF118DU Dated. 17 December 2024
GURU NANAK SIKH GURDWARA STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrostrlcted funds 2024 Unrestrlcted fund8 2023 Notas Income and endowments from: Donations and legaaes Investments Other income 87.706 2,951 10.372 90,860 540 5.768 Totsl Income 101.029 97.188 Expendlture on: Raising funds Charttable activities 24,656 79,250 20,228 66,0 Total expenditure 103,906 86,305 Net Incomel{expendAture) and movement In fvnds {2.877) 10,863 Reconclliation of funds: Fund balances at 1 April 2023 748.692 737,829 Fund balances at 31 March 2024 745.815 748.692 The statement of finanaal activities indudes all gains and losses rwnised in the year. All Ir)come and expenditure derive from continuing activities.
GURU NANAK SIKH GURDWARA BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes Fixed assets Tangible assets Current assets Cash at bank and in hand 10 425,488 441,538 320,329 307,154 Net Cuent assets 320.329 307,154 Total assets less current Ilabillties 745,815 748,692 Income funds Unrestncted funds General unrestncted fijnds Revaluation reserve 448.386 297,429 451,263 297,429 745,815 748,692 745,815 748.692 In relation to the financial statements which comprise and the related notes: The trustees approve these financial statements and confirm that they are responsible for them, including selecting the appropriate accounting policies, applying them consistently and maknng, on a reasonable and prudent basis, the judgments underlying them They have been prepared on the going concem basis on the grounds that the charity will continue In operaknon. The trustees confirm that they have made available to B.S S. & Co (Accountancy serViS) Limited, all the charity's accounting records and provided all Ihe infomation necessary for the compilation of the financial statements. The trustees confirm thal to the best of their knowledge and belief, the accounting records reflect all transacbons of the chanty for the year ended 31 March 2024. The financial ststements were approved by the Trustees on 17 December 2024 Mr Joga Singh Sidhu Trustee
GURU NANAK SIKH GURDWARA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcies Charity Infomiatlon Gunj Nanak Sikh Gurdwara is a public benefit entity arKJ a registered charity in England and IAÈles and is unincorporated. 1.1 Accountlng conventlon The financial statements have been prepared in accordance with the charity's [goveming document], the Chantses Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 1021 and the Chanties SORP "Accounting and Reporting by Charities. Statement of Recommended Practice applicable to chantses preparing their accounts in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland (FRS 102). (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial ststements have departed from the Chantses (Accounts and Rewts) Regulatsons 2008 only to the extent required to provide a true and fair wew This departure has involved follow7ng the Statement of Recommended Practice for chanbes applying FRS 102 pther than the version of the Ststement of Recommended Prathce which is refeffed to in the Regulations bui which has since been wthdravfft. The financial ststements are prepared in sterling. which is the functional currency of the chanty. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. [modified to indude the revaluation of freehold properties and to include investment properties and (xtain financial instruments at fair value]. The pnncipal accounting poliues adopted e set out below. 1.2 Going concem At the time of approving the financial statements. the trustees have a reasonable expectation that the chanty has adequate resources to continue in operational existence for the foreseeable future Thus the trustees continue to adopt the going concem basis of accounting in preparing the financial statements 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the tfustees in furtherance of their charitable objethves. Restricted funds are subject to speofic condits'ons by dorK)rs or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donots ttk3t the capilal must be maintained by the charity 1.4 Income Income is recognised when the charity is legally entitled to it after any performance condits'ons have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt Other donations are Tecognised once the charity has been notified of the donation, unless perfomiance condbtions require deferral of the amount. Income tax recoverable in relation to d¢)nats"ons received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otheThvise if the charity has been rtffied of an impending distribution, the amount is kntr, arKI receipt is expected. If the amount is nol kno, the legacy is treated as a conts'ngent asset.
GURU NANAK SIKH GURDWARA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles (Contlnu•d) 1.5 Expendlture Expenditure is recognised on an accruals basis 85 a liabllily Is incurred. Expenditure includes any VAT which cannot be fully recovered, and is dasslfied under headings of the st8tement of financial activities lo which it relates. Expenditure on raising funds includes the costs of all fundraising activrties, events. n-charitable trading activities, and the sale of donated goods Expenditure on charrtable activities includes all costs incurred by a charity in undertaking activtties that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the govemance of the chanty apportioned to charitable activities. 1.6 Tangible fixed assets Tangible fixed assets are initialty measured at cost and subsequenty measured at cosl or valuation, net of depreciation and any impaiment losses. Depreaation is recognised so as to wnte off the cost or valuation of assets less their residual values over their useful lives on the followng bases.. Freehold land and buildings Fixtures and fittirYJs 2%SL 20% RB The gain or loss arising on the disposal of an asset is detemiined as the dIffence between the sale proceeds and the carying value of the asset, and is recognised in the statement of financial actIveS 1.7 Impalmient of flxed assets At each reporting end date, the chanty reviews the carying amounts of its tangible assets to detemiine whether there Is any indication that those assets have suffered an impainnent loss. If any such indicakn'on exists, the recoverable amount of the asset Is estbmated in order to determine the extent of the impairment loss lif any). 1.8 Cash and cash equtvalents Cash and cash equivalents indude cash in hand. deposits held at call with banks, other short-temi liquid investments with original maturities of three months or less. bank overdrafts. Bank overdrafts are shown within borrowngs in current liabilities. Basic financlal assets Basic financial assets. whith indude debtors and cash and bank balances. are initially measured at transaction price including transaciion costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a finanang transaction, where the transaction is measured al the present value of the fijture receipts discounted at a markel rale of interest Financial assets Classified as receivable within one year are not amortised
GURU NANAK SIKH GURDWARA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles (Contlnuedl Basic financlal liabllitles Basic financial liabilities, including cdItorS and bank loans are initially recognised at Iransadion price unle88 the aangement constitutes a financing transaction, where the dabl instrument is measured at the present value of the future payments discounted al a market rate of interest. Financial liabilities classified as payable wthin one year are not amortised Debt instruments are subsequently carried al amortised cost, uslng the effective Interest rate method Trade creditors are obligations to pay for goods or seNices that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due wthin one year or less If not. they are presented as n0n-cuent liabilities Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interesl method. Derecognition of financial liabllities Financial liabilities are deCogniSed when the chanty's contractual obligations expire or are discharged or canlled. 1.9 Employee beneflts The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Ternination benefits are recognised immediately as an expense when the charity is demonstrably commrtted to temiinate the employment of an employee or to provide tennination benefits. 1.10 Fund accountlng Unrestncted funds are available for use at the discretion of the trustees to fijrther any of the chantys purposes Designated funds are unrestricted funds eannarked by the partners for particular future project or commitment. Restncted funds are subjected to restrictions on their expenditure dedared by the donor or through the terms of an appeal, and fall into one of two sub-classes." restricted income funds or endowment fiJnds. Critlcal accountlng estlmates and Judgements In the application of the charity's accounting policies. the trustees are required to make judgements, estimates and assumptions about the Carrying amount of assets and liabilities that are not readily apparent from other SoUrS The estirnates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that penod, or in the penod of the revision and future periods where the revision affects both current and future periods. Income from donatlons and legacles Unrestrlcted Unrpstrlcted fund8 funds 2024 2023 Donations and grfts 87.706 90.860
GURU NANAK SIKH GURDWARA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from Inveslments Unrestrlcted Unrestrlct8d funds funds 2024 2023 540 Interest r[val 2,951 Expendlture on ralslng funds Unrestricted Unrestricted funds funds 2024 2023 Fundraislng and publlcty Seeking donatsons, grants and legacies Other fundraising wsts Staff costs Support costs 809 12.905 9.776 1.166 1,451 6,058 11,314 1,405 24.656 20,228 Other income Unrestrtcted Unrestricted funds funds 2024 2023 other income 10.372 5.768
GURU NANAK SIKH GURDWARA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charftable actlvltles Charftable Chafltable Expendlture Expendlturn 2024 2023 16,299 3,230 1,423 23,783 15,940 613 1,519 3.270 Depreaation and impaimient Rates Insurance Light and Heat Repairs and Maintenance Telephone Legal & professional fees Subcontractors Accountancy 16,051 2.853 1,539 23,487 18,498 311 16,839 72 79,250 66,077 79.250 66,077 None of the tnjstees (or any persons connected wrth them) recesved any remuneration or befits from the chanty dunng the year. Employees Number of employees The average monthly number of employees during the year %YdS.' 2024 Number 2023 Number Employment costs 2024 2023 IA&ges and salaries 9.776 11,314 There were no employees bthose annual remuneration was £60.(XK) or more.
GURU NANAK SIKH GURDWARA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Tanglble flxed assets Freehold land FlxtuM and nd bulldlngj Ilttlng• ToL•l Cost At 1 April 2023 742,541 67,121 809,662 At 31 March 2024 742,541 87,121 809,682 Depreclatlon and Impalmient At 1 April 2023 Depreaation charged in the year 307,0( 14,851 61,117 1,202 368,123 16.053 At 31 March 2024 321,857 62.319 384,176 Carrylng amount At 31 March 2024 420,684 4,802 425,486 At 31 March 2023 435,535 6,003 441,538 11 Retirement benefft schemes The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. 12 Related party transactlons There were no disclosable related paty transacb'ons during the year (2023 - none). 10-