**Charity Number 511163**
## **GURUNANAK GURDWARA**
**SIKH TEMPLE**
## **FINANCIAL STATEMENTS**
**FOR YEAR ENDED 31ST DECEMBER 2022**
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## **GURUNANAK GURDWARA**
## **SIKH TEMPLE**
## **LEGAL AND ADMINISTRATIVE DETAILS:**
## **Guru Nanak Gurdwara West Bromwich is a charity : Charity Number 511163**
## **Registered Address:**
8 Edward Street West Bromwich B70 NT
## **Board of Trustees:**
The trustees of the charity during the year were as follows:
Buta Singh Paramjit Singh Surrinder Singh
**Bank:** Barclays Bank Plc West Bromwich
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## **GURUNANAK GURDWARA SIKH TEMPLE TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2022**
## **STRUCTURE AND GOVERNANCE:**
The Temple is governed by its constitution, which sets out how the Temple shall be governed. The temple has 5 trustees and a management committee to run the day to day operation of the Temple. There are 15 positions that make up the committee, an election board made up of the 5 trustees and 6 members of the congregation runs the election process in accordance with the rules set out in the constitution. The trustees are the original founder of the temple with the exception of one member who was elected on by the remaining trustees when one trustee retired. There is currently 2 vacancies.
## **OBJECTIVES AND ACTIVITIES:**
The objects of the Temple is to a provide place of worship for Sikhs, to support the community in connecting with its religion and to integrate into the community within which they live. To make use of the Temple to uphold the faith of the followers of the ten gurus and the holy Guru Granth sahib and provide activities that encourage and support this.
## **Public Benefit**
The trustees are confident the charity's aims and objectives are in accordance with the regulations on Public Benefit. The aims outlined above and the activities detailed below provides details in support of the charity's Public Benefit.
## **Review of Activities**
In the year the Temple continued to provide services to the community, religious functions, place of worship, weddings, langar etc as well as providing classes in Gurbani, Vaja, Tabala etc. Work has continued on the new gurdwara build this year.
## **Review of Financial Performance:**
The Gurudwara made a surplus during the year of £165k, down on the previous year by £7.5k. This was due primarily the charge of previous years interest payments on the commercial loan which had been misclassified as repayments. The reserves policy is to have three months of unrestricted spend which would equate to £20k, the charity currently has negative reserves of £372k. The trustees have not been able to add to the reserves because of the impact of the pandemic and the investment in the Temple, they will be looking to rectify this in the coming years.
## **Future Activities**
The Gurudwara will continue to provide its core activities (outlined above) in the coming year, as well as continue the program of investment in the infrastructure of the Temple.. The Trustees declare that they have approved the trustees report above:
Signatures
Names Buta Singh Position Trustee Date: 31[th] Oct 2023
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## **Independent Examination Report**
To the Trustees of Guru Nanak Gurdwara, on the financial statements for the year ending 31st December 2022 set out on pages 6 to 10.
The charity's trustees are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
The charity’s trustees consider that an audit is not required for this year under section 144 of the Act and that an independent examination is needed.
It is my responsibility to:
- examine the accounts under section 145 of the Charities Act,
- to follow the applicable Directions given by the Charity Commission (under section 145(5)(b) of the Act, and
- to state whether particular matters have come to my attention
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
It is my responsibility to, examine the accounts (under section 43(3)(b) of the Act), follow the procedures laid down in the general directions given by the Charity Commission and state whether particular matter have come to my attention.
In connection with my examination, no material matters have come to my attention which gives me cause to believe that in, any material respect:
- accounting records were not kept in accordance with section 130 of the Charities Act or
- the accounts do not accord with the accounting records
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Signed: Date: 31/10/23
Name : Jasbir Kaur Rai Qualification: BA Accountancy CIMA
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## **CLIENTS AUTHORITY**
We approve these accounts to the end of 31st December 2022 and confirm that we have made available all relevant records and information for their preparation.
**Signed Name** Buta Singh Date 31/10/23
## **GURUNANAK GURDWARA - SIKH TEMPLE**
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**GURUNANAK GURDWARA SIKH TEMPLE**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED**
## **31ST DECEMEBER 2022**
|**Income**
Donations and legacies
Investment income
Other income
**Total income**
**Expenditure**
Expenditure on charitable activities
**Total Expenditure**
**Net income/(expenditure)**
**Net movement in funds**
**Total funds brought forward**
**Total funds carried forward**|**Unrestricted**
**funds**
**Restricted**
**income**
**funds**
**Total this**
**year**
**Total this**
**year**
**£**
**£**
**£**
**£**
322,074
0
322,074
249,834
37
0
37
15
0
0
0
0|
|---|---|
||**322,111**
**0**
**322,111**
**249,849**
157,094
0
157,094
76,205|
||**157,094**
**0**
**157,094**
**76,205**|
|||
||**165,017**
**0**
**165,017**
**173,644**|
||1,638,970
1,638,970
1,465,326|
||**1,803,987 **
**0**
**1,803,987 **
**1,638,970**|
**Note : The Income and Expenditure report provides a breakdown of both the voluntary income and the resources expended under the charitable activities.**
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## **GURUNANAK GURDWARA SIKH TEMPLE**
## **INCOME AND EXPENDITURE ACCOUNT - YEAR ENDED 31ST DECEMEBER**
**2022**
|**Notes**
**Income**
Donations
1
Bank
Other Income
**Total Income**
**Expenditure**
Wages
Kirtan and path Group
Telephones
Heat, Light, & Water
Food Bills
Repairs and Renewals
Printing and Stationery
Security & Fire Protection
Pest Control
Rates
Insurance
Interest Payments
Previous year Interest payment**
Vehicle running costs
Waste disposal
Professional Fees
Sundry Expenses
3
Depreciation
**Total Expenditure**
**Surplus for the year**|30,100
13,229
506
34,637
9,964
1,464
48
516
480
0
4,637
14,257
44,449
1,421
0
0
1,385
0|**2022**
322,074
37
0|22,174
12,752
588
18,168
4,487
5,375
234
693
480
2,287
4,011
1,777
460
2,202
0
518
0|**2021**
249,834
15
0|
|---|---|---|---|---|
|||**322,111**
**157,094**||**249,849**
**76,205**|
||||||
|||**165,017**||**173,644**|
The accompanying notes are an integral part of this Income and Expenditure Account ** - previous 7 years interest payments were misclassified as loan repayments but were interest payments, this entry corrects this error and shows the correct creditor for the loan on the balance sheet.
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## **GURUNANAK GURDWARA SIKH TEMPLE BALANCE SHEET AS AT 31ST DECEMEBER 2022**
|**Notes**
**Fixed Assets**
Premises
2
Fixtures and Fittings
2
**Current Assets**
Debtor
Cash in Hand
8,475
Cash at bank - Current Account
16,549
Cash at bank - Deposit Account
18,162
**Current Liabilities**
**Total Assets Less Current Liabilities**
**Creditors falling due**
**after one year:**
4
**Net Assets**
**The Funds of the Charity:**
**Accumulated Funds**
Balance brought forward (unrestricted)
Surplus for the year (unrestricted)|8,475
16,549
18,162|**2022**
2,175,508
0|4,536
5,148
81,645|**2021**
1,921,829
0|
|---|---|---|---|---|
|||2,175,508
43,187||1,921,829
91,329
93|
||||||
|||2,218,695
414,708||2,013,065
374,094|
|||**1,803,987 **||**1,638,970**|
|||1,638,970
165,017||1,465,326
173,644|
|||**1,803,987 **||**1,638,970**|
Trustee
Buta Singh Date 31/10/2023
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## **GURUNANAK GURDWARA SIKH TEMPLE**
## **NOTES TO THE ACCOUNTS - FOR THE YEAR ENDED 31ST DECEMEBER 2022**
## **1. ACCOUNTING POLICIES**
- **A. Basis of Accounting**
The accounts have been drawn up on the historical cost basis.
- **B. Donations Received** Credit is taken for donations in the month of receipt.
- **C. Interest Received** Credit is taken for interest when it is received
- **D. Depreciation** Depreciation is provided on a straight line basis at 25% per annum.
## **2. FIXED ASSETS**
|Costs
Balance b/f
Additions
Balance c/f
Accumulated Depreciation
Balance b/f
Charge for the year
Balance c/f
Net Book Value
2022
2021|Buildings
1,921,829
253,679
2,175,508
0
0
2,175,508
1,921,829|Fixtures
&
Fittings
87,366
87,366
87,366
87,366
0
0|Vehicles
13,800
13,800
13,800
0
13,800
0
0|Total|
|---|---|---|---|---|
|||||2,022,995
253,679|
|||||2,276,674|
||||||
|||||101,166|
|||||0|
|||||101,166|
|||||2,175,508|
|||||1,921,829|
## **3. Sundry Expenses**
|Misc items
Cleaning Items|0
854|
|---|---|
||1385|
|**4. Creditors falling due after one year:**
Loan and Mortgage
Commercial Loan
Commercial Mortgage
Repayment of loan and mortage|**2022**
**334,460**
**80,247**
**414,708**|**2021**
**378,057**
3963|
|---|---|---|
|||**374,094 **|
Note: the loan interest payments were misclassified as loan repayments and reduced the loan rather than being charged to the Income & Expenditure account. This has been corrected this year. The interest payments have
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been charged to the Income and Expenditure account and the commercial loan re-stated.
## **5. Related Party Transaction**
There are no related party transactions, and no payments were made to trustees.
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