2023-12-31-accounts - The Sikh Temple

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Gurdwara Sahib Sikh Temple & Centre

Charity No. 700754

Trustees' Report and Unaudited Accounts

31 December 2023

Gurdwara Sahib Sikh Temple & Centre Contents

	Pages
Trustees' Annual Report	2 to 3
Independent Examiner's Report	4
Statement of Financial Activities	5
Balance Sheet	6
Notes to the Accounts	7 to 12
Detailed Statement of Financial Activities	13 to 14

Page 1

Gurdwara Sahib Sikh Temple & Centre Trustees Annual Report

The trustees present their report with the unaudited financial statements of the charity for the year ended 31 December 2023.

REFERENCE AND ADMINISTRATIVE DETAILS

Charity No. 700754

Trustees

The following trustees served during the year:

Avtar Singh Dr Jatinder Singh Mehmi Harbans Singh Paramjit Singh Mudhar Randeep Singh Rehsi

Accountants

HCA Group First Floor Unit 7 Northside Business Park Leeds LS7 2BB

OBJECTIVES AND ACTIVITIES

The Gurdwara Sahib Sikh Temple and Centre is an unincorporated registered charity. It is governed by a constitution, which was passed on 15 January 1988. The charity’s main aim is to provide religious and social needs for the Sikh community in Leeds. It also provides a day centre for the elderly and offers religious education to Sikh children.

FINANCIAL REVIEW

The financial statements are set out on pages 5 to 13. The trustees consider the financial performance of the charity during the year to have been satisfactory. The Statement of Financial Activities show net incoming resources for the year of a revenue nature of £204,532 and the total reserves at the year ended stand at £2,253,468.

Statement of trustees' responsibilities in relation to the financial statements

The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The trustees are responsible for keeping proper accounting records that 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 applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

Signed on behalf of the charity's trustees

Page 2

Gurdwara Sahib Sikh Temple & Centre Trustees Annual Report

Randeep Singh Rehsi Trustee 03 October 2024

Page 3

Gurdwara Sahib Sikh Temple & Centre Independent Examiners Report

Independent Examiner's Report to the trustees of Gurdwara Sahib Sikh Temple & Centre

I report to the trustees on my examination of the financial statements of Gurdwara Sahib Sikh Temple & Centre for the year ended 31 December 2023.

Responsibilities and basis of report

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

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

Independent examiner's statement

As the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination by being a qualified member of ACCA.

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

the accounting records were not kept in respect of the charity as required by section 130 of the Act; or
the financial statements do not accord with those records; or
the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a 'true and fair' view which is not a matter considered as part of an independent examination.

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.

Hassan Khan ACCA HCA Group First Floor Unit 7 Northside Business Park Leeds LS7 2BB 03 October 2024

Page 4

Gurdwara Sahib Sikh Temple & Centre Statement of Financial Activities

for the year ended 31 December 2023

Unrestricted funds	Total funds	Total funds
2023	2023	2022
£	£	£

457,113	457,113	458,526
27,934	27,934	-
485,047	485,047	458,526

125,722	125,722	77,346
49,223	49,223	55,544
105,570	105,570	182,935
280,515	280,515	315,825
-	-	-
204,532	204,532	142,701
-	-	-
204,532	204,532	142,701

204,532	204,532	142,701

2,048,936	2,048,936	1,906,235
2,253,468	2,253,468	2,048,936

Page 5

Gurdwara Sahib Sikh Temple & Centre Balance Sheet

at 31 December 2023

Charity No. 700754 Fixed assets Tangible assets 9 Current assets Stocks 10 Cash at bank and in hand Creditors:Amount falling due within one year 11 Net current assets Total assets less current liabilities Net assets excluding pension asset or liability Total net assets The funds of the charity Restricted funds 12 Unrestricted funds 12 General funds Reserves 12 Total funds Approved by the trustees on 03 October 2024	2023 £ 2,195,825 2,195,825 538 57,605 58,143 (500) 57,643 2,253,468 2,253,468 2,253,468 2,253,468 2,253,468 2,253,468	2022 £ 1,820,000
		1,820,000 538 228,898
		229,436 (500)
		228,936 2,048,936
		2,048,936
		2,048,936
		2,048,936
		2,048,936
		2,048,936

And signed on their behalf by:

Randeep Singh Rehsi Trustee 03 October 2024

Page 6

Gurdwara Sahib Sikh Temple & Centre Notes to the Accounts

for the year ended 31 December 2023

1 Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.

Income

Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA.
Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.

Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets

Page 7

Gurdwara Sahib Sikh Temple & Centre Notes to the Accounts

Expenditure

Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
Other expenditure These are support costs not allocated to a particular activity.

Taxation

The charity is exempt from tax on its charitable activities.

Freehold investment property

Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.

Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Trade and other creditors

Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Page 8

Gurdwara Sahib Sikh Temple & Centre Notes to the Accounts

Foreign currencies

Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period.

Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.

All exchange differences are are taken into account in arriving at net income/expenditure.

Receipt of donated goods, facilities and services

All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.

2 Statement of Financial Activities - prior year

Income and endowments from: Donations and legacies Total Expenditure on: Raising funds Charitable activities Other Total Net income Net income before other gains/(losses) Other gains and losses: Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 3 Income from donations and legacies	Unrestricted £ 457,113 457,113	Unrestricted funds 2022 £ 458,526 458,526 77,346 55,544 182,935 315,825 142,701 142,701 142,701 1,906,235 2,048,936 Total 2023 £ 457,113 457,113	Total funds 2022 £ 458,526
			458,526 77,346 55,544 182,935
			315,825
			142,701
			142,701
			142,701 1,906,235
			2,048,936
			Total 2022 £ 458,526
			458,526

Page 9

Gurdwara Sahib Sikh Temple & Centre Notes to the Accounts

4 Other income

Unrestricted £ 27,934 27,934	Total 2023 £ 27,934 27,934	Total 2022 £ -
		-

Unrestricted £ 53,467 72,255 125,722 Unrestricted £ 49,223 49,223 Unrestricted £ 1,498 85,316 18,156 600 105,570	Total 2023 £ 53,467 72,255 125,722 Total 2023 £ 49,223 49,223 Total 2023 £ 1,498 85,316 18,156 600 105,570	Total 2022 £ 41,662 35,684
		77,346
		Total 2022 £ 55,544
		55,544
		Total 2022 £ 2,130 161,404 18,311 1,090
		182,935

8 Staff costs

No employee received emoluments in excess of £60,000.

Page 10

Gurdwara Sahib Sikh Temple & Centre Notes to the Accounts

9 Tangible fixed assets

	2023 £ 538 538 2023 £	£ 1,820,000 375,825 2,195,825 2,195,825 1,820,000	£ 1,820,000 375,825
			2,195,825
			2,195,825
			1,820,000
			2022 £ 538
			538
			2022 £
	500		500
At 1 January 2023 2,048,936 2,048,936	500 Incoming resources (including other gains/losses ) £ 485,047 485,047	Resources expended £ (280,515) (280,515) Unrestricted funds £ 2,195,825 57,643 2,253,468	500
			At 31 December 2023 £ 2,253,468
			2,253,468
			Total £ 2,195,825 57,643
			2,253,468

Page 11

Gurdwara Sahib Sikh Temple & Centre Notes to the Accounts

14 Reconciliation of net debt

Reconciliation of net debt
Cash and cash equivalents Net debt	At 1 January 2023 £	Cash flows £	At 31 December 2023 £
	228,898	(171,293)	57,605
	228,898 228,898	(171,293) (171,293)	57,605
			57,605

Page 12

Gurdwara Sahib Sikh Temple & Centre Detailed Statement of Financial Activities

for the year ended 31 December 2023

Income and endowments from: Donations and legacies Other Refunds from Utilities Total income and endowments Expenditure on: Costs of generating donations and legacies Total of expenditure on raising funds Charitable activities Total of expenditure on charitable activities Motor and travel costs Vehicles - General costs Premises costs Rates Light, heat and power Premises cleaning Premises repairs and maintenance General administrative costs, including depreciation and amortisation Bank charges General insurances Stationery and printing Sundry expenses Telephone, fax and broadband	Unrestricted funds 2023 £ 457,113 457,113 27,934 27,934 485,047 53,467 72,255 125,722 125,722 49,223 49,223 49,223 1,498 1,498 6,229 68,817 9,517 753 85,316 2,214 10,081 1,479 2,364 2,018	Total funds 2023 £ 457,113 457,113 27,934 27,934 485,047 53,467 72,255 125,722 125,722 49,223 49,223 49,223 1,498 1,498 6,229 68,817 9,517 753 85,316 2,214 10,081 1,479 2,364 2,018	Total funds 2022 £ 458,526
			458,526
			-
			-
			458,526 41,662 35,684
			77,346
			77,346 55,544
			55,544
			55,544 2,130
			2,130
			4,136 27,120 8,422 121,726
			161,404
			1,999 9,624 3,779 792 2,117

Page 13

Gurdwara Sahib Sikh Temple & Centre Detailed Statement of Financial Activities

Gurdwara Sahib Sikh Temple & Centre Detailed Statement of Financial Activities
Legal and professional costs Accountancy and bookkeeping Total of expenditure of other costs Total expenditure Net gains on investments Net income Net income before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward	18,156 600 600 105,570 280,515 - 204,532 204,532 - 204,532 2,048,936 2,253,468	18,156 600 600 105,570 280,515 - 204,532 204,532 - 204,532 2,048,936 2,253,468	18,311
			1,090
			1,090

			182,935
			315,825 -
			142,701
			142,701 -
			142,701
			1,906,235
			2,048,936

Page 14