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2023-03-31-accounts

TURKISH CYPRIOT WOMEN'S PROJECT (Private Company Limited by Guarantee)

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

COMPANY REG NO. 02984789

CHARITY NO. 1049089

TURKISH CYPRIOT WOMEN'S PROJECT (Private Company Limited by Guarantee) Contents

Page
Legal and administrative information 1
Report of the trustees 2-3
Independent Examiners Report 4
Statement of Financial Activities 5
Balance Sheet 6
Accounting policies 7-8
Notes forming part of the financial statements 9-12
Detailed income & expenditure account 13

Page 4 and 13 does not form part of the statutory accounts.

TURKISH CYPRIOT WOMEN'S PROJECT (Private Company Limited by Guarantee) Legal and Administrative Information

Trustees and directors B Tarihsever G Ibrahim A Kaya S Howell F Korbay ** O Aziz S Mustafa (resigned 03/09/2022) L N Eski _ - Management committee members are also, for the purpose of the Companies Act 2006, company directors._ Key management & personnel S Yusuf - Executive Officer Administration office address 140A Falkland Road Hornsey London N8 0NP Registered office address 3 Gateway Mews Ringway, Bounds Green London N11 2UT Charity registration no.: 1049089 Company registration no.: 02984789 (England & Wales) Reporting Accountants: TKG Partnership Ltd Chartered Accountants 3 Gateway Mews Ringway London N11 2UT Bankers: HSBC Plc Funding authorities:** L B Haringey The Bridge Renewal Trust

Page 1

TURKISH CYPRIOT WOMEN'S PROJECT (Private Company Limited by Guarantee) Directors' & Trustees' Report for the Year Ended 31 March 2023

The trustees are pleased to present their annual trustees' report for the year ended 31 March 2023 which is also prepared to meet the requirements for a directors report and accounts for Companies Act purposes.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and 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 (FRS102).

Structure, Governance and Management

Governing Document

Turkish Cypriot Women's Project Limited is a company limited by guarantee and is a registered charity. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1.

Recruitment & Appointment of Trustees

The trustees and directors who have served throughout the year are shown on page 1. Appointment of directors/trustees is governed by the Memorandum & Articles of Association.

New Trustees undergo training on their legal obligations as under Charity Law, the decision making process, the business plan and recent performance of the charity.

Organisational Structure

The charity is organized so that the trustees meet regularly to manage its affairs. The Chief Executive Officer S Yusuf manages the day to day administration of the charity and reports to the Trustees at bi-monthly Trustee meetings.

Risk Management

The trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining reserves at the current levels, combined with an annual review of the controls over key financial systems, will provide sufficient resources in the event of adverse conditions.

The trustees also review non-financial risks and these risks are managed by ensuring compliance with all health and safety regulations for clients, staff and volunteers.

Related parties

None of the trustees receive remuneration or other benefit in their capacity as trustees of the charity. Any connection between a trustee of the charity and organisations providing services to the charity must be disclosed to the full board of trustees in the same way as any contractual relationship with a related party. In the current year no such related party transactions were reported.

Pay policy for senior staff

The directors consider that the board of directors, Charity's trustees, and senior management team comprise the key management personnel of the charity in charge of directing, controlling, running and operating the charity on a day to day basis.

The pay of senior staff, including S Yusuf is reviewed annually.

Purpose and objectives

The charity's objects and its principal activities are the provision of educational, social and welfare services for the benefit of the Turkish speaking community in Greater London, particularly in Haringey, Islington, Enfield, Waltham Forest, Barnet and Hackney areas of London.

Page 2

TURKISH CYPRIOT WOMEN'S PROJECT (Private Company Limited by Guarantee) Directors' & Trustees' Report for the Year Ended 31 March 2023 (Continued)

Financial review

Total income for the year amounted to £86,600 with total expenditure amounting to £82,876 leaving a surplus in the year of £3,724.

Accumulated reserves at the balance sheet date amounted to £379,201, of which £84,144 represent income reserves.

Investment powers and policy

The trustees, having regard to the liquidity requirements of operating the charity's activities, have kept a proportion of available liquid funds in an interest bearing account to maximise the rate of return, although given current rates of interest the rate of return is minimal. The trustees will review the position and consider alternative investments to maximise returns but will continue with a risk averse policy.

Reserves policy and going concern

The Trustees have undertaken a review of the charity's requirements for reserves in light of the main risks to the organisation. As part of this review the charity has set up a designated fund, namely 'staff & maternity fund' reserve, in line with Charity Commission recommendations. The 'staff & maternity fund' is to cover future potential statutory liabilities (redundancy, unpaid holiday & monies in lieu of notice) should the charity cease activities and as at 31 March 2023 stands at £60,000. Unrestricted reserves as at 31 March 2023 were £23,062 which is equivalent to 12 months of running costs, excluding staff costs.

Plans for future periods

The Trustees secured funding for a further 2 years from BAME Women's Specialist Housing Advice Services from L B Haringey for one year starting from 1 August 2022 for £45,000 per annum. Funding has alo been secured from The City Bridge Trust for £162,600 over 5 years commencing on 21 August 2023 for priovision of advise & support. The Trustees are exploring further avenues for income generation to maintain existing services provided to the community.

Trustees responsibilities in relation to the financial statements

The charity trustees (who are also directors of the Company for the purposes of company law) 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 accounting records which 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 Companies Act 2006. 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.

Directors and trustees

The trustees who are directors for the purpose of company law who have served during the year and up to the date of this report are set out on page 1.

By order of the board of trustees

…………………………………………………………………

G Ibrahim 1 September 2023

Page 3

Turkish Cypriot Women's Project (Private Company Limited by Guarantee) Independent Examiner's report on the accounts for the year ended 31 March 2023

I report to the trustees on my examination of the accounts of the above charity ('the Trust) for the year ended 31 March 2023.

Responsibilities and basis of report

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

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

Independent examiner's statement

I have completed my examination. I confirm that no material matters come to my attention in connection with the examination, which gives 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 accounts to be reached.

Chrysostomos Kyprianou TKG Partnership Ltd Chartered Accountants

3 Gateway Mews Ringway London N11 2UT

1 September 2023

Page 4

TURKISH CYPRIOT WOMEN'S PROJECT (Private Company Limited by Guarantee) Statement of financial activities for the year ended 31 March 2023

----- Start of picture text -----
Unrestricted/
Restricted Designated Total Total
Notes Funds Funds 2022/23 2021/22
£ £ £ £
Income:
Donations and restricted grants 3 72,219 72,219 88,353
Income from other charitable activities
Fundraising & other income 4 - 14,381 14,381 10,531
Total income 72,219 14,381 86,600 98,884
Expenditure
Expenditure on charitable activities:
Direct Charitable expenditure 5 68,877 10,657 79,534 94,766
Management and administration 6 3,342 - 3,342 4,056
Total expenditure 72,219 10,657 82,876 98,822
Net income/(expenditure) and net movements
in funds before gains and losses on investments
7 - 3,724 3,724 62
-
Total funds brought forward 375,477 375,477 375,415
Total funds carried forward - 379,201 379,201 375,477
----- End of picture text -----

The statement of financial activities includes all gains and losses in the year. All incoming resources and resources expended derive from continuing activities.

Page 5

TURKISH CYPRIOT WOMEN'S PROJECT (Private Company Limited by Guarantee) BALANCE SHEET AS AT 31 MARCH 2023

----- Start of picture text -----
Notes 2022/23 2021/22
£ £ £ £
Fixed Assets
Tangible fixed assets 13 295,057 296,139
Total fixed assets 295,057 296,139
Current Assets
Cash at bank and in hand 89,426 103,532
Total current assets 89,426 103,532
Creditors: amounts falling due
within one year 14 (5,282) (24,194)
Net current assets 84,144 79,338
NET ASSETS 379,201 375,477
The funds of the Charity:
Unrestricted & Restricted income funds: 15 379,201 375,477
TOTAL CHARITY FUNDS 379,201 375,477
----- End of picture text -----

These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.

The notes at pages 9 to 12 form part of these accounts

Approved by the trustees on 1 September 2023

………………………………………………………………… B Tarihsever Trustee & Company Director

Page 6

TURKISH CYPRIOT WOMEN'S PROJECT (Private Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2023

Accounting policies

The principal accounting policies adopted, judgments and key sources of estimation uncertainty in the preparation of financial statements are as follows

Basis of Preparation

The Financial statements have been prepared in accordance with Accounting and Reporting of charities : SORP applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective date 1 January 2015) - Charities SORP (FRS 102), the financial reporting standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Turkish Cypriot Women's Project meet the definition of Charity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy (notes).

Reconciliation with previous GAAP

In preparing the accounts the trustees have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102, the reinstatement of comparative item was required.

At the date of transition no other restatements were required.

Incoming resources

Income (including income from government and other grants) is recognised when the charity has entitlement to the funds, any performance conditions attached to the items of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Interest and investment income receivable

Interest on funds held on deposit and income from investments held is included when receivable and the amount can be measured reliable by the charity.

Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside for a specific purpose. Restricted funds are donations or grants which the donor has specified are to be solely used for a particular purpose or area of the Trust's work or projects being undertaken by the Trust.

Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following headings:

-cost of raising funds comprise the cost of commercial trading

Irrecoverable VAT is charged as a cost against the activity for which the expenditure has been incurred.

Taxation

As a grant aided charity with charitable status the charity's activities do not create a charge to corporation tax.

Operating leases

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

Tangible fixed assets

Tangible fixed assets for use by the charity are stated at cost less depreciation.

Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Page 7

TURKISH CYPRIOT WOMEN'S PROJECT (Private Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2023

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 at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of less than three months from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

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

Financial instruments

The trust has only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. The charity does not acquire put options, derivatives or other complex financial instruments and does not therefore face any financial risk.

Pensions

The Trust operates a defined contribution pension scheme.

Page 8

TURKISH CYPRIOT WOMEN'S PROJECT (Private Company Limited by Guarantee) Notes to the financial statements for the year ended 31 March 2023

1 Legal status of the Trust

The Trust is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

2 Financial performance of the charity
Income
Expenditure on charitable activities
Expenditure on management and administration
Depreciation
Net income
Total funds brought forward
Total funds carried forward
Represented by:
Unrestricted funds - designated
Unrestricted funds - general
3 Income from Donations, Grants & Income Generation
Grants receivable
Community Fund/National Lottery Awards for All
The Bridge Renewal Trust
Rosa - The UK Fund for Women and Girls
L B Haringey - Specialist Community Advice Service
L B Haringey - BAME Women's Specialist Housing Advice Services
The Henry Smith Charity (Community Match Challenge Grant)
Add: Deferred income brought forward
The Henry Smith Charity (Community Match Challenge Grant)
L B Haringey - Specialist Community Advice Service
Less: Deferred income carried forward
L B Haringey - BAME Women's Specialist Housing Advice Services
L B Haringey - Specialist Community Advice Service
4 Income from other charitable activities
Fundraising
Interest receivable
5 Analysis of expenditure on charitable activities
Staff & agency costs
Other running costs
Depreciation		 2022/23
£
86,600
78,452
3,342
1,082
82,876
3,724
375,477
379,201
355,057
24,144
379,201
-
5,500
-
14,969
33,750
-
54,219
-
21,750
75,969
(3,750)
-
72,219
14,105
276
14,381
65,400
13,052
1,082
79,534		 2021/22
£
98,884
93,684
4,056
1,082
98,822
62
375,415
375,477
356,139
19,338
375,477
9,990
-
7,998
45,308
-
13,600
76,896
-
11,457
21,750
110,103
-
(21,750)
88,353
10,524
7
10,531
81,265
12,419
1,082
94,766

Page 9

TURKISH CYPRIOT WOMEN'S PROJECT (Private Company Limited by Guarantee) Notes to the financial statements for the year ended 31 March 2023

----- Start of picture text -----
2022/23 2021/22
£ £
6 Analysis of governance and support cost
Reporting accountant fee & accountancy 1,920 1,320
Legal & professional 1,130 2,657
Other 292 79
3,342 4,056
7 Net income /(expenditure) for the year
This is stated after charging:
Depreciation -owned assets 1,082 1,082
Reporting accountants remuneration 900 750
8 Analyses of staff costs, trustee remuneration and expenses, and the cost of key
management personnel
Wages and salaries 62,741 78,736
Pension costs 1,699 1,503
64,440 80,239
The average number of staff employed during the year
were as follows:
Direct charitable 4 4
4 4
The number of employees whose emoluments as defined for taxation purposes
amounted to over £60,000 in the year were as follows: - -
----- End of picture text -----

9 Trustees' remuneration

The trustees were not paid or received any other benefits from the Charity during the year in their capacity as trustees.

10 Related party transactions

There were no related party transactions to be disclosed during the year under review.

11 Government Grants

Income from grants comprises of grant funding made available by funding authorities and private entities to fund specific projects undertaken by the Charity. See note 4 for more information and to the amount and sources of these grants.

12 Corporation Tax

The Charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

Page 10

TURKISH CYPRIOT WOMEN'S PROJECT (Private Company Limited by Guarantee) Notes to the financial statements for the year ended 31 March 2023

----- Start of picture text -----
Freehold Office
Property Equipment Total
13 Tangible fixed assets £ £ £
Cost:
At 1 April 2022 293,975 8,028 302,003
Additions - -
Disposals /write offs - - -
At 31 March 2023 293,975 8,028 302,003
Depreciation
-
At 1 April 2022 5,864 5,864
-
Charge in year 1,082 1,082
-
Disposals /write offs
At 31 March 2023 - 6,946 6,946
Net book value
At 31 March 2023 293,975 1,082 295,057
At 31 March 2022 293,975 2,164 296,139
14 Creditors
Amounts falling due within one year:
Other taxation & social security 353 786
Other creditors & accruals 4,929 23,408
5,282 24,194
15 Reserve Funds
2022/23
01/04/2022 Income Expenditure Transfers 31/03/2023
Restricted funds:
The Bridge Renewal Trust . 5,500 (5,500) - -
L B Haringey - Specialist
Community Advice Service . 36,719 (36,719) - -
L B Haringey - BAME Women's
Specialist Community Advice
Service . 30,000 (30,000) - -
Total restricted funds - 72,219 (72,219) - -
Unrestricted Funds:
Functional fixed assets 296,139 - (1,082) - 295,057
- - -
Staff & Maternity fund 60,000 60,000
General reserve 19,338 14,381 (9,575) - 24,144
Total unrestricted funds 375,477 14,381 (10,657) - 379,201
Total funds 375,477 86,600 (82,876) - 379,201
----- End of picture text -----

Page 11

TURKISH CYPRIOT WOMEN'S PROJECT (Private Company Limited by Guarantee) Notes to the financial statements for the year ended 31 March 2023

16 Reserve Funds (continued)

LB Haringey Specialist Community Advise Service: Provision of housing related advice and support to LB Haringey Council residents.

LB Haringey BAME Women's Specialist Community Advise Service: Provision of housing related advice and support to LB Haringey Council residents.

The Bridge Renewal Trust: Partnership to support earlier cancer prevention amongst people from the Turkish/Turkish Cypriot population.

Total restricted funds
Unrestricted Funds:
Functional fixed assets
Staff & Maternity fund
General reserve
Total unrestricted funds
Total funds
17 Analysis between fund balances
Tangible fixed assets
Cash at bank and in hand
Other net current assets/ (liabilities)
Analysis between fund balances
Tangible fixed assets
Cash at bank and in hand
Other net current assets/ (liabilities)
Community
Fund/National
Lottery
Awards for All
Rosa - The UK Fund for Women and
Girls
The
Henry
Smith
Charity
-
Community Match Challenge Grant
L B Haringey - Specialist Community
Advice Service		 01/04/2021
-
-
-
-
-
297,221
33,207
44,987
375,415
375,415



 Income
9,900
7,798
25,057
45,308
88,063
-
-
10,531
10,531
98,594		 Expenditure
Transfers
(9,900)
-
(7,798)
-
(25,057)
-
(45,308)
-
(88,063)
-
(1,082)
-
-
26,793
(9,387)
(26,793)
(10,469)
-
(98,532)
-
Restricted
Unrestricted
-
295,057
-
89,426
-
(5,282)
-
379,201
Restricted
Unrestricted
-
296,139
-
103,532
-
(24,194)
-
375,477
2022/23
2021/22
2021/22		 31/03/2022
-
-
-
-
-
296,139
60,000
19,338
375,477
375,477
Total
295,057
89,426
(5,282)
379,201
Total
296,139
103,532
(24,194)
375,477

18 Post-balance sheet events

The trustees, having made enquiries with senior members of staff confirm that there are no post balance sheet events which require disclosure in the financial statements.

Page 12