REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements for the Year Ended 5 April 2023 |
for |
Sri Guru Singh Sabha Gurdwara Letchworth |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements for the Year Ended 5 April 2023 |
for |
Sri Guru Singh Sabha Gurdwara Letchworth |
Sri Guru Singh Sabha Gurdwara Letchworth |
Contents of the Financial Statements |
for the Year Ended 5 April 2023 |
Page |
Report of the Trustees | 1 | to | 3 |
Independent Examiner's Report | 4 |
Statement of Financial Activities | 5 |
Balance Sheet | 6 | to | 7 |
Notes to the Financial Statements | 8 | to | 14 |
Sri Guru Singh Sabha Gurdwara Letchworth (Registered number: 05337262) |
Report of the Trustees |
for the Year Ended 5 April 2023 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 5 April 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 |
- To promote and advance the Sikh faith within the Sikh and the wider community in Letchworth Garden City and the surrounding areas. |
- To promote better understandings of how to be good citizens via education and physical activities. |
- To promote and advance the Sikh religion in accordance with the teachings of Sri Guru Granth Sahib (the Sikh holy book) and for the furtherance of the objective by arranging regular congregations of the Sadh Sangat (people who have faith in Sikhism) to worship Akalpurkh (the immortal one) in the Guru's way. |
- Set up classes on various topics to educate and encourage youngsters to learn and participate. |
- To provide facilities for performing marriages and other rites according to the Sikh traditions and in accordance with the laws of England. |
- To arrange name giving ceremonies for new born babies of Sikh families. |
- To carry on any other activities that may further advance the Sikh religion. |
Achievements and Performance |
1. To further improve religious Sikh education, we have 2 Gianis to perform Kirtan, Katha and teach Guru Granth Sahib Ji. |
2. Special classes on correct pronunciation and reading of Sri Guru Granth Sahib Ji are in progress. Furthermore, to understand the meanings of the teaching we have Bani grammar classes for children and adults. |
3. Religious ceremonies performed regularly every day, main ones once a week and additional ceremonies according to demand. |
4. Engagement and Marriage ceremonies, birthday ceremonies are being performed on as required basis with a full view of the legal requirement of this country. |
5. Additional Gianis, Katha Vachiks, Dhadi Jathas etc are called to enhance the religious ceremonies. |
6. Punjabi School with about 50 children and some 10 teachers. Children have achieved good understanding of Punjabi reading and writing with GCSE in Punjabi during the year. |
7. Youth development team set up with wider female participants. |
8. A new tenant (Beauty Implex Limited) signed a 5-year lease on 21st September 2022, paying £16,500 per annum. All Epcs have been updated to required standards to allow commercial renting. |
9. The property has been revalued to £1,250,000 by the Trustees as at 5 April 2023. This valuation increase is due to the investment by the charity in the improvements to the property over the last few years; including all long term lease and permissions issues. |
FINANCIAL REVIEW |
Financial position |
The charity's net income for the year amounted to £86,741 therefore total funds carried forward as at 5 April 2023 is £1,360,547. The financial position of the company, the results for the year and the transfers of funds are shown on page 5. |
Sri Guru Singh Sabha Gurdwara Letchworth (Registered number: 05337262) |
Report of the Trustees |
for the Year Ended 5 April 2023 |
FINANCIAL REVIEW |
Principal funding sources |
The main source of funds is the donations from Sadh Sangat and so far, it has been positive and responsive. We thank all the Sikh community for their financial support. |
Investments |
The trustees' investment powers are governed by the Memorandum and articles of Association. |
Reserves policy |
We are looking to invest charity's reserves so as not to lose its value by investing in land and building. |
FUTURE PLANS |
The whole of Irvin House has been purchased and a section of the area is being rented to keep Sangat's burden to a minimum. All plans will be completed with a view to available funds and long-term survival of the Gurdwara. |
Health and Safety taken seriously; that said COVID-19 is going to take majority of our resources to deal with and protect the Sangat, a nominated person will continue to look at issues to make the Gurdwara a safer place for all. |
The much needed car park issue is still with us and we must find a solution to address this requirement, pending funding and nearby place availability. |
The kitchen is in requirement of an update, this will be looked to be addressed alongside the other priorities (Temple roof, metering and drainage) |
Structural investments have been made and are required to keep the rather then old building in usable order , but we monitor carefully whether such expenditure enhances the building value. We also keep usage permission issues in check. |
We will focus more on education and seminars going forward including youth developement. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
Charity constitution |
Sri Guru Singh Sabha Gurdwara Letchworth is constituted under the Memorandum and Articles of Association dated 23 December 2005 and is a registered charity No. 1108102. Sri Guru Singh Sabha Letchworth is an incorporated charity and the company registration number is 05337262. |
Recruitment and appointment of new trustees |
Appointed or elected by The Gurdwara's Sadh Sangat (people who have faith in Sikhism) |
Risks |
The Board examines the major risks that the charity faces each period when preparing and updating the strategic plan. The charity has developed systems to monitor and control these risks to mitigate any impact they may have on the charity in the future. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Sri Guru Singh Sabha Gurdwara Letchworth (Registered number: 05337262) |
Report of the Trustees |
for the Year Ended 5 April 2023 |
Registered office |
Trustees |
Company Secretary |
Independent Examiner |
George Hay Partnership LLP |
Chartered Accountants |
Brigham House |
High Street |
Biggleswade |
Bedfordshire |
SG18 0LD |
Approved by order of the board of trustees on |
Independent Examiner's Report to the Trustees of |
Sri Guru Singh Sabha Gurdwara Letchworth |
Independent examiner's report to the trustees of Sri Guru Singh Sabha Gurdwara Letchworth ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 5 April 2023. |
Responsibilities and basis of report |
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). |
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. |
Independent examiner's statement |
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: |
1. | accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or |
2. | the accounts do not accord with those records; or |
3. | the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or |
4. | the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). |
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 accounts to be reached. |
Richard Dilley FCA FCCA |
George Hay Partnership LLP |
Chartered Accountants |
Brigham House |
High Street |
Biggleswade |
Bedfordshire |
SG18 0LD |
20 December 2023 |
Sri Guru Singh Sabha Gurdwara Letchworth |
Statement of Financial Activities |
for the Year Ended 5 April 2023 |
2023 | 2022 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Investment income | 2 |
Total |
EXPENDITURE ON |
Charitable activities |
Net gains on investments |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 1,273,806 |
Sri Guru Singh Sabha Gurdwara Letchworth (Registered number: 05337262) |
Balance Sheet |
5 April 2023 |
2023 | 2022 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 10 | ( |
) | ( |
) | ( |
) |
NET ASSETS |
FUNDS | 12 |
Unrestricted funds | 1,273,806 |
TOTAL FUNDS | 1,273,806 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2023. |
The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 2023 in accordance with Section 476 of the Companies Act 2006. |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
Sri Guru Singh Sabha Gurdwara Letchworth (Registered number: 05337262) |
Balance Sheet - continued |
5 April 2023 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
Sri Guru Singh Sabha Gurdwara Letchworth |
Notes to the Financial Statements |
for the Year Ended 5 April 2023 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, 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 Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets. |
Going Concern |
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £. |
Financial reporting standard 102 - reduced disclosure exemptions |
The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland': |
• | the requirements of Section 7 Statement of Cash Flows. |
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. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Fixtures and Fittings - 25% Reducing balance |
Equipment - 25 % Reducing balance |
The freehold property has been revalued during the year and therefore no depreciation has been included. |
Taxation |
The charity is exempt from corporation 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. |
Sri Guru Singh Sabha Gurdwara Letchworth |
Notes to the Financial Statements - continued |
for the Year Ended 5 April 2023 |
1. | ACCOUNTING POLICIES - continued |
Fund accounting |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
Grant Income |
Income from government and other grants are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred. |
Pension costs and other post-retirement benefits |
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. |
2. | INVESTMENT INCOME |
2023 | 2022 |
£ | £ |
Rents received |
Interest receivable | 23 | - |
3. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
4. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 5 April 2023 nor for the year ended 5 April 2022. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 5 April 2023 nor for the year ended 5 April 2022. |
Sri Guru Singh Sabha Gurdwara Letchworth |
Notes to the Financial Statements - continued |
for the Year Ended 5 April 2023 |
5. | STAFF COSTS |
The average monthly number of employees during the year was as follows: |
2023 | 2022 |
Staff |
6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
funds | funds | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Investment income |
Total |
EXPENDITURE ON |
Charitable activities |
Net gains on investments |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward | 1,137,042 | - |
TOTAL FUNDS CARRIED FORWARD | 1,273,806 | - | 1,273,806 |
Sri Guru Singh Sabha Gurdwara Letchworth |
Notes to the Financial Statements - continued |
for the Year Ended 5 April 2023 |
7. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and |
property | fittings | Equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 6 April 2022 |
Additions |
Revaluations |
At 5 April 2023 |
DEPRECIATION |
At 6 April 2022 |
Charge for year |
At 5 April 2023 |
NET BOOK VALUE |
At 5 April 2023 |
At 5 April 2022 |
Cost or valuation at 5 April 2023 is represented by: |
Fixtures |
Freehold | and |
property | fittings | Equipment | Totals |
£ | £ | £ | £ |
Valuation in 2020 | (388,182 | ) | - | - | (388,182 | ) |
Valuation in 2021 | (118,893 | ) | - | - | (118,893 | ) |
Valuation in 2022 | 39,717 | - | - | 39,717 |
Valuation in 2023 | 50,000 | - | - | 50,000 |
Cost | 1,667,358 | 37,248 | 30,749 | 1,735,355 |
1,250,000 | 37,248 | 30,749 | 1,317,997 |
At the end of the reporting period the property was restated to fair value based on an assessment made by the trustees. They have assessed the value of the property to be £1,250,000 (one million, two hundred and fifty thousand) as at 5 April 2023. The last external valuation was undertaken was during March 2022. |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
Prepayments and accrued income |
Sri Guru Singh Sabha Gurdwara Letchworth |
Notes to the Financial Statements - continued |
for the Year Ended 5 April 2023 |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 11) |
Accruals and deferred income |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 11) |
11. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year on demand: |
Bank loans |
Amounts falling between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
Repayable by instalments: |
Bank loans more 5 yr by instal |
12. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 6.4.22 | in funds | 5.4.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 1,273,806 | 86,741 | 1,360,547 |
TOTAL FUNDS | 86,741 | 1,360,547 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 176,641 | (139,900 | ) | 50,000 | 86,741 |
TOTAL FUNDS | ( |
) | 86,741 |
Sri Guru Singh Sabha Gurdwara Letchworth |
Notes to the Financial Statements - continued |
for the Year Ended 5 April 2023 |
12. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net |
movement | At |
At 6.4.21 | in funds | 5.4.22 |
£ | £ | £ |
Unrestricted funds |
General fund | 1,137,042 | 136,764 | 1,273,806 |
TOTAL FUNDS | 1,137,042 | 136,764 | 1,273,806 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 179,657 | (103,251 | ) | 60,358 | 136,764 |
Restricted funds |
Letchworth Garden City Heritage Foundation |
11,500 |
(11,500 |
) |
- |
- |
TOTAL FUNDS | 191,157 | (114,751 | ) | 60,358 | 136,764 |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
movement | At |
At 6.4.21 | in funds | 5.4.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 1,137,042 | 223,505 | 1,360,547 |
TOTAL FUNDS | 1,137,042 | 223,505 | 1,360,547 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 356,298 | (243,151 | ) | 110,358 | 223,505 |
Restricted funds |
Letchworth Garden City Heritage Foundation |
11,500 |
(11,500 |
) |
- |
- |
TOTAL FUNDS | 367,798 | (254,651 | ) | 110,358 | 223,505 |
Sri Guru Singh Sabha Gurdwara Letchworth |
Notes to the Financial Statements - continued |
for the Year Ended 5 April 2023 |
13. | RELATED PARTY DISCLOSURES |