COMPANY REGISTRATION NUMBER: 2930365 CHARITY REGISTRATION NUMBER: 1040944 Halkevi: The Kurdish & Turkish Community Centre Company Limited by Guarantee Unaudited Financial Statements 31 March 2024 AM BUSINESS & ACCOUNTANCY SERVICES LTD Chartered accountants 6 Westmoreland Street Harrogate HG15AT
Halkevi: The Kurdish & Turkish Community Centre Company Limited by Guarantee Financial Ststements Year ended 31 March 2024 Page Trustees, annual report (incorporating the directorfs report) Independent examinerfs report to the trustees Statement of financial activities (including income and expenditure account) Statement of financial position Notes to the financial statements
Halkevi: The Kurdish & Turkish Community Centre Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) Year ended 31 March 2024 The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2024. Reference and admlnlstratlve detalls R8gl8tered charlty name Halkevi.. The Kurdish & Turkish Community Centre Charlty reg18tratlon number 1040944 Company reg18tration numbgr 2930365 Prlnclpal offlce and regl8ter•d 31-33 Dalston Lane offlco Hackney London E8 3DF Th• truste•8 Miss E Sarican Mr N Matheou Miss C Barbagallo Ms F Valerio Mrs O Awosokanre (Appointed 28 June 2023) Company secretary Mr Y Ism8ilglu Indopondont oxamln•r Asim Manzoor 6 Westmoreland Street Harrogate HG15AT
Halkevi: The Kurdish & Turkish Community Centre Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (continuodj Year ended 31 March 2024 Structure. governance and management The charity is controlled by its governing document which continues to be its Memorandum and articles of association. Halkevi.. The Kurdish & Turkish CommLSnty Centre constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. H8lkevi'. The Kurdish & Turkish Community Centre 18 a membership based charity managed by management committee (known as directors). The management committee comprises of up to 7 directors eleded by members for one year and up to two directors co-opted by the elected directors. All must be members of Halkevi.. The Kurdish & Turkish Community Centre and receive no remuneration. Co-opted directors must stand for election at the AGM following their co-option or may be co-opted again for one further year. Directors can hold office for a maximum of 10 years from joining the management committee. The management committee usually meets every month. Much of the financial management is delegated by the management committee and overall financial and managerial control is exercised by review of the monthly management d8ta by the management committee. The trustees have given due consideration to the Charity commission published gutdance on the operation of the public benefit requirements. Administration The charity is registered with the Charity Commission of England & Wales (1040944) as Halkevi.. The Kurdish & Turkish Community Centre. The charity is registered and incorporated as a limited company, limited by guarantee (2930365). The registered office of the charity is 31-33 Dalston Lane, Hackney, London, E8 3DF. Fund Accounting Unrestricted funds can be used in accordance with charitable objectives 8t the discretion of the trustees. Restricted funds can only be used for the particular purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Restricted funds in Halkevi refer to grants that specrfy how the money should be spent. Risk Management The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. Going Concern In the trustees assessment of the charity's ability to continue its operations, there are no material uncertainties that may cast significant doubt about the charity's ability to continue as a going concern.
Halkevi: The Kurdish & Turkish Community Centre Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) (contlnued) Year ended 31 March 2024 Objectlv68 and actlvltles The principle objectives of the charity are set out in the Memorandum and articles of association and continue to be.. -Provide educational support to Kurdish, Turkish & Cypriot Turkish pupils in North London and increase access to employment for our local community, and to provide communtty and business advice and seminars & Improve community safety, reducing crime and fear of crime by netsvorking with local aulhorities,community safety units,drugs action groups, police and The London Mayors Offi. Encourage active participation in local services & revitalising local democracy-Protect and improve the environment by actively participating in the local authority efforts-lmprove access to good quality general advice and immigration l asylum advice I health advice-consult with our community to shape objectives and services we provide Vision & Mission Halkevi: The Kurdish & Turkish Community Centre's vision is to be a modern and democratic organisation, working with the Kurdish and Turkish speaking communities to meet their social and educational needs. To support this vision, the charity's mission is to improve the quality of health, social economic life, education, immigration and employment for Kurdish and Turkish speaking communities in the United Kingdom especially London. Halkevi will work independently and proactively to reduce inequalities in health, society, housing, education, weffare rights, employment opportunities and to ensure that Kurdish and Turkish Communities receive the type of services that are accessible and culturally appropriate to their needs. Strateglc report The following sections for achievements and performance and financial review ft)mi the strategic report of the charity. Achlevgments and perfomiance -Lunch club feeding hundreds throughout the year -community integration and support services -Language setvices -community space for everyone to use
Halkevi: The Kurdish & Turkish Community Centre Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) {¢ondnuodJ Year ended 31 March 2024 Financial review The year ending 31 March 2024 generated a small deficit of £3,655. In the prior year March 2023 there was a Surplus of £15,240. The leasehold improvements are complete and is generating income for Halkevi. The improvements to the premises have been funded by members of the charity and a loan by SEIF. Detailed infonnation about Halkevi's financial position and performance is provided in the financial ststements and notes enclosed within. statement of Trustees responsibilities The trustees (who are also the directors of Halkevi.. The Kurdish and Turkish Community Centre for the purposes of company law) a responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and regulations. Company law requires the trustees to prepare financial statements for each financial year. Under that 18W the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Stsndards and applicable law). Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the statement of financial activities of the charitable company for that year. In preparing these financial statements, the trustees are required to: -select suitable accounting policies and apply them consistently., -observe the methods and principles in the Charity SORP., -make judgements and estimates that are reasonable and prudent., -prepare the financial statements on the going concerD basis unl888 It is inappropriate to presume that the charitable company will continue in business The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial positton of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and ensuring the assets are properly applied in accordance with charity law and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far 88 the trustees are are. -there is not a requirement to obtain an audit -the trustees have taken all the steps that they ought to have taken to make themselves aware of any relevant information and to establish that the charitable company's independent examiners are aware of that infomiation. Independent Examiner AM & Company will be proposed for re-appointment at the forthcoming Annual General Meeting. This report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006 and the Financial Reporting Standard {FRS102 Charity SORP) relating to charitable companies.
Halkevi: The Kurdish & Turkish Community Centre Company Llmited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continu•d) Year ended 31 March 2024 The trustees, annual report and the strategic report were approved on 15 May 2024 and signed on behalf of the board of trustees by: Ms E Sarican Trustee Mr Y Ismailglu Charity Secretsry
Halkevl: The Kurdish & Turkish Community Centre Company Llmlted by Guarantee Indopond•nt Examinerfs Report to the Trustees of Halkevl: The Kurdlsh & Turklsh Communlty Centre Year ended 31 March 2024 I r8POrt to the trustees on my examination of the financial ststements of Halkevi.. The KUrdh & Turklsh Cornmunty Centre (Yhe charity'l for the year 8nded 31 MarGh 2024, Re$ponsibllitl•s and basls ol report As the trustees of the company (and also Its dlrectors for the purposes of company law) you are responslble for the preparatlon of the financlal statements in accordance wlth the requirements of the Companies Act 2008 (Yhe 2006 Act,). Having satisfied myself th8t the accounts of the company are not required lo be audrted under Part 16 of the 2006 Act and are ellgible for Independent examlnation, I report In respect of my examination of thè chaiity's accounts as carrled out under section 145 of the Charities Act 2011 ('the 2011 Act.). In carying out my examlnatlon I have followed the Dlrections given by Ihe Charity Cofftmlssion under section 145{5)(b) of the 2011 Act. Indop•ndont •xamlnef8 Statemont I have completed my examinatlon. I confinn that no matters have come to my attention In connection with the examination giving me Cause to believe: accounting records were not kept in respect of the charity as roqulred by section 386 of the 2006 AGt; or the financial statements do not accord with those records.. or the financial ststements do not comply with the accounting requirements of section 396 of the 2006 Aci other than any requirement that the accounts give 8 'true arKI falrf view which is not a matter con81dered as part of an Independent examination., or the financial slatements have not been prepared In accordance wlth the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to chariti8s preparing their accounts In accordan with the Financial Reporbng Standard applicable in the UK and Republic of Ireland IFRS 102). I have no concems and have come across no other matters in connectlon wlth the examinatlon to which 8tt8ntion should be drawn in this report in order to enab18 a proper understanding ol the accounts to be reached. Asim Manzoor Independent Examiner 6 W8stmoreland Street Harrogate HG15AT i(o£Lf
Halkevi: The Kurdish & Turkish Community Centre Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2024 2024 Unrestricted funds Total funds Total funds 2023 Income and endowments Donations and legacies Charitable activities Investment income 18,430 95,704 18,430 95,704 31,816 101,098 18 Total income 114,140 114,140 132,930 Expenditure Expenditure on charitsble activities Totsl expenditure 117,795 117,795 117,690 117,795 117,795 117,690 Net {expenditure)fincome and net movement in funds (3.655) (3,655) 15.240 Reconciliation of fund8 Totsl funds brought forward Total funds carried foN4ard 131,898 131,898 128.243 116,658 128,243 131,898 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 9 to 17 fonn part of these financial statements.
Halkevi: The Kurdish & Turkish Community Centre Company Limited by Guarantee Statement of Financial Position 31 March 2024 2024 2023 Flxed a888ts Tangible fixed assets 14 397,821 411,940 Current a8sets Cash at bank and in hand 2,834 16,850 Credltorn: amounts falllng due wlthln on6 y•ar Not currgnt Ilabilltio8 15 51,025 52,823 48,191 35,973 Totsl a88ets le88 current Ilabllltles 349,630 375,967 Crndltorn: amounts falllng due after moro than one ygar Net assets 16 221,387 128,243 244,069 131,898 Fund8 of tho charlty Unrestricted funds 128,243 131,898 131.898 Totsl charfty fund8 19 128,243 For the year ending 31 March 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities.. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476., The directors acknowledge their responsibilrties for complying with the requirements of the Act with respect to accounting records and the preparation of financial ststements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. These financial statements were approved by the b08rd of trustees and authorised for issue on 15 May 2024, and are signed on behalf of the board by.. Mr Y Ismailglu Charity Secretary Ms E Sarican Trustee The notes on page8 9 to 17 fom) part of th88e flnanclal statements.
Halkevi: The Kurdish & Turkish Community Centre Company Limited by Guarantse Notes to the Financial Statements Year ended 31 March 2024 General tnfomiatlon The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wlales and a registered charity in England and Wales. The address of the registered office is 31-33 Dalston Lane, Hackney, London, E8 3DF. Statement of compllance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Stsndard applicable in the UK and the Republic of Ireland,, the 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} (Charities SORP {FRS 102)) and the Companies Act 2006. Accountlng polici08 Ba818 of prnparatlon The financial statements have been prepared on the historical cost basis, as modrfied by the revaluation of rtain financial assets and liabilities and investrnent properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Golng con¢•m There are no material uncertainties about the charty's ability to continue. D18c108ure exemptlon8 The entity satisfies the criteria of being a qualifying entity as defined in FRS 102 (Charity SORP). As a result the entity does not need trj provide a cash flow statement and supporting notes. {a) No cash flow statement has been presented for the company. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds eamiarked by the trustees for particular future project or commitment. Restricted funds a subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes.. restricted income funds or endowment funds.
Halkevi: The Kurdish & Turkish Community Centre Company Limited by Guarantee Notes to the Financial Statements (contlnuedj Year ended 31 March 2024 Accounting policies (¢ontlnued) Incomlng resourcos All incoming resources are included in the statement of financial activities when entitlement has passed to the charty,. it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income.. income from donations or grants is recognised when the is evidence of entitlement to the gtft, receipt is probable and its amount can be measured reliably. legacy income is recognised whon receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and ServIS are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recogni58d with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. R080urc08 expend Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes 8ny VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates.. expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charty in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to thal activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Tangiblg a88ets Tangible assets a initially recor(led at cost, and subsequently stated at cost less any accumulated depreciation and impaimient losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impaimient10sses. 10
Halkevi: The Kurdish & Turkish Community Centre Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2024 Accounting policies (conllnu8d) Tangible assets (wrtlnued) An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditu within the statement of financial activities. A deC8$e in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the ststement of financial activities. Depreciation Depreciation is calculated so as to write off the cost or valuakn'on of an asset, less its residual value, over the useful economic life of that asset as follows: Long leasehold property Short leasehold property Fixtures and fittings Equipment Straightline of life of lease 40 years Straighlline of life of lease 40 years 250/0 reducing balance 25% reducing balance Impaimient of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is irnpaired accordingly. Prior impainnents are also reviewed for possible reversal at each reporting date. For the purposes of impaiment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the cOVerable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inftows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. Government grants Government grants are recognised at the fair value of the asset reiVed or ceivable. Grants are not recognised until there is reasonable assurance that the charity will comply with the conditions attaching to them and the grants will be received. there the grant dS not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future perfomiance-related conditions on the recipient, it is recognised in income only whan the perfonnance-related conditions have been met. ffiere grants reiVed are prior to satisfying the revenue recognition criteria, they are recognised as a liability. 11
Halkevi: The Kurdish & Turkish Community Centre Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2024 Accounting policie8 (Conllnuod) Flnancial instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initialty recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. V¥here investments in shares are publicty traded or their fair value CAn otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at 8 rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial acttvities, with the exception of hedging instruments in designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, 8n impairment loss is recognised under the appropriate heading in the statement of financial acts'vities in which the init181 gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impaimient. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Llmlted by guarantse The Charitable Company is limited by guarantee of its members. 12
Halkevi: The Kurdish & Turkish Community Centre Company Limited by Guarantee Notes to the Financial Ststements (Conthued) Year ended 31 March 2024 Donations and logaclos Unrestricted Total Fund8 Unrestricted Total Funds Funds 2024 Funds 2023 Donatlon8 Donations 1,977 1,977 1,849 1.849 Grants Grants receivable Capital grant release 14,603 1,750 14,603 1,750 28,037 1,750 28,037 1,750 Sub8crlption8 Membership income 100 100 180 180 18,430 18,430 31,816 31,816 Charitable a¢tlvftlg8 Unrestricted Totsl Fund8 Unreslricted Totsl Funds Funds 2024 Funds 2023 Investment Rental income Other Room & hall hire 32,609 22,314 40.781 32,609 22,314 40,781 32,555 10,066 58,477 32.555 10,066 58,477 95,704 95,704 101,098 101.098 Investmont Incom• Unrestricted Totsl Fund8 Unrestricted Total Funds Funds 2024 Funds 2023 Bank interest receivable 16 16 Expendfture on charftsblo actlvltle8 by fund ty Unrestricted Total Fund8 Unrestricted Total Funds Funds 2024 Funds 2023 Running of community centre Support costs 97,377 20,418 117,795 97,377 20,418 99,380 18,310 99,380 18,310 117,795 117.690 117,690 13
Halkevi: The Kurdish & Turkish Community Centre Company Limited by Guarantee Notes to the Financial Statements (¢ondnuodJ Year ended 31 March 2024 Expendlture on charitable activitt88 by activlty type ActNities undertaken directty Support Total funds costs 2024 Total fund 2023 Running of community centre Governance costs 97,377 97,377 20,418 99,380 18,310 20,418 97,377 20,418 117,795 117,690 10. Net (expendlture)lincomo Net {expenditure)lincome is stated after chargingl(crediting).' 2024 2023 Depreciation of tangible fixed assets 14,119 14,454 11. Independent oxamlnation fees 2024 2023 Fees payable to the independent examiner for.. Independent examination of the financial statements Other financial serrfices 900 900 900 900 1,800 1,800 12. Staff Costs The total staff costs and employee benefrts for the reporting period are analysed as follows.. 2024 2023 Wages and salaries 19,749 26,046 The average number of full-time equivalent employees during the year is analysed as follows". 2024 2023 No. Centre staff Management team No employee received employee benefits of more than £60,000 during the year (2023: Nil). 13. Trustee remuneration and exp8n8e8 No remuneration or other benefits from employment with the charity or a related entity were received by the trustees. 14
Halkevi: The Kurdish & Turkish Community Centre Company Limited by Guarantee Notes to the Financial Statements {continued) Year ended 31 March 2024 14. Tangible fixed assets Long Short leasehold leasehold Fixtures and property property fittings Equipment Total C08t At 1 April 2023 and 31 March 2024 558,110 8,812 17,178 3,827 587,927 Depre¢lation At 1 April 2023 Charge for the year At 31 March 2024 153,123 13,953 2,421 73 17.178 3,265 93 175,987 14,119 167,076 2,494 17,178 3,358 190,106 Carrying amount At 31 March 2024 391,034 6,318 469 397,821 At 31 March 2023 404,987 6,391 562 411,940 Short leasehold commences in April 11 and will depreciate over its lrfetime of 40 years. The leasehold improvements were completed in July 2012 and a depreciated over the period of the lease. The Secretary of Health who has a fed legal charge over the lease in security for amounts borrowed. Please see long teTm creditors. Within tangible fixed assets there is £70,000 of capital grant funding provided by Hackney council to extend and refurbish the communty centre and has therefore been treated as restricted funding. Leasehold improvements consist of mix motive investment and is impractical for apportionment and is treated as fixed assets as per guidance on social investments per Charity SORP 2015. 15. Creditors: amounts falllng due wlthin one year 2024 2023 Trade creditors Accruals and deferred income Social security and other taxes 1,801 49,000 224 1,801 50,750 272 51,025 52,823 16. Credftor5: amounts falling due after more than one year 2024 2023 Bank loans and overdrafts 221,387 244,069 The Loan from SEIF comprises of a capital amount of £221,387.44 at the year end and interest accrued on the loan payable at the year-end for 31 March 2024 was £13,882 and for 31 March 2023 was £15,326 respectively. 15
Halkevi: The Kurdish & Turkish Community Centre Company Limited by Guarantee Notes to the Financial Statements (¢ontinuedJ Year ended 31 March 2024 17. Deferred Income 2024 2023 At 1 April 2023 Amount released to income 50,750 (1,750) 49,000 52,500 (1,750) 50,750 At 31 March 2024 18. Government grants The amounts recognised in the financial statements for govemment grants are as follows: 2024 2023 Recognised in creditors.. Deferred government grants due within one year Recognised in income from donations and legacies.. Government grants income 50,750 52,500 1,750 1,750 19. Analysls of charitable fund8 Unrestricted fund8 At 31 Mar¢h 20 24 At 1 April 2023 Income Expenditure General funds 131,898 114,140 (117,795) 128.243 At 31 March 20 23 At 1 April 2022 Income Expendtture General funds 116,658 132,930 (117,690) 131,898 20. Charges on assets The charity had committed to refurbishing and extending to the community centre along 31-35 Dalston Lane commencing work in 2010. This expenditure was initially supported through small interest free loans from friends of the community centre. Total spend was £566,922 which was partly fInand with a 19 year loan term of £365,230 with the Secretary of Health. As a sUIt of this a fixed legal charge has been plad over the lease agreement with The London Borough of Hackney for the premises of 31-35 Dalston Lane until its repayment. 16
Halkevi: The Kurdish & Turkish Community Centre Company Limited by Guarantee Notes to the Financial Statements (contlnuedj Year ended 31 March 2024 21. Other flnanclal commitments The charity has committed to a short term lease on the 6 April 2011 betwen itself and The London Borough of Hackney for the premises of The Community Centre 31-33 Dalston Lane for a further 40 years. This lease will commence at an initial rent of £5,000 per annum and increasing by £5,000 thereafter every S years until April 2026. A long term loan agreement is in place with The Secretary of Health for £365.230 over a 19 year period at an initial interest rate of 6% secured on the lease of the building. The total amount owed to the Secretary of Health is £221,387 at the year end. 22. Related parties We identified no related party costs during the year 17