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← Guru Nanak Nishkam Sewak Jatha (Leeds) UK

2024-12-31-accounts

Charity registration number 519137 (England and Wales)

GURU NANAK NISHKAM SEWAK JATHA (LEEDS) UK ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

GURU NANAK NISHKAM SEWAK JATHA (LEEDS) UK

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

T S Dhanjal J S Sihra G S Deagon H S Soor G S Bhogal

Charity number (England and Wales) 519137 Principal address 78 Lady Pit Lane Beeston Leeds LS11 6DP Independent examiner Ashfords Chartered Accountants 2 Manor Court Manor Mill Lane Leeds LS11 8LQ

GURU NANAK NISHKAM SEWAK JATHA (LEEDS) UK

CONTENTS

Page
Trustees' report 1 - 8
Independent examiner's report 9
Statement of financial activities 10
Statement of financial position 11
Notes to the financial statements 12 - 20

GURU NANAK NISHKAM SEWAK JATHA (LEEDS) UK

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The trustees present their annual report and financial statements for the year ended 31 December 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".

Mission Statement

Guru Nanak Nishkam Sewak Jatha (Leeds) UK is a non-political, non-profit making, religious charitable organisation committed to the selfless service of humanity at large and the propagation, practice and advancement of Sikhism based upon the teachings of the ten Guru's and Siri Guru Granth Sahib Ji.

Governing Document

The charity is governed by its constitution adopted on 1 December 1986.

Trustees and Members of the Supreme Council

The trustees who served during the year and up to the date of signature of the financial statements were:

Changes

No changes in 2024.

Funding

Main source of income for this institution is from donations made by the congregation. The variety of activities, high standard of service and quality are the main force of attraction for the congregation.

Other sources of income are:

Our sister organisations based in Birmingham and London have given financial support.

a. Gurudwara

Early morning prayers, mid-morning prayers and evening prayers take place daily. Celebrations of Religious festivals are conducted through Akhand Paath’s, which are three days of reciting of scriptures from Siri Guru Granth Sahib Ji.

Celebration of other socio-religious activities (Betrothals, birthdays, weddings, and funerals) are a regular feature.

Congregational worship takes place on Wednesdays, Saturdays and Sundays.

b. Langar and Charity Work

Langar stands for “Guru’s Free Kitchen”. Fresh vegetarian food cooked daily in the Gurus Kitchen is served to all – Sikhs and non-Sikhs. This ‘open door policy’ is availed by elderly local residents, refugees, asylum seekers, drunks and drug addicts. 1000 to 1200 meals per week are served.

Other beneficiaries are St. George’s Crypt, PAFRAS and LASSN in the way of regular donation of food material and warm clothing.

GURU NANAK NISHKAM SEWAK JATHA (LEEDS) UK

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

c. Interfaith Work

Visits from schools, FE colleges, local Universities are encouraged.

Diversity Training: Police force, Prison Service, NHS, Chamber of Commerce.

Share teaching of Indian music with Leeds College of Music and SAA (UK) in order to promote community cohesion and harmony.

d. Education

Music

Lessons in Indian Musical Instruments such as Harmonium, Sitar, Dilruba, Santoor, Tabla and vocals are available to the whole community.

Punjabi School

To make children familiar with the language in which our Holy Scriptures are written, we operate Punjabi School for an hour and half every Wednesday. The school also imparts lessons in Sikh History/theology and religious/ cultural values, which help in bringing children up to becoming good citizens.

Sewing Classes

A project developed by young women to learn the art of making dresses and useful skills for the clothing industry.

Computer Suite

A facility created for children from poor families and for elderly members of the community to become computer literates and skilful in internet browsing.

Healthy Living

Reiki, Taichi and Yoga classes for elderly members, conducted in partnership with Sikh Elders Service under the umbrella of Touchstone.

Purposeful contact has now been established with Black Health Initiative and a number of health initiatives have taken place in the Gurudwara Premises e.g. Eye examinations to find early incidence of diabetes and Bowl Cancer awareness.

e. Staff and Office

One full time Granthi’s (Ministers of Religion).

One world class music teacher (Indian musical instruments and vocal training).

Most of the work connected with office work, cleaning work, building maintenance work, cooking, gardening etc. is done by volunteers.

f. Partnership Development

Local Authority, Church of England and Schools, LEA Schools, Catholic Church and Schools, Hamara Centre, Huraria Islamic Mosque, Hindu Temple, and other Gurudwara’s in Leeds and surrounding districts. Leeds Faith Forum, York St. John’s University, Trinity and All Saints College, Leeds College of Music, South Asian Arts UK, Leeds Museum, SACRE Leeds, Police and Prison Services. British Sikh Consultative Forum and Sikh Chaplaincy. Black Health Initiative.

GURU NANAK NISHKAM SEWAK JATHA (LEEDS) UK

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

g. Strategy and Future Vision

Develop Five Centres of Excellence to fulfil our vision.

  1. To acquire more land and buildings close to the Gurudwara.

  2. To seek funding streams and resources to finance the projects,

  3. To develop more active engagement with Local Authority/Voluntary Sector

  4. To address issues of multiple deprivation in South Leeds and seek sustainable solutions.

  5. To develop Health and Wellbeing Strategy among South Asian communities, specially addressing incidence of diabetes and coronary disease.

  6. To develop Value Based Educational facilities.

  7. To develop facilities for care of Elderly Sikhs.

  8. To develop Social Enterprises and create employment opportunities.

Centres of Excellence

Our belief in self-help, self-reliance and community participation has led us to expand our activities, to meet the needs of the Sikh and local community with the creation of the Centres for Excellence, all in close proximity of one another:

1. Spirituality

Gurudwara (78 Lady Pit Lane, Leeds LS11 6DP)

2. Enterprise & Employment Nishkam Community Cooperative

Create local employment and develop skills training

e.g. Manufacture PVC Windows, steel security grills or handmade furniture workshop

· Social Enterprise

Create local employment and fulfil community requirements

e.g. Charity shop, Gardening Service, Building Repairs, Decorating Service

GURU NANAK NISHKAM SEWAK JATHA (LEEDS) UK

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

3. Education & Civic Engagement

4. Healthy Living

5. Care for Elderly & Children

Nishkam Centre Leeds

NCL (94 Lady Pit Lane, Leeds LS11 6DP)

Achievements and performance

In 2024 we undertook two large projects, one of which was the repair and restoration of the front main face 78 Lady Pit Lane. The building was badly in need of repair and restoration due to weathering, especially because of it directly on the pavement. Risk of injury from falling debris was the most important factor. The second project (Flats Project) started in 2024 was the construction 1 and 2 bed flats for the elderly community in the building (92 Lady Pit Lane).

GURU NANAK NISHKAM SEWAK JATHA (LEEDS) UK

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Repair and restoration of the front main face 78 Lady Pit Lane.

GURU NANAK NISHKAM SEWAK JATHA (LEEDS) UK

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Clean-up operation at 92 Lady Pit Lane (Flats Project)

2nd floor Langar Hall Project - 2023 (Flooring all complete)

Basement waterproof tanking complete

GURU NANAK NISHKAM SEWAK JATHA (LEEDS) UK

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Basement footings dug out and steels installed.

Steels installed and floor construction started.

GURU NANAK NISHKAM SEWAK JATHA (LEEDS) UK

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Financial review

The Statement of Financial Activities shows The trustees consider the surplus achieved on its activities to be satisfactory. The Statement of Financial Activities shows net incoming resources of £272,473 for the year and reserves of £3,168,092. During 2024, the Gurudwara saw significant movement in its income and expenditure. The increase is an initiative to fund raise and complete the renovation projects undertaken.

The constitution of the charity remains an important part of our management structure. Compliance to the constitution and to the principles of Sikhism remains priority.

Reserves policy

The present level of funding is adequate to support the continuation of the current activities.

Plans for future periods

Plan for 2025 is to complete the flats project as this is a very large undertaking.

Important changes since the year end

No major changes to report.

Conclusion

The trustees remain indebted to all those who continue to perform selfless service in the name of the Almighty. Our Ardas (prays) remains for their blessings. We look forward to next year to further capitalise on the assets of the charity and continue to deliver towards the needs of our growing beneficiaries.

Statement of trustees' responsibilities

The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales 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 of the charity for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and 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.

The trustees' report was approved by the Board of Trustees.

J S Sihra Trustee (Treasurer)

31 October 2025

GURU NANAK NISHKAM SEWAK JATHA (LEEDS) UK

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF GURU NANAK NISHKAM SEWAK JATHA (LEEDS) UK

I report to the trustees on my examination of the financial statements of Guru Nanak Nishkam Sewak Jatha (Leeds) UK (the charity) for the year ended 31 December 2024.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection 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.

Ashfords Chartered Accountants

2 Manor Court Manor Mill Lane Leeds LS11 8LQ

31 October 2025

GURU NANAK NISHKAM SEWAK JATHA (LEEDS) UK

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted Unrestricted
funds funds
2024 2023
Notes £ £
Income and endowments from:
Donations and legacies 3 649,701 169,541
Charitable activities 4 18,383 18,620
Investments 5 51,240 56,030
Other income 6 43,455 194,000
Total income 762,779 438,191
Expenditure on:
Charitable activities 7 263,208 185,670
Other expenditure 11 2,980 9,411
Total expenditure 266,188 195,081
Net gains/(losses) on investments 12 (224,118) -
Net income and movement in funds 272,473 243,110
Reconciliation of funds:
Fund balances at 1 January 2024 2,895,619 2,652,509
Fund balances at 31 December 2024 3,168,092 2,895,619

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 12 to 20 form part of these financial statements.

GURU NANAK NISHKAM SEWAK JATHA (LEEDS) UK

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

Notes
Fixed assets
Tangible assets
14
Investment property
15
Current assets
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within
one year
18
Net current assets/(liabilities)
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
19
Net assets
The funds of the charity
Unrestricted funds
20		 2024
£
£
2,121,936
1,059,000
3,180,936
13,144
49,307
62,451
(50,138)
12,313
3,193,249
(25,157)
3,168,092
3,168,092
3,168,092		 2023
£
£
2,959,443
334,000
3,293,443
10,913
69,968
80,881
(198,217)
(117,336)
3,176,107
(280,488)
2,895,619
2,895,619
2,895,619

The notes on pages 12 to 20 form part of these financial statements.

The financial statements were approved by the trustees on 31 October 2025

J S Sihra Trustee (Treasurer)

GURU NANAK NISHKAM SEWAK JATHA (LEEDS) UK

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

Charity information

Guru Nanak Nishkam Sewak Jatha (Leeds) UK is a charity governed by its constitution adopted on 1 December 1986. Registered number 519137.

1.1 Basis of preparation

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". 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 statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions 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 recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income received by the way of grants is included in full in the Statement of Financial Activities when receivable, and matched to specific time periods or expenditure where appropriate.

Income from charitable activities which include hall/room hire and the provision of other charitable services are included when earned and receivable.

Rental income is recognised on a straight-line basis over the period of the lease when the charity acts as lessor, in accordance with the terms of the tenancy agreements.

GURU NANAK NISHKAM SEWAK JATHA (LEEDS) UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised on the accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be recovered, and is reported as part of the expenditure to which it relates:

Costs are allocated between the funds on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on the basis of total income.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings Non-depreciable Fixtures and fittings 10% straight line basis

Assets in the course of construction are not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

GURU NANAK NISHKAM SEWAK JATHA (LEEDS) UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2 Critical accounting estimates 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 sources. The estimates 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 period, or in the period of the revision and future periods where the revision affects both current and future periods.

GURU NANAK NISHKAM SEWAK JATHA (LEEDS) UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

3 Income from donations and legacies

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Donations and gifts 140,143 139,541
Grants 509,558 30,000
649,701 169,541
Donations and gifts
Darbar 57,560 57,792
Private - Individual donations 73,922 74,337
Standing orders 8,661 7,412
140,143 139,541

4 Income from charitable activities

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Services provided under contract 17,442 17,442
Other income 941 1,178
18,383 18,620
5 Income from investments
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Rental income 51,240 56,030

GURU NANAK NISHKAM SEWAK JATHA (LEEDS) UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

6 Other income

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Miscellaneous income - 194,000
Gift aid income 43,455 -
43,455 194,000

7 Expenditure on charitable activities

Charitable Charitable
activities activities
2024 2023
£ £
Direct costs
Staff costs 16,255 2,709
Depreciation and impairment 6,311 6,273
Accountancy 660 1,025
Bank charges 821 2,451
Cleaning expenses 12,500 10,141
Insurance 9,784 9,430
Kitchen expenses 12,647 15,141
Legal and professional - 942
Lettings agent management fee 2,016 1,884
Light and heat 71,260 74,339
Postate, printing and stationary 67 317
Rates 1,818 864
Repairs and renewals 95,349 24,171
Sundries 5,477 2,518
Telephone and internet 1,394 805
Visiting priest expenses 21,755 28,431
Water rates 5,094 4,229
263,208 185,670
Analysis by fund
Unrestricted funds 263,208 185,670
8 Net movement in funds 2024 2023
£ £
The net movement in funds is stated after charging/(crediting):
Depreciation of owned tangible fixed assets 6,311 6,273

GURU NANAK NISHKAM SEWAK JATHA (LEEDS) UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year (2023: £nil).

10 Employees

The average monthly number of employees during the year was:

2024 2023
Number Number
1 1
Employment costs 2024 2023
£ £
Wages and salaries 16,255 2,709

There were no employees whose annual remuneration was more than £60,000 (2023: £nil).

11 Other expenditure

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Finance costs 2,980 9,411

12 Loss on investments

Unrestricted Unrestricted
funds funds
2024 2023
Loss arising on: £ £
Revaluation of investment properties (224,118) -

13 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

GURU NANAK NISHKAM SEWAK JATHA (LEEDS) UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

14
Tangible fixed assets
Freehold land
and buildings
Assets under
construction
Fixtures and
fittings
£
£
£
Cost
At 1 January 2024
1,400,677
1,522,236
122,886
Additions
2,238
115,144
540
Transfer to investment property
-
(949,118)
-
At 31 December 2024
1,402,915
688,262
123,426
Depreciation and impairment
At 1 January 2024
-
-
86,356
Depreciation charged in the year
-
-
6,311
At 31 December 2024
-
-
92,667
Carrying amount
At 31 December 2024
1,402,915
688,262
30,759
At 31 December 2023
1,400,677
1,522,236
36,530
15
Investment property
Fair value
At 1 January 2024
Transfers from assets under construction
Net loss on fair value adjustments
At 31 December 2024		 Total
£
3,045,799
117,922
(949,118)
2,214,603
86,356
6,311
92,667
2,121,936
2,959,443
2024
£
334,000
949,118
(224,118)
1,059,000

During the year, one property previously included within assets under construction was reclassified to investment property, and measured at fair value on reclassification. The trustees believe that the carrying amounts of all investment properties continue to approximate their fair values at the reporting date, and therefore no further adjustment was required.

16
Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income		 2024
£
4,637
8,507
13,144		 2023
£
1,506
9,407
10,913

GURU NANAK NISHKAM SEWAK JATHA (LEEDS) UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

17
Loans and overdrafts
Bank loans
Other loans
Payable within one year
Payable after one year
18
Creditors: amounts falling due within one year
Notes
Bank loans
17
Other borrowings
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
19
Creditors: amounts falling due after more than one year
Notes
Bank loans
17
Other borrowings		 2024
£
31,373
-
31,373
6,216
25,157
2024
£
6,216
-
257
41,790
1,275
600
50,138
2024
£
25,157
-
25,157		 2023
£
141,773
196,890
338,663
58,175
280,488
2023
£
30,571
27,604
196
137,033
2,013
800
198,217
2023
£
111,202
169,286
280,488

20 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 January Incoming Resources Gains and At 31
2024 resources expended losses December
2024
£ £ £ £ £
General funds 2,895,618 762,779 (266,188) (224,118) 3,168,092

GURU NANAK NISHKAM SEWAK JATHA (LEEDS) UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

20 Unrestricted funds (Continued)
Previous year: At 1 January Incoming Resources Gains and At 31
2023 resources expended losses December
2023
£ £ £ £ £
General funds 2,652,509 438,191 (195,082) - 2,895,618

21 Related party transactions

There were no disclosable related party transactions during the year (2023 - none).