REGISTERED CHARITY NUMBER: 509504
REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 FOR GURDWARA GURU NANAK PARKASH
R Pau & Co Limited Chartered Certified Accountants & Statutory Auditors 12-16 Station Street East Coventry West Midlands CV6 5FJ
GURDWARA GURU NANAK PARKASH
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CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023
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|Report|of the|Trustees|1|to|6|
|Report|of the|Independent|Auditors|7|to|9|
|Statement|of Financial|Activities|10|
|Balance|Sheet|il|
|Cash|Flow|Statement|12|
|Notes|to|the|Cash|Flow|Statement|13|
|Notes|to|the|Financial|Statements|{4|to|19|
|Detailed|Statement|of Financial|Activities|20|to|21|
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GURDWARA GURU NANAK PARKASH REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023
The trustees present their report with the financial statements of the charity for the year ended 31st 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 objectives detailed in the governing document are:
To promote the Sikh religion in the area of benefit by the following means and by such other means as the committee shall think fit: -
(a) The maintenance of a place of worship
(b) The celebration of Sikh religious festivals (c) The conduct of baptism, marriage and funeral rites in accordance with Sikh religious observance (d) The establishment of a library containing books in Punjabi and English on Sikh religion, history and culture (e) The instruction of children and adults in Sikh religious principles and promoting the application of those principles generally to relationships within and outside the Sikh community.
Each year the trustees review the activities of the Gurdwara in order to ensure that they continue to reflect the objectives set out in the governing document. In carrying out this review the trustees have considered the Charity Commission's general guidance on public benefit and, in particular, its supplementary guidance on the advancement of religion for the public benefit. It is the trustee's opinion that the operation of the Gurdwara in its present form is for the public benefit under the principles set out in the Charity Commission guidance. The Gurdwara is open 365 days of the year to Sikhs and non-Sikhs alike and is free to all. We provide regular public services, blessings and ceremonies. We provide cultural and educational classes to promote the Sikh religion and the Punjabi language. In addition, the Gurdwara offers a regular meeting place for elderly people in the local community and caters to their physical and spiritual needs.
Volunteers
The charity is grateful for the unstinting efforts of its volunteers who are involved in service provision and running the Gurdwara. Without this effort the Gurdwara could not function. The Gurdwara requires over 68,082 hours of volunteer's efforts in this year to carry its obligations. It is difficult to attribute an economic value to this contribution that the volunteers make of their time, but it is crucial to the basic function of the Charity. The executive committee ensures that best value is derived from the efforts of the volunteers.
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GURDWARA GURU NANAK PARKASH REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023 eee ee ACHIEVEMENT AND PERFORMANCE
Charitable activities
The Gurdwara fulfilled its objectives this year by:
(a) The maintenance of a place of worship
The Gurdwara provided personnel and a place to worship for Sikhs and non-Sikhs alike. Religious services for the congregation were conducted.
(b) The celebration of Sikh religious festivals
The Gurdwara celebrates public religious festivals.
(c) The conduct of baptism, marriage and funeral rites in accordance with Sikh religious observance Baptisms, marriages and funeral rites were conducted during the year.
(d) The establishment of a library containing books in Punjabi and English on Sikh religion, history and culture The Gurdwara provides a library of books on Sikh religion, history and culture in Punjabi and English.
(ec) The instruction of children and adults in Sikh religious principles and promoting the application of those principles generally to relationships within and outside the Sikh community. Instructions and discourses were conducted regularly, on religious principles. The Priests carry out and co-ordinate much of that work. In addition, lessons in Punjabi are given regularly.
We are, therefore, happy to report that we have achieved our objectives this year. These activities provide a public benefit to those who worship at our Gurdwara and the local community.
The primary measure of success or failure of these activities is the number of people making use of the Gurdwara and the services it provides. Attendances continue to recover strongly from the lows experienced during the pandemic.
Issues outstanding from last year's report
We must continue to make efforts to resolve the dispute with the planning department regarding the construction of 15 flats as one of the conditions of purchase so that the Salvation Army site can be used as a functional car park.
We plan to refurbish the mens toilets.
Issues arising this year
Good progress has been made with the planning department regarding the Salvation Army site and only a few points remain to be resolved.
An offer was made, accepted and a deposit paid in respect of the future purchase of the land and property at 1A Leicester Causeway, Coventry.
Renovation of the property at 30 Church Street, Coventry was carried out.
Renovation of the Punjabi school at 99-103 Harnall Lane Coventry was carried ‘out.
The wedding Gallery Hall was refurbished.
Future issues
Future issues or We must continue to make efforts to resolve the few remaining points with the planning department regarding the Salvation Army site.
We plan to refurbish the mens toilets.
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GURDWARA GURU NANAK PARKASH REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023
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We must complete the purchase of the land and property at 1A Leicester Causeway, Coventry.
We must arrange for the change of use of the property on the 1A Leicester Causeway property to a sports hall and its refurbishment
We must arrange for the repainting of the Domes as well as a check on their structural integrity.
FINANCIAL REVIEW
Reserves policy
Funds are collected through voluntary donations to finance the Charity's activities and it is this income that funds the work of the charity.
The net incoming resources for the year amounted to £405,083 and this was attributable to general reserves, which now stand at £5,329,648,
With regard to those general reserves, a policy has been established whereby the unrestricted funds not committed or invested in tangible fixed assets, (the free reserves), held by the Gurdwara should be between 12 and 18 months of the annual resources expended which equates to £300,000 to £450,000 in general funds. It is felt that, at this level, it would be possible to continue the current activities of the Gurdwara in the event of a significant drop in donations. This would then give sufficient time to consider how the funding would be replaced or the activities changed.
Overall, in this year, liabilities have decreased, and reserves have increased. Free reserves have not reached the target range mentioned above.
In this year the free reserves have not reached these target levels.
For the foreseeable future net incoming resources will continue to be accumulated, (subject to the expenditure on capital projects planned and the repayment of loans).
The primary funding source is donations from the Gurdwara congregation. The funds from this source are used to provide the congregation with a well maintained Gurdwara and other resources in order to achieve the objectives of the charity.
Donations increased this year as attendances continued to recover form the pandemic low. Expenses increased correspondingly but this still allowed for an overall increase in Net income. We[expect][gross][donations][to][continue][to] improve in this coming year. Attendances continue to grow.
The committee is satisfied with these results overall and we will endeavour to maintain, and improve upon, this level of income into the future,
FUTURE PLANS
With regard to future strategy, the Charity plans to continue the activities outlined above subject to satisfactory funding arrangements, (primarily donations).
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity was established in 1980 after the adoption of a constitution dated 10th August 1979. The governing document was amended by a scheme proposed by the charity commission in July 1993 and this was amended by another charity commission scheme in March 1998.
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GURDWARA GURU NANAK PARKASH REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023
a STRUCTURE, GOVERNANCE AND MANAGEMENT
Organisational structure. There are five holding trustees who are appointed by the executive committee once every five years. They are responsible for administering the Land and Buildings of the Charity in accordance with the lawful directions of the committee. They are also responsible for arranging for the election of the executive committee by the membership. Although there is no express provision in the constitution, it is established practise that the holding trustees sign the annual financial statements
There are no persons, external to the charity, which are entitled to appoint trustees.
The executive committee is elected every two years by the membership and is responsible for the general management and control of the charity as well as the day to day running of the Gurdwara. As such they are regarded as the trustees of the charity under the Charities Act. New Committee members are briefed in their duties by the outgoing Committee members.
The executive committee meets monthly to consider the proper running of the charity and its activities. In addition, from time to time, short term sub-committees are created and then directed by the Committee to deal with specific matters. Those sub-committees report back to the Committee which then considers their recommendations.
There are no related parties.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 509504
Principal address 71 - 81 Harnall Lane West Coventry West Midlands CV1 4FB
Trustees Mr B S Khatra Mr H S Pangli Mr S S Dehil Mr VP Singh Mr J S Bhambra
Auditors
R Pau & Co Limited Chartered Certified Accountants & Statutory Auditors
12-16 Station Street East Coventry West Midlands CV6 5FJ
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Bankers HSBC Bank Plc 442 Foleshill Road Coventry CV6 SAL
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GURDWARA GURU NANAK PARKASH
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023
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REFERENCE AND ADMINISTRATIVE DETAILS
Executive committee
The executive committee retains control of the day-to-day management of the Charity.
President Mr Amarjit Singh Khatra
Vice President Mr Jagroop Singh General Secretary Mr Dalwinder Singh Sandhu Assistant General Secretary Mr Mohinder Singh Treasurer Mr Sital Amrik Singh Sohal
Assistant Treasurer
Mr Kashmir Singh Sohal
Stage Secretary
Mr Gulvinder Singh Liddar
Assistant Stage Secretary Mr Gurjeet Singh Education Secretary Mr Galen Singh Bahia , Maintenance Secretary Mr Inderpal Singh Sangha
Education Secretary
Kitchen & Store Secretary
Sports Secretary
Mrs Hardip Kaur Shergill Mr Pardeep Singh
Co-opted Committee Members
Mr Jaswinder Singh Mrs Jaswinder Kaur Thandi Mr Harpal Singh Mr Simranpal Singh Mr Kulwant Singh Manak Mr Pargat Singh Mrs Narinder Kaur Sangha Mr Daljit Dhami Mr Major Singh
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STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable Jaw and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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GURDWARA GURU NANAK PARKASH REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023
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STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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- make judgements and estimates that are reasonable and prudent, - state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of trustees on 30th April 2024 and signed on its behalf by:
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Triste Glelf Srat frrabeteoh PIGGwGH SHAG TACRA SU LEE
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF GURDWARA GURU NANAK PARKASH Neeeeeeee eee eee — ee ee
Opinion
We have audited the financial statements of Gurdwara Guru Nanak Parkash (the ‘charity') for the year ended 31st December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement 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:
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give a true and fair view of the state of the charity's affairs as at 31st December 2023 and of its incoming resources and application of resources, for the year then ended;
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- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Charities Act 2011.
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 charity 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
theIn auditingpreparationthe offinancial the financialstatements,statementswe haveis appropriate.concluded that the trustees' use of the ,going concern basis of accounting in
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 charity'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 oo 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 - sufficient accounting records have not been kept; or _ - 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.
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF GURDWARA GURU NANAK PARKASH SESSSe SS
Responsibilities of trustees ; As explained more fully in the Statement of Trustees’ Responsibilities, the trustees are responsible for the preparation of the financial statements which 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 charity'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 charity 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 andeconomicare considereddecisions ofmaterial users takenif, individuallyon the basisorofin thesethe financialaggregate,statements.they could reasonably, be expected to influence the
Based on our understanding of the charity and the sector in which it operates, we identified the principal risks of non-compliance with laws and regulations related to the acts by the charity, which were contrary to applicable laws and regulations including fraud, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to inflated revenue and the charity's net income for the year.
Audit procedures performed included: review of the financial statement disclosures to underlying supporting documentation, review of correspondence with and reports to the regulators, including correspondence with the Charity Commission, review of correspondence with legal advisors, enquiries of management, and in testing of journals and evaluating whether there was evidence of bias by the trustees that represented a risk of material misstatement due to fraud.
There are inherent limitations in the audit procedures described above and the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
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.
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF GURDWARAGURU NANAK PARKASH
aeS
Use of our report This report is made solely to the charity'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 charity'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 charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
R Pau & Co Limited Chartered Certified Accountants & Statutory Auditors 12-16 Station Street East Coventry West Midlands CV6 5FJ 30th April 2024 primal, Puta FCC
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GURDWARA GURU NANAK PARKASH
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2023
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|---|---|---|---|---|---|
|2023|2022|
|Unrestricted|Total|
|fund|funds|
|Notes|£|£|
|INCOME|AND|ENDOWMENTS|FROM|
|Donations|and|legacies|2|946,274|705,046|
|Investment|income|3|13,325|14,400|
|Total|959,599|719,446|
|EXPENDITURE|ON|
|Raising|funds|+|492,279|392,814|
|Charitable|activities|5|
|General|8,925|14,519|
|Other|53,312|45,743|
|Total|554,516|453,076|
|NET INCOME|405,083|266,370|
|RECONCILIATION|OF|FUNDS|
|Total|funds|brought|forward|4,924,565|4,658,195|
|TOTAL FUNDS CARRIED FORWARD|5,329,648|4,924,565|
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The notes form part of these financial statements
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GURDWARA GURU NANAK PARKASH
BALANCE SHEET 31ST DECEMBER 2023
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|a|
|2023|2022|
|Unrestricted|Total|
|fund|funds|
|Notes|£|£|
|FIXED|ASSETS|
|Tangible|assets|9|5,021,899|4,723,769|
|CURRENT ASSETS|
|Debtors|10|187,613|79,025|
|Cash|at bank and|in hand|136,095|139,152|
|323,708|218,177|
|CREDITORS|
|Amounts|falling due within one year|11|(15,959)|(17,381)|
|NET CURRENT|ASSETS|307,749|200,796|
|TOTAL ASSETS|LESS|CURRENT|
|LIABILITIES|5,329,648|4,924,565|
|NET ASSETS|5,329,648|4,924,565|
|FUNDS|13|
|Unrestricted|funds|5,329,648|4,924,565|
|TOTAL FUNDS|5,329,648|4,924,565|
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The financial statements were approved by the Board of Trustees and authorised for issue on 30th April 2024 and were signed on its behalf by:
- AS ut iy? Grae Peatile Sse & Trustee gld= : RTANG Coe 4 | F) — PRESOLM«7T f[IZ] {| (Gp feuATH[¢)] Trustee f/S fila Z P mM Fe yl TF SU
The notes form part of these financial statements
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GURDWARA GURU NANAK PARKASH
CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2023
| a | |||
|---|---|---|---|
| 2023 | 2022 | ||
| Notes | 5 | £ | |
| Cash flows from operating activities Cash generatedfromoperations Interestpaid |
1 | 349,740 (1,356) |
308,542 (7,861) |
| Netcashprovidedby operating activities | 348,384 | 300,681 | |
| Cash flows from investing activities Purchaseoftangible fixed assets |
(351,441) | (118,624) | |
| Netcashused ininvesting activities | (351,441) | (118,624) | |
| Cash flows from financing activities Loan repayments inyear |
- | (150,709) | |
| Netcashprovidedby/(used in) financing activities | - | (150,709) | |
| Change in cash and cash equivalents in the reporting period |
(3,057) | 31,348 | |
| Cash and cash equivalents at the beginning ofthe reporting period |
7 139,152 |
107,804 | |
| Cash and cash equivalents at the end of thereportingperiod |
136,095 | 139,152 |
The notes form part of these financial statements
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GURDWARA GURU NANAK PARKASH
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2023
esa
| 3 | RECONCILIATIONOFNETINCOME TONETCASHFLOW FROM | RECONCILIATIONOFNETINCOME TONETCASHFLOW FROM | OPERATING ACTIVITIES | OPERATING ACTIVITIES |
|---|---|---|---|---|
| 2023 | 2022 | |||
| = | £ | |||
| Net income for the reporting period (as per the Statement ofFinancial Activities) |
405,083 | 266,370 | ||
| Adjustments for: Depreciation charges Interestpaid Increase in debtors |
§3.312 1,356 (108,587) |
45,743 7,861 (16,622) |
||
| (Decrease)/increase in creditors | (1,424) | 5,190 | ||
| Netcash provided byoperations | 349,740 | 308,542 | ||
| 2: | ANALYSIS OFCHANGES INNET FUNDS | |||
| At 1/1/23 | Cash flow | At 31/12/23 | ||
| £ | £ | £ | ||
| Net cash | ||||
| Cash atbankand inhand | 139,152 | (3,057) | 136,095 | |
| 139,152 | (3,057) | 136,095 | ||
| Total | 139,152 | (3,057) | 136,095 |
The notes form part of these financial statements
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GURDWARA GURU NANAK PARKASH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 iee
1. ACCOUNTING POLICIES
Basis of preparing the financial statements The financial statements of the charity, 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 Charities Act 2011. 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. Pl Tangible fixed assets . Tangible fixed assets costing more than £1,000 are capitalised and included at cost including any incidental expenses of acquisition.
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 10% Reducing Balance Freehold property - Straight line over 99 years (car park only) Long leasehold - Straight line over 99 years Motor vehicles - 25% Reducing Balance
None of the freehold property stated on the balance sheet have been depreciated for the following reasons:-
i) The Temple is expected to remain a place of worship for generations to come (hundreds of years). The Temple will not suffer from any economic or technological obsolescence.
ii) The Temple is regularly maintained and repaired by its members in order to keep it in immaculate condition as a focal point of the Sikh community,
Any depreciation that would be charged would not be considered to have a material impact on the accounts.
Taxation
The charity is exempt from 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.
There are no restricted funds at present. Where necessary, there is further explanation of the nature and purpose of each fund in the note on funds.
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- ACCOUNTING POLICIES - continued
GURDWARA GURU NANAK PARKASH NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31ST DECEMBER 2023
Loan and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Donations and legacies
7
All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the Income and the amount can be quantified with reasonable accuracy.
- 2,
DONATIONS AND LEGACIES
| 2, | DONATIONS AND LEGACIES | ||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Donations | $32,832 | 624,776 | |
| Gift aid | 1125533 | 76,131 | |
| Sundry income | 909 | 4,139 | |
| 946,274 | 705,046 | ||
| 33 | INVESTMENT INCOME | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Rents received | 13,325 | 14,400 | |
| 4. | RAISING FUNDS | ||
| Raising donations and legacies | |||
| 2023 | 2022 | ||
| £ | £ | ||
| Staff costs | 113,519 | 89,486 | |
| Rates and water | 4,661 | 4,706 | |
| Insurance | 6,385 | 6,014 | |
| Lightand heat | 75,460 | 37,174 | |
| Telephone | 1,843 | 1,843 | |
| Printing and stationery | 1,448 | 4,737 | |
| Sundries | 5,749 | 2,711 | |
| Groceries | 141,272 | 103,682 | |
| Publicity Motor expenses |
2,655 1,877 |
7,470 1,922 |
|
| Repairs andrenewals | 24,799 | 20,088 | |
| Nagar Kirtanexpenses | 175753 | 15,665 | |
| Donations Coach trips |
48,220 9,120 |
41,212 9,750 |
|
| Teachers fees | 9,875 | 9,840 | |
| Education -books andpublications | 225 | 741 | |
| Carriedforward | 464,861 | 357,041 |
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GURDWARA GURU NANAK PARKASH
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2023
4, RAISING FUNDS- continued
Raising donations and legacies - continued
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Brought forward Fabric andmaterials |
464,861 8,329 |
357,041 1,736 |
|
| Professional fees | 13,304 | 34,037 | |
| Election costs | 5,785 | - | |
| 492,279 | 392,814 | ||
| CHARITABLE ACTIVITIES COSTS | |||
| Support | |||
| costs (see | |||
| note 6) | |||
| £ | |||
| General | 8,925 | ||
| SUPPORTCOSTS | |||
| Governance | |||
| Finance | costs | Totals | |
| £ | £ | £ | |
| General | 5,145 | 3,780 | 8,925 |
| Supportcosts, includedintheabove, are as follows: | 2023 | 2022 | |
| Total | |||
| General | activities | ||
| £ | £ | ||
| Bank charges Bank loan interest |
3,789 1,356 |
2,914 7,861 |
|
| Auditors' remuneration | 3,780 | 3,744 | |
| 8,925 | 14,519 |
uP TRUSTEES' REMUNERATION AND BENEFITS
Thereended 31stwereDecemberno trustees’2022.remuneration or other benefits for the year ended, 31st December 2023 nor for the year
Trustees' expenses
There were no trustees’ expenses paid for the year ended 31st December 2023 nor for the year ended 31st December 2022,
——
er
Page 16
continued...
GURDWARA GURU NANAK PARKASH
- STAFF COSTS
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31ST DECEMBER 2023
----- Start of picture text -----
|||||||||
|---|---|---|---|---|---|---|---|
|2023|2022|
|Gross|Salaries|108,798|87,322|
|ER NIC|2,783|538|
|Staff|pensions|1,938|1,626|
|£113,519|£89,486|
|Average number of staff|,|17|14|
|No employee received emoluments employee received emoluments received emoluments emoluments|of|more than £60,000 than £60,000 £60,000|during the the|year.|
|TANGIBLE|FIXED|ASSETS|
|Freehold|Fixtures|
|land|and|Long|and|Motor|
|buildings|leasehold|fittings|vehicles|Totals|
|£,|£|£|£|£|
|COST|
|At|Ist January|2023|4,308,304|47,705|833,125|45,338|5,234,472|
|Additions|230,726|-|120,715|=|351,441|
|At|31st December 2023|4,539,030|47,705|953,840|45,338|5,585,913|
|DEPRECIATION|
|At|ist January 2023|18,069|7,632|441,480|43,522|510,703|
|Charge|for year|1,139|482|$1,236|454|53,311|
|At 31st December 2023|19,208|8,114|492,716|43,976|564,014|
|NET BOOK VALUE|
|At 31st December 2023|4,519,822|39,591|461,124|1,362|5,021,899|
|At|31st December 2022|4,290,235|40,073|391,645|1,816|4,723,769|
----- End of picture text -----
No employee received emoluments employee received emoluments received emoluments emoluments of more than £60,000 than £60,000 £60,000 during the the year.
9. TANGIBLE FIXED ASSETS
The above freehold can be split as follows:
----- Start of picture text -----
||||||
|---|---|---|---|---|
|£.|
|Gurdwara GNP|Temple|(Harnall|Lane)|2,887,661|
|99-103|Harnall|Lane|251,000|
|Education Centre|268,912|
|8|Church|Street|78,991|
|10|Church|Street|78,991|
|Car Park Outside GNP Temple|112,811|
|1|Lincoln|Street|629.938|
|30|Church|Street|144,519|
----- End of picture text -----
£4,452,823
2 Page 17 continued...
GURDWARA GURU NANAK PARKASH
NOTES TO THE FINANCIAL STATEMENTS - continued ED 31ST D 2
----- Start of picture text -----
|||||||
|---|---|---|---|---|---|
|10.|DEBTORS:|AMOUNTS|FALLING|DUE WITHIN ONE YEAR|
|:|2023|2022|
|£|£|
|Prepayments|187,613|79,025|
|11.|CREDITORS:|AMOUNTS|FALLING DUE|WITHIN ONE YEAR|
|2023|2022|
|£|£|
|PAYE|and|national|insurance|-|3,971|
|Pensions|346|797|
|Accrued|expenses|15,613|12,613|
|15,959|17,381|
|.|
----- End of picture text -----
- SECURED DEBTS
The loan is secured by a legal charge over the land and buildings that form the GNP Temple at Harnall Lane. The net book value of those land and buildings has been detailed in note 9. 13. MOVEMENT IN FUNDS
----- Start of picture text -----
|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|Net|
|movement|At|
|At|1/1/23|in|funds|31/12/23|
|£|£|£|
|Unrestricted|funds|
|General|fund|4,924,565|405,083|5,329,648|
|TOTAL FUNDS|4,924,565|405,083|5,329,648|
|Net movement|in|funds,|included|in|the|above|are|as|follows:|
|Incoming|Resources|Movement|
|resources|expended|in funds|
|£|£|£|
|Unrestricted|funds|
|General|fund|959,599|(554,516)|405,083|
|TOTAL FUNDS|959,599|(554,516)|405,083|
----- End of picture text -----
—————————— continued...
Page 18
GURDWARA GURU NANAK PARKASH
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2023
i
13. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
----- Start of picture text -----
||||||
|---|---|---|---|---|
|Net|
|movement|At|
|At|1/1/22|in|funds|31/12/22|
|i|£|£|
|Unrestricted|funds|
|General|fund|4,658,195|266,370|4,924,565|
|TOTAL FUNDS|4,658,195|266,370|4,924,565|
----- End of picture text -----
Comparative net movement in funds, included in the above are as follows:
----- Start of picture text -----
||||||
|---|---|---|---|---|
|Incoming|Resources|Movement|
|resources|expended|in funds|
|£|£|£|
|Unrestricted|funds|
|General|fund|719,446|(453,076)|266,370|
|TOTAL FUNDS|719,446|(453,076)|266,370|
----- End of picture text -----
- RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31st December 2023.
a Page 19
GURDWARA GURU NANAK PARKASH
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2023
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| INCOME AND ENDOWMENTS | |||
| Donations and legacies | |||
| Donations | 832,832 | 624,776 | |
| Gift aid | 112,533 | 76,131 | |
| Sundry income | 909 | 4,139 | |
| 946,274 | 705,046 | ||
| Investment income | |||
| Rents received | 13,325 | 14,400 | |
| Total incoming resources | 959,599 | 719,446 | |
| EXPENDITURE | |||
| : | |||
| Raising donations and legacies | |||
| Gross salaries and national insurance | 111,581 | 87,860 | |
| Pensions | 1,938 | 1,626 | |
| Rates and water | 4,661 | 4,706 | |
| Insurance | 6,385 | 6,014 | |
| Lightand heat | 75,460 | 37,174 | |
| Telephone | 1,843 | 1,843 | |
| Printingand stationery | 1,448 | 4,737 | |
| Sundries | 5,749 | 2,711 | |
| Groceries | 141,272 | 103,682 | |
| Publicity | 2,655 | 7,470 | |
| Motor expenses | 1,877 | 1,922 | |
| Repairs andrenewals | 24,799 | 20,088 | |
| Nagar Kirtanexpenses | 17,753 | 15,665 | |
| Donations | 48,220 | 41,212 | |
| Coach trips | 9,120 | 9,750 | |
| Teachers fees | 9,875 | 9,840 | |
| Education -books andpublications | 225 | 741 | |
| Fabric andmaterials | 8,329 | 1,736 | |
| Professional fees | 13,304 | 34,037 | |
| Election costs | 5,785 | - | |
| 492,279 | 392,814 | ||
| Other | |||
| Freehold property | 1,140 | 1,140 | |
| Long leasehold Fixtures and fittings Motorvehicles |
482 51,236 454 |
482 43,516 605 |
|
| 53,312 | 45,743 |
This page does not form part of the statutory financial statements
Page 20
GURDWARA GURU NANAK PARKASH
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2023
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Support costs | |||
| Finance | |||
| Bankcharges | 3,789 | 2,914 | |
| Bank loan interest | 1,356 | 7,861 | |
| 5,145 | 10,775 | ||
| Governance costs | |||
| Auditors’ remuneration | 3,780 | 3,744 | |
| Total resources expended | 554,516 | 453,076 | |
| Netincome | j | 405,083 | 266,370 |
This page does not form part of the statutory financial statements aa Pe a Page 21