REGISTERED CHARITY NUMBER: 1057815
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 4TH MARCH 2023
FOR
LONDON ISLAMIC CULTURE AND RECREATION SOCIETY
S.D. Garner + Co Limited Chartered Certified Accountants
92 Station Lane Hornchurch Essex RM12 6LX
LONDON ISLAMIC CULTURE AND RECREATION SOCIETY
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 4TH MARCH 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 13 |
| Detailed Statement of Financial Activities | 14 |
LONDON ISLAMIC CULTURE AND RECREATION SOCIETY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 4TH MARCH 2023
The Trustees have pleasure in presenting their report and the financial statements for the charity for the year ended 04 March 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 the Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
Main Activities: Education Programmes And Conferences For Elderly And Young, Organising Community Events, Co-Operation With Other Charities, Annual Hajj And Umrah And Cultural Tours, Funeral Assistance.
The trustees have considered the Charity Commission's guidance on public benefit, including the guidance 'public benefit: running a charity (PB2)'.
Significant activities
At the start of the year, the charity purchased its office building for £3,234,250 and spent £228,058 during the year on refurbishing the premises, totalling £3,462,308.These were financed by loans from our head office.
During the year the charity continued to provide Hajj and Umrah services to religious pilgrims, including a cultural tour to Turkey and Spain.
The charity organised various fund-raising events, including Ramadan Iftar dinner event and fetes.
The charity supported weekend education schools in different branches in Edmonton, Romford, Peckham, Margate, Brighton, and Bexley in London. We are in the process of opening a new branch in Enfield.
The charity arranged talks with Imams at the mosques and community halls. Its also continued to provide UQBAH funeral services.
The accounts this year have been delayed due to the technical issues with setting up the online portal with the charity commission, This resulted in the charity not being able to log into our account and submit the accounts and annual return by the due date.
FINANCIAL REVIEW
Financial position
The total income for the year was £227,020 (2022: £139,000)
The total resources expended amounted to £154,658 (2022: £86,120)
The net surplus for the year amounted to £72,362 (2022: £52,880)
Reserves policy
The total accumulated reserves were £726,868 as at 4 March 2023 (2022: £654,506).
The trustees consider the reserves are sufficient to continue the charity activities in the future years.
The trustees actively review the major risks which the charity faces on a regular basis and also have examined other operational risks faced by the charity. The trustees confirms that they have established systems to mitigate the significant risks.
Going concern
The trustees consider the charity to be a going concern despite the challenges posed by the COVID pandemic.
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LONDON ISLAMIC CULTURE AND RECREATION SOCIETY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 4TH MARCH 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Recruitment and appointment of new trustees
The charity trustees are responsible for the general control and management of the charity. The trustees give their time freely and receive on remuneration or other financial benefits.
The trustees meet once a month collectively in order to review the progress of the charity and take any decisions in relation to the activities provided by the charity.
The charity employed one part time staff during the year, all the major activities were carried out by the volunteers and trustees.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
1057815
Principal address
399-401 High Road London N17 6QN
Trustees
Mr U Bilaloglu Mr M Gulbahar Mr M Erguz Mr R Gokce
Independent Examiner
Jamal Arshad, FCCA S.D. Garner + Co Limited Chartered Certified Accountants 92 Station Lane Hornchurch Essex RM12 6LX
Approved by order of the board of trustees on 24th May 2024 and signed on its behalf by:
Mr U Bilaloglu - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LONDON ISLAMIC CULTURE AND RECREATION SOCIETY
Independent examiner's report to the trustees of London Islamic Culture and Recreation Society
I report to the charity trustees on my examination of the accounts of London Islamic Culture and Recreation Society (the Trust) for the year ended 4th March 2023.
Responsibilities and basis of report
As the charity trustees of the Trust 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 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 have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do 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.
Jamal Arshad, FCCA
S.D. Garner + Co Limited Chartered Certified Accountants 92 Station Lane Hornchurch Essex RM12 6LX
24th May 2024
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LONDON ISLAMIC CULTURE AND RECREATION
SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 4TH MARCH 2023
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 95,105 Charitable activities Hajj and Umrah Activities 58,361 Funeral services - Investment income 3 26,703 Total 180,169 EXPENDITURE ON Raising funds 4 31,940 Charitable activities Hajj and Umrah Activities - Funeral services - Projects 5,908 Administration & support costs 102,589 Other 4,572 Total 145,009 NET INCOME 35,160 RECONCILIATION OF FUNDS Total funds brought forward 641,031 TOTAL FUNDS CARRIED FORWARD 676,191 |
Restricted fund £ - - 46,851 - 46,851 - 9,649 - - - - 9,649 37,202 13,475 50,677 |
2023 Total funds £ 95,105 58,361 46,851 26,703 227,020 31,940 9,649 - 5,908 102,589 4,572 154,658 72,362 654,506 726,868 |
2022 Total funds £ 102,314 6,146 14,040 16,500 139,000 34,754 43,516 4,250 - - 3,600 86,120 52,880 601,626 654,506 |
|---|---|---|---|
The notes form part of these financial statements
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LONDON ISLAMIC CULTURE AND RECREATION SOCIETY
BALANCE SHEET 4TH MARCH 2023
| Notes FIXED ASSETS Tangible assets 7 Investments 8 CURRENT ASSETS Debtors 9 Cash at bank CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 11 NET ASSETS FUNDS 13 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted fund £ 3,465,801 1 3,465,802 642,812 42,080 684,892 (89,039) 595,853 4,061,655 (3,385,464) 676,191 |
Restricted fund £ - - - - 50,677 50,677 - 50,677 50,677 - 50,677 |
2023 Total funds £ 3,465,801 1 3,465,802 642,812 92,757 735,569 (89,039) 646,530 4,112,332 (3,385,464) 726,868 676,191 50,677 726,868 |
2022 Total funds £ 1,366 1 1,367 652,562 72,240 724,802 (71,662) 653,140 654,507 (1) 654,506 641,031 13,475 654,506 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 24th May 2024 and were signed on its behalf by:
Mr U Bilaloglu - Trustee
The notes form part of these financial statements
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LONDON ISLAMIC CULTURE AND RECREATION SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 4TH MARCH 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, 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 Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
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.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Tangible fixed assets
Tangible fixed assets, other than freehold are stated at cost or valuation less depreciation and any provision for impairment. 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 basis:
Fixtures and Fittings - 20% straight line
Taxation
The charity is exempt from 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.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
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LONDON ISLAMIC CULTURE AND RECREATION SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 4TH MARCH 2023
2. DONATIONS AND LEGACIES
| Donations Grants Grants (HASENE) London borough of Enfield Covid Grants Gift Aid - HMRC HMRC Furlough |
2023 £0 £0 £0 £0 |
2022 £14,000 £9,238 £3,359 £26,597 |
2023 £ 89,105 - 6,000 95,105 |
2022 £ 75,717 26,597 - 102,314 |
|---|---|---|---|---|
3. INVESTMENT INCOME
4.
| Rents received RAISING FUNDS Raising donations and legacies Support costs |
2023 £ 26,703 2023 £ - |
2022 £ 16,500 2022 £ 27,424 |
|---|---|---|
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 4th March 2023 nor for the year ended 4th March 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 4th March 2023 nor for the year ended 4th March 2022.
continued...
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LONDON ISLAMIC CULTURE AND RECREATION SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 4TH MARCH 2023
| 6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 99,314 Charitable activities Hajj and Umrah Activities - Funeral services - Investment income 16,500 Total 115,814 EXPENDITURE ON Raising funds 34,754 Charitable activities Hajj and Umrah Activities 33,087 Funeral services 4,250 Other 3,600 Total 75,691 NET INCOME 40,123 RECONCILIATION OF FUNDS Total funds brought forward 600,908 TOTAL FUNDS CARRIED FORWARD 641,031 |
Restricted fund £ 3,000 6,146 14,040 - 23,186 - 10,429 - - 10,429 12,757 718 13,475 |
Total funds £ 102,314 6,146 14,040 16,500 139,000 34,754 43,516 4,250 3,600 86,120 52,880 601,626 654,506 |
|---|---|---|
continued...
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LONDON ISLAMIC CULTURE AND RECREATION SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 4TH MARCH 2023
7. TANGIBLE FIXED ASSETS
| COST At 5th March 2022 Additions At 4th March 2023 DEPRECIATION At 5th March 2022 Charge for year At 4th March 2023 NET BOOK VALUE At 4th March 2023 At 4th March 2022 8. FIXED ASSET INVESTMENTS Other There were no investment assets outside the UK. Investments (neither listed nor unlisted) were as follows: Investment in subsidiaries |
Freehold property £ - 3,462,308 3,462,308 - - - 3,462,308 - |
Fixtures and fittings £ 3,556 3,000 6,556 2,190 873 3,063 3,493 1,366 2023 £ 1 2023 £ 1 |
Totals £ 3,556 3,465,308 3,468,864 2,190 873 3,063 3,465,801 1,366 2022 £ 1 2022 £ 1 |
|---|---|---|---|
continued...
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LONDON ISLAMIC CULTURE AND RECREATION SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 4TH MARCH 2023
9. DEBTORS
| 2023 £ Amounts falling due within one year: Other debtors - Amounts falling due after more than one year: Other debtors 590 Amount due by group and associated undertakings 642,222 Aggregate amounts 642,812 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 £ Trade creditors 81,419 Taxation and social security - Other creditors 7,620 89,039 11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2023 £ Other creditors 3,385,464 12. SECURED DEBTS The following secured debts are included within creditors: 2023 £ Loan from ICMG Germany 3,067,742 |
2022 £ 9,750 590 642,222 652,562 2022 £ 67,611 186 3,865 71,662 2022 £ 1 2022 £ - |
|
|---|---|---|
The loan is repayable in installments and is secured over the freehold property.
continued...
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LONDON ISLAMIC CULTURE AND RECREATION SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 4TH MARCH 2023
13. MOVEMENT IN FUNDS
| Unrestricted funds General fund Restricted funds Restricted funds TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund Restricted funds Restricted funds TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund Restricted funds Restricted funds TOTAL FUNDS |
At 5/3/22 £ 641,031 13,475 654,506 Incoming resources £ 180,169 46,851 227,020 At 5/3/21 £ 600,908 718 601,626 |
Net movement At in funds 4/3/23 £ £ 35,160 676,191 37,202 50,677 72,362 726,868 Resources Movement expended in funds £ £ (145,009) 35,160 (9,649) 37,202 (154,658) 72,362 Net movement At in funds 4/3/22 £ £ 40,123 641,031 12,757 13,475 52,880 654,506 |
|---|---|---|
continued...
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LONDON ISLAMIC CULTURE AND RECREATION SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 4TH MARCH 2023
13. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 115,814 | (75,691) | 40,123 |
| Restricted funds | |||
| Restricted funds | 23,186 | (10,429) | 12,757 |
| TOTAL FUNDS | 139,000 | (86,120) | 52,880 |
| A current year 12 months and prior year 12 months combined position is as follows: | |||
| Unrestricted funds | At 5/3/21 £ |
Net movement in funds £ |
At 4/3/23 £ |
| General fund | 600,908 | 75,283 | 676,191 |
| Restricted funds | |||
| Restricted funds | 718 | 49,959 | 50,677 |
| TOTAL FUNDS | 601,626 | 125,242 | 726,868 |
| A current year 12 months and prior year 12 months combined net movement in funds, | included in the above are | ||
| follows: | |||
| Unrestricted funds | Incoming resources £ |
Resources expended £ |
Movement in funds £ |
| General fund | 295,983 | (220,700) | 75,283 |
| Restricted funds | |||
| Restricted funds | 70,037 | (20,078) | 49,959 |
| TOTAL FUNDS | 366,020 | (240,778) | 125,242 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
continued...
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LONDON ISLAMIC CULTURE AND RECREATION SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 4TH MARCH 2023
14. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 4th March 2023.
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LONDON ISLAMIC CULTURE AND RECREATION SOCIETY
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 4TH MARCH 2023
| INCOME AND ENDOWMENTS Donations and legacies Donations Grants Grants (HASENE) Investment income Rents received Charitable activities Income from charitable activities (Hajj and Umrah Activities) Income from Charitable activities (Funeral activities) Total incoming resources EXPENDITURE Other trading activities Donations Charitable activities Cost of direct charitable activities Support costs Management Management (Administration) Governance costs Accountancy and legal fees Total resources expended Net income |
2023 £ 89,105 - 6,000 95,105 26,703 58,361 46,851 105,212 227,020 31,940 15,557 102,589 4,572 154,658 72,362 |
2022 £ 75,717 26,597 - 102,314 16,500 6,146 14,040 20,186 139,000 7,330 47,766 27,424 3,600 86,120 52,880 |
|---|---|---|
This page does not form part of the statutory financial statements
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