Docusign Envelope ID: 83D6D4BC-0AD0-407E-AB0E-8F71490829EC
## **TURKISH CYPRIOT WOMEN'S PROJECT**
(Private Company Limited by Guarantee)
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
COMPANY REG NO. 02984789 CHARITY NO. 1049089
Docusign Envelope ID: 83D6D4BC-0AD0-407E-AB0E-8F71490829EC
## **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.**_
Docusign Envelope ID: 83D6D4BC-0AD0-407E-AB0E-8F71490829EC
**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 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:** Liondaris & Co Certified Accountants & Business Advisors Coach House, Bellevue Road Friern Barnet, London, N11 3NY **Bankers:** HSBC Plc **Funding authorities:** L B Haringey City Bridge Foundation Awards For All VCSE Energy Efficiency Scheme
Page 1
Docusign Envelope ID: 83D6D4BC-0AD0-407E-AB0E-8F71490829EC
## **TURKISH CYPRIOT WOMEN'S PROJECT**
## **(Private Company Limited by Guarantee) Directors' & Trustees' Report for the Year Ended 31 March 2025**
The trustees are pleased to present their annual trustees' report for the year ended 31 March 2025 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
Docusign Envelope ID: 83D6D4BC-0AD0-407E-AB0E-8F71490829EC
## **TURKISH CYPRIOT WOMEN'S PROJECT**
**(Private Company Limited by Guarantee) Directors' & Trustees' Report for the Year Ended 31 March 2025 (Continued)**
## **Financial review**
Total income for the year amounted to £132,162 with total expenditure amounting to £152,066 leaving a deficit in the year of £19,904.
Accumulated reserves at the balance sheet date amounted to £352,869, of which £58,894 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 2025 stands at £33,676. Unrestricted reserves as at 31 March 2025 were £25,218 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 2024 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).
- select suitable accounting policies and apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgments and estimates that are reasonable and prudent;
- state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements.
- prepare financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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 20 August 2025** [Gils Ural
Page 3
Docusign Envelope ID: 83D6D4BC-0AD0-407E-AB0E-8F71490829EC
## **Turkish Cypriot Women's Project**
**(Private Company Limited by Guarantee) Independent Examiner's report on the accounts for the year ended 31 March 2025**
I report to the trustees on my examination of the accounts of the above charity ('the Trust) for the year ended 31 March 2025.
## **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:
● the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
**C Liondaris Liondaris & Co Certified Accountants & Business Advisors Coach House, Bellevue Road Friern Barnet, London, N11 3NY**
## **20 August 2025**
Page 4
Docusign Envelope ID: 83D6D4BC-0AD0-407E-AB0E-8F71490829EC
## **TURKISH CYPRIOT WOMEN'S PROJECT (Private Company Limited by Guarantee) Statement of financial activities for the year ended 31 March 2025**
**----- Start of picture text -----**
Unrestricted/
Restricted Designated Total Total
Notes Funds Funds 2024/25 2023/24
£ £ £ £
Income:
Donations and restricted grants 3 109,027 109,027 68,031
Income from other charitable activities
Fundraising & other income 4 - 23,135 23,135 22,558
Total income 109,027 23,135 132,162 90,589
Expenditure
Expenditure on charitable activities:
Direct Charitable expenditure 5 100,645 43,039 143,684 92,565
Management and administration 6 8,382 - 8,382 4,452
Total expenditure 109,027 43,039 152,066 97,017
Net income/(expenditure) and net movements
in funds before gains and losses on investments
7 - (19,904) (19,904) (6,428)
-
Total funds brought forward 372,773 372,773 379,201
Total funds carried forward - 352,869 352,869 372,773
**----- 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
Docusign Envelope ID: 83D6D4BC-0AD0-407E-AB0E-8F71490829EC
## **TURKISH CYPRIOT WOMEN'S PROJECT (Private Company Limited by Guarantee) BALANCE SHEET AS AT 31 MARCH 2025**
||**Notes**|**2024/25**||**2023/24**||
|---|---|---|---|---|---|
|**Fixed Assets**
Tangible fixed assets|**13**|**£**|**£**
293,975|**£**|**£**
293,975|
|**Total fixed assets**
**Current Assets**
Cash at bank and in hand||72,016|293,975|94,568|293,975|
|**Total current assets**
**Creditors: amounts falling due**
**within one year**|**14**|72,016
(13,122)||94,568
(15,770)||
|**Net current assets**|||58,894||78,798|
|**NET ASSETS**|||352,869||372,773|
|**The funds of the Charity:**
Unrestricted & Restricted income funds:|**15**||352,869||372,773|
|**TOTAL CHARITY FUNDS**|||352,869||372,773|
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 20 August 2025
[ **…………………………………………………………………** BeljnSignedC378675B60814EB... by: Taniliseaer **B Tarihsever Trustee & Company Director**
Page 6
Docusign Envelope ID: 83D6D4BC-0AD0-407E-AB0E-8F71490829EC
**TURKISH CYPRIOT WOMEN'S PROJECT (Private Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025**
## **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).
## **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
- expenditure on charitable activities includes the cost of operating the advice centre and outreach services
- management and administration includes support costs for those functions that assist the work of the charity
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:
- office equipment - 25% straight line basis
- freehold property - no depreciation provided
Page 7
Docusign Envelope ID: 83D6D4BC-0AD0-407E-AB0E-8F71490829EC
## **TURKISH CYPRIOT WOMEN'S PROJECT**
**(Private Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025**
## **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
Docusign Envelope ID: 83D6D4BC-0AD0-407E-AB0E-8F71490829EC
## **TURKISH CYPRIOT WOMEN'S PROJECT (Private Company Limited by Guarantee) Notes to the financial statements for the year ended 31 March 2025**
## **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**
City Bridge Foundation - Bridging Divides
L B Haringey - BAME Women's Specialist Housing Advice Services
Awards For All - Talk, Share & Heal
VCSE Energy Efficiency Scheme
**Add: Deferred income brought forward**
L B Haringey - BAME Women's Specialist Housing Advice Services
City Bridge Foundation - Bridging Divedes
Awards For All - Talk, Share & Heal
**Less: Deferred income carried forward**
L B Haringey - BAME Women's Specialist Housing Advice Services
City Bridge Foundation - Bridging Divedes
Awards For All - Talk, Share & Heal
**4 Income from other charitable activities**
Fundraising, donations & other income
Interest receivable
**5 Analysis of expenditure on charitable activities**
Staff & agency costs
Other running costs
Depreciation|**2024/25**
**£**
132,162
143,684
8,382
-
152,066
(19,904)
372,773
352,869
327,651
25,218
352,869
30,605
45,000
-
29,331
104,936
3,750
4,943
4,091
117,720
(3,750)
(4,943)
-
109,027
22,255
880
23,135
73,598
70,086
-
143,684|**2023/24**
**£**
90,589
91,483
4,452
1,082
97,017
(6,428)
379,201
372,773
353,975
18,798
372,773
22,245
45,000
9,820
-
77,065
-
3,750
-
-
80,815
(3,750)
(4,943)
(4,091)
68,031
21,485
1,073
22,558
76,709
14,774
1,082
92,565|
|---|---|---|
Page 9
Docusign Envelope ID: 83D6D4BC-0AD0-407E-AB0E-8F71490829EC
**TURKISH CYPRIOT WOMEN'S PROJECT (Private Company Limited by Guarantee) Notes to the financial statements for the year ended 31 March 2025**
|**6 Analysis of governance and support cost**
Reporting accountant fee & accountancy
Legal & professional
Other
**7 Net income /(expenditure) for the year**
This is stated after charging:
Depreciation -owned assets
Reporting accountants remuneration
**8**
Wages and salaries
Pension costs
The average number of staff employed during the year
were as follows:
Direct charitable
**Analyses of staff costs, trustee remuneration and expenses, and the cost of key**
**management personnel**|**2024/25**
**£**
1,842
6,230
310
8,382
-
1,842
71,709
1,739
73,448
4
4|**2023/24**
**£**
1,980
2,169
303
4,452
1,082
900
73,886
1,699
75,585
4
4|
|---|---|---|
The number of employees whose emoluments as defined for taxation purposes amounted to over £60,000 in the year were as follows: - -
## **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
Docusign Envelope ID: 83D6D4BC-0AD0-407E-AB0E-8F71490829EC
## **TURKISH CYPRIOT WOMEN'S PROJECT (Private Company Limited by Guarantee) Notes to the financial statements for the year ended 31 March 2025**
**----- Start of picture text -----**
Freehold Office
Property Equipment Total
13 Tangible fixed assets £ £ £
Cost:
At 1 April 2023 293,975 8,028 302,003
Additions - -
Disposals /write offs - - -
At 31 March 2024 293,975 8,028 302,003
Depreciation
-
At 1 April 2023 8,028 8,028
- - -
Charge in year
-
Disposals /write offs
At 31 March 2024 - 8,028 8,028
Net book value
At 31 March 2024 293,975 - 293,975
At 31 March 2023 293,975 - 293,975
2024/25 2023/24
14 Creditors
Amounts falling due within one year:
Other taxation & social security 1,838 633
Other creditors & accruals 11,284 15,137
13,122 15,770
15 Reserve Funds
2024/25
01/04/2023 Income Expenditure Transfers 31/03/2024
Restricted funds:
L B Haringey - BAME Women's
Specialist Community Advice
Service . 45,000 (45,000) - -
City Brdge Foundation - Bridging
Divides . 30,605 (30,605) - -
Awards For All - Talk, Share & Heal
. 4,091 (4,091) - -
VCSE Energy Efficiency Scheme . 29,331 (29,331) - -
Total restricted funds - 109,027 (109,027) - -
Unrestricted Funds:
Functional fixed assets 293,975 - - - 293,975
- -
Staff & Maternity fund 60,000 (26,324) 33,676
General reserve 18,798 23,135 (16,715) - 25,218
Total unrestricted funds 372,773 23,135 (43,039) - 352,869
Total funds 372,773 132,162 (152,066) - 352,869
**----- End of picture text -----**
Page 11
Docusign Envelope ID: 83D6D4BC-0AD0-407E-AB0E-8F71490829EC
**TURKISH CYPRIOT WOMEN'S PROJECT (Private Company Limited by Guarantee) Notes to the financial statements for the year ended 31 March 2025**
## **16 Reserve Funds (continued)**
**LB Haringey BAME Women's Specialist Community Advise Service:** Provision of housing related advice and support to LB Haringey Council residents.
**City Bridge Trust - Bridging Divides:** Supporting Turkish Speaking Women in North London to overcome crises with debts, energy costs, welfare benefits, housing and improve their skills to manage their own affairs.
**Awards For All - Talk, Share & Heal:** Provision of cultural sensitive support to disadvantaged Turkish Speaking Women in North London, who have been disadvantaged by the Turkish-Syrian earthquake. **VCSE Energy Efficiency Scheme:** Funding for installation of solar panels
|**01/04/2022**
-
-
-
**Total restricted funds**
**-**
**Unrestricted Funds:**
Functional fixed assets
295,057
Staff & Maternity fund
60,000
General reserve
24,144
**Total unrestricted funds**
**379,201**
**Total funds**
**379,201**
**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)
L B Haringey -
BAME
Women's
Specialist Community Advice Service
City Brdge Foundation - Bridging
Divides
Awards For All - Talk, Share & Heal|**Income**
45,000
17,302
5,729
**68,031**
-
-
22,558
**22,558**
**90,589**|**Expenditure**
**Transfers**
(45,000)
-
(17,302)
-
(5,729)
**(68,031)**
**-**
(1,082)
-
-
-
(27,904)
**(28,986)**
**-**
**(97,017)**
**-**
**Restricted**
**Unrestricted**
-
293,975
-
72,016
-
(13,122)
-
352,869
**Restricted**
**Unrestricted**
-
293,975
-
94,568
-
(15,770)
-
372,773
**2024/25**
**2023/24**
**2023/24**|**31/03/2023**
-
-
**-**
293,975
60,000
18,798
**372,773**
**372,773**
**Total**
293,975
72,016
(13,122)
352,869
**Total**
293,975
94,568
(15,770)
372,773|
|---|---|---|---|
## **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
Docusign Envelope ID: 83D6D4BC-0AD0-407E-AB0E-8F71490829EC
## **TURKISH CYPRIOT WOMEN'S PROJECT (Private Company Limited by Guarantee) Detailed income and expenditure account for the year ended 31 March 2025**
|Grants receivable
Interest receivable
Fundraising & donations & other income
**Direct charitable expenditure:**
Staff costs
Staff pensions
Sraff redundancy
Temporary staff & recruitment
Staff training & welfare
Travel & subsistence
Canteen & office refreshments
Rates, light & heat and services
General insurance & professional indemnity
Volunteer expenses
Repairs & maintenance
Equipment hire
Printing, postage & stationery
Telephone
Advertising
Memberships and subscriptions
Sundry expenses
Depreciation
**Management & administration:**
Accountancy
Legal & professional expenses
Bank charges
**NET INCOMINGS/(OUTGOINGS) IN YEAR**|**2024/25**
**£**
109,027
880
22,255
132,162
71,709
1,739
26,324
150
-
1,039
408
4,475
1,425
1,200
31,496
684
62
1,576
-
305
1,092
-
143,684
1,842
6,230
310
8,382
(19,904)|**2023/24**
**£**
68,031
1,073
21,485
90,589
73,886
1,788
-
1,035
224
1,191
339
4,945
1,191
1,315
851
682
167
2,580
400
572
317
1,082
92,565
1,980
2,169
303
4,452
(6,428)|
|---|---|---|
Page 13